3-16-12 by Mid Atlantic Real Estate Journal

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

Volume 24 Issue 5 March 16 - 29, 2012

ISSUE HIGHLIGHTS Northern NJ POM: Hance Construction project reclaims dormant industrial site

20-21A Endurance RE Group acquires a $4.36m warehouse building

i i

The

REAL ESTATE JOURNAL’s

Cassidy Turley secures $70.5m permanent financing for AMB/Prologis portfolio ASHINGTON, DC — Cassidy Turley a leading commercial real estate services provider in the U.S., announced that it secured $70.5 million in debt financing for the AMB/Prologis Maryland Portfolio, which consists of 24 office buildings located in suburban Maryland. Cassidy Turley’s John Campanella, senior managing director and Paul Spellman, associate vice president, arranged the bank loan on behalf of the owner, a New England based Institutional Investor. The AMB/Prologis Maryland Portfolio is a well-leased, multitenanted office portfolio totaling over 800,000 s/f, with buildings located in the White Marsh and Baltimore-Washington Corridor submarkets. Both submarkets have a large Federal Government presence and are experiencing a growth in presence of the defense/cyber security industry. In other news, Cassidy Turley, announced that it has been

1616 N. Fort Myer Drive

selected by TIAA-CREF, a financial services organization, to provide leasing and property management services for 1616 N. Fort Myer Drive in Arlington, VA. Cassidy Turley’s Chris Sowick, Krysta Hardiman, Darian LeBlanc and Laurie McMahon will handle the leasing of the 303,262 s/f Class A building. Reggie Mullins will handle the property management. “This assignment is a testament to the integrated commercial real estate services that Cassidy Turley prides itself on providing our clients,” commented Joe Stettinius, President of Cassidy Turley. “We look forward helping TIAA-CREF create value in this asset by providing our best-in-class leasing and property management services,” he continued. 1616 N. Fort Myer Drive is a 19-story building located in the Rosslyn submarket of Arlington. Major tenants include John Snow, Inc., Photon Research Associates, Inc., Smart Border Alliance and the GSA. ■

Cole RE Investments acquires The Medicines Company Headquarters for $53 Million

FC-B W

TIAA-CREF awards leasing & property mgmt. assignments

BEST of

2011

Section C

PARSIPPANY, NJ — Cole Real Estate Investments announced the acquisition of a 176,000 s/f, Class A office property located in Parsippany, leased to The Medicines Company. The property, which Cole purchased from The

Directory

Financial Digest .................................. 7-12A New Jersey ........................................ 13-26A DelMarVa ........................................... 27-32A Pennsylvania .......................................... Section B Best of 2011 ........................................... Section C

Upcoming Spotlight

COMMERCIAL OFFICE PROPERTIES

March 30th

www.marejournal.com

8 Sylvan Parkway Hampshire Companies for $53 five-year renewal options. The million in an all-cash transac- Medicines Company is a global tion, is located at 8 Sylvan pharmaceutical company foParkway and serves as the cused on advancing the treatpharmaceutical firm’s global ment of critical care patients headquarters. in a hospital setting. There are approximately “With the location of the 12 years remaining on the property, long remaining lease current lease term, with two term, scheduled rent increases

and desirable corporate headquarters, this acquisition corresponds with our overall conservative, disciplined investment strategy,” said Robert Micera, chief investment officer, office and industrial, for Cole. “The Morris County, New Jersey, office submarket boasts great fundamentals, considering its strong economic base and educated workforce, and we are pleased to add The Medicines Company headquarters to our growing portfolio of corporate real estate.” Constructed in 1979, the facility was expanded and remodeled in 2008 to make it a premiere Class A office space. Robert Corry, vice president, acquisitions, office & industrial, represented Cole in the transaction. Kevin P. Welsh, senior vice president with CBRE, represented the seller. ■

A Inside Cover — March 16 - 29, 2012 — Mid

Atlantic Real Estate Journal

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Real estate financing experts are easy to find... $24,000,000 Multi-Family Rental Bethlehem, PA

$15,000,000 Office Building Summit, NJ

$22,000,000 Multi-Family Rental Morris Township, NJ

$4,550,000 $11,000,000

Industrial Building Secaucus, NJ

Office Building Iselin, NJ

When you know where to look. The current economy has everyone looking for ways to reduce costs. Refinancing your property can make a big difference. At The Provident Bank we make loan decisions locally. Why wait for someone in another state or time zone to review your application, process it and make their lending decision? Our commercial real estate specialists are right here where you are. We can build customized lending solutions to meet your needs and timeline. Custom solutions, local decision-making, quick turnaround – call us today and experience the Provident difference. For more information contact Patti Patriarca, SVP patricia.patriarca@providentnj.com 732.726.5516

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Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 1A

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Mid Atlantic ADVERTISERS DIRECTORY

Mid Atlantic REAL ESTATE JOURNAL

Real Estate Journal

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

Allied Building Corp. .................................................................30C Aztec Architecture ......................................................................33C Barry Isett & Associates ............................................................15B Beacon..................................................................................... 4B,3C Ben Franklin Tech Partners ......................................................20C Berger Organization ..................................................................19C Bergman RE Group......................................................................7C BL Companies ............................................................................ 11B Bohler Engineering ....................................................................26C Brasler .......................................................................................IC-B Bruce Coin Consulting ............................................................... 10A Bussel Realty Group .................................................................. 25A Butler Mfg .................................................................................. 21A Cassidy Turley ............................................................................15C CBC Bennett Williams........................................................ 5B, 40C Cervelli Mgmt. Corp. ................................................................. 19A Chambers Architecture Inc........................................................ 20A CIRC Commercial-Industrial .................................................... 31A Columbia Bank........................................................................... 11A Community Investment Svcs ......................................................9C Cooper-Horowitz, inc.................................................................... 9A Cronheim Mortgage ................................................................... 11C Cushman & Wakefield ........................................................... 3C,5C Deerwood ...................................................................................... 8A Dermody Properties .....................................................................4C Design Point ...............................................................................15B Dischell Bartle & Dooley ...........................................................26C DMR Architects ..........................................................................20C Earth Engineering .......................................................................4B Falcon Energy Consultants .......................................................25C Fameco Real Estate ...................................................................22C Fitzpatrick Lentz & Bubba ................................................ 15B,35C Fix Asphalt ...............................................................................BC-A Gebroe-Hammer Assoc...............................................................14C Gerber/Somma Assoc. ............................................................ IBC-A Gibbons .........................................................................................1C Gloucester County NJ ................................................................28C Greenbaum Rowe .......................................................................35C Griffin Land ..................................................................................2B Hance Construction, Inc ............................................................29C Hartz Mountain Industries .......................................................23C Harvey Hanna ................................................................1A,29A,9C Heller Industrial Parks ............................................................. 17A HFF ...............................................................................................7C High Associates ............................................................................7B Hinerfeld.......................................................................................1B Hylant Environmental ...............................................................13B Investors Realty Inc. .................................................................. 28A K&W Engineers ......................................................................... 11B Kaplin Stewart ............................................................................. 2A Katz Properties ...................................................................... IBC-B Kislak Company Inc.......................................................... 16A,IC-C KW Comm’l.-James Balliet..........................................................2B Landcore Engineering ...............................................................13B Landmark JCM .......................................................................... 31A Lebanon Valley ...........................................................................12B Lipinkski.......................................................................................9B LMS Commercial .........................................................................8B M&E Engineers, Inc. .................................................................24C M. Miller & Son ............................................................................ 3A Marcus & Millichap ........................................................11C,IBC-C Marvin Comm’l. Products ..........................................................21C Matrix ......................................................................................... 15A Max Spann Real Estate Co ........................................................13C Mc Gowan Builders, Inc.............................................................30C McMahon ......................................................................................3B Mericle Comm’l. RE ............................................................... BC-B Meridian Capital Group ...................................................... 3A,17C Metro Commercial................................................................ 4B,11C NAI CIR ........................................................................................5B NAI Comm’l. Partners ............................................................... 11B NAI Emory Hill ..........................................................................37C NAI James E. Hanson ............................................................ BC-C Nave Newell ......................................................................... 4B,25C Northmarq .......................................................................... 23A,39C O’Donnell & Naccarato ..............................................................27C Ondra-Huyett Associates .............................................................3B Patterson Woods......................................................................... 31A Penns Northeast ..........................................................................2B Perseus Realty..............................................................................2C Poskanzer Skott Architects ....................................................... 24A Prism...........................................................................................18C Progress Realty Advisors ...........................................................16C Property Owners Assoc .............................................................. 32A Provident Bank .........................................................................IC-A R.S. Phillips Steel ...................................................................... 20A RE/MAX of Reading ..................................................................... 6A Regal Bank ................................................................................. 22A Ricker Danzig ..................................................................... 14A,34C ROCK Commercial ................................................................. 6B,5C Rose Metal Systems .................................................................FC-B RSC Architects ...........................................................................33C SEBCO ........................................................................................ 14A Sheldon Gross Realty ................................................................. 14A Sloan Street ................................................................................31C Sustainability Symposium .......................................................... 3A The Prestige Group ......................................................................2B Thomas Phoenix Int’l. ................................................................ 20A Tranzon Auction ........................................................................... 5A Tristate ...................................................................................... 35A Vantage ....................................................................................... 32A WP Realty ..................................................................................12C

Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................ Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers

By Barbara Anisko, Esq.

A tenant’s right to assign or sublet a commercial lease

Guest Columnist .................................................................Barbara Anisko Mid Atlantic REAL ESTATE JOURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices

ver the past several years as businesses struggle to ride out the tough economic times, they have had no choice but to downsize. Tied to commercial leases for more office or retail space than they need, an assignment of the lease or the subletting of the extra space seems like an attractive way of saving on expenses. In making the decision whether to assign or sublet, the tenant should first carefully examine its lease to determine whether the lease contains any provisions prohibiting or restricting assignment or subleasing. Commercial leases, like any other contracts, are governed by their terms. Therefore, whether a tenant has the right to assign a lease to another party or to sublet the leased premises to another tenant depends on the language of the tenant’s lease with the landlord. If the lease does not contain language prohibiting or restricting the assignment or transfer of a tenant’s interest, a tenant is free to assign or transfer all or part of its interest. A tenant is not

Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 5 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

required to obtain prior consent of the landlord, unless the lease contains language requiring the tenant to obtain prior consent of the landlord. In making the decision whether to assign or sublet, the tenant should also understand the legal differences between the two concepts. An assignment of a lease is the transfer by the tenant of all of the tenant’s rights and interest in the lease. In an assignment, although the assignee tenant effectively steps into the shoes of the assigning tenant, the assigning tenant continues to remain liable to the landlord on the lease. With an assignment, if the assignee breaches, the landlord has the

right to enforce the terms of the lease against the assigning tenant or the assignee tenant. A sublease is different from an assignment. A sublease is a separate contract between the transferring tenant and the subtenant. The sublease may transfer all or a part of the leased premises, for all or a part of the lease term, and under terms that are similar or materially different from the lease. As with an assignment, the tenant remains liable to the landlord on the original commercial lease. With a sublet, the landlord does not have a legal right to enforce the terms of the original lease or sublease continued on page 3A

Experience Counts. Count On Us. Kaplin Stewart

Attorneys at Law

Real estate law from the ground up. Contact: Barbara Anisko, Esq. 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-260-6000 • www.kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; 3A

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MID ATLANTIC REAL ESTATE JOURNAL

They wrote the policy.

Division of Houlihan-Parnes Realtors, LLC

GHP Office Realty handles 123,000 s/f lease renewal

We make sure they write the check.

OCKLEIGH, NJ â&#x20AC;&#x201D; GHP Office Realty represented the owner in completing one of the largest office leases in the state of New Jersey in 2012, a 123,000 s/f office and laboratory renewal and expansion at 8 King Road in Rockleigh. The tenant, Spectra East is a division of Fresenius Medical Care Holdings, Inc, which is the worldâ&#x20AC;&#x2122;s largest integrated dialysis company. The 8 King Road location is the East Coast executive headquarters for Spectra East and the only laboratory and testing facility serving the entire eastern half of the United States. After searching the entire tri state region for a newer location, Spectra determined that its in place state of the art infrastructure and world class wet laboratory remained its most attractive option. Their

M. MILLER & SON Public Adjusters

Since 1960

8 King Road ability to maintain their educated and highly skilled work force, abundant parking, and access to public transportation all proved a compelling combination to renew and expand at 8 King Road. The buildingâ&#x20AC;&#x2122;s ready ability to handle a 10,000 foot expansion helped clinch the renewal at 8 King Road. Spectra East currently employs over 500 people at the site and expects the number of employees to

grow to over 600 people within the next few years. 8 King Road was purchased by the principals of GHP Office Realty and a group of private investors in 2000. The property has 190,000 s/f and 800 parking spaces. The property boasts two back-up generators, abundant and multiple sources of power and state of the art fiber optic systems. The building has limited availability of space. â&#x2013;

1211 Liberty Ave., Hillside, NJ 07205 â&#x2014;? Tel: 908-355-4800 adjuster@mmillerson.com â&#x2014;? www.mmillerson.com

Recent Financings Arranged By Meridian Capital Group

A tenantâ&#x20AC;&#x2122;s right to assign. . . continued from page 2A against the subtenant in the event of breach. There are many different practical and legal considerations involved in negotiating and documenting the terms of an assignment or sublease in-

cluding the legal consequences to the tenant under the assignment or sublease if landlord terminates the lease. Therefore, an experienced real estate attorney should be consulted so that the parties understand the conse-

quences of such transactions and their competing interests are protected. Barbara Anisko is a principal of Kaplin Stewart in the Business & Commercial Litigation Department. â&#x2013;

Hunters Glen 1,124 Units

Stewardâ&#x20AC;&#x2122;s Crossing 241 Units

$49,000,000

$27,200,000

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Princeton, NJ

West Creek Village 306 Units

Woods at Narraticon 150 Units

$16,000,000

$16,950,000

Elkton, MD

Deptford, NJ

Thursday March 29, 2012 The Franklin Institute Now in its second year, this event brings together industry, university and community leaders to share best practices, ask challenging questions and provide cutting edge information about sustainability in the Delaware Valley. Nationally Acclaimed Keynote Speakers: 15 Panel Discussions: Covering diverse topics, such as energy management systems, community engagement, building retrofits, starting a sustainable business, electric cars, LEED/Energy Star issues and more. Âˇ Panelists include Kevin Kampschroer, Director of High Energy Buildings for GSA; Judy Wicks, Founder of BALLE; Rob Watson, a founder of LEED; Leisha John, Americas Director of Environmental Sustainability at Ernst and Young; Audrey Zibelman, CEO of Viridity and other industry and thought leaders Industry Partners:

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4A — March 16 - 29, 2012 — Mid

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MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS Numerous first-place awards for excellence

New members elected

NJ State Society Nicholls Auction Grp. of Auctioneers attends VAA Convention

The auction method of marketing is one of the most

or over 50 years, the Virginia Auctioneers Association (VAA) has been recognized for leadership in the auction industry. We continue to be indebted to eight far seeing gentleman who met at the Hotel Roanoke in May 1958 and chartered the VAA whose purpose was then and continues now to be to promote and advance the auction profession. The Nicholls Auction Marketing Group believes it is important to continue the tradition began in 1958 and help to lead the VAA and the auction industry in the 21st century and was well represented in Charlottesville. This year’s convention spotlighted awards presentations, election of officers and directors, as well as hours of seminars, from nationally known speakers and experts in the action industry, to enhance an auctioneer’s ability to better serve the public.

Shields Jones Beyond the intangibles gained from meeting with those with who we have much in common, some of our company highlights were that Shields Jones was elected president by the Association and John Nicholls and Kelly Strauss were recognized our outstanding leadership on the Board of Directors. Additionally, Nicholls Auc-

tion Marketing Group received numerous first-place awards for excellence in marketing and Johan Nicholls was interviewed by local television media about the auction industry and appeared in a TV broadcast about the convention. We believe active participation in the Virginia Auctioneers Association is a significant factor in the success of any auction company and are proud to be a part of it. Every year, over a quartertrillion dollars in property and assets are sold by auctioneers. The auction industry continues to grow, becoming a popular method for selling goods and services for many industries in the United States. The auction industry is vast and diverse with auctioneers specializing in a variety of markets, such as art, antiques, automobiles, machinery, real estate, personal property, and charity. ■

widely used methods of marketing real and personal property throughout the world. The auction method of marketing is one of the most widely used methods of marketing real and personal property throughout the world. Billions of dollars of real and personal property are sold every year using this exciting method. The auction method can turn assets into cash in a cost-effective and efficient manner. Choosing a professional auctioneer for your particular needs is an important step in this process. The State of New Jersey does not require a license to be an auctioneer. Therefore, anyone can advertise and promote themselves as auctioneers, but they may not have the appropriate knowledge, education or professional ethics that is required of an NJSSA member.

The NJSSA is a group of likeminded auctioneers who have joined together voluntarily to hold themselves accountable to a higher level of integrity and professionalism. When choosing an auctioneer, always choose an NJSSA member, and ask for references. For more information on the New Jersey State Society of Auctioneers, please contact, Earle Steeve III at: earle@maxspann.com On February 15, 2012 NJSSA members elected Bob Dan as the new president. Wes Pace is the new Vice President; Earle Steeves is now the Secretary/treasurer. Board members are Mary Kenney, Harrie Copeland, Max Spann Jr and Steve Miranti. Joe Bodnar is now the Chairman of the Board. ■

Mid Atlantic REAL ESTATE JOURNAL

Auctioneers Directory

N E W J E R S E Y • P E N N S Y LVA N I A • D E L AWA R E • M A R Y L A N D • W A S H I N G T O N D . C . • V I R G I N I A •

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Fax: 215.279.8829 www.AssociatedAuctioneers.com

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MARYLAND P U B L I C R E A L E S TAT E AU C T I O N

COMMERCIAL NICHOLLS AUCTION MARKETING GROUP Please contact Mr. Kelly Strauss for more information 40 CARRIAGE HILL LANE, FREDERICKSBURG, VA 22407 (540) 226-1279 www.nichollsauction.com

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VIRGINIA Dixon’s Auction House

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Auction Every Wed. At 4pm Live In Gallery & Live Webcast also Online only Auctions We Sell On Consignment— Estates, Gold, Silver, Autos, Tools, Collectibles, Jewelry, Coin’s, Paper Money, Antiques, Real Estate, Land Or Any Thing Of Value ONE CALL DOES IT ALL 804-683-0133 www.dixonsauction.com

NJ-PA-DE-NY-MD-VA

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Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 5A

MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS

6A — March 16 - 29, 2012 — Mid

Atlantic Real Estate Journal

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MID ATLANTIC REAL ESTATE JOURNAL

Featuring our Annual COMMERCIAL OFFICE SPOTLIGHT This issue will publish as a special MARCH 30, 2012 pullout section. . . featuring:

Marcus & Millichap sell a 45-unit Apartment bldg.

• A special LISTING of all the Office Space transactions recorded in MAREJ throughout 2011/2012 • Bi-lined Articles submitted by Expert office brokers • Office Market Reports compiled by major companies • Society of Office and Industrial Realtors Organization • Special feature on NAI and it’s member firms • National Association of Industrial and Office Properties Linda Christman Mid Atlantic Real Estate Journal 1-800-584-1062 Fax: 781-871-5299

Gorman & Shover of M&M rep both in $3.7m office sale

HILADELPHIA, PA — Marcus & Millichap Real Estate Investment Services announced the sale of DaVita Anchored M.O.B., a 22,193 s/f office property located in Philadelphia, PA, according to Spencer Yablon, Regional Manager of the firm’s Philadelphia office. The asset commanded a sales price of $3,700,000. Matthew Gorman and Michael Shover, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on be-

Matthew Gorman Michael Shover half of the seller, a developer. The buyer, a limited liability company, was also secured and represented by Matthew Gorman and Michael Shover, investment specialists in Marcus & Millichap’s Philadelphia office.

RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres

d e v o pr p A Pre For More Information Please Contact:

3801 Penn Ave Sinking Spring, PA

The subject property located in Sinking Spring PA (just minutes from Reading, PA) is 33 acres of land and is pre-approved for a three story, 55+, independent living facility Eddy Peng, CCIM, CIPS with 130 units and 20 more in the future, and RE/MAX of Reading 80 townhouse units. Ready to develop. Office: (610) 670-2770 x3078 Public Water & sewer. Cell: (610) 223-0567 Email: EddyPeng2@verizon.net

7198 Castor Avenue “7198 Castor Avenue was a challenging property to position in the market but ultimately commanded an aggressive cap rate and high price per square foot for medical office in Northeast Philadelphia” noted Gorman. “The locally based 1031 exchange buyer, a repeat client, found that this asset met most if not all of their investment criteria which included a strong tenant mix, long term leases and rent escalations.” DaVita Anchored M.O.B. is located at 7198 Castor Avenue, consists of three medical tenants and was 100% occupied at the time of the closing. In other news, Marcus & Millichap Real Estate Investment Services announced the sale of FRANKLIN GARDEN APARTMENTS, a 45-unit apartment property located in Hackensack, NJ, according to Michael J. Fasano, Vice President/Regional Manager of the firm’s New Jersey office. The asset commanded a sales price of $4,870,000. Thomas McConnell, CCIM and Kevin McCrann, Associate Directors of the National Multi Housing Group in Marcus & Millichap’s New Jersey office represented the seller Franklin Apartments, LLC. Mr. McConnell and Mr. McCrann also secured the buyer, Hackensack Associates, LP. “The sale price at a 6 Cap Rate, is a testament that the demand for multifamily in northern NJ remains strong. Both the buyers and sellers are reaping the awards of our low interest rate environment” McConnell states. McCrann adds, “The property was built and managed by Franklin Apartments LLC since the 1960’s and we believe the new owners will continue to improve the property and utilize our analytical study to maximize future returns.” ■

FINANCIAL DIGEST Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 7A

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Executive VP Rosen originates Arcadia Nursing facility transaction

Beech Street Capital provides $12.5 million to refinance Northern New Jersey apartments

EEHAWKEN, NJ — Beech Street Capital, LLC announced that it has provided a $12.5 million Fannie Mae conventional loan to refinance The Simone, a new, groundup construction building in Weehawken, New Jersey. The transaction was originated by Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. This was the first agency loan for the borrower and their first experience with Beech Street. Beech Street delivered on the borrower’s

Arcadia Nursing & Rehabilitation Center requests for a low rate and maximum proceeds, and expeditiously rate locked the

transaction 30 days after receiving the application. With over 25 years of experience in

Henrich & Nalbandian of NorthMarq Capital arrange $14.408 million in mulitple mortgages PHILADELPHIA, PA — David A. Henrich, senior vice president of NorthMarq Capital’s (NorthMarq) Philadelphia Regional office arranged first mortgage acquisition financing of $2.468 million for 2.6 acres of land in Allentown, Pennsylvania. This asset consists of 2.6 acres which will be developed for two separate pad tenants. CVS will be the major tenant at the site on a 25 year ground lease with multiple options. Financing was based on a 25-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with William Blair & Company, a Credit Tenant Lease Lender. According to Henrich, the borrower needed maximum loan proceeds to acquire the land that is to be developed for two separate tenants. Loan proceeds from the CVS lease were sufficient to close the transaction. Complicating the transaction was CVS’s delayed rent commencement date and obligations for portions of the site development. He said, “The lender did an excellent job of structuring around the lease that contained release provisions for the second pad site and

Citizens Bank extended timeliness by CVS before they were required to develop their site and to build their building.” In other news, Greg Nalbandian, Senior Vice President and Managing Director of NorthMarq Capital’s New Jersey Regional office, arranged a first mortgage refinance in the amount of $11.94 million for the RBS Citizens Bank Portfolio. This portfolio consists of 16 RBS Citizens Bank branches located in New York, Connecticut, Pennsylvania and Delaware. Working exclusively on behalf of a major REIT client, financing was based on a 5-year term with 3 years interest only and the following 2 years on a 40-year amortization schedule through NorthMarq’s

relationship with a regional bank. According to Mr. Nalbandian, this transaction is a 60% LTV, non-recourse, cross collateralized loan with a 5-year loan term against an average lease term remaining of only 7 years in secondary and tertiary markets. He stated, “Given the shorter average lease term remaining coupled with the tertiary markets, there was not much fanfare for this financing on any level. However, we were able to identify a regional bank that liked the credit and the borrower and stepped up in a big way by offering 60% proceeds on a full non-recourse basis with a substantial interest only period, which was extremely important to the client.” ■

The Simone the real estate industry, the borrower currently owns 10 apartment properties in New Jersey and New York. Charles Grussgott the Meridian mortgage finance advisor on the deal was impressed with Beech Street’s efficiency and agency expertise, as this was his first experience with Beech Street as well. “This was one of the best experiences I have had with a lender. The Beech Street team did an excellent job from start to finish.” Built and completed by the borrower in early 2011, The Simone consists of 50 multifamily apartment units in a four-story building. Located in Hudson County, across the Hudson River from Manhattan, the property exhibited a very strong lease-up rate over the last 10 months and beginning in July, the property achieved 85 percent occupancy. It is currently 100 percent occupied and according to the appraiser, Realty Services Inc., the demand for housing in the subject’s market exceeds supply. The fixed-rate loan has a 10-year term and 30 years of amortization payable on an actual/360 basis. In other news, Beech Street Capital, LLC announced that it has provided an $8.9 million HUD 223(a)(7) loan to refinance Arcadia Nursing & Rehabilitation Center, a 128bed skilled nursing facility in Hamilton Square, New Jersey. The transaction was originated by Joshua Rosen, executive

vice president of Beech Street Capital. Working from Beech Street’s Chicago office, Rosen leads the company’s nationwide healthcare efforts. The borrower had 28 years left on an existing $9.0 million FHA loan. Beech Street accomplished an important goal for the borrower by increasing the loan term to 35 years, something that is becoming increasingly rare with HUD. By extending the loan term, Beech Street was able to refinance the property with substantial debt service coverage savings to the borrower and further increased savings with a significantly reduced interest rate. Beech Street also skillfully managed the underwriting process, which allowed for a seamless and expedited closing. “Beech Street was an absolute pleasure to work with,” says Mike Gabriel, principal of Arcadia Retirement Community, Inc. “A term extension was absolutely essential for us, but we understand that they are not frequently granted. We were thrilled when it came through.” Beech Street expects to see more refinance activity in the seniors market in the coming year. “The conditions are really favorable right now for anyone with a current HUD- insured mortgage to refinance under Section HUD 223(a)(7),” Rosen says. “Not only are rates at all-time historical lows, but HUD has all but eliminated the (a)(7) queue.” ■

8A — March 16 - 29, 2012 — Financial Digest — Mid

Atlantic Real Estate Journal

www.marejournal.com

FINANCIAL DIGEST Case Study by Paul Braugngart, Regional Capital Group

Regional Capital Group closes on bridge funding for two student housing facilities

egional Capital Group (“RCG”) closes on an $8.9M discounted note purchase of two 100% occupied Student Housing Facilities located in the Richmond, Virginia area. The Borrower is a na- Paul Braugngart tional, multi-family property ownership, investment and redevelopment organization with an extremely large portfolio of assets and a past borrower of

RCG. The Borrower purchased the sites back in 2002 and had substantial equity in the assets and continued to achieve strong returns until the economic downturn. In order to keep occupancies high, while also staying competitive in the marketplace, the rental rates were lowered, which in turn reduced the overall net operating income. This caused the property to go into default and end up with a special servicer. The company then reorganized its strategy for the sites, as it related to the marketing and

leasing of the units, which made a huge difference, but it was after the fact. Because of this situation, the Borrower had the opportunity to buy the note (which wraps both assets into one loan) at a substantial discount. The Borrower starting working with an existing relationship they had at a local bank, until the bank suddenly changed their geographical lending parameters which disqualified the asset. The borrower was left with less than 40 days before they would lose the assets. They had been and continued to pay ex-

tension fees in an effort to buy more time to finance the existing lender out of the deal and this is where RCG stepped in. RCG structured 100% financing of the discounted payoff amount in addition to a portion of the extension fee in the time frame set forth. This not only allowed for the Borrower to realize the discount, but to also save the assets and not have to come out of pocket with additional funds. RCG utilizes a diverse background and vast knowledge to complete transactions spread across a broad range of asset

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classes. RCG focuses not only on the execution of specific deals, but also no understanding each client’s needs and goals, to complete short term or permanent funding. We also offer alternative loan structures which may fall outside of the traditional lending sources to expedite a closing should an opportunistic situation arise. In addition to a primary role as a lender, RCG partners with developers and investors to acquire performing and nonperforming real estate assets, RCG has a unique team with experience in real estate lending and investment, development, entitlement, construction and property management. RCG’s staff consists of problem solvers with the resources to create unique solutions to complex real estate funding issues. They have closed in excess of $5 Billion in real estate funding and investment over their careers. RCG continues to provide capital for a variety of real estate projects in challenging times. They work together with other lenders, investors, and developers to provide funding for troubled projects or those that have lost funding due to the contraction of the market. RCG utilizes it funding capabilities to take advantage of opportunities with short time frames and makes decisions very quickly when presented with specifics on a situation. The principals have weathered troubled markets in the past and have provided consulting and loan work out direction to lenders and investors of all types for over 30 years. This transaction is an example of a situation where RCG utilized its vast experience and intuition to solve a problem. Paul Braugngart is the founder and president of Regional Capital Group (“RCG”). ■

Tropp of EUC refinanced for $3.1m BETHESDA, MD — Marc Tropp, Managing Director of Eastern Union Commercial, announced the refinance of a mixed use retail office building in the heart of downtown Baltimore, MD for $3,100,000. The building consists of 102,568 s/f of rentable space, currently leased as office space with first floor retail. ■

Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 9A

www.marejournal.com

$163,800,000 Hoyt Bedford Apartments Stamford, CT

Montoya Apartments Branford, CT

Morgan Manor Apartments Stamford, CT

Seramonte Apartments Hamden, CT

The undersigned arranged the above financing

REAL ESTATE FINANCING

51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com

10A — March 16 - 29, 2012 — Financial Digest — Mid

Atlantic Real Estate Journal

www.marejournal.com

FINANCIAL DIGEST By: Bruce J. Coin, Bruce Coin Consulting, Inc.

The Current Commercial Mortgage Market

he big commercial real estate news was the February 21st bankruptcy filing by Grubb and Ellis and simultaneous announcement that it was being acquired by BGC Partn e r s , I n c . Bruce Coin (“BGC”). BGC is a global financial services firm that last year acquired the Newmark Knight Frank organization. BGC’s largest shareholder is the Cantor Fitzgerald brokerage firm.

It is a strategic move that could potentially have a greater impact on the commercial mortgage market than the obvious addition of Grubb and Ellis’ one hundred or so commercial real estate offices to BGC’s overall group. Cantor Fitzgerald, since only really starting its CMBS platform in 2010, has now become one of the more highly visible originators of CMBS II product. Using the Grubb and Ellis office network as its own pipeline, Cantor, if so inclined, could create its own, virtually unlimited, source of locally generated and underwritten CMBS loan

applications dramatically enhancing investor interest and confidence. Such a controlled feeder structure employing prudent loan underwriting and with oversight and checks and balances could lead to their possibly dominating the industry. Time will tell if they move in that direction. How to unwind Fannie Mae and Freddie Mac has been on regulator’s minds for close to two years. On Tuesday February 21st, the Federal Housing Finance Agency (FHFA), created by The Housing and Economic Recovery Act of 2008, sent a new strategic reform plan for that to

Congress. Their plan calls for creating a new infrastructure for the secondary mortgage market to reduce the scope of Fannie’s and Freddie’s market share while simplifying and shrinking their operations. They commented that Fannie’s and Freddie’s ongoing ability to provide a stable liquid flow of mortgage backed securities to investors is essential to stabilizing house prices and ensuring stability in the value of approximately $3.9 trillion of currently outstanding MBS. During their conservatorship, Fannie’s and Freddie’s multifamily market share has grown

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but they do not dominate that market as they do the single family market. FHFA’s proposal pointed out that the multifamily platforms, unlike the single family operations, share underwriting risk either with their loan originators (Fannie’s DUS program) or by issuing classes of securities (Freddie) where investors share the risk. The proposal went on to say that Fannie’s and Freddie’s multifamily businesses have “weathered the housing crisis”, generated positive cash flow and that their multifamily businesses are not subject to reform efforts. The FHFA proposal does require them to undertake a market analysis of the viability of their multifamily operations without government guarantees and the likely prospect of their operating on a stand-alone basis after attracting private capital. For a variety of reasons, the FHFA indicated that contracting Fannie’s and Freddie’s commercial multifamily businesses should be approached differently (than their single family business) and may be accomplished using a more direct method. In the interim, it appears as if “business as usual” will continue with Fannie’s and Freddie’s multifamily lending operations and that’s good news for apartment borrowers. In other news: •Consistent with past promises of more “transparency” the minutes of the FOMC’s February meeting included a tremendous amount of additional information and insight into board members thinking. •The Financial Accounting Standards Board (FASB) continues to analyze its initial recommendation that long term real property leases be reflected on company balance sheets as long term liabilities. How that plays out can have a major impact on tenants especially chain-anchor retailers. It can also impact the benefit of doing a purchaseleaseback transaction to effect off balance sheet financing. Despite being recently bombarded by gasoline price increases, there is no question that the economy is improving. All signs point to this national election year as being better for the commercial real estate and mortgage markets. Stay tuned. Bruce Coin is director of Bruce Coin Consulting, Inc. ■

Mid Atlantic Real Estate Journal — Financial Digest — March 16 - 29, 2012 — 11A

www.marejournal.com

FINANCIAL DIGEST For multi-family and mixed-use properties

Meridian Capital Group, LLC negotiates $69.3 million in financing

ISELIN, NJ – Meridian Capital Group, LLC, announced the following transactions: Meridian negotiated a new mortgage in the amount of $32,900,000 David Cohen on Berkshire at the Shipyard, a luxury multifamily building containing 93 loft style units in Hoboken, NJ. The loan features a rate of 4.13% and a seven-year

term. The transaction was negotiated by David Cohen and Russ Drebin. A new mortgage of $23,150,000 was placed by Meridian on the Hidden Creek Apartments multifamily Russ Drebin community located in Bayville, NJ. The property contains 236 units. The loan features a rate of 3.90% and a seven-year term. The transaction was negoti-

ated by Abe Schonfeld. Meridian negotiated a new mortgage in the amount of $2,700,000 on a three-story mixed-use building in Baltimore, MD. The property contains 34 apartments and 8 commercial spaces. The loan features a rate of 4.47% and a 10-year term. The transaction was negotiated by Joshua Gorsky. A new mortgage of $2,000,000 was placed by Meridian on a four-story multifamily building situated on East Vernon Road in Philadelphia, PA. The property contains 52

apartment units. The loan features a rate of 4.25% and a seven-year term. The transaction was negotiated by Russ Drebin. A new mortgage of $2,300,000 was negotiated by Meridian for the purchase of a multifamily complex located on Schraffts Drive in Waterbury, CT. The property contains 64 apartment units. The loan features a rate of 4.25% and a five-year term. The transaction was negotiated by David Cohen. Meridian negotiated a new mortgage in the amount of

$4,300,000 on a garden apartment style multifamily complex totaling 27 units on Windsor Drive in Palisades, NJ. The loan features a rate of 4.32% and a 10-year term. The transaction was negotiated by Russ Drebin. A new mortgage of $1,900,000 was placed by Meridian on a four-story brick multifamily building on 60th Street in West New York, NJ. The property contains 44 apartment units. The loan features a rate of 4.15% and a seven-year term. The transaction was negotiated by Steve Tessler. ■

Mainardi Mgmt. Co. closes new loans WAYNE, NJ – The Mainardi Management Co. announced the closing of several new loans during the past year. Last spring, the company obtained $19.3 million loan on the Shops at Windsor Green, a 157,000 s/f shopping center in Princeton, New Jersey. The 10-year fixed-note loan was with Aviva Life and Annuity Company of Des Moines, Iowa. Andrew Stewart and Anna Westhoff of Cronheim Mortgage placed the loan with Aviva. In the summer of 2011, the company closed a $4.1 million mortgage on the Franklin Shopping Center, a 57,600 s/f property located in Sussex County, New Jersey. The new loan was with Amalgamated Bank of New York and was placed by Greg Nalbandian of Northmarq Capital. In February of this year, the company closed two loans. One was for Union Medical Park, a 200,000 s/f medical office building ian Union, New Jersey which at one time operated as Union Hospital. The $7.5 million loan was obtained from Customers Bank of Wyomissing, Pennsylvania and was negotiated by Andrew Stewart, Anna Westhoff and Dev Morris of Cronheim Mortgage. Also in February of 2012, the company obtained an $11,750,000 mortgage on the Greentree Square Shopping Center, a 110,000 s/f shopping center in Marlton, New Jersey anchored by Whole Foods. The new loan was placed with Allstate Insurance Company and carried a fixed rate of 4.05% for ten years. Tom Didio and Mike Cerullo of Holliday Fenoglio Fowler obtained the mortgage. ■

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12A — March 16 - 29, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ JANUARY 13, 2012 - FEBRUARY 24, 2012 PROPERTY PROPERTY NAME NAME

ADDRESS ADDRESS

SELLER/ SELLER/ OWNER/ OWNER/ LESSOR LESSOR

102-114 & 118-120 Victory Rd. Springfield, NJ

Kislak Company, Inc.

1058 Eldridge Ave.

Collingswood, NJ

Gebroe-Hammer Assoc.

REP. REP. OF OF SELLER/ SELLER/ LESSOR LESSOR

BUYER/ BUYER/ TENANT/ TENANT/ LESSEE LESSEE

REP. REP. OF OF TENANT/ TENANT/ BUYER BUYER

Kislak Company

PRICE PRICE

SIZE SIZE

DESC. DESC.

S/L S/L

PG PG

$23m

90 Unit

Apt

FC-A

$7.25m

84 Unit

Apt

FC-A

Bloomington Wholesale

Portland, OR

Dermody Properties

Cushman & Wakfield

22640 Davis Drive

Sterling, VA

Lincoln Property

Donohoe Real Estate

Retail

828 Fieldcrest Drive

Cambridge, MD

Sperry Van Ness-Miller

Sweetbay Drive

Salisbury, MD

Sperry Van Ness-Miller

$625,000 10,600 SF

Medical Off S

11A

643-715 East Front St.

Elmwood Park, NJ

Marcus & Millichap

$5m

Apt

17A

$1.5m

178,234 SF Off

11A

30,240 SF

11A

70 Unit

Whse

701-711 Kensington Ave. Plainfield, NJ

Marcus & Millichap

$1.1m

18 Unit

Apt

17A

156 West Grand Ave.

Rahway, NJ

Marcus & Millichap

$2.55m

30 Unit

Apt

17A

36-42 Elm St.

Elizabeth, NJ

Marcus & Millichap

$1.075m

16 Unit

Apt

17A

415 East Elm St.

Linden, NJ

Marcus & Millichap

$520,000 8 Unit

Apt

17A

Industrial Portfolio

Thorofare, NJ

Cushman & Wakefield

950,868 SF Industrial

22A

175 DeRousse Ave.

Pennsauken, NJ

Binswanger

275,517 SF Whse

22A

701 Rte. 73 S.

Marlton, NJ

Colliers International

8,022 SF

Off

22A

1440 Almonesson Rd.

Deptford, NJ

Hamsphire Companies

RAS Brokerage

6,000 SF

Restaurant S

22A

3150 Brunswick Pike

Lawrenceville, NJ

Newmark Knight

9,000 SF

Off

24A

44 Beech St.

Paterson, NJ

Wichert

400 Commerce Blvd.

Carlstadt, NJ

Russo Development

200,000 SF Industrial

26A

Studley Inc.

197,445 SF Off

26A

472 Barell Ave.

Calstadt, NJ

NAI Hanson

39,832 SF

Whse

26A

205 Chubb Ave.

Lyndhurst, NJ

NAI Hanson

Realty Hub

20,479 SF

Retail

26A

25 Berkshire Valley Rd.

Kenvil, NJ

Marcus & Millichap

8 Acre

Mixed

27A

Marcus & Millichap

2,528 SF

Mixed

27A

39,035 SF

Industrial

27A

14 Ames Ave.

Rutherford, NJ

Marcus & Millichap

15-01 Pollitt Dr.

Fair Lawn, NJ

Marcus & Millichap

445 South St.

Morris Township, NJ Advance Realty

Harrisburg Park

Harrisburg, PA

Marcus & Millichap

515 Zarfoss Drive

York, PA

ROCK Commercial

3975 Township Line Rd.

Allentown, PA

77 Cooper Avenue

Lancaster, PA

Hill Street

CBRE

21,604 SF

Mixed

27A

$5.8m

163 Unit

Apt

29A

Enurance Real Estate Grp.

$8.075m

312,900 SF whse

29A

NAI Summit

$1.2m

58,460 SF

NAI Comm’l. Partners

ROCK Commercial

$572,500 29,700 SF

York, PA

ROCK Commercial

3325 Connelly Road

Emigsville, PA

ROCK Commercial

120 Rose Court

York, PA

ROCK Commercial

50 Aberdeen Road

off

30A

whse

32A

32,250 SF

Industrial

32A

ROCK Commercial

18,053 SF

Industrial

32A

ROCK Commercial

12,688 SF

Industrial

32A 32A

York, PA

ROCK Commercial

7,011 SF

Industrial

1130 Zinns Quarry Road York, PA

ROCK Commercial

4,869 SF

Industrial

32A

3501 Concord Road

York, PA

ROCK Commercial

4,501 SF

Medical Off L

32A

57 West Market St.

York, PA

32A

ROCK Commercial

3277-3297 North George St. Emigsville, PA

ROCK Commercial

342 West Market St.

York, PA

ROCK Commercial

3430 Woodbridge Circle

York County, PA

72 N. Main Street

Stewartstown, PA

150 Pauline Drive

York, PA

296 Pleasant Acres Road York, PA

2,140 SF

Mixed

Off

32A

500 SF

retail

32A

$535,000 12,800 SF

Industrial

34A

$400,000 6,000 SF

Mixed

34A

1.75 Acre

Comm

34A

2,000 SF

Industrial

34A

NAI CIR

112,000 SF

Whse

34A

Springwood Commercial Springwood Comm’l.

830 SF

Springwood Commercial Springwood Comm’l.

3380 Susquehanna Trail Manchester, PA 2700 Commerce Dr.

Lower Swatara Twp. NAI CIR

Interstate Commercial Mgmt

32,000 SF

Whse

34A

2701 S. Front St.

Steelton, PA

NAI CIR

RE/MAX Realty Professionals

11,774 SF

Comm

34A

100 Colonial Road

Lower Paxton Twp.

NAI CIR

8,752 SF

Mixed

34A

4651 Lindle Road

Swatara Twp.

NAI CIR

230 S. Spring Garden St. Carlisle, PA

Landmark NAI CIR

6,485 SF

Comm

34A

NAI CIR

6,100 SF

Industrial

34A

6360 Slank Dr.

Lower Paxton, PA

3,245 SF

Office

34A

100 North Cannon Ave

Lansdale, PA

NAI Mertz

28,000 SF

Office

45A

2600 Philmont Avenue

Huntingdon Valley, PA NAI Mertz

NAI Mertz

6,361 SF

Office

45A

Lincoln Independence Park West Chester, PA

Swope Lees

2,700 SF

office

45A

65 E. Elizabeth Ave.

Bethlehem, PA

Dietrick Group, LLC

1,000 SF

Office

45A

190 Rittenhouse Cirlce

Bristol, PA

Colliers International

Multifamily Portfolio

Bethlehem, PA

Kislak Company, Inc.

$36.7m

430 Unit

Multifamily S

355 Belleville Ave

Bloomingfield, NJ

Marcus & Millichap

$2.725m

37 Unit

Apt

3227 Hamilton Boulevard Allentown, PA 2504 Eastern Blvd.

York, PA

CBC Bennett Williams

5697 Shaffer Rd.

Debois, PA

CBC Bennett Williams

6416 Carlisle Pike

Mechanicsburg, PA CBC Bennett Williams

10 Eisenhower Bld.

Lancaster, PA

1200-1224 North Charles St. Baltimore, MD

128,000 SF Industrial

KW-James Balliet Comm’l.

$16.35m

106,824 SF Retail

15A

CBC Bennett Williams

$7.2m

66,200 SF

Retail

15A

3,200 SF

Retail

15A

1,600 SF

Retail

15A

Retail

16A

Mixed Use L

16A

NAI Commercial Partners Segall Group

$6.125m

$349,000 13,000 SF Segall Group

3,000 SF

NEW JERSEY SHOPPING CENTERS 13A — March 16 - 29, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

A total size of more than one million square feet

Hartz’s announces 1000 Apartments for 99 Hudson site; $450m Jersey City Twr.

ERSEY CITY, NJ — Hartz Mountain Industries and Roseland Property Company will build a 1,000-unit residential complex at 99 Hudson St., providing the exclamation point on New Jersey’s Emanuel Stern iconic waterfront location. With a price tag of $450 million and a total size of more than one million square

feet, the project would create more than 2,000 long-term construction jobs over a five year period, and will be the largest rental project and one of the top five tallest buildings in New Jersey. Colgate Center is home to 90 and 70 Hudson Street, which were developed by Hartz Mountain and when sold last year were named the most expensive office buildings in New Jersey. After Hartz’s speculative construction of 70 and 90 in the late 1990s, Goldman Sachs built its tower

and a Hovnanian-developed luxury condominium at 77 Hudson. Roseland Property Company, which manages Hartz Mountain’s residential projects and is a partner in four of Hartz’s residential developments, envisions support retail and entertainment on the structure, which provided parking for residents and guests. “The waterfront in Jersey City features many compelling pieces, but it lacks a center,” said Carl Goldberg, partner in

Roseland Property Company. “We see 99 Hudson providing the components that would turn an interesting area into a classic neighborhood.” The project will be developed subject to revival of the NJ Economic Development Agency’s Urban Hub Tax Credit (UHTC) residential program, which was suspended after depleting its $250 million allocation. “We submitted an application several months ago that fully qualified for the UHTC program,” said Emanuel Stern,

president and COO of Hartz Mountain Industries. “As we have seen through the history of the UHTC program, the economic climate – especially as it pertains to financing – will not permit a project like this to proceed without assistance. “Our application to EDA for the UHTC program delivers instant economic impact and smart growth benefits that will last for decades, so we are hopeful this necessary program is quickly revived so we can commence construction.” ■

Cushman & Wakefield arranges $16.5 million sale EDISON, NJ — Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has orchestrated the sale of 2121 Route 27, a 99,000 s/f R&D and office building, for $16.5 million. Fully occupied by Revlon and utilized as the consumer products giant’s primary R&D center, the building is part of Edison Towne Corporate Center, combining office and industrial uses. The East Rutherford, N.J.based Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the seller, The Morris Companies. The buyer was Angelo, Gordon & Company on behalf of the $560 million AG Net Lease Realty Fund, II, one of a series of net leased investment funds managed by the firm. Edison Towne Center also encompasses a 248,000 s/f multi-tenant office building at 2147 Route 27, connected to the Revlon R&D facility by a common lobby, as well as a 140,000 s/f industrial building and land approved for an additional 650,000 square feet of industrial space. In addition to the R&D center, Revlon occupies 31,500 square feet within the adjacent office building. “After acquiring the property two years ago, The Morris

Companies was able to extend Revlon for 15 years through 2025 and complete a significant renovation of the office building,” said Merin. “It was subsequently decided that the two buildings would be offered for sale, and the disposition of the R&D building has now been completed. The multitenant office building attracted considerable interest from prospective buyers, and we expect to have an announcement on that sale shortly.” “The R&D building is netleased on a long-term basis,

2121 Route 27 while the office building is ap- properties separately. “The Morris Companies proximately one-third leased and offers a value-add op- has been very focused on portunity,” said Bernhaut. “It the industrial development was determined to market the component of the site,” said buildings separately because a Bernhaut. “Once they were high-adverse investor would able to renovate the building be interested in acquiring the and re-sign Revlon, they were Revlon lease, while the buyer prepared to monetize the asset who does want to take on risk and, that accomplished, move would be more interested in forward on the industrial dethe value-add opportunity. velopment and redevelopment That same capital does not potential at Edison Towne generally reside in the same Corporate Center.” Situated off Exit 2 of I-287 place, and it was decided that the best way to maximize and two miles from the New value would be to sell the Jersey Turnpike, the buildings

are located in the Princeton/ Route 1 research corridor, dubbed Einstein’s Alley. The just-sold Revlon R&D facility was constructed in 1984 and always has been occupied by the company. The office building, the sale of which is pending, was built in 1980 and substantially renovated in 2010. Besides the 31,500 square feet occupied by Revlon, the office building’s major tenants include XO Communications and Dr. Leonard’s Healthcare. ■

14A — March 16 - 29, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

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Jones Lang LaSalle handles 250,000 s/f industrial lease

AYTON, NJ — Jones Lang LaSalle represented Medicia Holdings, LLC in the renewal of a 250,000 s/f industrial lease at 2351 Route 130 South in Dayton. The long-term lease agreement keeps the manufacturer of soaps, shampoos, body washes and perfumes in the State of New Jersey for the

foreseeable future. Jones Lang LaSalle vice presidents Brian Cass and Blake Chroman and managing directors Rob Kossar and Joel Lubin represented the tenant in the transaction, while Cushman and Wakefield executive director Paul Torosian and director Nate Demetsky represented landlord Clarion

Partners. “As the location of Medicia’s headquarters, this space has multiple business uses,” Cass said. “The facility is the ideal manufacturing base for the tenant’s product line, lab and warehouse. It’s gratifying to be part of a deal that keeps an important employer here in New Jersey for a long time.” ■

The Kislak Co. declares 2011 sales awards WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recipients of its 2011 sales awards at the company’s annual awards ceremony. Senior vice president Joni Sweetwood received the Producer of the Year award, vice president Robert Squires received the Sima Kislak Jelin Salesperson of the Year award; and sales associates Daniel Lanni and Andrew Scheinerman were the co-recipients of the Rookie of the Year award. “We are extremely proud to recognize Joni, Rob, Dan, and Andrew as the recipients of our 2011 sales awards,” said Robert Holland, president and co-managing director.

Shown from left: Daniel Lanni, Joni Sweetwood, Andrew Scheinerman and Robert Squires “They all had tremendous success in 2011 and we as a company experienced significant year-over-year growth both in our sales volume and the number of transactions closed. I thank them and our entire sales team for their contributions and

congratulate them on their well-deserved recognition.” Kislak’s Producer of the Year award is presented to the individual who generated the highest sales volume in the company during the past year. The Sima Kislak Jelin Salesperson of the Year award is presented to the individual whose performance and professionalism during the past year demonstrated the highest standards of excellence for which Kislak is known. Kislak’s Rookie of the Year award is presented to a newer salesperson or salespeople who recorded the greatest achievements during the past year. ■

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Mid Atlantic Real Estate Journal — New Jersey — March 16 - 29, 2012 — 15A

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New Jersey Business park at Exit 8A

Matrix Development Group announces building sale and new lease at Matrix Corporate Campus

ONROE TOWNSHIP, NJ — Matrix Development Group, one of the Northeast’s most active and well-regarded real estate investment and development companies, recently announced the completion of a building sale and new lease at Matrix Corporate Campus, the company’s premier business park at Exit 8A of the New Jersey Turnpike. The recent activity includes the following transactions: • Bracco Diagnostics signed a 54,000 s/f lease. The U.S.based subsidiary of Bracco Imaging SpA develops and

markets clinical agents for use in X-ray/Computed Tomography (CT), Nuclear Medicine and Magnetic Resonance Imaging (MRI) in the U.S. and Canada. • Richard Grubb & Associates, one of the largest full-service, independent cultural resource firms in the Mid-Atlantic and Northeast, purchased a 9,000 s/f building at the campus. The two firms join other notable tenants including AmeriHealth Insurance Company of New Jersey, Real Time Components, Intent Group,

Matrix Corporate Campus. Since then, Matrix has made additional investments in the site and upgraded numerous facilities. The business park spans more than 342,000 s/f of office, laboratory, and flex space. Users as small as 2,500 square feet to those with requirements in excess of 100,000 s/f can be easily accommodated within the existing buildings at the park. Located at Exit 8A of the New Jersey Turnpike, Matrix Corporate Campus offers turnpike frontage, providing com-

and Innophos. “The successful leasing and sales campaign at Matrix Corporate Campus is directly attributed to the creation of a niche with growing companies that want a premier location, within a beautiful corporate park, at a fair price when compared to similar properties in the area,” said Alec Taylor, Principal of Matrix Development Group. In 2010, Matrix acquired the 80-acre, 13-building MidAtlantic Corporate Center from Preferred Unlimited and renamed the property

panies prominent exposure on one of the State’s busiest roadways. It straddles both Cranbury and Monroe Townships in bustling Middlesex County and offers immediate access to Route 130. Matrix is currently offering buildings of varying sizes for both lease and sale at the park. Tenants benefit from the park’s strategic location, its well-maintained, manicured park setting, and the inherent value afforded by the campus’ flexible space options to accommodate a variety of users. n

Newmark Knight Frank negotiates 67,763 s/f lease Union, NJ — Newmark Knight Frank represented The TriZetto Group in a new, longterm lease extension for 67,763 s/f at 1085 Morris Avenue in Union. Newmark Knight Frank’s Richard Mirliss, Richard J. Madison, Bill Benton (with the firm’s San Francisco office), Hope Brodsky and Kieran McGee represented TriZetto in the transaction. Cushman & Wakefield’s David Stifleman and Dan Jonsen represented sublandlord AGL Resources. Newmark Knight Frank’s New Jersey offices successfully completed 4.8 million s/f of office transactions in 2011, reports David Simson, vice chairman and COO of the firm’s New Jersey operations. Included in the total were several prominent headquarters transactions, led by the state’s largest deal for 2011, Novo Nordisk’s 560,000 s/f lease agreement in Plainsboro. “It is indeed a credit to our professionals that we were able to assist these major corporations in satisfying their real estate requirements,” said Simson. “Given the challenges that everyone continued to face throughout the year, the fact that we were able to navigate an otherwise challenged economy and get deals done is a clear indication of the strengths that we continue to bring to the marketplace.” The transaction engineered on behalf of pharmaceutical giant Novo Nordisk by Newmark Knight Frank’s Steve Tolkach is a $215 million redevelopment project joint-ventured by Ivy Equities, LCOR, and Intercontinental Real Estate.

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16A — March 16 - 29, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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NEW JERSEY Collectively exceeding $7.5 million

Richter Grusd of Sperry Van Ness close three industrial sales

SELIN, NJ – Sperry Van Ness | Richter Grusd announced the closing of three industrial properties for sale collectively exceeding $7.5 million. “The user market has picked up considerably over the past twelve months though the sale inventory for decent warehouse buildings along the Turnpike remains rather tight. Consequently, the deal cycle has been taking much longer,” says Doug Richter, Managing Director of the Metropark based organization. Details of the closings include:

735 Rahway Avenue Union, NJ Size: 58,683 square feet Buyer: Schott NYC, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness Seller: Gelb Estate LLC, represented by David Fisher of Weichert Commercial Notes: Buyer is relocating from Elizabeth and will use the building as their new headquarters for manufacturing and distribution. Schott’s famous bomber and leather jackets have been worn by many icons including James Dean, Marlon Brando and Bruce Springsteen

7-9 Pleasant Hill Road

CELEBRATING OUR 106TH YEAR

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60 Residential Units Lancaster, Pennsylvania Robert Holland ext 285

30 Units & 5 Stores Harrison, New Jersey Scott Davidovic ext 290

34 Residential Units Elizabeth, New Jersey Joni Sweetwood ext 273

on the cover of Born To Run. Closing Price: $3,250,000 7-9 Pleasant Hill Road Cranbury, NJ Size: 23,000 square feet Buyer: Whitman, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness Seller: Jaffar, Inc., represented by Mary Ryan of Franzwa Real Estate Advisors Notes: Whitman, an engineering and renewable energy consulting firm, will be relocating its office from East Brunswick. Closing Price: $1,800,000 22 Cragwood Road Avenel, NJ Size: 40,000 square feet Buyer: Sitex Group, represented by George Molloy SIOR of Grubb & Ellis Seller: HLP Associates LP, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness Notes: Investment sale. Multi-tenanted distribution facility which was 100% occupied at closing. Close proximity to NJ Turnpike Exit 12, Newark Liberty International Airport and the Ports. Closing Price: $2,475,000 Managing directors Doug Richter and Ian Grusd were both named Top 20 Advisors in the US by Sperry Van Ness International (SVNI) out more than 800 advisors nationwide. ■

New Jersey 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

MAREjournal.com

14 Garden Units Bloomingdale, New Jersey Robert Squires ext 287

45,000 SF Ofﬁce - BANK OWNED Wayne, New Jersey Matt Weilheimer ext 253

multifamily. The Kislak Company, Inc.

retail.

18,000 SF Retail with Parking Roselle, New Jersey Scott Davidovic ext 290

Publisher Michael Campisi mcampisi@MAREJournal.com

office. www.kislakrealty.com 732 750 3000

Section Editor Karen Vachon editor@marejournal.com

Mid Atlantic Real Estate Journal — New Jersey — March 16 - 29, 2012 — 17A

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NEW JERSEY Marketing and communication agency signs 19,713 s/f Branch site in Clinton

CBRE secures lease at class A Red Bank office

ED BANK, NJ — CBRE represented The Sawtooth Group, in a 19,713 s/f lease transaction at 141 West Front St. The full-service marketing and communication agency focusing on brand testing and strategy is subleasing the space from K. Hovnanian and relocating from Woodbridge. CBRE first vice president

CresaPartners’ New Jersey office facilitates SorinRoyerCooper’s expansion in NJ RUTHERFORD, NJ — The New Jersey-based office of CresaPartners LLC helped SorinRoyerCooper renegotiate its lease to accommodate the law firm’s rapid growth. The new lease allowed the firm to expand from 5,298 s/f on the 11th floor to 19,452 s/f on the entire top floor at Two Tower Center in East Brunswick. Founded in 2009 by Dave Sorin, John Royer and Neil Cooper, SorinRoyerCooper LLC is a law firm that specializes in the region’s startup, earlystage, emerging-growth and middle-market sector enterprises. The firm offers creative and sophisticated solutions and accessible, responsive service by experienced lawyers, for highly competitive fees that ensure a compelling value proposition. Since its founding, the firm has grown to include offices in East Brunswick, N.J., New York City and Conshohocken, Penn. Tom Giannone and Ron Ganter, co-managing principals of CresaPartners’ New Jersey office, represented SorinRoyerCooper, while the landlord, Tower Center II Investment Group, LLC, was represented by Jeremy Neuer of CB Richard Ellis. “The incredible problem solvers at CresaPartners worked with us to find a highly efficient solution to a compelling problem,” said Sorin. “Tom and Ron evaluated our business from soup-to-nuts to help us devise a new lease that not only met our anticipated needs at the right cost, but reflected our value proposition and aligned with our unique vision for growth.” Giannone and Ganter worked with SorinRoyerCooper in early 2010 to negotiate a lease that would help the law firm take more space as it grew.

Suzanne Macnow and vice president Adam Englander represented the tenant. “The Sawtooth Group appreciated this well-maintained property with a convenient location right off the parkway and exceptional amenities,” said Macknow. “Additionally, the vibrant Red Bank downtown area is also ideal for their employees.” The three-year-old 92,000 rentable s/f. class A office building is owned by a joint venture of Mack-Cali and PRC Group. Amenities include onsite garage parking, full-time property management, a full-

service restaurant, flexible floor plates and fiber optics. The site is located near the downtown area with convenient accessibility to the Garden State Parkway. The site boasts a tenant roster that includes Ameriprise, Booz Allen Hamilton, Deutsche Telekom, Genova Burns & Venoia, Global Compliance, Littleton Joyce Ughetta Kelly & Park, Opus Trading Group, The Benchmark Group and V-12 Group. Current availabilities include 4,959 square feet and 2,579 square feet on the first floor and 2,486 square feet on the third floor. ■

NAI Hanson completes sale of former bank CLINTON, NJ — NAI James E. Hanson represented Wells Fargo in the sale of a 2,268 s/f site. The purchaser, EMAZ, LLC, plans to use the property as an office. NAI Hanson Vice President Joan Cenicola completed the transaction. “The buyer was attracted to the location and its mix of small business and residential,” Cenicola said. “The zoning made the site very marketable to a wide range of potential buyers.” The one-story former bank branch with drive thru is located on a four-acre tract at the northwest corner of Bank

Street and Ruppel Road. It is within a Planned Commercial Zone, permitting professional and medical offices, restaurants, day-care facilities, and veterinarian clinics, among other uses. It offers immediate access to Route 78 and Interchange 13. Champion Athletes has signed a 7,680 s/f, long-term lease at 400 Swenson Dr. in Kenilworth. NAI Hanson Associates Russell Verducci and Stanley Wiklinksi completed the transaction on behalf of the building’s landlord, Fairfield Products. ■

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Mid ATLANTIC REAL Estate Journal — Northern New Jersey — March 16 -29, 2012 — 18A

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Oversee high traffic retail and office portfolio in Paramus

NAI Hanson awarded 245,000 s/f property management assignment

ARAMUS, NJ — NAI James E. Hanson’s property management subsidiary, NAI Hanson Management LLC, has been awarded a 245,000 s/f property assignment. The Paramus based portfolio is owned by the Emil Buehler Trust Fund and consists of over 200,000 s/f of retail space and approximately 45,000 s/f of office space. The properties are: • 60 Route 17 North, a 75,000 s/f retail center featuring tenants such as DSW, PetSmart and Staples. • 321 Route 17 South, a 40,000 s/f retail space that hosts PC Richards. • 289-295 Route 17 South, a 57,000 s/f retail site that is the former home of rug and furniture retailer Einstein Moomjy. • 311 Route 17 South, which has 9,900 s/f of office and 10,000 s/f of retail space. • 305 Route 17 South, which offers a mix of 35,000 s/f of office space and 22,000 s/f of

retail. “Route 17 in Paramus is one of the most highly traveled roads in all of New Jersey and this portfolio contains a number of quite visible sites, “ said Bill Hanson, president of NAI James E. Hanson. “The Hanson Property Management Team is expert at handling the diverse needs of this impressive portfolio.” NAI Hanson Management offers an enhanced spectrum of property management services for the company’s 3.9 million

s/f of assets owned and under management, encompassing office, industrial/warehouse and retail properties located throughout the Northeastern US. The subsidiary is equipped to handle all aspects of property management, construction management, plant and physical maintenance, tenant leasing and fit out and legal and environmental consulting. HACKENSACK, NNJ — NAI James E. Hanson represented United Water New Jersey Inc. in a unique deal that will

preserve the largest privately owned, remaining undeveloped property in densely populated Weehawken, with views overlooking the Palisades above the New Jersey entrance to the Lincoln Tunnel as a new public park. NAI Hanson senior vice president Andrew Somple, SIOR, and director of Capital Markets Gregory M. James oversaw the $11 million transaction on behalf of United Water, which had approached the firm in early 2010 about exploring sale opportunities for the 14.4-acre reservoir site, which was zoned for high-density residential use. The company had not used the property since 1996. After marketing the property to just a handful of prospective buyers, United Water received four offers on the property from developers that hoped to build multifamily projects on the site. Negotiations were just beginning when, in the summer of 2010,

the Township of Weehawken expressed a strong interest in preserving the site, according to Somple. To complete this transaction, The Trust for Public Land — a national conservation organization that conserves land for people to enjoy as parks, gardens and natural areas — facilitated the acquisition of the reservoir and recently conveyed the property to Weehawken, Union City and the State of New Jersey’s Green Acres Program. The effort of all parties working together culminated in the completion of this transaction. The property will be transformed into a passive public park, enhanced with a walking and running trail. Portions of the reservoir will continue to function as a water storage facility, and United Water will retain an easement to construct and maintain a 10-million-gallon underground water storage tank located beneath the future park. ■

Pearson relocates professional and technology jobs to SJP Properties’ Waterfront Corporate Center III HOBOKEN, NJ — Lt. Governor Kim Guadagno, Hoboken Mayor Dawn Zimmer, and other dignitaries today joined Pearson’s Rich Glicini, senior vice president for People and Social Responsibility, and SJP Properties’ CEO Steven J. Pozycki, to announce a lease agreement to relocate New Jersey employees from the world’s leading learning company to a new, state-of-the-art office building on Hoboken’s waterfront. Pearson signed a lease for more than 200,000 s/f at SJP Properties’ 500,000 s/f Waterfront Corporate Center III, the final site within Hoboken’s 26-acre waterfront, mixeduse master plan, and the last phase of SJP’s 1.5-million s/f, three-building office and retail complex. “Pearson’s decision to stay

is just one of many examples where we’ve successfully intervened to keep and create jobs in New Jersey,” said Lt. Gov. Guadagno. “The Christie-Guadagno Administration’s policy of assertively protecting and pursing jobs for New Jerseyans is a major reason why the New Jersey Comeback is underway.” Pearson will occupy five floors starting in 2014 and is relocating approximately 900 employees from its current offices in Upper Saddle River and Old Tappan, N.J. “Pearson and New Jersey share a deep commitment to attracting and retaining a talented professional workforce that will flourish in the vibrant and stimulating center for media, education, and digital services that has emerged within the excellent mass transit central location of Hoboken and the

Waterfront Corporate Center,” stated Glicini. “Toward this goal, we are relocating 900 employees from our Upper Saddle River and Old Tappan locations, to 225 River Street, a LEEDcertified building. Leveraging the natural light in this beautiful space means less artificial light usage during the day, thus reducing energy consumption. Heating and air conditioning systems in the new location will be more efficient as a result of new innovations, technology and equipment.” Added Glicini, “We extend our gratitude to the Governor and Lt. Governor for the State’s investment, as well as the support of the New York and New Jersey Port Authority, in our choice of this Hoboken location. Together along with our partner, SJP Properties, we are creating a green and affordable

waterfront home for our worldclass workforce and investing in the technology essential to Pearson’s mission to foster learning and achievement around the globe.” “We are very excited to welcome Pearson and 900 of their employees to the Hoboken community,” said Mayor Dawn Zimmer. “This is exactly the kind of green, smart development that Hoboken needs to support the continued economic growth of our local economy without burdening our infrastructure. World-class companies like Pearson want to do business in Hoboken for the same reasons we all love to live here: we’re a bustling, walkable city with easy access to mass transit and New York City, a lively arts and music scene, packed sidewalk cafés, a vibrant nightlife, unique shops, and beautiful

waterfront parks.” The 14-story office building is designed as New Jersey’s only waterfront LEED Silver Certified office development and incorporates numerous modern features, including floor-to-ceiling glass windows that permit natural light to penetrate deep into the floors. Construction is scheduled to commence in fall of 2012 and will be completed in summer of 2014. The development will create more than 600 construction jobs. “Waterfront Corporate Center III will be developed to incorporate the most advanced green technology and state-ofthe-art features among any new commercial development in the region, providing Pearson with a high-performance work environment to support its business operations,” stated Pozycki. ■

Mid Atlantic Real Estate Journal — New Jersey — March 16 - 29, 2012 — 19A

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NORTHERN NEW JERSEY 11,000 s/f lot to IHOP franchise

And local officials

Michael Cervelli announces 25 year corporate backed lease

The Hampshire Companies host Governor Christie

ORTH BERGEN, NJ — Michael Cervelli Announced the 25 year corporate backed lease of an 11 , 0 0 0 s / f lot to IHOP Franchise. The site located on Bruckner B o u l e v a r d Chris Cervelli

Colliers Int’l. arranges sale of retail space PARSIPPANY, NJ — Colliers International New Jersey has arranged the sale of the retail component of a mixeduse community known as Livingston Town Center located in Livingston. The transaction involves the purchase of more than 65,700 s/f of retail space in five buildings. The space is currently leased to 20 retail tenants with stores ranging from 700 to 6,000 s/f. The property was constructed in 2008 and is located within the heart of downtown Livingston. BHR Properties III, LLC sold the buildings to Onyx Equities. Retail shops at this location include Wells Fargo, Marcia’s Attic and Baumgart’s Café. Colliers International New Jersey has represented Duane Morris in its 20,035 s/f relocation to The Legal Center at One Riverfront Plaza in Newark. Duane Morris is an AM Law 100, full-service law firm with more than 700 attorneys in offices across the United States and around the world. The law firm will move from its current Newark office at 744 Broad Street to its new location at the end of January and occupy the entire top floor of One Riverfront Plaza. “The Legal Center is a prestigious address that caters to law firms and offers some of the best building amenities in Newark, so it was a perfect fit for Duane Morris,” said Bryn Cinque, an Executive Managing Director with Colliers International New Jersey who, along with James Bailey, represented the law firm in this transaction. The Legal Center is a 20-story class A office building that overlooks the Passaic River. ■

in the Bronx was listed with Cervelli Real Estate and drew much attention from many national tenants, ultimately the landlord decided to proceed with IHOP given its corporate financials and the operator’s experience. Chris Cervelli, CCIM led the negotiations between the owner and the tenant who will be developing the property to house the new restaurant. Founded in 1983, Michael Cervelli Real Estate, headquartered in North Bergen, New Jersey, is acknowledged as one of Northern New Jer-

sey’s most experienced agencies specializing in investment real estate sales. Aimed at providing professional brokerage services to private investors and financial institutions involved in income-producing multifamily properties and shopping centers, the company has posted steadily increasing sales results. Michael Cervelli Real Estate is known for its’ unparalleled reputation of honesty, integrity, and experience in the investment real estate industry. ■

MADISON, NJ — The Hampshire Companies held a groundbreaking event for its LEED Certified office building located at 175 Park Avenue in Madison, N.J., on February 1, 2012. Realogy Corporation, which is the parent company of leading real estate franchise brands including Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, and Sotheby’s International Realty, will relocate from Parsippany, N.J., to occupy the entire soon-to-be 270,000-square-foot building as its new headquarters in late 2012. Governor Chris

Christie, Lieutenant Governor Kim Guadagno, Mayor Robert Conley, Madison officials, and Hampshire and Realogy executives were in attendance. “We’re extremely proud to break ground on what marks Hampshire’s third speculative office project since 2007, when commercial construction halted across the state,” said James E. Hanson, II, President and CEO of The Hampshire Companies. “Through our persistent development of spec office products in New Jersey, and with great support from Gov. Christie and Lt. Gov. Guadagno, we’ve been able to attract and retain quality tenants like Realogy.” ■

20A — March 16 - 29, 2012 — Northern New Jersey — Mid

Atlantic Real Estate Journal

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STEEL BUILDING ERECTOR

Mid Atlantic Real Estate Journal — Northern New Jersey — March 16 - 29, 2012 — 21A

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NORTHERN NEW JERSEY PROJECT OF THE MONTH

THOMAS PHOENIX INTERNATIONAL INC. Award Winning Steel Building Erector

Team includes Dermody Associates, Chambers Archt., Butler Manufacturing, RS Phillips Steel, Thomas Phoenix Int’l.

“Our team is made of experienced pre-engineered metal building erectors. We are flexible and easily adapt to the needs of the project. We pride ourselves on our commitment to quality, safety and education”

Phone: 609-261-1188 Fax: 609-261-1149 Website: www.thomasphoenixintl.com office@thomasphoenixintl.com

STEEL SUPPLIER

We are proud to be a part of this great project R.S. Phillips Steel Phone: 973 827 6464 Fax: 973 827 2323 128 Lake Pochung Road Sussex NJ 07461 Hours of operation: Monday-Friday: 8 am – 4:30 pm Sat: 8 am – 12:00 noon

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Hance Construction project reclaims dormant industrial site adjacent to historic Sparta Train Station

PARTA, NJ — Hance Construction has completed construction and renovation of Phase 1 of the New Station Park Recreation Complex, a 12,150 s/f, multibuilding facility located at 38 Station Rd. adjacent to the historic Sparta Train Station. The Sparta Police Athletic League has signed a long-term lease with property owner Dermody Associates, Inc. for two of the spaces in the fourstructure, 10-acre complex, a former industrial site that had been dormant for over 20 years. “We are excited that this property has been reclaimed for use by the community,” said Bill Dermody, a Sparta native who manages multiple properties owned by the Dermody family. “Hance Construction did an outstanding job working with us to adjust initial plans for the property and manage development issues. We place very high standards on all the properties we own in Sparta because of our multi-generation history in the community and Hance Construction really was key to maintaining that development integrity at the historic Station Road property.” The New Station Park Recreation Complex features

of space with all the modern amenities for an office, shop or small restaurant right in Sparta Town Center. “We love Sparta and when we bought the property three years ago we didn’t want to see the train station torn down,” said Dermody. “It’s one of the last stations standing in Sussex County of the 15 built by the New York, Susquehanna, and Western Railroad. Trains in the station at one time brought the mail, served the local farms and brought in tourists. It’s an interesting history that we hope someone will admire and find the station’s cathedral ceilings and open floor plan a great place to do business.” ■

Hance Construction has completed construction and renovation of The Sparta Police Athletic League has signed a long-term lease with Phase 1 of the New Station Park Recreation Complex, a 12,150 s/f, property owner Dermody Associates, Inc. for two buildings, one of multi-building facility located adjacent to the historic Sparta Train which features an indoor basketball facility. Station. two new Butler Manufactur- example of the fact that metal building connected to the bas- the 1880s. The family wanted ing metal buildings and two roofs and walls offer an unbeat- ketball facility and the second to restore the area and prorenovated buildings with able level of environmental freestanding. tect the original train station Butler walls and roofs as well performance and aesthetic apbuilding. The original train as The Simple Saver System, peal. Metal buildings today are The building connected to station building is available an insulation product that sustainable, have low impact the basketball center offers for lease, offering 1,100 s/f can reduce energy costs by as on the environment, reduce 2,300 s/f of raw space with camuch as 50 percent during a solid waste in construction, thedral ceilings, an industrial building’s lifetime. Original help reduce energy usage in overhead door as well as complans called for just one new all climates, and improve the pleted bathroom and shower structure, but the project had air quality and water efficiency facilities. The freestandto be adjusted because of the in buildings and their sur- ing structure offers 2,900 Property Owner .................................Dermody Associates Inc. poor condition of one of the roundings.” s/f of raw space on two floors original structures columns with modern bathrooms. The General Contractor ........................... Hance Construction, Inc. and footings. The Sparta PAL has leased property also provides over the two new buildings, which 100 parking spaces and all Architect ...................................... Chambers Architecture, Inc. “We worked with the Dermo- are connected and total 6,950 utilities will eventually be dy team to make sure the facil- s/f. One building features underground. Steel Building System Suppler .............. Butler Manufacturing ity met their needs and the end an indoor basketball facility result is a highly sustainable, and the second provides ofFor many years, the DerSteel Supplier ........................................ RS Phillips Steel, LLC environment-friendly facility,” fice and meeting space, both mody family maintained an said Art Hance, president of with grand ceiling height. The office space adjacent to the Steel Building Erector ............. Thomas Phoenix International Hance Construction. “The remaining two buildings are property and the Sparta Train Station Road project is a good available for lease with one Station, which dates back to

CONGRATULATIONS

Mid Atlantic Real Estate Journal would like to congratulate

Hance Construction on this great project.

If you would like to feature your company, development or project call Mike Campisi: (800) 584-1062 Ext. 208 or email: mcampisi@marejournal.com STEEL BUILDING SYSTEM SUPPLER

PROJECT TEAM

ARCHITECT

Specializing in Commercial, Residential, Municipal and Industrial Architecture Pre-Engineered Metal Building Architecture

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Chambers Architecture, Inc.

Commercial

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as steel supplier for the New Station Park Recreation Complex. Hance Construction, a Butler Career Builder ®, has created a sustainable facility that will serve the Sparta community for years to come. We also applaud Dermody Associates for their efforts to restore the Station Road complex and rehabilitate the Sparta Train Station.

Residential Chambers Architecture, Inc. P.O. Box 1058 Flemington, NJ 08822

Butler Mfg takes great pride in serving

(908) 788-3646 Fax (908) 684 -1305 keithaia@chambersai.com

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22A — March 16 - 29, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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NORTHERN NEW JERSEY New branch providing added convenience for Morris County customers

Regal Bank comes to Florham Park

in her career. The new Regal branch officially opened for business in late December.

Day-to-day operations at the branch – which provides 24-hour banking via lobby and drive-up service combined with online capabilities and ATM – are managed by Rita Weimer, who worked at a Florham Park bank earlier

“What’s most significant about our new Florham Park branch is the added convenience it provides to our Morris County customers,” says David Orbach, chairman of Regal Bank, which is headquartered in Livingston. “If they’ve been frequenting our Livingston and Roseland locations, they’ll have even easier access to us, since we’re now right in their

LORHAM PARK, NJ — Regal Bank has arrived in Morris County, having opened its fourth location, a full-service branch office at the 30 Columbia Turnpike building in Florham Park.

Christina Slater and Rita Weimer

Getting a commercial real estate loan is anything but easy.

neighborhood.” Most members of the new branch’s staff already have worked at one of Regal’s three other locations, so they’ll avoid the challenges common to new employees going through a training process. “Another benefit to our opening a Florham Park office is that Regal Vice President Christina Slater was a banker in the town for years, and she’s never stopped interacting with local individuals and businesses,” explains Weimer. “While this location is new, we’re starting off – between Christina’s background and mine -- with deep roots in the community.” Regal Bank’s three other offices are at 570 W. Mount Pleasant Avenue (headquarters) and 504 South Livingston Avenue, both in Livingston, as well as 180 Eagle Rock Avenue in Roseland. The bank’s primary emphasis is on a complete range of financial products and services, offered primarily throughout Essex and Hudson counties. ■

Unless your bank is Regal.

IBS’ president & CEO discusses Challenges of overseas expansions and operations

Before you can broker the deal, you need a bank who understands the commercial real estate business and can make the lending process easier. That bank is Regal Bank, and we’re ready to help get the loan you need. Talk to us. Instead of concentrating on the loan, you can focus on the deal.

570 W. Mt. Pleasant Avenue Livingston, NJ 07039 973-577-7160

504 S. Livingston Avenue Livingston, NJ 07039 973-577-7161

180 Eagle Rock Avenue Roseland, NJ 07068 973-228-3951

30 Columbia Turnpike Florham Park, NJ 07932 973-210-4115

www.regalbanknj.com Member FDIC

Equal Housing Lender. Equal Opportunity Lender.

TOTOWA, NJ — Edward Reilly, president & CEO of Intelligent Building Solutions, LLC (IBS), discussed challenges of expanding U.S. businesses overseas during New Jersey Technology Council’s (NJCT) panel discussion titled CEO Toolbox: Breaking Into the Global Market, which took place in New Brunswick. The forum brought together a panel of accomplished entrepreneurs and technology company leaders as well as an audience of senior executives of New Jersey-based engineering, life sciences, technology, software and telecommunications firms. The discussion focused on addressing practical issues related to managing personnel, client relationships, cultural differences, and dealing with varied legal environments when conducting business abroad. ■

Mid Atlantic Real Estate Journal — New Jersey — March 16 - 29, 2012 — 23A

www.marejournal.com

NORTHERN NEW JERSEY Sales Associate Julie Gralla leads Sale of Retail, Office & Multifamily Properties

The Kislak Co. completes $4.8 million New Jersey investment sales

OODBRIDGE, NJ, February 28, 2012 — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $4,785,000 Julie Gralla sale of three investment properties in northern New Jersey. The transactions include the $3,100,000 sale of Hastings Square, a 28,000 square foot retail and office complex in Long Valley; the $975,000 sale of a 6,700 square foot office building in downtown Short Hills; and the $710,000 sale of a seven-unit multifamily property in Garfield. In the Long Valley sale, senior vice president Joni Sweetwood represented the seller and sales associate Julie Gralla represented the purchaser. Gralla also represented the seller in the Short Hills sale and both parties in the Garfield sale.

The transaction was allcash. The seller was represented by Ned Cohen, Esq. of Cohn, Bracaglia & Gropper, PC of Somerville, New Jersey and the purchaser was represented by Jonathan Mehl, Esq. of Rutherford, New Jersey. The Short Hills building was a former bank branch and office that was vacant for more than four years. Kislak obtained an exclusive listing from the seller and almost

immediately began receiving offers from interested clients and prospects. The property is located in an A+ location in downtown Short Hills, between Route 24 and downtown Millburn. It had great potential for users and investors. It is also located on the border of a proposed redevelopment zone in the Short Hills section of Millburn Avenue. “The purchasers intend to occupy and use the building, and were attracted to its location near the commercial heart of Short

The transaction was all-cash. The seller was represented by Howard S. Roitman, Esq. of Eiseman Levine Lehrhaupt & Kakoyiannis, P.C. of New York, New York and the purchaser was represented by Roberta Weisinger, Esq. of Fort Lee, New Jersey. The Garfield property is a three story all brick building with seven units including one and two bedroom units. “The $100,000-plus per-unit price

demonstrates the strength of the market for multifamily properties,” added Gralla. The purchaser obtained financing from Columbia Bank. The seller was represented by Stuart D. Minion, Esq. of Minion & Sherman of West Caldwell, New Jersey and the purchaser had self-representation. The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is an investment sales company serving the multifamily and retail markets. ■

Success is a done deal.

“Julie is our newest salesperson,” said Robert Holland, president and co-managing director. “In less than a year, she has proven to be a very determined, focused, and results-oriented salesperson. Our clients are very pleased with her efforts and work ethic and these sales are a testament to her hard work. Julie has a promising career ahead of her.” Hastings Square is located amid a planned unit development in suburban Morris County and includes 24,000 square feet of retail space and 4,000 square feet of office space. Kislak obtained an exclusive listing from the seller and generated strong interest among investors. “The property was nearly fully occupied with only one retail vacancy and one office vacancy,” said Gralla. ‘The purchasers were attracted not only to the location, but also to the property’s potential. The purchasers are working closely with an architect to renovate and reposition the property. I have great faith in the future of Hastings Square.”

Hills,” said Gralla.

$158,000,000

$44,000,000

Multifamily Portfolio

Franklin Shopping Center

2,366 UNITS NJ, NY, PA, & CT LOCATIONS LENDER: FREDDIE MAC

PERMANENT LOAN FRANKLIN, MA LENDER: LIFE COMPANY

$12,000,000

$11,940,000

Prospect Towers

RBS Citizens Bank Portfolio - 16 BRANCHES

PERMANENT LOAN HACKENSACK, NJ LENDER: REGIONAL BANK

NY, CT, PA & DE LOCATIONS LENDER: REGIONAL BANK

Capital Markets New Jersey Ofﬁce ONE GATEHALL DRIVE, SUITE 101 PARSIPPANY, NJ 07054 973.538.2330

Greg Nalbandian MANAGING DIRECTOR 973.944.5728 gnalbandian@northmarq.com

Gary Cohen SENIOR VICE PRESIDENT 973.944.5724 gcohen@northmarq.com

northmarq.com

33 ofﬁces coast-to-coast

24A — March 16 - 29, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

NORTHERN NEW JERSEY Delta Galil leases 21,333 square feet

New Boston Fund and Prism Capital Partners secure new lease at One Harmon Plaza

ecaucus, NJ — New Boston Fund, Inc., a private equity real estate investment, development and management firm, and Prism Capital Partners LLC, announced today that they have leased 21,333 square feet of Class-A office space to Delta Galil Industries Ltd., a global manufacturer and marketer of branded and private label apparel products, at One Harmon Plaza in Secaucus, N.J. Delta Galil’s relocation from 150 Meadowlands Parkway, also in Secaucus, continues to increase the tenant roster

One Harmon Plaza

at the recently renovated One Harmon Plaza. One Harmon Plaza is a 10-story, 192,000-square-foot office property, located in a mixed-use complex that also includes a 319-room Crowne Plaza Hotel, a 20,000-squarefoot retail building and a 1,000car shared parking garage. The building is currently undergoing a $4.5 million renovation that includes the construction of a new entrance arcade, façade changes, common area upgrades and garage enhancements. “We are proud to welcome

Delta Galil to One Harmon Plaza,” said Gary Hofstetter, Northeast Regional Director, New Boston Fund. “The building continues to attract highquality tenants such as Delta Galil due to its convenient location and the many in-progress value-add improvements at the building.” Jones Lang LaSalle managing director Thomas Reilly and associate Derek DeMartino handled the assignment on behalf of New Boston Fund and Prism Capital Partners. CBRE Senior Vice President David Opper and first vice president Matthew Corpuel represented Delta Galil. “Delta Galil selected this particular space due to its superior location and the competitive pricing structure,” stated Reilly. “Though the Company is relocating from just a short distance away, this location provides easier access to numerous amenities.” This property is strategically located at a four-way interchange of Route 3, and is within fifteen minutes of Interstates 80, 280, 78, and Routes 17 and 46. The waterfront property also offers views of the Manhattan skyline and the convenience of a suburban location with easy access to Manhattan via the nearby Lincoln Tunnel. New Boston and Prism Capital Partners purchased One Harmon Plaza in January of 2007 as part of New Boston Fund VI. ■

Donald Patterson joins Weichert Commercial MORRIS PLAINS, NJ — John Udell, president of Weichert Commercial Brokerage announced that Donald Patterson has joined Weichert Commercial Brokerage as Vice President. Patterson brings with him over 10 years of experience in commercial real estate, specializing in health care and professional office requirements within Northern New Jersey. Prior to joining Weichert Commercial, Patterson served as VVPof the Medical Division at Jordan Baris, Inc. Realtors in West Orange, NJ. In this position, Patterson was responsible for all aspects of leasing, purchasing and selling medical and other healthcare service related properties throughout Northern New Jersey. ■

Mid Atlantic Real Estate Journal — New Jersey — March 16 - 29, 2012 — 25A

www.marejournal.com

NEW JERSEY “WE’VE GOT NEW JERSEY COVERED” WAY BELOW MARKET PRICES – For SALE or LEASE

1,920 SF – PISCATAWAY 300 SF Ofc, 20’ Clgs, 1 DI AVAILABLE IMMEDIATELY

18,750 NEW BRUNSWICK 1,000 SF Ofc, 14’-25’ Clgs, 2 TB AVAILABLE 60 DAYS

33,000 SF - PISCATAWAY 3,000 SF Ofc, 20’ Clgs, 4 TB, DI AVAILABLE IMMEDIATELY

55,555 SF – SOUTH PLAINFIELD 6,000 SF Ofc, 20’ Clgs, 6 TB, DI AVAILABLE IMMEDIATELY

GARWOOD – Available Imm 5,063 SF – 500 SF Ofc, 15’ Clgs, TB, DI 7,611 SF – 1,200 SF Ofc, 16’ Clgs 1 TB

5,000 – 15,000 SF - SOMERSET

1,500 - 3,000 SF - EDISON

15,380 – 24,000 SF - CARTERET @ Exit 12, NJTpke

Up to 14,000 SF Ofc, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY

35,224 SF – AVENEL Up to 14,000 SF Ofc, 21’ Clgs, 4 TB, DI DIVISIBLE – Near Exit 12 AVAILABLE IMMEDIATELY

1,000 SF Ofc, 18’ Clgs, 2-4 TB AVAILABLE 60 DAYS

53,500 SF - MILLBURN 4,000 SF Ofc, 16’ Clgs, 10 TB AVAILABLE IMMEDIATELY

80,000 SF – Raritan Center, EDISON

66,000 SF - MAPLEWOOD 12,000 SF Ofc, 22’ Clgs, 6 TB, DI Trailer Pkg, Heavy Power

For Additional Listings or Information Check Us Out On The Web:

Ofc to Suit, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY

8,000 SF Ofc, 28’ – 34’ Clgs, 10 TB, Rail, Food Grade Bldg w/Freezer & Cooler Space

www.bussel.com

Bussel Realty Corp.

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

26A — March 16 - 29, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

Industrial Commercial Real Estate Women, Inc. www.icrewnj.org

2012 BOARD OF DIRECTORS PRESIDENT Cheryl Hardt Cheryl.hardt@cbre.com PRESIDENT ELECT AND CREW NETWORK DELEGATE Patricia A. Riedel Patricia.riedel@cbre.com TREASURER Sefi Silverstein ssilverstein@wgcpas.com RECORDING SECRETARY Rachel M. Brindisi rbrindisi@naiglobal.com DIRECTOR OF MEMBERSHIP Mary Lynn Kearns mkearns@dancker.com CO-DIRECTOR, PROGRAMING Monica Ceres, Esq. mceres@ghclaw.com CO-DIRECTOR, PROGRAMING (PHILANTHROPY) Susan Karp skarp@farerlaw.com CO-DIRECTOR, SPONSORSHIP Patricia D. Faulkner pfaulkner@naiglobal.com CO-DIRECTOR, SPONSORSHIP Diane Menard diane2@prestigetitle.net DIRECTOR,SPECIAL PROJECTS/GOLF Robin S. Grossman Rgros30687@aol.com DIRECTOR, SPECIAL PROJECTS/ WEBSITE/PR Rebecca Machinga, CPA rmachinga@withum.com ADVISOR & CREW NETWORK DELEGATE Sheila Spriggs Nall snall@kssarchitects.com ADVISOR Silvana Finizio sfinizio@carouselindustries.com ADVISOR & BYLAWS Annette Murray, CPA amurray@wgcpas.com

John Taylor of M&T Realty Capital speaks at Feb. meeting

Multi-family Pipeline is “Booming” over Next 5 Years

OODBRIDGE, NJ — In 2008, the recession was “triggered by exuberance in the housing market coupled with financial engineering in the commerJohn Taylor cial mortgage market,” John Taylor, Managing Director, MultiFamily Finance for M&T Realty Capital Corp., told attendees at the February luncheon meeting of ICREW NJ at the Woodbridge Hilton. The subsequent bubble bursting with investments under water on the residential side resulted in a pullback across the board by the lending community. “Ongoing market conditions in all commercial real estate sectors is foremost on all of our minds,” said Cheryl Hardt of CBRE, 2012 ICREW NJ president. “This in-depth report is a good example of the kind of information that we seek to provide our members.” The irony is that while the real estate downturn might have begun in housing, other sectors, notably office, have struggled to come back while multi-family has rebounded in a big way, albeit as a changed industry. Part of the impetus for the bounce-back is attributed to the fact that “owners got very creative on rental pricing, terms and lease modifications to remain occupied in the downturn; it was a true tenant’s market,” Taylor said. Now, however, the rental market has become “a landlord’s market once again specifically for the right assets.” One key change in the landscape: An upswing in rentals vs. home buying,

driven initially by the lack of financing during the recession and more recently by preferences and demographic trends. “A lot of original condominiums have gone rental because there was not enough financing nor enough demand to complete them as condominiums,” he explained. “The rental community, utilizing reduced rents, absorbed those that couldn‘t get financing.” In the changing environment, “the spigot came back on in late 2009-2010,” he said. “The institutional buyers came back strong relating to market conditions and the maturity of capital. Now, the multifamily environment is one of stabilizing assets, skyrocketing values and lower cap rates.” One caveat on the lending side: “For Fannie Mae and Freddie Mac’s apartment lending side, projected property performance is great to see, however borrowers have to show what the numbers are now,” Taylor said. “‘Show us the supportable income and expense figures, and we’ll lend off of that’,” is the mantra. At the same time, the demographic change has created a younger generation seeking high quality living with multiple amenities while allowing for flexibility in where they live. “The result is the traditional first home buyers in their 20’s to early 30’s are not buying a house today, yet they are savvy renters with specific requirements of their new residence.” The reality, of course, is that a quick jump in leasing velocity “has increased rents and property values creating a very competitive rental market now favoring the landlords.” Taylor termed the pipe-

line for new multifamily as “booming over the next five years, more for apartments than condominiums, especially class A product in urban centers near train stations providing easy access to the strong job markets.” There will still be a market for class B and C product, however, and it will be up to landlords “to keep properties viable. The rental market will remain very competitive, with substantial amenity packages. And, recognizing who your tenant is going to be is critical.” I C R E W N J ’s m o n t h l y meetings traditionally support a philanthropy. The February philanthropy garnered donations for the Community Food Bank of New Jersey. “A most worthy cause, and we appreciate the strong response,” Hardt said. ICREW NJ is the New Jersey chapter of the national organization of CREW Network. With over 74 chapters and 8,000 members in North America, CREW Network is the industry’s premier business networking organization dedicated to supporting the achievements of women in commercial real estate. Members represent fields as diversified as accountants, architects, appraisers, asset/property managers, attorneys, consultants, developers, lenders, leasing and sales brokers, mortgage bankers/brokers, marketing specialists, market and investment analysts, corporate real estate representatives and title/escrow officers. For more information on programming, sponsorship or membership, please contact ICREW NJ at (609) 585-6871, via email icrewnj@crewnetwork.org or visit their website at www. icrewnj.org.

Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 27A

www.marejournal.com

Thomson & Pierce executed on behalf of the seller

Marcus & Millichap broker the $ 6.4m sale of the Water View Court Apartments

L AY M O N T, D E — Marcus & Millichap Real Estate Investment Services, has announced the sale of Water View Court Apartments, a 120 unit apartments property located in Claymont, DE, according to Spencer Yablon, Regional Manager of the firm’s Philadelphia office. The asset commanded a sale price of $6,400,000 or $53,333 per unit. Mark Thomson, Associate Vice President Investments, and Zachary Pierce, Associate, both out of the Philadelphia office of Marcus & Millichap, successfully executed the marketing of the property on behalf of the seller, one of the nation’s largest student

Water View Court Apartments housing REITs. The buyer, a private investor, was also procured by Thomson and Pierce. “Water View Court was sold to the student housing REIT as part of a portfolio acquisition

sold by Marcus & Millichap in 2008,” says Pierce. “The portfolio consisted of 704 units in Newark, Delaware, close to the University of Delaware campus,” he added. Since the

Insight plans construction of 310 unit, $75m Class A apartment bldg. SILVER SPRING, MD — Last week McLean-based apartment developer Insight Property Group, with partner Nova-Habitat, Inc, settled on the Postal Service’s Silver Spring Post Office site, located two blocks from the Silver Spring Metro Station at 8616 Second Avenue. Insight plans to start construction of its proposed 310 unit, $75,000,000 Class A apartment project on the former United States Post Service property in the 4th quarter of 2012. “This property is a gateway location in the Silver Spring Central Business District, with great access and visibility”, according to Sarah Davidson, a partner at Insight. “Our residents will ride on Metro and walk to restaurants, entertainment and major downtown employers.” The Silver Spring Post Office property is Insight’s eighth acquisition in the past two years. It represents the fourth Metro-oriented apartment development site purchased by the Company and the second in the last three months. In November, Insight acquired a large property in the emerging H Street NE corridor of

portfolio acquisition in 2008, the REIT spent a significant amount of time and money to renovate and rebrand the Newark properties as Studio Green Apartments. The properties sustained substantial unit renovations with the addition of a state-of-the-art clubhouse featuring a pool, lounge and indoor basketball court. “Water View Court was a market rate apartment complex that did not fit into the REIT’s portfolio of student housing properties” says Thomson. “We have worked with the client since the portfolio acquisition to assist in management strategies and help to determine the appropriate time to sell,” he noted. “Apartments are currently

the most sought after asset class and with interest rates at an all time low, now is a great time to be a seller.’ Water View Court Apartments is located at 361 Harbor Drive in Claymont, Delaware, with excellent visibility from I-495 and over 75,000 vehicles daily. The property consists of 24 one bedroom and 96 two bedroom units. At the time of the sale the property was in fair physical condition. However, during the marketing process, economic occupancy had slipped to the low 80 percent range. The buyer intends to stabilize the asset by making physical improvements and implementing a more hands-on management approach. ■

Congressman Carney tours the first LEED store in New Castle

U.S. Representative John Carney, Paul Clark and a host of dignitaries

8616 Second Avenue Washington, DC. In addition to the properties in the Company’s existing portfolio, Insight is under contract on several other development sites including property near an existing metro station in Fairfax County and another high-profile site on H Street, NE in Washington, DC. Last fall, Insight broke ground on its Grayson Flats apartment project near Arlington’s Courthouse Metro. The property, which is scheduled for delivery in late 2012, is being constructed by Clark

Builders Group. The company also owns a site at Arlington’s Rosslyn Metro which is still in planning. According to Insight principal Michael Blum, financing for the company’s latest purchase in Silver Spring was provided by Bethesda-based Eagle Bank. Construction financing for its in-progress Arlington project was provided by Tysons-based Cardinal Bank, which also provided acquisition financing for Insight’s purchase of its H Street site. ■

GLASGOW, DE — U.S. Representative John Carney, New Castle County Executive Paul Clark and other officials cut the ribbon at 2812 Pulaski Highway in Glasgow at what will be the first food facility and the first convenience store to be LEED® certified in New Castle County. John Kemp, President of Royal Farms, thanked Emory Hill and Company of New Castle, more than 20 Delaware contractors and the many officials who worked to make this state-of-the-art location a reality. “It’s always nice to see a business expanding in Delaware, particularly one that is a good corporate citizen and is focused on providing quality products while saving energy,”

said Congressman Carney. “I welcome Royal Farms to the Glasgow area, and am happy to hear that they will continue to create jobs and grow throughout the state.” Emory Hill was the General Contractor for this energy and water efficient convenience store, which is to receive LEED® Certification. Emory Hill was also just awarded the contract to manage construction of another Royal Farms in Georgetown, DE which will break ground soon. “We are happy to continue our relationship with Royal Farms as they build more locations within Delaware,” said Bob Liberato, Business Development Director and Chief Estimator for Emory Hill and Company. ■

28A — March 16 - 29, 2012 — DelMarVa — Mid

Atlantic Real Estate Journal

www.marejournal.com

DELMARVA By: Casey Kenton, CCIM, Investors Realty, Inc.

Dover and Smyrna, Kent County Delaware’s Economic Center

elaware’s business friendly corporate tax structure along with its geographic location in the Mid-Atlantic creates an oasis for employers seeking to relocate their operations to a strate- Casey Kenton gic location in the center of the Mid-Atlantic region. Delaware also encourages residential growth by offering some of the lowest real estate taxes in the country, which in turn cre-

ates affordable manpower for Delaware based businesses. In addition, Delaware’s Sales Tax Free status attracts national retailers and consumers who enjoy increased purchasing power when shopping in Delaware. Dover, Delaware is located in the geographic center of the state and serves as the Historic Capital City, the County Seat and home to the majority of State of Delaware governmental offices. In addition, Dover is home to one of the largest Air Force bases in the country, the Dover Air Force Base (DAFB) which special-

izes in transporting service men, women and equipment to operations worldwide, as well as strategic support to the White House. Kraft Foods, Bay Health Hospital and the State of Delaware, are three of Dover’s largest employers which help fuel the economic engine and trade area. The historic town of Smyrna, Delaware is approximately 15 miles to the north of Dover with a quaint Downtown district as well as a thriving commercial corridor along Rt. 13. Smyrna has been one of the fastest growing towns in Delaware due to its small

town living and access to a high quality lifestyle. The Town’s residential growth has blossomed as Delaware’s county government to the north imposed a restrictive growth code driving local developers and homeowners to seek refuge to the south near Smyrna. Smyrna residents enjoy central access to all of the State’s natural resources as well as economic stability through retail, commercial and industrial growth in the region. Smyrna’s town government has been instrumental in Smyrna’s prosperity due to its practical and business

COMMODORE COMMONS I nvestors R ealty, I nc.

RT. 13 - SMYRNA, DE - FOR LEASE

Commodore Commons is a newly constructed state-of-the-art executive office complex located on the northbound lane of Rt. 13 in the heart of Smyrna, DE in Kent County. 2010 AADT traffic count of 22,000 cars per day. Several suites available for lease at competitive rates.

BUILDING 1 AVAILABILITIES Suite 102 - 1,390 Sq. Ft. Suite 102B - 1,720 Sq. Ft. • Combined - 3,110 Sq. Ft. Suite 105 (Fit -Out Complete) • 1,307 Sq. Ft. •

Executive style-suites, less than 400 Sq. Ft. w/private access

BUILDING 2 AVAILABILITIES Suite 201 - 1,736 Sq. Ft. Suite 202 - 1,840 Sq. Ft. Suite 203 - 1,612 Sq. Ft. •

5,188 Sq. Ft. Combined

• Demographic Overview 2010 Population Average Household Income Median Age

1 mile

3 miles

5 miles

7,508

17,237

20,111

$ 60,215

$ 61,854

$ 63,369

35.1

36.6

37.5

For Additional Information :

CASEY KENTON, CCIM

Mobile: (302) 228-1128 Office: (302) 736-0270 x216 ckenton@i-realty.com

friendly approach to small town government. Dover and Smyrna, Delaware offer substantial opportunity for business growth and development with ample cost effective manpower, residential lifestyles laden with amenities, growth and infrastructure friendly governments, all centrally located on the Delmarva Peninsula and the Eastern Seaboard. Casey Kenton, CCIM is a Broker for Investors Realty, Inc., a family owned property management business based in Delaware since 1974. ■

HREC arrange the Sale of Days Inn DOVER, DE — HREC Investment Advisors, the nation’s leading lodging and gaming real estate advisory firm, today announced the sale of the Days Inn in Dover, DE. The 81-guestroom property was purchased by Days & Night Lodging Services, LLC a hotel investment group out of Philadelphia, PA from a Special Servicer for an undisclosed price. Ketan Patel, Vice President of HREC Investment Advisors’s Washington DC office and Scott Stephens, Senior Principal and COO of HREC Investment Advisors represented the seller in the transaction. The Days Inn Dover is conveniently located in the heart of Dover on U.S. Route 13, the primary commercial thoroughfare in Dover and the greater Delmarva Peninsula. Dover is not only the state capital but home to a variety of significant demand generators including the Dover Downs Casino & International Raceway, Delaware State University and Dover Air Force Base. HREC is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and commitment to client service through its team approach, intellectual capital and hotel/casino specialization. ■

Mid Atlantic Real Estate Journal — DelMarVa — March 16 - 29, 2012 — 29A

www.marejournal.com

DELMARVA 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

30A — March 16 - 29, 2012 — DelMarVa — Mid

Atlantic Real Estate Journal

www.marejournal.com

Commercial-Industrial Realty Council www.circdelaware.org OFFICERS President & Legislative Affairs Chair J. Gregory Ellis Patterson-Woods Commercial Properties Vice President & Program Committee Chair John Birmingham Cushman & Wakefield of Delaware, Inc. Treasurer Katherine L. Silicato, CPA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates DIRECTORS Jeremy Abelson WSFS Bank Amelia Julian Eastern States Group Education Committee Chair Dan Lesher Patterson Woods & Assoc. Membership Committee Chair James Manna BrightFields, Inc. Jim O’Hara Jim O’Hara Realty Assoc. Donald Robitzer The Commonwealth Group Bert Root, V Newmark Knight Frank Smith Mack Marvin Sachs Bellevue Realty Co.

CIRC president Ellis awards Armstrong for great service CIRC president, Greg Ellis, a broker with Patterson-Woods Commercial Properties, awarded Jayne Armstrong, SBA district director, with a plaque commemorating CIRC’s appreciation for her great service to the commercial and industrial real estate community in Delaware, through her support and tireless promotion of the SBA’s 504 Loan program for commercial real estate loans. At CIRC’s February Membership meeting, Jayne Armstrong and Michael Rossi, of the Delaware District U.S. Small Business Administration office, provided an informative presentation about their small business successes, programs, and the benefits of the 504 commercial real estate loan program. Jayne Armstrong, announced she was leaving for a similar post in Richmond, Virginia. Armstrong, who arrived at the Delaware job in 1999 as Delaware’s first director, will be director of the SBA’s Virginia district office. “It’s time to move on to a new challenge, and I’m kind of driven by challenges” Armstrong said. We wish her well. Last Meeting: March 14, 2012

(pictured left to right) Greg Ellis and Jayne Armstorng

Clark announces job plans for New Castle County At CIRC’s March 14 membership meeting, County Executive Paul G. Clark discussed his six-point jobs program to attract, keep and expand employment opportunities for New Castle County residents. Clark discussed his “Sowing Seeds, Growing Jobs” program, one of the initiatives he previewed in his State of the County address last month, which includes a tax incentive for businesses, aid for economically distressed neighborhoods, promotion of local goods and services, designation of a small business advocate, a more efficient development review process, and additional investment in sewers, libraries, and parks. The centerpiece of “Sowing seeds, Growing Jobs” is legislation that would grant a partial exemption from property taxes to business that invest at least $50,000 in new construction of commercial or manufacturing facilities in unincorporated areas of the county. The exemption would be available starting July 1, 2012 and ending March 30, 2015. Qualified businesses would be eligible for a three-year exemption from the increase in New Castle County property taxes that would have resulted from their property being reassessed due to the new construction. The proposed exemption is to address the struggling state of non-residential development in the county. Retail market vacancies are near 11%, a 20-year high. The office vacancy rate is 21.2% compared t the national rate of 12.5%. Plans for non-residential development submitted to the county are down an average of 46 percent from 2009 to 2011 compared to the 10-year average. CIRC President Greg Ellis, said that “In this flat real estate market, the commercial and industrial real estate community welcomes a financial incentive like this that will tip the balance to motivate someone to hire and invest.” Support for the legislation has come from leaders of our business community, including from Delaware Economic Development Office, New Castle County Chamber of Commerce, Delaware Building & Construction Trades Council, and the Committee of 100.

EX-OFFICIO (NON-VOTING MEMBERS)

SAVE THE DATE

Business Manager Janet Sharpless Pippert CIRC Landmark JCM

CIRC Annual Golf Outing – Monday, June 11, 2012

Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates New Castle County Economic Development Liaison Karl Kalbacher, P.G New Castle County Director of Redevelopment Bob Chadwick, Director New Castle County Economic Development Council State of Delaware Economic Development Liaison Jeff Stone State of Delaware, DEDO City of Wilmington Economic Development Liaison Jeff Flynn City of Wilmington, Office of Economic Development

DU PONT COUNTRY CLUB – Main 18-Hole Course “For a great day of golfing fun and business networking beyond compare!” Coming Soon – Watch for Sponsorship and Golf Registration Information

Upcoming Events April 11, 2012 (Wednesday) April Membership Meeting & Luncheon Time: 11:30 AM - 1:30 PM Meet Delaware’s new Transportation Secretary Shailen Bhatt Speakers: Secretary Shailen Bhatt : Delaware Transportation Secretary, State of Delaware Shailen Bhatt was sworn-in by Governor Jack Markell as Secretary of the Delaware Department of Transportation (DelDOT), on July 5, 2011. Secretary Bhatt has experience working on local, state and federal transportation issues and before being confirmed by the Delaware State Senate for the position of Secretary at DelDOT, served as Associate Administrator at the Federal Highway Administration (FHWA) in Washington, DC. In recent years, he was been responsible for setting policy and managing relationships with members of Congress and led FHWA’s efforts in reauthorizing the nation’s surface transportation legislation. At FHWA, Secretary Bhatt played a key role in establishing a Federal Highway Administration’s initiative on accelerated project delivery, called Every Day Counts (EDC). Cost: $30 Members / $40 Non-members & Guests Payment by Cash/Check in advance or at the event required. Location: Clarion Belle Hotel, 1620 N. DuPont Hwy. Register early for sponsorship of our June 18 golf outing - your company will get more publicity the earlier you commit. Contact Janet Pippert at (302)633-1705, 633-1706 (fax) or janet@]circdelaware.org

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; DelMarVa â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; 31A

www.marejournal.com

Commercial-Industrial Realty Council www.circdelaware.org BOG TURTLE TIME

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32A — March 16 - 29, 2012 — DelMarVa — Mid

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DELMARVA Jackson, Jenkins & Nye rep landlord in lease renewal VANTAGE FACILITY MAINTENANCE SERVICES ✔ Landscape Construction ✔ Landscape Maintenance ✔ Tree Service ✔ Snow Removal

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Cushman & Wakefield sign 2 new leases totaling 8,260 s/f

ALTIMORE, MD — Cushman & Wakefield announced that 1600 Bush St. in Baltimore has signed two new leases totaling 8,260 s/f, bringing the building to full occupancy. Telga Corporation, leased 3,880 s/f and MLN Advertising, leased 4,380 s/f. Rich Thomas, senior associate with Cushman & Wakefield, represented the landlord and the tenant on both transactions. Located in an enterprise zone within the Carroll Industrial Park, 1600 Bush St. (photo courtesy of CoStar) is a twostory office building renovated

1600 Bush Street in 2000 to incorporate stateof-the-art features like highspeed internet and security systems.

EXPO 2012 April 18th Wilshire Grand Hotel West Orange, NJ

5:00pm

Multi-Family Housing Professionals Mark Your Calendars! EXPO offers a unique business opportunity for companies to showcase their products and services to the exclusive membership of the Property Owners Association. With over 60 exhibitors showcasing the newest and latest offerings in the multi-family industry, this is a must attend event. Buffet dinner served throughout the evening. Attendance at the EXPO is FREE to POA members, while guests and non-members can attend for the low price of $45, which can be applied to 2012 dues. s

s "UFFET DINNER WITH +OSHER STATION s /VER EXHIBITORS s ,ATEST TECHNOLOGY AND INFORMATION AVAILABLE s Prizes throughout the evening POA members FREE guests $45.

Visit www.poanj.org for more information

In other news, Cushman & Wakefield announced that University of Maryland Faculty Physicians, Inc. (FPI), formerly known as University Physicians, Inc., has renewed and expanded its lease at 250 W. Pratt St., a premier address in downtown Baltimore. FPI, the faculty practices of the University of Maryland School of Medicine, now occupies 61,993 s/f in the building after a 25,102 s/f expansion. Tim Jackson, Courtenay Jenkins and Whitney Nye of Cushman & Wakefield represented the landlord, Behringer Harvard Funds. Matthew Haas and Kevin Haus of Colliers International represented the tenant, FPI. ■

Keast & Hood Co. names Tung Assoc. WASHINGTON, DC — Keast & Hood Co. has named Jon H. Tung, PE, Associate of the firm. A structural engineer based in the Washington office, Tung has been with Keast & Hood Co. since 2009 as a project man- Jon H. Tung ager. He has 18 years of professional experience that includes structural design and project supervision for new construction, renovation, and adaptive reuse. “Jon has been recognized for his exceptional hard work and dedication to Keast & Hood Co.,” said Principal Matthew J. Daw, PE, LEED AP. “We are grateful for his commitment and contributions, which have been a critical part of the firm’s continued growth and success.” Tung has overseen emergency stabilization and design for Keast & Hood Co.’s involvement at the National Cathedral in Washington, DC. ■

Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 33A

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PEOPLE ON THE MOVE 34 year industry veteran

34 years experience

Hoferkamp named president of Weichert Referral Assoc.

Alcorn of Skanska USA promoted to senior vp

ORRIS PLAINS, NJ — J i m We i c h e r t , president and founder of Weichert Realtors, and Mike Robinson, president of We i c h e r t ’ s affiliated companies, announced t h a t P a t Pat Hoferkamp Hoferkamp has been named president of Weichert Referral Associates Co., Inc. Hoferkamp will be responsible for leading strategic initiatives focusing on the growth of Weichert’s referral business and managing the company’s day-to-day operations. A real estate industry veteran, Hoferkamp brings more than 34 years of experience to her new role. Recognized as a real estate industry leader, throughout her career, Hoferkamp has held numerous sales

and management positions, and has also owned her own boutique real estate company. “We are extremely proud to welcome someone of Pat’s ability to the Weichert team,” said Jim Weichert. “Pat’s depth of experience, real estate acumen, and success in personal interaction and analytical decision making positions both Pat and Weichert Referral Associates well for continued success and growth.” Throughout her career, Hoferkamp has held numerous management positions including serving six years as president and COO of Burgdorff Realtors ERA in Parsippany, N.J. Under her direction, the company was the number-one ERA company nationwide. Shortly after earning her real estate license, Hoferkamp founded a boutique real estate company in Woodcliff Lake, NJ, which was later acquired by Burgdorff and led to a cor-

porate position. In addition to her work in the real estate industry, Hoferkamp is active within the local community. In the past, she has served on the editorial advisory board for the Garden State Woman magazine and was on the board of directors for the Make-A-Wish Foundation of New Jersey for seven years, serving as its chairperson for two of those years. Hoferkamp has also been recognized by various organizations including the Women’s Fund of New Jersey, College Club of Ridgewood and the Boy Scouts, among others. Hoferkamp is a native of New Milford, NJ, and a current resident of Hopatcong, NJ. She graduated from St. Thomas Aquinas College, earning a bachelor’s degree in English, and participated in the University of Pennsylvania Wharton School CEO Series Leadership program. ■

Foglio of CIS, Inc. named panelist for Atlantic Builders Convention sponsored by NJBA ATLANTIC CITY, NJ — Christiana Foglio, founder/ owner and chief executive officer of Community Investment Strategies (CIS), Inc., has been named a panelist for the 63rd Annual Atlantic B u i l d e r s Christiana Foglio Convention to be held from Wednesday, March 28 through Friday, March 30. The three-day event, being hosted at the Atlantic City Convention Center, is sponsored by the New Jersey Builders Association (NJBA). Foglio will participate in a 90-minute seminar beginning at 11 a.m. on March 28 entitled: “New Developments in Affordable Housing.” The program will provide an update on New Jersey’s affordable housing industry, with time included for a Q&A session and networking. “Affordable housing policy can be an effective catalyst to improve the economic conditions within many cash-strapped towns and serve as the economic engine for local business,” said Foglio. “By viewing affordable housing as an economic development tool, municipalities can begin to address critical issues and existing conditions for all

residents.” As the region’s largest builder trade show, the convention will bring together leading decision-makers from developers to contractors. The event is expected to attract roughly 6,500 attendees, and more than 450 exhibitors. Since its founding by Foglio in 1994 as a woman-owned business, CIS has developed a broad spectrum of multi-family properties, ranging from garden apartments to mid- and hi-rise complexes, valued in excess of $350 million. The company’s diverse portfolio includes more than 2,000 apartment-rental units located throughout New Jersey. As CEO, Foglio spearheads and oversees all of the company’s development, construction and property management activities related to multi-family housing and mixed-use redevelopments. An industry veteran with more than 25 years experience in the private and public sectors, she specializes in real estate developments and housing initiatives that reflect each community’s vision, needs and character. Prior to forming CIS, Foglio served in the administrations of Governor Florio and Governor Whitman as executive director of the New Jersey Housing and Mortgage Finance Agency (NJHMFA). In this role, she

was responsible for more than $1 billion in multi-family bond financing and creating the state’s Housing Policy. She also served as chairperson of the New Jersey Council on Affordable Housing. Prior to her tenure at NJHMFA, she served as President of the New Brunswick Development Corporation, a not-for-profit real estate development company located in New Brunswick, N.J., implementing over $300 million of urban redevelopment projects. During her tenure, she is credited with creating the foundation of New Brunswick’s economic rebirth. Foglio is a graduate of Rutgers University, where she earned a bachelor of arts in economics and a master’s degree in city and regional planning, with a concentration in housing finance and economic development. A licensed planner in the State of New Jersey, she is a highly sought-after guest speaker who has garnered numerous business and industry awards, including the PlanSmart NJ Van Zandt Community Involvement Award; Urban Land Institute’s Edward J. Bloustein Award for Exemplary Achievement in Civic Leadership; New Jersey Business of the Year; Top Woman-Owned Business in New Jersey; and was named among the Top Women in Business. ■

ROCKVILLE, MD - Skanska USA, a leading provider of construction management, preconstruction, and design-build services, announced that its building u n i t ’s F e d eral Center of Excellence, whose nationwide team of Russ Alcorn experts lead the industry in construction services for government facilities, has promoted Russ Alcorn PE, DBIA to senior vice president and national director. In his new role, Alcorn will utilize his 34 years of experience in federal construction to assist in the procurement and execution of Skanska’s federal construction projects across the United States. “Over the past year, Russ has proven to be an invaluable asset, successfully identifying best practices and pursuing op-

portunities for Skanska,” said Bill Brennan, co-chief operating officer and executive sponsor of the Federal Center of Excellence. “Russ understands how to meet the magnitude of needs federal clients bring to the table, and we look forward to his future contributions.” During the past year, Alcorn served as a vice president helping identify federal pursuits, reviewing federal solicitations, and assisting with proposals and presentations to federal agencies in addition to providing operational support to ongoing projects. Prior to this position, Alcorn worked as an operations manager for Hensel Phelps Construction Co. where he oversaw major federal construction projects. Throughout his long and successful construction career, Alcorn has grown his portfolio to include work on military bases, airports, courthouses, correctional facilities, hospitals, resorts and industrial plants. ■

Witkes and Moshang serve as panelists Philadelphia, PA — Neil S. Witkes and Nicole R. Moshang, partners with the environmental, energy, and land use law and litigation firm of Manko, G o l d , Katcher & Fox, LLP ( M G K F ) , Nicole Moshang participated on a panel on “Indemnity and Insurance: Getting the Most Out of Your Contractual Indemnity Provisions and Filling Gaps in Potential Exposures”. Their presentation is part of the Delaware Valley Chapter of the Association of Corporate Counsel’s (DELVACCA’s) Contracts and Commercial Law CLE Institute held February 9, 2012 at the Union League of Philadelphia. The program covered typi-

cal and tangential indemnity provisions, drafting tips from a litigator’s point of view, case law examples, as well as the role insurance plays in addressing the allocation of the contractual risk. Neil Witkes Program speakers joining Witkes and Moshang included A. Peter Prinsen and Sean H. Brogan of The Graham Company as well as Irene Burak of Philadelphia Industrial Development Corporation. Witkes has a wide range of civil and administrative environmental and commercial litigation experience. Moshang concentrates her practice in environmental litigation. ■

Reno & Cavanaugh DC firm grows WA S H I N G T O N , D C — Reno & Cavanaugh PLLC announced that Cynthia Langelier Paine and George L. Weidenfeller have joined the firm’s Washington, DC, office focusing their practices on affordable housing and economic development. Previously, both were attorneys with Goulston & Storrs. Paine and Weidenfeller reunite with N. Linda Goldstein, who joined the firm in November from Goulston &

Storrs. Paine and Weidenfeller, along with Goldstein, represent clients with development and rehabilitation of multifamily affordable properties and larger-scale, mixed-income, mixed-use, multifamily/ commercial projects. They also advise businesses involved in energy-related initiatives and those seeking to acquire HUD and Enterprise-owned singlefamily homes (REO). ■

34A — March 16 - 29, 2012 — Mid

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1100 East Hector Street, Suite 393 Conshohocken, PA 19428

President J. Gregory Ellis, CCIM Patterson Woods Commercial

Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com

Garden State’s CRE Professionals get head start on new continuing education requirements

TriState launches The Commercial Real Estate School of NJ with successful first course offering

DISON, NJ — School is in session for New Jersey’s commercial real estate community. On Feb. 28, TriState REALTORS® Commercial Alliance — a leading advocate and provider of continuing education for commercial real estate practitioners in New Jersey, Pennsylvania and Delaware — introduced The Commercial Real Estate School of New Jersey to a packed house at the New Jersey Convention and Exposition Center in Edison. The well-attended course, Cost Segregation For The Commercial Broker, was led by instructor Jerry H. Kootman, CPA, of Cost Recovery Solutions, LLC, and provided attendees with a comprehensive tutorial on how to use cost segregation analysis to help create more value for their client base. Jonathan Glick The Commercial Real Estate School of New Jersey differentiates itself by offering courses specific to the business of today’s commercial real estate market. The school is designed to help brokers meet the state’s newly established qualifications for license renewal. In order to qualify for renewal or to reinstate a license, the New Jersey Real Estate Commission now requires that every broker, salesperson or broker-salesperson complete 12 hours of continuing education — six hours of core topics and six hours of electives — by July 1, 2013. “The great success of The Commercial Real Estate School of New Jersey’s first course offering is extremely encouraging,” said Jonathan Glick, TriState’s New Jersey Vice President. “We knew there was a need for courses designed specifically for the brokerage community in New Jersey, and the high number of attendees helps to validate our decision to introduce the school. It’s gratifying to be able to aid New Jersey’s commercial real estate professionals in this way.” Utilizing a model that has proved to be successful in Pennsylvania and Delaware, TriState’s New Jersey school offers specialized courses that fall within the core and elective topics required by the state. Other course topics will include Crash Course in CRE Ethics and Land Use, Sustainability in Commercial Real Estate and Office Leasing, and Supply and Demand in a Recovering Market. “While this first course was a great opportunity for brokers in New Jersey to get a head start on meeting the state’s new CE requirements, there will be many more course offerings to follow,” Glick said. “We urge all commercial professionals in New Jersey to come find out what it’s like to attend a school that is tailored specifically to their needs.” Founded in 1993, the TriState REALTORS® Commercial Alliance is a leading advocate for commercial real estate professionals in New Jersey, Delaware and Southeastern Pennsylvania. TriState operates The Commercial Real Estate School of New Jersey, which focuses on continuing education, creating an opportunity to network and presenting industry-oriented seminars. TriState seeks to advance the financial well being, industry stature, and professional growth of each member. The group also speaks as a unified voice on legislative and community issues, promotes ethical standards of conduct and provides specialized services relative to the needs of its members. n

To sign up for either class or to learn more about TriState’s school for commercial real estate professionals, please call The Commercial Real Estate School Director Elvira Illiano-Trovato at 610-238-9070 or email eilliano@tristaterca.com For additional information, please visit www.tristatecres.com

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Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 35A

36A — March 16 - 29, 2012 — Mid

Atlantic Real Estate Journal

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UPCOMING SPOTLIGHTS COMMERCIAL OFFICE SPOTLIGHT

CONTINUING EDUCATION

Commercial Real Estate Brokerage Firms who are actively involved in commercial Office Space are welcome to participate. By-lined expert articles and Office Market Reports are welcome.

This issue will highlight some of the courses and educational opportunities beginning in the Spring. If your organization or institute is offering courses for the Commercial Real Estate Industry, this is a perfect spotlight for you!

Issue Date: March 30, 2012 Deadline: March 20, 2012

Call: 1-800-584-1062 Call: 1-800-584-1062 E-Mail: lchristman@marejournal.com E-Mail: lchristman@marejournal.com

CREATIVE FINANCING This issue will feature financial experts, highlighting creative financing opportunities, variety of loan programs offered. As well as bond and bank instruments.

SPRING PREVIEW We are inviting a select group of top executives to write an expert article about the current state of their respective marketplace and where they see it progressing in 2012. These experts will enlighten your readers on their industry and give a general overview of the marketplace in the field they represent.

Issue Date: April 13, 2012 Deadline: March 30, 2012

Issue Date: April 27, 2012 Deadline: April 2, 2012

Call: 1-800-584-1062 E-Mail: lchristman@marejournal.com

Phone: 1-800-584-1062 » Fax: 781-871-5299 Website: www.marejournal.com

Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 37A

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Mid Atlantic REAL ESTATE JOURNAL

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38A — March 16 - 29, 2012 — Mid

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PEOPLE ON THE MOVE Company creates career paths for women & minorities Marcus & Millichap Capital Corporation

Foglio-Palmer expands Comm. Investment Strategies, Inc.

AWRENCEVILLE, NJ — Empowering women and minorities, through physical space and career development, is what motivated – and continues to inspire – Christiana FoglioP a l m e r , Christiana Fogliofounder and Palmer chief executive officer of Community Investment Strategies, Inc. A 25+-year real estate development veteran, she is not just a savvy businesswoman who has doubled the WBE-certified real estate development company’s volume in the past several years. Foglio-Palmer is a wife, mother and mentor committed to creating an organization for employees and homes for tenants that support and promote a work/life balance. “There is a new level of awareness that people, regardless of income level, are defined by where they live and where they work,” said FoglioPalmer, whose company boasts a multi-family portfolio of 2,000+ units valued in excess of $350 million. Guided by Foglio-Palmer’s public service, professional planning and private development expertise, CIS specializes in affordable, market-rate and senior housing initiatives. “We build for the long-term and are guided by a ‘with you for life’ philosophy that goes beyond just bricks and mortar,” she said. As a for-profit, boutique real estate company, CIS expects to double its size in the next five years. “Affordable housing

is now being implemented in urban and suburban markets to serve as a catalyst for local economic development,” said Foglio-Palmer. “These types of projects no longer have the stigma once attached to them. New benchmarks for planning, design, construction and management have propelled affordable housing into a new era, and we have been very successful at establishing ourselves as a trailblazer in this niche.” The company distinguishes itself from its competitive set by providing in-house finance, development, construction and on-site property management services. These services are an extension of the company’s commitment to build valueadded communities for area residents, children, municipalities and local businesses by repositioning unproductive properties and land parcels. “We build and maintain communities where we would live ourselves, serving a demographic of mostly women and minorities that reflects our own company,” added FoglioPalmer. Since a majority of CIS’ tenants are female minorities, the CIS team feels it is not only important, but imperative to promote gender and ethnic diversity on a company-wide and community-wide basis. Led by Foglio-Palmer, the senior-level management team includes vice presidents Theresa Reed and Barbara Schoor; and Elsie Velez, chief financial officer. “We have a team of professionals and support staff that have the ability to make a difference. We are doing just that, each and every day. That feels good,” said Reed.

“Since day one, CIS has been attracting, hiring, retaining and promoting the most talented and ethnically diverse professionals, many of whom are tomorrow’s leaders,” said Foglio-Palmer. “We support them on a professional level, by encouraging them to take risks and pursue senior-level positions, and we support them in their roles as mothers, daughters and caregivers by offering them flexibility.” The company also hires locally based female- and minority-owned subcontracting firms for each development project as standard practice to support economic and business growth. This philosophy also extends to the people of all ages who call a CIS community their home. From intergenerational mentoring programs at affordable senior housing communities, to after-school care, resumewriting programs and computer training at communities designed for low-to-moderate income households, CIS’ diversity inspires others. Based in Lawrenceville, N.J., CIS is widely acknowledged for its dedication to developing the most appropriate low-tomoderate housing options and has been consistently recognized for its award-winning communities, business model, corporate citizenship and advocacy. The company is a past recipient of the Corporation for Supportive Housing and Supportive Housing Association of NJ Supportive Housing Award, Top Woman-Owned Business in New Jersey Award, Van Zandt Community Involvement Award and the Urban Land Institute’s Edward J. Bloustein Award for Exemplary Achievement in Civic Leadership. ■

PA/NJ Sustainability Symposium at the Franklin Institute P H I L A D E L P H I A , PA — PA/NJ Sustainability Symposium, on March 29th at the Franklin Institute in Philadelphia. Now in its second year, this event brings together industry, university and community leaders to share best practices, ask challenging questions and provide cutting edge information about sustainability in the Delaware Valley. Nationally Acclaimed Keynote Speakers: ·Welcome by Troy Collins, Senior Vice President of The Franklin Institute

·Introductory remarks by Jerry Sweeney, President & CEO of Brandywine Realty Trust · Mayor Michael A. Nutter discussing the highly successful Philly Green Works program ·Roger Platt, Senior Vice President of the US Green Building Council ·Henry H. Chamberlain, President and COO of BOMA International (Building Owners and Management Association) 15 Panel Discussions: Covering diverse topics,

such as energy management systems, community engagement, building retrofits, starting a sustainable business, electric cars, LEED/Energy Star issues and more. ·Panelists include Kevin Kampschroer, Director of High Energy Buildings for GSA; Judy Wicks, Founder of BALLE; Rob Watson, a founder of LEED; Leisha John, Americas Director of Environmental Sustainability at Ernst and Young; Audrey Zibelman, CEO of Viridity and other industry and thought leaders. ■

Belgiovine named associate director in NJ ELMWOOD PARK, NJ — Marcus & Millichap Capital Corporation has named Joseph Belgiovine as an associate director in the firm’s New Jersey office, according to William E. Hughes, se- Joe Belgiovine nior vice president and managing director of MMCC. “Joseph has an impressive background in commercial real estate,” says Hughes. “His skills and experience will be of enormous benefit to our clients in New Jersey and throughout the East Coast.” Prior to joining MMCC, Belgiovine was the owner and broker of Belcore Enterprises LLC, a commercial real estate brokerage firm in

Miami. Before that, he was director of operations for The Integrated Group LLC, an Edgewater, N.J.-based commercial real estate brokerage company. Belgiovine has also worked as an account executive for private hard money lender Kennedy Funding Inc. in Hackensack, N.J. and been a project manager assistant with Daibes Enterprises Inc., a real estate development firm in Edgewater, N.J. Belgiovine graduated from Providence College in Providence, R.I. with a Bachelor of Science degree in finance. He is a member of the National Association of Realtors and the Realtor Association of Greater Miami and the Beaches. Belgiovine is a licensed real estate broker in Florida and a licensed real estate agent in New Jersey. ■

CBRE named Top Commercial RE Brand Philadelphia, PA — CBRE Group Inc. (CBRE) announced that the Company has been named the top global brand in commercial real estate, according to a survey of industry professionals worldwide by The Lipsey Company. CBRE has been named the industry’s number-one brand by Lipsey for 11 consecutive years. The Lipsey survey measures commercial real estate professionals’ perceptions of the industry’s leading brands. More than 50,000 U.S. and international professionals

participated in the 2012 survey, including property owners, investors, lenders, occupiers, brokers and property managers. “We are deeply honored that our clients and industry peers have selected CBRE for this recognition for 11 straight years,” said Brett White, CBRE’s chief executive officer. “Credit for this achievement really belongs with our 34,000 professionals around the world, who work diligently and creatively every day to exceed our clients’ expectations.” ■

Regal Bank’s Roseland making a difference LIVINGSTON, NJ — One local business has been making quite an impression on the Roseland community since its arrival in spring 2011. In keeping with a longstanding company commitment to community service, Regal Bank’s Roseland branch – located at 180 Eagle Rock Avenue – supports a range of local organizations and programs. The bank fosters recreational opportunities by donating to help maintain Little League fields, while providing uniforms for the town’s third and fourth grade soccer teams. In addition, the non-profit Roseland Junior Women’s Club has received financial support for its own offerings to the community. “We consider ourselves

much more than just another bank,” says Regal Bank’s Assistant Vice President and Roseland branch manager Anna Pedreiras. “As a community business, we’re committed to providing our customers with the highest level of support in their everyday lives, while also providing the highest quality financial services.” Additional events that Regal’s Roseland branch participates in or sponsors include the Barnabas Health Hospice and Palliative Care Center’s annual “Octobertails” Halloween-themed dog walk at Verona Park, the Roseland County Fair, Earth Day activities, and the “Running 4 Answers Walk,” which benefits the Cure Alzheimer’s Fund. ■

Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 39A

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR MARCH 20 – CREW PITTSBURGH Event: Lunch Program: Alleghany County Real Estate Taxes-Reassessment Update Time: 11:30 AM – 1:30 PM Location: The Rivers Club Address/City: 301 Grant St., Pittsburgh, PA Cost: $45 Members $65 Nonmembers www.crewpittsburgh.org MARCH 21 – ABC EPA Event: Find Networking Gold with ABC Time: 5:00 PM Location: Barnaby’s of America Address/City: 15 S. High St., West Chester, PA Cost: $50 per Person P: 610-279-6666 www.abceastpa.org MARCH 21 – IFMA CENTRAL PA Event: Regional Event – Speaker Tony Keane Time: 11:30 AM – 1:30 PM Location: The Hershey Company Address/City: 14 E. Chocolate Ave., Hershey, PA Cost: Members Free/$20 Guests www.ifmacentralpa.org MARCH 21 – SMPS Philadelphia Event: Core Knowledge Series: Making the Shortlist with SOQs and Proposals Time: 8:00 AM Location: Wallace Roberts & Todd (WRT) Address/City: 1700 Market Street, 28th Fl., Philadelphia, PA Cost: $25 Members $35 Nonmembers www.smpsphiladelphia.org MARCH 21 – ULI NNJ Event: Green Building Underwriting & Integrative Process Workshop Time: 9:00 AM – 12:00 PM Location: Liberty House Restaurant Address/City: 76 Audrey Zapp Dr., Jersey City, NJ Cost: $35 Members $45 Nonmembers $25 YLG’s P: 800-321-5011 www.nnj.uli.org MARCH 21 – ULI PHILADELPHIA Event: Lehigh Valley Council Smart Transportation Forum Time: 2:00 PM – 6:00 PM Location: Lafayette College Address/City: High & McCartney Sts., Easton, PA P: 800-321-5011 www.philadelphia.uli.org MARCH 22 – BOMA PHILADELPHIA Event: Tour of Two Liberty Place & Networking at R2L Time: 6:00 PM – 8:00 PM Location: Two Liberty Place Address/City: Philadelphia, PA P: 215-567-1775 www.bomaphila.com MARCH 22 – CIANJ Event: Are Your Company’s Secrets Safe? Time: 8:30 AM – 10:30 AM Location: Hilton Hasbrouck Heights Address/City: 650 Terrace Ave., Hasbrouck Heights, NJ P: 201-368-2100 E: nharencak@cianj.org www.cianj.org

MARCH 22 – CREW DC Event: The Money Question: Looking at Lending in 2012 Time: 11:30 AM – 1:30 PM Location: Capital Hilton Hotel Address/City: 16th & K Sts., NW, Washington, DC P: 785-832-1808 E: crewdc@crewnetwork. org www.crewdc.org

MARCH 26 – NAWBO DE Event: Monday Money Matters Business Lunch Educational Series Time: 12:00 PM – 1:30 PM Location: PNC Bank Address/City: 300 Delaware Ave., Wilmington, DE E: info@nawbodelaware.org www.nawbodelaware.org

MARCH 22 – CREW LEHIGH VALLEY Event: PEEPS Goes Green-Just Born’s Confection Connection Time: Noon – 1:30 PM Location: OHL’s Building Address/City: 4000 Township Line Rd., Lehigh Valley Indust. Park V, Bethlehem Township Cost: $15 Members $30 Guests www.crewlehighvalley.org

MARCH 27 – ABC NJ Event: Labor & Employment Law Seminar Time: 8:00 AM – 12:00 PM Location: Hilton Harrisburg Hotel Address/City: Harrisburg, PA E: lslomka@njpsi.com www.abcnjc.org

MARCH 22 – ICSC Event: New Jersey’s LSRP Program for Site Remediation Location: Sills, Cummis & Gross PC Address/City: 650 College Rd., East, 4th Fl., Princeton, NJ P: 202-626-1403 E: rmcgreevy@icsc.org www.icsc.org

MARCH 27 – IREM NJ Event: NJ Economic Forecast Breakfast Time: 9:00 AM – 12:00 PM Location: Crowne Plaza Hotel Address/City: 390 Forsgate Dr., Monroe Township, NJ Cost: $40 Members $60 Nonmembers P: 856-303-0190 E: irem1@comcast.net www.irem1.org

MARCH 22 – NAIOP PITTSBURGH Event: Chapter Meeting Time: 7:30 AM Location: Omni William Penn Hotel Cost: Members Free/$40 Nonmembers P: 412-928-8363 www.naioppittsburgh.com

MARCH 27 – NAIOP NJ Event: Chapter Meeting “Office, Industrial, Mixed-Use: Where is the Smart Money Going” Time: 5:30 PM Location: Renaissance Woodbridge Hotel Address/City: 515 US Hwy. 1 South, Iselin, NJ P: 732-729-9900 www.naiopnj.org

MARCH 22 – NAWBO DE Event: Power of Partnership Networking Time: 5:30 PM – 7:30 PM Location: Legislative Hall Address/City: Dover, DE E: info@nawbodelaware.org www.nawbodelaware.org

MARCH 28 – EIRC & NJASA Event: NJ Sustainable Schools Conference Time: 8:00 AM – 2:30 PM Location: Crowne Plaza Hotel Address/City: Monroe, NJ P: 609-330-9218 www.eirc.org

MARCH 22 – PWC NJ Event: 1st Annual Celebration of “Women of Distinction” Time: 12:00 PM – 2:00 PM Location: The Newark Club Address/City: One Newark Center, 22nd Fl., Newark, NJ P: 732-380-8624 www.pwcusa.org

MARCH 29 Event: PA/NJ Sustainability Symposium Time: 8 AM – 2:30 PM Location: The Franklin Institute Address/City: 222 N. 20th St., Philadelphia, PA Cost: $17.76/Students & Non-profit Organizations Free http://conta.cc/njpass

MARCH 23 – NNJ AI Event: Commercial Appraisal Engagement & Review for Bankers & Appraisers Location: Best Western Address/City: 216-234 Rte. 46 East, Fairfield, NJ Cost: $180 Members $200 Nonmembers P: 201-796-1171 E: nenjai@aol.com www.nnjchapter-ai.org MARCH 26 – IOREBA Event: 20th Annual Developer’s Night Time: 4:00 PM – 8:00 PM Location: Marriott at Glenpointe Hotel Address/City: Teaneck, NJ Cost: $95 Members $120 Nonmembers E: annviolette@gmail.com www.ioreba.com

MARCH 30 – DVSGA Event: 8th Annual Smart Growth Symposium Time: 8:00 AM Location: PECO Building Address/City: 2301 Market St., Philadelphia, PA E: dsvga@delawarevalleysmartgrowth.org www.delawarevalleysmartgrowth.org APRIL 3 – CIANJ Event: Women of Influence Series Time: 5:30 PM – 7:00 PM Location: William Patterson University P: 201-368-2100 E: nharencak@cianj.org www.cianj.org APRIL 3 – CREW LEHIGH VALLEY Event: Coffee & CREW Time: 8:00 AM – 9:00 AM Location: Wegmans in Allentown, 2nd Floor www.crewlehighvalley.org

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SHOPPING CENTERS PENNSYLVANIA Section B of the Mid Atlantic Real Estate Journal

Hines, Ruppel & Wolf of CB Richard Ellis represent the seller

Endurance Real Estate Group affiliate acquires a $4.36m warehouse/distribution building

ITTSTON, PA — An affiliate of Endurance Real Estate Group, LLC, (“Endurance”) announced the acquisition of 301-305 Oak St. in Pittston, a class A warehouse/distribution building totaling 289,277 s/f, situated on 17 acres of land (the “Property”). The Property was acquired for $4,360,000 or $15.07 per s/f. Put under contract while vacant, Endurance was able to land a tenant during due diligence. Bill Wolf

represented the landlord in the procurement of the tenant, a full-building user, RC Moore, Inc. which is a full-service logistics company that offers freight logistics, brokerage, contract, and over-the-road trucking. The seller was represented by Michael Hines, Brad Ruppel, and Bill Wolf of CB Richard Ellis. The Property is well positioned within the I-81/I-78 industrial corridor in northeastern, Pennsylvania close

301-305 Oak Street

MARCH 16 - 29, 2012

HI-LIGHTS Marcus & Millichap announce $1m sale of mixed-use units Marcus & Millichap Real Estate Investment Services, announced the sale of 1061-1063 Easton Road, an 11-unit mixed-use property consisting of nine apartments and two retail spaces located in Abington. See page 2B.

CBRE brokers $875,000 sale of 50,000 s/f industrial building Representing the owner, M.C. Et al, CBRE Inc. (CBRE) recently sold a 50,000 s/f industrial building and site at 415 S. Penn Street in Clifton Heights, PA. See page 3B.

to the density of labor in the Scranton/Wilkes-Barre MSA and enjoys linkages to New York, Philadelphia, Allentown, and Harrisburg through proximity to I-476, I-81, and I-80. Endurance also recently acquired 420-480 Drew Court—a 146,906 s/f warehouse/flex facility in King of Prussia, PA (November 2011) and 515 Zarfoss Drive—a 312,900 s/f class A warehouse/distribution building in York, PA (December 2011). n

Thomson & Pierce also rep $2.5m sale

Marcus & Millichap facilitates $3.5m sale of Northwyn Court Apartments WEST CHESTER, PA — Marcus & Millichap Real Estate Investment Services, announced the sale of Northwyn Court Apartments, a 32 unit apartment property located in West Chester, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sale price of $3,500,000, or $109,375 per unit. Mark Thomson, associate vice president, and Zachary Pierce, associate, both out of the Philadelphia office of Marcus & Millichap were hired by the buyer to approach the owner and initiate a transaction. Northwyn Court Apartments is located at 803 East Boot

Northwyn Court Apartments Road in West Chester. The property consists of 32 units with a balanced unit mix of 16 one bedroom and 16 two bedroom apartments. In other news, – Marcus & Millichap Real Estate Investment Services, announced the sale of The Dery Silk Mill, a 36 unit apartment property located in Catasauqua, according to

Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sale price of $2,500,000. Mark Thomson, associate vice president investments, and Zachary Pierce, associate, successfully executed the marketing of the property on behalf of the seller, a local private partnership. The buyer, a private investor from New York, was also procured by Zachary Pierce and Mark Thomson. The Dery Silk Mill is located at 101-113 Race Street. Of the 36 units, 23 are 1 bedroom, ranging from 800 to 900 s/f, and 13 are 2 bedrooms, ranging from 900 to 1000 s/f. The selling price of $2,500,000 commanded $70,000 per unit. n

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Mid Atlantic Real Estate Journal — Pennsylvania — March 16 - 29, 2012 — 1B

2B â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid

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PENNSYLVANIA Lonberger and Wellar reps seller

Marcus & Millichap announce $1m sale of mixed-use units

B I N G T O N , PA â&#x20AC;&#x201D; Marcus & Millichap Real Estate Investment Services, announced the sale of 1061-1063 Easton Road, an 11-unit mixed-use property consisting of nine apartments and two retail spaces located in Abington, according to Spencer Yablon, Regional Manager of the firmâ&#x20AC;&#x2122;s Philadelphia office. The asset commanded a sale price of $1,000,000. The team of Corey Lonberger and Ken Wellar, associate vice presidents out of Marcus & Millichapâ&#x20AC;&#x2122;s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The property sold for more than $90,000 per unit. According to Corey Lonberger, â&#x20AC;&#x153;The excellent location and historically low

1061-1063 Easton Road interest rates helped to drive this process. We generated numerous offers and the seller achieved an aggressive price for the owner.â&#x20AC;? Wellar

added, â&#x20AC;&#x153;This building will produce positive cash flow for the new owner for years, so both principals made a good deal.â&#x20AC;? â&#x2013;

Crampsie of NAI Summit leases 85,000 s/f

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WHITEHALL, PA â&#x20AC;&#x201D; John Crampsie, principal at NAI Summit, recently negotiated two lease transactions at Riverside Business Center (1139 Lehigh Avenue) in Whitehall, totaling over 85,000 s/f. In the first transaction, Crampsie represented both the building owner, Whitehall Riverside LP, and the tenant

in a 7 year lease renewal/expansion of 58,874 s/f of warehouse space. The tenant, FL Smidth, is an international leading supplier of equipment, services and expertise for the cement and minerals industries. FL Smidth also has a location in Bethlehem, PA. In the second transaction, Crampsie represented the

building owner, Whitehall Riverside LP, in leasing 29,281 s/f of warehouse space. The tenant, Parex USA, Inc., a subsidiary of ParexGroup, is one of the worldâ&#x20AC;&#x2122;s leading manufacturers of specialty chemicals and ready-to-use mortars for the construction industry. This is Parex USAâ&#x20AC;&#x2122;s first Lehigh Valley location. â&#x2013;

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Mid Atlantic Real Estate Journal — Pennsylvania — March 16 - 29, 2012 — 3B

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PENNSYLVANIA Senior VP Italiano reps seller

CBRE brokers $875k sale of 50k s/f industrial building

LIFTON HEIGHTS, PA — Representing the owner, M.C. Et al, CBRE Inc. (CBRE) recently sold a 50,000 s/f industrial building and site at 415 S. Penn Street in Clifton Heights, PA. CBRE’s senior vice president Steve Italiano successfully negotiated the $875,000 deal for the seller. The building will soon be home to new manufacturing occupants, DCI Products, who were represented in Sale negotiations by Ben Jacobson Real Estate Brokers and Henderson Real Estate, LP. The purchaser of the property, Henderson Real Estate, LP will lease the entire building and site to roofing products manufacturer DCI Products. DCI Products, founded in 1990, specializes in the manufacturing of Innovative Residential and Light Commercial Building Products. These products are distributed nationally as well as throughout Canada and satisfy Green Building Standards. Company vice president Steve Henderson states, “We are very excited about the opportunity to locate our company in Clifton Heights and to retain all of our 18 well trained and exceptional personnel which helps the DELCO economy.” At DCI Products the focus is on ‘green technology’ and how to apply that concept to everyday living in homes and businesses. ■

Pennsylvania Real Estate Journal a section of the

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

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4B — March 16 - 29, 2012 — Pennsylvania — Mid

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PENNSYLVANIA Kline was the sole broker in transaction

Colliers International facilitates $600k retail sale

ORTHAMPTON, PA — Ann E. Kline, vice president in Colliers International’s Office Division – Allentown - concluded three transactions in Northampton County, N o r t h a m p - Ann E. Kline ton, PA as follows: SOLD: 8,634 s/f retail space located at 21st and Main Streets in Northampton, the main thoroughfare through the city. The space is currently occupied by Dollar General, a

CONGRATULATIONS! We would like to congratulate the following Beacon brokers for their achievements in brokerage...! Largest Office Sale Gene McHale, Mike Flynn, Colin McHale

Top Leasing Brokers Gene McHale

Largest Investment Taylor Young Also congratulations for honorable mentions in: Largest Office Lease Gene McHale, Colin McHale Largest Industrial Sale John Greenwald, Taylor Young Largest Industrial Lease Gene McHale, Mike Flynn, Colin McHale

long term lease tenant. Dollar General operates more than 9,200 stores in 35 states, including more than 400 in Pennsylvania. The buyer was Providence Property, LLC, with a purchase price of $600,000. Ann Kline was the sole broker in this transaction. LEASED: 5,386 s/f mixeduse space located at Courtney III, a 42,000 s/f property situated on 2550 Broadhead Road, Bethlehem, Northampton County, PA. This space was leased to Lancaster Regional Medical Center – opening an office location for their business operations.

Colliers’ broker Ann Kline represented the lessor; Lori Campbell of Coldwell Banker represented Lancaster Regional Medical Center. LEASED: 4,994 s/f office/ warehouse space located at Courtney II, a 98,000 s/f property situated at 3894 Courtney Street near the Route 512 & Route 22 Interchange. The space was leased by RB Associates of Bethlehem, PA to Beauty Blender of Bethlehem. Colliers’ broker Ann Kline represented RB Associates; Bob Dandi of ReMAX Central represented the Lessee, Beauty Blender of Bethlehem. ■

Young of Beacon reps landlord in 57,638 s/f lease renewal NORRISTOWN, PA – Taylor Young of Beacon Commercial Real Estate, LLC represented the landlord, 2621 Van Buren, L.P., in the long-term renewal of a 57,638 s/f flex space to Megger at 2621 Van Buren Avenue, Norristown, Pennsylvania. Megger is a worldwide company and has been in business for over a hundred years. Megger provides electric test equipment along with measuring instruments for electrical power and telecommunications applications. The 251,751 s/f building has

2621 Van Buren Avenue thirty-six foot clear heights along with five loading docks. The building also has a fourteen percent office build out

and was built in 1969. Eric Wahlers of Gola Corporate Real Estate represented Megger in this transaction. ■

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Central PA: 717.697.5701 South Jersey: 856.768.1001

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PENNSYLVANIA SPOTLIGHT CENTRAL PA Mid Atlantic Real Estate Journal — Central Pennsylvania Spotlight — March 16 - 29, 2012 — 5B

www.marejournal.com

Grace of Landmark negotiates 100,000 s/f in 3 warehouse leases

Landmark Commercial’s Barget & Bobincheck rep buyer and seller in $180,000 transaction

arket View LP has purchased the apartment building located at 11 S. 3rd St., Harrisburg. Seymour Barget and Drew Bobincheck, CCIM of Landmark Commercial Realty, Inc./ ONCOR International represented both the buyer and the seller, Joseph Kowalczyk in the $180,000 transaction. McKenzie Sports Products Inc. has recently signed a long term lease for 70,000 s/f of warehouse space at 460 Sterling St., Camp Hill. Jason Grace, CCIM, SIOR and VP of Landmark Commercial Realty, Inc./ONCOR International represented the landlord and Adam Campbell of Campbell Commercial Real Estate represented the tenant. Advantage Sales & Marketing, LLC has leased 26,670 s/f of office space at 4250 Crums Mill Rd., Harrisburg. Thomas T. Posavec, SIOR and Roy H.

460 Sterling Street — Camp Hill, PA Brenner of Landmark Commercial Realty, Inc./ONCOR International represented the landlord. Jason Grace, CCIM, SIOR and VP of Landmark Commercial Realty, Inc./ONCOR International has recently leased 18,000 s/f of warehouse space located at 801 Spangler Rd., Camp Hill, on behalf of the tenant and landlord.

D.L. Spitler Lumber Company has leased 14,400 s/f of industrial space at 1890 Old Crooked Hill Rd., Harrisburg, PA. Roy H. Brenner of Landmark Commercial Realty, Inc./ONCOR International negotiated the lease on behalf of the landlord and Denise Cass of High Associates represented the tenant. Jason Grace, CCIM, SIOR and VP at Landmark Com-

COMMERCIAL REAL ESTATE

mercial Realty, Inc./ONCOR International represented the tenant who signed a long term lease for 12,000 s/f of warehouse space at 7917 Derry St., Harrisburg. Julie Trogner of Jones Lang LaSalle represented the landlord, DP Partners Derry Street 1 LLC. Andrew Kohr and Thomas Posavec, SIOR of Landmark Commercial Realty, Inc./ONCOR International leased 3,750 s/f of space at 99 November Drive, Camp Hill, represented the landlord. Daniel Alderman of NAI CIR represented the tenant in the transaction. Excellerator Fitness has leased 2,000 s/f located at 304314 Market St., Lemoyne. Andrew Kohr of Landmark Commercial Realty, Inc./ONCOR International represented both the landlord and tenant. Roy H. Brenner of Landmark Commercial Realty, Inc./ON-

COR International has negotiated a 2,800 s/f lease of commercial space at 26-30 Market St., Mechanicsburg, on behalf of the tenant and Andrew Lick of RSR Realtors represented the landlord. TreCom Systems Group, Inc. has leased 2,050 s/f of office space at 99 November Dr., Camp Hill. Andrew Kohr and Thomas Posavec, SIOR of Landmark Commercial Realty, Inc./ONCOR International represented the landlord and Vincent Jolly, Jr. of CVA Commercial represented the tenant. Autumn Avenue LLC has purchased a 1,400 s/f commercial building located at 1230 E. Chocolate Ave., PA. Roy H. Brenner of Landmark Commercial Realty, Inc./ONCOR International represented the buyer and John Tice of Jack Gaughen Realtor, ERA represented the seller. ■

COMMERCIAL REAL ESTATE ” “proposed

Central PA’s Leading Commercial Industrial Real Estate Firm*

FORMER BORDERS 3515 Gettysburg Rd. Camp Hill, PA

23,875 S.F. RETAIL SPACE AVAILABLE FOR LEASE Rare opportunity to lease a high prole retail building in close proximity to the Capital City Mall, Camp Hill Shopping Center, PA Route 581, and US Route 11/15

Our Agents: 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

Contact: Chad Stine or Bradley Rohrbaugh

717-843-5555

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

6B — March 16 - 29, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

CENTRAL PA By Russell J. Bardolf, Jr., CCIM, SIOR, ROCK Commercial

What does it take to bring a property back to life?

magine yourself, as a real estate broker, in the following scenario: What do you do to match a buyer with a 62,000 square foot former manufacturing building in d o w n t o w n Russell Bardolf setting that has limited parking, has been mainly vacant, and missed the bubble of opportunity for conversion into residential living spaces? You hope to get lucky.

The 62,000 s/f building at 210-236 York Street in the City of York in Pennsylvania dates back to the early 1940’s with various ownership and uses. This list includes a publishing and typesetting company, a youth center that didn’t come to fruition, then changed into the hands of a residential developer, and finally landed with local investors that bought the building in 2008. These investors were able to rent some of the space in the building and searched, with the help of ROCK Commercial Real Estate, for more potential tenant and buyer

opportunities. The key to the recent sale of this particular building and its future redevelopment was found outside of the normal marketing efforts. Creative thinking, an interest in their hometown, and the ability to invest substantial money in the building were the ingredients that Think Loud Development, made up of former “Live” band members and current “The Gracious Few” band members, brought to this project. It is the hometown investor’s connections; along with input, motivation and vision that will bring this

York Street property back to life. The times are a changing and companies from across the country may be buying the building right down the street. Investors that have a larger field of vision can see redevelopment on a scale at which we are not accustomed to seeing at a local level. Think Loud Investments used their global connections to make this project a reality for their vision and the City of York. The lesson learned is that the professional real estate broker of today is firmly connected to the immediate area

RELYON ROCK

The Power of Team

. For in-depth market research . For fast service that saves time and money . For timely and accurate information . For a unique team-based approach to commercial real estate

ROCK Commercial Real Estate, LLC, Susquehanna Commerce Center West 221 West Philadelphia St. Suite 19, York, PA 17401-2992 717-854-5357 Fax: 717-854-5367 www.rockrealestate.net

it serves and at the same time is able and willing to use all the dynamic technology and marketing tools available to reach a borderless market of buyers and tenants. Sometimes you create your own good luck. Russell J. Bardolf Jr., CCIM, SIOR is director of sales at ROCK Commercial Real Estate. Russ specializes in office and investment real estate sales. He has over 30 years experience working in several positions in the real estate and the development industry. ■

ROCK leased 7,394 s/f in 3 transactions

250 Fame Avenue CENTRAL, PA — ROCK Commercial Real Estate, LLC leased 7,394 s/f to fit location and space needs for a local HVAC and Plumbing company, insurance agent, and orthopedic and spine specialist. Please see the detailed transaction information below. Axel Mechanical, LLC. leased 3,230 s/f of light manufacturing space at 1569 West King St. in York, in West York Borough. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. ASK State Farm agent Damon Garon leased 2,154 s/f of office space at 2139 Industrial Highway in York, in Springettsbury Township. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction. Orthopaedic & Spine Specialists, P.C. leased 2,010 s/f of medical office space at Hillside Medical Center at 250 Fame Ave., Suite 204 in Hanover, in Penn Township. ROCK Commercial Real Estate, LLC represented the landlord in this transaction. ■

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; 7B

www.marejournal.com

CENTRAL PA By Zachary Pierce, Marcus & Millichap Taylor-Zang

For Central PAâ&#x20AC;&#x2122;s multi-family owners, itâ&#x20AC;&#x2122;s shaping up to be a profitable year!

f the first quarter of 2012 is an indicator of what lies ahead for Central Pennsylvania multi-family owners, it is shaping up to be a profitable year for operators who are well positioned. Likewise, op- Zachary Pierce portunities to make new investments continue to surface for those investors who know where to look. At this time last year, multifamily investors were cautiously optimistic having just weathered the storm of â&#x20AC;&#x153;The Great Recession.â&#x20AC;? It is apparent that, although challenges remain in the economy, we are unlikely to slip back into recession. Operators a year ago were reporting a significant decrease in concessions being offered to maintain stable occupancy rates and some were even boasting a modicum of rent growth. Employment numbers have begun to slowly improve despite election year mudslinging, and those operators who raised the sail last year have found that there is a full on tail wind for multifamily operations, with rising rents and occupancies. Now that the dazzling light of new homeownership has been eclipsed by the reality of the worst foreclosure market in history, the rental market has once again emerged as a cost effective and convenient housing solution for all social demographics. Many of the apartments in Central Pennsylvania were built between 1960 and 1975. In this category there is an array of options for potential renters across all income levels. Some of these complexes remain outdated and appeal to a lower income class while others have undergone significant renovations and are achieving the higher end of mid-market rents. The highest end of the market is being dictated by new construction projects that boast a full amenity package and offer luxuries that would be expected at a five star resort. Still, all of these options has seen an increase in renter activity over the past six months and there are quite a few new projects expected to break ground in Central Pennsylvania markets in 2012. Due

to lower cost of land and less expensive construction costs, Central Pennsylvania is seeing more development that other markets including the immediate suburbs outside of Philadelphia The improvements in multifamily fundamentals in combination with historically low interest rates have led to an increase in transactional velocity. Government sponsored enterprises (GSEâ&#x20AC;&#x2122;s) or agency lenders including Freddie Mac and Fannie Mae are currently offering interest rates in the 4 percent range with attractive terms. Local commercial banks have typically offered loans

approximately 50 basis points higher. This has led to a compression of capitalization rates and an increase in achievable sale prices for apartment assets. Many investors that felt they missed the opportunity to achieve the higher sale prices of 2006 and 2007 are now realizing this opportunity has returned. Combined with a surplus of capital and pent up buyer demand, 2012 is proving to be a fruitful year for buyers and sellers alike. The investors that are poised to capitalize on the opportunities of an improving market are those that are the most prepared and educated about

trends in their marketplace. Investment brokers are reporting a rapid increase in property evaluations. Investors want to know what their properties are worth and how they are positioned in the competitive marketplace. They want to know how much equity they have tied up in their properties. They want to see opportunities and be poised to take advantage of them. The biggest risk to any investor is not having a strategy. Whether investors have strategy of growth, value add strategy or disposition strategy, it is imperative that they know the current value of their assets and how

they sit in the competitive set. Far too many investors donâ&#x20AC;&#x2122;t understand their own assets. Many more see great opportunities that they arenâ&#x20AC;&#x2122;t in a position to take advantage of. The key today is to understand your asset(s), understand your marketplace, have a strategy, and be prepared to act quickly when the right opportunity presents itself. Zachary Pierce is an associate director of Marcus & Millichapâ&#x20AC;&#x2122;s National Multi-Housing Group and specializes in the sale of apartments in Philadelphia Metro and Central Pennsylvania markets. â&#x2013;

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8B — March 16 - 29, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

CENTRAL PA LMS Commercial Real Estate announces its new York Office

Hummel awarded CIPS; Myers, Hamilton, Wilson & Bunting to join sales team

ORK, PA — LMS Commercial Real Estate announced it has expanded its presence in York County by opening a new office for its Brokerage Division at 1200 Greensprings Drive, York. The office is part of the Gabriel Brothers Plaza which is strategically located along Interstate 83 at the Mount Rose Exit in Springettsbury Township. LMS’s Brokerage Division had previously been located in the Queensgate Towne Center in York Township, however continued success and growth has created a need for more space. The York office is lead by one of the regions most successful

Ted Hummel

Ryan A. Myers Jeremiah Hamilton Sarah Wilson

Brokers, David Nicholson. He is joined by a dynamic team of commercial experts including Joe Spagnola, Blake Gross, Travis Riley, Jeremiah Hamilton, and Ryan Myers. Together this team represents many of the regions most distinguished commercial properties and ten-

ants, including: Starbucks, Ann Taylor, Ruby Tuesday’s, Qdoba, White House Black Market, Soma, Pet Valu, Shoe Carnival, Hair Cuttery, The Fresh Market, Firestone, Family Dollar, Aaron’s Rent To Own, Mattress Warehouse, Meadows Frozen Custard, Denny’s, Bruster ’s

Ice Cream, Amelia’s Grocery Outlet, Verizon Wireless, Royal Farms, Gino’s, Firebirds, Pier 1 Imports, Patient First and many others. Ted Hummel of LMS Commercial Real Estate was awarded the esteemed Certified International Property Specialist (CIPS) designation and joins a worldwide network of elite global real estate practitioners with expertise in working with international clients as well as serving the growing multicultural population in the United States. The CIPS Designation is awarded by the National Association of REALTORS®, the world’s largest trade association

Creating Value for our Clients Through Experience for Over 20 years.

Did you know...

Call Joseph R. Deerin, Donna Deerin Ward or David Nicholson Today! 717.569.9373

LMS manages and leases over 100 properties and including more than 6.5 Million square feet and over 1,400 leases.

We speciali]e in WenanW and landlord represenWaWion, Jrocery sWores, Pedical oIÀces, neiJhEorhood cenWers, poZer cenWers, proIessional oIÀces and shoppinJ cenWers. Keystone Arms Center Rt. 11 @ Post Road

1(: '(9(/230(17

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LMS has developed over 6 Million square feet of commercial space and 700 Apartments & Townhomes.

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Join Dollar General & Subway! Inline Retail Space & (5) Pad Sites Available for sale/lease.

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Join Giant! +/- 970 - 1,800 SF & (2) Pad Sites Available

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Construction to start in Spring of 2013 Pad Sites Available

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Leasing

Management

Sales

Development

Construction

Acquisition

representing over 1,000,000 REALTORS® in the United States. LMS Commercial Real Estate of Manheim Township, Lancaster is also pleased to announce the following addition to its sales team. Ryan A. Myers joined the team of LMS Commercial Real Estate on February 13th, 2012. Prior to joining LMS, Ryan worked for ROCK Commercial Real Estate, where he started in 2001. He has a B.A. in Business Administration and Marketing from Shippensburg University. He is affiliated with International Council of Shopping Centers, Inc. (ICSC) and is a Certified Commercial Investment Member (CCIM). He is a member of the Hanover Rotary, Main Street Hanover, Keystone Core Services Steering Board of Directors and the Hanover Area Chamber of Commerce Board of Directors. Ryan actively represents Royal Farms, Gino’s and Patient First. Jeremiah Hamilton began 2012 by joining the team of LMS Commercial Real Estate in the brokerage division as a commercial agent. Prior to joining LMS, Jeremiah worked as a retail specialist for Bennett Williams Realty. While there, he completed over 500,000 s/f in real estate transactions, including receiving “Rookie of the Year” honors in 2006. Jeremiah currently represents 540,000 s/f of available commercial/retail space and actively represents Verizon Wireless and Little Caesars from Pittsburgh to Philadelphia with a special concentration on the Central PA Region. Jillian Bunting officially joined LMS Commercial Real Estate in January 2012, previously interning with LMS for five years in various aspects of the business. As an intern, Jillian gained experience with designing postcards and ads as well as maintaining monthly sales reports for current tenants and performing various administrative duties. Sarah Wilson joined LMS Commercial Real Estate in January 2012 as a Leasing Assistant for the York office. Previously, Sarah spent 6 and half years as the Marketing Coordinator for Bennett Williams Realty where she designed ads, brochures, aerials and many other forms of marketing for various Commercial Real Estate projects. ■

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Mid Atlantic Real Estate Journal — Pennsylvania — March 16 - 29, 2012 — 9B

CENTRAL PA

SERVICES EXPERTLY MANAGED SNOW REMOVAL LANDSCAPING ASPHALT CARE CONCRETE DEMOLITION

800-644-6035

10B — March 16 - 29, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

CENTRAL PA Brown of Bennett Williams reps landlord in 10k s/f lease Stine & Rohrbaugh rep both in 66,200 s/f sale

McMurray and Swidler of NAI CIR lease 35,000 s/f

CBC Bennett Williams brokers 5,183 s/f of leases

ECHANICSBURG, PA — Caulderon Textiles, an Indianapolis based textile company, is opening a new location in 35,000 s/f of space it has leased at 302 Mulberry Dr., Mechanicsburg. Caulderon Textiles services the hospitality, healthcare, and retail markets by providing high quality and cost effective hospitality linens. Ida McMurray of NAI CIR represented Caulderon Textiles, and Bradley Swidler of NAI CIR represented the landlord. The Central Pennsylvania Blood Bank has leased 11,800 s/f of warehouse space at 8176 Presidents Dr., Swatara Twp. Ida McMurray and Daniel J. Alderman, both of NAI CIR, handled the transaction. United Flooring has leased 10,000 s/f of warehouse space at 1003 Maclay St., Harrisburg. Fahd Malik of the Bill Gladstone Group of NAI CIR represented United Flooring, and Beau Brown of Bennett Williams represented the landlord. Visual Sound, Inc. is re-

530 N. Progress Avenue 302 Mulberry Drive locating its regional office to 6,063 s/f of space it has leased at 4700 Westport Dr., Lower Allen Twp. David Rudy of the Bill Gladstone Group of NAI CIR represented the landlord, Lower Allen Business Center, LP, and Mike Curran of CBRE represented Visual Sound. Helping Hands Medical Supply, LLC has leased 4,815 s/f of space at 681 Knight Road, West Hanover Twp. The space will be used for an additional

office and shop location. Craig Rahn of NAI CIR represented both Helping Hands and the landlord, JAD Development. Erie Construction is opening an additional location in 3,400 s/f of warehouse space it has leased at 5340 Jaycee Ave., Lower Paxton Twp. Fahd Malik of the Bill Gladstone Group of NAI CIR represented the landlord, Triple Crown Corp., and Mike Curran of CBRE represented Erie Construction. ■

Rose Metal Systems to erect 54,000 s/f facility Carlisle, PA – Rose Metal Systems, Inc. a full-service, comprehensive building specialist has been recently awarded the following contracts throughout the Central PA region. Rose Metal Systems, Inc of Carlisle, PA has been awarded three contracts to furnish and erect metal building support facilities for Chesapeake in Sayre. The buildings will feature four 20 ton top running cranes and provide office space. Construction is underway. Rose Metal Systems, Inc of Carlisle has been awarded a contract to furnish and erect a new metal building facility for Chesapeake in Towanda, PA. The buildings will house compressor operations. Construction is underway. Rose Metal Systems, Inc. of Carlisle has been awarded a contract to erect a metal building addition to the FedEx Ground Facility in Auburn, PA. Construction will occur this spring. Rose Metal Systems, Inc. of Carlisle has been awarded a contract to furnish and erect a galvanized metal building for North Londonderry Township Waste Water Treatment Plant. Construction will occur this spring. Rose Metal Systems, Inc. of

YORK, PA — Coldwell Banker Commercial Bennett Williams has arranged the lease of the following transactions: Leases: 1,223 s/f of retail space at York Marketplace at 2415 E. Market St. in York. Smoothie King leased the space for ten years from Cedar Realty Trust Partnership LP. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the tenant in the transaction. 390 s/f of retail space at Village Square Shops at 26 N. Main St. in Jacobus. Danielle Wood leased the space for one year from Ethel Smith Realty LLC. Chad Stine and Brad Rohrbaugh of Bennett Williams represented both the landlord and the tenant in the transaction. 950 s/f of retail space at State Street Plaza at 829 State Street in Lemoyne. Dream Cadillac Studio d.b.a Mary Kay leased the space for one year from State Street Plaza Associates. Chad Stine, Brad Rohrbaugh, and Adam Hagerman of Bennett Williams rep-

resented the landlord in the transaction. 1,020 s/f of retail space at State Street Plaza at 829 State Street in Lemoyne. Tastemakers, LLC leased the space for five years from State Street Plaza Associates. Chad Stine, Brad Rohrbaugh, and Adam Hagerman of Bennett Williams represented both the landlord and the tenant in the transaction. 1,600 s/f of retail space at 530 N. Progress Ave. in Harrisburg. Raylon Corporation leased the space for five years from Progress Elmerton, LP. Chad Stine and Brad Rohrbaugh of Bennett Williams represented both the landlord and the tenant in the transaction. Sales: 7.24 acre, 66,200 s/f shopping center at Kingston Square at 2504 Eastern Blvd. located in York. Kingston Square Associates LLC purchased the property from Kingston Fixed Income LP. Chad Stine and Brad Rohrbaugh of Bennett Williams represented both the buyer and the seller in the transaction. ■

Cass of High Assoc. reps tenant & Kohr of Landmark reps landlord in 1,200 s/f lease Rex Heat Treat - Bedford, PA Carlisle, PA has been awarded a contract to furnish and erect a new manufacturing facility for Rex Heat Treat in Bedford. The 26,000 s/f facility features four top running cranes and a custom composite standing seam roof with mineral wool for high temperature manufacturing. Construction is underway. Rose Metal Systems, Inc. of Carlisle, PA has been awarded a contract to furnish and install a new metal roof overlay for Strickler Insurance Agency in Carlisle. The 8,250 s/f roof has multiple hips and skylights. Construction is underway.

Rose Metal Systems, Inc. of Carlisle, PA has been awarded a contract to furnish and erect a metal building addition to the Covenant Christian Academy in Harrisburg. The addition is to include a Gymnasium, Locker Rooms and additional Classroom areas. Construction will occur this spring. Rose Metal Systems, Inc. of Carlisle, has been awarded a contract to furnish and erect a 54,000 s/f self-storage facility including a two story climate controlled structure for Trindle Self Storage. Construction will occur this summer. ■

LEBANON, PA — High Associates Ltd. announces recent real estate transaction: Lebanon Warehouse Partners Inc., based in Lebanon County, PA, has purchased a Denise Cass 190,000-s/f industrial building at 1800 Lehman Street in West Lebanon Township from American La France of Summerville, SC. Denise Cass of High Associates Ltd. handled the transaction for the buyer and

seller. Charles Lambiasi has leased 1,200 s/f of space at Plaza 5000 on Linglestown Road in Lower Paxton To w n s h i p from building owners Nick and Angela Loxas. Andrew Kohr L a m b i a s i will open an office for his aquarium services business. Denise Cass of High Associates Ltd. represented the tenant and Andy Kohr of Landmark represented the landlords. ■

Mid Atlantic Real Estate Journal — Pennsylvania — March 16 - 29, 2012 — 11B

www.marejournal.com

CENTRAL PA ARCHITECTURE/ENGINEERING/ENVIRONMENTAL

CIVIL ENGINEERS

CREATIVITY ō QUALITY ō EXPERTISE 800.301.3077 www.blcompanies.com Pennsylvania | Maryland | New York | Connecticut

COMMERCIAL REAL ESTATE

For Sale

For Sale/Lease 1530 Commerce Drive Lancaster PA 17601 - $1,800,000 • Tour Bus Facility on 2.81+/- Acres • 8,888 SF Offi ce Building • 7,950 SF Shop, includes 100’ wash bay and 10,000 gal. registered diesel tank • Parking for 84 vehicles, 19 buses

40 Citation Lane, Lititz PA 17543

1550

1530

High profile location with outstanding visibility and pylon signage on Rt 283 (58,000 vehicles per day) 1 Mile 3 Miles 5 Miles Population 5,181 54,767 160,783 Median HH Income $54,528 $64,976 $56,071 Number of Households 2,377 21,678 63,629

1550 Commerce Drive Lancaster PA 17601 - $2,950,000 • New Car Dealership on 5.22+/- Acres • 19,269 SF building area, including 5,923 SF office/showroom and 13 service bays, parts storage and fenced parking area • Parking for 150+ vehicles

First class industrial building in attractive business park setting. Great Manheim Township location with easy access to Route 30 and Route 283. Includes a two (2) story building with approximately 29,000 square feet of finished office space and 23,420 square feet of large open areas, suitable for technical assembly, R&D or light manufacturing. Building is fully air-conditioned, sprinklered and has 190 on-site parking spaces. SALE PRICE: $3,750,000.00 LEASE RATE: $6.75/SF NNN

Thomas M. McDermott CCIM, SIOR tmcdermott@naicpi.com tel 717 283 0600 fax 717 283 0609 www.naicpi.com

Daniel Berger CCIM, SIOR dberger@naicpi.com tel 717 283 0600 fax 717 283 0609 www.naicpi.com

12B — March 16 - 29, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

Physical Characteristics •Size: •Location: •Topography: •Zoning:

120 Acres (sub-dividable) In Lebanon County, PA Generally flat with elevation between 450.0-510.0 ft. Industrial and Office

Utilities •Water: •Sewage: •Gas: •Electricity:

City of Lebanon Water Authority, 12" line City of Lebanon Water Authority, 18" line UGI utilities, 6" line Met-Ed, A FirstEnergy Company, 69KV

Transportation •Rail: •Highway: •Air:

Norfolk Southern Railway I-76, I-78 & I-81 are located 9 miles from site Harrisburg International, 20 miles

Brokers Protected

16 Lebanon Valley Parkway • Lebanon, PA 17042 phone (717).274.3180 • fax (717).274.1367 www.lvedc.org

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Mid Atlantic Real Estate Journal — Pennsylvania — March 16 - 29, 2012 — 13B

www.marejournal.com

PROJECT NEWS 20th building addition will total 5.5m s/f constructed

Mericle announces 120,416 s/f CenterPoint Spec Bldg.

ENKINS, PA — Mericle Commercial Real Estate Services, the developer of the fast-growing CenterPoint Commerce & Trade Park in Jenkins and Pittston Townships, has begun constructing a 120,416 s/f speculative flex building in the park. Work is well underway on the project site, a 22.78 acre parcel located at 501-575 Keystone Avenue in Jenkins Township. Steel will arrive on the site in April. The new building will be the first constructed by Mericle in CenterPoint East’s new Phase IIC section. Like Mericle’s other flex buildings, the facility has been designed to accommodate manufacturing, distribution, office, and medical firms. However, this building will be the most visible built in the park to date. “The building will be located a stone’s throw from I-81 and I-476 and will be seen from both highways,” said Mericle Vice

• Agency Permitting

• Construction Phase Services • Graphic Services PHILADELPHIA METRO OFFICE: 8614 Montgomery Avenue Wyndmoor, PA 19038 215-836-2510

PITTSBURGH OFFICE: 201 Penn Center Boulevard, Suite 400 Pittsburgh, PA 15235 412-253-6569

LANCASTER OFFICE: 1853 William Penn Way, P.O. Box 10368 Lancaster, PA 17605-0368 717-672-0614

NEW JERSEY OFFICE: 100 Overlook Center, Suite 200 Princeton, NJ 08540 609-920-0268

LANDCOREconsulting.com 501-575 Keystone Avenue President Bob Besecker. “This one will really get your attention as you drive by.” Besecker estimates that the building will house four to eight tenants and more than 100 jobs when fully occupied. The facility will be able to be subdivided as small as 12,083 s/f and will have an attractive masonry and glass façade. Features include abundant parking, energy efficient heating and

lighting, 13 loading doors and a ceiling clear height from 30’1” to 34’3”. Besecker said the building will be ready for tenants in late summer, 2012. The building will be the 20th developed by Mericle in CenterPoint since 2005 and will grow the total s/f constructed in the park to 5.5 million. Close to 3,000 people work in CenterPoint. ■

(DGS) at the northwest corner of 15th and Arch streets. With excavation almost complete and foundations having begun, the building is planned to be completed by the Spring of 2014. The Family Courthouse project is the largest construction

project in Philadelphia since the Pennsylvania Convention Center expansion and the renovation of the former 30th Street Post Office for the IRS. Tishman successfully delivered the convention center three months early as part of a joint venture. ■

Skanska USA to construct Nicholas & Athena Karabots Pavilion P H I L A D E L P H I A , PA — The Franklin Institute, Pennsylvania’s most-visited museum, has selected Skanska USA to construct its ambitious new building addition, the Nicholas and Athena Karabots Pavilion. The building has been designed by SaylorGregg Architects and will apply for LEED Silver

• Development Due Diligence & Feasibility Studies

• Land Development Design

TCC to build Philadelphia Family Courthouse PHILADELPHIA, PA — Tishman Construction Corporation (TCC), an AECOM company, is managing the construction of a new, $160million, 14-story, 510,000 s/f Philadelphia Family Courthouse for the Pennsylvania Department of General Services

• Project Management

certification. Total design, construction and fit-out for the building addition will generate 150,000 hours of work and 125 jobs in construction, design and consulting in Philadelphia, as well as 20 additional full-time or full-time equivalent jobs at The Franklin Institute. Last fall, The Franklin In-

stitute received a transformative $10 million contribution from Nicholas and Athena Karabots for the addition. The gift marks the largest individual contribution ever to the science museum, and allows Skanska to break ground in spring 2012 with a goal of opening the addition in summer 2014. ■

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

your area Pennsylvania Regional Commercial Real Estate Focus

April 13.........Eastern, PA June 8...........Central, PA July 13...........Eastern, PA Editorial Spotilights and special advertising opportunities available in the Pennsylvania Section Market your available office, industrial, and retail space Deadline: 14 days prior to publication date

For more information contact: Elaine Fanning 1-800-584-1062 x212 Email: efanning@marejournal.com

Hylant Environmental Risk Management ENVIRONMENTAL INSURANCE SERVICES FOR: • Mergers & Acquisition • Contaminated Properties • Environmental Contractors and Consultants • Brownfield Redevelopment • Real Estate Investment Portfolios • Industrial and Manufacturing Facilities • Protection for Third Party Claims and Undiscovered Contamination Bruce W. Kranz | Senior Vice President 6000 Freedom Square Drive Suite 400 | Cleveland, OH 44131 | P: 216-674-2443 | C: 216-906-8898 | bruce.kranz@hylant.com | www.hylantenvironmental.com

14B — March 16 - 29, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org

2012 LEHIGH VALLEY BOARD OF DIRECTORS

PRESIDENT TINA KISELA SCSM, SCMD THE PROMENADE SHOPS OF SAUCON VALLEY PAST PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PRESIDENT ELECT MAUREEN O’MEARA HAMPSON MOWRER KREITZ INSURANCE (HMK) SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER CYNTHIA MERRITT, CPA BUCKNO LISICKY & COMPANY CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST

During February Session

Regulatory Trip-Ups that could derail your project explored

bout 25 members and guests of CREW LV attended a fast-paced “Lunch and Learn” on regulatory changes and their potential impact on projects. Held on February 22 in the conference room of Principal Investments in the Frederick Group Building, Allentown, PA the program attracted professionals involved in design, financing, construction, leasing, property management and appraisal, eager to know about the Pennsylvania Department of Environmental Protections’ new manual of regulations and the Pennsylvania Department of Transportation’s e-permitting process. Attorneys with Fitzpatrick Lentz & Bubba, PC, of Center Valley, PA and engineers from Barry Isett & Associates, Allentown partnered in the presentation. ■

Tina Kisela, president of CREW LV and general manager of the Promenade Shops of Saucon Valley, introduced the program.

DIRECTORS-AT-LARGE CHRISTA DUELBERGKRAFTICIAN, AIA SPILLMAN FARMER ARCHITECTS JESSICA GENTILE NORTH STAR CONSTRUCTION MANAGEMENT, INC. POLARIS PROPERTIES, INC. 2012 COMMITTEE CHAIRS SPONSORSHIP COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES PROGRAMS COMMITTEE PAM MORRIS LIBERTY PROPERTY TRUST

Ryan Kern, PE , a shareholder of Barry Isett & Associates and senior traffic engineer discussed Highway Occupancy Permits and the new e-permitting system instituted by PennDOT.

Catherine Durso, Esq., a Fitzpatrick Lentz & Bubba shareholder and Secretary of CREW LV spoke about the Permit Extension Act and NPDES permits, citing a Lancaster County court case that could provide future direction. Kate’s practice areas are Land Use Development and Zoning, Real Estate and Tax Assessment matters.

Erich J. Schock, Esq., a shareholder of Fitzpatrick Lentz & Bubba and chair of the firm’s Real Estate & Land Development Group discussed new infiltrations requirements in stormwater management. Erich’s practice areas are zoning and land use and real estate.

Robert Cox, PE, PLS, a shareholder of Barry Isett & Associates & senior civil engineer demonstrated the developmental restrictions imposed by riparian buffer regulations. Earth disturbance is prohibited within 150 feet of the banks of waterways classified by the PA DEP as High Quality or of Exceptional Value. Bob also prepared a Lehigh Valley map showing High Quality and Exceptional Value waterways. Bob sits on the Greater Lehigh Valley Chamber of Commerce’s Environmental Committee.

CREW Lehigh Valley thanks its 2012 corporate sponsors: Annual Partner/Main Sponsor: Fitzpatrick Lentz & Bubba, Liberty Property Trust, Tallman Hudders & Sorrentino

MEMBERSHIP COMMITTEE KAREN COONEY DUERHOLZ BOYLE CONSTRUCTION INC.

Contributor: Langan Engineering, Lafayette Ambassador Bank, NAI Summit, MKSD Architects Friend: Barry Isett & Associates, Berks Economic Partnership, HMK Insurance, KNBT - A Division of National Penn Bank, JG Petrucci, Inc., North Star/Polaris, The Dietrick Group, LLC

COMMUNITY SERVICE JODY KING, CCIM CBRE, INC

Upcoming Events

PUBLICITY COMMITTEE ELIZABETH “MOLLY’ GRAVER, ESQ. PLUNKETT & GRAVER, P.C.

Peeps Goes Green – Just Born’s Confection Connection Thursday, March 22, 2012 OHL Building 4000 Township Line Road, LVIP V, Bethlehem Township, 18020 Noon – 1:30 Lunch, presentation & tours $15 CREW Members; $30 guests Wear your walking shoes as Just Born and its partners present their LEED © Gold Project, the renovated 600,000 s/f temperature-controlled Confection Connection™ warehouse/distribution center. For membership information, please contact Karen Duerholtz, Boyle Construction, Inc., kcduerholz@boyleconstruction.com

Mid Atlantic Real Estate Journal — Pennsylvania — March 16 - 29, 2012 — 15B

www.marejournal.com

where YOUR STYLE comes to life

Corporate, Business & Banking

FITZPATRICK LENTZ & BUBBA, P.C. IS PROUD TO SUPPORT

Real Estate, Land Use & Development

CREW Lehigh Valley

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610-797-9000 • info@flblaw • www.FLBLaw.com A Pennsylvania Real Estate Investment Trust® Property

BARRY ISETT & ASSOCIATES, INC.

DesignPoint, Inc.

Consulting Engineers & Surveyors www.barryisett.com

Contract Interior Design & Purchasing Firm Bethlehem, Pennsylvania

Helping Clients Reach Real Estate Development Goals Since 1977 Environmental Assessments • Condition Assessments Surveys • Site Design • Permitting • Traffic Studies Highway Design • Landscape Design • Structural Design Mechanical, Electrical, Plumbing Design

Full - Service Engineers PA • NJ • MD Contact Francee Fuller, Marketing Manager

COMMERCIAL & INDUSTRIAL RE

610-398-0904

ffuller@barryisett.com

Proud to Support CREW Lehigh Valley

Our clients satisfaction is the Key to our success! Interiors That Make a Difference

Specializing in Complex Valuations and Expert Testimony

John R. Ingram II, MAI MRICS, AICP, CTA President & CEO P: 610-798-9877 Email:IngramREG@aol.com F: 610-798-9878

•Corporate •Hospitality • Medical & Eldercare Facilities

Attention CREW Lehigh Valley Members!!!

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COMMERCIAL VALUATION

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If you would like to advertise in GLOBAL OPERATIONS

COMMERCIAL REAL ESTATE

the Mid Atlantic Real Estate Journal,

Please Contact: Elaine Fanning, Publisher 800-584-1062 x 212 or ConsultingManagement Real Estate Sales, Appraisal & Property

Real Estate Sales, Appraisal & Property Management

email Elaine at efanning@marejournal.com

16B — March 16 - 29, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

PEOPLE ON THE MOVE Liberty Property Trust promotes vice president

Talented team assembled

Cohen named city manager of the Philadelphia Region

8 new comm’l. realtors to join Frederick Group

A LV E R N , PA — Liberty Property Trust announced the promotion of vice president Brian Cohen to city manager of the c o m p a n y ’s Philadelphia portfolio. In this role, Co- Brian Cohen hen will manage development and oversee the leasing and property management of Liberty’s properties located in the City of Philadelphia (including Center City Philadelphia and the Philadelphia Navy Yard), where he has been involved in some Philadelphia’s most environmentally responsible commercial developments. “Brian has made significant contributions to the growth

and success of Liberty in our hometown during the past seven years,” said John Gattuso, senior vice president and regional director for Liberty’s urban portfolio. “His energy, drive and team leadership have resulted in the successful implementation of some of our most exciting development projects, such as the Philadelphia Navy Yard, the Penn Health at Washington Square office tower, and the Tasty Baking Production facility, among others. Just as important, Brian has helped to create an outstanding Liberty team to serve our growing tenant base and to seek out new opportunities for growth.” Currently, Cohen is responsible for overseeing the development of five buildings in the City of Philadelphia totaling approximately 515,000 s/f and representing approximately

$160 million in investment including: a 205,000 s/f LEED® Platinum office building for GlaxoSmithKline, a 56,000 s/f LEED® Gold office building for Iroko Pharmaceuticals, two 50,000 s/f LEED® Certified flex buildings and the aforementioned 150,000 s/f LEED® medical office building for Penn Health. Recently completed development projects for which Cohen has been responsible include One Crescent Drive, the nation’s first developer owned LEED Platinum building, Three Crescent Drive, a LEED Gold office building and the development of the 345,500 square foot LEED Silver bakery facility for Tasty Baking Company, all in the Philadelphia Navy Yard. Cohen joined Liberty Property Trust in 2001 as the Director of Market Research. ■

Miovski of EwingCole receives her EDAC PHILADELPHIA, PA — EwingCole announced that principal Natalie Miovski has received her Evidencebased Design Accreditation and Certification (EDAC) from the Center for Health Design (CHD). Natalie Miovski “Natalie recognizes the effects of planning and design on patient stress, patient and staff safety, staff effectiveness and quality,” said EwingCole’s President S. Mark Hebden,

AIA, LEED AP. “She develops evidence-based planning and design solutions to achieve the best possible patient, staff and operational outcomes.” Launched in 2008, the EDAC program was the first attempt to standardize the practice and process of evidence-based design, and qualify an individual’s knowledge of that process. The CHD’s mission is to develop a community of certified industry professionals through education and assessment of an evidence-based design process. Miovski has special expertise in planning for the full range

of healthcare functions, from outpatient clinics to complex inpatient environments, and has completed projects at the Geisinger Medical Center, University of Pennsylvania Health System, St. Christopher’s Hospital for Children and Hospital for Special Surgery. As part of her commitment to evidencebased design, Miovski, regularly performs post-occupancy evaluations and shares her findings at national conferences including Healthcare Design, the Healthcare Facilities Symposium & Expo and the American Society of Healthcare Engineering. ■

CBRE’s Office Brokerage Group hires Brindle & Novotnak PITTSBURGH, PA — Nathan Brindle is an associate within CBRE’s Office Brokerage Group, with a primary focus on leasing office space in the Central Business District. C u r r e n t l y, Brindle is Nathan Brindle hard at work representing over 1 million s/f of office space for lease. While primarily engaged in landlord representation, Nathan also works with corporations and sellers to meet their real estate related needs. Brindle graduated in May 2011 from Ohio University where he earned his B.A in from

the Scripps College of Communications. Prior to joining CBRE, Brindle was employed at Pennsylvania Commercial where his primary focus was general commercial brokerage. As client Jamie Novotnak services specialist for the Office Brokerage Services Group, Jamie Novotnak provides brokers and staff with creatively designed marketing materials such as brochures, proposals and print advertising, as part of her overall duties supporting the owners of over 10 million square feet of office buildings in this region.

Jamie is responsible for the execution of tasks including: development of property presentation books and brochures; print ad copy writing, design and production; PowerPoint presentations; publishing of team, personal and property pages through cbre.com; and public relations including press release writing and distribution. Prior to joining CRE, Jamie has worked as a Graphic Designer/Marketing Coordinator. Her experience in the creative field covers a wide variety of marketing and advertising materials including advertisements, brochures, newsletters, event invitations, direct mailers, website, blog and email marketing. ■

ALLENTOWN, PA — Kenneth Palumbo has joined The Frederick Group to offer his services specializing in commercial real estate leasing and sales. He relocated to Lower Macungie Township in Ken Palumbo 1990 from New York City to work at Rodale Press in a Management position. Kenneth received his Real Estate license in 2003 and has since worked at Coldwell Banker Heritage and Legend Properties. In addition, Ron Eichenberg, managing director commercial sales & development, announced 7 commercial Realtors have selected The Frederick Group to further their commercial real estate

careers. They are Kevin Yarnall, Elias Aoun, Hal Vasvari, Barry Miller, Connie Miller, Brandon Reed and Michael Klingener. Kevin Yarnall, who is a member of the LVAR board of directors, coordinated the transition of the commercial agents to The Frederick Group and states; “As I looked for a real estate company to be affiliated, my goals for that Company were to have an established commercial presence in the Lehigh Valley, more especially a company with a recognized reputation of integrity and of serving their clients well.” Doug Frederick, Broker/ Owner, said, “We are proud this talented assembly of commercial Realtors has decided to associate with our notable commercial team. They share our core values of market knowledge and client service,” concludes Frederick. ■

Kurowski & Wilson of K&W recognized Harrisburg, PA — J. Marc Kurowski, Principal of K&W Engineers and Consultants in Dauphin C o u n t y, recently earned the MS Leadership Award from the National M u l t i p l e J. Marc Kurowski Sclerosis Society of Central Pennsylvania. This award honors executives for their outstanding contributions to the civic, business and cultural betterment of the Central Pennsylvania area. A proud supporter of MS research, Marc also raised close to $8,000 as part of the organization’s overall fundraising goals. The National Multiple Sclerosis Society is dedicated to ending the devastating effects of MS. They simultaneously fund research for a cure while also helping people who currently live with MS lead more fulfilling lives.

Thomas P. Wilson, PE, Principal at K&W Engineers and Consultants, recently accepted a position on the American Heart Association Capital Region Heart Walk Executive Leaders h i p Te a m . Thomas P. Wilson Tom will be helping to lead a healthy movement in the Capital Region, raising awareness of cardiovascular disease and encouraging people to understand the link between their overall health and their risk of heart disease and stroke. The American Heart Association is a national volunteer agency dedicated to creating healthier lives free of cardiovascular disease and stroke. The Heart Walk is part of a larger American Heart Association, My Heart. My Life. healthy living initiative, designed to help Americans understand what it means to be healthy, and to take action. ■

RETTEW welcomes Gregory as director L A N C A S T E R , PA — RETTEW, an Engineering News-Record top 500 design firm providing engineering, transportation, environmental consulting, planning and surveying services, recently welcomed Robbin L. Gregory, ASLA, as director of land development. As director of land develop-

ment, Gregory is responsible for maintaining extensive client contacts on all phases of projects, growing and sustaining land development operations throughout RETTEW’s regional offices and providing quality assurance/quality control. Additionally, Gregory is tasked with business development/marketing and client retention. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — Pennsylvania — March 16 - 29, 2012 — Inside Back Cover B

SEEKING RETAIL PROPERTIES ON THE EAST COAST

CQ A M 1 . 4 $1

IO T I IS

D E O S 2011

C LEMBER 20,

DEC

Hannaford Plaza Utica, NY

Derry, NH February 2011

Enfield, CT March 2009

Chili, NY April 2011

Glen Burnie, MD September 2009

Daniel Katz 212.710.9362 dkatz@katzproperties.com

Canandaigua, NY March 2010

Reading, PA August 2011

Southampton, PA July 2010

Eric Wolf 267.528.3113 ewolf@katzproperties.com

B Back Cover â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

www.marejournal.com

Mericleâ&#x20AC;&#x2122;s Design and Excavation teams are transforming the economic landscape of Northeastern Pennsylvania. They are hard at work turning 1,700 acres from Scranton to Hazleton into Ready to Go sites for more than 12.8 million square feet of new space. Thatâ&#x20AC;&#x2122;s enough room for 12,000 jobs! Our Ready to Go sites are in nine local business parks. They are fully improved, fully approved, and all set for the immediate construction of new industrial, ďŹ&#x201A;ex, oďŹ&#x192;ce, and medical buildings. In fact, our sites are so Ready to Go that we guarantee weâ&#x20AC;&#x2122;ll ďŹ nish your new building to your exact speciďŹ cations faster than any other developer in the market. Much faster. Soon, we will announce our plans to construct speculative facilities on several of these sites. Over the past 25 years, our speculative building program has helped create thousands of local jobs. In fact, more than 12,000 people work in buildings weâ&#x20AC;&#x2122;ve developed locally. Thatâ&#x20AC;&#x2122;s 12,000 jobs down and 12,000 to go. Mericle is turning 1,700 acres into Ready to Go sites for 12.8 million square feet and 12,000 jobs.

So when youâ&#x20AC;&#x2122;re ready to grow your business, please call Mericle at 570.823.1100. Weâ&#x20AC;&#x2122;ll have a Ready to Go site just for you.

) MERICLEâ&#x20AC;&#x2122;S READY TO GO SITES

)

6.35 Acres 57,600 SF Designed

12.85 Acres 109,200 SF Designed

7.98 Acres 58,800 SF Designed

4.06 Acres 32,500 SF Designed

CenterPoint East IIA, Jenkins Twp.

CenterPoint East IIC, Jenkins Twp.

CenterPoint West, Pittston Twp.

Â&#x2021; 177 1 3 5esearcK 'rive Parcel 0

Â&#x2021; ,ndustrial and oIĂ&#x20AC;ce users

24.3 Acres 310,000 SF Designed

CenterPoint West, Pittston Twp. Â&#x2021; (nterSrise :ay Parcel

Â&#x2021; ,ndustrial users

Â&#x2021; 10 1 5esearcK 'rive Parcel

Â&#x2021; ,ndustrial users

Â&#x2021; .eystone $venue Parcel 1

Â&#x2021; 2IĂ&#x20AC;ce coPPercial Pedical users

127.72 Acres 1,485,600 SF Designed

10.02 Acres 96,000 SF Designed

Humboldt Industrial Park, Hazle Twp.

Jessup Small Bus. Ctr, Jessup Boro.

Â&#x2021; 00 0 2ak 5idJe 5d. Parcels 1

Â&#x2021; ,ndustrial users

Â&#x2021; 3 (nterSrise :ay Parcel 7%

Â&#x2021; 2IĂ&#x20AC;ce industrial Pedical users

6.6 Acres 42,000 SF Designed

Corp Ctr. at East Mtn, Plains Twp. Â&#x2021; 11 (ast Mtn. %lvd Parcel $

Â&#x2021; 2IĂ&#x20AC;ce and Pedical users

Â&#x2021; $lEeriJi 'rive Parcel 8

Â&#x2021; 2IĂ&#x20AC;ce industrial Pedical users

Sorry, but we just couldnâ&#x20AC;&#x2122;t fit information about all of our Ready to Go sites in this ad! If you donâ&#x20AC;&#x2122;t see a parcel thatâ&#x20AC;&#x2122;s the right size for you, just dial 570.823.1100 and ask for Bob Besecker, Jim Hilsher, Bill Jones, or Dan Walsh. Theyâ&#x20AC;&#x2122;ll match you to a Mericle lot and a building design that fits your needs exactly. 6can Ior Pore details aEout Mericleâ&#x20AC;&#x2122;s Ready to Go sites!

%oE %esecker Â&#x2021; -iP +ilsKer %ill -ones Â&#x2021; 'an :alsK 570.823.1100

Developing Pennsylvaniaâ&#x20AC;&#x2122;s I-81 Corridor for 26 Years.

Section C

March 16- 29, 2012

THE

BEST OF 2011

About the Mid Atlantic Real Estate Journals “Best of 2011” spotlight: This was a juried competition of submissions and nominations from our readership. Winners were selected based on the size of the deal or project submitted. Within each category, a large, mid and small size company was honored. To qualify, projects or firms must be located in the Mid-Atlantic region, specifically the states of New Jersey, Pennsylvania, Delaware, Virginia and Maryland. The Mid Atlantic Real Estate Journal is not responsible for inaccurate submissions. If you have questions on a submission or would like to be included in next year’s spotlight, please contact Michael Campisi at mcampisi@marejournal.com.

Section C

March 16- 29, 2012

THE

BEST OF 2011

C Inside Cover — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

www.marejournal.com

CELEBRATING OUR 106TH YEAR

Investment Real Estate Brokerage.

Congratulations to

Joni Sweetwood, Jonathan Greenberg, Barry Waisbrod, Jacob Friedman & our entire sales team on their 2011 sales accomplishments! Their hard work, dedication to clients, and integrity exemplify why Kislak has been so successful for over 106 years. multifamily. retail. office. The Kislak Company, Inc.

www.kislakrealty.com 732 750 3000

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Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — C

Congratulations to Russell B. Bershad, Co-Chair of the Real Property & Environmental Department of Gibbons P.C. for being named a “Best Attorney” by Mid Atlantic Real Estate Journal Mr. Bershad concentrates his practice on sophisticated financing, leasing, and conveyancing transactions. He has written on real estate matters and has also been an Adjunct Professor of Law at Seton Hall University, where he has taught a course in real estate financing. In addition to his recognition by Mid Atlantic Real Estate Journal, Mr. Bershad has been recognized as a member of the American College of Real Estate Lawyers; is listed in the “Real Estate” category of the most recent editions of New Jersey Super Lawyers, Chambers USA Guide to America’s Leading Business Lawyers, and Best Lawyers; and has been highlighted for the past two years in the annual “Meet the Lawyers” feature in Real Estate New Jersey, which profiles the state’s most prominent practitioners.

Gibbons is headquartered at One Gateway Center Newark, New Jersey 07102 973-596-4500

Newark

New York

Trenton

Philadelphia

Wilmington

www.gibbonslaw.com

C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

The Largest Cushman & Wakefield 30 Independence & 180 Washington Valley — 385,870 SF —

Office Lease of 2011 Studley, Inc. 400 7th St SW — 640,000 SF —

30 Independence in Warren, NJ Office of the Comptroller of the Currency

180 Washington Valley Rd. in Bedminster, NJ Name of property: Verizon Wireless Broker(s): Robert Donnelly, Marc Rosenberg Leases at two buildings total 385,870 s/f – 30 Independence in Warren, NJ, and 180 Washington Valley Road in Bedminster, NJ.

www.marejournal.com

City, State: Washington, DC Broker(s): OCC was represented in the transaction by Studley’s Neil Levy and David Lipson Studley represented the OCC in its lease of 640,000 s/f at 400 7th St SW in Washington, DC. ***According to CoStar, this was the largest recorded lease in Washington, DC in 2011.*** As a side note, Studley represented 5 of the 10 largest deals in Washington DC in 2011 – including all of the non-renewal deals in the top 10. In MD, the firm represented 3 of the top 10 and the largest new deals.

Perseus Realty LLC Redland Corporate Center II — 97,910 SF —

Redland Corporate Center II City, State: Rockville, MD Broker(s):Greg Lubar, Jim Cahill of Jones Lang LaSalle represented the tenant. Larry Thau, Dave Machlin, Jim Cahill of CB Richard Ellis represented the landlord. In March 2011 ICF Consulting Group, Inc. signed a 100,000 s/f lease at Redland Corporate Center II. The building, totaling 210,000 s/f, is just off I-270 and sits on a 27 acre campus setting, half of which is preserved forest. The campus includes three office buildings, two of which are owned in a JV between First Potomac Realty Trust and Perseus Realty. The two buildings were built in 2009 and have a tenant list that includes BAE Systems, DRS Defense Solutions, and Bialek Environments.

www.redlandcorporatecenter.com Please call 301.215.4112 for leasing information

Perseus Realty, LLC & First Potomac Realty Trust announce the 100,000 SF lease of ICF Consulting Group, Inc. at Redland Corporate Center II

Greg Lubar and Jim Cahill of Jones Lang LaSalle represented the tenant. Jim Cahill, Dave Machlin and Larry Thau of CBRE represented the Landlord.

Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — C

www.marejournal.com

The Largest Cushman & Wakefield 70 & 90 Hudson Street — $310 Million —

Office Sale of 2011

Studley, Inc. 740 15th St NW (ABA Building) — $69.25 Million —

Beacon Commercial 15 Kings Grant — $3.69 Million —

City, State: Washington, DC Size (square footage/acreage): 173,000 s/f Broker(s): ABA was represented in the transaction by John Goodman, Vernon Knarr, Parker Lange and Art Greenberg Studley assisted the American Bar Association with selling its historic building at 740 15th St., N.W.—a block from the White House—to an entity controlled by the John Buck Company. The ABA retained the flexibility to lease back its current premises through Aug. 31, 2013, which allows the Association time to complete a relocation.

City, State: Bala Cynwyd, PA Size (square footage/acreage): 53,920 s/f Gene McHale, Mike Flynn, Colin McHale were the brokers for both parties in the sale of 53,920 s/f three-story office building. Keystone Property Group acquired the property from Liberty Mutual Insurance.

Size (square footage/acreage): 827,318 s/f Broker(s): Andrew J. Merin, David W. Bernhaut, Gary Gabriel, Brian J. Whitmer Cushman & Wakefield, Inc.’s Metropolitan Area Capital Markets Group has orchestrated the trade of 70 and 90 Hudson Street in Jersey City. CBREI acquired the trophy-quality office assets from Hartz Mountain Industries for $310 million. Completed in 2000 and 1999, respectively, they total 827,318 square feet and are fully leased to several large financial services firms.

Metropolitan Area Capital Markets Group 70 & 90 hudSon STrEET

10 ExchangE PlacE

827,000 SF

748,000 SF

SalE oF TWo Bldg. TroPhy oFFicE

SalE oF TroPhy WaTErFronT

PorTFolio

oFFicE Building

JErSEy ciTy, nJ

695 E. Main STrEET

2 Journal SquarE

568,000 SF

325,000 SF

SalE oF claSS a

SalE oF TranSiT-oriEnTEd

cBd oFFicE ToWEr

oFFicE ToWEr

STaMFord, cT

JErSEy ciTy, nJ

1600 STEWarT avEnuE

BErnardS 78

223,000 SF

202,000 SF

SalE oF claSS a

oFFicE Building

gardEn ciTy, ny

BErnardS ToWnShiP, nJ

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

4C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

The LaRgeSt Cushman & Wakefield 201 South Middlesex Blvd — 600,000 SF —

www.marejournal.com

InduStRIaL LeaSe of 2011 naI James e. Hanson 180 Kost Road — 324,016 SF —

dermody Properties PJP Corporate Hq & dist. Ctr. — 255,336 SF —

Northeast Philadelphia

201 South Middlesex Blvd. City, State: South Brunswick, NJ Size (square footage/acreage): 600,000 s/f Broker(s): Stan Danzig, Jules Nissim SYNNEX Corporation signed a 600,000 s/f, full-building lease at Middlesex Center, 201 South Middlesex Blvd. in South Brunswick

180 Kost Road in Carlisle, Pa Size (square footage/acreage): 324,016 s/f Broker(s): Michael G. Walters, Hal B. Messer

Broker(s): Stephen Marzullo, Patrick Green, and Michael Mullen of CB Richard Ellis In 2011, Dermody Properties completed the largest industrial build-to-suit corporate headquarters/distribution center for Penn Jersey (PJP) in the city of Philadelphia. The LEED Silver Certified facility was delivered to PJP in April 2011. The facility, located in northeast Philadelphia, allowed PJP to keep their headquarters strategically located within city limits, retaining 250 jobs in the city and creating 230 construction jobs that benefited the regional economy. PJP signed a 15-year lease for the facility.

Dermody Properties is proud to have worked with Penn Jersey to develop their USGBC LEED Silver Certified Corporate Headquarters and Distribution Center. Thanks to all of our partners who helped make this project so successful. The ‘LEED Certification Mark’ is a registered trademark owned by the U.S. Green Building Council and is used with permission.

Dermody.com

Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — C

www.marejournal.com

The Largest Cushman & Wakefield iPort 12 International Trade & Logistics Center — $57 Million —

Carteret, NJ Size (square footage/acreage) : 1,264,733 s/f Broker(s): Andrew Merin, Paul Torosian, Gary Gabriel, and David Bernhaut The Cushman & Wakefield Metropolitan Area Capital Markets Group sold iPort 12 International Trade & Logistics Center from Panatoni to KTR. It is the most significant industrial development in Northern New Jersey in over 10 years. Construction was completed on this trophy project in the fourth quarter of 2007 and consists of two buildings of 1,064,515 and 200,218 square feet. It is located on 70 acres (net of wetlands) in Carteret, NJ.

Industrial Sale of 2011 NAI James E. Hanson 200 Central Avenue — $14 Million —

200 Central Avenue in Teterboro, NJ

NAI James E. Hanson announced the sale of 125 and 200 Central Avenue, a 210,009 s/f industrial complex in Teterboro, NJ. Sitex Realty Group, LLC purchased the site. A 104,213 s/f, 125 Central Avenue has 9,640 s/f allocated for office space, a 42-foot ceiling height and 19 loading docks. A 105,796 s/f facility, 200 Central Avenue has 4,418 s/f of office space and 25 loading docks. NAI Hanson senior VPGary Sauerborn and VPs Jeffrey DeMagistris and Thomas Vetter represented the owner, John Landers, ESQ, of the Marschall Warehouse Co., in this transaction.

Metropolitan Area Capital Markets Group

Exit 8A Portfolio

ROCK Commercial Real Estate 515 Zarfoss Drive — $8.075 Million —

Mid-AtlAntiC i-95 Portfolio

1,000,000 Sf

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SAlES of Six Building

SAlE of nEt lEASEd

induStriAl Portfolio

CrAnBury & MonroE, nJ

MArylAnd & nEW JErSEy

60 induStriAl PArk dr.

670 BEllEvillE turnPikE

719,000 Sf

211,000 Sf

SAlE of SinglE-tEnAnt

diStriBution fACility

Milton, PA

kEArny, nJ

515 Zarfoss Drive in York, PA Size (square footage/acreage):309,900 s/f 26.81 acres Broker(s): David Bode, CCIM Building amenities include: 50x50 column spacing, 28 docks w/ insulated seals & electric-hydraulic self leveling loading ramps, emergency generator & more.

Relyon Rock

The Power of Team

111 BAuEr drivE

fAir lAWn tECh CEntEr

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

. For in-depth market research . For fast service that saves time and money . For timely and accurate information . For a unique team-based approach to commercial real estate

ROCK Commercial Real Estate, LLC, Susquehanna Commerce Center West 221 West Philadelphia St. Suite 19, York, PA 17401-2992 717-854-5357 Fax: 717-854-5367 www.rockrealestate.net

C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

The Top Lease

www.marejournal.com

Broker of 2011

#1 Broker (Tie) #2 Broker (Tie) #3 Broker (Tie) #4 Broker (Tie)

Frank Caccavo & Jason Goldman

Shown from left: Bart Anderson, Michael Hess, Patrick Lafferty CBRE-Philadelphia

Shown from left: Andrew Siemsen, Marc Petrella, Melissa Pena Cushman & Wakefield E. Rutherford

#6 Broker

#7 Broker

Bob Schwenger JBG Rosenfeld Retail

Gene McHale Beacon Commercial

Stan Danzig & Jules Nissim Cushman & Wakefield E. Rutherford

#8 Broker

Dan Brickner Metro Commercial

The Top Sales

Shown from left: Robert Donnelly, Robert Donnelly Jr., Marc Rosenberg Cushman & Wakefield E. Rutherford

#9 Broker (Tie)

Shown from left: Michael Walters, Thomas Vetter, Jeffrey DeMagistris NAI James E Hanson

#5 Broker

John Mitchell JBG Rosenfeld Retail

#10 Broker

Mike Adams Nai Summit

Broker of 2011

#1 Broker (Tie) #2 Broker(Tie) #3 Broker (Tie) #4 Broker (Tie) #5 Broker (Tie)

Robert Fahey & Michael Hines Shown from left: Andrew Merin, David Bernhaut, Gary Gabriel Cushman & Wakefield E. Rutherford

Shown from left: Stephen Conley, Jose Cruz, Andrew Scandalios Holliday Fenoglio Fowler

#6 Broker

#7 Broker

#8 Broker (Tie)

#9 Broker

#10 Broker

Joseph Brecher Gebroe Hammer

David Jarvis Gebroe Hammer

Nat Gambuzza & Lauren Federgreen Marcus & Millichap Elmwood Park, NJ

Christopher Munley Marcus & Millichap Conshohocken

Brad Nathanson Marcus & Millichap Conshohocken

Dave Nachison & Alan Davis Holliday Fenoglio Fowler

Mark Taylor & Dean Zang Marcus & Millichap Conshohocken Michael Blunt & Lizann McGowan CBRE-Philadelphia

Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 7C

www.marejournal.com

The BEsT of 2011

Congratulations 2011 Mid AtlAntic region rAnkings #1 and #3 Top Sales Brokers in 2011 Largest Multi-housing Sale in 2011 AIG Multi-housing Portfolio - New Jersey Largest Mixed-use Project in 2011 Lot 31 - Maryland Largest Financial Deal in 2011 America’s Square - Washington, D.C.

The Mid Atlantic Real Estate Journal would like to personally Congratulate this years winners of “The Best of 2011” To guarantee your company is considered next year, please email: Michael Campisi

Rankings from Mid Atlantic RE Journal survey. NEW JERSEY 200 Campus Drive, Suite 410 Florham Park, NJ 07932 t (973) 549-2000

mcampisi@marejournal.com or call 1-800-584-1062 x 208

WASHINGTON, D.C. 1627 I Street NW, 12th Floor Washington, D.C. 20006 t (202) 533-2500

www.hfflp.com

This is such a big “Thank you” iT covers 39,060 square feeT.

Managed healThcare associaTes, inc.’s expansion and renewal aT 25 a vreeland road in florhaM park congraTulaTions To Managed healThcare associaTes, inc. and eric ladden of cornersTone real esTaTe group on Their deal being naMed one of The “besT of 2011”.

SPACE AVAILABLE RANGING FROM 2,000 sq. ft. UP TO 77,000 sq. ft. OF CONTIGUOUS CLASS A OFFICE SPACE. For Leasing Information, Please Contact: John Osborne, Executive Director, Leasing, 732-855-8600 x115 Kelly Ziegenfuss, Assistant Director, Leasing + Marketing, 732-855-8600 x109

www.bergmanrealty.com

C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

The Largest

www.marejournal.com

Land Lease of 2011

Bennett Williams Realty, Inc. Gateway Center, Chambersburg, PA — 1.29 Acres —

ROCK Commercial Real Estate, LLC 1170 Loucks Road, York, PA — 0.89 Acres —

Broker(s): Chad A. Stine & Bradley A. Rohrbaugh

This 1.29 acre land lease in Chambersburg, PA was part of the landmark Gateway Shopping Center. The pad site is highly visible along Walker Road, which sees a daily traffic count of 52,000 CPD and is in close proximity to the new Target

power center. Gateway Shopping Center has historically maintained a high oc-

cupancy rate and is bolstered by nationally recognized tenants such as Fuddruck-

ers, Sprint, Quizno’s Subs, Moe’s Southwest Grill, and Wolf Furniture. Currently, there are leasing opportunities from 2,155 SF to 4,435 s/f.

The Largest

Highly visible, corner location on a Route 30 lighted intersection. Heavy traffic area near York, Pennsylvania’s central retail and business hub.

Land Sale of 2011

NAI James E. Hanson Palisades & Washington Ave., Weehawken, NJ — $11 Million —

Size (square footage/acreage): 14.54 Acres

Broker(s): Ryan Myers, CCIM

ROCK Commercial Real Estate, LLC Trinity Road at Woodberry Rd., York, PA — $750,000 —

Size (square footage/acreage):100 acres

Broker(s): Andrew Somple, Gregory James

Broker(s): Ted Turnbull, CCIM

continue to function as a water storage facility.

ment homes, daycare, funeral homes and churches. Six additional residential lots

Sale of 14.54 water reservoir site which will be transformed into a passive public Located on the Southeast Quadrant of Rt. 30 and Rt. 616 with 1,200 feet fronting on Rt. 30. Professional office zoning allows for medical, banks, nursing, retirepark, enhanced with a walking and running trail. Portions of the reservoir will

Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — C

www.marejournal.com

The BEsT Toll Brothers Toll Brothers City Living — $56 Million —

DEVELOPER of 2011

Woodmont Properties Woodmont Place at Palmer — $26 Million —

Prism Capital Partners The Parkway Lofts — $60 Million —

The Parkway Lofts 1450 Washington in Hoboken, NJ

Woodmont Place at Palmer

Toll Brothers, developers of the Hudson Tea Complex in Hoboken, continue to work their magic in what is often called the sixth borough. Their 1450 Washington building is more than 50 percent sold even though the sales office has only been open since October and the building isn’t even complete yet. The building features more than 30 attractive floor plans, 24-hour concierge, gorgeous rooftop living space, fitness center and a children’s playroom complete with a real boat. With amenities like these, it’s no wonder that prices are rising, allowing the early buyers to see appreciated profit before even moving in - a dynamic not seen since 2006.

100 Woodmont Circle Easton, Pennsylvania 16.25 Acres Woodmont Properties purchased the land and is developing 216 apartment units in 9 buildings. The leasing office opened at the end of April 2011 to strong leasing activity and velocity has continued throughout the year with an average of 15 leases per month. Woodmont expects the project to reach stabilization by early summer 2012

opening doors | building communities | changing lives

Heritage Village at Seabreeze, Lacey Twp., NJ

Neighborhood Revitalization Residential Property Acquisition & Preservation Affordable & Special Needs Housing Development

Heritage Village at Elizabeth, Elizabeth, NJ

Public & Private Financing & Subsidy Programs Residential Property Management & Compliance Multifamily Construction, Redevelopment & Rehabilitation

1970 Brunswick Avenue, Suite 100, Lawrenceville, NJ 08648 609.298.2229 www.ciSnj.com

Prism Capital Partners, LLC, has broken ground for Phase I at The Parkway Lofts, a high-profile, multi-family adaptive reuse in Bloomfield and East Orange. The milestone marks the launch of a signature redevelopment for the State of NJ. Located with high visibility on the Garden State Parkway, the master-planned project initially includes the conversion of a 114-year-old, 365,000-square-foot, six-story warehouse building into 361 loft-style apartments, and the creation of a three-level parking facility. At build out, the 14.5-acre site will be transformed into a distinctive, high-density residential village also featuring 150 for-sale townhomes, a clubhouse and other lifestyle amenities to be built as part of Phase II.

10C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

The Largest

www.marejournal.com

Retail Lease of 2011

Metro Commercial Real Estate Levin Management Corporation Fairlane Village Mall Willow Grove Park — 129,000 SF — — 57,860 SF —

Legend Properties, Inc. Raymour & Flanigan — 43,328 SF —

Fairlane Village Mall in Pottsville, PA

JC Penney

JC Penney is under construction at Willow Grove Park in Suburban Philadelphia and is expected to open in the fall of 2012. The 129,000 s/f department store, along with Nordstrom Rack, Forever 21 and Bravo Cucina, will join Cheesecake Factory in 190,000 s/f of anchor space formerly occupied by Strawbridge’s. JC Penney will occupy space on first and second floors of the mall. Metro Commercial Real Estate’s Dan Brickner represented JC Penney in the transaction.

Kohl’s Department Store – 57,860 s/f Fairlane Village Mall, “Where Schuylkill County shops…for value,” is a small market mall that had lost an anchor (Value City) to bankruptcy early in the economic downturn. Levin targeted Kohl’s, known for combining value and style, as the perfect replacement. Levin also continued to build their community marketing efforts for the property, which, for two years in a row, has been named Best Shopping Center in the county in a consumer poll run by a leading area magazine. Michaels Stores has also recently leased space here, joining Harbor Freight Tools, Dollar Tree, and Super Shoes, other retailers targeted by Levin.

The Largest Marcus & Millichap Conshohocken Ashbridge Square — $51.75 Million —

Ashbridge Square Size (square footage/acreage) 388,813 s/f Sale price required $51,750,000 Broker(s): Mark Taylor & Dean Zang Ashbridge Square, is a 386,016 s/f shopping center anchored by The Home Depot, Best Buy and Bottom Dollar (Food Lion guarantee), is situated in East Caln

Raymour & Flanigan

Raymour & Flanigan, Whitehall, PA Broker(s): Maria Rita Aristone & Dennis Campbell Legend Properties obtained the exclusive listing on the Whitehall Mall and signed a lease with Raymour & Flanigan to take over the space formally occupied by Borders Books, Famous Footwear and Twitter. Legend principal, Maria Rita Aristone and vice president, Dennis Campbell represented the Landlord, Simon Property Group in the transaction. Whitehall Mall is a 592,498 s/f regional mall anchored by Sears, Bed, Bath & Beyond, Michaels and Kohl’s.

Retail Sale of 2011

WP Realty Festival at Exton — $24 Million —

Legend Properties, Inc. Former Bryner Chevrolet — $2.2 Million —

Festival at Exton WP Realty sold Festival at Exton to Paramount Realty Services of Lakewood, New Jersey. WP Realty purchased the property in December 2005, with an occupancy rate of only 50%, including a vacant Clemens Supermarket box comprising 40,000 s/f. Upon acquisition, WP Realty utilized its strong relationships and expertise in leasing, development and management to reposition Festival at Exton into a center that boasts 94% occupancy and includes strong national and regional tenants such as Marshalls/HomeGoods, Bonefish Grill, and Dollar Tree.

Former Bryner Chevrolet in Abington, PA Broker(s):Jerry Ward & Dennis Campbell Legend Properties obtained the listing on the former Bryner Chevrolet to sell the existing 65,000 s/f former new car dealership and repair shop, which is situated on +/- 3 acres. The property is located just north of the intersection of Old York Rd (Rt. 611) & Township Line Rd. (Route 73).

Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 11C

www.marejournal.com

The Best of 2011

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12C — March 16 - 29, 2012 — The Best of 2011 — Mid

The Largest

Atlantic Real Estate Journal

www.marejournal.com

Retail Acquisition of 2011

WP Realty Carlisle Crossing — $17.9 Million —

NAI Hanson 9001 Woody Terrace — $14 Million —

Carlisle Crossing

Kenhorst Plaza

WP Realty acquired Carlisle Crossing, a 368,000 s/f

power center anchored by Kohl’s, Target, Michael’s, Old Navy and Aldi. The center, constructed in 2006,

is located in the heart of the area’s retail corridor and

9001 Woody Terrace

features superior visibility from one of Pennsylva-

City, State: Clinton, MD

acquiring a 154,000 s/f portion of the property in

Size (square footage/acreage): 38,222 s/f Shopping

nia’s most traveled highways, Interstate 81. Since

June 2011, WP Realty has been successful in adding

occupancy and is confident that the quality and location of the asset will allow the leasing momentum to continue well into and beyond 2012.

Katz Properties Kenhorst Plaza — $16.15 Million—

Sale Price (required): $14 million Center

Broker(s): Hal B. Messer, Associate VP

Shopping Center tenanted by Walgreens, TD Bank & Office Depot

Kenhorst Plaza shopping center in Shillington, PA was purchased for $16,150,000. The 162,000 square foot supermarket anchored shopping center, built in 1990 and situated on 19.2 acres, is located at 1895 New Holland Road just three miles south of downtown Reading, PA. Kenhorst Plaza is currently 89% occupied by twenty tenants including a high volume Redner’s Warehouse Market. National retailers located in the center are Dollar Tree, Fashion Bug, General Nutrition Center, H&R Block, Sears Hardware and a US Post Office. The outparcel tenants at the center are Dairy Queen and Susquehanna Bank.

2012-MAREJ-best-of_Layout 1 3/5/12 11:14 AM Page 1

TURNING VISION INTO VALUE

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

WP REALTY is proud to have received The Mid-Atlantic Real Estate Journal's “Best of 2011” top honors in two categories for mid-sized firms: Largest Retail Acquisition and Largest Retail Sale.

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

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

Leasing Charter Realty & Development Corp. 203-227-2922 chartweb.com

Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 1 C

www.marejournal.com

The

BEsT auCtIOneeR of 2011

400+

By O Philadelphia

Philadelphia Properties

Max Spann Real estate & auction Co. Philadelphia Housing authority Individuals, Attention — $11 Million —

Builders, an Renovation and Rebuild Opportun

Max Spann is pleased to announce the Auction Sale of 400+ properties throughout Philadelphia. This offering includes: Townhomes, Lots, and Multi-unit buildings. The properties are being auctioned in groups of one to twenty-five. Th property list and map of the lots are available on maxspann.com.

Wednesday, November 16th 1

888-299-1438 / maxspann.c Philadelphia Housing Authority Type of Property: Single Family Homes, Lots Address Throughout City of Philadelphia, City, State Philadelphia, PA Size: 500 Properties Total Sale Price: $11,000,000.00 Max Spann Real Estate & Auction Co. sold 400 properties in a matter of hours for the Philadelphia Housing Authority. Nearly 700 bidders, including both large and small investors, turned out the auction on Nov. 16 to bid on town homes, building lots and multiunit buildings. Due to the popularity of the auction, Max Spann held a second auction on Dec. 7, where it sold another 100 properties. Both auctions generated $11 million for the cash-strapped public housing agency. The properties are now in the hands of investors and homeowners who can return them to productive use, helping to rejuvenate blighted neighborhoods.

U P C O M I N G A U C T I O NS AUCTION APRIL 15 PHOENIXVILLE, PA Byrne Lofts – The Ultimate Metropolitan Lifestyle 32 One & Two Bedroom Lofts Minimum Bids from $65,000 AUCTION APRIL 22 PHILADELPHIA, PA Builder Close Out Pine West 7 One and Two Bedroom Condos Minimum Bids $85,000 Spacious residences with 9’ ceilings and open floor plan.

AUCTIONS APRIL 19 DELAWARE TWP., HUNTERDON COUNTY, NJ 162+/-Acres Rich Fertile Preserved Farm Stone Manor House on quiet country road 7 Bedrooms, 3 Baths NJDOT Approved Grass Airstrip UPPER BLACK EDDY (NOCKAMIXON TWP), BUCKS COUNTY, PA Historic Farmstead on 48+/- Acres Country home ready for renovation. Bank Barn and smoke house.

AUCTION MAY 12

CHESAPEAKE CITY, MARYLAND Minimum Bid $1.2M St. Augustine Manor Maryland’s Eastern Shore Magnificent formal brick Georgian Home approximately 12,000 SF Situated on approximately 58+/- gently rolling acres Home features 6 bedrooms and 7 full baths Separate guest and staff accommodations

Call Max Spann Real Estate Co. for details: 888-299-1438 Robert L. Dann Auctioneer Lic #AU005609

www.maxspann.com

14C — March 16 - 29, 2012 — The Best of 2011 — Mid

The Largest

Atlantic Real Estate Journal

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Multifamily Sale of 2011

HFF AIG Multi-Housing Portfolio — $241.5 Million —

Beech Street Capital, LLC Christiana Meadows — $32 Million —

Pheasant Hollow Apartments, Plainsboro, NJ Broker(s): Jose Cruz, Andrew Scandalios HFF closed the sale of a six-property, 2,185-unit multihousing portfolio in central New Jersey. HFF marketed the offering on behalf of the seller, AIG Global Investment Group. Angelo, Gordon & Company and Vantage Properties, LLC purchased the portfolio for $241.5 million. This sale included the assumption of $150 million of existing debt. The portfolio is 91.6 percent occupied overall and properties are located within Monmouth and Middlesex counties. Quail Ridge Apartments, Plainsboro 1,032 Units Pheasant Hollow Apartments, Plainsboro 440 Units Jumping Brook Apartments, Neptune 308 Units Marine Gardens, Long Branch 24 Units Long Brook Apartments, Matawan 241 Units Leonardine Gardens, South River 140 Units

Christiana Meadows, Bear, DE

Size (square footage/acreage): 648-unit, garden-style apartment complex Broker(s): Originated by Brian Sykes, vice president based out of the Boston, MA office Beech Street provided a $32 million Fannie Mae structured adjustable rate mortgage (ARM) to refinance Christiana Meadows, which enabled the owner to approximate the net cash flow made possible by its taxexempt floating rate bonds. The structured ARM, particularly its initial pay rate, provided a better alternative than a fixed-rate loan or turning to a new LIBOR-based floating rate mortgage in hopes that rates would remain low. To further enhance the net cash flow, Beech Street provided four years of interest-only on the 10-year loan, since the monthly amortization payments are less under the structured ARM than a floating-rate note.

Gebroe-Hammer Associates Metropolitan Plaza — $86 Million —

Metropolitan Plaza, Atlantic City, NJ Name of property: Metropolitan Plaza, Atlantic City, NJ Size : 201 units Broker(s): David Jarvis and Joseph Brecher Gebroe-Hammer Associates represented the seller and identified the buyer, a long-time client of the firm, in the $86 million sale of Metropolitan Plaza, a 201-unit highrise multi-family complex at 145 S. Rhode Island Ave. in Atlantic City, N.J.’s Pacific/Rhode Island district. The privately-owned income- and age-restricted property, completed in 1988, is distinguished by its post-modern exterior design and extensive on-site amenities. The 14-story elevator building is one block from Atlantic City’s famed boardwalk, near both bus and rail transit, close to shops and restaurants, all of which generate high foot-traffic and support the building’s traditionally high occupancy rate.

Gebroe-Hammer Associates proudly congratulates Joseph Brecher and David Jarvis for "Largest Multi-Family Sale" Metropolitan Plaza in Atlantic City and our Best of 2011 Top 10 Brokers - Sales Honorable Mention

Joseph Brecher #6

David Jarvis #7

“Best Place to Work" #9

INVESTMENT REAL ESTATE

Top Broker – Sales Nicholas Nicolaou #22

2 West Northfield Road, Livingston, NJ 07039 Tel: (973) 994-4500 Fax (973) 994-9752 Visit us on the web at www.gebroehammer.com Email: info@gebroehammer.com

Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 15C

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The Largest HFF Lot 31 — $200 Million —

Mixed Use of 2011

New Brunswick Development Corp. Gateway Transit Village — $135.6 Million —

Herring Properties 23 Orchard Road — 70 Acres —

23 Orchard Road, Skillman, NJ

Lot 31 in Bethesda, MD Type of mixed-use - Multi-housing, Retail and Parking Size (square footage/acreage) - 250 Units, 40,000 s/f Retail, 950 parking spaces Sale price $200 million development project, sales price is confidential Broker(s): Stephen Conley, Alan Davis StonebridgeCarras, PN Hoffman join with Northwestern Mutual in JV arranged by HFF to undertake new mixed-use development in Bethesda, Maryland StonebridgeCarras and PN Hoffman have formed a joint venture with Northwestern Mutual, arranged by HFF, to develop a mixed-use project. StonebridgeCarras and PN Hoffman have been working with Montgomery County since 2005 to re-develop the County’s two surface parking lots (commonly referred to as Lots 31 and 31A) into a vibrant mixed-use project.

Gateway Transit Village in New Brunswick, NJ

Type of mixed-use: Residential – Retail – Commercial – Parking Size (square footage/acreage): 635,000 s/f/1.6 acres Located in downtown New Brunswick adjacent to the train station and across from the main campus of Rutgers University, the 24-story facility is bringing renewed life to a previously underutilized site with 192 new residential units, life-style retail, including a Barnes & Noble bookstore and a destination restaurant, Class-A commercial space with expansive views of the Raritan River, structured parking for 700 vehicles, and a direct, park-like pedestrian walkway from Rutgers’ main campus to the Northeast corridor train platform. Construction for Gateway Transit Village, a public-private partnership, was recently completed.

Category of project: Residential, Commercial, Smart Growth, Solar Array, and Green Building Design Civil Engineer: Van Cleef Engineering Associates Intensity of the project: Originally a 70 acre site subdivided into two lots (5.01 and 5.02) Solar Array: A six acre array will provide 40% of the power to the office building. Power to the office building was intermittent causing multiple outages and voltage drops during high peak times. The solar array provided the opportunity for consistent power during the high demand times such as summer days when the sun and heat are strong. Montgomery Township was quick to grasp the need to have power stability at the office building to maintain its major tenant, Johnson and Johnson, who occupy over 160,000 s/f of the building. The most significant challenge came in the location of the array. The roof was too small to provide sufficient power and the parking lot would require complete reconfiguration.

Right SPACE 2,000 to 12,000 SF Right PRICE starting below $20.00 PSF Right NOW pre-built & furnished units available

A premier office setting and a rare opportunity… first-class office facility with best-in-class amenities including a full building atrium, café and fitness center located in a highly attractive campus with stunning interiors and a Blue Chip tenant roster.

23 Orchard Road | Princeton, New Jersey 23.orchard.com 23 Orchard Road is owned by JER Partners and Herring Management. The owners specialize in multi-tenant buildings and have earmarked $3 million to renovate and upgrade the building. “This is a true headquarters- quality facility, as well as the finest value in a large block of space in the Princeton market,” states owner Jamie Herring.

HP HERRING PROPERTIES Owned & Managed by www.herringproperties.com

Leasing by www.cassidyturley.com

16C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

www.marejournal.com

The Top Financial DealS of 2011 HFF America’s Square — $250 Million —

Institution – Dweck Properties (borrower) Financier MetLife (first mortgage loan) and First Potomac Realty (mezzanine loan) HFF arranged $250 million in financing for America’s Square, a 461,484 s/f, trophy office complex in the Capitol Hill area of Washington, D.C. HFF worked on behalf of the borrower, Dweck Properties, to secure a $220 million first mortgage loan from MetLife and a $30 million mezzanine loan from First Potomac Realty, both with fiveyear terms. America’s Square is currently 93% leased to tenants such as Jones Day, Siemens, Comcast, and Carr Workplaces. The property encompasses an entire city block within the Capitol Hill area of Washington, D.C., located blocks from the U.S. Capitol and Union Station, as well as numerous lodging, dining and shopping amenities. The HFF team representing Dweck Properties included senior managing directors Bob Donhauser and Bill Asbill and managing director Cary Abod.

Meridian Capital Group 430 West 14th St., New York — $55 Million —

Meridian Capital Group, LLC negotiated a $55 million financing package for a mixed-use office and retail building located at 430 West 14th Street in New York, NY. The three-year acquisition financing is composed of a $45 million senior loan provided by Citigroup Global Markets Inc., as well as a $10 million mezzanine loan provided by SL Green. Meridian managing director, Cary Pollack, based in the company’s New York City headquarters, negotiated the transaction. The five-story, 61,000 s/f mixed-use property is located at 430 West 14th Street. It comprises 18,000 s/f of retail space and 43,000 s/f of office space. Located in heart of the trendy Meatpacking District, the property features a full block front of prime retail space along Washington Street stretching from West 13th Street to West 14th Street. The property is currently occupied by a variety of fashion, technology and new media tenants.

Progress Realty Advisors, Llc Workstage — $35 Million —

Size (square footage/acreage): 305,000 sf Institution: Sovereign Bank Financier: Bruce Dashevsky, vice president Address: 108 Leigus Road City, State: Wallingford, Connecticut Progress Realty Advisors arranged a $35 million credit facility for Workstage, LLC which is owned by Stan Gale of Gale International. The funds were used to develop a 305,000 s/f high performance class A office building offering state-ofthe-art operating systems. The loan required the collaboration of the lender and broker to structure. $8 million was used to retire an existing loan and had to be accomplished quickly to take advantage of a discount. The balance of the $27 million for construction, closed several months later with a competitive Libor based floating interest rate. The property is pre-leased to WellPoint and Steelcase, Inc.

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Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 17C

The Best of 2011

Relationship Driven. Execution Focused. Only Meridian Capital Group’s powerful financing relationships can consistently achieve the unparalleled results our clients require.

Meridian Capital Group, LLC proudly advised on financing for the following transaction:

The Gateway Towers Philadelphia, PA Six-Story Multifamily Building

$22,500,000

485 Route 1 South, Iselin, NJ 08830 | 732.301.3200 | www.meridiancapital.com

18C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

The BEST The Berger Organization The Military Park building — 250,000 SF — The Berger Organization’s Military Park Building sits in the heart of Newark’s CBD, overlooking Military Park, near mass transit, entertainment and cultural attractions. The 21-story office tower underwent a comprehensive refurbishment in 2001. That project 60 Park Place, Newark, NJ included mechanical upgrades, new windows and exterior restoration of the 85-year-old property. As owner/manager, Berger recently completed another major update that upgraded the lobby, core building and elevators, and introduced a fitness center and conference room for tenants. The firm also established street-level retail that can be accessed from both outside and within the building.

www.marejournal.com

Owner of 2011

JBG Urban & Capri Capital Partners North Bethesda Market — 200,000 SF —

Prism Capital Partners BroadAcres Office Park — 380,000 SF —

BroadAcres Dr, Bloomfield, NJ Woodglen Dr, North Bethesda, MD North Bethesda Market is a new mixed-use community located on Rockville Pike featuring 200,000 s/f of retail and 435 luxury residential units. It’s anchored by Whole Foods Market and home to other great tenants like LA Fitness, Arhaus, Season 52 and Brio. The captivating Market East tower is the tallest residential tower in Montgomery County. The Market West midrise offers both exciting retail and four stories of residences. With elegant apartments, unique shopping, exciting entertainment and a location just minutes from bustling Bethesda, MD and Downtown DC, this new neighborhood has it all.

Prism acquired this four-building class A campus in 2006. As owner/manager, the firm has created an inviting outdoor courtyard and patio area, and completed full lobby updates at 300 and 400 BroadAcres Drive. Tenants also enjoy available conference space and upscale, specialty sit-down food service and on-site catering on the ground floor of 200 BroadAcres Drive. The property’s location between Garden State Parkway exits 151 and 153, near the interchanges of routes 3 and 46, provides unparalleled access to Northern and Central New Jersey, with excellent access to Manhattan as well. Striking building façades complement the 20-acre, park-like setting.

200 Broadacres Drive Bloomfield, NJ 07003 201.567.2711 973.562.9580

R EAL E STATE I NVESTMENT Asset Management D EVELOPMENT and R EDEVELOPMENT C ONSTRUCTION M ANAGEMENT P ROPERTY M ANAGEMENT L EASING AND M ARKETING

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; The Best of 2011 â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; 19C

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The BEsT of 2011

The Berger Organization Leading the way in Newark, New Jersey Providing premier office space in Newarkâ&#x20AC;&#x2122;s finest business districts. Serving the business community for over 35 years.

Military Park Building

Robert Treat Center

For more information contact: Brendan Berger at: s BRENDAN BERGERORG COM

570 Broad

Berger Organization www.bergerorg.com

Firemanâ&#x20AC;&#x2122;s Insurance Company Building

20C â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; The Best of 2011 â&#x20AC;&#x201D; Mid

ARCHITECTURAL FIRM

Atlantic Real Estate Journal

777 Terrace Avenue Hasbrouck Heights, NJ 07604 Phone: 201-288-2600

www.dmrarchitects.com

www.marejournal.com

The BEST Hartz Mountain

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; The Best of 2011 â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; 21C

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GREEN PROJECT Emory Hill

of 2011

The MAREJâ&#x20AC;&#x2122;S GREEN Building Section Providing the latest methods, services, products and best practice scenerios facing the commercial real estate industry in green building today.

Ben Franklin Tech Partners

Celebrating 20 years of design excellence! specializing in

Municipal

Education

Healthcare

Corporate

Architecture â&#x20AC;˘ Planning â&#x20AC;˘ Engineering â&#x20AC;˘ Interiors â&#x20AC;˘ Consulting

ARCHITECTURAL AND INTERIOR DESIGN

Hartz Mountain Ind. Solar Farm, Hamilton NJ This project, combined with rooftop solar arrays on 13 of their commercial and retail buildings, brings Hartzâ&#x20AC;&#x2122;s total solar generating capacity to 17 MW -- providing clean electricity to their tenants and to NJâ&#x20AC;&#x2122;s energy grid. Good for the environment, good for business, and good for New Jersey.

The Walters Group

Ben Franklin TechVentures is an award-winning technology-based incubator owned and managed by the Ben Franklin Technology Partners of Northeastern Pennsylvania on Lehigh Universityâ&#x20AC;&#x2122;s campus. Emory Hill constructed the Delaware Tech Energy House, a teaching facil- The recently-opened expansion, TechVentures2, added 47,000 s/f. and will ity built entirely with the latest â&#x20AC;&#x153;greenâ&#x20AC;? technologies, products and energy- create up to 200 sustainable, highly paid technology jobs and retain 100 more efďŹ cient systems, which was recently awarded LEED Platinum CertiďŹ cation. at new companies in its ďŹ rst three years. The architect was Spillman Farmer The facility houses classrooms and a lab to give students the opportunity to Architects and the construction manager was Allied Building Corporation. learn ďŹ rst-hand how to develop or implement various green TechVentures2 is registered to be LEED Gold-certiďŹ ed. technologies and be better prepared to ďŹ nd employment in this ďŹ eld.

M&E Engineers

To feature your company, project, or services please contact: Mike Campisi 800-584-1062 x 208 email: mcampisi@marejournal.com PROJECT MANAGEMENT AND ARCHITECTURAL ASSISTANCE

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The Walters Group, developer of Stafford Park, has broken ground on Stafford Preserve, a luxury rental community, consisting of 18 three-story buildings, totaling 216 units. The energy-efďŹ cient complex will provide one- and two-bedroom garden-style apartments and two-bedroom townhouses. Each apartment will include a washer and dryer, fully equipped kitchen, window coverings and ceiling fans in the master bedroom. Some units will have lofts. Services and facilities onsite will include a community clubhouse with state-of-the-art ďŹ tness center, resort-style pool, childrenâ&#x20AC;&#x2122;s playroom, tot-lot playground, tennis and basketball courts, picnic pavilion, and barbeque area.

This project consists of a complete renovation of former warehouse and production space into a new corporate headquarters. A portion of the building will be jacked up to accommodate a second ďŹ&#x201A;oor. Project is being staged to allow for the building to be fully functional throughout the renovation process. The building is seeking to earn a LEED Silver certiďŹ cation. As part of the LEED process, a variety of HVAC system approaches were modeled and subjected to a life-cycle cost analysis to determine the best approach for the new building. An Integrated Automation System will monitor and control the HVAC, lighting, and security/access control systems. M&E Engineers has been working very closely with NK Architects on this extraordinary project.

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In April 2011, Avidan Management unveiled a 17-acre, rooftop-mounted solar panel installation at its Edison, NJ based facility, 145 Talmadge is comprised of 17,745 solar panels, it was the largest installation of its kind to have been completed in the entire country at the time. In the ďŹ rst month of installation, the system reduced the buildingâ&#x20AC;&#x2122;s electrical costs by 50 percent and is projected to produce 5 million kilowatt hours annually â&#x20AC;&#x201D; enough energy to service half of the power needs of the buildingâ&#x20AC;&#x2122;s multiple tenants, which utilize the facility as ofďŹ ce space and for storage of dry goods and refrigerated and frozen foods. The total cost of the installation was roughly $22 million, and approximately 120 jobs were created during the construction process.

DMR provided architectural and engineering design and construction administration services for a new academic building to serve Middlesex County Collegeâ&#x20AC;&#x2122;s nearly 13,000 students. The building contains 13 general purpose classrooms, a 1,500 square foot ofďŹ ce for the Division of Corporate and Community Education, four computer labs, one culinary demonstration lab, two conference rooms, a student lounge, three meeting rooms and administrative spaces. Sustainable factors include occupancy sensors in each room, day lighting, drought resistant plantings and high tech air conditioning units and boiler. 97% of all construction waste was recycled and 100% of materials were manufactured locally.

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22A — March 16 - 29, 2012 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 23A

THE MID ATLANTIC REAL ESTATE JOURNAL

The Mid Atlantic Real Estate Journal will be celebrating our 10 Year Anniversary!

BRATIN E L

The Mid Atlantic Real Estate Journal is celebrating ten years in print! We know that the success of our business today has been built upon our valuable relationship with YOU – and we’d like to thank our loyal advertisers and readers with a special anniversary issue in May. This issue will highlight the top headlines and projects from the past decade. If 2012 marks an anniversary for your company contact Michael Campisi: mcampisi@marejournal.com or call 800-584-1062 x 208 to find out how to participate in this feature. Ten years is just the beginning. We’re looking forward to tomorrow. Deadline: April 27, 2012 Issue Date: May 11, 2012

Years of Coverage!

22C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

The Best Hartz Mountain Harmon Meadow — 500 Acres —

Harmon Meadow - Mixed Use Development 400 Plaza Drive, Secaucus, NJ 500 Acres Hartz Mountain Industries created more than just a mall at their Harmon Meadow mixed-use development—it’s more like a 500-acre destination for shopping, dining and entertainment. The spacious campus-like environment boasts 15 restaurants, seven hotels (with one more that broke ground in 2011), well-known shopping and entertainment, and a fitness center that can be easily accessed from the NJ Turnpike and Route 3, as well as via New Jersey Transit through free shuttle transportation from the Secaucus Junction train station.

www.marejournal.com

Manager of 2011

Mack-Cali Realty Corp. Harborside Financial Center — 3,932,220 sf —

Harborside Financial Center Harborside Financial Center is the Jersey City Waterfront’s premier “city within a city” featuring five state-of-the-art class A office buildings, retail shops, restaurants, a fullservice Hyatt Regency hotel, luxury apartments, and unbeatable views of the Manhattan skyline. This world-class business location also offers excellent transportation access, a wealth of economic incentives, and impressive corporate neighbors.

FMS Management Schuylkill Mall — 730,000 SF—

Route 61, Frackville, PA Schuylkill Mall is conveniently located at the intersection of I-81 and SR 61. It is the largest mall in its trade area, with major retail anchors including Sears, K-Mart, Bon Ton, and other national retailers including Victoria’s Secret, Gap and Bath and Body Works. In 2011, Dunham Sports, one of the largest full-line sporting goods chains in the U.S. with over 150 locations in 12 states executed a new lease for 58,000 sf and expects to open and be operating by the second quarter, 2012.

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; The Best of 2011 â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; 23C

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The Best of 2011 PRESENTS

300 LIGHTING WAY SECAUCUS, NJ AVAILABLE FOR LEASE 5,000 - 140,000 SF

Join NBA Entertainment, Ernst & Young, Childrenâ&#x20AC;&#x2122;s Place and many Fortune 100 Companies at

Harmon Meadow s -IXED USE STATE OF THE ART CAMPUS SETTING MINUTES FROM -ANHATTAN FEATURING HOTELS convention center, 15+ restaurants, over MILLION 3& OF OFl CE SPACE AND MILLION 3& OF RETAIL SPACE

s &REE PEAK HOUR SHUTTLE TO AND FROM Secaucus Junction â&#x20AC;&#x201C; direct service to .9# ALL .* 4RANSIT AND !MTRAK LINES s 2EGULARLY SCHEDULED BUS SERVICE TO midtown Manhattan

s !VAILABLE #LASS ! /Fl CE 3PACE

&OR INFORMATION ON OUR PROPERTIES please contact our leasing department: %RNIE #HRISTOPH ernie.christoph@hartzmountain.com #HARLIE 2EESE charlie.reese@hartzmountain.com Hartz Mountain Industries, Inc. Leasing Dept. 0LAZA $RIVE 3ECAUCUS .EW *ERSEY s 0HONE s &AX 0ROVIDING THE "EST /Fl CE 3OLUTIONS s WWW HARTZMOUNTAIN COM

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3/4/11 4:04 PM

AXIOM Communications Client: Hartz Mountain Industries

24C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

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The Favorite/Most Unusual Engineering Project of 2011 M&E Engineers, Inc. Verizon - Chiller Plant Replacement — HVAC Renovation —

K&W Engineers & Consultants PSECU — New Corporate HQ —

M&E Engineers performed MEP engineering services for the replacement of three complete chiller plants totaling 1,750 tons at Verizon’s New Brunswick Telephone Switch Central Office and Data Center. Project was designed and prequalified in conjunction with NJ Smart Start energy rebate program. Project work included: survey and documentation of existing conditions, design of two 500 ton N+1 water cooled chiller plants, design of one 125 ton N+1 air cooled chiller plant Chiller with full chilled water economizer capabilities, and associated supporting power equipment (MCC with integral VFD capability). It also included an up-grade of BAS systems including all AHU control valves, damper controls and chiller optimization system. M&E designed the three plants with a construction logistics plan that allowed them to all be replaced without shutting down this mission critical facility. Project challenges included: 1) Providing Cooling Tower cooling through the use of air side economizer to all temperature sensitive spaces while demolishing existing chiller plants and erecting new; 2) Controlled shut down of 7th floor data center during modification of existing chilled water piping; and 3) Meeting an aggressive schedule (5.5 months from bidding to plant completion). This was a $5m project and we secured $125k in energy rebates for Verizon.

Development of this new corporate headquarters campus included acquisition of land from the Commonwealth of Pennsylvania, addressing an existing abandoned landfill area within the property, and securing of a zoning variance from the local municipality prior to initiation of design. Proposed improvements include substantial offsite roadway improvements (i.e. two new traffic signals, addition of turn lanes, road widening), multiple stormwater management facilities, parking facilities for approximately 770 vehicles, significant offsite sewer and water utility extensions, a campus-wide pedestrian walking path, and extensive landscaping / hardscape areas. The sheer magnitude of this project and the associated scope of required improvements make this a signature project in the K&W portfolio. We provided all of the design, analysis, permitting, approvals, and construction documentation services required for every aspect of the project’s site development. Among other things, the extensive coordination efforts undertaken with governmental and regulatory agencies at all levels, the need to significantly extend public utilities and provide major roadway improvements to serve this previously undeveloped site, and the incorporation of varied and innovative features in pursuit of a LEED Gold certification all combined to yield a truly challenging and rewarding experience. It was a genuine pleasure to be part of the design team led by Crabtree Rohrbaugh & Associates Architects and to work with PSECU’s outstanding and visionary leadership in making this project become a reality.

ENGINEERS, INC.

HVAC Lighting & Power Energy Modeling Solar & Renewable Energy Geothermal Systems “Smart Start” Rebates Pay for Performance

Energy Audits LEED® Certification Commissioning Building Automation Combined Heat & Power Full Service M/E/P Design & Engineering

26 West High Street - Somerville, NJ 08876 Phone: 908-526-5700

www.MEengineers.com

Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 25C

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The Favorite/Most Unusual Engineering Project of 2011 Falcon Engineering, Architecture & Energy Consultants Camelot Condominium Association — Exterior Façade Restoration —

Falcon was hired to design, bid & provide construction management services for this 19-story luxury highrise building. The entire original exterior façade required reconstruction due to original construction defects. Original estimates through litigation included displacement of all residents and removal & replacement of exterior panel wall assemblies with estimated cost >$10M. Falcon was able to design a program to achieve the work while allowing all residents to remain in the apartments with minimal disturbance, saving over $5M on project cost & allowing building to garner monies from NJBPU Pay for Performance Program to assist in paying for the energy related upgrades. Falcon chose to bid this project because of the combination of energy savings, increasing curb appeal and the nuts and bolts engineering problems and the recladding and structural repair work that was necessary fit perfectly into our business model. The challenges of reducing the budget and allowing residents to remain in their apartments while achieving and exceeding the goals of the original project plan were appealing. Falcon internally has multi-disciplined engineers, architects, energy specialists and code experts that specialize in existing facilities and retrofits, making the Camelot project a perfect fit for the firm.

Enhance Building Performance. Conserve Resources. Protect your Investment. 'BMDPO &OFSHZ $POTVMUBOUT --$ Professional Services Include: t Master Planning t Research and Development t Prototyping, Testing and Troubleshooting t Field Survey t HVAC Controls t Benchmarking t Energy Audits t Energy Modeling t Energy Metering t Renewable Energy Studies t Energy Rebates t Energy Financing

t Energy Information Systems t Energy Dashboards t MEP Analysis and Design t Solar Energy Design t Life Cycle Assessment t Design and Construction Services t Operations and Maintenance t Monitoring and Verification t Green Buildings Claims Avoidance t Testing, Adjusting and Balancing t Commissioning t Training and Documentation

Our energy expertise includes mechanical engineering, architecture, design, and construction management. Our experience spans commercial, industrial, government and residential projects. Our experts are innovative, practical and detail-oriented, yet they simplify issues with clear language and reports to clearly present project benefits and decisions.

Experience our commitment.

Trusted Advisor Services

Integrated delivery framework for building operations, energy efficiency (EE), and renewable energy (RE) projects. t Guide Clients through complex, pivotal decisions t EE/RE programs on schedule t Within budget t Verified savings on target

Falcon Energy Consultants, LLC A Division of The Falcon Group 682 Highway 202/206 Bridgewater, NJ 08807 Phone: 908-595-0050 Fax: 908-595-0012 www.falconengineering.com info@falconengineering.com

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Nave Newell, Inc. Valley Forge Casino Resort — Redevelopment —

Nave Newell provided land development services for the redevelopment of the Valley Forge Convention Center into a new casino resort. Site renovations consisted of alterations to the circulation, main driveway, and parking lot layout and associated re-grading as well as modifications to the stormwater and sanitary sewer conveyance systems servicing the site. Nave Newell updated the topography plan, performed sewer capacity calculations, designed the stormwater collection system, improved the site layout and circulation to provide parking for 2,300 vehicles and provided landscape, lighting and signage improvements. This project is currently under construction and plans to be open spring 2012. Since starting this project in 2007, we have faced much design, legislative and funding hurdles, but it is very exciting to see it taking shape as a highly anticipated regional entertainment/resort destination. Working on a redevelopment project of this caliber involves many challenges, particularly maintaining an operational facility during construction, as well as successfully handling unforeseen underground constraints while maintaining the very tight timeline for opening. Despite the complexities of this project, construction is currently moving along at a rapid pace and is on target for an early spring opening.

26C â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; The Best of 2011 â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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The Favorite/Most Unusual Engineering Project of 2011 Bohler Engineering, Inc. Einstein Medical Center â&#x20AC;&#x201D; Hospital Facility and Medical Office Building â&#x20AC;&#x201D;

www.dischellbartle.com

Rendering courtesy of Perkins + Will

Albert Einstein Healthcare Network is building a 224-bed, regional medical center on an 83 acre site, which was previously the home of Woodâ&#x20AC;&#x2122;s Golf Center, in East Norriton Township. The project includes a 380,000 s/f, five-story hospital facility, a 75,000 s/f, two-story medical office building, structured parking and 1,200 parking spaces. The design also includes a helipad to support the proposed trauma center. Bohler Engineering obtained all the required municipal and outside agency approvals for the project, and performed a significant stormwater analysis, incorporating vegetated swales and rain gardens where possible to handle run-off. In addition, the project requires an off-site water and sewer extension. LEED design and administration are required, as Einstein is seeking certification from the USGBC. The project received preliminary approval in December 2008 and final approval was received in May 2009. Construction commenced in the Summer of 2010, and the Grand Opening is scheduled for September 2012. Why was this particular job your favorite/most unusual? Einstein Medical Center Montgomery will be the first completely new hospital to be built in PA in more than 10 years. AEHN is seeking LEED Silver Certification for the facility (and has been preliminarily approved), and as such required extensive and creative stormwater management design both on and off-site.

Bohler engineering is proud to be a part of Aehnâ&#x20AC;&#x2122;s Development Team for the new einstein Medical Center.

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Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 27C

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The Best of 2011 EARTH ENGINEERING INCORPORATED

Geotechnical Engineers & Geologists Subsurface Investigations Construction Inspection & Testing Retaining Wall Design Environmental Site Assessments and Remediation Clean Fill Testing

WANT TO SEE MORE? To view the Best of 2011 online and other MAREJ issues visit www.marejournal.com & click on DIGITAL EDITION!

Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540

Central PA: 717.697.5701 South Jersey: 856.768.1001

www.earthengineering.com

For more information contact Anthony Naccarato, PE, SECB

215.925.3788 | O-N.COM

28C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

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The FaVorIte/MoSt UnUSUal general ContraCtIng ProJeCt of 2011 Stanker and galetto Schar USa Project — Industrial —

Schar USA gluten-free food manufacturing facility in Gloucester County, NJ In 2011, Stanker & galetto, a Vineland general contracting firm, was hand-picked to build the largest industrial construction project in southern New Jersey in 2011 – the Schar USA gluten-free food manufacturing facility in Gloucester County. The Italian company’s 50,000 s/f building was built on eight acres and is the company’s first U.S. manufacturing facility. Schar USA invested more than $15 million into the operation and is expected to create 50 jobs in the area. Stanker & Galetto was instrumental in bringing Schar to the USA: “This is a watershed moment in the history of economic development in South Jersey,” said Peter Galetto, president of Stanker & Galetto. Stanker & Galetto pursued the $15 million, Schar USA project knowing that it would be the largest construction project in New Jersey in 2011, and would provide an economic boost to the state. The project was planned at 50,000 square feet, but Schar USA’s belief in the state as a place of opportunity led them to allow for an upcoming expansion to 80,000 square feet based on projected company growth. “Schar could have chosen any number of locations for this facility, but they chose South Jersey because of the opportunities for company growth, labor development and proximity to transportation,” said Peter Galetto, President of Stanker & Galetto.

Hance Construction new Station Park recreation Complex — new Construction and renovation —

38 Station Road, Sparta, NJ Hance Construction has completed construction and renovation of the New Station Park Recreation Complex, a 12,150 s/f, multi-building facility located at 38 Station Road, Sparta, NJ adjacent to the historic Sparta Train Station. The Sparta Police Athletic League has signed a long-term lease with property owner Dermody Associates, Inc. for two of the buildings in the four-structure, 10-acre complex, a former industrial site that had been dormant for over 20 years. The New Station Park Recreation Complex features two new Butler Manufacturing metal buildings and two renovated buildings with Butler walls and roofs as well as The Simple Saver System, an insulation product that can reduce energy costs by as much as 50 percent during a building’s lifetime. “We worked with the Dermody team to make sure the facility met their needs and the end result is a highly sustainable, environment-friendly facility,” said Art Hance, President of Hance Construction. “The Station Road project is a good example of the fact that metal roofs and walls offer an unbeatable level of environmental performance and aesthetic appeal. Metal buildings today are sustainable, have low impact on the environment, reduce solid waste in construction, help reduce energy usage in all climates, and improve the air quality and water efficiency in buildings and their surroundings.”

For more information visit pages 20-21a in this issue of the nJ section.

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Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 29C

The Best of 2011

Creating Sustainable, Award Winning Projects

Hance Construction would like to thank the Mid-Atlantic Real Estate Journal for selecting the New Station Park Recreation Complex project for “Favorite/Most Unusual General Contracting Project.” We would particularly like to thank property owner Dermody Associates, Inc. and our team, including architect Keith Chambers and Hance Construction staffers Arvid Blendermann, Dorman Perine, and Rob and Kevin Stephenson for helping make this innovative project a reality.

2171 Route 57 Washington, NJ 07882 908.835.3501

An Authorized Butler Builder®, Hance Construction offers: s Turnkey construction services for conventional and pre-engineered structures s Lightning fast assembly by experienced, highly trained crews s Virtually unlimited design options s Innovative approaches to expansion and renovation s Building systems that dramatically reduce waste s Comprehensive inspection, maintenance and repair services

Hance Construction, Inc. www.hanceconstruction.com

P.O. Box 265 Wysox, PA 18854-0265 570.265.6565

30C — March 16 - 29, 2012 — The Best of 2011 — Mid

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The FaVorIte/MoSt UnUSUal general ContraCtIng ProJeCt of 2011 Mc gowan Builders, Inc. the Dream Downtown, new york — redevelopment —

allied Building Corporation Ben Franklin techVentures2 — Incubator Facility for Start-Up Cos. —

The project scope included the removal of the entire curtain wall, demolition of a building section, creation of a courtyard and separation of the structure into two buildings, demolition of all interiors, expansion of the North Tower by one floor and expansion of the South Tower by four floors. the Mc gowan Builders team installed a new curtain wall with custom, round windows and constructed a suspended pool above the restaurant space with a transparent acrylic bottom. In addition to the complete interior build out with luxury finishes, the construction required all new MEP and building systems. 100 word description of why you chose this project: This project was chosen because of its originality. Dream Downtown’s modernist façade houses loft inspired guestrooms and suites, a landscaped outdoor terrace with heated pool and innovative concept dining. The hotel also features a beach club and an expansive destination rooftop lounge offering dramatic views of the resplendent New York City Skyline. The Dream Downtown has become a hot spot for numerous celebrities.

The new four-story TechVentures2 building is linked to the original Ben Franklin TechVentures facility and provides additional wet lab, office and meeting space. The building, which is targeting LEED Gold certification and ENERGY STAR designation, features a high efficiency curtain wall system, precast façade panels, a central pyramid-shaped solarium allowing sunlight to flow into the fourth floor and down through a portion of glass flooring into the third floor, rooftop photovoltaic panels as well as other sun harvesting technology to supplement electrical requirements, numerous energy-saving devices, two elevators, advanced audio/visual systems and state-of-the-art conference center. There were many difficult and diverse challenges: managing a project for a 501(c)3 client that received significant federal and state funding; severe space limitations with construction occurring at the main entrance of a major college campus; complex flash coordination of underground utilities was required; a two-phase approach was needed with phase one being the construction of a separate parking deck prior to starting the phase two TechVentures 2 building; providing uninterrupted operations at the original TechVentures facility including the subsequent tie-in to the new building; incorporating state-of-the-art green building and energy conservation measures; and managing the LEED Gold certification and ENERGY STAR designation efforts.

Lehigh University Mountaintop Campus, 116 Research Dr. in Bethlehem, PA

“BEST OF 2011” WINNER Favorite / Most Unusual Project for: NEW YORK | NEW JERSEY | FLORIDA | ILLINOIS

x General Contractor x Green Project

201.865.4666 www.mcgowanbuilders.com

Is proud to be the recipient of The Mid Atlantic Real Estate Journals “Best of 2011” in the categories “Favorite/Most Unusual Project” for The Dream Downtown and “Best Places to Work”

Ben Franklin TechVentures2 574 Main Street Suite 200 Bethlehem, PA 18018 p. 484-898-1111 f. 484-898-1110

www.alliedbuildingcorp.com

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The BEST

New Category of 2011

Sloan Street Advisors / ITRA Global Stop Child Abuse Now — Community Service —

FP+A, Inc. Alouette Cheese Production Facility — Best Facility Consultant —

Sloan Street Advisors / ITRA Global has been a dedicated supporter of Stop Child Abuse Now (www.scanva.org) for several years. In addition to financial support by the company, president and CEO Debra Stracke Anderson serves on the SCAN board of directors and financial development committee. Corporate support is vital to insure that SCAN has the resources to continue its crucial work in preventing child abuse and neglect in our region. SCAN is the only organization that also provides parent training to help improve parent-child relations and provides advocacy directly for the children in the courts via its Court Appointed Special Advocate (CASA) program. The CASA Program provides trained volunteers appointed by the court to serve as a direct voice for children in the juvenile court system.

This project entailed the development of a 7 year plan to ultimately construct a new cheese processing plant across the street from the existing plant. This plan required planning for the relocation and upgrade of a wastewater treatment facility, expansion of the storm water system, interim additions to the existing facility, creation of a utility and conveyor bridge over a street, and various renovations to the existing facility in order to maintain USDA compliance until West Jackson St., New Holland, PA the replacement facility is constructed. Achievement of this plan requires integration of multiple design disciplines and coordination with multiple agencies in multiple municipalities, all while not affecting production output and quality.

Beacon Commercial Real Estate 311 W Stiegel St., Manheim, PA — Largest Investment Category —

The Acres Agency Public Relations — Best New Company on the Horizon —

Sale Price (required): $1,733,325 Size (square footage/acreage): 76,129 SF, 3.81 acres Broker(s): Taylor Young A 76,129 s/f building situated on 2.2 acres. The property also includes 411 West Stiegel St. which has forty-eight surface parking spaces on .64 acres and 106 South Penn St.consisting of .97 acres and forty-three parking spaces. The seller was The Arbee Realty Trust.

The Acres Agency is gearing up to be a full-service public relations firm dedicated solely to clients in the architecture, engineering, construction and real estate sectors. Consisting of current and former industry professionals, their staff truly understands media placement for firms involved with the built environment. Stay tuned on news about this exciting venture.

Taylor Young

Profitability Is Your Priority. . . Reducing Your Occupancy Costs Is Ours.

Exclusively Representing Corporate Tenants and Buyers of Commercial Real Estate in Greater Washington, D.C.

Our Difference Is Your Advantage. +1 703.758.7479 www.sloanstreetadvisors.com

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The Favorite/Most UnUsUal arCHIteCtUre ProJeCt of 2011 DMr architects river Barge Park — new Building —

Studio 5 Partnership 24 Hour Fitness — Fitness Center —

Jarmel Kizel architects & engineers roof-Mounted Solar Photovoltaic — Design —

Rte. 14, Paramus NJ

Oak Hall Residence, NJIT in Newark, New Jersey

Full service fitness center including a swimming pool, sauna and spa, Racquetball Courts, Cardio and weight rooms, cycling, full court basketball court, Pro Shop and Kid’s Club. The fitness center was retrofitted into the shell of an old tenplex movie theater. The original 1966 Loews was a single screen, 2000 Seat Theater with a massive balcony. Over the years the main room had been divided up with smaller theaters attached around it. Studio 5 Partnership provided core and shell design for the building and worked with 24 Hour Fitness’s interior architect on the conversion. There’s now a pool in theater 5 and the original 2000 seat theater is open again, but this time with cardio machines on the balcony overlooking a basketball court in the orchestra below.

Jarmel Kizel’s team of architects and engineers designed a solar photovoltaic (PV) system for The New Jersey Institute of Technology (NJIT) at its Oak Hall residence located at 155 Summit St. For this project, Jarmel Kizel’s Energy Solutions studio was led by Matthew B. Jarmel, AIA, MBA. Jarmel Kizel also provided mechanical, electrical and plumbing engineering services and Structural Engineering services. Jarmel Kizel Energy Solutions design studio assists and educates our clients on energy upgrades that help make buildings and spaces more energy efficient and also reduce costs. This project will ultimately reduce energy costs by over 50 percent. This project is in keeping with the renewable energy portfolio standard, which mandates that 20 percent of the power sold in the NJ must come from clean, renewable energy sources by the year 2020.

260 Outwater Lane in Carlstadt, New Jersey DMr provided professional services for the New Jersey Meadowlands Commission (NJMC) at River Barge Park, a park and marina located on 5 acres of the shore of the Hackensack River. The site contains three buildings for storage of the NJMC boat fleet, crew shells, canoes and kayaks, a sub-station for the NJ State Marine Police, and an open-air park educational pavilion structure. The completion of the project at River Barge Park fulfilled a long-term goal of the Meadowlands Commission to preserve open space and provide public access to the Hackensack River for recreation and environmental education. The DMR team worked hard to create a beautiful space that highlights the park’s landscape and encourages residents throughout the state to enjoy the natural beauty of the outdoors. Designed to LEED guidelines, DMR is proud to have helped the Meadowlands Commission achieve such an important goal and promote the beauty of our environment.

The Mid Atlantic Real Estate Journal will be celebrating our 10 Year Anniversary! The Mid Atlantic Real Estate Journal is celebrating ten years in print! We know that the success of our business today has been built upon our valuable relationship with YOU – and we’d like to thank our loyal advertisers and readers with a special anniversary issue in May. This issue will highlight the top headlines and projects from the past decade. If 2012 marks an anniversary for your company contact Michael Campisi: mcampisi@marejournal.com or call 800-584-1062 x 208 to find out how to participate in this feature. Ten years is just the beginning. We’re looking forward to tomorrow. Deadline: April 27, 2012 Issue Date: May 11, 2012 brati

le Ce

Years of Coverage!

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The Favorite/Most Unusual Architecture Project of 2011 RSC Architects Hudson County Community College — Higher Education – New Construction —

Aztec Architects Pearson — Corporate Office Interiors —

The new seven-story satellite campus of Hudson County Community College houses classrooms, administrative offices, student commons, media center, science labs, campus store, and a fitness center. A soaring, three-story lobby welcomes students and visitors into the building, and an outdoor courtyard provides a quiet space away from the public. Other exterior features are a six-story curved curtain wall system and a 100-foot-tall clock tower. The unique design incorporates several sustainable elements, including solar panels, rainwater harvesting tanks, daylight and occupancy sensors, recycled materials, low flow fixtures, light shelves, and high-efficiency mechanical equipment. Accordingly, the facility is slated to receive LEED certification. The project is unique in many ways, especially given how many features were fit into such a small footprint. The site was specifically selected due to its location next to an existing NJ Transit bus depot and the Bergenline Avenue Station of the Hudson-Bergen Light Rail. A glass-enclosed pedestrian bridge spans across the bus lanes and connects the campus with the transit hub via a new stair tower with elevator. This transit village concept ties into the surrounding community, and allows students arriving by mass transit to conveniently access the building through a separate secured entrance. Furthermore, this portion of the project was funded entirely by Hudson County.

Pearson is the leading educational publishing firm in the world. Aztec provided them with the interior architectural and relocation services. The scope was to help them down size and right size their space. The project was completed in three separate phases. The result was a contemporary open environment that allows collaboration and interaction while providing a soothing color pallett of blues and greens. Aztec also created shared huddle rooms, open collaboration area’s as well as a small meeting center and a breakout area. The overall result was an open attractive collaboration. This was a very challenging project as the construction had to be done in three phases while the premises were occupied. There were many interim moves to help keep the process going as well as to allow Pearson to keep doing business without interruption. The old space was very traditional office space with offices ringing the perimeter window and 65” high workstations in the center. The colors where also dark giving the entire space a closed feeling. Aztec lightened the color and opened up all the window line for everyone to enjoy. We created a new workstation standard to allow collaboration and light into the space as well as significantly reducing the amount of offices. All the offices are placed in the interior. The transformation is a whole new look and feel that Pearson will enjoy for years to come.

Enhancing Life Through Innovative Architecture

NEVER COMPROMISE YOUR ENVIRONMENT.

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

596 Anderson Avenue, Suite 202 Cliffside Park, NJ 07010 P: 201-941-3040 | F: 201-941-5426 www.rscarchitects.com

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

Woodbridge Place, 517 Route One South, Iselin, NJ 08830 W

i i

The

REAL ESTATE JOURNAL’s

Call 732.636.8989 or visit www.aztec-architects.com

BEST of

2011

Most Unusual Project: 3 Bala Plaza

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The Best

Attorney of 2011

Riker Danzig Scherer Hyland & Perretti LLP Nicholas Racioppi, Jr.

Number of attorney’s in office: 152 Type of field attorney specializes in: Real Estate 2011 major accomplishment: Riker Danzig, led by partner Nicholas Racioppi, Jr., head of the Firm’s Real Estate Group, represented the Rockefeller Group Development Corp., owners of the land, in several real estate related matters including complex lease agreements, in a major real estate transaction named “Creative Office Deal of the Year” in New Jersey by NAIOP on May 12, 2011. The 325,000 s/f building, scheduled for completion in 2012, will anchor The Green at Florham Park, a world-class 268 acre master-planned sustainable mixed-use development, home to the New York Jets Atlantic Health Training Facility. When completed, the development will also include hotel, residential and retail space. Nicholas Racioppi, Jr. has considerable commercial real estate experience, particularly in the acquisition, development, zoning and planning, leasing and sale of commercial and industrial properties. He represents lenders in all types of real estate financings and has extensive experience in complex real estate workouts and foreclosures.

Greenbaum Rowe Smith & Davis LLP Jack Fersko

2011 major accomplishment: Jack Fersko represented Avidan Energy Solutions in association with the company’s development, financing and construction of a massive 4.26 megawatt solar energy system in Edison, NJ. To date, the project is the largest roof-mounted solar energy installation to be completed in the United States. In addition to this high profile project, Fersko has played a key advising role in numerous solar projects on behalf of a diverse range of clients, including developers, property owners and landlords, transportation and warehousing entities, and construction firms.

www.marejournal.com

Gibbons P.C. Russell B. Bershad

Serving as a lead real estate attorney for several of the largest, most significant and complex transactions currently ongoing in New Jersey, including (1) the state’s sale of the Meadowlands and Monmouth Park racetracks; and (2) Bayer HealthCare’s purchase of the former Alcatel-Lucent campus in Hanover, left vacant in 2009. The significance of these two matters to our region is vast. The racetrack sales are headline news as part of NJ’s focus on reducing budget gaps; they involve complex corporate, finance, tax, real estate, environmental, labor, and permitting issues and, if consummated, would result in the continuation of the state’s horse racing industry. The Bayer relocation involves 2,500 New Jersey employees and significant office, warehouse, and R&D facilities, and it also assists the state in retaining its considerable pharmaceutical capability. Bayer, the German-based global pharmaceutical maker, is buying 95 acres of the 194-acre site and renovating and reconstructing several buildings.

Fitzpatrick Lentz & Bubba, P.C. Joseph A. Fitzpatrick

Number of Attorneys in your office: 28 Type of field Attorney specializes in: Real Estate/Land Use/zoning Joseph A. Fitzpatrick is one of the founders of Fitzpatrick Lentz & Bubba, P.C., and is well known for his work in real estate development in Pennsylvania. Notable clients include Stabler Corporate Center IDS Real Estate Group, Trader Joe’s, Liberty Property Trust, Promenade Shoppes at Saucon Valley, Wegman’s Markets, Wawa Food Markets and the Allentown Phantoms hockey team. In addition to his law practice, Fitzpatrick serves as Vice Chairman on the Board of Directors of Sacred Heart Hospital in Allentown.

Fameco Real Estate, LP Jonathan Rome

Number of Attorney’s in your office: 1 Type of field Attorney specializes in: Retail Real Estate Jonathan Rome serves as Fameco’s inhouse counsel and is responsible for a broad range of legal matters related to the organization as a whole as well as its brokerage activities. Aside from his first class legal mind which we would argue is second to none, what makes Jonathan such a valuable asset to Fameco is his welcoming demeanor, willingness to assist, his undying patience with his constituents and his ability to keep us all within the letter of the law. Jonathan is one of those people that you don’t see sweat.

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The Best of 2011

Congratulations JOSEPH A. FITZPATRICK, JR. MID-ATLANTIC REAL ESTATE JOURNAL BEST OF 2011 - BEST ATTORNEY

Joseph A. Fitzpatrick, Jr. is the founder of a Lehigh Valley-based law firm of Fitzpatrick Lentz & Bubba, P.C., located in Center Valley, PA. His practice focuses on real estate, land use, project development, zoning and subdivision, eminent domain, assessment appeals and business transactions. During his 30-year career, he has represented, negotiated and obtained approvals for many major projects in Eastern Pennsylvania, including the Stabler Center and corporate park; retail uses; The Promenade Shops at Saucon Valley; office and employment centers; communications and energy projects; national distribution facilities; and dozens of residential communities. Mr. Fitzpatrick represents the Lehigh Valley

f itzpatrick L entz & B ubba

Phantoms AHL hockey team. Mr. Fitzpatrick has been selected for inclusion in Super

attorneys at law

Lawyers Pennsylvania edition each year since 2004, was the 2010 recipient of the March of

Lehigh Valley l FLBLaw.com

Dimes Commercial and Industrial Real Estate Award and is AV rated by Martindale Hubbell.

When It Comes To Solar, Our Experience Shines Through A Solar Sound Bite: The planning, financing, construction and operation of solar energy initiatives can often give rise to complex transactional issues which call for comprehensive knowledge and hands-on experience. Our clients with interests in the solar energy arena include developers, property owners, landlords, solar design and installation firms, and companies in the construction, transportation and warehousing industries. We prepare and negotiate agreements and leases in solar installations to protect our client’s business interests. We coordinate and oversee the process of obtaining project financing through both public and private incentives and grants, as well as traditional debt financing, and advise on the appropriate use of insurance to address potential risks. In short, we do it all. Call us today to learn more about our client services. 99 Wood Avenue South Woodbridge, NJ 07095 732.549.5600

www.greenbaumlaw.com

75 Livingston Avenue Roseland, NJ 07068 973.535.1600

Jack Fersko “Best Real Estate Attorney For Solar Development Projects” Mid Atlantic Real Estate Journal —Best of 2011—

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The Best

160 E. Union Ave., East Rutherford, NJ Mc Gowan Builders is run by brothers Patrick and Martin Mc Gowan and is a very family oriented business. Everyone who works for Mc Gowan feels like they apart of the Mc Gowan family. What are some of the company’s most attractive benefits? Retirement Plan, Health Insurance, Profit Sharing, Stock Options, Performance Based Reviews, Employee Training, Maternity/Paternity Leave, Tuition Reimbursement and Special perks such as, Free Parking, Childcare, Subsidized Transportation. Retirement Plan, Health Insurance, Profit Sharing, Stock Options, Performance Based Reviews, Employee Training, Maternity/Paternity Leave, Tuition Reimbursement, Free Parking, Dog Care, In House Chef.

Atlantic Real Estate Journal

www.marejournal.com

Place to work of 2011 New Castle, DE Emory Hill Companies is the best place to work because, from the ownership down, its people really care – about their clients, their community and each other. The company is made up of five independent divisions: commercial real estate brokerage, construction, property management, maintenance and residential real estate – but all five divisions work together as a team to provide local real estate solutions. The company as a whole has integrity, a positive attitude, and an innovative, progressive, creative approach to solving its customers’ needs. What some of the firm’s most attractive benefits? Employees are rewarded and motivated by various incentive programs (ie., for ideas and leads) and are supported with training, educational and networking opportunities such as trade meetings, conventions and motivational seminars. We are also encouraged to give back to the community and, from the top down, employees make sizeable contributions in money, time and talent to a large list of various charitable organizations.

555 13th St NW, Ste. 420E in DC In the Washington metropolitan area, Studley is the leading commercial real estate tenant-rep firm representing Washington’s top law firms, associations, government contractors and government entities for all of their real estate needs. As one of the four firms selected to serve as the General Services Administration’s national brokers, Studley continues to build on its strong federal practice in addition to its other tenant representation activities. With two offices in the metropolitan area, Studley broadly serves the tenants throughout Washington, DC, Northern Virginia and Suburban Maryland. Unlike traditional brokerage firms, Studley has unusually high retention rate. The Washington DC regional offices of Studley have brokers and staff who have been with the company for 15, 20, 25 and even 30 years. This can be attributed to many things – our corporate culture, compensation, perks, and opportunity.

What are some of the company’s most attractive benefits? Retirement Plan, Health Insurance, Profit Sharing, Performance Based Reviews, Maternity/Paternity Leave, Tuition Reimbursement, and special perks such as free parking or paid metro, catered lunch every Friday, and half day Fridays during the summer months.

Mt. Laurel, NJ Metro is celebrating its 25th anniversary in 2012 and many of the employees have been here for almost the entire 25 years. Metro is like a family – we seek to provide the best work location, benefits, salaries and other perks for our employees.

At CBRE, the commitment and dedication of our employees forms the foundation of our business and is what enables us to deliver superior service to our clients. Because we understand this, we embrace and foster a culture built on respect and recognition that promotes integrity and breeds excellence. Our philosophy is simple – recruit the best and treat them well. The same holds true for Greater Philadelphia. We make it a priority to endorse initiatives and activities that are employee-centric – introducing new avenues for learning, improving the way we recognize and support our employees and encouraging their community involvement. Employees are now more directly involved in developing each other and driving processes for change. We’re also dedicated to supporting the CBRE Cares philanthropic efforts – our local team supports several charitable events including those in which our employees are directly involved and/or affected. What some of the firm’s most attractive benefits? CBRE offers a competitive compensation package including medical/dental, short- and long-term disability, life and AD&D insurance, 401K retirement program, paid holidays,

There are not too many people that can say they enjoy going to work every day, and while some days are better than others, M&E’s work environment is unsurpassed by few firms in the industry. M&E consists of a close-knit design team that works very efficiently. Employee benefits include a generous health benefits package, 401k match, annual bonus, profit sharing, and continual training. Other perks include casual dress, flex time, free breakfast on Fridays, and your favorite desert on your birthday. Our core values of Teamwork, Respect and Integrity help create enduring relationships that deliver exceptional results. M&E has become a recognized leader for progressive and sustainable design and energy management solutions, and working here really makes you feel like you are making a difference in the world. The M&E office has an Energy Star rating of 84 and is seeking LEED certification.

It seldom happens that Fameco employees depart, but in the rare instance that it does, it serves as a good reminder of what great place Fameco is to work. During a recent exit interview, an employee said, “The Partners at Fameco care. They really listen to the employees.” This same employee said that in the past few years when times were tight, Fameco continually tried to provide its employees with extra perks in an effort to boost morale and keep the company motivated. It’s true. Fameco has worked very hard to maintain a workplace that is upbeat, provides motivation for its salespeople and employees, and is a place where its people don’t mind spending time. At Fameco, there are lots of big things that make Fameco a great place to work like the fact that Fameco continues to grow. In mid 2011, we opened an office in Center City Philadelphia. That office boasts a tremendous portfolio of listings and tenant rep assignments. We’ve invested time and capital in a new proprietary database to assist our sales team in managing their business, we systematically upgrade our technology to provide state of the art computers and graphics capabilities and continually offer a very generous benefits package.

Gebroe-Hammer’s founders, the late Messrs. Mel Gebroe and Morris Hammer, instilled a sense of family in the firm, one that remains committed to the principles and standards of that iconic pair. The firm’s continued success owes to a core of professionals who, combined, have more than 150 years of experience. Indeed, half of the company’s staff of 24 brokers and administration personnel have been with the firm for more than 16 years. The resulting continuity harking back to the principles of the firm’s founders provides the very basis for its continued growth and status within the commercial real estate business, both as a brokerage firm and as a place to work. What are some of the firm’s most attractive benefits? Gebroe-Hammer’s mantra is that success lies not only with its experienced core of professionals, but also with the next generation. With a solid commitment to teaching the next generation the importance not only of how to structure deals, but also the art of building relationships and fully knowing and understanding one’s market, the firm has continued to cultivate the highest professional morals and expertise. Ongoing training includes everything from weekly educational programs and management/supervisor meetings.

4445 Willard Avenue City, State: Chevy Chase, Maryland JBG Rosenfeld Retail offers great opportunities. The company is growing rapidly due to the many development projects underway in the mid-Atlantic region.

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The Best

FaSteSt groWIng CoMPany of 2011

enviroSure, Inc. 43% employee Increase

Woodmont Properties Hires 12 new employees in 2011

Address: 103 South High Street, Suite 1 City, State: West Chester, PA Percentage of revenue increase from 2010 to 2011: 152% Percentage of employment increase from 2010 to 2011: 43% EnviroSure, Inc. supports commercial and industrial real estate transactions through environmental services: Phase I and II environmental site assessments, soil and groundwater investigations and remediation, and underground storage tank closures.

the Kislak Co. 200% Sales Increase

1000 U.S. Highway 9 North Woodbridge, NJ Percentage of revenue increase from 2010 to 2011: 200% Percentage of employment increase from 2010 to 2011: 3% Kislak is consistently recognized as the region’s dominant investment sales company serving the multifamily and retail markets. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 25 sales professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.

One Main Street, Chatham, NJ

Woodmont hired 12 new employees in 2011, increasing the number of employees from 29 to 41.

Studley 99.1% revenue Increase

Address: Studley has two locations in the DC area—Washington, DC and McLean, VA Percentage of revenue increase from 2010 to 2011: Studley had its best year ever in 2011, recording a 99.1% revenue increase. Percentage of employment increase from 2010 to 2011: no increase

The Best People Make an Award-Winning Company! 2011 Mid-Atlantic Real Estate Journal*

BEST PLACE TO WORK! BEST “GREEN” PROJECT:

LEED PLATINUM Delaware Technical & Community College “Energy House”, Georgetown, DE

BEST BROKERS: Tripp Way, Edd Connor BEST LEASES:

Largest Office Lease, Tripp Way, 409 Silverside Rd., Wilmington, DE and Steve Dobraniecki, 30 Blue Hen Drive, Newark, DE Largest Industrial Lease, Edd Connor, 400 Centerpoint Blvd., New Castle, DE Largest Retail Lease,Tripp Way, College Square Shopping Center, Newark, DE

BEST SALES:

Largest Land Sale, Dave Morrison, 3322 Silverside Rd., Wilmington, DE Largest Industrial Sale, Jim O’Hara, Jr., 11 Southgate Blvd., New Castle, DE

30th Anniversary

Celebrating our as Delaware’s Real Estate Provider

Committed to Delaware. Connected to the World.

Commercial Brokerage, Construction, Property Management Maintenance and Residential Real Estate 10 Corporate Circle, New Castle DE 19702 | 302.322.9500 | www.emoryhill.com *2nd Place, Best Place to Work and Best Green Project; Honorable Mentions in other categories

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Honorable Mentions of 2011 Best Developer

COMPANY CIS SSH Real Estate CIS WP Realty Harvey Hanna

NAME OF PROPERTY LOCATION S/F cost Waters Edge Elizabeth, NJ 80,000 sf $21,470,489 The Commonwealth Philadelphia, PA 101,000 s/f $17,000,000 Heritage Village Forked River NJ 101,000 s/f $16,100,00 Devon Village Expansion Devon, PA 12,800 s/f $7,500,000 Newport Industrial Park Newport, DE 15,000 s/f $2,200,000

COMPANY Mack-Cali Realty CBRE - Philadelphia Hartz Mountain FMS Management Levin Mgmt W P Realty Levin Mgmt Bennett Williams Bennett Williams

NAME OF PROPERTY LOCATION S/F UNITS Mack-Cali Business Campus Parsippany, NJ 2,398,800 s/f 1700 Market St. Philadelphia, PA 841,172 s/f The Monaco, 475 Washington Blvd, Jersey City, NJ 523 units Upland Square, Route 100, West Pottsgrove, PA 680,000 s/f Elizabeth Center Elizabeth NJ 635,000 s/f Chesterfield Marketplace Midlothian, VA 428,576 s/f Blue Star Watchung, NJ 419,073 s/f Gateway Ventures Plaza Chambersburg, PA 108,000 s/f HACC Satellite York Campus York, PA 125,000 s/f

COMPANY Holliday Fenoglio Fowler Emory Hill Landmark Commercial Nai Summit Kislak Rock Commercial R E

BROKER Stephen Conley/Jim Meisel/Dek Potts/Andrew Weir Tripp Way Jason Grace/David Remmel Matt Dorman Joni Sweetwood David Bode Gordon Kauffman (CBC Bennett Williams)

Best Manager

Largest Office Sale

NAME OF PROPERTY S/F 3 Bethesda Metro Center, Bethesda, MD 368,400 s/f 101 Bellevue Pkwy, Wilmington, DE 70,000 s/f 2150 Herr St., Harrisburg, PA 44,000 s/f 4635 Crackersport Rd, Allentown, PA 23,000 s/f Verona, NJ 22,800 s/f 1399 S Queen St. York, PA 11,953 s/f

SALE PRICE $150,100,000 $9,500,000 $2,895,000 $2,650,000 $2,300,000 $1,150,000

Largest Office Lease

COMPANY BROKER NAME OF PROPERTY S/F CBRE-Philadelphia Steven Cousart/Stephen Gersbach/Nora Brady Atwater Corp Center, Malvern, PA 300,000 s/f Mack-Cali Realty Fred Smith/Curtis Foster of Cushman Wakefield Harborside Financial Center Plaza 3 137,076 s/f Jersey City, NJ Bergman Real Estate Grp Eric Ladden 25A Vreeland Rd, Florham Park, NJ 39,850 s/f Emory Hill Tripp Way 409 Silverside Rd., Wilmington, DE 30,000 s/f Beacon Commercial Gene McHale/Colin McHale 475 Virginia Dr, Fort Washington, PA 25,517 s/f Emory Hill Steve Dobraniecki 30 Blue Hen Dr., Newark, DE 23,500 s/f Nai Summit John L. Crampsie, SIOR Penn Corp Center, Bethlehem, PA 19,919 s/f Landmark Commercial Tom Posavec 4250 Crums Mill Rd., Harrisburg, PA 17,500 s/f Weichert Commercial Peter E. Ricker Jr. 804 Broadway, West Long Branch, NJ 14,042 s/f & 8,000 s/f Rock Commercial R E Ryan Myers, CCIM 261 North Franklin St., Hanover, PA 8,930 s/f Bennett Williams Thomas Troccoli 1595 S. Mt. Joy St., Elizabethtown, PA 3,520 s/f

Largest Industrial Sale

COMPANY CBRE-Philadelphia Binswanger Beacon Commercial Landmark Commercial Emory Hill Bennett Williams

BROKER Bill Wolf/Sean Bleiler/Phil Schenkel Jim Panczykowski John Greenwald/Taylor Young W Jason Grace Jim O’Hara, Jr. Beau Brown

NAME OF PROPERTY S/F SALE PRICE 3041 Schoeneck Rd, Lwr Macungie, PA 580,000 s/f $22,000,000 Former Bush Industries Facility 1,112,390 s/f $19,000,000 1340 Enterprise Drive, West Chester, PA 75,655 s/f $3,700,000 3201 Fulling Mill Rd, Middletown, PA 92,000 s/f $2,860,000 11 Southgate Blvd, New Castle, DE 23,000 s/f $750,000 527 Gritts Run Rd, Hanover, PA 13,800 s/f $525,000

COMPANY First Potomac Realty Trust Beacon Commercial Rock Commercial RE Weichert Comm Nai Summit Levin Weichert Comm Landmark Commercial Emory Hill Bennett Williams

BROKER Mike Roden/John Wilhide/Ben Meisels Matt Larraway/Mike Elardo Gene McHale/Mike Flynn/Colin McHale Kevin Hodge/David Bode/Ted Turnbull Anthony Baseil Mike Adams Joshua Levin-Levin Mgmnt Anthony Baseil & Mike Treacy-Binswanger W. Jason Grace Edd Connor Robert Behler Jr

NAME OF PROPERTY S/F

COMPANY Emory Hill Bennett Williams Nai Summit

BROKERS Dave Morrison Chad A. Stine/Bradley A. Rohrbaugh Jay Haines

Largest Industrial Lease

Largest Land Sale

7458 Candlewood Rd, Hanover, MD 10 Industrial Hghwy-B Complex, Lester, PA Patriot Tech Center, York, PA 400 Saw Mill Rd., Edison, NJ 5001 Crackersport Rd., Allentown, PA Iron Run Corp Center, Allentown, PA 1050 Edward St., Linden, NJ

139,690 s/f 125,959 s/f 116,000 s/f 111,628 s/f 104,400 s/f 101,250 s/f 98,976 s/f

665 Independence Ave, Mechanicsburg, PA 400 Centerpoint Blvd, New Castle, DE 75 Acco Dr, York, PA

64,970 s/f 60,760 s/f 38,400 s/f

NAME OF PROPERTY SIZE SALE PRICE 3322 Silverside Rd., Wilmington, DE 5.8 acres $2,075,000 362 N. Main St., Loganville, PA 3.92 acres $1,750,000 Route 100 & Penn Dr., Allentown, PA 4.36 acres $1,350,000

Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 39C

www.marejournal.com

HonoraBle Mentions of 2011

lArgest retAIl sAle CoMpANY Cushman & Wakefied East Rutherford NAI Summit Kislak Rock Commercial RE Bennett Williams Fameco

BroKer Andrew Merin/David Bernhaut/Gary Gabriel Karen Iman/John Plower John L. Crampsie, SIOR Joni Sweetwood David Bode/Benjamin Chiaro/John Birkeland Chad A Stine/Bradley A Rohrbaugh Adam Kohler/Jon Kieserman

NAMe oF propertY Colonial Commons, Harrisburg, PA

s/F 486,634 s/f

sAle prICe $49,100,000

501 Cetronia Rd, Allentown, PA Citibank Building, Westfield, NJ The Roosevelt Tavern, York, PA 2701 S. Queen St., York, PA Whitehall, PA

107,770 s/f 11,400 s/f 7,866 s/f 2,604 s/f 181,437 s/f

$6,430,000 $4,300,000 $755,000 $710,000

CoMpANY Vanguard Realty W P Realty Emory Hill Rock Commercial R E Bennett Williams

BroKer Greg Klein Charter Realty & Devel and Legend Properties Tripp Way Ryan Myers/Dave Nicholson/Lauren McDermott Chad A. Stine/Bradley A. Rohrbaugh

NAMe oF propertY Heritage Hunt, Gainesville, VA Valmont Plaza, Hazelton, PA College Square SC, Newark, DE Gateway Hanover SC, Hanover, PA Shoppes at Silver Spring, Mechanicsburg, PA

s/F 46,500 s/f 18,972 s/f 15,000 s/f 12,176 s/f 11,946 s/f

CoMpANY Cushman & Wakefield East Rutherford NorthMarq Marcus & Millichap Kislak Landmark Commercial

BroKers Andrew Merin/David Bernhaut/ Gary Gabriel/Brian Whitmer Joe Verdejo/Jim Sheehan Mark Thomson/Zac Pierce Jacob Friedman Chuck Heller/Drew Bobincheck

NAMe oF propertY sIZe 800 Madison, Hoboken, NJ

217 units

Student Housing Community, Kutztown, PA School House Lane, Philadelphia, PA Empirian Luxury Towers, Philadelphia, PA Warrior Run Portfolio

184 units 338,546 s/f 569 units 75 units

$27,300,000 $5,450,000

CoMpANY Rock Commercial

BroKers Ryan Meyers

tYpe oF MIXeD-Use Retail and Office

sIZe 23,836 s/f

sAle prICe $300,000

FINANCIer Sovereign Bank(Santander)/Wells Fargo John Hancock Life Insurance Fannie Mae/AmeriSphere Greystone/A Fannie Mae Bus Lender

loAN $ $234,000,000 $46,400,000 $41,174,000 $21,000,000

s/F 770,000 s/f 774 units 757 units

Andrew Stewart

$20,000,000

157,201 s/f

Bruce Dashevsky

$5,200,000

207,000 s/f

lArgest retAIl leAse

lArgest MUltI FAMIlY

lArgest MIXeD Use top FINANCIAl

NAMe oF propertY 118 Carlisle St., Hanover, PA

CoMpANY NAMe oF DeAl INstItUtIoN HFF 800 Scudders NorthMarq n/a NorthMarq n/a Marcus & Millichap Capital Corporation,Erbe Apratment Complex, Greystone Servicing formerly NAI Bluestone Real Estate Capital Real Estate Capital Piazza at Schmidts Cronheim Shoppes at Windsor Green Aviva life Insurance Mortgage Progress Hillside, Hillside, NJ Financial Resources Realty Advisors Federal Credit Union

sAle prICe $96,500,000 $30,000,000

Delivering Capital Market Solutions with Star Power

$46,400,000 Multifamily Portfolio

$41,174,000

Terrace View Apartments

$30,000,000

4 PROPERTIES | BALTIMORE AREA LENDER: LIFE COMPANY

1,580 BEDS | STUDENT HOUSING LENDER: FANNIE MAE/AMERISPHERE

SALE | 552 BEDS KUTZTOWN, PA

Student Housing

Capital Markets DEBT | EQUITY | INVESTMENT SALES PHILADELPHIA 215.496.3000

BALTIMORE 410.296.6565

WASHINGTON, DC 301.654.2400

ROCHESTER 585.262.2100

northmarq.com

40C — March 16 - 29, 2012 — The Best of 2011 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Honorable Mentions of 2011 Top Broker Sales COMPANY RANK Marcus & Millichap-Conshohocken 11 Kislak 12 Marcus& Millichap-Conshohocken 13 Kislak 14 Metro Commercial 15 NAI James E Hanson 16 Kislak 17 Marcus& Millichap-Elmwood Park, NJ 18 Emory Hill 19 Beacon Comm’l. 20 Metro Comm’l 21 Gebroe Hammer 22 Landmark Commercial 23 Landmark Commercial 24 Metro Commercial 25 Beacon Commercial 26 NAI Summit 27 Bennett Williams 28 NAI Summit 29 NAI Summit 30 Bennett Williams 31

BROKER NAME Ridge Maclaren Jonathan Greenberg Matt Gorman Joni Sweetwood Paul Rumley Hal B Messer Barry Waisbrod David Thurston Tripp Way Gene McHale/Mike Flynn Dan Brickner Nicholas Nicolaou W Jason Grace Chuck Heller Steve Niggeman Taylor Young John L. Crampsie, SIOR Chad A Stine, Bradley A Rohrbaugh Matt Dorman Jay Haines Adam Hagerman

COMPANY RANK Metro Commercial 11 Fameco 12 Landmark Commercial 13 Landmark Commercial 14 Metro Commercial 15 Beacon Commercial 16 Bennett Williams 17 Beacon Commercial 18 Landmark Commercial 19 Emory Hill 20 Emory Hill 21 Levin 22 Nai Summit 23 Nai Summit 24

BROKER NAME BIGGEST DEAL ‘11 Joseph Dougherty Big Lots Lease, Devon, PA Adam Kohler Hobby Lobby @ Cumberland Crossing W Jason Grace Liberty Distribution, Mechanicsburg, PA Thomas Posavec Brent Barbehenn Avalon Carpet & Tile, King of Prussia, PA Colin McHale 475 Virginia Drive Chad A. Stine, Bradley A. Rohrbaugh Pad site at Walker Rd., Chambersburg, PA Mike Flynn 10 Industrial Highway Roy H Brenner AgChoice, FLCA Tripp Way 409 Silverside Rd., Wilmington DE Edd Connor 400 Centerpoint Blvd, New Castle, DE Joshua Levin, CCIM SunOpta John L. Crampsie, SIOR 966 Postal Rd., Allentown, PA Matt Dorman 901 Evans St., Bethlehem, PA

Top Broker Lease

110 N. George Street,4th Floor York, PA 17401 ph: 717-841-5555 fax: 717-843-5550 www.bennettwilliams.com

• Landlord Representation • Tenant Representation • Investment Sale & Acquisition • Site Selection • New Construction Leasing & Development • Property & Portfolio Dispositions • Property Management SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS

BIGGEST DEAL ‘11 Willow Ridge Village, NJ 350+ unit multifamily in central NJ BJ’s Wholesale Club Robert Towers, East Orange, NJ Kenhorst Plaza, Reading PA Clinton, MD SC Kensington Manor, Middletown, NY Walgreens portfolio in Chicago 101 Bellevue Pkwy, Wilmington, DE 15 Kings Grant Dr, Bala Cynwyd Brinton Lake SC Concordville, PA 171-181 Erie St., Jersey City Investment Sale of a 44,000 s/f office building Portfolio sale of 75 luxury apartments South Hills Mall, Bethel Park, PA 1340 Enterprise Dr 501 Cetronia Rd 362 Main St., Loganville, PA 4635 Crackersport Rd., Allentown, PA Route 100 & Penn Dr., Allentown, PA 1201 Manor St., Columbia, PA

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; The Best of 2011 â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; Inside Back Cover C

www.marejournal.com

Exposure

Expertise

Results

8F DMPTF NPSF USBOTBDUJPOT UIBO BOZ PUIFS ĂŚSN Below is a sampling of our Current exClusive listings

Wilmington, DE Shopping Neighborhood 4.23 Acres $10,250,000

Multi-State National Industrial Portfolio 390,958 sf $21,653,000

Aston, PA

Nottingham, MD T-Mobile Net Leased Electronics 3,080 sf $1,521,882

Avenel, NJ Shopping Strip 9,120 sf $1,550,000

Net Leased Gas and Convience Store

77,201 sf $1,414,000

Owings Mills, MD 7-Eleven Condo Net Leased Auto Service 2,800 sf $1,284,000

Willow Grove, PA Net Leased Grocery Store 123,397 sf $24,603,317

Pompton Lakes, NJ Mixed Use 79,062 sf $6,250,000

Columbia, NC Net Leased Grocery Store 28,853 sf $3,400,000

Lynchburg, VA Shopping Regional 202,605 sf Request for Offer

West New York, NJ Apartments 30 Units $7,445,000

Fairfield, NJ Industrial Office Warehouse 44,672 sf $4,000,000

Cobleskill, NY Green Bridge Apartments 50 Units $3,300,000

Bristol, VA Shopping Regional 165,337 sf Request for Offer

PA & MD Multifamily 4-Property Portfolio 484 Units $35,950,000

To Access the Investment Market, Contact the Market Leader.

Brooklyn

Manhattan

Regional Manager (718) 475-4345 john.horowitz@marcusmillichap.com

Vice President/Regional Manager (212) 430-5150 j.d.parker@marcusmillichap.com

John Horowitz

New Jersey

Michael J. Fasano

Philadelphia

Washington D.C.

Vice President/Regional Manager (215) 531-7050 spencer.yablon@marcusmillichap.com

Regional Manager (202) 536-3750 david.feldman@marcusmillichap.com

Spencer I. Yablon

Vice President/Regional Manager (201) 582-1020 michael.fasano@marcusmillichap.com

Offices Nationwide

Mid-AtlAntic reAl estAte journAl

J.D. Parker

David Feldman

www.MarcusMillichap.com

MArch 2012

10.25â&#x20AC;?w x 13.25â&#x20AC;?h

C Back Cover â&#x20AC;&#x201D; March 16 - 29, 2012 â&#x20AC;&#x201D; The Best of 2011 â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

MAREjournal.com

LARGEST INDUSTRIAL LEASE 180 Kost Road Carlisle, PA 324,016 sq. ft. Michael G. Walters, SIOR & Hal B. Messer, MSRE

Hal B. Messer

LARGEST RETAIL ACQUISITION 9001 Woody Terrace, Clinton, MD 38,222 sq. ft. Michael G. Walters

Hal B. Messer, MSRE

Congratulations to our Associates for these Memorable Deals of 2011

Gary P. Sauerborn

Thomas A. Vetter

Jeffrey W. DeMagistris

LARGEST INDUSTRIAL SALE 200 Central Avenue Teterboro, NJ 210,009 sq. ft. Gary P. Sauerborn, Thomas A. Vetter & Jeffrey W. DeMagistris

Andrew Somple

LARGEST LAND SALE Weehawken Reservoir - 14.0 acres Palisades & Washington Avenues Weehawken/Union City, NJ Andrew Somple, SIOR Gregory M. James

Gregory James

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