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Volume 24 Issue 7 April 13 - 26, 2012

751 multi-family units in New Jersey

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Commercial Mortgage Capital arranges $34.7 million in financing

SPOTLIGHT on COMMERCIAL MORTGAGE ivingston, NJ â&#x20AC;&#x201D; Southern New JerseyCAPITAL, arranges $34.7Mortgage Commercial

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building containing 65 units is located in Berkeley Heights and the second is a 74 unit, million in financing for 751 $34.7 Capital, arrange three-story luxury apartment million in fimulti-family units : building located in Springfield. nancing for Both of the Union Cty. proper751 multiLivingston, - Mark Scott of ties received 10-year loans, familyNJ units. one from a bank and the other Commercial Capital MarkMortgage Scott from an insurance company. of Commerhas arranged permanent Commercial Mortgage Capital c i a l M o r t mortgage financing totaling negotiated favorable financing gage Capital $34,700,000 forthe three multiterms for all three properties. handled Mark Scott familypproperties in New Scott is anticipating another e r m a n e nlocated t stellar year for Commercial properJerseyfinancing in the firstfor twothree months of 4:53:09 PM Mortgage Capital as a follow two months of 2012.ties Oneinofthe thefirst properties, a up to 2011â&#x20AC;&#x2122;s over $410 million 2012. One of the properties, a two-story garden apartment in production and looks fortwo-story garden apartment complex containing 612 units ward to continuing to grow the complex containing 612isunits located in Middlesex County,County. NJ. bonds between borrowers and is located in Middlesex lenders in the months ahead, The borrowers were seeking The borrowers were seeking a a self-liquidating loan for $20 self-liquidating loan for $20 million which Mr. Scott was able to negotiate through a national insurance noting funds are available for million which Scott was able insurance company. The other Union Cty. The first property quality properties with strong company. The other two properties located in Union County, New Jersey. The first property being a to negotiate through a nationalaretwo properties are located in being a four-story apartment sponsors. n

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

35-42A

four-story luxury apartment building containing 65 units is located in Berkeley Heights and the second is a 74 unit, three-story buildingof located in Springfield. Both of the Union Kentluxury andapartment Lawrence CBRE represented bothCounty parties in properties received 10-year loans, one from a bank and the other from an insurance company. Commercial Mortgage Capital negotiated favorable financing terms for all three properties.

transaction

Katz Properties acquires Westgate Shopping Center for $33.855 million Mark Scott is anticipating another stellar year for Commercial Mortgage Capital as a follow up to 2011â&#x20AC;&#x2122;s

over $410,000,000 in production and looks forward to continuing to grow the bonds between borrowers Manassas, VA â&#x20AC;&#x201D; Katz

in theofmonths ahead.has Noting funds are available for quality properties with strong sponsors. NAI Keystoneâ&#x20AC;&#x2122;s Willems and & lenders Properties New York acquired the Westgate ShopCole broker 324,000 s/f ping Center in Manassas for

$33.855 million. The 172,000 s/f supermarket anchored shopping center, built in 1964, is situated on 17 acres located at 8139 Sudley Rd. Westgate Shopping Center is currently 97% occupied by twenty tenants including a 52,000 s/f Giant supermarket,

Directory

Financial Digest..................................... 5-15A New Jersey ......................................... 17-34A DelMarVa............................................ 43-47A Pennsylvania........................................ Section B

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April 27th

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as well as Barnes and Noble, CVS, Total Wine, Panera Bread, and three outparcels. Daniel Katz, a principal of Katz Properties said, â&#x20AC;&#x153;We are excited to have acquired this stable asset with some of the best frontage on Rte. 234 in Manassas. This is our first step into Virginia, but we intend to pursue additional acquisition opportunities of this sort in the region.â&#x20AC;? Joshua Katz, COO of Katz Properties, said they are â&#x20AC;&#x153;pleased to enter the northern

8139 Sudley Road Virginia region and are confident Westgate will continue to provide high quality retail services for the community. We are also eager to enhance what is already a vibrant shopping center through capital improvements and attentive management.â&#x20AC;? Katz Properties is a real estate acquisition and development company with offices in Boston, New York and Philadelphia that focuses on the acquisition, operation and repositioning of retail shopping

centers and office properties in the Northeast and MidAtlantic. Mortgage financing was provided by Webster Bank of Connecticut and was arranged by Tim Breda of Goedecke& Co. The CBRE team of R. William Kent and Gary S. Lawrence represented both Katz Properties and the seller in the transaction. Leasing and property management services will be providedby Winslow Property Management, an affiliate of Katz Properties. n

A Inside Cover April 13 - 26, 2012 â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — April 13 - April 26, 2012 — 1A

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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

2A â&#x20AC;&#x201D; April 13 - April 26, 2012 â&#x20AC;&#x201D; Mid

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Mid Atlantic

Mid Atlantic REAL ESTATE JOURNAL

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ADVERTISERS DIRECTORY

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

Belfor Property Restoration ........................................... 38A

Section Publisher ..............................................................Michael Campisi

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Brasler Properties ........................................................... 12B

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Business Card Directory ................................................. 51A Bussle Realty Corp.......................................................... 33A CBC Bennett Williams............................................. 53A, 2B Columbia Bank..........................................................5A, 42A Estreich & Company ....................................................... 12A Commercial Mortgage Capital ......................................... 7A Cooper Roofing ................................................................ 39A Cooper-Horowitz ............................................................... 9A Cronheim Mortgage ........................................................ 12A Crown Castle ................................................................... 41A Deerwood Real Estate Capital ....................................... 10A Dietrick Group ................................................................ 11B Earth Engineering .......................................................... 11B Estreich & Company ......................................................... 4A Foster & Mazzie .............................................................. 42A Griffin Land ....................................................................... 8B Harvey Hanna & Associates ................................. IC-A, 44A Heller Industrial Parks .................................................. 21A Hinerfeld Commercial RE .............................................. 53A Hinerfeld Commercial RE ...........................................IC-1B Jenkintown Building Services .......................................... 9B Joseph P. Gilroy RE ........................................................ 53A Kaplin | Stewart ............................................................... 2A Keast & Hood Company ................................................. 13B Lebanon Valley Economic Development Corp. ................ 1A Lehigh Valley Chapter Service Directory ...................... 15B Lundt ............................................................................... 37A M. Miller & Son ............................................................... 15A

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

By Joseph Brecher

Guest Columnist ................................................................Joseph Brecher

Central NJ Multi-Family Market Continues to Attract Investors with Prime Location and Favorable Locale

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 Postmaster send address change to:

AMESBURG, NJ â&#x20AC;&#x201D; Strategic location continues to be the draw for multifamily investors in Middlesex County and central New Jersey, according to Joseph Brecher, executive vice president of Gebroe-Hammer Associates, based in Livingston, N.J. The market specialist recently arranged the sale of four Jamesburg apartment buildings comprised of 39 total units, located just one mile off the New Jersey Turnpike Exit 8A exchange. â&#x20AC;&#x153;Jamesburg has the advantage of being nestled between Fortune 500 companies, suburban residential neighborhoods and major transportation networks, all of which strengthen the tenant pool and positively influence long-term property performance,â&#x20AC;? said Brecher. â&#x20AC;&#x153;The borough also has a lower unemployment rate thanks to its proximity to major employment centers, including Rutgers University, Middlesex County College and Princeton University.â&#x20AC;? Situated in southern Mid-

Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 7 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

dlesex County, Jamesburg is anchored by a downtown shopping district, Thompson Park and Lake Manalapan. This thriving live/work/play municipality is served by the John F. Kennedy School and Grace M. Breck Wedel Middle School, which is a short walk from the properties. Brecher represented the seller, Jamesburg Apartments LLC, and identified the buyer, Jamesburg Realty Partners LLC, in the trade of 6-8 Vine Street, 16 Lake Street, 8 Cherry Street and 123 Stevens Avenue, which sold for $2.66 million. Each of the two-story complexes is within a one-mile radius and has one-bedroom

units as well as on-site parking. According to Gebroe-Hammer, average rents for the area are approximately $825 for onebedroom units. Legal representation was provided for the seller by Morris Silberberg, Esq., of Silberberg & Klein in Howell, and the buyer by Scott Herzog, Esq., in Fort Lee. â&#x2013; Correction: In our March 16th Best of 2011 issue, in the Honorable Mentions of 2011 section, we erroneously listed Hartz Mountain as the Best Manager Company for the Monaco at 475 Washington Blvd. The management company for this building is Roseland Management Company.

Manko, Gold, Katcher & Fox ............................................ 9B Marcus & Millichap RE Investment Services ................. 2B Max Spann RE & Auction............................................... 51A Meridian Capital Group ................................................. 15A Metro NJ Chapter Appraisal Institute .......................... 15A NAI Keystone .................................................................... 8B NE NJ Chapter Appraisal Institute ............................... 16A NorthMarq......................................................................... 6A Pennâ&#x20AC;&#x2122;s NE .......................................................................... 4B PennCap Properties .......................................................... 8B Poskanzer Skott Architects ............................................ 22A RE/MAX of Reading ........................................................ 14A Riker Danzig ................................................................... 18A SEBCO ............................................................................. 18A Sheldon Gross Realty ...................................................... 18A SNJ Chapter Appraisal Institute ................................... 31A SUBWAY .......................................................................... 53A The Frederick Group....................................................... 11B The Kislak Co. ................................................................. 20A The NJ Tri-County Region.............................................. 27A TriState REALTORS Commercial Alliance ................... 49A USDA ............................................................................... 14A WCRE .............................................................................. 24A

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FINANCIAL DIGEST FEATURING CREATIVE FINANCING

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Mid Atlantic Real Estate Journal — April 13 - April 26, 2012 — 3A

Also secures $22.75 million in financing

HFF investment sales team rep the seller in $63 million closing of Windsor at Crystal Ridge

AT C H U N G A N D NORTH PLAINFIELD HFF announced that it has closed the sale of Windsor at Crystal Ridge, a 334-unit, class A multihousing complex in Watchung and North Plainfield. HFF represented the seller, GID Investment Advisors, LLC and procured the buyer, AvalonBay Communities, Inc. AvalonBay purchased the property for $63 million free and clear of existing debt. The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn, director Jeffrey Julien and associate director Steve Simonelli. In Arlington, HFF arranged an $11.75 million refinancing for Greentree Square, a 110,296 s/f, grocery-anchored shopping center. HFF worked on behalf of the borrower, Mainardi Man-

Greentree Square agement Company, to secure 92 percent leased property is the 10-year, fixed-rate loan anchored by Whole Foods plus through Allstate Investments, two pad sites occupied by TGI LLC. The loan will be serviced Friday’s and Citizen’s Bank. by HFF and is replacing an The HFF team representing existing first mortgage loan Mainardi Management Comon the property also arranged pany was led by senior manby HFF. aging director Thomas Didio Greentree Square is situated and senior real estate analyst on a 12.6-acre site at the inter- Michael Cerulo. section of Greentree Road and In Edison, HFF secured $11 Route 73, about 10 miles east of million in acquisition financCenter City Philadelphia. The ing for 2121 State Route 27, a

2121 State Route 27 99,260 s/f, research and devel- Consumer Products Corporaopment facility. tion, which utilizes the facility HFF arranged the financ- as its worldwide research and ing on behalf of AG Net Lease development center for all of Fund II, an affiliate of Angelo, its brands. Gordon & Company. Morgan The HFF team representing Stanley Mortgage Capital the borrower was led by manHoldings LLC provided the aging director Evan Pariser 10-year, fixed-rate securitized and director Michael Klein. loan, which will also be serAngelo, Gordon & Company viced by HFF. is a privately-held registered 2121 State Route 27 is 100 investment advisor dedicated percent occupied by Revlon to alternative investing. ■

Cohen, Drebin, Appel and Diaz orchestrate transactions

Meridian Capital Group negotiates $61.4m in permanent financing, acquisition & construction loans HOBOKEN, NJ – Meridian Capital Group negotiated $33 million in permanent financing for a recently constructed luxury apartment building on behalf of Ironstate Holdings. The seven-year loan features a rate of 4.12% and was provided by a local savings bank. Meridian finance advisors, David Cohen and Russ Drebin, both based in Meridian’s NJ office, negotiated this transaction. The 13-story multifamily building is located at 1401 Hudson St. In a separate transaction, Meridian Capital Group negotiated a $28.4 million acquisition and construction loan on behalf of a partnership between Cayuga Capital Management and Jacob Toll. The proceeds were used for the acquisition and completion of a mixed-use development project located on North 4th Street in Brooklyn,

1401 Hudson Street by executing a deed-in-lieuNY. The partnership purchased of-foreclosure. The 36-month the note from the previous con- loan, arranged by Meridian and struction lender in an all-cash provided by a regional balance transaction and then acquired sheet lender, features favorable the deed on Steelworks Lofts floating-rate and interest-only

Steelworks Lofts provisions for the full term. Meridian managing director, Aaron Appel, and vice president, Michael Diaz, both based in Meridian’s New York City headquarters, negotiated this

transaction. The 110,000 s/f mixed-use building is located at 76 North 4th St. in the trendy Williamsburg neighborhood of Brooklyn. ■

4A — April 13 - April 26, 2012 — Financial Digest — Mid

Atlantic Real Estate Journal

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CREATIVE FINANCING The three year floating rate loan was structured into two tranches

Estreich & Co. arranges bridge financing for the NYC Wyndham TRYP Times Square South Hotel

E W Y O R K C I T Y, NY — Estreich & Company announced that Aram Pehlivanian and Oleg Feldsher have arranged $38 million of financing for t h e Wy n d h a m T RY P Aram Pehlivanian Times Square South on behalf of Eros Management & Realty. The strategically located 173 key flagship TRYP hotel opened in February 2012 and features

the Gastro Bar at 35th a Mediterranean and Spanish tapas

Wyndham TRYP Times Square South restaurant and bar, executive and spacious signature family meeting space, fitness center guest rooms ideal for family

- Mortgage and Mezzanine Debt

BUILD ON . . . Our Success

- Equity and Join Venture - Investment Sales - Structured Finance - Loan Sales - Special Assets and Advisory

Jonathan Estreich formed Estreich & Company in 1986 and since that time the principles and goals of our organization have remained unchanged. The firm was established upon the commitment to provide the highest level of excellence and service in advising clients on any and all of their Real Estate financing requirements. This founding principle remains true today, with the focus being to completely understand the client’s real estate needs and pursue and deliver optimal solutions. The Estreich team of professionals is available to consult and provide debt, equity and structured finance solutions on all asset classes throughout the United States. Over the last 25 years we have continued to build our knowledge base of local markets and strengthen our relationships with the widest range of borrowing sources covering the entire spectrum of the capital markets. To discuss a project or for more information, please call 212–736–6770 or email us at info@estreich.com Let us put our relationships, experience and expertise to work for you

Building the Future Together 7 PENN PLAZA • SUITE 512 • NEW YORK, NY 10001 • (T) 212.736.6770 • (F) 212.736.6363

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travel including bunk beds and multimedia living rooms. “We are thrilled to play a role in quickly securing financing for the debut of Wyndham TRYP brand in North America”, said Pehlivanian. Due to a pending loan maturity, the bridge financing was quickly closed in two weeks with no operating history. The transaction was underwritten based on future operating projections, the experience of the borrower, and the strength of the Wyndham brand. The three year floating rate loan was structured into two tranches with both a senior and a mezzanine lender. Due to time constraints, the mezzanine lender accommodated the borrower, closed the entire loan in 12 business days and subsequently worked with the senior lender to quickly close senior mortgage piece within a very short time frame effectively meeting the borrower’s needs and providing the borrower with a fast and seamless execution. Estreich & Company is a source of competitive debt and equity financing for real estate projects of any deal size. Estreich & Company’s clients include many of the most sophisticated real estate professionals in the country, ranging from high net worth individuals to major publicly traded Real Estate Investment Trusts. Their clients rely on their knowledge, diligence and market perspective to secure the best possible financing terms and bring each project to closure efficiently and on schedule. In 2011, Estreich & Company has closed over $3 billion of transactions across 20 states and multiple property types with 45 different lending institutions. “With our integrity and experience in financing every type of real estate for 25 years, we have access to the top capital sources. Our skilled team of professionals distinguishes us from other firms working closely with our clients and becoming in house financial specialists for our clients to achieve the best possible results,” said Pehlivanian. Estreich & Company strives to make the financing process as easy and seamless as possible so their clients can spend their time doing what they do best. Hiring the right intermediary on financing transactions creates value and allows the owner to focus on what they do best. ■

Mid Atlantic Real Estate Journal — Financial Digest — April 13 - April 26, 2012 — 5A

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CREATIVE FINANCING By Tom Graziano, HFF

Entering Q2, the debt capital markets continue to show signs of strength

s we enter Q2, the debt capital markets continue to show signs of strength, and have demonstrated that there is plenty of liquidity across the risk spectrum for commercial real est a t e . L i f e Tom Graziano companies, CMBS/conduit shops, banks, debt funds, mortgage REITs, and the agencies (Fannie/Freddie) are all open for business and are actively competing to provide the best possible structure/terms for our clients. The financing landscape has certainly changed over the past few years (and continues to change, it seems, on a weekly basis) so it’s imperative, especially as an intermediary, to know where the market is on a real-time basis. For your straight-down-the-middle, “core” deal, a LifeCo, CMBS, or agency execution is most likely going to be your best bet, but for deals that aren’t LifeCo/ CMBS-ready (i.e. those with lease-up risk or repositioning plays), you have to be a little more creative as these deals require more flexibility. LifeCo’s and CMBS groups continue to be the most competitive when pricing stabilized assets. LifeCo’s have traditionally targeted properties in primary markets while CMBS groups cast a wider net into secondary and (sometimes) tertiary markets. However, given the overall lack of transaction supply, LifeCo’s are also going outside their typical comfort zone, which has increased the competition among the two lenders and, ultimately, benefited the borrower. What’s more, we’ve also been seeing LifeCo’s go higher in the capital stack – further increasing the competition between them and CMBS groups since the trade-off between rate and leverage, which had usually differentiated the two, is leveling out. The good news is – both have a lot of capital to deploy. LifeCo’s are coming off a record year ($45 billion in 2011; with a mandate to originate even more in 2012) and with CMBS spreads continuing to narrow, as evidenced by the recent issuances, the demand remains strong, which should bode well for the +/-$6 billion of securi-

tizations coming to market in the next couple months. When presented, however, with a more transitional-type deal that requires more flexibility, banks, debt funds, and mortgage REITs have the ability to structure deals to suit specific projects. Whether it’s your standard “bridge” deal or repositioning play, these balance sheet lenders can offer competitively-priced, floating rate loans with flexible structure: favorable prepayment terms, partial releases (for portfolios, condos, or pad sites), and the ability to provide future funding (for TI/LCs, Ca-

pEx). Debt funds and mortgage REITs are also setting themselves apart by offering higherleverage (up to 85% LTV) first mortgages (with rates of 6.57.5%). Also noteworthy – in this ever-changing landscape, LifeCo’s are now competing more for mezzanine loans in an effort to chase yield. As to how aggressive they’ve been getting, we’ve had success recently in placing LifeCo mezz on top of firsts from banks (and other LifeCo’s) – in some cases achieving a last dollar of 85% – for an all-in, blended rate in the mid-single digits. Another area in which we’ve

had particular success has been in arranging fixed-rate, construction-to-perm loans with LifeCo’s. At the beginning of the year, there were only a couple groups that were even willing to entertain such a structure but we’ve now noticed more and more groups coming into the space. By way of example, we’re currently working on a couple apartment construction deals where we’re implementing this structure. Deal points include term options of up to 15 years (I/O during lease-up, then 30 year am), limited prepayment guarantees, which

burn off upon stabilization, and the ability to increase loan amounts, also upon stabilization . What makes this structure compelling (vs. opting for a low Libor-based construction loan at, say, L+250), is that it acts as a hedge against a spike in rates. We have found that if you could lock in a rate with a 4-handle today, rather than waiting 2-3 years (the construction loan term) to find long-term, permanent debt – most borrowers would jump at the opportunity. Tom Graziano is a director in the New Jersey office of HFF.■

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6A — April 13 - April 26, 2012 — Financial Digest — Mid

Atlantic Real Estate Journal

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CREATIVE FINANCING By Mark Scott, Commercial Mortgage Capital

Finance 2012: Improving market conditions & increasing liquidity to real estate capital markets

iquidity has certainly returned. Not to the days past of high loanto-value interest only 10 year bullet loans (circa 20042007) but highly structured loan transactions Mark Scott with bells, whistles and suspenders. The easy money of the past is gone and now loan documents frequently include words like recourse, rental achievement, earn-outs, and

staged fundings. But the lending environment is much improved over 2009 and 2010. Borrowers are seeking to lock in today’s low rates as inflation continues to rumble on the horizon. Lenders are eager to put their money to work yet are structuring loan transactions to satisfy bank loan committees and the watchful eyes of bank regulators. Of the $410 million placed by our firm last year, less than 15% were straight, non recourse, 10 year term, 30 year amortizing loans. Over 40% of our closings involved

interim 3 to 5 year financings. In one such loan the office property was 53% leased to a strong credit tenant and the building was in lease up (72 % leased overall) after a recent renovation and repositioning, The lender funded to a low 1.02 debt service coverage based on the strong credit lease and allowed the borrower to receive additional loan proceeds based on new leases and also funded the required tenant work letters on the unleased space. An interesting retail/multifamily financing allowed the borrower to payoff his exist-

ing construction bank loan by posting additional collateral. The “additional” collateral consisted of several single family homes under construction which would be released when he sold them and used part of the proceeds to paydown or “balance” the highly leveraged retail/multifamily loan we originated. An example of credit support suspenders was used on a large newly constructed New York City multifamily property. The borrower sought to lock in low rate fixed rate 15 year financing. Leasing has just begun. The

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lender evaluated the strong rental market, the credit worthiness of the borrower and accepted a borrower guarantee until a satisfactory rental achievement level was obtained and maintained for a period of time. Once rental achievement was met, the guarantee was released. Recently we closed a “for sale” condominium financing. We believe it is the first of its type in New Jersey since the housing bust began in 2008. This transaction was structured with the borrower contributing the land and structure to be renovated “free and clear” as well as an additional building on the site. The low loan per square foot ($250) relative to the projected net sales price near $600 psf allowed the lender to be comfortable with the financing. The borrower is progressing rapidly to renovate the subject, begin marketing and deliver units to buyers. We are currently closing a permanent loan on a renovated multifamily property in southern New Jersey. Here the developer bought a defaulted note with higher rate “opportunity fund” monies, foreclosed on the asset, emptied out the property of non-performing tenants and renovated the subject. Eager to replace the high cost opportunity money we structured an immediate funding based on the completed units and structured an additional two fundings subject to completion and rental achievement. This allows the borrower to achieve his goal of retiring the high cost opportunity money and lock in long term fixed rate money at today’s great rates. Lenders, brokers and developers all need to think creatively to reach necessary proceeds levels while complying with lenders and regulators tighter credit standards. 2012 promises to be one of improving market conditions and increasing liquidity to the real estate capital markets. Mark Scott is a managing partner of Commercial Mortgage Capital based in Livingston, NJ. Opened in 1996 CMC has originated and closed over $4 Billion in multifamily, retail, office and industrial financing. ■

Mid Atlantic Real Estate Journal — Financial Digest — April 13 - April 26, 2012 — 7A

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CREATIVE FINANCING In the World of Finance, the Trailing 12 is Crucial $416,600,000 Reasons Our Trailing 12 Month Results Look Solid Mark M. Scott Principal

FEBRUARY

2011

$28,500,000 159 Multifamily Units New Jersey

$24,000,000 88 Units Construction Loan New Jersey

APRIL 2011 $15,000,000 160 Multifamily Units New Jersey

MAY 2011 $4,300,000 Renovation $12,000,000 Construction Loan 376 Total Units New Jersey

$18,500,000 859 Multifamily Portfolio Units New Jersey

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$62,000,000 368,685 SF Office/Retail Connecticut

Commercial Mortgage Capital 615 West Mount Pleasant Ave. Livingston, New Jersey 07039 (973)716-0006 Oﬃce (973)215-2409 eFax (201)787-7111 Mobile

$185,000,000 338 Apts . + 31k Retail/17k Office Space New York

NOVEMBER 2011 $10,800,000 22 Apts, + 15,669 SF Retail New Jersey

DECEMBER 2011 $14,000,000, 424 units $25,000,000 New Construction Loan 70 Units New Jersey

8A — April 13 - April 26, 2012 — Financial Digest — Mid

Atlantic Real Estate Journal

www.marejournal.com

CREATIVE FINANCING By Bruce J. Coin, Bruce Coin Consulting, Inc.

One creative way to refinance a highly leveraged property

major problem confronting the commercial or income property financing industry is finding a way to adequately refinance the presently highly leveraged p r o p e r t i e s Bruce J. Coin that were financed 5 to 7 years ago. Of most concern are bank and CMBS mortgages. Many were written at 80% LTV

ratios, with little or no amortization. The interest rates are about the same or higher than today’s rates but with appraised values that were based on high occupancies and higher rents. During the last three years, vacancy rates increased and rents declined while loan underwriting became more conservative. In combination with the reduced dollars currently available to finance commercial properties and in light of the more conservative underwriting standards currently

being applied, prospects for adequate refinancing are often “slim to none” for many commercial owners. Even at a 75% LTV ratio today available market financing is “short” of what is owed and more than a borrower can cover “out of pocket”. Accordingly, a time bomb of potential defaults still exists. Drawing on a creative method from earlier times, for the right situation, restructuring by use of a combination land purchase-leaseback and leasehold mortgage concept can collectively pro-

vide up to 90% (and higher if desired) of current value. It will take a positive attitude by an existing lender and help from its legal staff but an abundant number of similarly structured transactions were successfully used in the late 1960s and early 1970s. It’s an alternative to using a less sophisticated “A” mortgage and “B” piece note structure. The concept is simple, the mechanics complex. The borrower conveys the land to the lender (subsidiary or holding company) at ap-

Need commercial real estate help? If you are a lender, attorney, developer or realtor, we can provide it. Education

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• Analyze, Underwrite and Value Income Property (apartments, office, retail, industrial flex, other) • Income Property Lease Analysis • Direct Capitalization and Yield (DCF) Capitalization • Typical Mortgage Commitment Clauses • Construction Lending Basics • Structuring Joint Ventures and Participating Mortgages • Financing Properties with Prior Ground Leases • Net Leased, Single Tenant Credit Financings • Credit and Non-Credit Tenant Financial Statement Analysis • Commercial Appraisal Review

Expert Services • • • •

Investigative reports – appraisal reviews Consultation and case analysis Deposition and court testimony Individual property or portfolio analysis

brucecoin.com (856) 906-8240

Bruce Coin is the former co-founder and CEO of Pro-gressive Mortgage Corp. He is an acknowledged commercial mortgage financing and property valuation expert with over 40 years of experience. He has lectured to classes of the University of Pennsylvania’s Wharton School, and has written for, taught, and addressed many special interest groups including banks, law firms, appraisal organizations, commercial real estate organizations and private real estate companies. He is an IDECC Certified Distance Education Instructor (CEDI) and has written numerous courses about commercial real estate, finance and appraising. Bruce currently holds Certified General Real Estate Appraiser certificates in PA, NJ and CA.

praised value (or negotiated value) and leases it back on a long term basis at a fixed rent. Simultaneously, a 10 year balloon, leasehold mortgage is provided at 75% LTV of created leasehold value. If the lender doesn’t want to hold the land they can sell it to others based on the rent contract in place as it is “prior” to the mortgage. If the lender and borrower believe that over time, vacancies will diminish and values will increase (which is highly likely) this is a solution that can allow a deserving borrower to retain ownership, and not need to acquire an expensive mezzanine loan or partner. They can earn their way out of their current difficulty by a combination of good management and an improving economy. The lender may ultimately be fully repaid and the structure will give the lender more control and options in the event of a material default. The ground lease must contain a repurchase option that gives the borrower the right to repurchase at any time during the first 10 years for the same price. The option can contain a provision that the ground may only be repurchased simultaneously with the prepayment of the leasehold mortgage. Leverage clauses can be incorporated to force the borrower to ultimately repurchase the land and repay the financing within 10 years. These can include; loss of the purchase option; the option price and land rent escalating significantly no “assumability of the leasehold mortgage, no refinancing of the leasehold mortgage and others. Over 10 years the typical leasehold mortgage will amortize by about 23 percent. If the land purchase represents about 20% of the new “financing”, and the mortgage another 70%, such amortization will equal about 16% of today’s overall value affording a good opportunity for this to succeed. Unfortunately, space here does not permit discussing all of the possible factors, structures, clauses and aspects to consider but hopefully you get the idea. Bruce Coin is director of Bruce Coin Consulting, Inc. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — Financial Digest — April 13 - April 26, 2012 — 9A

CREATIVE FINANCING

$20,800,000

FORT CAMPBELL

INDEPENDENCE PLACE APARTMENTS 3193 FORT CAMPBELL BOULEVARD CLARKSVILLE, TENNESSEE 228 Unit Multifamily Rental Community 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 — April 13 - April 26, 2012 — Financial Digest — Mid

Atlantic Real Estate Journal

www.marejournal.com

CREATIVE FINANCING Including four apartment properties in Connecticut

Cooper-Horowitz organizes financing totaling $212.1 million

TAMFORD, CT — Cooper-Horowitz, Inc. recently arranged financing for the following properties: 1. 4 apartment properties: Hoyt Bedford Apts. and Morgan Manor Apts., Stamford, CT. Montoya Apts, Branford, CT and Seramonte Apts. Hamden, CT. A total of 1,170 apartments for a total loan amount of $163,800,000. Adam Horowitz and Robert B. Horowitz represented the firm 2. Armonk Square, Armonk, NY: A proposed 50,000 +/-

Morgan Manor Apts., Stamford, CT

square foot mixed use retail center. The loan was for $13,500,000. Justin M. Schacter and Jeffrey S. Horowitz represented the firm. 3. Fort Campbell’s Independence Place Apartments, 3193 Ft. Campbell Blvd. Clarksville,TN. 264 rental units. The loan was for $20,800,000. Matthew B. Paul, Justin N. Schacter and Jayson N. Schwartz represented the firm 4. 61-15 Metropolitan Avenue, Middle Village, NY: Retail space. The loan was for

$9,300,000. The firm was represented by E. Robert Vegh. 5. National Highway & Campgrounds Road, La Vale, MD.: Retail space. The loan was for $3,000,000. The firm was represented by E. Robert Vegh. 6. 635 Old Country Road, Plainview, NY: Retail strip containing 6,818 s/f. The loan was for $1,700,000. The firm was represented by E. Robert Vegh. ■

Unity Bank opens Washington Branch

Washington Township Mayor Michael A. Kovacs cuts the ribbon on Unity Bank’s new branch and is joined by (from left) Deputy Mayor Robert Klingel, former Mayor and current Township Committee member Samir Elbassiouny and Unity Bank president James Hughes.

$3,470,000

$5,850,000

$3,900,000

$2,360,000

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

Reﬁnance Philadelphia, PA Multifamily 100 Units

Acquisition Newark, NJ Garden Apartments 90 Units

Acquisition Newark, NJ Multifamily 45 Units

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

WASHINGTON, NJ — Unity Bank has opened a new fullservice branch at 5 East Asbury Anderson Road in Washington Township at the intersection of State Highway 31, its second Warren County branch and 15th overall. “We are excited to officially open our doors and offer the public an alternative to the big bank experience in Washington,” said Unity Bank President James Hughes. “As a community bank, we are all about building long term relationships with our customers and today marks that important first step in Unity Bank becoming an integral part of the Washington community. We have recruited a highly experienced banking team that has extensive experience working with the people of Warren County and they are eager to serve your banking needs.” The Washington branch features a newly constructed 3,100 s/f, one-story stone and stucco structure located on an approximate three-quarter acre lot. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — Financial Digest — April 13 - April 26, 2012 — 11A

CREATIVE FINANCING 280,000 s/f multi-tenanted retail center

Fryer of G.S. Wilcox & Co. positions $29 million in financing for Whitman Plaza

HIPADELPHIA, PA — G.S. Wilcox & Co. announced that David Fryer, principal of the firm, arranged $29 million in financing for Whitman Plaza, a 280,000 s/f multi-tenDavid Fryer anted retail center, located in Philadelphia, in the shadows of the Walt Whitman Bridge. This infill retail center is anchored by a Pathmark and is also home to many household name retailers including, Burlington Coat Factory, Ross, Party City, Game

Procida’s 100 Mile Fund provides $3.5 million financing NORTH BERGEN, NJ — Procida Funding’s 100 Mile Fund has closed a $3.5 million bridge loan to the developer of River Park Estates, a 10unit townhome development in North Bergen, allowing the developer to stay in the deal and finish the project. Procida principal Kyle Funsch negotiated a discount with the previous lender and will provide the funds to complete the remaining construction. The project will convert from condominiums to rentals. “This is exactly the type of deal that our fund was meant to finance. We have kept our eye on this project for over a year and a half,” said Funsch. “With the curtailing of lending parameters and the fact that most private equity funds are targeting the $10 million and up market, we’re able to meet the needs of smaller owners and developers who will ultimately be the engines that lead a local real estate and economic recovery.” “Procida Funding provided much more than a bridge loan,” said Mario Echevarria, the project’s developer. “They provided the local expertise, which resulted in not only the right loan, but adjustments that made the project work. We met with many different lending groups, but Procida was the only company who could get the deal done.” “We provide our borrowers with the same services offered to our advisory clients, which can be extremely beneficial,” Funsch said. ■

Whitman Plaza

Stop & GNC to name a few. The property sits on 23.5 acres, and can accommodate parking for up to 1,500 vehicles. The borrower, Breslin Realty, is a repeat client of G.S. Wilcox & Co., and has developed over thirty retail centers and currently manages over eight million square feet of commercial real estate in five states. The lender, Continental Casualty Company, provided aggressive terms to meet the needs of the borrower, including a 10/25 amortization schedule with the first 12 months being interest only. ■

Mid Atlantic R

EAL ESTATE JOURNAL’S ANNUAL SPOTLIGHT

Industrial Real Estate & Distribution Centers This issue will publish as a special pullout section... featuring: • A special LISTING of all the Industrial Space transactions Recorded in MAREJ throughout 2011 • Bi-lined Articles submitted by Expert industrial brokers • Industrial Market Reports compiled by major companies Commercial Brokerage Firms who are actively involved in marketing Industrial space in the Mid Atlantic area are welcome to participate. This exclusive Industrial Space Spotlight is an excellent way to Reach +25,000 Commercial Real Estate Professionals, Including Owners Developers & Tenants *Deadline: May 11, 2012

DON’T MISS IT!

Call Elaine Fanning 800-584-1062 x 212 for more information efanning@marejournal.com www.marejournal.com

12A — April 13 - April 26, 2012 — Financial Digest — Mid

Atlantic Real Estate Journal

www.marejournal.com

CREATIVE FINANCING Turley and McMahon arrange $8 million financing for Pittsburgh Hampton Inn

Cronheim Mortgage structures $9.9 million for 449,900 s/f facility EMPHIS, TN — Cronheim Mortgage has arranged a $9.9 million first mortgage on 5025 Tuggle Rd., a facility 100% occupied by FedEx Global Supply Chain Services. The 12 year loan was arranged by Dev Morris and Andrew Stewart and was placed with First SunAmerica Life Insurance Company whom Cronheim represents as correspondent and servicing agent. The subject, built in 1994, was originally utilized by both Nike and FedEx. FedEx expanded from 297,000 s/f to the

5025 Tuggle Rd.

Andrew Stewart

Dev Morris

David Turley

Lisa McMahon

973.635.6800 info@cronheimmortgage.com

Correspondent and Servicing Agent for Institutional Investors $1.9 Billion servicing portfolio and growing New Jersey's oldest & largest privately owned Real Estate Banker Feel right at home with a banker who services your loan rather than a firm who originates and ships the servicing 1,000 miles away

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Commercial Real Estate Loans 10 to 25-year Terms Available

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Full-Leverage Financing (Down to 1.05x DSCR, or I/O or a 35-Year amortization) for multifamily and other select assets

entire building in 2008. In suburban Pittsburgh, PA, David Turley and Lisa McMahon of Cronheim Mortgage arranged an $8 million, 70% LTV, permanent mortgage loan for a 107-key Hampton Inn. After an extensive marketing effort, Turley placed the 10-year, non-recourse loan with a commercial bank. The rate was locked at 5.85%. The borrower, a partnership between a NYC-based investment company and a large regional third party manager and operator, identified the 61-key Hampton Inn on McKnight Rd. in 2008 as a value-add acquisition target. In spite of a tough operating climate and uncertain future, the sponsor expanded the hotel to 107 keys, constructed an indoor pool/fitness annex, and renovated the original rooms, common areas and lobby. “The renovation/expansion dramatically improved the guest experience and created economies of scale that improved the efficiency of operations,” noted Lisa McMahon. “This was not an easy assignment, but we are very pleased with the outcome,” said David Turley. “Our financing took out the sponsor’s construction loan and returned about $750,000 of equity capital while securing a very attractive debt rate for a long term hold. We leveraged a close lender relationship to provide a superior result.” ■

TD Bank names Peter Hogan as vice president, portfolio manager PHILADELPHIA PA — TD Bank, America’s Most Convenient Bank, has promoted Peter Hogan to vice president, portfolio manager in commercial real estate lending in Philadelphia. He is responsible for managing a $100+ million portfolio of commercial real estate loans among approximately 75 client facilities in Metro Philadelphia. Hogan has 10 years of experience in commercial real estate. He joined TD Bank in 2007 and most recently served as an assistant vice president, senior credit analyst in commercial real estate lending in Philadelphia. Prior to joining TD Bank, Hogan worked as a senior lease auditor at KBA Lease Services in Woodbridge, NJ. ■

Mid Atlantic Real Estate Journal — Financial Digest — April 13 - April 26, 2012 — 13A

www.marejournal.com

MAREJ MONTHLY SALES AND LEASE REPORT As Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ MARCH 16 - APRIL 12, 2012 PROPERTY PROPERTY NAME NAME

SELLER/ SELLER/ OWNER/ OWNER/ LESSOR LESSOR

ADDRESS ADDRESS

8 Sylvan Parkway 7198 Castor Avenue 2121 Route 27 2351 Route 130 South 1085 Morris Avenue 735 Rahway Avenue 7-9 Pleasant Hill Road 22 Cragwood Road 141 West Front St. EMAZ, LLC Bruckner Boulevard Livingston Town Center Hastings Square Millburn Avenue

Parsippany, NJ Philadelphia, PA Edison, NJ Dayton, NJ Union, NJ Union,NJ Cranbury, NJ Avenel, NJ Red Bank, NJ Clinton, NJ North Bergen, NJ Livingston, NJ Long Valley, NJ Short Hills, NJ

Garfield 150 Meadowlands Parkway Water View Court Apartments Days Inn 1600 Bush Street 301-305 Oak St. Northwy Court Apartments 1061-1063 Easton Road 1139 Lehigh Avenue 415 S. Penn Street 21st & Main Street 2550 Broadhead Road 3894 Coutney Street 2621 Van Buren Avenue 11 S. 3rd St. 460 Sterling St. 4250 Crums Mill Rd. 801 Spangler Rd. 1890 Old Crooked Hill Rd. 7917 Derry St. 99 November Drive 26-30 Market St. 99 November Drive 1230 E. Chocolate Ave. 302 Mulberry Drive 2415 E. Market St. 26 N. Main St. 829 State Street 829 State Street 530 N. Progress Ave. 2504 Eastern Blvd. 1800 Lehman Street Linglestown Road Perrywood Garden Franklin Garden 17 East Ivy Lane 10 South Grove Street 612 Ziegler Ave Elmora Avenue Creekside Plaza 520 Wyandotte Street

Garfield, NJ Secaucus, NJ Claymont, DE Dover, DE Baltimore, MD Pittston, PA West Chester, PA Abington, PA Whitehall, PA Clifton Heights, PA Northampton, PA Northampton, PA Bethlehem, PA Norristown, PA Harrisburg, PA Camp Hill, PA Harrisburg, PA Camp Hill, PA Harrisburg, PA Harrisburg, PA Camp Hill, PA Mechanicsburg, PA Camp Hill, PA PA Mechanicsburg, PA York, PA Jacobus, PA Lemoyne, PA Lemoyne, PA Harrisburg, PA York, PA West Lebanon, PA Lower Paxton Twp,PA Aberdeen, MD Hackensack, NJ Englewood,NJ East Orange, NJ Livingston, NJ Elizabeth, NJ Collingdale, PA Allentown, PA

West Caldwell New Boston Fund/Prism Capital

Fairlane Village Mall 9771 Jeff Davis Highway 9771 Jeff Davis Highway 10960 Three Chopt Road 765 Bethlehem Pike South Brunswick Square 118 E. Main Street Pearl Art Lanes Mill Marketplace Level 10 Plaza Pet Valu Hollywood Tans 10 Commerce Court East Main Street Byram Plaza Hollinswood Shopping Center Norriton Square Center Point Placer Brick Plaza East Gate Square Crosspoint Town Square 3690 Lehigh Street 400 N. Main Street 2351 Freedom Way 901 Lincoln Dr.

Pottsville, PA Fredericksburg, VA Fredericksburg, VA Richmond, VA Montgomeryville, PA South Brunswick, NJ Ramsey, NJ Paramus, NJ Howell, NJ Hardyston, NJ Wyckoff, NJ Hardyston, NJ Newark, NJ Flemington, NJ Stanhope, NJ Baltimore, MD Norristown, PA Warminster, PA Brick, NJ Moorsetown, NJ Woodbridge, NJ Allentown, PA Doylestown, PA York, PA Mount Laurel, NJ

Levin Management Corp. Taylor Long Properties Taylor Long Properties Taylor Long Properties

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

BUYER/ BUYER/ TENANT/ TENANT/ LESSEE LESSEE

CBRE Cole RE Investments Marcus & Millichap Cushman & Wakefield Angelo, Gordon & Company Cushman & Wakefield Cushman & Wakefield Weichert Commercial Franzwa Real Estate Advisors Sperry Van Ness

Michael Cervelli Real Estate Colliers International The Kislak Company Eiseman Levine Lehrhaupt & Kakoyianns, P.C.

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

Marcus & Millichap Jones Lang LaSelle Newmark Knight Sperry Van Ness Sperry Van Ness Grubb & Ellis CBRE NAI Hanson Michael Cervelli Real Estate

The Kislak Company

$710,000 21,333 s/f $6.4m 81-Unit

Marcus & Millichap

Cushman & Wakefield Endurance RE Grp. Affiliate

Cushman & Wakefield Marcus & Millichap

Providence Property

ROCK Commercial RE

$4.36m $3.5m $1m 85,000 SF $875,000 $600,000

Coldwell Banker ReMAX Central Landmark/ONCOR Campbell Commercial RE

High Associates Landmark/ONCOR NAI CIR Landmark/ONCOR CVA Commercial Landmark/ONCOR NAI CIR CBC Bennett Williams CBC Bennett Williams CBC Bennett Williams CBC Bennett Williams CBC Bennett Williams CBC Bennett Williams High Associates High Associates Marcus & Millichap Marcus & Millichap

CBC Bennett Williams CBC Bennett Williams CBC Bennett Williams CBC Bennett Williams CBC Bennett Williams High Associates Landmark Marcus & Millichap Marcus & Millichap Gebroe-Hammer Gebroe-Hammer Gebroe-Hammer Gebroe-Hammer Marcus & Millichap KW Comm’l James Balliet Grp.

NAI Summit

$3.25m $1.8m $2.475m

$3.1m $975,000

Marcus & Millichap

Aptcor Commercial Realtors The Goldstein Group The Goldstein Group The Goldstein Group The Goldstein Group The Goldstein Group The Goldstein Group The Goldstein Group The Goldstein Group The Goldstein Group

$53m $3.7m $16.5m

The Kislak Company The Kislak Company

HREC

Marcus & Millichap NAI Summit CBRE Colliers International Colliers International Colliers International Beacon Commercial Landmark/ONCOR Landmark/ONCOR Landmark/ONCOR Landmark/ONCOR Landmark/ONCOR Jones Lang LaSalle Landmark/ONCOR RSR Realtors Landmark/ONCOR Jack Gaughen Realtor NAI CIR

PRICE PRICE

The Goldstein Group The Goldstein Group The Goldstein Group The Goldstein Group Fameco Real Estate, LP Segall Group Metro Commercial Metro Commercial Metro Commercial Metro Commercial Metro Commercial NAI Summit Equity Retail Brokers ROCK Commercial RE CBRE

DESC. DESC.

S/L S/L

PG PG

176,000 SF 22,193 SF 99,000 SF 250,000 SF 67,763 SF 58,683 SF 23,000 SF 40,000 SF 19,713 SF 2,268 SF 11,000 SF 65,700 SF 28,000 SF 6,700 SF

Off. Off. Off. Ind. Mixed Ind. Ind. Ind. Ind. Retail Mixed Retail Mixed Off.

S S S L L S S S L S L S S S

FC-A 6A 13A 14A 15A 16A 16A 16A 17A 17A 19A 19A 23A 23A

7-unit Off. 120-Unit Hotel 8,260 SF 289,277 SF 32-Unit 11-Unit Mixed 50,000 SF 8,634 SF 5,386 SF 4,994 SF 57,638 SF

Multi L Mult S Mixed whse. Multi Mixed L Retail Retail Mixed Off. Flex Mult Whse. Off. Whse. Ind. whse. Mixed Comm. Off. Comm. Whse. Retail Retail Retail Retail Retail Retail Ind. Office Apt. Apt. Apt. Apt. Apt. Mixed Retail Mixed

S 24A S 28A L S S S 2B S S L L L S L L L L L L L L S L L L L L L S S L S S S S S S S S

23A

3B 4B 4B 4B 4B 5B 5B 5B 5B 5B 5B 5B 5B 5B 5B 10B 10B 10B 10B 10B 10B 10B 10B 10B 7A 7A 7A 7A 7A 7A 27A 27A

Retail Retail Mixed Mixed Retail Retail Retail Retail Mixed Retail Retail Retail Retail Mixed Retail Retail Retail Retail Retail Retail Retail Retail Retail Office Office

L L L L L L L L L L L L L L L L L L L L L L L L L

30A 30A 30A 30A 31A 31A 31A 31A 31A 31A 31A 31A 31A 31A 32A 32A 44A 44A 44A 44A 44A 44A 44A 20B 20B

$180,000

$10.3m $4.87m $1.985m $1.175m $1.2m $4.8m RC Commercial Realty $3.1m R.J. Brunelli & Co./Metropolitan & $1.414m Waterfront Brokerage

Richard I. Rosen Co.

SIZE SIZE

70,000 SF 26,670 SF 18,000 SF 14,4000 SF 12,000 SF 3,750 SF 2,800 SF 2,050 SF 1,400 SF 35,000 SF 1,223 SF 390 SF 950 SF 1,020 SF 1,600 SF 66,200 SF 190,000 SF 1,200 SF 137,081 SF 45-unit 14-unit 32-unit 18-unit 10,030 s/f

22,000 s/f 3,000 s/f 3,900 s/f 2,123 s/f 20,000 s/f 2,816 s/f 1,500 s/f 9,500 s/f 4,400 s/f 2,100 s/f 2,720 s/f 2,100 s/f 2,000 s/f 2,500 s/f 7,000 s/f 2,000 s/f 2,500 s/f 2,973 s/f 2,200 s/f 4,550 s/f 800 s/f 4,000 s/f 11,994 s/f 8,874 s/f

27A 32A FC-B FC-B 2B

14A — April 13 - April 26, 2012 — Mid

Atlantic Real Estate Journal

MAREJ’s Annual Spring Preview Spotlight Spring Preview

We are inviting a select group of top executives to submit an expert article representing their area of expertise. As an expert you will be able to enlighten our 25,000 + readers on your specialty by giving a general overview on the current state of the market and expectations for 2012.

Potential Topic Choices: Brokerage • Finance • A/E/C • Development Management • RE Law • Green Building Services • Continuing Education Requirements for participation include: Half page or larger ad purchase, 550 word article Headshot and bio of the author Pictures of all authors will appear on the cover! Publication Date: April 27th, 21012 Deadline Date: April 18th, 2012 Special Advertising rates are available for all participating companies. For more information please contact your Account Rep or Linda Christman at 800-584-1062

lchristman@marejournal.com

APARTMENT COMPLEX FOR SALE

32 One-Bedroom MFH Apartments for Sale Briarwood Court Apartments Front & Second Street, Belvidere, NJ 07823

www.marejournal.com

MID ATLANTIC REAL ESTATE JOURNAL 2.5 million s/f in WI, MD, VA, NC and NJ for $195m

Liberty Property Trust closes sale of 49 property portfolio

A LV E R N , PA — Liberty Property Trust announced that it has completed its anticipated sale of 49 properties totaling 2.5 million s/f of space in Wisconsin, M a r y l a n d , Mike Hagan

Virginia, North Carolina and New Jersey for approximately $195 million. The properties consist primarily of single-story and mid-rise office buildings and highfinish flex properties. The properties were 83% leased when the transaction closed on April 3, 2012. “The completion of this sale furthers Liberty’s strategic plan to decrease our expo-

sure to the suburban office market, while increasing our industrial concentrations,” said Mike Hagan, executive vice president and chief investment officer. “In the last 10 months we have completely exited the suburban office market in Milwaukee, Richmond, and Greensboro, and we have significantly decreased our office portfolio in New Jersey.” ■

BL Companies opens office in Piscataway, NJ PISCATAWAY, NJ — BL Companies, a multi-disciplinary architecture, engineering and environmental firm, providing services to public and private clients in the Northeast and Mid-Atlantic, announced they are opening an office in Piscataway. Being able to offer their services and client care in close proximity to their clients and projects has been a foundation of BL’s long term strategy. Their growth strategy for 2012 is focused on the Mid-Atlantic region - and once again, we are expanding our presence. We have been actively driving our business development strategies in

New Jersey. The BL staff possesses the specific technical expertise needed to deliver exceptional quality and unparalleled responsiveness within these markets, while remaining competitive. This is the second regional office opening in six months, which includes the opening of our Pittsburgh, PA office in October, 2011 to support BL’s Clients in our target markets. With the New Jersey office opening, BL Companies now has nine growing offices in the Northeast and Mid-Atlantic! The new office, located at 200 Centennial Ave., Suite

200, fills a critical need for BL to increase their coverage throughout the Northeast and Mid-Atlantic regions. It was chosen due to its proximity to current clients and central accessibility between all our BL offices. BL Companies, an employee-owned firm, delivers integrated architecture, engineering and environmental services to public and private clients for land development, building design, and infrastructure projects. Founded in 1986, BL Companies has offices in Connecticut, New Jersey, New York, Maryland and Pennsylvania. ■

Block 15 Lot 13 Sales Price - $900,000 Repair/Rehab Loan for immediate capital needs will be given Bids for less than Minimum will not be accepted Bids are due May 14, 2012 by 4:30pm NOT FOR PROFIT PREFERENCE WILL BE GIVEN

RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres

Terms-Property is being sold in the USDA, Rural Development Section 515 MFH Program Restrictive-Use provisions will be placed on the property Agency Financing is available and applicants must qualify under the federal guidelines For An Application/Details/Visits to the property contact, Donna L. O’Brien, Senior Area Specialist at 609-267-1639, Ext: 126 or donna.obrien@nj.usda.gov

Rural Development is An Equal Opportunity Lender

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

3801 Penn Ave Sinking Spring, PA

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

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; April 13 - April 26, 2012 â&#x20AC;&#x201D; 15A

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MID ATLANTIC REAL ESTATE JOURNAL

They wrote the policy.

Tragash & Follman handle $3.2 million sale

Gebroe-Hammerâ&#x20AC;&#x2122;s Uranowitz transacts $55.15 million

We make sure they write the check.

ESSEX COUNTY, NJ â&#x20AC;&#x201D; Ken Uranowitz, managing director of Gebroe-Hammer Associates, and the commercial real estate brokerage firmâ&#x20AC;&#x2122;s multifamily investment sales s p e c i a l i s t s Ken Uranowitz have transacted approximately $55.15 million in trades, involving a total of 874 units, during March. Key transactions were recorded in Essex County, where three separate sales netted a combined total of $24.32 million for 460 units in Orange, East Orange and Newark and a $1.9 million note sale was closed on 73 units in Newark; a Bergen County, apartment building garnered a $125,000 per-unit price in the $1.625 million trade of 344 Gorge Rd. in Cliffside Park; and 150 units in Lock Haven, PA, sold for $7 million at Lock Haven Gardens in Clinton County. â&#x20AC;&#x153;In an economy where rental living has become the â&#x20AC;&#x2DC;new normal,â&#x20AC;&#x2122; the ever-strengthen-

M. MILLER & SON Public Adjusters

Since 1960 1211 Liberty Ave., Hillside, NJ 07205 â&#x2014;? Tel: 908-355-4800 adjuster@mmillerson.com â&#x2014;? www.mmillerson.com

Seasons at Sparta ing tenant pool has clearly impacted the value of, and investor interest in, multi-family properties. One need not look any further than the trading velocity in this sector, compared to other commercial real estate sectors where vacancies skyrocketed during the economic downturn. With strong tenant retention, multi-family values have increased, cap rates have fallen and capital is competing vigorously for the investment opportunities that do come to market,â&#x20AC;? said Uranowitz. SPARTA, NJ â&#x20AC;&#x201D; According to Gebroe-Hammer Associates, brokerage professionals are

known for their tenacity and agility, both of which were recently exhibited by Stephen Tragash and Steven Follman, sales associates, in the $3.2 million sale of Seasons at Sparta. The brokerage team of Tragash represented the seller, 84 Sparta Avenue LLC, and Follman identified the buyer, Seasons at Sparta Associates, LLC. â&#x20AC;&#x153;Since the housing inventory for seniors has not kept pace with demographics, especially in the Northern NJ region, well-maintained communities like Seasons at Sparta are now commanding greater investor attention,â&#x20AC;? said Tragash. â&#x2013;

The Metro New Jersey Chapter of the Appraisal Institute

76th Annual Princeton Conference

Recent Financings Arranged By Meridian Capital Group

Hunters Glen 1,124 Units

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

$49,000,000

$27,200,000

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16A — April 13 - April 26, 2012 — Mid

Atlantic Real Estate Journal

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

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Years of Coverage!

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MID ATLANTIC REAL ESTATE JOURNAL Jim Keitt and Matt Esham join company

Willow Construction marks one year anniversary

IDDLETOWN, DE — Willow Construction celebrated its one year Anniversary of its Middletown, Delaware office on February 14, 2012. The Middletown office was awarded several projects during its first year, they include: • Tenant Fit-out for Florida Rock Properties to house the operations of Bell Nurseries in Newark, Delaware • Renovations to Grossley Hall on the campus of Dela-

Hardee’s Restaurant located in Sunset Station in Bear, Delaware ware State University • New Hardees Restaurant located in Sunset Station in Bear, Delaware • Renovations and Additions to Monsanto’s Research and Development Facility in Galena, MD

Proudly Presents: The 6th Annual Meadowlands Conference Thursday, May 17, 2012 Teaneck Marriott at GlenPointe Teaneck, NJ 07666

Continuing Education Credit: 7 CE Hours Appraisal Institute 7 CE Hours State of New Jersey pending) 7 CE Hours State of New York pending) Tax Assessor pending) Sponsorship and exhibit space still available $175 Members, 185 Non-Members For Registration after May 3, 2012: $200 Members, $210 Non-Members For complete details, visit our conference webpage at http://www.nnjchapter-ai.org

Founded in 1973, Willow Construction has grown to be one of the most respected commercial, industrial and residential builders on the Delmarva Peninsula. The company is headquartered in Easton, MD, has a Sussex County office in Georgetown, DE, a New Castle County office in Middletown, DE and is opening an office in Pocomoke City, MD in April 2012. In other news, Willow Construction announced the addition of Jim Keitt and Matt Esham at the company’s new Pocomoke City office. Keitt and Esham join Jim Keitt Willow after spending 33 years and 14 years, respectively, at Mervin L. Blades & Son, Inc. Keitt and Esham will Matt Esham be responsible for projects on the Lower Shore of Maryland and the Eastern Shore of Virginia. They both have extensive experience with Design/Build and Pre-Engineered Metal Buildings. ■

NEW JERSEY SHOPPING CENTERS 17A — April 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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Senior VP Sgambati & associates David and Alan Cafiero, rep the seller

Marcus & Millichap arrange $3.4 million sale of 13,500 s/f Day School

LAINSBORO, NJ — Marcus & Millichap Real Estate Investment Services, the nation’s largest Real Estate Investment Services firm, has announced the sale of Montessori Michael J. Country Day Fasano School, a 13,500 s/f net leased property located in Plainsboro, according to Michael J. Fasano, vice

72 Grovers Mill Road

president/regional manager of the firm’s New Jersey office. The asset commanded a sales price of $3,400,000. David Cafiero – an associate, Alan Cafiero – senior associate and Ben Sgambati - vice president Investments, investment specialists in Marcus & Millichap’s New Jersey office, represented the property on behalf of the seller, a private investor. They also secured and represented the buyer, a limited liability company. Montessori Country Day

School is located at 72 Grovers Mill Road. It is a beautiful, multi-building campus that houses clean, modern and well located buildings with total s/f of 13,500. The property is occupied by a strong tenant that operates over 180 childcare centers in the US with revenue in excess of $200 million annually. Ideal property for an investor looking for a 1031 exchange, or a real estate investment with assured income which increases annually for 15 years. ■

Brookfield completes extensive lobby renovation at 200 Convergence Way WHIPPANY, NJ — Brookfield announced that it has completed an extensive lobby renovation at 200 Convergence Way (formerly, Building C), which is part of its premier 5-building, 650,000 s/f, Convergence multi-tenant technology and office campus in Whippany. Designed by Jarmel Kizel Architects and Engineers, Inc., the upgrades involved modernizing and expanding the lobby by 30 percent and opening up the two-story atrium. The two ground-floor office suites now have direct access from the lobby, with onsite management and leasing office. A reception area and soft seating were added and quality finishes were used to create a classic and sophisticated atmosphere typically found in Class A suburban office building lobbies. “The building was originally constructed in the late 1990’s for Bear Stearns to use for administrative offices so the lobby was designed for singletenant use and not up to headquarters quality for this area,” stated Michelle Berliner, Vice President of Brookfield’s Real Estate Opportunity Group. “This renovation reflects the image we want to project of Convergence as the premier

Lobby of 200 Convergence Way Class A office campus in this marketplace. Convergence is strongly positioned to address the needs of corporate office and mission-critical users. This building is now ideal for a corporate headquarters or for multiple tenants.” Convergence includes various-sized spaces that can accommodate from 5,000 to

150,000 s/f of contiguous office or mission-critical users. While the buildings and infrastructure are designed to accommodate office, mission critical, and high-density users, Convergence can also accommodate lab, medical, financial services, insurance, legal, and disaster recovery uses. Within the heart of Morris

County’s corporate corridor, Convergence has spacious 37,500 s/f floor plates in the various 150,000 s/f freestanding buildings on a 67-acre landscaped setting. The site provides best-in-class, missioncritical infrastructure that remains unmatched in New Jersey. On-site amenities include a sub-station, cafeteria,

cafe, a fitness center, walking trails, picnic areas, and abundant parking. Due to a recent zoning change, Convergence can now offer stand-alone data center facilities. Historically the site has housed critical data and telecommunication infrastructure, including office space and disaster recovery. The new zoning law allows data center as a fully approved use for existing buildings at the campus, as well as a proposed build-to-suit opportunity at the site of 200,000+ s/f specifically designed for data center, colocation and disaster recovery uses. Convergence can offer power of up to 200 watts per IT s/f. Additionally, Brookfield has developed a green and sustainable master plan for the campus that includes: • Following LEED standards and guidelines for existing building and interior projects • HVAC modernization plan • Lighting modernization plan • Renewable standard for the purchase of electricity • Building thermal envelope upgrades for windows, roofing, insulation and sealants • Construction of roof top and parking solar arrays, if available. ■

18A — April 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

Fairfield Corporate Park, Fairfield, New Jersey

NEW JERSEY Firm reps American National Red Cross in 4,600 s/f sale

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De Mattheis of NAI Hanson awarded 211,000 s/f portfolio

ACKENSACK, NJ — NAI Hanson Management, the property management subsidiary of leading New Jersey-based commercial real estate firm NAI James E. Hanson, announced that Steve De Mattheis it has been retained to manage a 211,000 s/f portfolio in Union and Somerset counties. Led by Chief Executive Officer Steve De Mattheis, CPM, NAI Hanson Management is managing the diverse portfolio of properties on behalf of the Fishbein Family LLC. The portfolio includes: • A 40,000 s/f industrial building at 40 Industrial Road in Berkeley Heights. • A 50,000 s/f industrial building at 50 Industrial Road in Berkeley Heights. • A 63,000 s/f site at 685 Liberty Avenue in Union that offers a mix of office, warehouse and industrial uses. • An office site at 575 Route 28 in Raritan that totals 42,000 s/f. • A 16,000 s/f office build-

345 Union Street ing at 624 North Thompson facility and kept the superb Avenue in Raritan. architecture intact over the “This group of properties is years. a prime example of the kind NAI Hanson Associate vice of portfolio that NAI Hanson president Darren M. Lizzack Management specializes in and sales associate Russell J. managing and adding value Verducci secured the buyer, to,” De Mattheis said. 345 Union Street, LLC, which In other news, NAI James will rent the property to the E. Hanson, announced the law practice of Dario Yacker firm represented the American Suarez & Albert, LLC. Space National Red Cross in the sale will be also available for solo of 345 Union Street in Hack- practitioners. ensack. According to Lizzack, the new Originally constructed as a owners selected this building residence in the early 1900s, due to its centralized location the 4,600 s/f office building was in the heart of Hackensack and acquired by The American Red proximity to the courthouse. In Cross in 1950 and used as an addition, the unique character office ever since. The American of the building got the attention Red Cross has maintained the of all partners in the firm. ■

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Mid Atlantic Real Estate Journal — New Jersey — April 13 - 26, 2012 — 19A

NEW JERSEY Negotiates with Shalit & D’Agostino of Lance Bram Commercial Brokerage

Matrix Development Group announces 280,000 s/f of leasing activity at exit 8A facilities

ONROE TOWNSHIP, NJ — Matrix Development Group, announced significant leasing activity at properties the company owns in the sought-after Exit 8A submarket in Monroe Township. Matrix signed a 239,000 s/f expansion lease with TYC/ Genera Corp. at 5 Fitzgerald Avenue within CenterPoint at 8A. The North American distribution arm of TYC brand auto parts extended its lease and took an additional 77,000 s/f to occupy the entire building as part of the transaction. In addition, Priority Post, a subsidiary of the Swiss Postal Service that provides international mailing services for the wholesale industry, recently signed a new lease for 40,000 s/f of space at 17 South Middlesex Avenue. “Exit 8A is one of the country’s most dynamic distribution hubs, affording tenants numerous benefits in being in a central location near to major roadways and ports to efficiently reach their customer bases,” stated James R. Murray, Vice President – Industrial Portfolio, Matrix Development. “Genera and Priority Post both depend on being able to deliver goods and services in a timely and efficient manner, and these leases reflect the advantages of Exit 8A in supporting the

5 Fitzgerald Avenue business objectives of the the New Jersey Turnpike, region’s distributors.” making the New York/PhilaBoth 5 Fitzgerald Avenue delphia and Boston/Washingand 17 South Middlesex Av- ton transportation corridor enue are located minutes from easily accessible. The locations

also provide close proximity to the major freight-moving roadways in the Northeast, with direct routes to New York City, Port Elizabeth and Newark Airport. The 229,524 s/f state-of-theart warehouse/distribution facility at 5 Fitzgerald Avenue was constructed in 2004 and provides 36-foot clear height, plentiful dock doors and vehicle parking, and an ESFR fire suppression system. In total, CenterPoint at 8A features more than six million s/f of light industrial, office, research and corporate headquarters space. Other tenants at the 500-plus-acre master-

Colliers Int’l. arranges 52,723 s/f lease for law firm WOODBRIDGE, NJ — Colliers International New Jersey has arranged a 52,723 s/f lease on behalf of law firm Greenbaum Rowe Smith & Davis LLP at Corporate Metro Center, located at 99 Wood Avenue South in Woodbridge. The Corporate Metro Center is a 267,344 s/f foot Class A office building in close proximity to the Garden State Parkway, the MetroPark Train Station and walking distance to the Woodbridge Hilton. Other tenants in the building include Ernst & Young and Raymond James Financial. Ed Duenas, of Cushman & Wakefield, represented the landlord, Cornerstone Real Estate Advisors, in the transaction. ■

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planned complex include Associated Press, Sony, Lenox, Playmobil, Volkswagen, W Grainger, Petco Pet Supplies, US Postal Distribution Center, Villeroy and Boch Fine China, Storehouse Stores, Mitsubishi Electronics, and Lenox, among others. The 17 South Middlesex Avenue site is a 205,187 s/f warehouse building that includes a 30 ft. clear height, plentiful door positions and trailer parking. Matrix negotiated with Lance Shalit and Joe D’Agostino of Lance Bram Commercial Brokerage, who represented Priority Post in the transaction. ■

20A — April 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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NEW JERSEY At Harborside Financial Center

Mack-Cali Realty Corporation signs new 76,892 s/f lease with the Tower Insurance Company

DISON, NJ — MackCali Realty Corporation announced that To w e r I n surance Company of N e w Yo r k has signed a new 10-year, 11 - m o n t h 76,892 s/ f lease at Harborside Mitchell E. Hersh Financial Center in Jersey City. Tower Insurance Company, one of the largest providers of property and casualty insurance products and services in the country, will occupy

“We are delighted to welcome Tower Insurance Company to our portfolio of class A office properties. Harborside Financial Center continues to be an attractive office location for leading businesses due to its abundant amenities, excellent transportation access, and significant financial benefits," said Mitchell E. Hersh

space at Harborside Plaza 2, a 761,200 s/f class A office building. Harborside Financial Center is a “city within a city,” comprised of five state-of-the-art class A office buildings totaling 3.1 million s/f, retail shops, a variety of dining options, planned luxury multi-family rental

towers, and land—providing an ideal development opportunity. The complex is currently 97.3 percent leased. The tenant was represented in the transaction by Mark Ravesloot, Scott Sloves, and David Opper, all of CB Richard Ellis. Mitchell E. Hersh, Mack-

Harborside Financial Center

CELEBRATING OUR 106TH YEAR

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39 Residential Units Plainﬁeld, New Jersey Don Baxter ext 265

34 Residential Units Elizabeth, New Jersey Joni Sweetwood ext 273

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

Cali president and chief executive officer, commented, “We are delighted to welcome Tower Insurance Company to our portfolio of class A office properties. Harborside Financial Center continues to be an attractive office location for leading businesses due to its abundant amenities, excellent transportation access, and significant financial benefits.” Mack-Cali Realty Corporation is a fully integrated, selfadministered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenantrelated services for its class A real estate portfolio. ■

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

11 Residential Units & 2 Stores Paterson, New Jersey Robert Squires ext 287

116,601 SF Retail - Kmart Dickson City, Pennsylvania Matt Weilheimer ext 253

multifamily. The Kislak Company, Inc.

retail.

20,000 ± SF Retail & Ofﬁce 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 — April 13 - 26, 2012 — 21A

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NEW JERSEY Recine & Marchese of Newmark Knight Frank rep owner in 11,000 s/f lease

Zeller & DeMatteis of Cushman & Wakefield rep MWW Group in 420,000 s/f lease extension

AST RUTHERFORD, NJ — Metropolitan Center, the New Jersey Meadowlands landmark office tower, will soon be known as the MWW Public Relations building. The public relations agency, one of the top 15 agencies in the world, and a longtime tenant at the property, has extended its lease and secured building signage rights at the 420,000 s/f property, announced commercial real estate services firm Cushman & Wakefield, Inc. Barry J. Zeller, executive vice president of Cushman & Wakefield’s Manhattan office, and David DeMatteis of the company’s East Rutherford operation (located at Metropolitan Center) represented MWW Group in the lease extension and signage negotiation. CB Richard Ellis Investors owned the 15-story property, which is now owned by KBS Realty, Greg Barkan of CBRE brokered the long-term transaction on his company’s behalf. Located at One Meadowlands Plaza – directly off Exit 16W of the New Jersey Turnpike at its intersection with Route 3, Metropolitan Center sits adjacent to the Sheraton Meadowlands Hotel and Conference Center, directly across from the Meadowlands Sports Complex. ELMWOOD PARK, NJ — Spencer Savings Bank has renewed its headquarters lease for 40,000 s/f at River Drive Center 3, 611 River Drive in Elmwood Park, announced commercial real estate firm Cushman & Wakefield, Inc. The tenant, a 70-year-old savings bank with 19 branches in Northern and Central New Jersey, has been headquartered at the site since 2002 and has renewed for another 10-year term. “Based on today’s competitive market, we explored all of the options in the area,” said Harlan Hollander, who teamed with Walter Schoenberg and Peter Hamburger of Cushman & Wakefield’s East Rutherford, NJ office; Maureen Kelly, Global-Consulting in the firm’s Midtown Manhattan office; and Eileen Carey, Client SolutionsEast Rutherford to represent Spencer. 611 River Drive is an 86,000 s/f four-story office building on four acres in western Bergen County. The class A building was completed in 2001. SECAUCUS, NJ — Kroll

One Meadowlands Plaza

611 River Drive

Ontrack Inc. has signed a new, five-year lease for 11,000 s/f at 300 Harmon Meadow Blvd. in Secaucus, announced com-

mercial real estate firm Cushman & Wakefield, Inc. The legal technologies and data recovery provider will expand

and relocate from another site in Secaucus, situated in the Meadowlands submarket. “Kroll Ontrack wanted to

remain in Secaucus because of the strong mass transit system, as well as access to the Lincoln Tunnel and major highways,” said Sean Brady of Cushman & Wakefield’s East Rutherford, NJ office, who teamed with Tim Gibson of the firm’s New York office, to represent the tenant. Owned by Rego Park, NY based Samson Management, 300 Harmon Meadow Blvd. is a six-story, 126,000 s/f office building located near hotels, restaurants, theaters and other amenities. The ownership was represented in the transaction by Frank D. Recine and Michael Marchese of Newmark Knight Frank. ■

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22A â&#x20AC;&#x201D; April 13 - 26, 2012 â&#x20AC;&#x201D; New Jersey â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

www.marejournal.com

New Jersey To redevelop former Oak Leaf Village with 183 new affordable apartments

The Township of North Brunswick, NJ & Community Investment Strategies, Inc. partner

ORTH BRUNSWICK, NJ â&#x20AC;&#x201D; The Township of North Brunswick, NJ and Community Investment Strategies announced that they are collaborating to redevelop the distressed Oak Leaf Village Apartments, market-rate garden apartments located on Oak Tree Road in the municipality. Once completed, the new apartment-home complex will be renamed North Brunswick Crescent and will feature a total of 183 new affordable apartment-rental units; onsite management offices and a superintendentâ&#x20AC;&#x2122;s unit; and a new community clubhouse.

North Brunswick Crescent Group

The Township is contributing $5.25 million from the North Brunswick Affordable Housing Trust Fund and will receive Fair Housing Act obligation credits. CIS, a leading developer of multi-family housing, including 55+, senior housing and mixeduse redevelopments, as well as market-rate and affordable housing, acquired the property through receivership. The Lawrenceville, NJ based company will convert the existing units to affordable housing units for lowto-moderate income residents. â&#x20AC;&#x153;This comprehensive rehabilitation will greatly improve the quality of housing in North Brunswick and provide safe,

SINGLE FAMILY LOAN SALE 2012-2 (SFLS 2012-2)

Sixth offering in a series of sales Approximate Portfolio Size: 279 loans Scheduled Bid Date: April 25, 2012 For further information please visit: http://www.DebtX.com Transaction Specialist: SEBA Professional Services RU YLD HPDLO VĂ V #GHEW[ FRP

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attractive, well-managed and much needed affordable housing for families at North Brunswick Crescent,â&#x20AC;? said Mayor Francis â&#x20AC;&#x153;Macâ&#x20AC;? Womack III. â&#x20AC;&#x153;CISâ&#x20AC;&#x2122; willingness to work with Township officials and local residents and their outstanding reputation throughout New Jersey for improving overall neighborhood stability are exemplary.â&#x20AC;? Plans include a $13 million gut rehabilitation of the existing 16 two-story buildings in phases. In addition to remedying existing issues, such as replacing electrical, heating and plumbing systems, the redevelopment will incorporate improved walkways and landscaping, energy-efficient systems, updated interior finishes and fixtures, a tot lot and repair/replacement of water and sewer service lines. North Brunswick Crescent will incorporate affordable living with a maintenance-free lifestyle and numerous amenities. Each modern energy-efficient apartment home will include washers and dryers and central air conditioning. Residents also will benefit from 24-hour emergency maintenance and on-site 24/7 property management services provided by CISâ&#x20AC;&#x2122; affiliate, CIS Management, Inc. â&#x20AC;&#x153;In keeping with our business philosophy to empower people through physical space, we are proud to be partnering with the Township of North Brunswick to restore this neighborhood with a creative housing solution that supports the lifestyle and economic needs of local residents,â&#x20AC;? said CIS Founder and CEO Christiana Foglio. In addition to the Townshipâ&#x20AC;&#x2122;s Affordable Housing Trust Fund contribution, CIS secured interim financing through North Jersey Community Bank. The company will work with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and a permanent lender to secure additional funding for the revitalization initiative. CIS also will employ federal LIHTC to raise equity for the improvements. The North Brunswick Crescent redevelopment is consistent with the Township Master Plan and marks a new era in revitalization efforts to attract businesses, residences and cultural and recreational opportunities. The apartmenthome community is located in a Metropolitan Planning Area and designated Smart Growth Area, just one-quarter of a mile from Route 27. n

NEW J ERSEY S POTLIGHT SHOPPING CENTERS SOUTHERN

Mid ATLANTIC REAL Estate Journal — New Jersey — April 13 - 26, 2012 — 23A

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Saphire & Albarran Architecture design $3.6m Health Care Center

River Drive Construction builds a two-story 16,000 s/f building

AKEWOOD, NJ — $3.6 million construction project for the Ocean Health Initiatives’ (OHI) Lakewood Health Care Center. The project entailed building a two-story, 16,000 s/f building on top of the existing one-story 9,000 s/f structure located at 101 Second St., Lakewood. The new building, which houses an obstetrics/gynecology and pediatrics wing, was designed by the Pennington, NJ-based architecture firm, Saphire & Albarran Architecture. The challenge was to build the two-story building on top of the one-story structure,

Ocean Health Initiatives’ Lakewood Health Care Center

which the Lakewood Health Center already occupied, while ensuring that the healthcare facility’s operations did not experience any significant interruptions. “This project was uniquely challenging because we had to maintain the integrity of the original structure while working around the dayto-day operations. It was a pleasure working with the Ocean Health Initiatives team.They were acutely aware of the project’s challenges, and their trust in us helped them make quick and efficient decisions,” said Sam Champi, vice president of River Drive Construction. ■

New lease & corporate relationships

Within new Haddon Avenue Transit Village

Strong first quarter for Wolf Commercial Real Estate

Camden County to develop $21m project

OORHEES, NJ – Wolf Commercial Real Estate (WCRE) marked its first quarter in business by announcing several new lease transactions, corporate relationships, and exclusive listings secured. The firm worked with clients across several industries with different needs, and is pleased to announce the following transactions and assignments. Transactions completed: Lease of 4001 A, Greentree Executive Campus, Marlton – WCRE worked with Barniskis-Marc, Inc.(MARC) a long established Southern New Jersey service provider, to renew its lease. Lease of 1060 North Kings Highway, Cherry Hill – WCRE helped Senior Helpers, a home health and senior care agency, relocate its office within Cherry Hill.

Exclusive agencies secured: Several landlords and investors have entrusted their properties to WCRE for lease or sale: For Lease/Sale: 607-609 White Horse Pike (Route 30), Audubon. 8,500 s/f free standing, multi-tenant office building with immediate access to I-295. Ideal for owner occupant. For Lease: Harbor Pavilions, 570 Egg Harbor Road, Sewell. WCRE is offering a professional/medical office with 2,364 square feet, in a complex with other occupied medical offices directly across from Kennedy Hospital.

For Lease/Sale: 411 East Route 70, Cherry Hill. Second floor office space, 1,377 s/f , close to I-295, and surrounded by retail, restaurants, and banks. Ideal for tenant or owner/investor. For Lease: 520 Stokes Road Ironstone Professional Complex, Medford. Located in the business district of Medford, 1,900 square feet of medical or professional office space with ample parking, excellent amenities, and surrounded by retail. For Lease: 41 South Haddon Avenue, Haddonfield. WCRE is offering a 2,000 s/f office in the heart of Haddonfield’s business district. ■

Haddon Avenue Transit Village CAMDEN COUNTY, NJ — The Center I, adjacent to Cooper Camden County Improvement Hospital. Authority approved a MemoranThe overall project, managed dum of Understanding (MOU) and developed by Grapevine Dewith Our Lady of Lourdes Medi- velopment, will convert property cal Center for the construction now used for surface parking of an approximately 700-space or occupied by vacant and/or parking facility to serve the rundown industrial properties hospital and provide space for into Haddon Avenue Transit other commercial uses. This Village, a $90m mixed-use urnew parking center, the second ban neighborhood. This kind of to be developed by the CCIA, development is made possible by will allow for the expansion New Jersey’s innovative Urban and reconfiguration of Lourdes’ Transit Hub Tax Credit Proexisting campus along Haddon gram. The Transit Village will Avenue. The CCIA will serve as include:a grocery market, retail bond issuer, project manager corridor, 40,000 s/f high quality and parking center operator, office space, 250+ market rate in a role similar to the one it workforce housing units, and a performed for CCIA Parking structured parking garage. ■

24A — April 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

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SOUTHERN NEW JERSEY Whitesell Construction Company

A Legacy Built On A Strong Foundation

ven during its formative years as a commercial builder, Whitesell was establishing a strong foundation from which it has evolved into South Jersey’s largest privately owned real estate development company. Since its founding in 1957, Whitesell has developed over 200 structures and 16 million s/f of commercial space at the midpoint of the Washington-to-New York corridor. By concentrating developments close to the company headquarters, Whitesell maintains exact-

Laurel Corporate Center, Mount Laurel, NJ

ing control over its structures from concept to tenant occupancy, and property management thereafter, in a 9,000,000 s/f commercial portfolio available for lease. The experience and expertise that Whitesell has accrued over a half century combines in the company’s vertically integrated approach to development. This unique collaboration brings together an in-house team that seamlessly covers every aspect of real estate development, from feasibility studies to site selection, from facilities design to construction,

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and includes an entire range of marketing, leasing and management services. The professional skills of this multidisciplinary team are evident throughout Whitesell’s portfolio of technologically advanced commercial and industrial buildings, office parks, retail centers and specialty structures. The founders’ progressive, insightful vision remains in force today, continuing to ensure superior business environments and services for a list of distinguished, clients, including Fortune 500 firms. Whitesell’s in-house architects provide a full range of design services from traditional programming to construction administration, as well as site planning and interior architecture to meet the specific needs of each client. In construction, the company is well regarded for the blend of form and function that characterize each building. Advanced technology, mechanical systems and security features are incorporated with polished, detailed finishes to provide even the most discriminating tenants with a professional corporate image. Whitesell is one of few vertically integrated real estate developers who also maintain their commercial properties with an in-house staff. The company’s total capability in facilities management encompasses mechanical and electrical engineering, cleaning, security, and outdoor maintenance. Restructuring by some companies affected by the slowing economy present unique opportunities for other firms who want highquality, distinctive office or industrial space in the Philadelphia metro area’s most strategic locations. Companies seeking space that best suits the way they do business are encouraged to contact Whitesell Construction Co. Although the company has grown, expanded and diversified over the last half century, Whitesell ascribes to its core philosophy of product quality, tenant service and effective planning for the future. Quality endures. ■

Mid Atlantic Real Estate Journal — New Jersey — April 13 - 26, 2012 — 25A

www.marejournal.com

SOUTHERN NEW JERSEY Scan the horizon, and our property listings. When you do... you’ll discover that Whitesell is a clear choice when seeking commercial space. Whitesell tenants and customers receive the best construction and management in prime locations. Over 90 buildings and 9 million square feet created in the Delaware Valley set Whitesell apart from its competition.

856-764-2600 | www.whitesellco.com

Speaking of scanning, scan the QR codes below, or visit our new website: WhitesellCo.com

3000 Cindel Drive Cinnaminson, NJ 08077 Type: Sq Ft: DI / TG: Features:

Industrial 209,657/27,272 ofc 1/20 2000 amps, 322 parking spaces, new TPO roof, NJ Transit train

321 Dultys Lane Burlington, NJ 08016 Type: Sq Ft: DI /TG: Features:

Industrial 188,294 /5,191 ofc 2/41 ESFR, TPO roof, 30' clr, T5 lights, 1200 amps, NJ transit commuter rail stop

1819 Route 130 Burlington, NJ 08016 Type: Sq Ft: DI /TG: Features:

Industrial 81,775/ 0 ofc 0/11 ESFR, T5 lights, 30' clr, immediate access to NJ Turnpike, NJ Transit commuter rail stop

D E S A LE 1090 Thomas Busch Memorial Highway Pennsauken, NJ 08053 Type: Sq Ft: DI / TG: Features:

Industrial 168,737/19,500 ofc 1/38 30' clr, 800 amps, ample parking, exp. site, central location

2703 Cindel Drive Delran, NJ 08075 Type: Sq Ft: DI / TG: Features:

Industrial 132,727/7,966 ofc 2/12 30' clr, T5 lighting, ESFR, additional loading opps

11000 Midlantic Drive Mount Laurel, NJ 08054 Type: Sq Ft: DI / TG: Features:

Flex/Ofﬁce 66,867/28,557 ofc 1/7 1600 amps, TPO roof, 24' clr, direct access to I-295

100 Mount Holly Bypass Lumberton, NJ 08048 Type: Sq Ft: DI / TG: Features:

Flex/Ofﬁce 162,744/112,945 ofc 1/4 3000 amps, 13 acre site, 500 parking spaces, 50,000 sq ft a/c warehouse

2704 Cindel Drive Delran, NJ 08075 Type: Sq Ft: DI / TG: Features:

Industrial 94,989/9,400 ofc 1/6 ESFR sprinkler system, 1000 amps, 26' clr

6000 Midlantic Drive Mount Laurel, NJ 08054 Type: Ofﬁce Sq Ft: Suites Vary Features: Class A ofﬁces, direct access to I-295, award-winning building

26A — April 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

SOUTHERN NEW JERSEY The New Jersey Tri-County Region

Burlington, Camden & Gloucester County region: An excellent place to live, work and play & invest

URLINGTON, Camden and Gloucester Counties in New Jersey form an important economic development hub within the bi-state Southwestern New Jersey and South Eastern Pennsylvania region. Having an excellent transportation network, the three counties are traversed by interstate highways, railroads and waterways that provide access to major cities within the region, such as New York City, Philadelphia and Baltimore. New York City and Washington, D.C. can be reached within 2 hours or less by

“Together the three counties cover about 1,350 square miles in which over 1.25 million people live and almost one-half million people work. Burlington, Camden and Gloucester Counties offer a diverse mix of communities in which to live and work. The offerings range from classic towns and villages and small historic cities to new communities in suburban settings to rural living with farmland, woodlands and open space.” highway. International and major airports, including Philadelphia International, Newark Liberty International, Atlantic City International and Trenton-Mercer,

are within a 30-minute to 1-1/2-hour drive. A market area consisting of over 100 million people can be reached within a one-day drive from the tri-county region.

Together the three counties cover about 1,350 square miles in which over 1.25 million people live and almost one-half million people work. Burlington, Camden and Gloucester Counties offer a diverse mix of communities in which to live and work. The offerings range from classic towns and villages and small historic cities to new communities in suburban settings to rural living with farmland, woodlands and open space. Recreational and cultural opportunities abound within the tri-county region. Playing-fields for or-

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ganized sports or just a pickup game exist throughout region. There are numerous opportunities to hike in the many local, county and state parks, as well as bicycle from town to town and through the rural areas. Boating, canoeing or kayaking occurs on many of the rivers and streams that flow through the region. The New Jersey shore is only an hour away. Theatre, museums, the arts and other cultural activities are an easy drive or train ride into Philadelphia. Mobility options within the region are excellent. In Camden County many classic towns and communities are served by the PATCO High Speed Line that provides passenger rail service to Philadelphia. The Atlantic City Line that originates in Philadelphia has several stops in Camden County. Historic cities and classic towns in Burlington County are served by the RiverLINE light rail passenger train that ends in Trenton City in the north and Camden City in the south. The northern RiverLINE terminus provides passenger rail access to the Northeast Amtrak Corridor connecting with New York City and ending in Boston and Washington, D.C. The southern RiverLINE terminus connects to PATCO. A new intermodal train station, which will provide transfers from the RiverLINE to the Atlantic City Line, is under construction in Pennsauken, Camden County. Gloucester County is in the planning stages to provide passenger rail service to connect its communities with Camden City and Philadelphia. This new service will further enhance regional mobility. With about 30,000 nonfarm business establishments in Burlington, Camden and Gloucester Counties the region draws upon a highly skilled, well-educated labor force. Businesses are quite diverse ranging from the very large internationals to the small entrepreneurial startups within the tri-county region. A few of the big companies include Lockheed Martin with facilities in Moorestown, Mount Laurel and Evesham, Burlington County, Campbell Soup , Pinnacle Foods and L3 continued on page 28A

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28A — April 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

SOUTHERN NEW JERSEY Hersh & Martin negotiate 7,500 s/f lease of medical space VP McGovern reps lessee

Markeim-Chalmers inks 35,000+ s/f of office space

H E R RY H I L L , N J – Markeim-Chalmers, Inc. (MCI), a leading commercial real estate and appraisal firm in Southern New Jersey, announced the negotiation of several commercial sales and leases in Burlington, Camden and Gloucester Counties. Representing more than 35,000 s/f, the deals were completed over the last few months and involve primarily office space. Seth Hersh and Scott Martin, both vice presidents with Markeim-Chalmers, negotiated the long-term lease of a 7,500 s/f medical space at the Rutgers Casualty Building in

Cherry Hill, NJ. Seth represented 2250 Chapel Avenue, LLC (landlord) and Scott represented UMDNJ (tenant). Markeim-Chalmers’ vice presidents, Kevin Burns and Seth Hersh, negotiated the sale of 204 Kings Highway South in Cherry Hill, NJ representing both seller, 5 Jays, LLC and the buyer, 204 Kings Highway, LLC. The 2,500 s/f office sold for $295,000. Scott Martin, vice president with Markeim-Chalmers negotiated a 7-year lease term for Velocity Sports/Rothman Institute of 14,000 s/f at 309 Fries Mill Road, Sewell, NJ, occupancy March 2012.

Fred Berlinsky, president, and Kevin Burns, vice president, of Markeim-Chalmers negotiated the renewal of two leases at 5090 Central Highway, Pennsauken, NJ for the Landlord, J&J Snack Foods. Two tenants, WIS International and Vital Network Services occupy over 10,000 s/f at the building. Fred Berlinsky, president of Markeim-Chalmers, arranged the long term office lease of 1,200 s/f at Cherry Hill Plaza, 1415 Route 70 East in Cherry Hill, NJ, representing both the tenant, Ramoco Fuels and the landlord, CHP Associates, LLC. ■

CBRE brokers 9,874 s/f with The TJX Companies MOUNT LAUREL, NJ — Dan McGovern, Vice President at CBRE, Inc. (CBRE), successfully brokered a 9,874 s/f lease with The TJX Companies, Inc. at 901 Lincoln Drive West in Marlton, Dan McGovern NJ. The property, owned by Hill Properties, is a Class A Office Building with immediate access to Routes 73 & 70, I-295 and Exit 4 of the New Jersey Turnpike. The TJX Companies, Inc. is the leading off-price retailer of

apparel and home fashions in the U.S. and worldwide. “901 Lincoln Drive West was a great opportunity for TJX. They were able to reduce their occupancy costs while keeping their high end Class A corporate environment. 901 Lincoln Drive West also allowed TJX the opportunity to expand as their business continues to grow.” added McGovern. The financial details of the transaction remain undisclosed. Other major companies such as IHC Risk Solutions and Defense Support Services also reside in the building. Bryant Hill represented Hill Properties in the transaction. ■

The New Jersey Tri-County Region

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continued from page 26A headquartered in Camden County Missa Bay and Drugstore.com in Gloucester County. Fast growing small companies include Webinax in Mount Laurel, Channel Logistics in Camden City and SolarWorks in Turnersville. The healthcare and education sectors continue to grow within the region with nearly $ 2 billion in investment in our region in just the last few years. Healthcare investments include the new 370-bed Virtua Hospital in Voorhees, a major transformation of Health Sciences Campus in Camden including the construction of a new 4 year medical school in Camden City, A new patient pavilion and a new cancer center. In Gloucester County expansions include Underwood Memorial, Kennedy Wellness Center, Penn Medical facilities, Virtua Health Systems, and Kennedy Hospital. Major capital investments in the education sector include Rowan University expansion, Rutgers University Law School and new graduate dormitories, and significant expansions at each of the three county community colleges. With its strategic location supported by superior infrastructure and workforce and its high quality of life communities, the Burlington, Camden and Gloucester County region continues to be an excellent place in which to live, work and play and invest. ■

Mid Atlantic Real Estate Journal — New Jersey — April 13 - 26, 2012 — 29A

www.marejournal.com

Southern New Jersey

Offering long-term vision for repositioning of Atlantic City

Jones Lang LaSalle fronts creation of Atlantic City tourism master plan for CRDA

EW YORK, NY — Jones Lang LaSalle has completed its work as lead consultant to the Casino Reinvestment Development Authority on its recently unveiled Atlantic City Tourism District Master Plan. The company oversaw the creation of a master plan for the CRDA that serves as a vision for the long-term success of the Atlantic City Tourism District and determines realistic strategies to achieve the goals determined in the study. The CRDA has already begun holding meetings on renovation projects that were proposed in the master plan. In late March, the authority held public hearings on two feasibility studies: one for improvements to Atlantic Avenue and another on increasing activity on Pacific and Michigan avenues. The Jones Lang LaSalle team was led by Paul Mas and George Ladyman, managing directors; and includes Jack Tenanty, Hilary Thomas and Julio Villavicencio, senior vice presidents; John Lewis, associate; and Reginald Ross, research manager. “Jones Lang LaSalle spearheaded the group that created the Atlantic City Tourism District Master Plan, providing the CRDA with a vision for the continued revitalization of Atlantic City that started when gaming was first legalized,” said Mas. “The success of the master plan was the result of combining world-class urban planning and financial feasibility analysis with local market, land-use, legal and community outreach expertise.” “The Atlantic City Tourism District Master Plan knits together all of the city’s wonderful history, physical attributes, districts and people to create a suggested road map to a new, more desirable community for residents, businesses and visitors,” said Ladyman. “The plan encourages the evolution of Atlantic City into a 24-hour pedestrian-oriented, streetscaped and vibrant city. It integrates seaside entertainment, world-class resorts and compelling street life with unique experiences to foster the revitalization of this amazing destination.” In early 2011, New Jersey Legislature adopted a measure — Bill S 11, P.L. 2011 c.18 — that established the Atlantic City Tourism District and set Feb. 1, 2012 as the deadline for the Casino Reinvestment

Development Authority to unveil an actionable master plan. The CRDA is responsible for investing a portion of the casino gaming industry’s revenues into economic and community development projects in Atlantic City. The CRDA selected Jones Lang LaSalle in November 2011 to serve as lead consultant on the Atlantic City Tourism Master Plan. The firm developed the master plan in collaboration with The Jerde Partnership, a visionary architecture and urban planning firm; Birdsall Services Group, a public engineering and consulting firm that offers a broad range of public engineering and consult-

ing services to municipalities, public authorities, counties and government agencies; and Hill Wallack, a law firm established with historic strengths in the areas of land use, development and public-private partnership efforts. To craft the master plan, Jones Lang LaSalle, Jerde Partnership, Birdsall Services Group and Hill Wallack scrutinized all aspects of Atlantic City’s history and resources while also taking into account the insights of residents and the business community through community meetings, online forums, and through direct meetings with individual stakeholders and stakeholder groups. The team

devised a visioning study that suggests near-term, mid-term and long-term projects and policy actions to further the development of Atlantic City. The master plan creates a path that invites private investment and offers clear flexibility to respond to changing market conditions. The Atlantic City Tourism Master Plan sought to reinvigorate the Atlantic City experience by enhancing the Boardwalk, beach and nearby streets through extensive entertainment and event programming; by creating an improved street-level experience on major thoroughfares; and by providing new and dynamic retail and

entertainment offerings, and increased cleanliness and safety. The plan offered suggested strategies for the formation of inspired districts, contemporary entertainment and enthralling attractions that activate and energize the entire Atlantic City Tourism District. The Atlantic City Tourism Master Plan was unveiled on Feb. 1, 2012, and the master plan has since been approved by the CRDA, City of Atlantic City Mayor Lorenzo T. Langford and State of New Jersey Governor Chris Christie. On Feb. 21, the CRDA allocated approximately $10 million to fund some of the near-term initiatives outlined in the master plan. n

30A — April 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

First dinner meeting of the year

Southern NJ Chapter Appraisal Institute 2012 Chapter Officers

Chapter Meetings: January & April

President Jerome McHale, MAI jmchale@jmchaleassoc.com Vice President Jacob Ramage, MAI jake.ramage@cushwake.com Treasurer Kristin Mansfield kristin.mansfield@td.com Secretary Al Crosby acrosby@insightnj.com Director (Term through ‘14) James Carr carrappraisals@aol.com Director (Term through ‘14) John T. Stone, MAI jtstonemai@verizon.net Director (Term through ‘13) Jerrold McCarron jermccarron@gmail.com Director (Term through ’13) Michael S. Sapio, MAI northstarappraisal@msn.com Director (Term through ’12) Ed Kay edkayinc@comcast.net Director (Term through ’12) Joseph V. Heenan, SRA jheenan613@comcast.net

n Thursday, January 19th, the Southern New Jersey Chapter of the Appraisal Institute hosted its first dinner meeting of the year at the Adelphia Grand Ballroom in Deptford. The 2012 slate of officers and directors were installed, including Chapter President Jerry McHale, MAI, of J. McHale and Associates, Inc. The keynote speaker was the 2012 Appraisal Institute President Sarah W. Stephens, MAI. She passed on her insight on Appraisal Institute’s direction in 2012 through a “State of the Industry” presentation that was both interesting and informative. As part of the ceremony, 2011 SNJAI President A. Craig Black, SRA, of Todd and Black, Inc., was presented a

gavel plaque by 2012 SNJAI President Jerry McHale, MAI (pictured above.) In the spirit of serving the community, the chapter collected non-perishable food items to donate to local food banks at the installation dinner. The response was strong: nearly 100 units of food were collected, weighing in at over 82 pounds! Additionally, $185 in cash was donated to support community food bank efforts in Southern NJ. The next chapter meeting is Monday, April 23 at the Adelphia. This is the annual joint event with the tax assessors. In Assessors and Appraisers in Today’s Market, participants will hear a true state of the industry report. NJ State Board of Real Estate Appraisers President Denise Siegel will discuss

any and all issues taking place in the appraising field, including concerns arising from complaints and federal regulation changes. Assistant Director of the NJ State Division of Taxation Patricia Wright will discuss similar issues in the assessing field. Rick Kline and Dennis Scardilli will help you understand the difference between individual value estimations and mass appraisal techniques used in assessing. Additionally, they will outline the Monmouth and Gloucester County programs and where these programs stand. In A View from the Bench, Judge Patrick DeAlmeida will discuss tax court issues & recent cases from across the state. As always, his insight and experience will be a great benefit to all. ■

UPCOMING EVENTS: Classes April 28, May 5, 12, 19 – Basic Appraisal Procedures May 10 – Seminars at the Shore September 12 – September Symposium October 19 – 7hr. USPAP Update October 26 – Business Practices & Ethics

Chapter Meetings April 23 – Joint meeting with the tax assessors For more information on the Southern NJ Chapter of the Appraisal Institute, contact Chapter Executive Director Lisa May Weiss: lisamayweiss@hotmail.com or 856-415-0281.

Mid Atlantic Real Estate Journal — New Jersey — April 13 - 26, 2012 — 31A

www.marejournal.com

Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org As the leading organization for professional real estate appraisers, the Appraisal Institute represents more than 25,000 members and 91 chapters worldwide. The Southern New Jersey Chapter has over 160 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281.

2012 Designated Members of the Southern NJ Chapter of the Appraisal Institute J. Paul Bainbridge, MAI

Cape May Ct. House

(609) 465-9978

Gary P. Lombardi, SRA

Manahawkin

(609) 709-3902

Steven W. Bartelt, MAI, SRA

Turnersville

(856) 582-5892

Bonnie L. Longo, MAI, SRA

Sewell

(856) 582-4611

A. Craig Black, SRA

Cherry Hill

(856) 662-7676

Eileen Lynn, MAI

Philadelphia

(215) 842-0649

Allen G. Black, MAI, SRA

Cherry Hill

(856) 662-7676

Jerome J. McHale, MAI

Mt. Laurel

(856) 722-0205

Edward J. Bligh, MAI, SRA

Marlton

(609) 983-3218

F. Pat McIlhinney, MAI, SRA

Cherry Hill

(856) 795-4042

Harry Carroll, Jr., MAI, SRA

Cherry Hill

(856) 795-4042

Edward T. Molinari, SRA

Woodbury

(856) 853-7622

Lana Chiappetta, MAI

Medford

(609) 714-7402

Robert Parmley, SRA

Forked River

(609) 292-2573

Patrick K. Conover, MAI

Galloway

(609) 652-6553

Patricia A. Quigley, SRA

Philadelphia

(215) 247-4425

John P. Corbett, MAI

Philadelphia

(215) 963-4061

Jacob Ramage, MAI

Philadelphia

(215) 888-3560

David A. Curley, SRA

Mt. Laurel

(856) 795-0875

Thomas C. Reynolds, SRPA

Wilmington, DE

(302) 575-0955

Eugene P. Davey, SRA

Philadelphia

(215) 523-9104

Lee L. Romm, MAI, SRA

Marlton

(856) 983-5500

Thomas C. Davis, SRA

Delran

(856) 764-6500

Michael Sapio, Jr., MAI, SRA

Blackwood

(856) 783-6835

John E. Doyle, MAI

Philadelphia

(215) 231-9900

Michael Sapio, MAI

Bellmawr

(856) 933-1272

Scott A. Eiffes, MAI

Moorestown

(856) 234-9252

R. M. Sapio, MAI, SRA

Voorhees

(856) 429-2789

E. Guy Elzey, III, SRA

Haddonfield

(856) 429-8800

William J. Sapio, MAI

Linwood

(609) 927-5728

Emmons G. Elzey, Jr, SRA

Haddonfield

(856) 429-8800

Dennis A. Scardilli, Esq, MAI

Absecon

(609) 568-0432

Phillip Fortuna, SRA

Philadelphia

(215) 925-1212

Jack Sheehan, MAI

Wenonah

(856) 468-0068

Mary F. Fox, MAI

Cape May

(609) 884-1995

Timothy Sheehan, MAI, SRA

Cherry Hill

(856) 662-0027

David J. Frett, SRA

West Berlin

(856) 753-3030

Richard Sheldon, MAI, SRA

Haddon Heights

(856) 546-4900

James C Frisby, SRA

Ocean City

(609) 814-9333

Thomas J. Sliwowski, SRA

Pitman

(856) 218-2800

John M. Gapszewicz, MAI

Philadelphia

(215) 841-5258

Paul Sopenoff, MAI

Voorhees

(856) 273-1203

Ronald A. Hagel, MAI, SRA

Vineland

(856) 691-7055

Pasqual A Sorge, MAI

Mt. Laurel

(856) 234-2893

Mark J. Hanson, MAI, SRA

Ocean City

(609) 398-3189

John T. Stone, MAI

Cape May Court House (609) 861-9030

Donna Harris, SRA

Shiloh

(856) 453-8889

Robert Thompson, MAI, SRA

Ocean City

(610) 331-9031

Joseph V. Heenan, SRA

Ocean City

(609) 391-8862

Robert J. Tighue, MAI

Cherry Hill

(609) 792-0684

Henry Herskowitz, MAI, SRA

Cherry Hill

(856) 795-8700

Joseph E.Tighue MAI, SRA

Brigantine

(609) 266-7334

Michael D. Jones, MAI

Cape May Court House (609) 463-4622

Merilynn P. Verderame, SRA

Haddonfield

(856) 234-8400

William J. Kennedy, MAI

Medford

(856) 396-7652

Benjamin R. Vukicevich, SRA

Stratford

(856) 784-7036

M. Bruce Leff, SRA

Newark, DE

(856) 287-3690

John H. Walton, Jr, MAI, SRA

Medford

(856) 795-8700

Frank S. Librizzi, MAI, SRA

Haddon Heights

(856) 854-2478

John Weber, Jr,, MAI, SRA

Hamilton Square

(609) 586-3500

Allen L. Littlefield, SRA

Hammonton

(609) 704-9609

Gerald Francis White, SRA

Pennsauken

(856) 663-5134

32A — April 13 - 26, 2012 — New Jersey — Mid

Atlantic Real Estate Journal

www.marejournal.com

PEOPLE ON THE MOVE Vice President of The Appraisal Institute

Senior VP, principal at Cassidy Turley

The Appraisal Institute awards EDANJ’s board of Baldoni with MAI designation directors adds Twyman ROCHELLE PARK, NJ — Cassidy Turley announced that senior VP, principal Douglas Twyman, SIOR, was recently named to the board of directors of the Economic Development Association of New Jer- Douglas Twyman sey (EDANJ). A licensed real estate broker with 27 years experience in commercial real estate brokerage and corporate advisory

RANFORD, NJ — Joseph E. Baldoni, MAI president of Appraisal Associates, Inc., (AAI), is pleased to announce the awarding of the MAI Designation by the Appraisal Institute to Joseph C. Baldoni, MAI, vice president. The Appraisal Institute, organized in 1932, is recognized as the nations’ largest professional appraisal organization. The MAI designation is presented to those individuals who have met the rigorous valuation educational course requirements and additional professional requirements of the Appraisal Institute. It recognizes the individual’s advanced level of expertise and experience in the valuation of all property types and for various purposes. Joseph C. Baldoni, MAI, a certified appraiser in New Jersey and New York has been with AAI since 2000. He is responsible for all aspects of the operational requirements of

The designation was presented by Joseph E. Baldoni, MAI during the Metro New Jersey Chapter’s Conference. the company. He is a graduate fice buildings and residential of the University of Scranton apartment complexes along with a BA in Finance, and a with properties having unique Masters in Real Estate Science valuation issues. from New York University. In AAI is an appraisal and conhis 11 years with AAI, Joseph sulting firm established in has valued numerous com- 1971. The firm has provided mercial properties including consulting and valuation within large manufacturing facilities, the tri-state area and on a nashopping centers, hotels, of- tionwide basis. ■

Brucker joins Prism as senior project mgr. BLOOMFIELD, NJ — John Brucker has joined the team at Prism Capital Partners, LLC in Bloomfield as senior project manager. In his new role, the 28-year commercial real estate industry veteran is John Brucker largely focused on the firm’s recently launched Parkway Lofts redevelopment. Currently, Brucker is overseeing the expansion of Prism’s

project management team for the Parkway Lofts project, including the addition of assistant project managers and field superintendents. Eugene Diaz, a principal partner with Prism, noted that Brucker’s extensive real estate development experience already has positioned him as a vital member of the Parkway Lofts—and Prism—team. Brucker’s project management career began in 1984 and has included executive-level positions with such notable organizations as Bellmead Development Corporation,

BCC Construction, the Gale Construction Company and Hollister Construction Services. He earned a bachelor’s degree in civil engineering from Rutgers University. “Prism is a good fit for me,” Brucker said. “My background primarily includes work with development firms, and I always have found large-scale projects like Parkway Lofts to be particularly gratifying. Watching the building transform is going to be amazing. I look forward to contributing to this and future Prism projects.” ■

Barton becomes a member of Cassidy Turley’s NJ Team ROCHELLE PARK, NJ — Cassidy Turley announced that industrial specialist Jason Barton has joined the firm as Associate vice president. In this role, he is responsible for the sale and leasing of warehouse and distribution facilities with a concentration in the Central New Jersey market. Barton

specializes in landlord and tenant representation and works out of the firm’s Somerset office as part of the Industrial Services Team. “Jason has established a leading reputation in the New Jersey market as a diligent and dedicated professional who knows how to forge long-term

relationships with tenants and owners,” said David A. Simon, Cassidy Turley managing principal, New Jersey. An associate with Jones Lang LaSalle starting in 2006, Barton was involved in over two million square feet of sales and lease transactions in his career. ■

Weichert Commercial appoints 3 real estate professionals MORRIS PLAINS, NJ — Weichert Commercial Brokerage, Inc. appointed three seasoned real estate professionals to Weichert Commercial’s Corporate Headquarters and Central New Jersey office. Joining the Weichert Commercial team are VPs Steven Tenenbaum and Jonathan

Younghans and senior vice president, Donghyun “David” Yi. All three professionals bring valued industry and professional experience that will further enhance Weichert Commercial’s platform of services. “We are very pleased to welcome this group of real estate

professionals as we continue to expand our Weichert Commercial team,” said John G. Udell, president of Weichert Commercial Brokerage. “Their professional experience and market knowledge will continue to strengthen our commitment towards providing outstanding service to our clients.” ■

services, Twyman’s focus is on providing superior service to his customers. “I’m honored to have been chosen to join EDANJ’s Board of Directors,” added Twyman. “I look forward to leveraging my experience to assist the EDANJ in furthering its mission to promote a sound economy in our state. My appointment serves as a great opportunity to promote this organization within the commercial brokerage community as I work to keep the Board apprised of developments that impact New Jersey’s commercial real estate sector.” ■

Community Investment Strategies garners three FAME awards SPRING LAKE HEIGHTS, NJ — Community Investment Strategies (CIS), Inc. received three Fabulous Achievement in Marketing Excellence (FAME) awards from the Shore Builders Association of Central New Jersey (SBACNJ). The 9th annual awards banquet, held at The Mill at Spring Lake Heights, was attended by more than 200 members and associates of the Jersey Shore building industry. Whitney Crescent, an apartment-rental community in Glassboro, received the award for Best Redevelopment of a Residential Project. Winning in this category illustrates how CIS has raised the standards for building sustainable, modern housing for low-to-moderate income families. CIS demolished nine buildings to redevelop the 9.5-

Whitney Crescent acre Whitney Crescent site. Additionally, CIS was presented with the Best Sales Office for a Multi-Family/ Multi-Unit Rental and for Best Color Ad for Heritage Village at Seabreeze, an affordable apartment-rental community in Lacey Township. “We’re honored to receive these awards which recognize the hard work and dedication that our sales, construction and marketing staff show all year long,” said Christiana Foglio, founder/owner and chief executive officer of CIS. ■

Erickson & Iannotta join Cushman & Wakefield East Rutherford off. EAST RUTHERFORD, NJ — Cushman & Wakefield, Inc. has expanded its retail brokerage presence in New Jersey with the relocation of Nancy Erickson from t h e f i r m ’s N e w Yo r k Midtown h e a d q u a r - Nancy Erickson ters. Also, Gabriela Iannotta has joined the firm, and will work with Erickson. Erickson, a resident of Hoboken, joined Cushman & Wakefield in 2004 as a seasoned industry professional and has continued to establish herself as an expert on both national and local levels. She is a long-

time member of ICSC. Iannotta, a Jersey City resident, graduated from William Paterson University in 2007 Summa Cum Laude. With experience in retail franchise sales, marketing, and manGabriela Iannotta agement, she joined Cushman & Wakefield as a real estate salesperson from School of Rock and will assist in building the firm’s New Jersey retail practice. “We will utilize our national experience to provide market leadership and serve this important retail market,” said Erickson. ■

Mid Atlantic Real Estate Journal — New Jersey — April 13 - 26, 2012 — 33A

www.marejournal.com

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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.

34A — April 13 - 26, 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 Susan Karp skarp@coleschotz.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/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

Fiddler’s Elbow Country Club in Bedminster, NJ

ICREW NJ’s 11TH Annual Golf Classic to be held May 2nd or the second year in a row, the picturesque Fiddler’s Elbow Country Club in Bedmins t e r, N J will provide the setting for Cheryl Hardt the Annual ICREW NJ Golf Classic & Reception. Scheduled for Wednesday, May 2, 2012, this year marks the 11th anniversary of the networking and philanthropic event. “The power of this organization lies in its topical programming, networking and philanthropy,” said Cheryl Hardt of CBRE and current president of ICREW NJ, the New Jersey Chapter of CREW Network. “We are proud to announce that a portion of the proceeds

from this year’s event will benefit the Linda E. Cardinale MS Center at CentraState Medical Center, the most comprehensive multiple sclerosis center in New Jersey.” Registrations are available for 18 holes of golf ($350 per person), 9 holes of golf ($275 per person), golf clinic ($200 per person), and reception only ($100 per person). Registrations for 18 holes, 9 holes and the golf clinic include lunch and the reception. Sponsorships are also available. The day’s events will kick off at 10 am with registration for 18 hole players, with the 18hole tee-off at 11:30 am. Registration for the 9 hole players and the golf clinic will begin at 11:30

am with tee-off at 1 pm. A buffet lunch will be served from 10:30 am to 1:00 pm, and the reception, raffle and awards program will begin at 5:00 pm and conclude at 7:30 pm. Prizes will be awarded in several categories, including best team scores for both 18 and 9 holes and best singles scores for both 18 and 9 hole players. The event will also include a 50/50 raffle, silent auction, and a “tricky tray” drawing, all to benefit the Linda E. Cardinale MS Center. “ICREW NJ is fully committed to philanthropic efforts such as this, and we are pleased to be able to help the MS Center,” said Hardt. “And as always, this will also be a fun event for all who participate.” ■

About ICREW NJ 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. For more information on golf sponsorship and registration for the event, call (609) 585-6871 or visit www.icrewnj.org.

MID ATLANTIC REAL ESTATE JOURNAL

WALTER R. COHN, ESQ. MEMORIAL EXPO APRIL 18, 2012 THE WILSHIRE GRAND, WEST ORANGE, NJ

Mid Atlantic Real Estate Journal — April 13 - 26, 2012 — 35A

www.marejournal.com

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

36A — April 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

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POA WALTER R. COHN, ESQ. MEMORIAL EXPO EXHIBITOR LIST A. Molly Company Dave Schlosser PO Box 243 South Orange, NJ 07079 dave@amolly.com 973/674-3300 Aaron & Company Alan Mandel 30 Turner Place Piscataway, NJ 08855 amandel@aaronco.com 732/752-8200 Acadia Windows & Doors Jen Rosant 930 Todds Lane Baltimore, MD 21237 jrosant@acadiawindows.com 732/236-8498 Advantage Equipment Services Howard Blank PO Box 1656 Livingston, NJ 07039 hblank@advantage-equipment.com 973/488-1040 ALC Environmental Claudio Gonzalez 121 W 27th Street New York, NY 10001 claudio.gonzalez@alcenvironmental.com 212/675-5544 Allied Building Products Mike Muller/Joe Brower 17 East Frederick Place Cedar Knolls, NJ 07927 Mike.muller@alliedbuilding.com 1-800-4ALLIED American Architectural Window & Door Inc. John Zoetjes 270 Sparta Ave, Ste 303 Sparta, NJ 07871 rebecca@americanarchitectural.com 800/495-8175 AppFolio Allen McLaren 800 East Campbell Rd. Richardson, TX 75081 allen.mclaren@appfolion.com 805/617-2146 Bath Liners Plus Robert Witkowski 20 Kennedy Street Freehold, NJ 07728 tubman@bathlinersplus.com 732/462-2284 Bathfitter Mark Zipkin 52 W. Madison Ave Dumont, NJ 07628 bathfitterevent@gmail.com 908/344-5014 Belfor Group Inc. Denise Schmidt 625 Rahway Ave Union, NJ 07083 denise.dotoli@us.belfor.com 908/686-8300 CCC Promotions Chris O’Connor 61 Winding Way West Orange, NJ 07052 chris@cccpromos.com 973/489-9331 City Fire Equipment Co. Paul McGrath 733 Ridgedale Ave, Suite 203 East Hanover, NJ 07936 laura@cityfire.com 973/560-1600 x201 Columbia Bank Rich Tonto 19-01 Route 208 Fair Lawn, NJ 07410 rtonto@columbiabankonline.com 201/794-5836 Computex Management Marc Sampson PO Box 1028 Orange, NJ 07051 computex@earthlink.com 973/675-7007

CPR Restoration & Cleaning Anthony LaMorgia 364 State St Perth Amboy NJ 08661 732/388-8866 kboland@cprrestoration.com CPR Services Lisa LaMothe 3C Marlen Drive Robbinsville, NJ 08691 lisal@cprservice.net 609/584-7744 Crown Castle Rachel Vallozzi/Jeff Barbodora 2000 Corporate Drive Canonsburg, PA 15317 rachel.vallozzi@crowncastle.com 412/657-1757 Eastern Waterproofing & Restoration Co., Inc. Chuck Colacurcio 350 Communipaw Ave Jersey City, NJ 07304 caroleewrnj@aol.com 201/434-4548 Ehrlich, Petriello, Gudin & Plaza Bruce Gudin, Esq. 60 Park Place, Suite 1016 Newark, NJ 07102 bruce@epgp-law.com 973/643-0040 EPIC Security Corp. Selwyn Falk, CPP The EPIC Building 2067 Broadway New York, NY 10023 selwyn@epicsecurity.com 800/548-3434 Equipment Marketers Larry LaMaina 100 Melrose Ave Cherry Hill, NJ 08003 llamaina@equipmentmarketers.net 800/223-1376 x110 Feinstein Raiss Kelin & Booker Robert Neadel 100 Executive Drive, Suite 360 West Orange, NJ 07052 rneadel@frkblaw.com 973/324-5400 Flackman, Goodman & Potter PA, CPA Andrew Scott 106 Prospect Street Ridgewood, NJ07450 als@fgpcpa.com 201/445-0500 Foster & Mazzie LLC J. Ryan Martinez 10 Furler Street Totowa, NJ 07511 jrmartinez@fostermazzielaw.com 973/785-4000 Fowler Equipment Company Susan Gaspar 565 Rahway Avenue Union, NJ 07083 sgaspar@fowlercompanies.com 800/334-1824 Gaeta Recycling Co., Inc. John Hart 278 West Railway Ave. Paterson, NJ 07503 johnh@gaetarecycling.com 973/278-6625 Great Eastern Energy Nate Kessman 1515 Sheepshead Bay Road Brooklyn, NY 11233 natek@greateasternenergy.com 718/648-0900 Griffin Alexander, PC Jennifer L. Alexander, Esq. 415 Route 10, Suites 6-8 Randolph, NJ 07869 attorneys@lawgapc.com 973/366-1188 Hercules Corp. Barry Heller 550 West John Street Hicksville, NY 11801 barry.heller@hercnet.com 516/281-8754

JGS Insurance Jim Neff 960 Holmdel Rd. , Bldg 1 Holmdel, NJ 07733 jneff@jgsinsurance.com 732/837-1030 Kenneth Jaffe Sheldon Greenholtz 71 Valley Street South Orange, NJ 07079 kjinc101@aol.com 973/378-3200 Kislak Company Inc. Jason Pucci 1000 U.S. Highway 9 North Woodbridge, NJ 07095 jpucci@kislakrealty.com 732/750-3000x214 KRB Pest Control Ron Pate 31 Cross Street West Orange, NJ 07052 krbpestcontrol@verizon.net 973/669-8030 L. Epstien Hardware Co. Jeffrey Feld 268 Main Street Orange, NJ 07050 hardwaredad@aol.com 973/673-3233 LEW Corporation Julie Pierre 1090 Bristol Road Mountainside, NJ 07092 jpierre@lewcorp.com 908/654-8068 Lundt Combustion Systems Chuck Lundt 381 Woodside Avenue Newark, NJ 07104 chuck@lundt.com 201/400-2927 M. Miller & Son LLC Michael Miller 1211 Liberty Ave Hillside, NJ 07205 adjuster@mmillerson.com 908/355-4800 Manhattan Welding Andrew Talkow 1434 Chestnut Ave Hillside, NJ 07205 andrew@manhattanwelding.com 908/687-4494 Marcus & Millichap Michael J. Fasano 611 River Drive, 4th Floor Elmwood Park, NJ 07407 michael.fasano@marcusmillichap.com 201/582-1000 Metro Energy Lance Gilgar 1011 Hudson Ave Ridgefield, NJ 07657 lgilgar@hopenergy.com 201/954-9042 Mitchell Supreme Fuel Co. Breezy Bozik 532 Freeman Street Orange, NJ 07050 bbozik@supremeenergyinc.com 973/678-1800 NATGASCO Breezy Bozik 532 Freeman Street Orange, NJ 07050 bbozik@supremeenergyinc.com 800/840-4GAS National Tenant Network Jaime Borodin PO Box 1023 Turnersville, NJ 08012 jborodin@ntnonline.com 800/422-8299 NJ SmartStart Buildings Paul Finbow 900 Route 9 North, Suite 404 Woodbridge, NJ 07095 www.njcleanenergy.com/SSB 866-NJSMART

NVE Bank Alice Layne 76 Engle Street Englewood NJ 07631 alayne@nvebank.com 201/816-2830 x249 Overhead Door Company of the Meadowlands Jai Patel 20 Meta Lane Lodi, NJ 07644 jai@dockndoor.com 973/471-4060 P. Cooper Roofing Inc. Steven Dicker 970 River Road Croydon, PA 19021 steve@cooperroofing.com 800/945-2833 Regal Bank Maureen Bonvenca 570 West Mt. Pleasant Ave Livingston, NJ 07039 mbonvenca@regalbanknj.com 973/716-0600 Rifkin & Rosen Ultimate Property Loss Consultants Larry Rosen 200 Craig Road Manalapan, NJ 07726 larry@rosenaff.com 609/587-5600 SEBCO Steve Breitman Laundry Systems, Inc. 30 Route 22 West Greenbrook, NJ 08812 stevebreitman@sebcolaundry.com 732/752-9000 Servpro of Freehold, Middletown, Jersey City/Bayonne Kerry Hon 306 Monmouth Road Millstone Township, NJ 08510 khon@servproffreehold.com 732/984-8504 Shore Insulation Will Cronin 6 Worthington Avenue Spring Lake, NJ 07762 will@shoreinsulation.com 732/921-5350 State Farm Sal Sciallo, Agent Sal Sciallo 112 Craig Road Manalapan, NJ 07726 sal@salsciallo.com 732/845-4514 Sterl Kitchens Tom Sterl Jr. 5426 Tomelle Ave. North Bergen, NJ 07047 sterlkitchens@sterlkitchens.com 201/866-7999 The Provident Bank Isabel Rodrigues 115 Ferry Street Newark, NJ 07105 isabel.rodrigues@providentnj.com 973/465-7962 Waldor & Schulman Alan Schulman 100 Morris Ave Springfield, NJ 07083 aschulman@waldorschulman.com 973/346-8400 Withum Smith & Brown, PC Kelly Sheridan 465 South Street Morristown, NJ 07960 ksheridan@withum.com 973/898-9494

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POA, WALTER R. COHN, ESQ. MEMORIAL EXPO Columbia Bank

The Business Bank of New Jersey, one stop source for business

oday, Columbia Bank is known as “The Business Bank of New Jersey,” recognized as a one-stop source for business banking products and services, including secure online banking solutions. Columbia’s commercial banking and lending services support many business types, including apartment managers, contractors and developers and small business owners. Columbia’s commercial construction loans are designed for owner-occupied commercial properties, residential development and investment property projects. Because of the competitive nature of the construction industry, Columbia makes every attempt to accelerate the loan process, giving borrowers the “competitive advantage” of expedited project funding. Unlike some banks, Columbia also offers the option of converting an existing construction loan into a permanent commercial mortgage, using a streamlined process that does not require a new conversion application. Columbia’s commercial mortgage loans, available with both fixed and adjustable rate terms, are well-suited for multi-family dwellings, mixed use, office and medical arts buildings, light industrial, flexible warehouse space and retail strip centers. Columbia Term Loans are also provided for short-term, intermediate and long-term financing needs. Depending on the requirement, term loans can be used for current business funding needs, new equipment purchases and strategic endeavors, like facilities expansion. Columbia Bank also offers all of the traditional business banking products and services one would expect from a commercial bank, like business checking and commercial lines of credit, along with money market, retirement, investment and wealth management services, each customized to particular business requirements. Business banking support services also include night deposits, wire transfers, payroll processing, ACH services and lock boxes. And, since businesses no longer operate 9-to-5, Colum-

Columbia Bank operates three Regional Lending Offices in New Jersey, located in Fair Lawn (shown), Edison (Raritan Center) and Voorhees

bia believes that technology should be used whenever possible to expedite business transactions. Electronic check deposits from remote locations and “Go ID” security protection for online business ACH and wire transfer transaction are examples of the bank’s technology-based services. No matter what business type, Columbia Bank has the customized solutions and local marketplace expertise to satisfy even the most demanding business banking need. ■

Working with only the finest products available, we have been serving our clients since 1945

Lundt Combustion Systems are Engineers, Designers and Manufacturers of Combustion Equipment and Systems for both Commercial and Industrial Applications. SYSTEMS Heating Controls Combustion Systems Burner Management Steam Heat Consulting Energy Management Systems AD 2000™ Temperature Control Providing a constant temperature inside your building for all weather conditions. By monitoring average building temperature and precisely scheduling setpoints, fuel consumption may be reduced by as much as 30%.

Lundt Combustion Systems, Inc. Phone: 973-822-2090 Fax: 973-377-8753

www.lundt.com

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POA, WALTER R. COHN, ESQ. MEMORIAL EXPO By Denise Schmidt, BELFOR Property Restoration

Knowing the restoration provider before the disaster

n light of recent events, this statement ” Knowing the Restoration Provider Before the Disaster” has never been more relevant. Most recently with our experience of the sumDenise mer floods Schmidt as a result of Hurricane Irene, businesses have been decimated leaving them either out of business or saddled with exuberant costs

attributed to the hurricane damage leaving them financially unstable. The primary

mediate areas of concerns and initiate a plan to address these areas immediately when a di-

Belfor Property Restoration is an experienced restoration provider specializing in creating Emergency Preparedness Plans for its clients. result of these expenditures can be attributed to a lack of a process to pre-qualify a competent restoration provider. A professional qualified restoration provider can be an invaluable asset to a business. By facilitating a partnership with the restoration provider, a business can identify it’s im-

Please Contact: Denise Schmidt Union, NJ 973-216-2691

saster strikes. This can enable a business to experience little business interruption saving itself money and time in serving its customers and clients. This “Emergency Preparedness Plan” should be a vital component of any business’s operational plan. Belfor Property Restoration

is an experienced restoration provider specializing in creating these Emergency Preparedness Plans for its clients. Belfor is a single source provider with over 6,000 employees worldwide. The largest restoration provider in the world, Belfor understands insurance claim management and how to control cost expenses in the midst of a disaster. Belfor strives to achieve excellence by providing unparallel service 24 hours a day for any type of damage including Wind, Water, Fire and Vandalism,

www.belfor.com

Commercial Drying, Storage of Contents, Board ups and Secure Property Reconstruction, Document Drying and Disaster / Business Continuity Planning. Employees of Belfor come from all types of diverse backgrounds and industry sectors. As Marketing Coordinator for Northern and Central New Jersey Denise Schmidt’s insurance background plays a vital part in assisting businesses with their specific needs. As a licensed insurance producer of Property and Casualty Life and Health Insurance in New York, New Jersey and Pennsylvania, Denise has experienced these claims first hand. As a previous Risk Manager with over 15 years of experience, Denise has mitigated insurance claims in her career with ADP and the Diocese of Paterson by implementing best practice guidelines for all members and entities of these organizations assisting these large organizations in instituting an Emergency Preparedness Plans and partnering with a pre-qualified Restoration Provider. As a risk manager, her experience in first dollar property, liability and casualty claims including mitigating processes to reduce overall financial exposure saved these organizations substantial sums as result of her plan’s execution. If you are not a current Belfor client, the above statements will pertain to you. Anyone owning a business should have a plan in place. By not initiating a plan, you are leaving your business vulnerable to unqualified restoration companies who will inevitably increase your claim costs affecting your overall business operation. Disasters do happen. Rest assured, should they happen to you, you have a partner in Belfor. For a consultation and an assessment, please contact Denise Schmidt. Denise Schmidt is the marketing coordinator for Northern and Central New Jersey. As part of Belfor Property Restoration, the world’s largest restoration provider, she has access to all types of resources assisting her in providing single source solutions creating plans tailored to businesses specific needs. ■

Mid Atlantic Real Estate Journal — April 13 - 26, 2012 — 39A

www.marejournal.com

POA, WALTER R. COHN, ESQ. MEMORIAL EXPO

Residential • Commercial • Industrial

COOPER ROOFING INC. We Service New Jersey, Pennsylvania, Maryland and Delaware

Specializing In Commercial and Industrial Roofing

Low, Low Prices

30 Years of Experience

We Not Only Install New Roofs, We Repair Also!

www.cooperroofing.com 970 River Rd. • Croydon, PA 19021

24 Hour Service Call 800-945-2833

40A — April 13 - 26, 2012 — Mid

Atlantic Real Estate Journal

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POA, WALTER R. COHN, ESQ. MEMORIAL EXPO With a strong customer focus

Crown Castle has been securing long-term leases & designing wireless equipment for nearly a decade

s one of the largest wireless infrastructure providers in the country, Crown Castle has been securing long-term leases and designing and deploying wireless equipment on rooftop locations for nearly a decade. Building owners can leverage the wireless network infrastructure and real estate expertise of Crown Castle to secure risk free, incremental revenue— without taking the focus off of their core business and without causing disruption to ten-

Call Fowler today to find out how we can make your laundry room more profitable. 800-334-1824 X127

Fowler

The Commercial Laundry Specialists www.fowlercompanies.com

Serving Apartment Communities since 1952 * Commissions - Sales - Service *

ants. Rooftop locations, especially those located in dense, urban areas, can satisfy both of these goals, while creating a revenuegenerating opportunity for building owners. With a strong customer focus, Crown Castle has master leasing agreements with all of the major wireless carriers and strong inmarket resources and local relationships with construction management, power, TELCO, and HVAC companies. Our local presence expedites the entire process —which expedites revenue for building owners. Our award-winning CCIsites™ is a state-ofthe-art inventory management system that enables us to showcase our rooftop locations and all other sites in our portfolio. It provides carriers with valuable information on the wireless siting landscape, giving the building owner ’s rooftop asset instant visibility and unrivaled marketing support at both the local and national level. Crown Castle (NYSE: CCI) is one of the country’s largest independent owners and operators of shared wireless infrastructure, including towers, rooftops and Distributed Antenna System (DAS) networks. With an enterprise value of more than $20 billion, we own and manage more than 22,000 premium sites in 92 of the top 100 U.S. markets. And, with offices nationwide and more than 1,100 locally deployed employees, we have the resources to provide comprehensive site development services. ■

www.marejournal.com

Mid Atlantic Real Estate Journal — April 13 - 26, 2012 — 41A

POA, WALTER R. COHN, ESQ. MEMORIAL EXPO

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42A â&#x20AC;&#x201D; April 13 - 26, 2012 â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — April 13 - April 26, 2012 — 43A

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McCrary & Belford represent Comstock Homebuilding Corporation

Broad Street completes $19.35 million sale of The Commons on Potomac Square

OTOMAC FALLS, VA — Broad Street, a market-leading commercial real estate services firm in the Washington, DC/Baltimore region, just represented Comstock Homebuilding Corporation in the $19.35 million sale of The Commons on Potomac Square in Cascades, for a per unit price of $187,864. The 103 unit, 112,000 s/f apartment building was sold to CAPREIT. The Commons on Potomac Square is a newly constructed, four story, Class A property, and is located at 21240 McFadden Square, Potomac Falls, VA, a popular location in Loudoun County. Broad Street’s Haze McCrary and Dave Belford lead the

The Commons on Potomac Square

Tryko Partners purchase Park Raven; a 253-unit apartment complex BALTIMORE, MD — The purchase of Park Raven, a 253-unit apartment community in Baltimore, marks the continued growth of Tryko Partners, LLC’s foothold within the city’s multifamily market. The private equity real estate group now owns and operates 1,137 residential units within a three-mile radius. Tryko Partners, represented by Uri Kahanow, director of acquisitions, purchased the property from Continental Realty Corporation. A Baltimore-based CBRE brokerage team headed by Mike Rudolph and Mike Muldowney represented the seller. After adding value the deal is projected to yield a cap rate of 9 percent. Built in 1949, Park Raven sits on nearly 20 acres at 1806 Ramblewood Road. The property is approximately 95 percent occupied. A major renovation completed in 2006 resulted in the replacement of all windows, gutters and downspouts, the installation of new HVAC and many water heaters, and upgrades of most roofs. All of the one-, two- and three-bedroom units in the property’s 55, brick-

transaction. Haze McCrary is senior vice president of Broad Street and has been working in the real estate industry for eleven years. He focuses on investment sales in the Washington Metropolitan area. He has a broad range of experience in many aspects of the business and has provided services to international, national and local companies and associations. Dave Belford is vice president of Broad Street. He assists clients in all aspects of the leasing and acquisition process and has significant experience developing customer relationships, market research, lease analysis and financial modeling. ■

McShea & Company rep seller in $5.45m sale of Airpark Place

Airpark Place Park Raven clad buildings have updated kitchens and bathrooms, with new appliances, countertops and floors. “While our firm typically invests in value-add properties, Park Raven does not have the heavy lifting that we typically are involved with,” Kahanow said. “We have a huge amount of confidence in this market, so it made strategic sense to pursue the opportunity. We will continue to upgrade the property and individual units, in order to maintain its quality.”

Park Raven is located on a quiet street and is surrounded by mostly for-sale housing. This desirable area is less than two blocks from Good Samaritan Hospital and just two miles from Belvedere Square, a retail property anchored by a gourmet market and housing a diverse roster of shops and services. The property is located 11 miles from Baltimore’s CBD and the Inner Harbor, and provides easy access to main travel arteries throughout Baltimore and Baltimore County. ■

GAITHERSBURG, MD — McShea & Company, Inc’s investment sales division announced the sale of Airpark Place in Gaithersburg, Maryland on behalf of the seller, First Potomac Realty Trust to New York-Based Jerneb Corporation for $5,450,000. The sales team was lead by Joe Friedman, vice president and Director of Investment Sales and included Tom Truxillo, William Quay, Ronayne Waldron. Airpark Place, located at 18900-18994 Bonanza Way in Gaithersburg in the Montgomery County Airpark, is an 82,414 s/f, 3-building light

industrial business park. This is the second closing for McShea & Company’s investment sales platform in 2012. The platform was created in 2011 to specialize in the disposition of suburban office, industrial, and retail assets in the Washington/Baltimore Metropolitan Region. Joe Friedman’s team has four additional disposition assignments currently on the market or coming to the market this spring valued in excess of $35 million in Lexington Park, Hagerstown, and Columbia,Maryland as well as in Arlington, Virginia. ■

44A — April 13 - April 26, 2012 — DelMarVa — Mid

Atlantic Real Estate Journal

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

Mid Atlantic Real Estate Journal — April 13 - April 26, 2012 — 45A

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46A — April 13 - April 26, 2012 — DelMarVa — Mid

Atlantic Real Estate Journal

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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

Secretary of Transportation, Bhatt, addresses members Last Meeting: April 11, 2012 Meeting At CIRC’s last lunch meeting held a the Clarion Belle Hotel in New Castle, Delaware’s new Secretary of Transportation, Shailen Bhatt, addressed the membership about many subjects of interest to the development community, such as: • Culture of Change/Reorganization at DelDOT • Transportation Improvement Districts – streamline DelDOT review of development projects • Newark Train Station TIGER IV Secretary of Transportation • Christina River Bridge and Approaches Shailen Bhatt • Claymont Train Station Upgrades/Transportation Plan • SR 1 / I-95 Interchange • US 301 Project Development Mr. 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).

Amelia Julian Eastern States Group Education Committee Chair Dan Lesher Patterson Woods & Assoc.

Members and guests are invited to attend our Annual Meeting and Board Election - on Wednesday, May 9

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.

Governor Jack Markell

Next Meeting: May 9, 2012 Meeting CIRC members and guests are invited to attend our next meeting – our Annual Meeting and Board Election - on Wednesday, May 9, 11:30 to 1:30 p.m. at the Clarion Belle Hotel in New Castle, Delaware. We will hear from the State of Delaware’s Governor Jack Markell. Governor Markell is focused on growing the economy, creating jobs, strengthening schools and protecting taxpayers. When he took office in 2009, he inherited a record budget shortfall, rapidly rising unemployment, and a stagnant economy. Since then, he has helped open shuttered manufacturing facilities, won President Obama’s”Race to the Top” competition for progress in public school reform, and signed new laws to drive improvements in the economy, environment, and education.

Scenes from the March 14th meeting

EX-OFFICIO (NON-VOTING MEMBERS) Business Manager Janet Sharpless Pippert CIRC Landmark JCM 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

Shown from left: Bert Root, John Birmingham and Alan Spiro

Shown from left: Dave Kenney, Stu Jerue, Shown from left: Steve Johns, Paul G Clark, Terry Reilly, Ted Williams and Jerry Smith Todd Breck and Steve Dobernicki

SAVE THE DATE CIRC Annual Golf Outing – Monday, June 11, 2012 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

Registraton from all Events: www.circdealware.org

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; DelMarVa â&#x20AC;&#x201D; April 13 - April 26, 2012 â&#x20AC;&#x201D; 47A

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

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DU PONT COUNTRY CLUB â&#x20AC;&#x201C; Main 18-Hole Course â&#x20AC;&#x153;For a great day of golfing fun and business neworking beyond compare!â&#x20AC;? Join us for great networking and a day of golf! Be a sponsor and get great promotion at the event, on printed materials and on our website! For more information contact: The Commercial-Industrial Realty Council P.O. Box 1789 Wilmington, DE 19899 (302) 633-1705 / (302) 633-1706 FAX E-mail: janet@circdelaware.org

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48A — April 13 - April 26, 2012 — Mid

Atlantic Real Estate Journal

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1100 East Hector Street, Suite 393 Conshohocken, PA 19428

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

TriState REALTORS® Commercial Alliance Positioned to Meet Continuing Education Needs of Region’s CRE Professionals

The Commercial Real Estate School of Pennsylvania Announces Spring Course Schedule CONSHOHOCKEN, PA — TriState REALTORS® Commercial Alliance, a leading advocate and provider of continuing education for commercial real estate practitioners in Pennsylvania, Delaware and New Jersey, today announced the spring 2012 course schedule for The Commercial Real Estate School of Pennsylvania. A certified Real Estate School in Pennsylvania, TriState’s Commercial Real Estate School offers a series of three-and-a-half-hour courses for commercial real estate professionals, appraisers, and investment advisors seeking timely and practical information that will meet the state’s requirement for continuing education. Courses offered by The Commercial Real Estate School of Pennsylvania are also approved for credit with the Real Estate Commissions of New Jersey and Delaware. Additionally, courses are approved for credit with the Board of Appraisers in Pennsylvania, New Jersey and Delaware, as well as the Pennsylvania Legal Education Board. “We’re excited to offer commercial real estate professionals in Pennsylvania, Delaware and Southern New Jersey a full schedule of course selections in a wide variety of topics that meet today’s continuing education requirements,” said Elvira Illiano-Trovato, School Director. “Our courses are specifically tailored to meet the needs of commercial brokers, and are led by noted industry experts who are at the top of their respective fields.” The following courses are scheduled to take place at Dolce Valley Forge, 301 West Dekalb Pike in King of Prussia, Pa.:

Legal Updates in Commercial Real Estate Date: May 15 Time: 7:30 to 11:30 a.m. Instructor: Andrew Miller

Tax Issues in Commercial Real Estate Investments Date: May 22 Time: 7:30 to 11:30 a.m. Instructor: Rich Heller

Supply & Demand in a Recovering Market Date: May 15 Time: 11:45 to 3:30 p.m. Instructor: Chip Hughes

Distressed Assets Date: May 22 Time: 11:45 to 3:30 p.m. Instructors: Andrew Benioff, TBA

The cost to register is $60 per course for TriState members and $75 for all other members of the commercial real estate community. A complete registration form can be found at http://bit.ly/za4d9l. To learn more about TriState’s school for commercial real estate professionals, please visit TriStateCRES.com or contact Elvira Illiano-Trovato at eilliano@tristaterca.com. About TriState REALTORS® Commercial Alliance 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. For additional information, please visit tristaterca.com or tristatecres.com.

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Mid Atlantic Real Estate Journal — April 13 - April 26, 2012 — 49A

50A — April 13 - April 26, 2012 — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE As judges of the Tenth Annual Build a House . . .

Marriott Int’l. Diamond Circle Award

Farrell, Esq. and Stein, Esq. of Kaplin Stewart participate

High Hotels declare Marriott Lancaster a winner

LUE BELL, PA — Amee S. Farrell, Esq. and Neil A. Stein, Esq. of the Land Use, Zoning & Development group of Kaplin Stewart in Blue Bell, Pennsylvania, were contest judg- Amee S. Farrell es of the Tenth Annual “Build a House . . . Build a Dream

Contest for Kids” at Immaculata University on March 10, 2012. The contest challenged hundreds of 5th grade students to build three dimensional, model “dream homes,” and Neil A. Stein present their homes to the judges. The participating students presented

imaginative, colorful designs reflecting their interests and the issues that concern them. For the students and teachers it was a fun way to teach and learn math, social and environment studies and presentation skills. This event is a yearly endeavor by Habitat for Humanity, the Affiliates of the Delaware Valley. Kaplin Stewart was pleased to be a sponsor of the event and encourage future architects, engineers and developers. ■

Pennoni presents Ellipse award to NorthMarq Advisors principal Walter D’Alessio PHILADELPHIA, PA — Pennoni Associates announced the recipient of the 2012 Ellipse Award to Walter D’Alessio, principal of NorthMarq Advisors. The Ellipse Award is given annually by Pennoni to a member of the community who has improved the quality of life of those around him or her through continued improvements to or investment in infrastructure. The award was presented to D’Alessio at the annual Ellipse Gala, held March 10, 2012, at the Waterworks Restaurant and Lounge. As the former executive director of the Philadelphia Redevelopment Authority and the former executive vice president of the Philadelphia Industrial Development Corporation, D’Alessio has been a driving force in the development of some of the city’s most important projects. He can be credited with helping to shape some of the most notable and influential development in the City of Philadelphia, including The Gallery at Market

Lancaster Courtyard by Marriott and a revenue performance rating. “We take great pride in this first-time recognition of the Lancaster Courtyard as a Diamond Circle winner,” said Mike Fruin, president of High Hotels Ltd., owner and operator of the Lancaster Courtyard by Marriott. “The Courtyard has previously earned the Platinum Circle award five times, and winning Marriott’s highest designation this time is particularly gratifying because it confirms the results of the exceptional dedication and commitment consistently put forth by our team,” said Fruin. ■

Thomas Realty Partners promotes Murray to director of leasing

C.R. “Chuck” Pennoni and Walter D’Alessio East, Franklin Town, Society ment of Philadelphia. InfraHill, and Independence Mall structure was a clear winner among many others. He has as a result of D’Alessio’s succontributed to the expansions cess. From the Commuter Rail of the University of Pennsyl- Tunnel at Market Street East vania, Temple University, and to the transformation of the Drexel University, working to Navy Yard into a thriving busikeep the universities growing ness center, the progress that in the City versus moving to D’Alessio championed during the suburbs. his career has led to the develD’Alessio’s career spans a opment and redevelopment of half-century, a testament to hundreds of millions of dollars his commitment to the better- in civil infrastructure. ■

Colliers International reports “Everyone Gives”, a social giving campaign, raises $741,213 USD in just 17 days P H I L A D E L P H I A , PA — “Everyone Gives,” the world’s first social giving campaign of its kind, raised $741,213 USD in just 17 days. From Feb. 22 to March 9, 2012, more than 12,000 individuals in 474 cities donated to 1,479 charities. During this time period, participants in 64 countries made donations of every size to charities of their choice and were encouraged to use their social networks to invite friends, families and colleagues to give. “When we developed this

LANCASTER, PA — Marriott International, Inc. has named the Lancaster Courtyard by Marriott Hotel a Diamond Circle Award winner. The 133-room Courtyard by Marriott, located at 1931 Mike Fruin Hospitality Drive in the Greenfield Corporate Center, was presented with the award just as the hotel enters the final phase of a complete renovation of the hotel lobby, guest lounge, dining area, and meeting room. Recognized within the top one percent of more than 900 Courtyard by Marriott hotels worldwide in 2012, the Lancaster Courtyard was selected based on an overall guest satisfaction rating determined from guest survey scores, a quality assurance score from unannounced property inspections,

idea about launching a global social media campaign to raise money for charities and nonprofits, we thought we’d be successful because we know that ultimately people are interested in helping other people, we just had to make it easy,” said Doug Frye, president and global CEO of Colliers International, founding sponsor of Everyone Gives. “The overwhelming response from around the world indicates a very bright future for social philanthropy.” 100 percent of the donations

received went directly to the charities selected by the public, which ranged from well-known non-profits to small, local charities across North America, Europe, the Middle East, Asia and Latin America. As people made donations, the original requester’s “giving tree” -- a virtual online tree -- would begin to sprout and grow. The campaign was supported by thousands of people, ranging from everyday folks to Britain’s former Prime Minister Tony Blair and celebrities like TV star Zak Bagans. ■

PHILADELPHIA, PA — Morgan Murray has been promoted to director of leasing at Thomas Realty Partners LLC, a full-service real estate brokerage operation based in Philadelphia. Previous- Morgan Murray ly she has served as leasing

manager and marketing manager during her nine years at the firm. In her new capacity, Murray will co-direct leasing and marketing efforts at Commerce Square, the 2 million s/f office property owned by Thomas Properties Group, Inc. Murray also provides oversight for a 3 building, 500,000 s/f office portfolio in Northern Virginia, centered around the Reston/Fairfax marketplace. ■

CBRE advances four to vice president SADDLE BROOK, NJ — CBRE announced that William Hassan, Nicholas Hilton, Sarah Jones-Maturo, and Wesley Moore, all brokers at CBRE offices in New Jersey, have been promoted to vice president, making them among the most successful and rapidly advancing professionals at the global brokerage and real estate services company. “The one characteristic that distinguishes all four of these highly talented individuals is their willingness to go above and beyond the call of duty for CBRE clients,” said Jeff Hipschman, senior managing director and head of New Jersey operations for CBRE. “Every day we strive to promote professional advancement and retain the best talent, and these recent promotions are clear evidence that hard work, dedica-

tion and determination remain the major keys to success.” Hassan, who has been with CBRE since 2002, focuses on tenant representation within the northern New Jersey industry market. Based in the Saddle Brook office, Hilton joined CBRE in 2004. His advanced market knowledge of both the Central and Northern New Jersey submarkets has led to the completion of many successful transactions . Jones-Maturo has completed more than one million s/f of transactions on behalf of both tenants and landlords. Moore joined CBRE in 2003, operating out of the company’s East Brunswick, NJ office. His market expertise encompasses the 287/78 Interchange and the Parkway Corridor office real estate markets. ■

Mid Atlantic Real Estate Journal โ April 13 - April 26, 2012 โ 51A

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52A — April 13 - April 26, 2012 — Mid

Atlantic Real Estate Journal

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR APRIL 12 – TRISTATE Event: Office Specialty Meeting Location: Norriton Business Campus Address/City: 2000 Campus Lane, E. Norriton, PA Cost: Members Free/$10 Nonmembers www.tristaterca.com APRIL 14-18 – IREM Event: Leadership & Legislative Summit Location: Washington, DC www.irem.org APRIL 17 – CREW PITTSBURGH Event: Connect With Crew Time: 5:00 PM – 6:30 PM Location: Elements Address/City: Four Gateway Center, 444 Liberty Ave., Pittsburgh, PA P: 412-297-4809 E: mjordan@cohenlaw.com www.crewpittsburgh.org APRIL 17 – NAIOP PITTSBURGH Event: Continuing Education Designed for Commercial Brokers & Agents Time: Course #1-8:00 AM – Noon/ Course #2-1:00 PM – 4:45 PM Location: Omni William Penn Hotel Address/City: Pittsburgh, PA Cost: $75 Members $95 Nonmembers www.naioppittsburgh.com APRIL 17 – ULI PHILADELPHIA Event: 2nd Annual 3-on-3 Basketball Tournament Time: 5:30 PM – 8:30 PM Location: Penn’s Hutchinson Gym P: 215-525-4977 E: gerri.lipp@uli.org www.philadelphia.uli.org APRIL 18 – ABC EPA Event: 50th Anniversary Gala Time: 5:00 PM Location: Radisson Hotel – Waterford Ballroom Address/City: 1160 First Ave., King of Prussia, PA Cost: $75 Members P: 610-279-6666 E: jtoman@abceastpa.org www.abceastpa.org APRIL 18-22 – BOMA Event: MAC Regional Conference Location: Omni William Penn Hotel Address/City: Pittsburg, PA P: 973-696-2914 E: bomanj@ix.netcom.com www.bomanj.com APRIL 18 – CORENET Event: PECO Economic Forecast Breakfast Time: 8:30 AM – 10:30 AM Location: PECO Energy Hall Address/City: 2301 Market St., Philadelphia P: 571-209-7803 E: Philadelphia@cornetglobal.org www.corenetglobal.org APRIL 18 – POA Event: POA Expo 2012 Location: Wilshire Grand Hotel Address/City: West Orange, NJ P: 732-780-1966 E: poanj@verizon.net www.poanj.org APRIL 18 – SIOR Event: Members/Sponsor Meeting Location: Tomato Pie of Morristown Address/City: 20 South St., Morristown, NJ Cost: Free – Members Only www.siornj.com

APRIL 18 – SMPS PITTSBURGH Event: Luncheon ProgramSecretary of Transportation Time: 11:30 AM – 1:30 PM Cost: $40 Members $65 Nonmembers www.smpspittsburgh.org APRIL 19 – CREW PHILADELPHIA Event: Lunch with Leaders Auction Event Time: 5:00 PM – 7:00 PM Location: Mellow Bank Center Atrium Address/City: 1735 Market St., Philadelphia, PA Cost: $35 Members $45 Non Members/Guests www.crewphiladelphia.org APRIL 19 – ICSC Event: “Our Town” Mayors Program Time: 7:30 AM – 9:30 AM Location: Municipal Building-Washington Twp. (Gloucester County) Address/City: 523 Egg Harbor Rd., Sewell, NJ P: 609-685-0129 E: sdare@dareliving.com www.icsc.org APRIL 19 – NAIOP MD Event: Awards of Excellence 2012 Time: 5:30 PM – 9:30 PM Location: Hyatt Regency Baltimore Address/City: Baltimore, MD www.naiopmd.org APRIL 20 – EDANJ Event: Breakfast Meeting: Strategic Plans, Sustainable Policy: News from Trenton Time: 8:00 AM – 9:30 AM Location: Forsgate Country Club Address/City: 375 Forsgate Dr., Monroe Township, NJ Cost: $35 Members $45 Nonmembers $75 At the Door www.edanj.com APRIL 20 – NNJ ULI Event: Advisory Board Meeting Time: 9:30 AM – 11:30 AM Location: Newark Legal Center-Edison Conference Room Address/City: 1037 Raymond Blvd, Newark, NJ E: mara.winokur@uli.org www.nnj.uli.org APRIL 20 – ULI PHILADELPHIA Event: Boom or Bubble for Multi-Family? Time: 8:00 AM – 10:00 AM Location: Delaware Valley Regional Planning Commission Address/City: 190 N. Independence Mall W, 8th Fl, Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org APRIL 23 – CORENET Event: Mid-Atlantic Chapter Annual Golf Outing Time: 8:00 AM – 4:00 PM Location: Westfield’s Golf Club Address/City: 13940 Balmoral Greens Ave., Clifton, VA P: 571-209-7803 E: midatlantic@corenetglobal.org www.corenetglobal.org

APRIL 24 – CREW PITTSBURGH Event: Lunch Program: 2nd Annual Energy Sector Update Time: 11:30 AM – 1:30 PM Location: Rivers Club Address/City: 301 Grant St., Pittsburgh, PA Cost: $45 Members $65 Nonmembers P: 412-731-7724 E: admin@crewpittsburgh.org www.crewpittsburgh.org APRIL 24 – ULI PHILADELPHIA Event: Forum on Fort Monmouth Development Opportunities Time: 8:30 AM – Noon Location: Fort Monmouth Address/City: 2000 Tinton Falls Rd., Tinton Falls, NJ P: 800-321-5011 www.philadelphia.uli.org APRIL 25 – CREW LEHIGH VALLEY Event: Behind-the-Scenes Tour: Sands Resort Retail & Events Centers Time: 4:30 PM – 6:00 PM Location: Sands Casino Resort Address/City: 77 Sands Blvd., Bethlehem, PA Cost: $25 Members $45 Guests www.crewlehighvalley.org APRIL 25 – SMPS PHILADELPHIA Event: 30th Anniversary Celebration Time: 5:00 PM – 7:00 PM Location: World Café Live Address/City: 3025 Walnut St., Philadelphia, PA Cost: $30 Members $45 Nonmembers www.smpsphiladelphia.org APRIL 26 – CORENET NJ Event: The Real Estate Platform Challenge of the Pharmaceutical Industry Time: 8:30 AM – 10:30 AM Location: Eastman Companies – Eisenhower Corp. Campus Address/City: 290 w. Mouth Pleasant Ave., Livingston, NJ Cost: $35 Members $50 Nonmembers P: 973-992-6773 E: execdir@corenetnj.org www.corenetnj.org APRIL 30 – AIA PHILADELPHIA Event: Annual Golf Outing Time: 11:00 AM Location: Huntingdon Valley Country Club Address/City: 2295 Country Club Dr., Huntingdon Valley, PA P: 215-569-3186 x-105 E: pat@aiaphila.org www.aiaphiladelphia.org MAY 17 – NNJ AI Event: 6th Annual Meadowlands Conference Time: 8:00 AM – 4:30 PM Location: Teaneck Marriott at Glen Pointe Address/City: 100 Frank W. Burr Blvd., Teaneck, NJ P: 201-796-1171 E: nenjai@aol.com www.nnjchapter-ai.org JULY 12 Event: Lakewood Regional Business Expo & Networking Event Time: Noon – 4:30 PM Location: Lakewood Industrial Park, Lake Terrace Hall Address/City: 1690 Oak St., Lakewood, NJ P: 732-364-2500 Ext. 5257 E: pkomsa@lakewoodnj.gov

Mid Atlantic Real Estate Journal — April 13 - April 26, 2012 — 53A

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Back Cover A — April 13 - April 26, 2012 — Mid

Atlantic Real Estate Journal

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SP HOPPING CENTERS ENNSYLVANIA Section B of the Mid Atlantic Real Estate Journal

Gladstone represents seller in $122,000 sale of 5,218 s/f investment property

Malik of The Bill Gladstone Group of NAI CIR negotiates $237,500 investment property sale

EBANON, PA - The Bill Gladstone Group of NAI CIR has recently negotiated the following transactions: Morrissey Holdings has purchased a four unit mixed use investment property at 16-18 S. 8th St., Lebanon. Fahd Malik of the Bill Gladstone Group of NAI CIR represented the seller, Metro Bank, in the $237,500 sale and Brandon Campfield of

16-18 S. 8th Street

APRIL 13 - 26, 2012

HI-LIGHTS Chapman Properties leases 38,000 s/f to Bri-Chem Corp. Chapman Properties announced that Bri-Chem Corp., a wholesale distributor and manufacturer of oil and gas drilling fluids, steel pipe and piping products, has leased 38,000 s/f in Leetsdale Industrial Park (LIP.) See page 2B.

Landmark Comm’l. completes $340,000 office building sale Floyd Nutrition LLC has purchased a $340,000 16,000 s/f office building located at 1800 State St., Harrisburg. Landmark Commercial Realty, Inc./ONCOR International negotiated the sale on behalf of the building owner. See page 3B.

ALSO INSIDE: EASTERN PA SPOTLIGHT ............................................... 5-12B PROJECT NEWS .................................................................13B

710 Chestnut Street

Penn Equities represented Morrissey Holdings. Donald and Marsha Graby have purchased a 5,218 s/f investment property at 710 Chestnut St., Lebanon. Bill Gladstone of NAI CIR represented the seller, PNL Penn Properties, LLC, in the $122,000 transaction. Realty Services Group, Inc. is relocating its office into 585 s/f of space it has leased at 1517 Cedar Cliff Dr., Lower Allen Twp. David Rudy

of the Bill Gladstone Group of NAI CIR represented the landlord, The Saint Paul Group, and Realty Services Group represented itself. The Pennsylvania State Democratic Party is opening an additional office in 2,267 s/f of space it has leased at 225 Market St., Harrisburg. Fahd Malik of the Bill Gladstone Group of NAI CIR represented the landlord, 225 Market Street Venture, in the transaction. n

Bode of ROCK reps seller in $210k professional office sale

Birkeland of ROCK represents both parties in $235k medical office sale YORK, PA — ROCK Commercial Real Estate negotiated the $445,000 sale of two office buildings. Located at 1946 Security Drive in York, the 2,100 s/f medical office building is situated on a 0.27 acre parcel of land. The buyer, 1946 Security Drive Associates, LP and the seller were represented by John O. Birkeland of ROCK Commercial Real Estate who negotiated the $235,000 sale. 1404 East Market Street in York, is a 2,072 s/f professional office building that is situated on a 0.18 acre parcel of land in Spring Garden Township. The buyer, First church of Christ, Scientist was represented by

1946 Security Drive Lester W. Bentz, Jr. of Lester W. Bentz, Jr. Inc. and the seller was represented by David L. Bode, CCIM, SIOR of ROCK Commercial Real Estate in the $210,000 sales transaction . “Both of these sales reflect

the continuation of 2011’s higher demand for office space for sale in York County into the current year,” remarked David Bode, CCIM, SIOR, managing partner at ROCK Commercial Real Estate. n

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NAI CIR PO Box 8910 Camp Hill, PA 17011 717 761 5070 www.naicir.com

B Inside Cover — April 13 - 26, 2012 — Pennsylvania — Mid

D E S A E

Atlantic Real Estate Journal

www.marejournal.com

D E S A E

Plains 5,000 SF Office Suite Tenant: Step by Step

E S EA

Wilkes-Barre 4,100 SF Office Suite Tenant: Borton Lawson

D E S A E

Dickson City 5,800 SF Retail Store Tenant: Goodwill

D E S A E

When McCann School of Business and Technology began their search for a campus in Metropolitan Wilkes-Barre, their national broker chose Hinerfeld Commercial Real Estate to partner with them for the assignment John Cognetti, SIOR identified and toured several sites with the representatives of McCann. Arena Commons on Highland Park Boulevard was the site selected. Mike Detter, SIOR, office specialist, at HCRE represented the landlord and coordinated the 23,000 square foot lease transaction.

D E S A E

Mt. Pleasant Corporate Center 13,000 SF, 3,600 SF & 2,800 SF Medical Suites

D L SO

Tunkhannock Newfoundland 4,200SF Medical Suite Former Assisted Living Tenant: John Heinz Institute Facility

D E S A E

Wilkes-Barre 5,000 SF Program Space Tenant: St. Joseph’s Center

D L SO

Olyphant 33,000 SF Warehouse

D E S A E

Glenmaura Plaza 5,000 SF Office Suite Tenant: Palmiter Financial Group

D L SO

East Mt. Corp. Center Wilkes-Barre 8.57 Acre Office Site

Mid Atlantic Real Estate Journal — Pennsylvania — April 13 - 26, 2012 — 1B

www.marejournal.com

In mid 2010 when Herff Jones Inc. closed their 81,000 square foot production facility and relocated, the regional industrial market was dormant. They wanted to sell and do it quickly. To achieve this objective they chose Hinerfeld Commercial Real Estate. Industrial specialists, Ellen Raineri and Steve Carroll, immediately began marketing the property. Buyers were indentified, contacted and toured. Ellen found a buyer and the property sold within six months.

D L SO

Scranton, PA 50,000SF Warehouse HCRE represented the Seller

D L SO

CAN DO Corporate Center 28,000SF Warehouse HCRE represented the Seller

D L SO

Great Bend, PA 6.7 Acres Commercial Land HCRE represented the Seller

D E S A E

Keyser Oak Shopping Center 8,300SF Retail Tenant: Verizon

When the Scranton Catholic Diocese began the mission, “Call to Holiness” in 1990, one of several outcomes was the consolidation of parishes throughout eleven counties of Northeastern and North Central Pennsylvania. Hinerfeld Commercial Real Estate proposed a plan for the consistent evaluation and disposition of real estate assets as the Mission was being fulfilled. Pat Sammon of HCRE provided a variety of real estate services in assisting the Diocese in the process.

2B — April 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

PENNSYLVANIA Leetsdale Industrial Park prime location & resources

Chapman Properties leases 38,000 s/f to Bri-Chem Corp.

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EETSDALE, PA —Chapman Properties announced that Bri-Chem Corp., a leading North American wholesale distributor and manufacturer of oil and gas drilling fluids, steel pipe and piping products, has leased 38,000 s/f in Leetsdale Industrial Park (LIP.) Bri-Chem selected Leetsdale Industrial Park because of its location on the Ohio River and close proximity to crucial rail, truck and barge freight transportation options. Bri-Chem’s warehouse space is in Building 111, a 213,000 s/f heavy industrial rail served building with a steel frame and masonry façade. It was built in 1936 and renovated in 2007 and has a clear height of 24 to 31 ft. According to Steve Thomas, president of Chapman Properties, “Bri-Chem’s commitment to our Park is another indicator of business growth in the Pittsburgh region spawned by the Utica and Marcellus Shale gas plays. Including Bri-Chem, during the last year we have leased 130,000 s/f of warehouse and manufacturing space in Leetsdale Industrial Park to four

Leetsdale Industrial Park

Leetsdale Arial View different energy companies, all opportunities for growth in the involved in natural gas produc- U.S. drilling fluids market. We tion.” chose Leetsdale Industrial Lane Bates, general manager Park because it provided us of Bri-Chem Corp, selected Leet- with a prime location and the sdale Industrial Park after an resources we need to successintensive location search. “We’re fully service the Utica Shale a fast growing Canadian-based and Southern Marcellus Shale company that sees enormous gas business.” ■

Sentner & Lawrence of Colliers Pittsburgh secures a 6,202 s/f office lease at Penn Center East PITTSBURGH, PA — Colliers International Pittsburgh announced that Milestone, Inc. will be relocating its Behavioral Health office to Penn Center East, Building Seven, 777 Penn Center Boulevard. Patrick Sentner SIOR, founding principal and Edward Lawrence MBA, associate at Colliers International Pittsburgh represented Milestone, Inc. in securing the new 6,202 s/f office. Barry Layton of LG Realty Services represented the landlord in the transaction. ■

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Mid Atlantic Real Estate Journal — Pennsylvania — April 13 - 26, 2012 — 3B

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ARRISBURG, PA — Landmark Commerical announces the following transactions: Floyd Nutrition LLC has purchased a $340,000 16,000 s/f office building located at 1800 State St., Harrisburg. Roy H. Brenner and Thomas T. Posavec, SIOR of Landmark Commercial Realty, Inc./ONCOR International negotiated the sale on behalf of the building owner, Rejoice Inc. Saul Ewing LLP has extended its lease for 15,441 s/f of office space located at Two North Second St., Harrisburg. Thomas T. Posavec, SIOR of Landmark Commercial Realty, Inc./ONCOR International negotiated the lease renewal on behalf of the tenant and Jeremy Shyk of CB Richard Ellis represented the landlord, Pennsylvania National Mutual Casualty Insurance Company. Fisher Auto Parts has just signed a long term lease at 4907 Jonestown Rd., Harrisburg. Drew Bobincheck, CCIM of Landmark Commercial Realty, Inc./ONCOR International represented both the tenant and the landlord in the leasing transaction. Ink 2 Thread has leased a production facility at 207 Walnut Alley, New Cumberland. Andrew Kohr of Landmark Commercial Realty, Inc./ONCOR International represented the landlord, Capitol Property

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4B â&#x20AC;&#x201D; April 13 - 26, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

DPN 'PS 4JUF 4FMFDUJPO JO /PSUIFBTU 1"

www.marejournal.com

PENNSYLVANIA NAI CIR negotiates leases totaling 16,511 s/f

Alderman of NAI CIR leases 5,886 s/f of warehouse space

OUTH MIDDLETON TWP. â&#x20AC;&#x201D; NAI CIR announced the following lease transactions:

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Altamar Enterprises, Inc., a service-disabled veteran-owned e l e c t r i c a l Dan Alderman contracting business, has leased 5,886 s/f of warehouse space at 1745 Trindle Rd., South Middleton Twp. Altamar specializes in commercial and residential construction, trouble-shooting and repair work.Daniel J. Alderman of NAI CIR represented both the landlord, Spicher and Co., and Altamar in the lease transaction. The law firm of Nestico & Druby PC has leased 3,404 s/f of office space at 1135 E. Chocolate Ave., Derry Twp. Mark A. Santanna of NAI CIR represented the landlord, Patel Properties, in the transaction. Adam Technology Partners,

1745 Trindle Road LLC has leased 2,611 s/f of office space at 4 Lemoyne Dr., Lemoyne. James D. Ross represented the landlord, 4 Lemoyne Drive Associates, LLC, and Tom Posavec and Roy Brenner, both of Landmark, represented Adam Technology.

Armando Malvone, in the transaction. AZTAC, a consulting firm, is relocating into 1,760 s/f of space at 160 S. Progress Ave., Susquehanna Twp. Daniel J. Alderman of NAI CIR handled the transaction.

World Martial Arts, LLC will open a martial arts studio in 2,100 s/f of space it has leased in the strip center at 470 Eisenhower Dr., Hanover. Nathan Kranz and Nikolas Sgagias of NAI CIR represented the landlord,

Glah Medical Group has leased 750 s/f of office space at 3507 Market St., Hampden Twp. Ida McMurray of NAI CIR represented both Glah and the landlord, NTB Properties, in the transaction. â&#x2013;

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Mid Atlantic Real Estate Journal — Pennsylvania — April 13 - 26, 2012 — 5B

www.marejournal.com

Construction of $40m distribution center at Majestic Bethlehem Center to start next month

Capobianco & Elder of Colliers International facilitate 800,000 s/f lease

E T H L E H E M , PA — Colliers International’s Industrial Division facilitated a lease between Crayola LLC and Majestic Realty Company for a new 800,000 s/f, $40 million distribution center along Route 412 in the Majestic Bethlehem Center – construction is slated to start next month; Crayola plans to be in full operation by next March 2013. Crayola has a Lehigh Valley workforce of 1,080, including its Lehigh Valley manufacturing headquarters and production facilities. They plan to move their main distribution center from the Harrisburg area to the Bethlehem site to blend their logistics and warehouse operations under one roof and improve product flow. They will employ approximately 60 – 80 people at

Riverside Business Center

Majestic Bethlehem Center

Mid Atlantic

the facility. Majestic Bethlehem Center is a 440-plus acre master planned industrial park on the former Bethlehem Steel plant located right off of I-78 and Route 412. (Liberty Property Trust has also just confirmed plans for an 800,000 s/f building there.) The master site plan from www.majesticbethlehem.com. The brokerage team of Ed Elder, SIOR from Colliers International in Kansas City and Michael Capobianco, SIOR of Colliers International in Allentown, worked together on behalf of Crayola to negotiate several sites which ultimately ended in the selection of Majestic. Crayola was referred to Colliers Philadelphia by their parent company, Hallmark, an exclusive client of Colliers International in Kansas City. ■

REAL ESTATE JOURNAL’S

ANNUAL SPOTLIGHT

DON’T MISS IT!

Call Elaine Fanning 800-584-1062 x 212 for more information efanning@marejournal.com www.marejournal.com

6B — April 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

EASTERN PA Scott of Berks Economic Partnership welcomes Crossroads Beverage to Berks County

Willems & Cole of NAI Keystone lease 324,000 s/f Manufacturing Facility

and the 110 new jobs it will create to Berks County. The economic impact is unquestionable.”

“My administration is committed to creating a business climate that positions Pennsylvania to attract new economic investment and job growth to our communities,” said Corbett. “Because of that commitment, the Governor’s Action Team was successful in bringing Crossroads Beverage

The owners of Silver Springs Bottled Water Company decided to expand into the northeast to meet increased customer and consumer demand. Crossroads Beverage Group LLC is the Pennsylvania operation. Crossroads will lease an existing 324,000 s/f facility in Muhlenberg Township with an option to purchase. The project will create at least 110 new jobs within three years and Crossroads will invest over $22 million for renovations, equipment purchases and training for its new employees.

ERKS COUNTY – Governor Tom Corbett announced that Crossroads Beverage Group LLC will open a new bottling and manufacturing facility in Berks County and create at least 110 jobs.

Manufacturing Facility in Muhlenberg Township

Interior of Facility

Our relationships are built on TRUST Our reputation is built on QUALITY

CIVIL ENGINEERING Ȋ PROJECT MANAGEMENT Ȋ SURVEYING ENVIRONMENTAL CONSULTING Ȋ LANDSCAPE ARCHITECTURE

“After looking at several sites in the northeast, we felt Muhlenberg Township in Berks County was an ideal place to locate our operation,” said Crossroads Beverage Group LLC’s Chief Operations Officer Kirk Richmond. “We are excited to restore an existing vacant building to production capabilities and to re-energize the workforce by creating jobs. The support for our endeavor by state and local officials has been very positive. The assistance by GAT was instrumental in our decision to pursue this opportunity.” Steve Willems and Bryan Cole of NAI Keystone marketed the site nationally to food and beverage companies knowing the substantial infrastructure would be appealing. We had many suitors from across the country, many who dispatched engineers and plant designers to evaluate the site for their uses. In the end, Silver Spring Water made the commitment. CBRE represented the Tenant. Jon Scott, President and CEO, Berks Economic Partnership, said “Crosssroads Beverage is an excellent addition to both our business and workforce communities. These are going to be very good new jobs for the Greater Reading region. We are all very pleased to have this business join our advanced and diversified manufacturing cluster in Greater Reading, and we welcome the Crossroads Beverage family to Berks County.” ■

Mid Atlantic Real Estate Journal — Pennsylvania — April 13 - 26, 2012 — 7B

www.marejournal.com

EASTERN PA Crampsie reps owner Whitehall Riverside LP in two lease renewals

Crampsie of NAI Summit leases over 40,000 s/f of warehouse space

HITEHALL, PA — John Crampsie, principal at NAI Summit, recently negotiated two lease transactions at Riverside Business Center (1139 Lehigh Avenue) in Whitehall, totaling over 40,000 s/f. In the first transaction, Crampsie represented the building owner, Whitehall Riverside LP, in a lease renewal for 14,480 s/f of warehouse space. The tenant, Boscov’s Department Store LLC, is an East Coast department store company with locations in Pennsylvania, Delaware, New Jersey,

Young of Beacon reps 29,000 s/f lease

New York, and Maryland. In the second transaction, Crampsie represented the building owner, Whitehall Riverside LP, in a lease renewal for 27,159 s/f of warehouse space. The tenant, International Granite and Marble Corporation (IGM), originated in Vienna, Austria over 100 years ago and now has seven U.S. locations. IGM provides services to builders, architects, and consumers. NAI Summit is the Greater Lehigh Valley’s only full-service commercial/industrial real estate firm servicing Eastern Pennsylvania. ■

Riverside Business Center Allentown, PA

West Deptford, NJ

1016 W. Ninth Street KING OF PRUSSIA, PA – Taylor Young of Beacon Commercial Real Estate, LLC announced that he has represented Theorem Clinical Research, Inc, in their negotiations of a long-term lease for their new corporate headquarters at Valley Forge Park Place, 1016 W Ninth St., King of Prussia. They will initially occupy approx 29,000 s/f on the first and third floors of the 78,000 s/f office building. Theorem Clinical Research is one of the industry’s leading full-service, contract research organizations (CRO). “We were really able to help leverage our client and capitalize off a recovering office market that is still offering many concessions for sought after companies like Theorem,” commented Young. “Presently, their existing office is very compartmentalized. Their new office will promote an open office environment that will foster collaboration and at the same time provide room for much anticipated growth. Theorem will move into their new offices on August 1, 2012. They will be moving from their current location at 630 Allendale Rd., King of Prussia. Jim Dugan and Elaine Battaglia of Grubb Ellis represented the Landlord, an affiliate of Keystone Property Group. ■

Exeter, PA

Building relationships through the power of people.

Chester, PA

Preconstruction Construction Management General Contractors 1124 Chester Pike • Crum Lynne, PA 19022 610.521.3300 • www.targetbuilding.com

8B â&#x20AC;&#x201D; April 13 - 26, 2012â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid

Atlantic Real Estate Journal

www.marejournal.com

EASTERN PA COMMERCIAL REAL ESTATE

COMMERCIAL REAL ESTATE

Your Next Opportunity starts in Berks County (SE PA) High Profile Corner Available

Commercial Land â&#x20AC;˘ Exeter Township, Reading, PA 19606

4100 PERKIOMEN: â&#x20AC;˘ 4.25 Acres â&#x20AC;˘ Offered for sale at $4,250,000 â&#x20AC;˘ Ready for redevolpment 4090 PERKIOMEN: â&#x20AC;˘ 2.27 Acres â&#x20AC;˘ Offered for Sale at $1,700,000 â&#x20AC;˘ Pad ready, improved with water, sewer and fully paved

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Offered for Sale at $3.2 Million

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559 Main Street, Suite 300 Bethlehem, PA 18018

Phone: 610â&#x20AC;˘332â&#x20AC;˘1100 Fax: 610â&#x20AC;˘332â&#x20AC;˘1111

www.penncapproperties.com â&#x20AC;˘ 6.41 Acre Retail commercial land â&#x20AC;˘ All utilites on site â&#x20AC;˘ Ground lease available â&#x20AC;˘ Strategically located between Wal-Mart Supercenter & Sam's Club

INDUSTRIAL COMMERCIAL REAL ESTATE

First time on market

CONSTRUCTION UNDERWAY!

2203 Lancaster Pike, Shillington, PA 19607

51-Acre Industrial Park For Lease or Build-to-Suit â&#x20AC;˘ 24,866 SF building with 16,000 SF available for lease â&#x20AC;˘ 2.78 Acre site with 20,000+ vehicles/day â&#x20AC;˘ Perfectly located where Wyomissing, Shillington & Mohnton meet

Redevelopment Potential

3722 Penn Avenue, Sinking Spring, PA 19608

t 4' %JWJTJCMF t 1SF DBTU $POTUSVDUJPO $MFBS t -PBEJOH %PPST %SJWF *O %PPST

t 4' %JWJTJCMF t 1SF DBTU $POTUSVDUJPO $MFBS t -PBEJOH %PPST %SJWF *O %PPST t "CVOEBOU PO TJUF USBJMFS QBSLJOH t 3BJM 4FSWFE

â&#x20AC;˘ Almost 10 Acres/ Retail commercial land â&#x20AC;˘ Last choice parcel of land in Sinking Spring â&#x20AC;˘ Over 27,000 vehicle/day

610-779-1400 â&#x20AC;˘ www.NAIkeystone.com NAI Keystone will be present at the NAI Global booth @ S255 Q Street Contact Steve Willems to set up an appointment at the booth

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; April 13 - 26, 2012 â&#x20AC;&#x201D; 9B

www.marejournal.com

EASTERN PA COMMERCIAL INDUSTRIAL REAL ESTATE

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Whether your disputes concern cost recovery, toxic torts, real estate, insurance coverage, or contract claims, Manko, Gold, Katcher & Fox, LLPâ&#x20AC;&#x2122;s multi-faceted litigation team can handle a range of matters. MGKFâ&#x20AC;&#x2122;s senior trial attorneys all started their careers as commercial litigators at national ďŹ rms, and those skills still form the backbone of our litigation department. For more than two decades, we have combined that experience with in-depth knowledge of the substantive areas our clients need.

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Source: The Best Lawyers in AmericaÂŽ 2012. Copyright 2011 by Woodward/White, Inc., Aiken, SC. The standards or methodology for the selection process may be found at http://www.bestlawyers.com/aboutus/selectionprocess.aspx. Attorney advertising. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.

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10B — April 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

EASTERN PA VP Besecker reps the first tenant Pella Products

Hawley & Laubach rep both parties

Mericle Commercial RE Svcs. leases 12,854 s/f of flex space

Hawley Realty Inc. signs new 8,100 s/f tenant

ITTSON TOWNSHIP, PA — Pella Products, Inc. the locally owned direct sales branch of Pella Corporation, the nation’s second largest manufacturer of windows, patio doors and entry doors, has opened a distribution center, showroom, and office headquarters at 345 Enterprise Way in CenterPoint Commerce and Trade Park West, Pittston Township. Pella Products, Inc. was previously located at 4 Keystone Industrial Park in Dunmore. Pella Products, Inc. opened its new location on April 1 in 12,854 s/f of flex space leased from Mericle Commercial Real Estate Services. The company serves builders, contractors, architects and homeowners in 20 Pennsylvania counties and has 19 employees. Pella’s local owner Bert Kriegh said “We believe the new location will give us more visibility, exposure and convenience for customers. The quality of the new building and the services that Mericle provide helped us choose this property. This location provides us a good base from which to grow”.

1866 Auburn Street 345 Enterprise Way Mericle vice president Bob Besecker coordinated the lease transaction. He said Pella becomes the first tenant in the new 108,939 s/f flex building recently constructed on speculation by Mericle. “We’re very happy that Pella, a company with a great reputation and decades of success in its industry, has chosen our CenterPoint West flex building,” said Besecker. “Pella is a great anchor and will no doubt bring positive

attention to the new building.” Pella Corporation is a leader in designing, testing, manufacturing and installing energy-efficient windows and doors for new construction, remodeling and replacement applications for commercial and residential needs. Since 1985, Mericle Commercial Real Estate Services has developed more than 16 million s/f of industrial, office, and flex space in Northeastern Pennsylvania. ■

Colliers International - Philadelphia announces corporate office relocation PHILADELPHIA, PA — Colliers International announced its corporate office relocation plans for its Philadelphia headquarters to Te n P e n n Center at 1801 Market Street Doug Sayer on April 16, 2012. Colliers will occupy 15,079 s/f on the fifth floor. “The Ten Penn Center property provides Colliers with a prestigious business address and ample, efficiently planned office space including conference, marketing and technology rooms - all of which is in line with our mission to grow our market presence and provide better service to the clients and communities we serve,” said Doug Sayer, CEO of Colliers International in Philadelphia. Ten Penn Center is a 27story 667,825 s/f Class A commercial LEED® Gold certified office building; the first

1801 Market Street

LEED® Gold certified existing building in Philadelphia and one of only three existing office buildings in the state of Pennsylvania. Among the attributes that contributed to this award were energy-efficient floor plates, green water-treatment procedures and products for cooling towers, an updated HVAC fan distribution system and automatic light sensors. Colliers International is the third-largest commercial real estate services company in the world with 12,509 professionals and staff operating out of more than 512 offices in 61 countries. A subsidiary of FirstService Corporation, it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. ■

BETHLEHEM, PA — Hawley Realty Inc. inks a deal with a contractor for a highway project near Sands Casino, Bethlehem, PA. Amy Hawley SIOR and Jarrett Laubach CCIM recently signed a new tenant for 1866 Aurburn Street, a 46,000+ s/f multi-tenant building. The tenant, HRI Inc. will be occupying a total of 8,100 s/f of space. HRI has corporate offices in State

College, PA. They are a contractor for PennDOT projects throughout the Commonwealth. They anticipate occupying this rental unit for the next three years, while they complete a PennDOT project that will improve the highway access for the Sands Casino. Hawley Realty Inc. represented the landlord, REI Holdings in this transaction. ■

Panczykowski & Pennington of Binswanger receive 2011 CoStar Power Broker Award P H I L A D E L P H I A , PA — Binswanger announced that Jim Panczykowski, vice president and Chris Pennington, vice president has been named a 2011 CoStar Power Broker by CoStar Group. Jim PanJim czykowski Panczykowski qualified as one of the top commercial brokers based on the total volume of industrial and commercial transactions he closed d u r i n g t h e Chris Pennington year. Significant transactions closed by Jim Panczykowski in 2011 included the sale of a 1,112,390 s/f manufacturing and distribution facility in Erie, Pennsylvania, the lease of a 113,000 s/f manufacturing and distribution facility in Marlboro, New York and the sale of a 195,000 s/f manufacturing facility in Hudson, New York, to name a few. Pennington qualified as one of the top commercial brokers

in Philadelphia based on the total leasing transactions he closed during the year. Significant transactions closed by Pennington in 2011 included the sale/lease of numerous warehouse/distribution facilities throughout the Philadelphia region. Binswanger qualified as one of the top commercial brokerage firms in Philadelphia based on total sales and leasing transactions closed during the year. Significant transactions closed by Binswanger in the Philadelphia market in 2011 included the lease of a 241,977 s/f warehouse/office facility in Bristol, PA; approximately 81,000 s/f of space leased at River Park II and Quaker Park in Conshohocken, PA; approximately 146,890 s/f of space leased in the Spring Mill Corporate in Conshohocken, PA; sale of a 110,180 s/f Class A industrial facility in Langhorne, PA; 70,000 s/f, three-building museum in Philadelphia, PA; the sale of a multi-building hospital/medical complex in Philadelphia, PA; lease of 22,391 s/f of flex space in Philadelphia, PA; acquisition of 140-acres in Philadelphia, PA; and the sale of the 526,000 s/f Inquirer Building in Philadelphia, PA. ■

Mid Atlantic Real Estate Journal — Pennsylvania — April 13 - 26, 2012 — 11B

www.marejournal.com

EASTERN PA COMMERCIAL REAL ESTATE

COMMERCIAL REAL ESTATE

Real Estate Sales, Appraisal & Property Management

PROFESSIONAL OFFICE

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ALLENTOWN

B ET HL EH EM T W P ±53,656 SF Class ‘A’ medical office building. Professional and inviting foyer with dual elevator access. Ample and convenient parking for patients, doctors and staff. Only 2 suites left at ±7,500 SF and ±1,796 SF. Lease and building partnership opportunities available.

±17,948 SF office building with spectacular architecture. High-speed cable and internet. Conveniently located near the legal district in Allentown. Spaces available for lease from 500 SF to 4,000 SF. Common conference room and furnished units available if desired.

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±1,800 SF to 11,548 SF available for lease. Many floor-plan options available. Large offices with lots of windows for natural light. Finished room on second floor for use as additional conference room, bullpen area or storage. Basement also available for storage. Ample onsite parking.

COMMERCIAL REAL ESTATE

Where Quality & Location meet Along the Route 422 Corridor to form The Premier Address East of Reading Sale or Lease

The James Balliet Commercial Group Class A Office Building

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Energy efficient Systems Complimentary Space planning available

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For more Information Call 610-779-1400 or visit www.ExeterRidge.com

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5100 W. Tilghman Street, Suite 320 | Allentown, PA 18104 | p: 610.391.8888 | f: 610.391.8830 | dietrickgroup.com

DIETRICK GROUP

12B — April 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

www.marejournal.com

EASTERN PA RT 61 DISTRIBUTION CENTER 184 TUCKERTON ROAD, READING, PA

115,000 SF - 32’ Clear Ceiling Height - 18 Docks Distribution or Manufacturing

Meeting Tenant’s Needs Immediately, Efficiently and Economically i

Strategically located: Rte 61 & Rte 222 Interchange

Excellent Access to I--76, I--176 & I--78

In the Heart of desirable Muhlenberg Twp. Industrial Area - Best Location in Berks County

Public Transportation to Site

30 Minutes to Lehigh Valley

3000 Amp 3--Phase 480 V

35,000 lb Dock Levelers

100 % Sprinkler/ T5 Lighting

Rail Available

3+ Acre Fenced, Lit and Paved Truck Lot

Also Available : 36,000 SF - 11 Docks 21’ Clear Ceiling Height

CONTACT :

STEVE WILLEMS EXCLUSIVE AGENT Office 610--779--1400 Direct 610--370--8506

Owned and Professionally Managed by:

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; April 13 - 26, 2012 â&#x20AC;&#x201D; 13B

www.marejournal.com

PROJECT NEWS Project architect- Crabtree, Rohrbaugh & Associates

K&W Engineers earns LEED Gold Certification from USGBC

WE MAKE CONSTRUCTION MANAGEMENT LOOK LIKE CHILDâ&#x20AC;&#x2122;S PLAY

WATARA TOWNSHIP, PA â&#x20AC;&#x201D;K&W Engineers and Consultants of Swatara Township provided site design and civil engineering services for the recently completed Midd-West School District High School additions and renovations project, which has earned LEEDÂŽ Gold Certification from the U. S. Green Building Council. The project architect, Crabtree, Rohrbaugh & Associates, anticipates that the sustainable design components of the project could save approximately $3,500,000 in utility costs over the 30-year lifespan of the building while the construction cost for the project was substantially lower than the current state average for school construction. â&#x2013;

Building Sound Relationships&Structures NJ Office: Heights Plaza 777 Terrace Avenue Hasbrouck Heights NJ 07604 PA Office: 8 Tower Bridge 161 Washington Street Conshohocken PA 19428 NY Office: 443 Park Ave South Suite 807 Manhattan NY 10016

201-393-7500 | 484-928-6800 | 212-531-8750 | www.hollistercs.com

Midd-West School District High School Rendering

New positions announced for the Butz Companies ALLENTOWN, PA â&#x20AC;&#x201D; The Butz Family of Companies, consisting of Alvin H. Butz, Inc., Alexander Building Construction Co. and Shoemaker Construction Co., announces two new positions in a coordinated effort to improve strategic initiatives and business development efforts in core markets. Christopher S. Magent, PhD, LEED AP, will fill a newly created position, Business Development and Strategic Initiatives Director. He will lead the integration of the business development and marketing efforts of all three companies. Magent is currently the General Manager of Alexanderâ&#x20AC;&#x2122;s office in State College, and he will continue overseeing the operations of that office. During his tenure with Alexander, Magent has led efforts that have increased market share each year while delivering excellent service to all clients in the State College region.

Reporting to Magent will be Thomas E. Donley in the role of Business Development Manager for South Central and Eastern PA. Currently a resident of York, Donley is a native of Allentown with nearly 30 years of professional business development experience across Central and Eastern Pennsylvania. Donley served most recently as President of the York County Chamber of Commerce for 25 years, and earlier in his career worked for the Greater Philadelphia Chamber of Commerce and practiced law in Philadelphia. In addition to Donleyâ&#x20AC;&#x2122;s 100% focus on business development and lead generation, he will continue to leverage the talents of the staffs in all three companies in retaining and gaining customers. Magent will also oversee the marketing efforts of all three companies that are led by Marketing Manager, Margaret McConnell. McConnell has served

in that position for the last year after working for five years at the Lehigh Valley Economic Development Corporation as the head of the Marketing and Communications Department. â&#x20AC;&#x153;Business development and client relationships are critical to the success and future of our companies. Work with repeat clients will always be a high priority, and as such, all of our people working on projects will remain our first line of contact for business development,â&#x20AC;? says Greg L. Butz, president and CEO of Alvin H. Butz, Inc. â&#x20AC;&#x153;The construction industry has seen its share of hardships due to the economic downtown the past few years, however, we believe our companies have a unique offering for our clients that has strengthened our position in the industry. Through these additional changes in business development and marketing, we will continue to enhance that position.â&#x20AC;? â&#x2013;

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Mid Atlantic Real Estate Journal Contact: Elaine Fanning 800-584-1062/781-871-5298 Ext. 212 EFanning@mareJournal.com

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14B — April 13 - 26, 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 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 MEMBERSHIP COMMITTEE KAREN COONEY DUERHOLZ BOYLE CONSTRUCTION INC. COMMUNITY SERVICE JODY KING, CCIM CBRE, INC PUBLICITY COMMITTEE ELIZABETH “MOLLY’ GRAVER, ESQ. PLUNKETT & GRAVER, P.C.

Just Born’s Confection Connection, operated by OHL

Tour and Program March 22nd

ust Born’s Confection Connection attracted 65 CREW members and guests on March 22 eager to know the behind-the-scenes story of why the expansion plans of the manufacturer of PEEPS(r) involved updating an older, distressed building instead of constructing on a green field site. The renovation of the former Circuit City Warehouse, completed in March 2009 by a team of design and construction professionals including Ondra Huyett Associates, Inc. as general contractor resulted in a 600,700 s/f temperature-controlled distribution facility that achieved LEED Gold Certification through incorporating many energy and environmental features built into the renovated building. The CREW event began with lunch in the cafeteria of the Confection Connection with presentations by some of those involved in the project. Just Born Co-CEO’s Ross Born and David Shaffer discussed the growth of the business, the reason for the new facility and the warehouse/distribution strategy. Just Born, Inc is a familyowned Lehigh Valley based candy manufacturer that has been delighting sweets-lovers for over seven decades with treats that include MIKE AND IKE®,, HOT TAMALES®, PEANUT CHEWS®, TEENEE BEENEE®, Jelly Beans and the seasonal PEEPS® Brand Marshmallow Candies. In addition, Alan Sargent, Director of Logistics for Just Born and Mike Ondra, Event

Suits 2012 Honors two Crew LV Members

Mike Ondra, of Ondra Huyett Associates, Inc. (left), Ross Born, co-CEO of Just Born, Tina Kisela, president of CREW LV and David Shaffer, co-CEO of Just Born pause during the facility tour.

Just Born’s Co-CEO Ross Born discusses the advantages of the new facility. Sponsor and General Contractor for the renovation projects described some of the exterior, interior and green building improvements that achieved the logistics optimization goals set for the facility. Tours led by David Shaffer and Alan Sargent followed. “The new Confection Connection warehouse helped

us to achieve an all-time shipping record of 52 tractor trailers on a recent single day -- loaded and shipped with Easter candies to retail stores throughout the country,” said Alan Sargent. “In addition, the energy savings approach we built into the facility has yielded one of the most efficient, cost -effective buildings in the region.” ■

Cynthia Merritt , CPA (left), a shareholder of Buckno Lisicky & Company, and Amy Hawley, SIOR, President and Broker of Record, of Hawley Realty, Inc. were recognized as tops in their fields (accounting and commercial real estate) before an audience of over 300 business professionals at the annual SUITS Lehigh Valley Celebration held Tuesday, March 6 at Daniels BMW in Allentown, PA. The award program honors business professionals who demonstrate real horsepower in their service industry and is a fundraiser for Equi-librium, a regional non-profit organization that provides therapeutic riding programs to children, youth and adults with a variety of special needs. CREW members honored in previous years include Tina Kisela, general manager of the Promenade Shops of Saucon Valley (Commercial Real Estate), Jane Long, Esq, a shareholder of Fitzpatrick Lentz & Bubba LLC (Law) and Linda Dietrick, president of The Dietrick Group, Inc. (Commercial Real Estate).

CREW Lehigh Valley thanks its 2012 corporate sponsors: Gold - $2,000: Fitzpatrick, Lentz, & Bubba, P.C., Liberty Property Trust, US Lawns Patron - $1,000: ,Boyle Construction, NAI Summit, NorthStar-Polaris, Pennoni Associates Inc. Contributor - $750: Langan Engineering, MKSD Architects, Spillman Farmer Architects Friend - $300: CBRE, Barry Isett & Associates, Berks Economic Partnership, Dietrick Group, HMK Insurance, JG Petrucci, Inc

Upcoming Events Bethlehem Brownfield Turns Green With Liberty Property Trust’s new 1.2 Million SF Project at LVIP VII 4 p.m. May 10 - Room 91, Rausch Business Center, Lehigh University Located in Lehigh Valley Industrial Park VII, acreage formerly owned by Bethlehem Steel is sprouting a green 1.2 million s/f warehouse/distribution center now under construction. Developed by Liberty Property Trust, the site will have rail access and is located in a both a Foreign Trade Zone (FTZ) and LERTA zone with 10 year tax benefits. Our program begins with an executive summary of a semester-long project study prepared by Lehigh University students at the Goodman Center for Real Estate Studies and continues with a panel discussion by those involved with the development of the site. An optional tour of the construction site follows. For membership information, please contact Karen Duerholtz, Boyle Construction, Inc., kcduerholz@boyleconstruction.com

Mid Atlantic Real Estate Journal — Pennsylvania — April 13 - 26, 2012 — 15B

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16B — April 13 - 26, 2012 — Pennsylvania — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE Strong expertise in Marcellus Shale Comm’l. Real Estate Adding a valuable perspecitive

Raineri of Hinerfeld Comm’l. earns PA Broker’s License

CRANTON, PA — Ellen Raineri, Ph.D., of Hinerfeld Commercial Real Estate, earned her PA Broker’s License. Additionally, Ellen has completed all of her CCIM

Ellen Raineri

(Certified Commercial Investment Member) courses and SIOR (Society of Industrial and Office Realtors) courses. She has earned a PhD in Organizations and Management, MBA in Information Systems, BA in Computer Science, and BA in English and Education. Ellen engages in commercial real estate transactions in Luzerne,

Lackawanna, Susquehanna, and Bradford counties. She also has strong expertise in Marcellus Shale commercial real estate and has launched the website www. marcellusproperty.com. Ellen is available to assist clients in building real estate portfolios and to consult on commercial real estate projects. ■

Ondra-Huyett recieves National Const. Best Practices award from ASA ALLENTOWN, PA — Ondra-Huyett Associates is one of five construction contractors that received the American Subcontractors Association’s first-ever National Construction Best Practices Awards for “demonstrating an extraordinary level of commitment to best industry practices.” The award was presented at the ASA’s annual meeting on March 2 in conjunction with the ASA Business Forum and Convention 2012 in San Antonio. “ASA’s National Construction Best Practices Awards, presented for the first time this year, recognize firms that perform work as prime contractors and that have demonstrated an extraordinary level of commitment to best industry practices,” said 2011-12 ASA President Kerrick Whisenant, Cornerstone

Detention Products Inc., Tanner, Ala. Mike Ondra, President of Ondra-Huyett Associates, Inc was thrilled to receive the award and commented, “today’s construction client demands that we build facilities faster, at a higher level of quality and complexity and within very tight budgets. We need our suppliers and trade contractors, to team with us to meet those client requirements. We treat our subcontractors professionally and cooperatively and provide the information and work environment they need to perform safely and well. This results in higher productivity and greater value for the project. It is gratifying that the subcontractor community recognizes the quality management we bring to the job.” Ondra-Huyett has developed some advanced construc-

tion systems for teaming with subcontractors, expediting the work, dispersing payment as quality work is performed and operating safe and efficient construction job sites. The ASA Task Force on Ethics in the Construction Industry established the awards program’s rigorous criteria, including use of a standard subcontract whose provisions reflect the best practices incorporated into the ASA-endorsed ConsensusDOCS 750 subcontract agreement and highly favorable evaluations from at least three specialty trade contractors, based on 20 project management factors. A specialty trade contractor that recommended Ondra-Huyett Associates for the award said the firm “has long been recognized as an industry leader and a truly professional organization.” ■

Manko, Gold, Katcher & Fox named Top Workplaces 2012 P H I L A D E L P H I A , PA — Manko, Gold, Katcher & Fox, LLP (MGKF) was named to Top Workplaces 2012 by the Philadelphia Inquirer, Daily News a n d P h i l l y. com and was the top-rated law firm and ranked second Joesph Manko overall in the small companies survey. Top Workplaces 2012 is an extensive effort by the Inquirer, Philadelphia Daily News and Philly.com to uncover the best employers in the Philadelphia region—from the point of view of the employees themselves. Founding Partner Joseph Manko shared the firm’s appreciation of this recognition. He said, “When we started a

boutique environmental practice more than 22 years ago, one of our goals was to institute a culture where people liked their job and their fellow workers. This recognition served as the affirmation of the dreams we brought with us in 1989.” Robert Fox, the firm’s Managing Partner, continued to explain the MGKF culture, “We are always at the cutting edge of new environmental legal issues and we approach each new challenge collectively with ideas from across the firm. This allows everyone to continue to learn and work to their full potential.” In addition to receiving recognition as a Top Workplace 2012 and in 2011, MGKF was also recognized previously by the Delaware Valley Association for the Education of Young Children

(DVAEYC) as a “Best Employer for Working Parents”, particularly for its customized employment opportunities which allow employees to balance professional and family demands. Top Workplaces’ extensive research has shown that employees want to be part of something meaningful, where they can contribute and give their best. Listed anonymously on the survey, two of the comments from MGKF employees were, “The work is interesting, challenging, and rewarding and the people I work with are supportive and work together as a team.” Another noted, “The people make this place great. So many folks have been here 20+ years. It’s an amazing culture with top notch people, and that it makes it a pleasure to help them do their jobs better.” ■

Conwell joins CBRE as senior vice president WAYNE, PA — Joseph Conwell has joined CBRE Group, Inc. (CBRE) as senior vice president in our Wayne, Pennsylvania office. Joe has over 23 years of experience and will be assisting local, national and interna- Joseph Conwell tional clients with their commercial real estate needs. “We are extremely pleased to welcome Joe Conwell to CBRE. His experience in tenant representation as well as property ownership will add valuable perspective to our highly successful Tenant Advisory team,” said Bob Walters, Executive Managing Director of CBRE’s six Greater Philadelphia regional offices. Joe will join Senior Vice President Scott Miller, Senior Associate James Kelley, and Sales Associate Valerija Beares to further strengthen their tenant representation capabilities throughout the Greater

Philadelphia region. Prior to joining CBRE, Joe was a founding partner and Managing Director for GPX Realty Partners, L.P., the real estate division of GPX Enterprises, L.P. At GPX Partners, Joe was responsible for overseeing all aspects of the company’s acquisitions, financing and property leasing. Before joining GPX Realty Partners, Joe was a Vice President at CBRE (and Insignia ESG prior to its acquisition by CBRE). During that period he completed significant real estate transactions with companies including: AIG Insurance, Comcast Corporation, GSK, Quest Diagnostics, AMETEK, and TYCO International. Before beginning his successful commercial real estate career, Joe enjoyed a five year career with the NFL’s Philadelphia Eagles and the USFL’s Philadelphia Stars. A graduate of The University of North Carolina at Chapel Hill, Joseph is a licensed real estate professional in Pennsylvania. ■

K&W hires Raubenstine as a staff professional in Harrisburg HARRISBURG, PA — K&W Engineers and Consultants, located in Swatara Township, Dauphin County, recently hired Kris Raubenstine as a staff professional in their Harrisburg of- Kris Raubenstine fice. His experience includes stormwater management, storm drainage design, erosion and sediment (E&S) control design and permitting,

PennDot Road/Intersection design, residential design, and commercial site design. Kris has a Bachelor of Science degree in Geoenvironmental Studies from Shippensburg University. K&W Engineers and Consultants specializes in providing civil engineering and consulting services that include land development / site design, traffic / transportation, municipal engineering, comprehensive watershed management, water / wastewater design, environmental permitting, landscape architecture and survey. ■

Colliers Pittsburgh selected by CoStar PITTSBURGH, PA — Colliers International- Pittsburgh has been selected by CoStar Group, commercial real estate’s leading independent research firm, to receive a CoStar Power Broker Award. This annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the U.S. firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases for the entire year of 2011 in their respective markets. Colliers International- Pitts-

burgh’s significant transactions that closed in 2011 included the UPMC lease of 148,000 s/f, the Restaurant Depot purchase of 13 acres and Cellone’s purchase of 115,000 s/f. Patrick Sentner SIOR, Founding Principal at Colliers International-Pittsburgh and John Bilyak CCIM, Principal at Colliers International- Pittsburgh, also received CoStar Power Broker Awards for Top Industrial Leasing Brokers. Bilyak also was awarded a CoStar Power Broker Award as a Top Sales Broker. ■

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Mid Atlantic Real Estate Journal — Pennsylvania — April 13 - 26, 2012 — Inside Back Cover B

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Â&#x2021; 10 000 S) on 1.03 acres Â&#x2021; E[pandable to 1 000 S) Â&#x2021; Can be subdivided Â&#x2021; 31â&#x20AC;&#x2122;10Âľ to 3 â&#x20AC;&#x2122; Âľ ceilings Â&#x2021; loading doors Â&#x2021; 1 drive in door Â&#x2021; Rail available Â&#x2021; Ta[es abated through 017

Â&#x2021; 3 11 S) e[pandable

Â&#x2021; Can be subdivided Â&#x2021; 38. acres Â&#x2021; 0â&#x20AC;&#x2122; Âľ ceilings Â&#x2021; 0 loading doors Â&#x2021; ES)R Ă&#x20AC;re protection Â&#x2021; Ample trailer storage Â&#x2021; Near I 81 I 380 and I 8

1200 East Lackawanna Avenue

400-450 CenterPoint Boulevard CenterPoint East Jenkins Township, PA

345 Enterprise Way (Parcel 7A) CenterPoint West Pittston Township, PA

Â&#x2021; 00 S) to 1 8 00 S) Â&#x2021; 33â&#x20AC;&#x2122; to 3 â&#x20AC;&#x2122;7Âľ ceilings Â&#x2021; loading doors Â&#x2021; 1 drive in door Â&#x2021; ES)R Ă&#x20AC;re protection Â&#x2021; T bay lighting Â&#x2021; Near I 81 and I 7 Â&#x2021; )oreign Trade Zone

Â&#x2021; 7 S) to 81 037 S) Â&#x2021; 30â&#x20AC;&#x2122; to 33â&#x20AC;&#x2122; ceilings Â&#x2021; 1 loading doors Â&#x2021; Near :almart Â&#x2021; T bay lighting Â&#x2021; Large parking areas Â&#x2021; :et sprinkler Â&#x2021; Near I 81 and I 7

345 Enterprise Way

320-330 Stewart Road Hanover Industrial Estates Hanover Township, PA

61 Green Mountain Road Humboldt Industrial Park East Union Township, PA

Â&#x2021; 108 000 S) e[pandable

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Â&#x2021; 08 00 S) available Â&#x2021; E[pandable to 8 00 S) Â&#x2021; 3 loading doors Â&#x2021; 30â&#x20AC;&#x2122; Âľ to 3 â&#x20AC;&#x2122; Âľ ceilings Â&#x2021; ES)R Ă&#x20AC;re protection Â&#x2021; 8Âľ concrete apron Â&#x2021; Close to I 81 and I 80 Â&#x2021; Abundant parking

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