4-27-12 by Mid Atlantic Real Estate Journal

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

Volume 24 Issue 8 April 27 - May 10, 2012

ISSUE HIGHLIGHTS Motley’s Auction & Realty to conduct foreclosure auction

4A Crystal Windows supplies high-rise

12-13A SPRING PREVIEW

17-32A

Bohler Engineering celebrates 30 years

10-11B

Plans $7 million renovation in Washington, DC

Uip & Ire Partnership acquires apartment building for $26m

ashington, DC — Urban Investment Partners (UIP) in partnership with Infinity Real Estate (IRE) of NYC has acquired a 114-unit apartment building at 1841 Columbia Rd., NW in Washington, DC, formerly known as The Alcazar, for $26 million. The seller was Fairfield Residential Company. Arbor Commercial Mortgage of New York provided the acquisition and project debt financing for the venture. 1841 Columbia Rd. is a pre-war mixed-use building conveniently located in the heart of Adams Morgan. The property features 20,000 s/f of prime neighborhood retail space. Current retail tenants include Napoleon Bistro, Bedrock Billiards, Gary Taylor Framing, Bank of America, World Cleaners, and Fleet Feet, which specializes in running,

1841 Columbia Road in Washington, D.C. bicycling, and swimming gear and is owned by local resident Shawn Fenty, brother of former Washington, DC Mayor Adrian Fenty.

The partners plan to invest more than $7 million on a comprehensive building renovation and modernization program to include a complete window and

retail storefront replacement, a new environmentally friendly water-sourced heating and cooling system, redesigned common areas, and a rooftop terrace certain to be one of the largest and most exciting resident amenities in the District. UIP General Contracting, Inc., a subsidiary of UIP, is performing the renovation work, which is expected to be completed by December 2012. UIP subsidiary UIP Property Management, Inc. will assume the property management of the building immediately. “As with many of our other multifamily properties in Washington, D.C., we have reached a win/win agreement with the tenants’ association, allowing UIP to make muchneeded improvements to the property to extend its useful life for another century,” said UIP principal Steve Schwat. n

Saffer, Lane, West and Siegel represented the State Services Organization

West, Lane & Schlager Realty Advisors negotiates 237,848 s/f lease in Washington, DC Washington,DC — West, Lane & Schlager Realty Advisors, LLC (“WLS”) has negotiated the largest private-sector lease transaction in Washington, DC this year. WLS negotiated on behalf of the State Services Organiza-

Directory

Owners, Developers & Managers...... 33-45A Green Buildings.................................. 7-15A Spring Preview Spotlight................... 17-32A Shopping Centers.......................... Section B Featuring the Las Vegas RECon ICSC Convention

Upcoming Spotlights NJAA Conference & Expo PA Projects/Building Services www.marejournal.com

tion, Inc. (“SSO”) a 237,848 s/f, 15-year lease at 400-444 N. Capitol St. NW, also known as the Hall of the States Building. Mindy Saffer, LEED AP, Richard Lane, Eric West, LEED AP, and Richard Siegel, all WLS principals represented SSO. SSO manages the office

space that comprises the Hall of the States, offering a range of services to its 92 subtenants, which include the Washington offices of U.S. states, U.S. territories, and associations of state officials. The signing of this new lease will further advance SSO’s mission to provide cost-effective leasing and operational alternatives to its

members. “Timing was of the essence in this particular deal, and we’re delighted with the outcome,” Saffer said. “When SSO hired us in the fall of 2009, our direction was clear: ‘Save us money now, not in early 2014 when our lease expires.’ We immediately went to work to analyze SSO’s real estate needs and evaluated all viable alternatives. Ultimately, we were able to restructure its current and projected occupancies and expenses such that we reduced costs immediately and, more importantly, positioned SSO well over the long term.” Mebar Realty Holding Trust owns the 550,000 s/f property at 400-444 N. Capitol St. NW, which is a few blocks from the U.S. Capitol and Union Station. Besides SSO, these two interconnected buildings feature tenants like C-SPAN, CNBC and Fox News Corporation. n

Inside Cover A — April 27 - May 10, 2012 — Mid

Atlantic Real Estate Journal

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

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

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

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

Transportation •Rail: •Highway: •Air:

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

Brokers Protected

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

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Mid Atlantic Real Estate Journal — April 27 - May 10, 2012 — 1A

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Financial Incentives for Energy Efficiency

In Our Office “Monthly utility bills were a growing part of our operating expenses. Incentives from New Jersey’s Clean Energy Program™ cut the upfront cost of a new energy-efficient lighting system.”

Now Our Future Looks Bright.

To learn more, visit NJCleanEnergy.com/SSB or call 866-NJSMART to speak with a program representative. NJ SmartStart Buildings® is a registered trademark. Use of the trademark without permission of the NJ Board of Public Utilities is prohibited.

A — April 27 - May 10, 2012 — Mid

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Atlantic Real Estate Journal

Advertisers Directory

ABC.......................................................................... 41A Aldo Design Group.................................................. 34A ALL-RITE Construction................................ 20-IBC-B B.R. Kreider & Son, Inc............................................ 8B Barglow Companies.............................................. 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Properties..................... 19A Poskanzer Skott Architects.................................... 36A Ray Angelini, Inc....................................................... 8A RCX Building Diagnostics...................................... 22A RD Management LLC........................................ 16-17B Re/Max of Reading.................................................... 2A Riker Danzig........................................................... 28A ROCK Commercial.................................................... 2B Sidney E. 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Mid Atlantic Real Estate Journal

Mid Atlantic Real Estate Journal Publisher.............................................................................Linda Christman Co-Publisher..........................................................................Joe Christman

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

Section Publisher................................................................. Elaine Fanning Senior Editor/Graphic Artist................................................. Karen Vachon

Production Assistant......................................................... Rachel Rugman

Office Manager....................................................................Joanne Gavaza Editorial Consultant.............................................................. Ben Summers

By Paul P. Braungart

Build To Suit And Sale Leaseback Funding

Guest Columnist.............................................................. Paul P. Braungart 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:

oday’s lending environment requires a higher level of capital investment from investors and developers looking to develop, acquire, sell and/or joint venture projects across a broad spectrum of real estate assets. As a result of the changing dynamics in the real estate industry, Regional Capital Group (RCG), who is a real estate fund manager and advisory firm, is acquiring commercial real estate assets utilizing two options which are viable alternatives to traditional financing. A Construction Build-to-Suit platform, which is typically geared toward single tenants, provides the ability to create new opportunities without committing capital. Specifically, 100% of the capital will be made available in certain situations. The current environment has made it challenging to fund ground up projects. This platform allows for the elimination of market risk and the need to secure equity and debt funding, thus allowing

Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 8 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY

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The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

the reception of development fee income, conservation of capital for future projects, the ability to receive a flip profit, preserve a balance sheet and maintenance of strong tenant relationships. Assets that qualify under such a program can range from standard office, industrial, and retail to specialized medical, automotive, and convenience stores. Another option available for existing single tenant assets is a Sale-Leaseback structure. Through the SaleLeaseback structure, clients have access to long-term capital to deploy back into higher margin programs and

assets, or pay down debt. Under both structures, tenants retain full control throughout the process and there is a certainty of execution to tenants. There is a wide range of asset classes eligible for these funding options, including Corporate offices; data centers; call centers; warehouse/distribution facilities; governmental or state-run facilities; truck terminals; manufacturing; all retail including big box; drug stores; restaurants; auto service centers/dealerships; national furniture stores; convenience continued on page 3A

RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres

ved

ro -App

Pre For More Information Please Contact:

Eddy Peng, CCIM, CIPS RE/MAX of Reading Office: (610) 670-2770 x3078 Cell: (610) 223-0567 Email: EddyPeng2@verizon.net

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 with 130 units and 20 more in the future, and 80 townhouse units. Ready to develop. Public Water & sewer.

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; April 27 - May 10, 2012 â&#x20AC;&#x201D; A

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Mid Atlantic Real Estate Journal

They wrote the policy.

For Fairmount Place II in Towson, MD

NorthMarqâ&#x20AC;&#x2122;s Ferrell arranges $13.6 million in financing

We make sure they write the check.

OWSON, MD â&#x20AC;&#x201D; Nancy R. Ferrell, senior vice president and managing director in NorthMarqâ&#x20AC;&#x2122;s Baltimore Regional office, arranged first mortgage refinancing of $13.6 million for Fairmount Place II, a 123,400 s/f multiplestory office building located at 515 Fairmount Avenue in Towson, Maryland. Financing was based on a 10-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with UNUM. Fairmount II was developed by, and is managed by, Heritage Properties, Inc. Heritage is a full-service property management and development company located in Baltimore. Wonona, WI â&#x20AC;&#x201D; NorthMarq Capitalâ&#x20AC;&#x2122;s New Jersey office closed a $5 million acquisition interest-only loan for the University of Wisconsin Medical Center. The institutional borrower, a healthcare REIT client, worked with Greg

M. MILLER & SON Public Adjusters

Since 1960

1211 Liberty Ave., Hillside, NJ 07205 ďż˝ Tel: 908-355-4800 adjuster@mmillerson.com ďż˝ www.mmillerson.com

515 Fairmount Avenue Nalbandian, managing direc- medical building. tor of NorthMarqâ&#x20AC;&#x2122;s NJ office, â&#x20AC;&#x153;Aviva committed and rate to finance this loan through locked this loan while still untheir correspondent, Aviva der construction. There were Life and Annuity. The 5-year numerous additional delays interest-only loan at 3.94% arising from construction and represented a 55% LTV on this a difficult seller,â&#x20AC;? said Nalbannewly constructed 31,375 s/f dian. n

Recent Financings Arranged By Meridian Capital Group

Build to suit and sale leaseback funding . . . continued from page 2A stores; medical office and acute care; university buildings including housing; pris-

ons or correctional facilities; county, state, and federal buildings; bank sites including branches and operation

centers. Paul P. Braungart is the founder and CEO of RCG. n

Hunters Glen 1,124 Units

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

$49,000,000

$27,200,000

Delran, NJ

Princeton, NJ

West Creek Village 306 Units

Woods at Narraticon 150 Units

$16,000,000

$16,950,000

Elkton, MD

Deptford, NJ

NJ IFMAâ&#x20AC;&#x2122;S ANNUAL AWARDS BANQUET & NETWORKING GALA Join NJ IFMA for the Annual Awards Banquet and Networking Gala beneď&#x192;&#x17E;ting The Childrenâ&#x20AC;&#x2122;s Specialized Hospital Foundation in Mountainside, NJ. Wednesday, May 9, 2012 6:00 PM - 10:00 PM â&#x20AC;&#x201D; The Palace in Somerset, Davidson Ave., Somerset, NJ A fun night with Casino Entertainment, Tricky Tray, Sports Memorabilia Silent Auction, Caricature Artist. One Hour Open Bar, Buffet Dinner and More! 1st Energy Efď&#x192;&#x17E;cient Award to a chapter member during the evening Please consider donating a gift basket, sports tickets etc to the event! Fees: Register by April 27 for only $100 $125.00 per person Table for 10 Attendees - $900.00 RSVP by Friday, May 4, 2012 visit www.njifma.com for more information

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A — April 27 - May 10, 2012 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal Auctions 331-acre Meadow Event Park in Doswell, VA

Motley’s Auction & Realty Group to conduct foreclosure auction

oswell, VA — Foreclosure auction of Meadow Event Park in Doswell has been ordered by the secured creditor, ending a lengthy struggle by the State Fair of Virginia, LLC. to hold onto the home of the State Fair since 2009. The auction, to be held May 22, 2012 at the Park, will be conducted by Richmond based Motley’s Auction & Realty Group. Fortis Foreclosure Services will be coordinating the foreclosure process. Mark Motley, president of Motley’s Auction & Realty

Meadow Event Park

AUCTION

331± AC MeAdow event PArk Real Estate, Intellectual & Personal Property of the State Fair of Virginia 76,000± SF Exhibit Hall, 12,850± SF Manor House, 24,000± SF Barn/Stables, 4 Riding Rings, 9,700± SF Expo Center, 3 Residential Structures

ON-sITe sAle: with Live & OnLine Bidding 13111 DAwN BlvD., DOswell, vA 23047

tues., 5/22 @ 2PM

foreclosure caroline, co

online only – MAintenAnCe, CAtering, offiCe equiP. & More!

Antiques & Collectibles, Furniture & Fixtures, Office Equipment, Food Service Equipment, Maintenance Equipment, Props, Signage, Portable Structures & More!

BID 5/14 ThrU 5/24

Bids Begin Closing: 5/24 @ 2PM

Group, has high hopes of finding a buyer who will reopen the State Fair and continue a tradition that dates back to 1854. “The owners did an extraordinary job developing this property into a terrific multi-use facility,” said Motley. “The State Fair has a long history and holds lots of memories for so many Virginians. Many organizations have recently been through difficult times and the Fair is no exception, our job is to make those transitions easier. Although I am a businessman and auctioneer, I am a Virginian first and am proud to be part of the process of finding a new owner who will keep this tradition alive” Meadow Event Park, purchased in 2003, was renovated and developed to be the new home of the State Fair after its move from the RIR complex in the City of Richmond. The nonprofit’s wellpublicized financial struggles led to the group’s bankruptcy protection filing in December 2011. The 331-acre complex includes a 76,130 s/f exhibit hall, a 9,700 s/f Expo Center. Within the complex are three residences including the Chenery Manor home, a renovated 12,85 s/f special event hall sitting on the footprints of the original manor house. In a nod to the property’s history as the former home of world-famous, Triple Crown winning racehorse Secretariat, the sale will also include an extensive equine facility, with a barn and stables comprising 24,000 s/f. In conjunction with the real estate sale are numerous intellectual properties including name and websites for State Fair of Virginia, SFVA, Strawberry Hill Races (with design), Richmond Highland Games & Celtic Festival, and Meadow Highland Games & Celtic Festival. An online only auction of numerous support equipment begins May 15, 2012, and concludes May 24, 2012, at 2:00 p.m. The equipment includes tractors, industrial lawn equipment, animal pens, and shop equipment. n

Mid Atlantic Real Estate Journal — March 30 - April 12, 2012 — A

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Mid Atlantic Real Estate Journal Auctions 2 industrial real estate auctions 2 INDUSTRIAL BUILDINGS ON 4.66 & 8.77 ACRE TRACTS FRIDAy, MAy 18, 2012 AT 10:00 AM EASTERN

INDUSTRIAL REAL ESTATE AUCTION IN LUNENBURG COUNTy, VA FRIDAy, MAy 18, 2012 AT 12:00 PM EASTERN

CAMP KENBRIDGE 215 HICKORy ROAD KENBRIDGE, VA 23944

THE PINES 231 HICKORy ROAD KENBRIDGE, VA 23944

15,000 SF & 14,400 SF OFFERED INDIVIDUALLy OR TOGETHER

STATE OF THE ART 32,000 SF INDUSTRIAL BUILDING ON 9.7 ACRES ONLy $50,000 STARTING BID PER BUILDING!!!

· Former "Camp Kenbridge " (a youth behavior center or Boot Camp) · 2 Large well built low maintenance buildings Approx. 15,000 sf each · Built in 2000, on 13.5 acres (4.6 and 8.7 acre tracts) · Some of the features: full kitchen & dining facility, offices, classrooms, barracks, bathrooms, sprinkler systems, camera monitoring, fenced, lockdown capability

· Possible use for youth correctional facility, drug treatment, or training camp, group meeting/instructional facility · City water & sewer; electric forced air/heat pump/central AC · Centrally located only 1 hour from Richmond, VA, and 75 miles from Raleigh, NC

ONLy $100,000 STARTING BID!!!

· 32,000 sf building on 9.69 acres built in 1998 with renovations and additions in 2000. Excellent condition!! · 52 bed facility with four residential wings · Fully equipped kitchen and gymnasium. · Full lock down capability. · Possible uses include: Mental health facility, Detention facility, Religious facility,Training center, Retirement center · Numerous features like Kitchens &

Gymnasium and Generators · Security system; security lighting; sprinkler; fenced storage · Electric forced air, heat pump, central AC · Located on SR 697 just of Hwy 40 West in the Town of Kenbridge. 12 miles from HWY. 460 in Blackstone and 18 miles from I85 in South Hill. 60 miles from Richmond and 75 miles from Raleigh, NC.

ATTN REALTORS: Pre-registered (by 5 pm 5/17/12) broker participation is encouraged

Please contact Sid Smyth for more information: 434.955.0708 Nicholls Auction Marketing Group www.nichollsauction.com

3 AUCTIONS!

3 AUCTIONS! AUCTION: May 19th at 11 am Preview: April 29 from 9 am - 11 am

VAAF 729

AY-000243-L Ken Geyer Auction Co. of New Jersey

AUCTION: May 19th at 12 pm

AUCTION: May 19th at 2 pm Preview: April 29 from 2 pm - 4 pm

Preview: April 29 from 11 am - 1 pm

E-Z Clean Car Wash 3 Bay Car Wash

305 S. Harding Highway, Landisville, NJ One (1) Self-Serve Automatic Wash Two (2) Self-Service Wand-Bays Four (4) Stainless Steel Adams Vacuums Ten (10) Stainless Steel Vendors Two (2) Rowe Bill Changers Building recently upgraded, 0.25 Acre Lot Public Water/Sewer, Natural Gas Heat

Magic Glow Car Wash 6 Bay Car Wash

351 E. Wheat Road, Minotola, NJ One (1) Self-Serve Automatic Wash Five (5) Self-Service Wand-Bays Seven (7) Stainless Steel Doyle Vacuums Seven (7) Stainless Steel Vendors Two (2) Rowe Bill Changers

One (1) Dual-Fragrance Spray-Scent Machine

Built 1989, 9.5 Acres, Zoned Commercial

4 BR Custom Built Lakeside Home on 1 Acre

29 Wible Drive, Greenwich, NJ 2.5 Baths ,Walk-Out Basement In-Ground Gunite Pool, Pool House, Boat Dock on Davis Mill Pond Two Fireplaces, Central Air Large Deck, 2 Out-Buildings New Windows and Doors Home has been closed for 6 years and is in need of interior renovation.

Both Car Washes are Modern and in Excellent Working Condition. Owner Is Retiring After 20 Years. Terms: 6% Buyer’s Premium, 15% Down, Settlement within 45 days. Car Washes Sold Individually or in Combination. Visit our website for more information, photos, and plot plans.

www.GeyerAuctions.com • 1-800-554-5005

A — April 27 - May 10, 2012 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal Held an open house at Springside Plaza

The Emory Hill Companies to partner with Springside

EW CASTLE, DE — The Emory Hill Companies will be partnering with Springside LLC as an investor and will handle the office complex’s real estate needs including leasing and development. NAI Emory Hill held an open house at Springside Plaza to reveal its plans for the office complex which is approved for up to 400,000 s/f of professional and medical office space located on a 42-acre site on Rte. 40 just west of Rte. 896 and two miles from I-95. Springside Plaza currently has three buildings

Springside Plaza with spaces for lease and two to welcoming new tenants to pad sites for the construc- add to the great mix of busition of two 50,000 s/f build- ness clients that already call ings that are ready to break Springside Plaza home,” said ground. Major tenants at the Dr. Joseph Rule, chairman of site include Christiana Care the board of managers, “and Health Systems and Bifferato we are pleased that Emory Gentilotti, P.A. Hill is partnering with us “We are looking forward to further develop the complex.” We selected them because of their regional expertise and local connections. They are the perfect partner to help us fill the needs of our existing and prospective tenants.” n

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

High Associates’ Cass brokers 26,990 s/f lease Harrisburg, PA — FEI Cold Storage of Harrisburg has leased 26,990 s/f of freezer warehouse space at 3700 Industrial Road in the city of Harrisburg from KTR Harrisburg LLC of Delaware Denise Cass to accommodate expansion. Denise Cass of High Associates Ltd. represented FEI Cold Storage. Vince Rinalli and Joe McDermott of CBRE represented KTR. n

Hudson Realty Capital funds $4.36 million bridge loan S A N TA M O N I C A , C A — Hudson Realty Capital LLC has funded a $4.36 million bridge loan involving a 14,612 s/f office building in the downtown district. “This transaction is a good example of a very experienced developer utilizing bridge capital to effectuate a business plan. Hudson was able to close with speed, surety of execution and prepayment flexibility that is not available from conventional debt sources,” said Spencer Garfield, managing director. n

G reen Buildings NJPA Featuring Energy Efficiency

Mid Atlantic Real Estate Journal — Green Buildings — April 27 - May 10, 2012 — A

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Energy-efficient lighting company gets even greener with 133-kilowatt system

GeoGenix completes rooftop solar system at Starfire Lighting in Wood-Ridge, NJ

OOD-RIDGE, NJ — GeoGenix, an established industry leader in residential and commercial solar installations in the mid-Atlantic region, announced that it recently completed the installation of a 133-kilowatt rooftop solar photovoltaic (PV) generation system for Wood-Ridge, NJbased Starfire Lighting, a leading provider of energy-efficient lighting products. “It’s great to see a company in the energy efficiency space practicing what they preach,” said Gaurav Naik, principal at Old Bridge, N.J.-based GeoGenix. “A lighting provider who designs and manufactures energy efficient lighting products with renewable energy -- it doesn’t get any greener than that.” GeoGenix designed, engineered and installed the PV system on the roof of Starfire’s one-story, 50,000-s/f manufacturing and design facility at 7 Donna Drive. The system consists of 585 SunPower solar panels, which offset approxi-

Pictured left to right: Craig Newman, co-owner and principal of energy-efficient lighting products company, Starfire Lighting, and Zack Gomes, president of Starfire Lighting, with the 133-kilowatt rooftop solar photovoltaic (PV) generation system at Starfire’s manufacturing and design facility at 7 Donna Drive in Wood-Ridge, NJ.

Walters Group to be honored

Stafford Park named 2012 New Good Neighbor Award by NJBIA BARNEGAT/STAFFORD TWP, NJ — Stafford Park, a LEEDcertified redevelopment, was selected as a winner of the 2012 New Good Neighbor Award by the New Jersey Business & Industry Association (NJBIA). Ed Walters, Jr., partner and founder of Walters Group, will accept the award at a luncheon at the Pines Manor in Edison on Friday, June 1, 2012. The 52nd annual New Good Neighbor Awards recognize the best and most exciting commercial and industrial development projects in New Jersey. Winners are chosen based on economic benefit and job creation, architectural merit, and community involvement. Twelve winners were selected by a panel of judges representing a wide variety of statewide organizations that share an interest in New Jersey’s growth

Stafford Park and development. efforts have improved the Walters Group’s redevelop- water quality, air quality, and ment of the former brownfield directly addressed the impacts site involved the capping and of climate change. closing of a 55-acre licensed Rick Reynolds, executive dilandfill, eliminating a smaller rector of the Southern Ocean 25-acre landfill with zero tax- County Chamber of Compayer dollars, demolishing merce, nominated the project and relocating dilapidated for the award. facilities constructed on top of Herschman Architects served waste, protecting rare plants as the architect for the comand animal species, preserving mercial buildings; land plan1,070 acres of additional land, ning services were provided utilizing sustainable, green by Minno & Wasko Architects building practices, and pursu- and Planners; and Speitel & ing all available renewable Speitel provided the engineerenergy opportunities. Walters’ ing services. n

mately 85 percent of the electricity consumed at the facility, equating to about $25,000 in savings on electricity costs annually. GeoGenix is an industry leader with a proven track record in residential and commercial solar installations. It has been installing solar since 2001 and has the experience and expertise that have made it one of the region’s most trusted solar installers. Starfire funded the system through the New Jersey utility Public Service Electric & Gas’ (PSE&G) solar loan program. The loan is being repaid with the Solar Renewable Energy Certificates (SRECs) that the system generates. SRECS are a performancebased financial incentive representing the environmental benefits of solar, each of which is the equivalent of 1,000 kilowatt-hours of electricity. SRECs are financial instruments that are purchased by utilities from solar producers such as homeowners and businesses in order to meet a state-mandated re-

quirement for the generation of electricity from solar sources. The company was one of the last to take advantage of PSE&G’s solar loan program, which expired at the end of 2011. Starfire’s loan covered about 60 percent of the cost of the PV system, with the remainder of the system being financed independently. “The federal mandate to phase out incandescent bulbs has created an extremely competitive environment in the lighting industry,” said Craig Newman, co-owner and principal of Starfire. “By bringing down our operating costs and providing protection against the inevitable rising cost of electricity, our solar system gives us a competitive edge.” The power generated by Starfire’s solar PV system equates to the reduction of about 205,000 pounds of CO2 emissions per year, which is the equivalent of offsetting the power demand of 23 homes for one year, planting 6,600 trees or removing 17 cars from the road every year. n

Saint Mary’s Parish in conjunction with Solis Partners celebrate solar power system COLTS NECK, NJ — Saint Mary’s Parish of Colts Neck, N.J., in conjunction with Solis Partners, a leading provider of commercial solar power systems, announced that it hosted a ribbon-cutting event to celebrate the commissioning of its solar power system on Saturday, April 21. The event was held at Saint Mary’s, located at 1 Phalanx Road in the Monmouth County Township of Colts Neck, NJ The event followed a 5 PM Mass and took place outside at the solar power generation system, where representatives from Saint Mary’s and the Catholic Diocese of Trenton, of which Saint Mary’s is a part, addressed the audience, along with local politicians and dignitaries. Solis Partners designed, installed, operates and owns the 155-kilowatt ground-mounted system, which offsets approxi-

mately 90 percent of the parish’s annual electricity usage, including that of the church, the spiritual center, the family life center and the rectory - all located on Saint Mary’s property. The system was installed under a third-party financing structure called a Power Purchase Agreement (PPA) that allows the church to receive all the benefits of solar without any upfront cost. “We’re thrilled to support Saint Mary’s with this project and are excited to celebrate the ribbon-cutting event with them,” said Jamie Hahn, cofounder and managing director of Solis Partners. “The PPA was a smart choice for Saint Mary’s to realize maximum benefits from solar power, a truly renewable source of funding that will continue to support their mission for years to come.” n

A — April 27 - May 10, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

Creating the perfect environment

• MEP Design • Sprinkler Design • Commissioning • Energy Conservation and incentives

PO Box 782, Voorhees, NJ 08043 P: 856-988-1890 Email: info@gilbeauxassociates.com www.gilbeauxassociates.com Contact: Jeff Gilbeaux

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EXPERT AERIAL PHOTOGRAPHY OF COMMERCIAL PROPERTIES NATIONWIDE

Capitol’s expert photographers will: 1. Take photos within 48 hours (weather permitting) 2. Provide bright, sharp, prints, within 5 working days or earlier 3. Insure the highest quality available

Please call Mark Seeman at 732-494-6691 Fax 732-494-5037 Quality Photos For Over 25 Years Many References Available www.capitolaerials.com

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MAREJ Green Buildings Rooftop and ground-based solar arrays in 2011

Nearly 4% of solar power in NJ constructed by Hartz Mountain

ECAUCUS, NJ — Hartz Mountain Industries’ efforts to reduce their carbon footprint don’t just keep them ahead of the industrial curve, they make the Secaucus-based d e v e l o p e r Emanuel Stern the leading solar power producer in New Jersey. Hartz constructed 11.87 MW of rooftop and groundbased solar arrays in 2011, representing 0.6 percent of the national total and 3.8 percent of New Jersey’s total. In December 2011, Hartz Mountain began operation

Hamilton Solar Farm of its largest installation and first ground-based array, an 8.5 Megawatt (MW) field in Hamilton, NJ, comprised

of over 30,000 solar modules. Hartz also installed six rooftop solar panel systems bringing the total number of buildings providing solar power to the company and its tenants through solar paneling to 13. “Solar power is not a trend, it’s a business model that we take very seriously as one of many elements in our sustainability efforts,” said Emanuel Stern, president and chief operating officer for Hartz Mountain Industries. “We are not only being respectful to the environment, we are saving money for ourselves and tenants through the solar roofs and providing power to the state through the Hamilton farm.” n

Experienced Environmental Attorney Crimmins joins EWMA NEW YORK CITY, NY — EWMA is pleased to announce the arrival of the newest member of our team. George Crimmins joined us on March 26, 2012 as Associate General Counsel and Business Development Executive. George serves as EWMA’s legal counsel to assist in contract negotiations and streamline the sales process and also is responsible for client development,

customer quality assurance and marketing activities. George is an experienced environmental attorney who has practiced in state and federal courts in New Jersey and New York, with extensive experience in interpreting CERCLA, New Jersey’s Spill Act and Brownfields Act and the New York State Navigation Law. He has negotiated with federal, state and local agencies and

private parties regarding environmental liability, natural resource damages and compliance penalties. George has led teams conducting regulatory audits to determine compliance with environmental laws and permits and is skilled in all aspects of environmental due diligence, including establishing innocent purchaser protections under state and federal law. n

Ray Angelini, Inc. is a complete Turnkey Solar Solutions Provider Commercial Solar Design Build and Maintenance, General Construction, Electrical Contracting, and Power Systems Testing www.raiservices.com Headquarters 105 Blackwood – Barnsboro Rd, Sewell, NJ Tel: 856.228.5566 Delaware Office 243 Quigley Blvd, Ste K, New Castle, DE Tel: 302.325.2001

Mid Atlantic Real Estate Journal — Green Buildings — April 27 - May 10, 2012 — A

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Green Buildings Featuring Energy Efficiency Becht Engineering BT, Inc. provides energy saving design services

Cornerstone Architectural Group completes corporate fit-out for SHI International’s Global HQ

RANKLIN TOWNSHIP, NJ — Cornerstone Architectural Group completed a $20 million corporate fit-out project for SHI International, a global provider of technology products and services, at its 440,000 s/f global headquarters in the Somerset section of Franklin Twp. “This project, one of the largest in the tri-state area, embodies SHI’s core values of innovation, early adoption and pioneering on the cutting edge,” said Robert Barranger, AIA, co-founder and partner at Cornerstone Architectural Grp. The nearly yearlong, multiphased fit-out entailed a major energy efficient lighting retrofit on which Cornerstone worked closely with Finelite, a manufacturer of high performance lighting systems, and independent lighting manufacturer representative, Jeffrey Maglietta of Liberty Lighting Group, to design a system that provided a higherquality light while realizing a 50% reduction in energy consumption for lighting and the number of lighting fixtures. “The role of design in increasing lighting efficiency and improving the quality of light has never been so important,” said Tom Ward, associate VP of training and development at Finelite. “Through participation in numerous research studies, we’ve learned to light from the task up, instead of lighting from the ceiling down. This project will serve as a model on how to successfully integrate lighting into office design to bring construction and operating costs down.” The lighting system is a unique combination of task and ambient lighting, which involves overhead linear fluorescent pendant lighting that aligns with the splines of the office cubicles versus the standard alignment with the aisles. The pendant lighting is also spaced at 18 ft apart -- versus the typical 12 ft. The design approach yields better -- glare free -- lighting at workstations, where lighting is most needed. The design also creates less of a need for lighting fixtures since the lights are placed further apart, which is a tremendous energy saving feature. The SHI project is the largest private project in the country to reflect a new energy-saving

trend in lighting, which is to use task lighting to supplement ambient lighting, thus reducing wasteful, glaring overhead light. The overhead light is supplemented by undershelf LED task lighting and vertical lighting on the walls. The design allows workers to control the appropriate amount of lighting, while decreasing the amount electricity consumed. Through this energy efficient lighting approach, SHI saved $450,000 by not having to purchase as many fixtures and anticipates saving $500,000 on

Glare free -- lighting at workstations inside SHI International HQ

energy costs over the next 10 years. The reduced number of lighting fixtures also saved on labor costs for both installation and replacement. For this project, Cornerstone partnered with Becht Engineering BT (Building Technologies), an engineering company in Point Pleasant Beach, The Reynolds Grp., McQuilkin Associates, Carroll Engineering, Jones Lang LaSalle, Unity Construction Svcs., Turner Construction, Corporate Environmental Services and Harrison-Hamnett. n

Congratulations to on their new world headquarters, and thank you for selecting Becht Engineering BT, Inc. for all of your engineering needs.

Becht Engineering provides a broad spectrum of engineering design services for residential, commercial, industrial, municipal, educational and healthcare facilities. Let us put our 45-plus years of engineering experience in specialized systems to work for you. We can do everything from reviews and analysis of current systems, to complete engineering designs for your entire facility.

For All Of Your Engineering Services 800-772-7991 Q information@becht.com www.bechtengineering.com Mechanical

Electrical

Plumbing

Fire Protection

Structural

Project Management

Photographs of SHI office space provided by Jack Neith

LEED AP

Building Envelope

10A — April 27 - May 10, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

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Green Buildings Featuring Energy Efficiency Temperature controls using 21st century technology

Hutchinson green-lights energy-efficient solutions

s rising temperatures and energy consumption go hand in hand, now’s the time to develop a strategic energy plan to cut your business’ energy costs. Hutchinson Mechanical Services, a family owned business since 1948, is a recognized leader in energy-efficient HVAC solutions. From building automation systems with web access monitoring to handling HVAC equipment upgrades, Hutchinson provides the latest green technologies to help businesses be more efficient.

Direct Install Offers 70% Incentive As a participating contractor for New Jersey’s Direct Install Clean Energy Program in Burlington, Camden, Ocean, Monmouth and Gloucester Counties, Hutchinson is working with businesses and local governments to upgrade to energy efficient equipment with a savings of up to 70% of the total project cost. Direct Install is geared toward facilities with a monthly peak demand of 150kW or less. The streamlined process makes

it easy and affordable for businesses to replace HVAC, lighting and other outdated operational equipment with energy-efficient alternatives. Hutchinson starts the process by providing prospective customers with a FREE energy assessment to identify eligible equipment. Full-Coverage Service Agreements Another way to ensure equipment and systems are running at peak efficiency is to invest in a full-coverage service contract which provides 100 percent coverage of

Reduce your energy costs with Hutchinson! Direct Install now pays 70% of the cost

to replace your outdated lighting and HVAC equipment.

Energy Management Solutions Web Access Monitoring Heating | Ventilation | Air Conditioning Plumbing Services | Lighting Upgrades Energy Assessments Building Modeling and Benchmarking Solar Technologies

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888-777-4501

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labor, parts and materials, as well as emergency service. Full-coverage service agreements offer businesses many long-term advantages: • Reduces wasted energy costs by as much as 20% • Fixed annual O & M costs • Most of the risk is carried by the contractor • Protects the value of your investment “Full-coverage service agreements provide a fixed cost for maintenance and repairs, giving our clients peace of mind. We take care of their HVAC needs so they

hutchbiz.com

can focus on their core business,” said Pete Hatton, commercial accounts manager, Hutchinson Mechanical Services. “Making a full-service agreement part of your overall energy strategy makes good sense when focusing on a long-term energy savings plan.” Temperature Controls Using 21st Century Technology With the click of a mouse, Honeywell Webs Certified Hutchinson technicians can access Honeywell heating and cooling controls over the web – without ever stepping through your business’ doors. By utilizing this technology, technicians can quickly access, monitor and often repair any heating or cooling issues by remotely monitoring your system. Energy Efficiency Tips for Businesses Keep these tips in mind for improved energy efficiency. 1. Replace existing light bulbs with compact fluorescent ones which produce three to four times as much light per watt as incandescent bulbs. 2. During summer office hours, set the office thermostats between 74 and 76 degrees. After hours, turn the setting up above 80 degrees. Better yet, invest in a building automation system to assure year-round comfort and savings. 3. Establish a preventative maintenance program for your HVAC equipment and systems. • Change or clean all air filters, preferably every month. • Clean all heat exchanger surfaces, water and refrigerant coils, condensers and evaporators. • Repair leaks in piping, air ducts, coils, fittings and at the unit(s). • Replace defective equipment insulation, ducting and piping. • Upgrade to a high-efficiency chiller or AC system as new chillers are 25-50 percent more efficient than chillers 10+ years old • Install/upgrade HVAC controls to include new energy management systems technologies. Hutchinson Mechanical Services. n

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Mid Atlantic Real Estate Journal — Green Buildings — April 27 - May 10, 2012 — 11A

Green Buildings Featuring Energy Efficiency

12A — April 27 - May 10, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

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Energy Efficiency Company of the Month A&E’s “Flipping Boston” features Crystal products

Crystal Windows supplies NEWS RELEASE Cherry Hill, NJ high-rise project

herry H ill , N J — Crystal Window & Door Systems, the award winning national manufacturer, has completed the initial phase of supplying new energy efficient products for the Towers of Windsor Park, located at 3005 Chapel Ave. in Cherry Hill. Window and glass balcony door replacements at The Toledo apartment building in the complex have recently been completed. Work on the second apartment building at The Towers of Windsor Park, The Kyoto, for which Crystal will also be supplying products, is beginning. In total Crystal will provide more than 1,300 windows and almost 500 sliding and swing glass balcony doors for the residential complex. The high-rise Windsor Park residential property consists of two 13-story buildings with 525 rental apartments and many amenities. National property management firm Morgan Properties, headquartered in King of Prussia, PA, manages The Towers of Windsor Park. Therm-All Window & Door Company of Horsham, PA provided the window replacement installation services for the project. “Morgan Properties invited Crystal to bid on this replacement project after seeing Crystal’s products firsthand at a regional trade exhibition,” noted Steven Yu, Crystal’s regional sales manager. “They were impressed with the energy efficient performance and durable construction of our products and selected one of our most popular commercial windows, the Series CTS 2300 sliding aluminum window, for Windsor Park.” The Crystal Series CTS 2300 two- and three-lite sliding windows feature 3-¼” frame depth with 7/8” dual glazed insulating glass units and an AAMA performance rating of HS-C50. Full height pull handles and corrosionresistant two-wheel brass rollers on the new window sashes assure the Windsor Park tenants of easy, trouble free operation. The new large sliding windows replace the building’s existing multiple double-hung windows, improving views and admitting more daylight. The aluminum frame glass doors used on the Cherry Hill project balconies are the

31-10 Whitestone Expressway, Flushing, NY 11354 T: 718-961-7300  F: 718-460-4594  www.crystalwindows.com

Media Contact: Bob Nyman, Livingston Marketing long-running cable TV series 201-342-2401/ren@LivingstonA.com

“Flip This House.” While “Flip This House” followed real estate investor teams around the country as they transformed eyesores into profit-making beauties over the course of several episodes, “Flipping Boston” centers on Eastern Massachusetts and rapid real FLUSHING, NY, March 5, 2012 – Crystal Window & Door Systems vinyl window recently estateproducts makeoverswere in single episodes. “Crystal windows were featured in an episode of A&E Network’s “Flipping Boston” TV Show. Twenty-five (25) of Crystal’s popular an excellent choice for the show they renovation offer incred-in Series 200 double-hung vinyl windows were installed for the cable TV show as part ofsince a house ible energy efficiency, great Lowell, MA. The renovation work took place last fall and the episode aired on Saturday, February 11, 2012. style and tremendous value – all critical factors for the project’s success,” noted John Kane, regional sales executive The recent episode showed the Crystal vinyl windows being installed and demonstrated their operation. The for Crystal Windows. “This is show’s real estate and renovation expert host went further and highlighted sometheofsecond the Crystal SeriesWin200 time Crystal dow products have ‘starred’ in window features such as improved energy efficiency over the house’s original windows, qualification for energy an A&E ‘Flip’ Show. In 2008, the company’s vinyl windows tax credits, and a deep pocket sill for improved water penetration resistance. were included in a Connecticut Towers of Windsor Park, Cherry Hill, NJ

Crystal Products Featured On A&E’s “Flipping Boston” TV Show

The Lowell, MA “Flipping Boston” renovation project (left) includes replacement of old, drafty windows with new Crystal Series 200 energy efficient vinyl double-hung windows (right).

house renovation for the ‘Flip Crystal Series 1240 Sliding and beauty, the Crystal prod- an episode of A&E Network’s This House’ show,” said Yu. Thelong-running Crystal Series 200 vinyl PatioNew Doorthis and season, Series 1400 ucts used for The Towers at regional “Flippingvariations Boston” TV “Flipping Boston” is one of the of Show. the popular cable TV Swing Terrace Door. The Windsor Park project brought Twenty-five of Crystal’s popu- windows used on the “Flipseries While “FlipresponsibilThis House” lar followed realdouble-hung estate investor teamsBoston” aroundproject the country featureas Series 1240 “Flip SlidingThis DoorHouse.” has environmental Series 200 vi- ping strong, multi-chambered exa 4-½” frame depth and 1” ity to the forefront,” said Bill nyl windows were installed for they transformed eyesores into profit-making beauties over the course of several episodes, “Flipping Boston” tempered insulating glass Rennar, Crystal’s account ex- the cable TV show as part of trusions, 3-¼” jamb depth and unit. centers The door’s heavy-duty ecutive forand the rapid project. “Every house renovation in Lowell, on Eastern Massachusetts real estate amakeovers in single episodes.full-welded sash and frame adjustable dual tandem ball window and door was finished MA. The renovation work took corners. The double-hung bearing rollers, strong latch with Crystal’s standard high- place last fall and the episode windows boast a distinctive and stylish curvedgreat exterior handle, fibermesh screen performance, environmenaired on they Saturday, “Crystal windows were an excellent choice for the show since offer February incredible energy efficiency, style profile and clean, modern inteand AAMA SGD-C40 rating tally sustainable AAMA 2604 11, 2012. rior lines. The sales Seriesexecutive 200 feaandcomfort, tremendous value – powder all critical project’s notedshowed John Kane, regional provide convenience coatfactors paint for and the each The success,” recent episode and performance. The 3-¼” insulating glass unit incor- the Crystal vinyl windows tures a ⅞” insulating glass unit Crystal Windows. is the second time Crystalbeing Window products ‘starred’ inwith an A&E ‘Flip’ Show. (IGU) dual-glazing, and jambfor depth Crystal Series “This porated energy performance installed and have demonoptional between-the-glass 1400 In Swing Door boasts extra enhancing low-E coatings and strated their operation. The 2008, the company’s vinyl windows were included in a Connecticut house renovation for the ‘Flip This strong 0.125” thick alumi- argon gas filling. The building show’s real estate and renova- colonial grids. For this TV show,” saida Steven Yu,will Crystal’s Marketing num House’ extrusion profiles, 1” owner definitely see en- Manager. tion expert host went further network project, an advanced tempered insulating glass ergy savings and enjoy many and highlighted some of the PPG Solarban 70 low-E coatunit and a heavy-commercial maintenance-free years with Crystal Series 200 window ing and argon gas filling were AAMA performance rating the new Crystal windows and features such as improved specified for superior energy more of HGC-HC50. A polyamide doors.” Optional face flange energy efficiency over the performance. Crystal’s stan“I-Bar” thermal break frame, frames were used for all the house’s original windows, dard Series 200 double-hung an opening limit bar, and products to speed installation, qualification for energy tax windows are Energy Star® a multi-point handle oper- minimizing inconvenience for credits, and a deep pocket sill qualified, and as specified ated lock provide excellent residents of the building. for improved water penetra- for this project, the windows are certified by the National safety, energy performance tion resistance. and sound reduction for the In other news, Crystal WinNew this season, “Flipping Association of Home Builders terrace door. dow & Door Systems vinyl win- Boston” is one of the regional (NAHB) as a “Green Approved “In addition to strength dow products were featured in variations of the popular Product.” n

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Mid Atlantic Real Estate Journal — Green Buildings — April 27 - May 10, 2012 — 13A

Energy Efficiency Company of the Month

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14A — April 27 - May 10, 2012 — Green Buildings — Mid

Atlantic Real Estate Journal

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Green Buildings Featuring Energy Efficiency By Stephen L. Johns, VanDemark & Lynch, Inc.

Should you be considering a green roof? (No - you won’t need a John Deere tractor)

eing green often means combining old technologies with new materials. Green roofs have been used around the world for centuries. We have all seen the photos of goats munching the grass on Stephen L. Johns a roof. But in today’s world of green technologies, green roofs have evolved well past the need for livestock. Modern design concepts take advantage of the drought and flood resistant traits of succulent

plants, typically a sedum, that require minimal maintenance. The sedum is usually planted in a four-inch layer of a special lightweight soil mixture placed over a drainage fabric, which covers a single membrane roofing fabric. Deeper soil can be used if a more diverse vegetative cover is desired for use as a rooftop garden. The question that needs to be answered is whether you will benefit from a green roof. Green roofs have five primary beneficial impacts: First, green roofs extend the life of the roof. The plant material and soil insulate the roofing membrane from the sun. This

eliminates the extreme peak temperatures experienced by the roof, and the deterioration of the membrane from ultraviolet solar rays. The accepted standard is a green roof will last over 50 years. There are green roofs in Europe that are well over 50 years old and still in excellent shape. Second, green roofs reduce air conditioning loads. The same insulating features that extend the life of the roofing membrane, also reduce the heat transferred through the roof to the building. This benefit is more noticeable in a single story building, since the benefit is not realized by the lower floors in a multi-floor

building. Unfortunately, the insulating effects of the green roof are not as effective for heating loads. Although it does not make the building any colder, having a block of frozen soil on the roof does not keep the building warmer. So, the benefit of reduced utility costs is generally limited to cooling loads. Third, green roofs manage storm water, and will significantly reduce the need for other storm water management (SWM) facilities around or near the building. The most important SWM benefit green roofs provide is management of stormwater quality. Green roofs typically clean and reduce

the temperature of stormwater sufficiently to satisfy most regulatory agencies. Green roofs also reduce the rate and volume of runoff, so they can also reduce the need for quantity control SWM facilities. Increasing the depth of the soil will increase the benefits of stormwater quantity management. Sometimes replacing existing roofs can add to this benefit. VanDemark & Lynch, Inc. helped one property owner install a green roof on an existing building, and documented it with the regulatory agency, so it is now “banked” to count as SWM for a future facility expansion. Four, green roofs reduce sound intrusion. The green roof ’s soil bed is an excellent sound insulation. This is extremely helpful for buildings near airports, or for theaters and concert halls, or other facilities where outside noise is a nuisance. Five, green roofs provide a message to the community that the owner is interested in being a good steward of natural resources. A green roof can be used in a number of ways to brand and market a facility. For example, it can be used in advertisements, or tours can be given to interested customers and community groups. To summarize, green roofs have a number of benefits. Financially, the best installation would be a one story, refrigerated warehouse in the south, where the full impact of the reduced cooling loads would be experienced, or a concert hall within the flight path of a nearby airport, where the sound reduction is critical. But, green roofs have been successfully installed on a number of institutional, commercial, and residential buildings in the north, away from airports. So, it certainly makes sense to do a cost/benefit analysis for any building, or even for a replacement roof, because the SWM effects can sometimes make a green roof the best option. Stephen L. Johns, PE, PLS, started working as a civil engineer, planner, and surveyor after graduation from the University of Virginia in 1976. As vice president of engineering, Johns’ current duties include managing the staff of VanDemark and Lynch and assuming the duties of Principal-in-Charge to lead the design process for significant projects. n

Mid Atlantic Real Estate Journal — Green Buildings — April 27 - May 10, 2012 — 15A

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U. S. Green Building Council, NJ Chapter Letter from the Executive Director Dear Friends and Colleagues,

As we seek to establish the life cycle costs and financial impact of green buildings, one of the most difficult areas to quantify has historically been worker productivity. There has been significant research in this area that has yielded some very compelling data. The following perspective appeared in an article in the PSE&G EnergE Link newsletter, which we are referencing here with their permission. The question is: Can Saving Energy Increase Worker Productivity? “…Worker Productivity gains are rarely considered in return-on-investment calculations for energyefficiency upgrades. This is because productivity is more difficult to measure than energy use, especially in relation to a specific project. A number of studies, however, have demonstrated that energy-efficiency improvements can also help increase productivity. What the Research Says: FLORENCE BLOCK Pioneering research in this field was conducted in the 1990s by Dr. Joseph Romm, an official with the U.S. Department of Energy. Examinations of businesses launching energy-efficiency programs showed that, “profits created by the jump in worker productivity can exceed energy savings by a factor of 10.” (Romm 1994) More recent studies have linked energy-efficiency improvements—such as natural ventilation and daylighting—to increased productivity through reduced absenteeism and enhanced work atmosphere. A 2009 study by the University of San Diego and the C.B. Richard Ellis Group found those tenants in green office buildings experienced increased productivity and fewer sick days. Survey respondents reported an average of three fewer sick days per year and 55% of respondents reported improved productivity. The research included 154 buildings with over 3,000 tenants. Green buildings were defined as those with LEED certification or bearing the ENERGY STAR label. (Miller 2009) Michigan State University surveyed employees who moved from conventional buildings to LEED certified buildings. The survey found reduced absenteeism, increased work hours of nearly 40 hours per person annually, and an increase in overall productivity. (Singh 2010) The Carnegie Mellon Center for Building Performance and Diagnostics identified numerous case studies in which energy-saving measures, such as the introduction of natural ventilation and daylighting, resulted in individual productivity improvements of 10% to 15%, while reducing annual energy consumption by 10% to 75%. (Loftness 2003) The University of Pittsburgh quantified the energy-saving and productivity benefits of a manufacturer that moved from a conventional facility into a green building. Castcon Stone, a manufacturer of cement products, moved from its old plant into a new, LEED-certified facility. Results showed that productivity in the new facility increased by 25%, while energy use per square foot decreased by 30%. Energy consumption took into account electric, natural gas, and fuel use, while productivity was defined as concrete poured per hour. While a growing body of evidence suggests that substantial productivity gains can accompany improvements in energy efficiency, more research is necessary to obtain accurate estimates for specific types of projects. A standard methodology for measuring and verifying productivity improvements from energy efficiency would be of great value to organizations evaluating the potential cost and benefits of energy-efficiency investments. “ One of the most critical and high cost impact line items for any company is its human resources, so we need to become as adept in measuring productivity and its cost impact as we have become in measuring our energy and hard costs. To be continued….

Florence Block Executive Director USGBC NJ

References Loftness, Vivian. Linking Energy to Health and Productivity in the Built Environment. Carnegie Mellon Center for Building Performance and Diagnostics, 2003. Miller, Norman, et. al. “Green Buildings and Productivity.” Journal of Sustainable Real Estate. Fall 2009. Romm, Joseph. “Worker Productivity Rises with Energy Efficiency.” Industrial Engineer. November 1994. Singh, Amanjeet. “Effects of Green Buildings on Employee Health and Productivity.” American Journal of Public Health. July 2010. Vickroy, Rod. “LEED for Commercial Interiors Can Result In Productivity Gains, Energy Savings.”FacilitiesNet. May 2010.

Chapter Events 5/4/12 – Building Sciences Workshop II: Residential Indoor Air Quality, 7:30 – 12 pm Bergen County Community College, Paramus, NJ 5/7/12 – USGBC NJ Central Branch Presents Salsa Night, 5 – 9 pm — Hamilton Manor, Hamilton, NJ 5/15/12 – LEED O&M 251: Understanding the Operations & Maintenance LEED Rating System, 8 – 5 pm, The Green Living and Building Center, Lambertville, NJ 5/22-23/12 – GPRO Fundamentals + Operations & Maintenance Essentials, 8 – 5 pm each day, Isles’ Center for Energy and Environmental Training, Trenton, NJ 7/30/12 – 9th Annual Golf Outing, NJ National Golf Club, Basking Ridge, NJ

For details on all USGBC-NJ events, visit www.usgbcNJ.org Number of New Jersey chapter members:

1095

Number of USGBC member Companies in NJ:

336

Number of LEED Accredited Professionals in NJ:

3170

Number of LEED registered projects in NJ:

421

Number of LEED certified projects in NJ:

158

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

www.usgbcnj.org

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Join Us for the 23rd Annual NJAA Conference & Expo May 21 - 23, 2012 :: Atlantic City Convention Center The NJAA Annual Conference & Expo is the ultimate industry showcase for New Jersey’s multifamily housing professionals to connect and learn how to navigate today’s rapidly changing marketplace for success. This year’s show will give you access to: - More than 1,300 New Jersey apartment industry professionals ready to learn, network, and build partnerships - A packed show floor loaded with the latest products and services - A conference program filled with the latest information on the topics concerning you and your team such as, hoarding, leasing, maintenance for managers, managing your reputation, recycling, sustainability and more! - More networking than ever—from the golf outing to show floor to the After Hours Party Don’t miss out on your opportunity to stock your business toolkit with the invaluable opportunities the NJAA Conference & Expo offers— visit njaa.com/annual-conference-and-expo-2012 today to view the latest show information and register!

For more information please visit njaa.com or contact us at 732-992-0600 or events@njaa.com.

We are pleased to announce our 2012 Keynote Speakers: T U E S D AY Update from the Department of Community Affairs The Honorable Richard E. Constable, III Commissioner

T U E S D AY Garrison Wynn How to Win an Unfair Fight: What The Most Influential People Do Differently 9:15am – 10:30am W E D N E S D AY Jon Stetson The Stetson Experience 9:45am – 10:45am

CONFERENCE SCHEDULE :: Monday, May 21 8:30am 11:00am-3:00pm 11:00am-7:00pm 5:30pm-7:00pm 5:30pm-7:00pm 7:00pm-9:00pm Tuesday, May 22 7:00am-5:00pm 7:30am-9:00am 9:15am-10:30am 10:30am-2:45pm 12:00pm-1:30pm 2:45pm-3:45pm

2:45pm-5:00pm 4:00pm-5:00pm

Legislative Awards Presentation on Tuesday Legislator of the Year Senator Steven V. Oroho (R-Sussex, Warren & Morris)

Housing Champion Asw. L. Grace Spencer Chair, Assembly Environment Cmte (D-Essex)

(All events to take place at the AC Convention Center unless otherwise noted)

Golf Outing - Ballamor Golf Course Registration Open Exhibitor Set-up Satellite Registration - Borgata Hotel Diamond Reception - Borgata Hotel (by invitation only) President’s Reception - Borgata Hotel (ticketed event) Registration Open Networking Breakfast Keynote Address & Legislative Awards How to Win an Unfair Fight Expo Floor Open Networking Lunch (on the Expo floor) Educational Sessions Never Say No Comment Online Concerns Time Isn’t On Your Side Hands On Maintenance Tips & Tricks Educational Session Hot Topics in Fair Housing Educational Sessions Legislative Update 2012

Tuesday, May 22

continued

9:00pm-1:00am Wednesday, May 23 7:30am-1:00pm 7:30am-8:30am 8:30am-9:30am

9:45am-10:45am 10:45am-1:30pm 12:00pm-1:30pm 1:30pm-2:30pm

Maintenance For Managers Leasing: The New SHEconomy Being the Best vs. Being Consistently Chosen After Hours Party - MIXX at the Borgata (ticketed event) Registration Open Grab and Go Breakfast Education Sessions Recycling and Sustainability Satisfaction vs. Loyalty Maintaining Your Commercial Boiler The Power of First Impressions JAHMA – REAC Inspection Preparation Keynote Address The Stetson Experience Expo Floor Open Networking Lunch (on the Expo floor) Educational Sessions How to Fund Retrofits Understanding & Dealing With Hoarding Leasing: Closing is a Process, Not an Event JAHMA Appealing Your REAC Inspection Hands on Appliance Maintenance & Repair

Mid Atlantic REAL ESTATE JOURNAL SPRING PREVIEW Mid Atlantic Real Estate Journal — April 27 - May 10, 2012 — 17A

www.marejournal.com

Pete Arnoldt

Brendan Berger

Sam Berns

Scott C. Butler, Esq.

Ernie DesRochers

Sidney Gable

David Goldfisher

Darryl Gordon

Jim O’Hara, Jr.

Todd Hranicka

Matthew Lewis

William D. Patterson

Nicholas Racioppi, Jr.

Donald W. Richardson, CPG

Jon Scott

Ken Uranowitz

INSIDE: CHARITABLE GIFTING

HUMAN RESOURCES

William D. Patterson, Patterson Woods Commercial Properties ..19A

Darryl Gordon, High Company LLC..............................................26A

CMBS LOANS

MULTI-FAMILY

David Goldfisher, The Henley Group ........................................ 20A

Ken Uranowitz, Gebroe-Hammer Associates ........................... 27A

DELAWARE/RETAIL

NEW JERSEY REAL ESTATE LAW

Jim O’Hara, Jr., NAI Emory Hill ................................................ 21A

Nicholas Racioppi, Jr., Esq. and Matthew H. Lewis, Esq. ........ 28A

ENERGY/BENCHMARKING

NEWARK OFFICE SPECIALIST

Pete Arnoldt, RCx Building Diagnostics.................................... 22A

Brendan Berger, The Berger Organization ............................... 29A

EPA/INDUSTRIAL

PENNSYLVANIA

Sidney Gable, CRE, SIOR, Sidney E. Gable Associates ......... 23A

Jon C. Scott, Greater Reading Economic Partnership ............. 30A

FINANCING

PENNSYLVANIA REAL ESTATE LAW

Sam Berns and Ernie DesRochers, NorthMarq Capital ........... 24A

Scott C. Butler, Esq., Kaplin Stewart ........................................ 31A

GREEN/SOLAR

REMEDIATION

Todd Hranicka, Vanguard Energy Partners .............................. 25A

Donald W. Richardson, CPG and Paul J. Lesti, RSP, CSSC ... 32A

18A — April 27 - May 11, 2012 — Spring Preview — Mid

Atlantic Real Estate Journal

MAREjournal.com

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28 Residential Units Paterson, New Jersey Robert Squires ext 287

24 Residential Units Belleville, New Jersey Julie Gralla ext 224

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Mid Atlantic Real Estate Journal — Spring Preview — April 27 - May 10, 2012 — 19A

www.marejournal.com

Charitable Gifting By William D. Patterson, Patterson Woods Commercial Properties

Charitable gifting through the donation of real estate

o you or your client have a property that is difficult to move or cannot be sold at a price that makes economic sense? There may be a viable alternative. C h a r i table gifting William Patterson through donations of Real Estate is one of the most underutilized methods of transferring real estate assets. In the US approximately 300,000 billion work of assets are given to over 1,300,000 501C3 charities annually, however, less than three percent of that amount involves real estate equities. Capital wealth in the United States approximates 64 trillion dollars with real estate encompassing 27 trillion or 43%. Why is there such a disparity between the value of the amount of real estate available for contributions to charities and the amount that is actually donated? The answer can be as simple as the investor/owner either an individual or a corporation is unaware that a donation could be a means of disposing of a property. However, on the charity side it is estimated that charities turn down real estate eighty percent of the time it is offered to them. Why is that? There are many reasons, the simple answer is that in most cases it is the fear of what they the charity does not know. Unfortunately, many individuals with development responsibilities within the charitable institutions are familiar with the infamous Boys Scouts of America Real Estate donation case. In a nutshell, the Scouts were given an environmentally impacted tract of land located outside of Chicago which ultimately cost the organization millions. By insuring that the charitable entity has the ability to perform the proper due diligence to analyze the property thoroughly is one of the roles of the real estate broker. The responsibility in the world of real estate gifting is to ensure that all parties are fully and clearly represented. Unlike standard real estate transactions where legal representation is sufficient gifting of real estate involves a team which in many cases is coordinated by the real estate broker. On the donor side the team includes an attorney, a financial planner, an accountant and an

appraiser. On the donee side, in addition to real estate and legal representation, specialists such as engineers may be required. In many cases where the charity has neither the time or financial resources necessary to proceed with such a transaction, a third party professional facilitator such as the CCIM Education Foundation can be brought in. The professional facilitator is a 501C3 entity and is already structured to handle real estate donations and for a percentage of the cash received will handle all the facets of the donation on behalf of the charity including

receiving and liquidating the property. There are many individuals, investors and corporate real estate professionals who are faced with non-productive real estate assets which are difficult to move, and even though a certain value can easily be justified, the ultimate sales price may reflect a significant discount. The charitable gifting of that real estate may actually be the best exit strategy when weighing such considerations as timing, economics and public relations. There are many different ways that the gifting of real estate may

be accomplished depending on the donor’s goals. An Outright gift is the most straightforward method of donating a real estate asset the main benefit of which is that the donor may take a full appraised value of the asset as a tax deduction at the time of the title transfer to the charity. The donor also has the benefit of determining the timing of the asset disposal and can mitigate costly delays in transferring title, Bargain Sales are another option whereby the difference between the market price and the sales price is a tax deductible gift, therefore a donor can

receive part of the equity and at the same time have a tax deduction. Charitable Remainder Trusts can be structured where the real estate is utilized as a funding source. In this case the donor deeds the property into an irrevocable trust whereby the donor receives an income stream and upon termination of the trust the charity receives the remaining assets. Through a Charitable Remainder Trust the corporation or individual avoids capital gains taxes, receives a tax deduction and cash flow. Bequeaths and Retain Life Estates are estate continued on page 21A

3801 Kennett Pike, Building D Suite 100 Wilmington, Delaware 19807 302-622-3500 800-220-2738 Email: info@pattersoneoods.com Web Site: www.pattersonwoods.com

20A — April 27 - May 10, 2012 — Spring Preview — Mid

Atlantic Real Estate Journal

www.marejournal.com

CMBS Loans By David Goldfisher, The Henley Group

Troubled CMBS Loans: Update and Trends

MBS loan delinquencies continue to exceed the 8% mark through March 2012 according to Morningstar Credit Ratings. With $59.19 billion (8.26%) of the total $716.72 bil- David Goldfisher lion of total unpaid CMBS balances past due, the ratio is over 29 times the Morningstar recorded low point of the 0.283% reported

in June of 2007. Monthly movements in the size and amount of loan liquidations, note sales, modifications, extensions, and discounted payoffs executed by Special Servicers, along with new balloon maturity defaults, make it difficult to predict which resolutions will be most favored by Special Servicers for the remainder of 2012. In 2012, some of the larger Special Servicers have exhibited more of a willingness to aggressively pursue property ownership than in prior years. Certain Servicers believe

that the economic recovery is taking shape and certain marketplaces will improve over the next 2-3 years. The Servicer may hold these assets as REO until property values return. This tact allows the Trust to postpone potential losses rather than take an immediate loss by executing on a note sale or discounted payoff with the Borrower today. (Borrower Tip: Pinpoint in your Pooling and Service Agreement (“PSA”) the length of time a Special Servicer can hold your asset in REO.)

A second trend coming out of 2011 and continuing thus far into 2012 is the Servicers more frequent use of the note sale process as a way to quickly remove troubled assets they don’t want in their REO portfolios. Servicers appreciate that there is an excess amount of “sideline” capital that has accrued during the last real estate cycle. In these cases, the Special Servicer believes that the capital chasing the note may exceed the Fair Market Value of the Property. The Servicer is acting in accordance with

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Workout Advisory for CMBS Loans

their fiduciary responsibility to maximize net proceeds to the Trust by minimizing future losses and writing off the asset immediately. The Servicer may elect to sell the note and may invite the Borrower to participate in the note sale process depending upon whether the Servicer is 1) comfortable with their Borrower dealings to date and 2) their PSA does not forbid a sale to the Borrower. (Borrower Tip: Within the PSA, determine whether you are eligible to participate in the note sale process. Most PWR pools, for example, forbid the Borrower from purchasing the note. Additionally, realize that Borrowers are infrequently awarded the winning bid in the note sale process and should put most of their effort into a direct resolution with the Servicer.) Another key trend with which Borrowers should be familiar is the Servicers ramped up requests for more extensive Reps and Warrants as well as increased due diligence. As of January 1st 2012, a major Servicer put in a place a “Revised Diligence/Reps and Warrants List” that must be completed prior to the execution of any resolution. Deals previously negotiated are not “grandfathered” and must comply with these stricter guidelines. For example, the Borrower must rep that the Servicer has been made aware of 1) all prospective tenant conversations and 2) any property sale plans post resolution. These reps along with several others have been installed to protect the Trust and eliminate Borrower malfeasance. (Borrower Tip: Understand what Reps and Warrants the Servicer requires and be prepared to provide accurate and expedient proof as Servicers quickly tire of mercurial or nonresponsive Borrowers.) Borrowers most likely reach their specified property goals with strong, consistent and informed advocacy. David Goldfisher is the founder of The Henley Group Inc., a boutique consultancy that provides workout advisory services for performing and nonperforming CMBS loans. n

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Spring Preview â&#x20AC;&#x201D; April 27 - May 10, 2012 â&#x20AC;&#x201D; 21A

www.marejournal.com

Delaware/Retail By Jim Oâ&#x20AC;&#x2122;Hara, Jr., NAI Emory Hill

Delaware Retail Market Rebounds

he commercial real estate retail market in Delaware, particularly in New Castle County, has thankfully begun to rebound from the downtown in the economy over the past several years. Jim Oâ&#x20AC;&#x2122;Hara, Jr. The signs are slowly springing up as several major retailers have opened or are about to open new or additional locations throughout the county. Included in the list of recently opened new retail businesses are The Guitar Center, located in the Brandywine Town Center, and Golfsmith, a golf store outlet selling golf clubs, equipment, shoes and apparel, scheduled to open near the Christiana Mall next month. Vacancy in small

Charitable gifting through the donation of real . . . continued from page 19A planning methods which can also ultimately benefit the charity. Although philanthropic intent should be an overriding factor in any charitable donation, several benefits can accrue to a donor such as relief from capital gains taxes, reduction of federal and state taxes and transfer taxes, elimination of management responsibility and potential for an income stream. From a real estate brokers standpoint there are also many potential benefits, as we certainly have the responsibility to advise oneâ&#x20AC;&#x2122;s client of all alternatives regarding the disposition of real estate, and in certain cases the gifting of real estate may be an attractive alternative. It is important for the real estate broker to understand that fees can still can be earned through the normal commission process or on an hourly basis. There can also be increased marketing opportunities and referrals by working with charities, not to mention the positive public relations exposure from helping charities. Charitable gifting through the donation of real estate can be the classic â&#x20AC;&#x153;win winâ&#x20AC;? for all involved. William D. Patterson is president of the Commercial Real Estate firm of Patterson-Woods & Associates, headquartered in Greenville, DE. n

stores still remains a problem in some areas but demand has picked up recently. In Northern New Castle County, Panera Bread and Kitchen and Company have recently added additional locations. Retail expansion continues to gradually increase throughout the New Castle County market. Both Wilmington Savings Fund Society (WSFS) and Bank of America are opening new locations around the county. WSFS recently opened new branches in Newark and Northern Wilmington and have two under construction - one on

Kirkwood Highway and another on Limestone Road. Bank of America will be opening a new branch in the Fox Run Shopping Center on Route 40 in the near future. In addition, Emory Hill was the general contractor for a new Royal Farms store which recently opened in Glasgow and was just awarded the contract to manage construction of two more Royal Farms stores in the near future â&#x20AC;&#x201C; one in Georgetown, DE which will break ground soon and another in Bear. The stores in Glasgow and Bear are due to become LEEDÂŽ

certified â&#x20AC;&#x201C; and this unprecedented push for â&#x20AC;&#x153;greenâ&#x20AC;? retail buildings is helping improve the upward turn in the market. After a long, painful recession, the retail market â&#x20AC;&#x201C; in keeping with the overall real estate market - actually started to show signs of life in 2011 when Delawareâ&#x20AC;&#x2122;s unemployment rate started to slowly decrease. Nordstromâ&#x20AC;&#x2122;s became an anchor in the Christiana Mall, which saw several new stores open, and several redevelopment projects were announced that are now coming to fruition which will attract further retail busi-

ness - including the University of Delawareâ&#x20AC;&#x2122;s new technology campus/business park. The recent trends in slowly rising lease prices suggest the worst may be behind us â&#x20AC;&#x201C; and for businesses looking to lease or buy, itâ&#x20AC;&#x2122;s time to take a look at these trends and, as the old adage goes, strike while the iron is hot. Jim Oâ&#x20AC;&#x2122;Hara has been a licensed commercial real estate broker in DE and PA since 1972. His company, Jim Oâ&#x20AC;&#x2122;Hara Realty Associates, LLC, joined NAI Emory Hill in 2008. n

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22A — April 27 - May 10, 2012 — Spring Preview — Mid

Atlantic Real Estate Journal

www.marejournal.com

Energy/Benchmarking By Pete Arnoldt, RCx Building Diagnostics

Building Benchmarking: Low Cost, High Value

“A

penny saved is a penny earned.”Benjamin Franklin.

Regardless of the status of the economy, whether flush or bust, this declaration holds as true today as it did in the Pete Arnoldt 18th Century when our forefather originally uttered it. In our 21st Century full of “smart” and “green” or high performance buildings, the

number of building owners and managers who are increasing their earnings by decreasing their consumption continues to grow. Another old adage goes: “you can’t measure what you don’t monitor and you can’t manage what you don’t measure.” This is a conundrum that many facilities staff are dealing with nowadays. Just how much savings are being realized as a result of investments into building upgrades? How much energy consumption has been avoided because of facility improvements made

Sometimes Replacing The Light Bulbs Just Is Not Enough.

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Sustainability Analysis • Retrocommissioning Benchmarking • Energy Auditing

in the name of efficiency? Or, if you think your building’s performing efficiently, compared to what? How are other facilities your size, function, occupancy, and location operating? A building benchmark is a great, low cost tool that will give you a baseline for how your facility is currently consuming so that the answers to these questions, and many others, can be determined. A building benchmark is an integral first step for an organization to develop a successful energy management

program, which ensures the effective and efficient use of energy to maximize profits and minimize costs (revisiting the whole “penny saved… earned” concept). And, considering that office buildings in the United States spend in upwards of $2.00/ft² on energy and that it is estimated that up to 30% of that energy-consumed is wasted (EPA), the development of an energy management program is crucial. Without the foundation of the baseline, or benchmark, it is not possible to establish goals that are

SMART (Specific, Measurable, Attainable, Realistic, and with a Time-table). If you collect and analyze building data the same way that you collect and analyze business data, you can make more fully informed decisions. With the results from a benchmark, you are then able to change the perception of the utility costs for your building from a variable overhead cost to a manageable operating cost as you create and implement an action plan designed to achieve the goals established after benchmarking your building’s performance. A benchmark can provide the verification necessary to justify upgrades, too. Benchmarking a building’s historical energy usage creates a simple measurement tool that quickly assesses how well your building is currently performing relative to other, similar buildings. It is the process of comparing your building’s energy use to a database of buildings, while accounting for differences in size, location, use, weather differences, and other variables. Once you understand how a building is performing relative to other buildings, you gain a sense of the level of opportunity for energy reduction that exists for your building. Oftentimes energy audits or retrocommissioning services are additional tools that will take you from benchmarking through setting goals, creating an action plan and implementing changes accordingly, to the point of evaluating the progress resulting from the actions taken. Armed with the results from the benchmark, operational staff can rationalize such efficiency investments to upper management for approval. The increased value that comes with operating an efficient building is recognized by many, including your tenants and the government. A number of cities, such as New York and Washington DC, now require benchmarking and issue fines for non-compliance. So, the question now becomes, whether you are in an area issuing fines for non-compliance or not: Can you afford NOT to have your building benchmarked? Pete Arnoldt is a sales consultant for RCx Building Diagnostics. n

Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Spring Preview â&#x20AC;&#x201D; April 27 - May 10, 2012 â&#x20AC;&#x201D; 23A

www.marejournal.com

EPA/Industrial By Sidney Gable, CRE, SIOR, Sidney E. Gable Associates

SPRING 2012

he Greater Philadelphia Commercial Real Estate Market has not fully awakened. While we continue to see several large transactions completed, overall activity is very quiet. Sidney Gable The closing of three oil refineries with the loss of 20,000 jobs creates a cloud over our economic environment. Many commercial brokers to whom I have spoken are not optimistic about the future. They believe the commercial market activity is very weak and 2012 will not be a good year, but better than 2011. Only two brokers believe that 2012 will be a good year. I agree with them. Commercial Real Estate is cyclical. Itâ&#x20AC;&#x2122;s just a matter of time when the real estate activities will return to a normal number of transactions. I believe the downturn has ended. Overall, companies are looking to the suburbs for new facilities. The exceptions are smaller companies that cannot afford higher suburban rents. However, Philadelphia has completed some very large transactions. TEVA Pharmaceuticals obtained financial assistance and zoning approvals that were denied in the suburbs. The Naval Yard continues to attract tenants. Some large transactions were: 1. Teva Pharmaceutical purchased 140 acres to construct a 1,200,000 s/f facility. 2. Phila Naval Yard, IROKA will build $15 million building. 3. Penn Jersey, new facility PIDC Northeast Development, approx. 800,000 s/f 4. 150,000 s/f renewal on Erie Ave. 5. 1,000,000 s/f rental in Lehigh Valley 6. 172,000 s/f lease in Warminster, PA 7. 94,000 s/f new construction in New Castle, DE - MAGCO, Inc. of Canada. Commercial real estate is ever changing.. When I started in the business over 50 years ago, new highways were being built. The Schuylkill Expressway induced Cabot, Cabot & Forbes,

of Boston to build the King of Prussia Industrial Park (approx. 20 medium and large size facilities). I sold adjacent in King of Prussia ground to Philadelphia Gear where they built a new large facility moving from G & Erie Streets in Philadelphia. Their employees had to drive to work. Prior to that, public transportation was utilized. When Route 309 was constructed to Fort Washington and the PA Turnpike. A developer built the Fort Washington Industrial Park. We sold ground in New Jersey

to the Korman Corporation and they built the Bellmawr Business Park at Rt. 676 and the New Jersey Turnpike. Multi-floor buildings were out of date and not cost efficient. New buildings have multiple loading facilities, thereby reducing operating costs. Todayâ&#x20AC;&#x2122;s developers are thinking GREEN with high ceilings, solar electric, and consider locations using public transportation. There is a new concept that many cities are backing called Smart Growth which emphasizes

walkability, higher density areas, and transportation access as ways to more effectively use land. I am confident that changes in real estate will be to everyoneâ&#x20AC;&#x2122;s advantage. There are industries that continue to expand such as metal salvage facilities. We just signed a lease for an additional 42,000 s/f with ARCA which doubles their space to 95,000 s/f, and increasing employee count to 100 people. Companies are changing the way they operate with new techniques

and equipment. Hopefully, these changes will also mean new facilities and location changes in real estate. For example we leased 135,000 s/f to MPC of Minnesota at 10551 Decatur Rd., Philadelphia for their operation of rebuilding/recycling of computers and appliances. Sidney E Gable, CRE, SIOR has over 50 years of experience in commercial real estate. He holds degrees from The Wharton School, University of Penna. and an MBA from Drexel University. n

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24A — April 27 - May 10, 2012 — Spring Preview — Mid

Atlantic Real Estate Journal

www.marejournal.com

Financing By Sam Berns and Ernie DesRochers, NorthMarq Capital

2012 commercial mortgage bankers conference highlights

tlanta was the site of this year’s Commercial Real Estate Mortgage Bankers Conference. Over 3,000 attendees were at t h i s y e a r ’s conference representing Commercial Mortgage Sam Berns Backed Securities (CMBS) lenders, life insurance companies, agency lenders, banks, mezzanine and bridge lenders. North-

Marq Capital met with over 60 of these organizations. These groups will shape the commercial real estate market for the next year. Each lender indicated that 2012 will have increased alloErnie DesRochers cations over 2011. The overall attitude was extremely positive and was best stated by one lending group that stated, “We

know it’s highly competitive out there and we hope that we have the tools to attract the best financing opportunities”. OVERALL SENTIMENT This year’s conference stands in stark contrast to the “doom and gloom” of years back. Buzz words like “cash flows”, “income in place”, “good news structure”, characterized this year’s conference. Most lenders believe that barring any catastrophic events, positive commercial real estate trends which began in 2010 and took hold in 2011 will continue in

2012. This optimistic sentiment was shared by most lenders who believe 2012 will provide excellent lending opportunities. As cash continues to accumulate on most lenders’ balance sheets, they are actively searching for yield opportunities. We don’t believe this will result in a repeat of market peak behaviors, however, this will lead to higher loan to values, creativity, and a large spectrum of loan opportunities. The bottom line being that loan volumes will increase in

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2012. LENDER FEEDBACK AGENCY LENDERS Last year NorthMarq placed over $3.2 billion in agency debt between Freddie Mac and Fannie Mae. Together these agencies contributed over $44 billion in 2011 for multi-family loans nationally. These low cost debt providers continue to be about 50 basis points less than most lenders and will lend up to 80% loan to value. We expect agency liquidity to remain strong as multi-family lending remains the bright spot under government conservatorship. CMBS CMBS lending continues to make a comeback as CMBS 2.0. Over $40 billion was placed in CMBS and agency debt in 2011. Most of the 25 CMBS platforms are seeking loan opportunities greater than $5.0 million with rates ranging in the 4.75% to 5.50% range. Loan to values remain in the 70% range, however they may go higher in certain situations. CMBS lenders expect soft or springing lockboxes, reserves, warm body carve-outs guarantors and single purpose bankruptcy remote entities. LIFE COMPANIES Loan sizes range from $3 million up to $50 million for most institutional grade properties. Basic product types of apartments, retail, office and industrial continue to be what most life companies are seeking. Most life companies loan to values will max out at 75% for multi-family and 70% for other property types. 5-15 year loan terms with some 20/20 self-amortizing loans are available. Some life companies are becoming more flexible with pre-payment penalties moving from yield maintenance to declining balance. MEZZANINE & BRIDGE LENDERS Mezzanine lenders continue to fill the gap in the shortfall created by the aggressive lending earlier in the decade. Figure rates to be in the 8% - 12% range allowing loan to values to approach the 80% to 85% range. Bridge lenders continue to seek turnaround/distressed assets in the $10 million and up range. Depending on inplace cash-flows, loan to values will be in the 65% 70% range. These non-recourse loans are continued on page 25A

Mid Atlantic Real Estate Journal — Spring Preview — April 27 - May 10, 2012 — 25A

www.marejournal.com

Green/Solar By Todd Hranicka, Vanguard Energy Partners

“G

oing green”… although most people relate to solar energy’s environmentally friendly “green benefits”, few are familiar with the business side of green. The fact is that Todd Hranicka solar offers a very attractive return on investment. A solar photovoltaic (PV) array, a 25year asset, increases property value and distinguishes your property from the competition. Vanguard Energy Partners’ commercial real estate customers affirm that their solar properties earn higher lease rates and experience lower turnover than their non-solar properties. Solar incentives in the Mid-Atlantic States, coupled with the existing federal tax credit, accelerate a solar system’s rate of return. For instance, in Maryland, a state with robust solar incentives, a standard 300kW rooftop solar array becomes cash positive in four years. In addition, solar provides a competitive advantage for lease renewals. A solar installation will provide your tenant with a stable, discounted (5% to 10% savings) electricity rate and the traditional “green benefits,” which they can promote to their customers and shareholders. To explain the discount, the current average commercial electric rate in Maryland is $.11 per kWh. The 300kW solar array mentioned above produces electricity at approximately 15% to 20% discount, per kWh, to the average

2012 commercial mortgage bankers conference . . . continued from page 24A totally driven by the markets the properties are located in and sponsor experience. Most loans are interest only for a two-three year period. In summary, expect the 2012 lending environment to be better than last year. Most lenders are looking to expand their production but their staffs remain lean. Sam Berns and Ernie DesRochers are managing directors of NorthMarq Capital in New York State. n

Solar makes your property more desirable

Maryland commercial electric rate. After the solar system is paid off, the property owner continues to receive the SREC (Solar Renewable Energy Certificate) cash flows, along with the rate paid by the tenant. You have now created a second cash flow. As for the more obvious benefits of “going green,” a solar investment reduces the United States’ reliance on fossil fuels, lessens a firm’s carbon footprint and illustrates their commitment to the environment. These value-added benefits of solar energy play a significant role in attracting and retain-

ing tenants, especially tenants with an existing commitment to sustainability. Corporations such as Apple, Wal-Mart and Deutsche Bank have implemented renewable energy projects to achieve their strategic goals. Recently, the Department of Defense committed to 25% renewable energy by 2025. Therefore, if all factors are equal, firms with renewable visions are more likely to select a building with solar, as it aligns with their existing objectives. The USA Today recently reported, “The U.S. remains the innovative center of the solar

Solar is the future of energy. Vanguard is the future of solar. TM

industry,” said Rhone Resch, the president of the Solar Energy Industries Association (SEIA). The article went on to explain that Mr. Resch expects solar power, which now produces less than 1% of U.S. electricity, to generate 10% by 2020. At the end of last year, SEIA reported that the solar industry set a record number of installations and achieved 140% annual growth in the third quarter of 2011 -- solar’s best quarter ever. Regarding growth in 2011, Forbes also reported that solar delivered 1.86 new gigawatts in a market that previously was mea-

sured only in megawatts. The article predicted, “Looking at the long list of projects readying for construction, 2012 looks likely to put even more impressive numbers on the board.” Ultimately, “going green” is a strategic business decision that extends far beyond the environmental benefits. A solar PV system is a sound capital investment that generates clean energy, an impressive return on investment, and enhanced property marketability. Todd Hranicka is vice president of sales & marketing at Vanguard Energy Partners. n

The future of your company depends on making smart decisions. That’s why so many companies choose Vanguard to be their solar energy partner. Vanguard’s top quality systems consistently outperform industry standards while providing decades of reliable and affordable solar energy. Our project history speaks for itself, too. We’ve designed and installed the highest solar array in the world, the first commercial net zero electric facility in the United States and one of the largest rooftop systems in North America. Contact Vanguard today. It’s the right decision for your company’s future.

855-7-VEP-FUTURE info@vanguardenergypartners.com

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Human Resources By Darryl Gordon, High Company LLC

The top-five reasons to involve HR in location and facility decisions

hen you think of Human Resources (HR), you may think of recruiting, training, and guiding employees, or perhaps benefits, compensation plan development and administration. Darryl Gordon However, in todayâ&#x20AC;&#x2122;s business environment, HR is responsible for, and influences, a much wider scope

By including the valuable input and expertise of the HR team in the business location and facility selection processes, companies better position themselves to make strategically driven commercial real estate decisions that support their long-term objectives.

of strategic activity. Commercial real estate decisions are of long-term, strategic importance. Collaborating with HR leaders is critical in helping to make the key decisions regarding your business location and facility selections because of their influence on being able to hire the correct talent. Success in recruiting and retaining employees is, in part, determined by the location of the business and the characteristics of the facility itself. Each play a key role

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in sustaining a competitive advantage. By including the HR leaders in the location and facility decision-making process, a company can better position itself for long -term profitability and growth. A companyâ&#x20AC;&#x2122;s facility can serve as a strong reflection of a myriad of factors associated with a business including culture, quality, values, history, longevity, and success. Curb appeal and exterior grounds maintenance, as well as the interior look and feel of a facility, combine to provide the brand impression. Collaborating with the HR team in making the critically important location- and facility-related decisions enhances a companyâ&#x20AC;&#x2122;s ability to meet the needs of each department as well as the organization as a whole. The top-five reasons to involve HR in location and facility decisions: 1) These are strategic-level decisions that affect the companyâ&#x20AC;&#x2122;s ability to recruit and retain talent; 2) These decisions affect all managers and each employee throughout an organization; 3) HR can apply its knowledge of the marketplace and help choose a location and a facility that provides competitive advantage vs. others recruiting for the same, finite talent pool; 4) Employee training and self development needs are addressed proactively to assure the facility is configured to provide these vital HRrelated services or is located in a community or corporate center where multiple options for continuing education are readily available; 5) HR experts have a irreplaceable lens, unique to their discipline, through which to assess an organizationâ&#x20AC;&#x2122;s facility needs. By including the valuable input and expertise of the HR team in the business location and facility selection processes, companies better position themselves to make strategically driven commercial real estate decisions that support their long-term objectives. Darryl Gordon is VP of Human Resource Services at High Company LLC, based in Greenfield Corporate Center in Lancaster, PA. n

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Multi-family By Ken Uranowitz, Gebroe-Hammer Associates

ulti-family housing has shored up its spot on the commercial real estate walk of fame, consistently outshining the office, industrial and retail sectors. A distressed housing mark e t , s t r o n g Ken Uranowitz tenant retention, record-low interest rates and a volatile stock market are luring investors to this commercial real estate darling. Along the nation’s healthiest multi-family corridor, extending from New York to Philadelphia, heated competition is driving values upward, compressing cap rates and the bid/ask gap between sellers and buyers is narrowing to levels of those pre-recession. Despite boasting some of the highest median income levels in the United States, a significant majority of New Yorkers, New Jerseyans and Philadelphians are renters by choice – particularly in the current economy. The region’s sheer number of units and strong occupancy rates consistently outpace the national average thanks to a tenant pool with tremendous depth. Comprised of young professionals; future homebuyers waiting for the residential housing market to stabilize; and working-class families, there is a new phenomenon feeding our “renter nation” – the 18- to 34year-old demographic. Industry experts are predicting a lifelong preference for renting among this age group after experiencing the impact of the foreclosure fallout of their parents’ generation. As a result of the above, multifamily sales volume is surging. Investors are willing and able to pay a premium for single buildings and apartment complexes in close proximity to mass transit and employment hubs. In a recent four-week timeframe, Gebroe-Hammer Associates recorded seven transactions, involving a total of 874 units that sold for $55.15 million. All were within densely populated commuter hubs and garnered high per-unit pricing driven by profitability growth. In addition to stabilized income-producing acquisitions, savvy buyers see the upside potential associated with purchasing non-performing debt for distressed buildings in the

Multi-family’s investment star continues to rise current economy. In spite of deferred maintenance and other related issues, investors are competing vigorously for these “turn around” opportunities that allow them to purchase notes at discounts, well below the collateral’s market value. As the exclusive broker for a prominent New York bank, Gebroe-Hammer Associates is currently marketing various note sales on the institution’s behalf. During the last several months, the firm has orchestrated 10 transactions for this large regional lender throughout the New York tri-state area. Notes sales have involved 19

residential units and a groundfloor retail unit in Union City, NJ, as well as debt purchased on several properties totaling 124 multi-family and 6 commercial units located in Union and Essex counties, NJ. Another hotbed for multifamily investing is income- and age-restricted properties. Like many HUD properties, these communities are continuing to operate in the face of escalating non-performing debt and exponentially accumulating interest, penalties and other fees. Although these sales can be complex in nature, they often involve buyers who are willing

to assume the debt because the properties are characteristically well-occupied and, in many cases, well-maintained. Despite their designation under HUD and Section 8, age- and incomerestricted property investments are top income-producers for for-profit owners. Today’s multi-family market fundamentals have come a long way in the past 24 months, when forecasters predicted a lengthy transition period for ALL commercial real estate categories. As a result of this surging investment demand, there is an influx of long-time building owners who never con-

sidered selling and are now willing to sell into this dynamic to monetize their multi-family assets and take advantage of this new uptick cycle that has taken hold. While there is a renewed recognition that the time is right to sell, there still remains a shortfall in supply to meet the overwhelming demand. The apartment-rental market has once again proved that it is virtually recession proof, as characterized by tightening inventory and steadily rising rents. Overall, the multi-family market is expected to tighten even more, as it will still take continued on page 31A

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New Jersey Real Estate Law By Nicholas Racioppi, Jr., Esq. and Matthew H. Lewis, Esq.

hen faced with a default by a commercial tenant, the amount of prospective rent and other amounts due under a lease (the amounts due after the default) that the landlord Nicholas can recover Racioppi, Jr. from the tenant is limited under the law of New Jersey, and most states, by the landlord’s duty to “miti-

The commercial landlord’s duty to mitigate damages

gate” its damages – that is, to make reasonable efforts to re-let the premises. If it fails to make such efforts, the l a n d l o r d ’s potential recovery may be reduced by the amount that a court or jury finds that it Matthew “should have” Lewis reduced its losses through reasonably diligent efforts. The mitigation duty does not only affect

landlords’ ability to recover lost rent through litigation; it is also often used by savvy tenants and their counsel to gain leverage in post-default settlement negotiations. It is easy for a defaulting tenant to cast doubt on the landlord’s mitigation efforts, even when the landlord is genuinely trying to re-let the premises. Among other things, tenants may quibble with: the listing amounts, claiming that they are too high (delaying re-rental) or too low (generating too little income); whether enough

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effort was put into marketing the property; whether leads were pursued; whether the property was adequately rehabilitated, etc. Thus, what may, from the landlord’s perspective, be a relatively straightforward lawsuit to recover rent can become significantly more protracted and complex, involving extensive discovery and expert testimony concerning the “mitigation issue.” For this reason, after a default, a landlord should take prompt actions to re-let the premises. (In New Jersey, a

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landlord also may, but is not required to, mitigate by other means, for example selling the premises.) The landlord bears the burden of proving that it took diligent efforts to mitigate and should keep good records of what is being done – hiring brokers, advertising, e-mailing, site visits, listings, etc. The broker should as well. Everything that is done by the landlord or on its behalf can be evidence that it can use to prove its mitigation efforts. Courts have not provided a blueprint for what, specifically, constitutes “diligent” or “reasonable” efforts to mitigate. However, in a case concerning a residential lease, various considerations were cited, including whether the property was shown or advertised, a broker was engaged, and a “For Rent” sign put up. What constitutes adequate mitigation efforts is made on a case-by-case basis. Commercial leases sometimes include a provision whereby the tenant waives the landlord’s duty to mitigate. If enforceable, such a provision not only will help to ensure the landlord’s ability to recover in the face of a default, but it also can significantly reduce the cost and complexity of legal efforts to recover rent and also reduce the tenant’s leverage in negotiating a settlement. Whether such waivers are enforceable in New Jersey is unsettled. Although a number of other jurisdictions enforce them, they contravene the common law policy requiring parties to try to minimize losses. On the other hand, the only party hurt by such a waiver is the tenant, who agreed to it, and there is also a strong policy favoring freedom of contract that supports enforcement of such waivers, at least in the context of commercial leases. The contents of this article are for information purposes only. Nothing contained in this article is intended to be relied upon for legal advice. Nicholas Racioppi, Jr. is a partner in Riker Danzig Scherer Hyland & Perretti LLP’s Real Estate and Financial Institutions Practice Groups. Matthew H. Lewis, Esq. is an Associate with Riker Danzig Scherer Hyland & Perretti LLP. n

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Newark Office Specialist By Brendan Berger, The Berger Organization

Office uptick one of several positive indicators for Newark, New Jersey

rom an office leasing standpoint, business in Newark has picked up measurably over the past year. More tenants are requesting showings, expressing serious interest and signBrendan ing leases, Berger especially in the city’s downtown. As illustration, our Military Park Building (60 Park Place) this spring reached 99 percent occupancy, a milestone following 70,000 s/f of leasing and a jump from 75 percent occupancy in the four years since we acquired the property. And we have at least a half-dozen additional deals expected to close this spring at our other Newark office properties. Over the past year, we have observed more companies moving from the suburbs into Newark. This is a clear step in the right direction for a city that is on the cusp of becoming a true metropolitan center where people come to work and, eventually, to live. Several projects set to launch downtown will bring a daytime population volume that we have not seen in decades. This includes the new American headquarters for Panasonic, which Matrix Development Group and SJP Properties will develop at One Riverfront Center. Approximately 1,000 Panasonic employees will come to Newark on a daily basis – parking, working and eating here. Prudential Financial in March announced that it hopes to build a new office tower on Broad Street; it would house 2,000 employees. For the past three or more decades, the site the company selected has been desolate and abandoned. It presented an eyesore that arguably has inhibited the image of downtown as a thriving business district. More immediately, the multi-million-dollar rehabilitation of Newark’s Military Park will begin this spring, transforming that neighborhood. Headed by Daniel Biederman, who designed the city’s beautiful Bryant Park nearly 30 years ago,

the project will begin with a rehabilitation of the restaurant kiosk in the center of the park. It will bring in new plantings, structural changes to the walking paths, mobile furniture, free Wi-Fi, and more. There have been an increasing number of restaurant openings here, to support Newark’s daytime population as well as traffic being generated by the city’s upand-coming entertainment venues like Prudential Center and NJPAC. The Newark hospitality market also is

heating up. For example, our Robert Treat Hotel has seen a significant jump in occupancy. Additionally, Smith Travel Research reports that, among hotels considered competitors to the Robert Treat in Newark, average occupancies increased across the board last year. Further, Courtyard by Marriott broke ground in April for a 150-room hotel – the first new hotel in downtown Newark in 39 years – right outside the Prudential Center Arena. Additionally, Indigo Hotel has proposed a boutique 100-room

property just two blocks away. We welcome this competition. More rooms mean that more tourists will be able to stay downtown, rather than at the airport hotels. The bottom line? We believe that in the next five to 10 years, Newark is going to be recognized as one of New Jersey’s most exciting urban communities – in every sense of the word. Things are going on today that support that vision. And while we still await the resurgence of residential development, we are confident that it will come through

the number of approved projects on the board. Our positive outlook stems from the fact that The Berger Organization has done business here for more than 35 years. We know that New Jersey’s largest city is a great place to do business. Newark as a city is a main thoroughfare to Manhattan, after Jersey City and Hoboken, and it is the next in line for a true renaissance. Brendan Berger is vice president of The Berger Organization in Newark, NJ. n

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Pennsylvania By Jon C. Scott, Greater Reading Economic Partnership

Greater Reading Economic Partnership launches workforce development campaign

mong the top competitive advantages a community can tout is a readily available workforce, particularly a skilled workforce. A skilled workforce is also an inJon Scott credible economic development driver in terms of retaining existing Greater Reading companies and attracting new ones. With this knowledge Greater Read-

ing Economic Partnership (GREP) has made working with our workforce development partners a priority. The recession has undoubtedly shifted the workforce climate in the United States. Part of this shift is the increasing requirement for workers to have a greater degree of training and skills to both obtain a job and to make sustainable wages, according to Fred Dedrick, Executive Director, National Fund for Workforce Solutions . As these shifts continue, it is vital to have workforce development

programs in place to assist incumbent employees, displaced workers and future generations (i.e. middle and high school aged students) to obtain the necessary skills to be employable. The Greater Reading community is very fortunate in terms of workforce training and readiness. We have two large career and technology schools; Berks Career & Technology Center (BCTC) and Reading Muhlenberg Career & Technology Center (RMCTC), as well as the Reading Area Communi-

ty College (RACC) Schmidt Technology and Training Center—all of which offer customizable training and retraining programs for companies or individuals on state of the art equipment. Additionally, our community has an extremely active, knowledgeable and talented Workforce Investment Board. As the lead marketing organization for the Greater Reading community, GREP has initiated a career and technology school campaign; “Careers in 2 Years.” This campaign is designed to tar-

Feel at home instantly. Discover a progressive, business-friendly community committed to your success and quality of life. More than just an affordable, strategic location in southeastern Pennsylvania, Greater Reading is home to a diverse lifestyle that creates happier employees—which leads to more productive companies. Let us help you achieve great things. Visit GreaterReading.com.

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get middle and high school aged students and their parents to consider career and technology school as a viable option for their future. Plus, they can work towards a well-paying, highly employable career in approximately two years. The campaign focuses on careers in welding, mechatronics, carpentry, robotics, machining, CAD and drafting. In phase two of the campaign, it will include business, IT and healthcare training. The goal of this campaign is to increase awareness and get more people through a technical training pipeline so they are prepared to obtain existing, good-paying jobs in Greater Reading. It is important for everyone, particularly parents, to understand that attending a technical center in high school does not eliminate higher education. The recent Technical Academy articulation agreement allowing students the opportunity to earn up to ten free credits through RACC, while attending BCTC or RMCTC, exemplifies the ability for these students to continue on to a higher education institution. Further, the skill sets and certifications earned from BCTC or RMCTC make these students highly employable, specifically in the Greater Reading community. All of the advertising in the campaign points to Careersin2Years.com. Since the launch of the campaign, the Careersin2Years.com page has continued to see a steady increase of traffic. The ultimate measurement will be an increase in applications and enrollment at BCTC, RACC, and RMCTC in the specific targeted areas. The Greater Reading community and its citizens are poised for great things. We at Greater Reading Economic Partnership will continue to do everything in our power to facilitate economic growth in our community. For more information logon to Careersin2Years.com Jon C. Scott is president and CEO, Greater Reading Economic Partnership. n 1 Fred Dedrick, The National Fund for Workforce Solutions: The Impact and Challenged of its Workforce Partnership Model: Community Development Publications: Philadelphia Federal Reserve Bank, 2012.

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Pennsylvania Real Estate Law By Scott C. Butler, Esq., Kaplin Stewart

Keeping your retail tenants open for business

n the current economy, it is critical to attempt to force the tenants of a retail shopping center to be open for business. If a number of tenants close, the other tenants may have rights to pay less rent Scott C. Butler or terminate their leases under “co-tenancy provisions”, and the closures may hinder the landlord’s ability to lease other vacant space in the shopping center. Such closures may also cause the existing tenants of the shopping center to not renew or extend their leases. In addition, many lenders are skeptical in lending funds to shopping centers with vacancies even if the cash flow is sufficient to pay the requested debt. Such lenders take the position that the loan will not be as secure because a closed tenant is more likely to default in its obligations to pay rent. In order to protect against such closures, landlords should negotiate for a “continuous operation” covenant in their leases. This covenant should include obligations for the tenant to open for business, continuously operate for the entire term (including all renewal terms) during specified minimum hours, use its entire

premises for the sale of goods or services, fully stock its premises with inventory and employ a full staff of employees. This covenant should also include a requirement that the tenant operate its business in a manner that will maximize its sales from the premises. In some situations, the landlord should add requirements that the tenant operate only under a specified trade name and for a specified use, which requirements are important when trying to control the character and tenant-mix of a shopping center.

Many tenants resist agreeing to a “continuous operation” covenant and take the position that, so long as they are paying all of their rental obligations under their lease, they should not be required to be open and should not be in default. When negotiating a lease with such a tenant, landlords should attempt to include a provision in the lease that obligates the tenant to open for business for at least one full day prior to an agreed upon deadline. Although this provision will not prevent the tenant closing for business

during the lease term, a tenant is unlikely to invest money in opening a store for business and then close immediately thereafter. Usually, if the store is open for at least one day, the tenant will remain open for as long as possible and only close if the sales from the store do not justify the cost of employing the personnel necessary to keep the premises open for business. Landlords could also insist on a compromise with the tenant that, so long as the tenant agrees to a “continuous operation” covenant, such tenant can

have the ability to close for business, pay less rent or terminate their lease if one or more of the other stores in the shopping center close for business. Although granting a tenant this type of “co-tenancy provision” is a useful negotiating tool, it reenforces the importance of obtaining “continuous operation” covenants in the other leases in the shopping center. Scott C. Butler, Esq. is a principal in the Real Estate, Business & Finance group of Kaplin Stewart in Blue Bell, PA. n

Multi-family’s investment star . . . continued from page 27A many years for the economy and housing and employment markets to recover and return to pre-recessionary levels. For the foreseeable future, multi-family’s star will continue to rise and retain its leading role status in commercial real estate. Ken Uranowitz, managing director of Livingston, NJ-based Gebroe-Hammer Associates has been with the firm since its inception in 1975. The firm markets suburban and urban high-rise, midrise and garden-apartment buildings as well as mixed-use and freestanding office and retail properties throughout New Jersey, New York and Pennsylvania, including Philadelphia, and the Northeast. n

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Remediation By Donald W. Richardson, CPG and Paul J. Lesti, RSP, CSSC

Reducing scope & cost of site cleanup and safely leaving a legacy of low levels of contamination

mplementing institutional and engineering controls is a proven means to perform cost effective risk-based cleanups. By using these environmental site controls the responsible (or remediating party) Donald Richardson benefits by reducing the scope (and cost) of site cleanup and safely leaving a legacy of low levels of contamination that is consistent with future site use. The trade-off, however, is

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risks that arise for long-term post remediation care obligations after cleanup completion. These obligations may have a significant long-term cost and liability implications. State and federal regulators across the country are developing new policy, generating more ways to collect fees and deploying new technology to monitor post remediation care compliance. While this trend supports the regulators’ goal to enhance protection of human health and the environment associated with these site controls, the burden and risks to maintain compliance rest with the responsible

(or remediating) party. Recent regulatory reform by the New Jersey Department of Environmental Protection (NJDEP) is an example of these trends. EWMA has a solution to meeting these risks by managing both cost and liability risks. To increase compliance with post remediation care requirements, the NJDEP recently developed a remediation action permit (RAP) program for both soil and groundwater institutional and engineering controls. The new RAP program’s framework is similar to the existing biennial certification program for institutional and

engineering controls, with some exceptions. One key difference is a new financial assurance requirement for implementing engineering controls. Financial assurance obligations are tied to the cost to monitor, and maintain and inspect the engineering controls. Typical engineering control costs can range from $10s to $100s of thousands over the life of the control (up to 30 years). Remediation trust agreements, bank letters of credit guarantees, and environmental insurance are listed as the only NJDEP acceptable means to post financial assurance for engineering

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controls. Self guarantees are not allowed as a financial assurance mechanism. EWMA’s new guaranteed cost and liability assumption approach is designed to meet the post remediation care needs of responsible parties, especially under the new permit program in New Jersey, and is applicable nationwide. These needs involve liability, technical and financial assurance obligations. The approach integrates environmental insurance and environmental structured settlements into a guaranteed fixed-price contract. An environmental structured settlement uses a guaranteed annuity funding agreement mechanism to match for all the known monitoring and maintenance costs. Combined with an and a environmental site liability insurance policy is used to this cost effectively manages liability and risks. is a cost effective means The Environmental Structured Settlement also provides unique legal and financial assurances through guarantees and the way the funding agreement is owned. The funding agreement is issued by a large U.S. life insurance company and the owner is guaranteed by this same large financial institution. The funding agreement is owned so that the future payments will still be paid even if the property owner, the remediating party, the tenant, the developer, or the cleanup company enters bankruptcy. Stakeholders may also recapture some of the funding agreement’s future payments if the cleanup is performed sooner or at a lower than expected cost. This program is also designed to help innocent purchasers of contaminated property maintain defense from state and federal liability. States like New Jersey are casting a wide net of liability on all parties associated with a real estate transaction involving long-term site controls. More clarity is now available for federal defenses to liability. The new ASTM Standard Guide for identifying and complying with continuing obligations (E2790-11) was released in June 2011 to develop a consistent voluntary approach to maintain institutional and engineering controls for continuous liability continued on page 34A

Owners, Developers & Managers Mid Atlantic Real Estate Journal — April 27 - May 10, 2012 — 33A

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Transforming 114 year old warehouse into loft-style apartments

Prism Capital Partners breaks ground on Phase I at The Parkway Lofts

LOOMFIELD AND EAST ORANGE, NJ — Commercial real estate owner/operator Prism Capital Partners, LLC has broken ground for Phase I at The Parkway Lofts, a high-profile, Eugene Diaz multi-family adaptive reuse in Bloomfield and East Orange. The milestone marks the launch of a signature redevelopment for the State of New Jersey, according to Eugene Diaz, a principal partner with Prism. Located with high visibility on the Garden State Parkway, the master-planned project initially includes the conversion of a 114-year-old, 365,000 s/f, six-story warehouse building into 361 loft-style apartments, and the creation of a threelevel parking facility. At build

The Parkway Lofts out, the 14.5-acre site will be transformed into a distinctive, high-density residential village also featuring 150 townhomes, a clubhouse and other lifestyle amenities to be built as part of Phase II. Prism acquired the property in 2005. It sits within a resi-

dential area and benefits from immediate access to the Garden State Parkway, as well as high-speed rail service to New York City via the Watsessing Avenue Rail Station (located less than 100 yards from the development). “We saw a great opportunity

to take this obsolete industrial property and transform not only the structure, itself, but the entire neighborhood into a thriving, urban-living community,” said Prism’s Edwin Cohen, principal partner. “We are establishing a destination here as much as we are

creating attractive, modern residences.” The design takes advantage of the building’s 17-foot floor-tofloor ceiling heights and heavy floor loads; Prism is adding a new intermediate second floor and a penthouse level. The firm also is preserving many original architectural features. This includes 15-foot, quilt-panel windows that accentuate the property’s views of New York City to the east and the Watchung Mountains to the west. According to Diaz, The Parkway Lofts illustrates the value of adaptive reuse in the Garden State, which houses a sizable inventory of older industrial space. “It reflects the great opportunities for infill redevelopment in New Jersey,” he said. “In cases like The Parkway Lofts, companies like ours are working to preserve our state’s rich history while setting the stage for its future. This type of project is particularly gratifying in that respect.” n

Craig Williams, AIA receives ASAI Architecture in Perspective (AIP27) Award

Salisbury University selects Becker Morgan Group for Choptank and Chester Residence Hall renovations SALISBURY, MD — Becker Morgan Group, as part of the Whiting-Turner design / build team, was selected to provide professional services for the Choptank and Chester Residence Hall renovations Craig Williams at Salisbury University. This project entails the modernization of the residential environments in the two existing high-rise residence halls, as well as related site and utility improvements. The renovation is pursuing LEED certification as part of the University’s ongoing sustainability initiatives. Construction of Choptank Hall begins in June 2012, and the newly renovated facility will be ready for

student occupancy in Spring 2013. With construction beginning in January 2013, Chester Hall will be ready for students in Fall 2013. In other news, Craig Wil-

Choptank Hall liams, AIA of Becker Morgan Group recently received the American Society of Architectural Illustrators (ASAI) Architecture in Perspective (AIP27) Award of Excellence

for his 3D illustration titled “Pavilion” in the International Competition of Digital and Traditional Architectural Illustration. The ASAI’s annual international competition and

exhibition presents its members’ extraordinary work in major venues worldwide over the course of a year. This year, Williams’ piece was selected out of the 385 entries submitted by 125 architectural illustrators representing 9 countries. Williams combines over fifteen years of architectural rendering and 3D modeling experience with the firm’s in-house graphic design department to provide clients with state-of-the-art presentation materials. 3D model and virtual design presentations provide effective visualization of a project and have proven beneficial as a discussion tool for clients during design team, committee, and community presentations. In addition, the firm implements Building Information Modeling (BIM) through Revit software.n

34A — April 27 - May 10, 2012 — Mid

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Owners, Developers & Managers

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Onyx Equities expands with nine NJ storage facilities

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OODBRIDGE, NJ —Onyx Equities, LLC, a private real estate investment, development and management firm, announced that the firm has grown third party services to include nine self-storage facilities across the state of New Jersey. With the launch of its brand NJ Self Storage, Onyx adds further diversity to its product line becoming a leader in this niche market. ‘’We have been dedicated to

expanding our footprint,” said Samuel Giordano, CFO of Onyx Equities. “By strategically maintaining storage facilities across New Jersey, we have launched a new product under the Onyx umbrella and we will continue to identify other opportunities to provide new services.” NJ Self Storage now has nine locations in Cranbury, Monroe, Deptford, Egg Harbor, Fort Lee, Manchester, Union, Watchung, and West

Creek, which consist of 5,269 units total. NJ Self Storage facilities have a large range in size, from 5x5 feet, which can hold boxes and small furniture, to 10x30 feet, which can fit nine rooms’ worth of furniture or larger items. Customers can choose between indoor and outdoor facilities, with the option of climate control. Each location has full time staff on-site and moving supplies. n

Cumberland Physical Therapy retains FP+A, Inc. to develop architectural permit drawings Cumberland County, PA — FP+A, Inc., a multidisciplinary facilities consulting services firm located in Lower Paxton Township has

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site is located at 3900 Tilghman Street, City of Allentown, Lehigh County, PA. Schlouch is providing survey, stakeout, sanitary and storm sewers, water line installation, sediment/erosion

control, building pad, curbs and paving. Steve Funk is Schlouch’s site coordinator and Michael Laudermilch is project coordinator/estimator. Work will be completed by March 2013. n

BNE Real Estate Grp. wins two awards at Sam banquet interior merchandising of two of its flagship properties, Vizcaya, the gated community in West Orange, and The Pointe at Turnbury, the townhome community in South Brunswick. Vizcaya won Best

Interior Merchandising for a Mid-Rise/High-Rise Community Over $350,000. The Pointe at Turnbury won Best Interior Merchandising for an Adult Community Over $300,000. n

Remediation: Donald W. Richardson, CPG and Paul J. Lesti . . .

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A llentown , PA — Schlouch Incorporated has been named by Wegmans Food Markets, Inc. to prepare a 17-acre site for additions to an existing store and modifications to the parking lot. The LIVINGSTON, NJ — BNE Real Estate Group won two awards at the 2012 Sales and Marketing (SAM) Awards annual banquet in Atlantic City on March 27. BNE was honored for the

ship. This property will be the site of the new Cumberland Aquatic Wellness Center and Elite Athletic Performance and Rehabilitation Center. n

Wegmans names Schlouch for revisions to Allentown site

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been retained by Cumberland Physical Therapy to develop architectural permit drawings for renovations at 6402 Carlisle Pike, Silver Spring Town-

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perts to implement a third party liability assumption of the risks inherent in implementing a long-term post remediation care program. Richardson is vice president for EWMA in the Par-

Mid Atlantic Real Estate Journal — April 27 - May 10, 2012 — 35A

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Owners, Developers & Managers For development of The Modern residences

Fort Lee Redev. Associates secures site plan approval

ort Lee, NJ — Fort Lee Redevelopment Associates (FLRA), a partnership of real estate developer SJP Residential Properties, Bergen County attorney James Demetrakis and real estate investment firm Palisades Financial, has secured site plan approval to develop The Modern, a residential development highlighted by two 47-story towers that will rise in the center of Fort Lee. The Modern’s all glass towers will each contain 450 luxury rental apartments featuring a mix of studios, one-, two-, and three-bedroom residences that

The Modern

offer spectacular views of the Hudson River, New York City skyline, George Washington Bridge and the surrounding landscape. Construction is expected to commence in the summer of 2012. “We are creating an icon that will forge a strong identity for Fort Lee as a destination for luxury living. The Modern will offer majestic views and exceptional amenities, features and services,” said Allen Goldman, President of SJP Residential Properties and Managing Member of FLRA. “Furthermore,” Goldman said, “this new community has been designed to incorporate energy efficient systems that will afford residents the best in sustainable luxury living.” The towers, situated on a nearly eight-acre site, are to be located at 100 and 800 Park Avenue (formerly known as Martha Washington Way), immediately south of the entrance to the George Washington Bridge. Total investment in the project is $500 million. The Modern will feature an unprecedented 70,000 square feet of indoor and outdoor resort-style amenities in each tower for the enjoyment of its residents. The amenities areas will feature a spacious, state-of-the-art fitness centers and separate yoga and Pilates studios. A Spa in each tower will include a community sauna and offer massage services. Each of The Modern’s 900 residences will feature open floor plans and high ceilings highlighted by floor-to-ceiling glass windows that offer breathtaking views. Luxury appointments include oak hardwood floors, walk-in closets, and beautiful stone bath and powder rooms. Open kitchens are designed with beauty and functionality in mind. Washers and dryers will be included in every home. Energy efficient heating and cooling systems with remote thermostat controls will be standard in each residence. The Modern’s residences will be available for occupancy beginning in the summer of 2014. The Modern is part of a larger mixed-use redevelopment of a 16-acre site adjacent to the George Washington Bridge that will contain 165,000 s/f of retail in an adjoining development parcel to the west of FLRA’s site. n

Mid Atlantic Real Estate Journal — April 27 - May 10, 2012 — 37A

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Owners, Developers & Managers BOMI International

Building commissioning: Four easy steps to save money

ommissioning reduces energy consumption, improves indoor air quality, enhances temperature and humidity control, and optimizes air and water distribution. Basically, it makes your building hum. If your building is a green building, then most likely it’s been commissioned. Commissioning is an easy way to score a few LEED points. You can significantly reduce fuel consumption, and thus diminish your carbon footprint. Green building and commissioning are seen less as the latest trends and, increasingly, best practices. In green building, the equation is simple. Reduced waste equals reduced materials costs and reduced disposal costs. Less energy consumption costs less money. The commissioning equation is even simpler: greater efficiency equals less waste equals lower costs. Bear with me for just a bit more “math.” Green buildings have a perceived increased value. However, that value may or may not be realized in a real estate deal. In a building that has been commissioned, you can provide actual data that shows real-world energy consumption rates that are up to 20% less than the individual system specifications. Citing performance data rather than design specs is a significant bargaining chip. So we’ve established what commissioning is. But how do you make it work for you? You must begin and end with knowledge. Step 1: Build a technical library. This library should be used to build and store history files for building equipment and systems, and it should be made available to the maintenance department. When building your library, use a code with a unique identifier for each piece of equipment so you’ll be able to trace equipment history from specs and drawings, to maintenance, to testing and performance. A disciplined approach to building and maintaining your library will ensure that your commissioning efforts are documented and that your successes are measured and reported. At a minimum, the library should include: • drawings • O&M manuals • standard operating procedures

• test reports • maintenance history, including information on lubricants, fuels, filters, and other operating consumables • emergency procedures • documentation of occupant needs and requests • contractor list (include contact information for emergency service) • warranty documentation, including certificates, vendor letters, and service contracts, whether proposed or signed • a complete list of recommend-

ed spare parts, suppliers, and whether they are kept on-site As a side note, even though all manuals are kept in the library, a copy should be available where any equipment is located. Step 2: Inspect the building and its systems. Inspections ensure that systems are installed properly. At one site, complaints about improper heating had been addressed for years by adjusting the thermostat. An inspection finally revealed that the HVAC system hadn’t been fully unpackaged. Removing continued on page 38A

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BL Companies announces 100% employee ownership

eriden, CT — BL Companies, a multidisciplinary architecture, engineering and environmental (A/E/E) firm providing services to public and private clients in the Northeast and Mid-Atlantic, celebrated becoming 100% employee owned on December 31, 2011. Through a transaction with its 9 shareholders at the end of 2011, the Company purchased the remaining 20% of outstanding shares of stock to become 100% owned by all of its employees through

an ESOP (“Employee Stock Ownership Plan”) – an ERISA regulated plan. “As a client works with our employees, they are working with an employee owner who understands the importance of client service and meeting our project commitments”, said Carolyn Stanworth, president and CEO of BL Companies. “Our employee owners have the chance to be financially successful based on their hard work, performance and that of their colleagues.” “The Leadership Team at BL Companies shares a

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strong belief in the value of employees and moving towards a structure where all employees are owners was a natural extension of this belief”, said Stanworth. “As owners, employees benefit directly as their hard work increases the value of the Company. The Company also benefits from the efforts of employees, and those benefits go back to all owners — the employees themselves.” As a multi-discipline A/E/E firm, BL Companies success requires significant collaboration by all of its professionals. The culture created by all employee owners benefiting from BL’s success has been instrumental in meeting the demands of our clients and achieving the growth and expanding geographic reach that BL enjoys. BL Companies, an employee-owned firm, delivering high-quality, integrated architecture, engineering and environmental services to public and private clients for land development, building design, and infrastructure projects. Our multi-discipline approach allows us to provide creative, sustainable solutions to each client’s specific project needs. n

BOMI International continued from page 37A the plastic packaging material resolved the problem and reduced energy consumption. Step 3: Test the performance of equipment and systems. Testing provides you with the information you need to communicate your successes. More importantly, it provides analytical data to help locate problems before they become critical issues. Step 4: Educate staff. Your maintenance staff is responsible for ensuring all systems are properly maintained and should be well educated on how to keep systems optimized. Following these steps will help you establish a process to verify that each building system conforms to specifications, contracts, and performance test requirements. This article is based on BOMI International’s Design, Operation, and Maintenance of Building Systems, Part I coursebook. For more information on BOMI International’s educational offerings visit www.bomi.org . n

Mid Atlantic Real Estate Journal — April 27 - May 10, 2012 — 39A

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Owners, Developers & Managers For provision of HVAC services in North/Central regions

New Jersey grants GSH Group with state-wide contract

ine Brook, NJ — GSH Group, Inc., a multinational facilities and energy management provider throughout the United States and Europe, announced that it has been awarded a statewide contract for the provision of HVAC, refrigeration and boiler services by the Purchase Bureau of the State of New Jersey. All New Jersey State agencies as well as cooperative purchasing partners, may purchase services directly from GSH using this contract without requiring a public bidding process, which could take months before a contract

IOREBA holds 20th annual Office “Developer’s Night” TEANECK, NJ — Over 250 members of the Industrial and Office Brokers Association of the New York Metropolitan Area (IOREBA), as well as industry professionals, were in attendance at the 20th annual Office “Developer’s Night” held at the Marriott at Glenpointe Hotel in Teaneck. The evening’s agenda focused on topics driving NJ’s commercial real estate market including, “the demand for new development, the benefits of redevelopment for prospective tenants and incentives offered through public and private sectors that are enabling NJ to compete against PA and other states working hard to lure our tenants away from NJ,” said David Simon, 2011-2012 president of IOREBA and managing principal of Cassidy Turley, NJ, in his opening remarks. Ted Zangari, member, Sills Cummis & Gross P.C., and panel moderator, told audience members that things in New Jersey are beginning to change on the positive side, and the Smart Growth Economic Development Coalition, which he founded, has been able to plow through several pieces of legislation that are now law. “What a difference three or four years makes,” he remarked. “Unlike the doom and gloom speeches of years ago, I’m here to report that from an economic standpoint and after 21 years of meshing land use and public incentives in real estate transactions, I personally have not seen the government better equipped to work with the private sector than right now,” he boasted. n

is awarded. The services of a mechanic, electrician, plumber and welder are all covered under this contract. The Purchase Bureau sourced contractors through a public bidding process, and bidders were evaluated based on their experience, references and hourly rates. GSH Group was an awarded contractor for the North and Central regions of New Jersey. For the purposes of the contract, the counties that GSH Group shall serve include Bergen, Burlington, Essex, Hudson, Hunterdon, Mercer,

Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union and Warren. The contract went into effect on March 1, 2012 and expires on February 28, 2014. Details of the contract can be found on the Purchase Bureau’s website. GSH Group is a multi-national facilities services and energy management provider with clients throughout the United States and Europe. Established in 1895 in the United Kingdom, GSH established its presence in the U.S. market in 1996. n

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40A — April 27 - May 10, 2012 — Owners, Developers & Managers — Mid

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Associated Builders and Contractors www.abc.org ABC Delaware Chapter ABC members updated on Health Insurance Tax

ABC Delaware members were recently updated on the Health Insurance Tax (HIT) part of the Patient Protection and Affordable Care Act signed into law last year.

The HIT will be levied on health insurance companies who operate in the fully insured marketplace and will be directly passed on to the small business community because 87% of them purchase in the marketplace. This new tax officially starts in year 2014 at $8 billion and is on a sliding scale reaching $14.3 billion in 2018. The HIT does not sunset and is indexed thereafter. The HIT will impact 2 million small businesses, 12 million employees and the self-employed who purchase in the individual market and 26 million employees who are covered by their employer. ABC is part of a business coalition called Stop the HIT and are asking for full repeal of this onerous and unnecessary tax will provide more certainty and affordability to the nation’s job creators. For more information on this tax and the coalition, click on www.stopthehit.com

ABC Delaware Trade Show draws crowds

The ABC Delaware Trade Show moved to a new location this year and according to many vendors, the move was a great choice. “Thanks to the trade show team of Jeff Torrance, Susie Draper and Paul Brownmiller, for putting together another show,” said ABC Delaware Chairman John Gooden. “This is always popular event. Thanks to all our vendors and the members who turned out to once again support ABC Delaware.” Scenes from the Trade Show

ABC Eastern Pennsylvania Chapter ABC Eastern Pa. Commemorates 50 Years

ABC Eastern Pennsylvania Chapter celebrated 50 years of dedication to merit construction April 18 at its 50th Anniversary Gala in King of Prussia. There was great food, great music and great networking as more than 200 ABC members and guests reflected on the chapter’s challenges and triumphs.

Following a cocktail hour and dinner, ABC Eastern Pennsylvania Chapter chairman Mark McMahon reflected on the chapter’s achievements over the past half-decade. Region 7 vice-chairman Tim Walton, ABC National chairman Eric Regelin spoke to National president Mike Bellaman the group about the important role ABC has (third from left) and National chairman played and continues to play in the fight for Eric Regelin (right) presented a proclafree enterprise. Regelin encouraged attend- mation from ABC National to chapter ees to become involved in politics, especially chairman Mark McMahon (second from in the 2012 presidential race. ABC National left) in honor of the chapter’s 50 years president Mike Bellaman spoke about the of service to merit construction. chapter’s strong leadership in ABC, at both local and national levels, and inspired owners and executive to cultivate leadership in their employees. Thank you to all who helped commemorate 50 years of ABC Eastern Pennsylvania Chapter! A special thank you to our sponsors: Gold Level/Cocktail Sponsors The Tri-M Group & Wescott Electric Company Blue Level Sponsors Allan A. Myers, CBIZ MHM, Davis Bucco & Ardizzi, Thompson Masonry Contracting Company, Trion, Universal Electrical Service, Venzie Phillips & Warshawer, and Zebby Sulecki Inc. White Level Sponsors Cohen Seglias Pallas Greenhall & Furman, Nick Falcone and Sons Inc, Flamm Walton PC, Gillespie Electric, Oliver Mechanical, Ondra-Huyett Associates, Pancoast & Clifford, R.L. Reppert, Sigman & Zimolong, and W.S. Cumby Inc. Red Level Sponsors Adams-Bickel Associates, Johnson’s Maintenance Service, McCarthy Masonry and Concrete, and Paragon Engineering Services

36 Graduate from Apprenticeship School

Shooters take to the course at ABC Trap Shoot

More than 40 ABC members and their guests took to the sporting clay course on March 23 at Owens Station in Greenwood for the annual event.” “The weather was perfect and according to all reports, everyone had a fun time,” said ABC Delaware President Ed Capodanno. “Everyone who attends always enjoys the event.” The shooter were scored using the Lewis Class system, three winners in each of three categories. Class 3 winners were: 3rd-Giff Nowland; 2nd-Junior Thwates; and 1st-Mike Cooper. Class 2 winners were: 3rd-Jim Carter; 2nd-Dayle Charles; and 1st-Tony Setting. Class 1 winner were 3rd- Harold Sylvester; 2nd-Larry Biederman; and 1st- Jeff Derby. Congratulations to all the winners! Trap Shoot winners

On April 5, 36 students graduated from ABC Eastern Pennsylvania Chapter Apprenticeship Trust’s craft training program in Kulpsville, Pa. The ceremony was a celebration of the hard work and dedication from the students over the last four years. Visit our blog, thinkmeritconstruction.wordpress.com for a full list of graduates. ABC’s apprenticeship and craft training program is a combination of hands-on learning and classroom instruction. Students attended class at the ABC Training Center one day a week. Many students work full-time and their employers pay for their craft training. Upon graduation, students are classified as journeymen on their career paths. Contact Bill at bhenry@abceastpa.org to learn more about joining the next class of trainees, which begins in September 2012.

On April 5, 36 students, including this group of electrical students from The Tri-M Group, graduated from ABC Eastern Pennsylvania Chapter Apprenticeship Trust’s craft training and apprenticeship program.

UPCOMING EVENTS May 4 – Legislative Breakfast, Zoto’s Diner, Line Lexington, PA May 10 – Women in Construction, ABC office, East Norriton, PA May 10 – Will Your Business Survive?, ABC office, East Norriton, PA May 15 - Pennsylvania’s Prevailing Wage Law Roundtable, ABC office, East Norriton, PA May 16 – Jeff Zeh’s Retirement Party, Maggiano’s Little Italy, King of Prussia, PA May 17 – Effective Negotiations, ABC Office, East Norriton, PA Register for all events at abceastpa.org or call 610-279-6666

Mid Atlantic Real Estate Journal — Owners, Developers & Managers — April 27 - May 10, 2012 — 41A

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Associated Builders and Contractors www.abc.org Construction Industry Organization

7 out of 10 construction projects are standing on something stronger than concrete or steel. They’re standing on a concept called merit construction. This means both merit and union craftspeople work side-by-side. Contractors are chosen on merit, those who offer the best skills get the jobs. Being open to new ideas like multi-skills work teams, new technology and advanced construction techniques, merit contractors are able to construct high-quality buildings that are highly cost-efficient. Merit contractors bring highly skilled jobs with competitive wages to our community. Today, 4 out of 5 people in construction are employed by merit contractors. If you are planning a construction project, find out more about merit contractors. We don’t just construct better buildings. We build a stronger economy and a better quality of life for this community.

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

Jeff Zeh ABC Eastern Pennsylvania Chapter 610-279-6666 gzeh@abceastpa.org www.abceastpa.org

Attention ABC Members!!! If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal, please contact:

Linda Christman, Publisher 800-584-1062 x 203 or email Linda at lchristman@marejournal.com

Construction Jobs | Construction Staffing

42A — April 27 - May 10, 2012 — Owners, Developers & Managers — Mid

www.irem.org

Atlantic Real Estate Journal

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Institute of Real Estate Management

2012 OFFICERS NEW JERSEY CHAPTER NO.1

2012 IREM® Accredited Management Organizations Spotlighted by Chapters New Jersey Chapter No 1

PRESIDENT Lawrence N. Sauer, CPM Taylor Management Co., AMO VICE PRESIDENT Michael Fried, CPM Boston Properties TREASURER Jonathan Hoff, CPM Prism Property Services, LLC, AMO SECRETARY Mark Phillips, CPM Phillips Asset Management Co., Inc.

DELAWARE VALLEY CHAPTER NO. 3 PRESIDENT Michael J. Carr, CPM Wells Fargo Wealth Management PRESIDENT-ELECT Ingo S. Kraus, CPM Citizens Bank VICE PRESIDENT Jerry Neill, CPM CB Richard Ellis Co., AMO VICE PRESIDENT Anne-Marie Niklaus, CPM Madison Apartment Group VICE PRESIDENT Jody Dimpsey, CPM JLD Management Group VICE PRESIDENT Stephanie Burg-Brown, CPM BSA Management Corp., LLC SECRETARY/TREASURER Richard Skoczylas, CPM AIMCO

SOUTHERN NEW JERSEY CHAPTER NO. 101 PRESIDENT Sandra E. Cipollone, CPM Interstate Realty Management Co., AMO VICE PRESIDENT Patricia Baldt, CPM Candidate Westgate Management Co., Inc. VICE PRESIDENT Maria Avery, CPM Candidate Manhattan Management Co. SECRETARY/TREASURER Diane Wersler, CPM Candidate Interstate Realty Management Co., AMO

Ronald Brown, CPM®

EMET Realty, Management & Development Co., Inc., an AMO® firm privately owned and involved in commercial and residential real estate across the eastern seaboard of the United States. The EMET portfolio encompasses: office communities, retail facilities, industrial realty, residential and subsidized housing. Focused on developing opportunities for its partners, investors, clients and communities, EMET offers a diverse slate of services including: acquisitions, development, management, ownership syndication and consulting. EMET’s executive Certified Property Manager® Ronald Brown has served as president of EMET since 1982, and is supported by a team of over 25 professionals, attorneys and accountants. With more than three decades of expertise in real estate acquisition, renovation, development, management, sales, Low Income Housing Tax Credits, New Market Tax Credits and Renewable Energy Tax Credits, Brown’s expertise extends into the financial arena.

Delaware Valley Chapter No 3 PRG Real Estate Management, an AMO® firm founded by principals Steven Berger and Jon Goodman in 1997, twelve years after forming the Pennsylvania Realty Group, Inc. Since the formation of PRG Real Estate Management, the firm has acquired over 13,000 apartment units and currently owns and operates a portfolio of 42 properties in eight states. With a full time staff of over 300 Meschelle A. employees, PRG continues to have an active presence in the real estate and SensenigRoten, CPM® property management communities. PRG achieved IREM’s Accredited Management Organization® designation in 2004 and holds additional membership at all levels within the National Apartment Association. COO Sam Foster oversees operations, acquisitions, financing, and asset management for PRG Meschelle A. Sensenig-Roten, CPM®, is the executive Certified Property Manager® for PRG Real Estate Management. With approximately 20 years experience in real estate Roten has oversight responsibility for the Eastern Pennsylvania, South Carolina and Charlotte, N.C markets.

Southern New Jersey Chapter No 101 Allstate Management, an AMO® firm established in 1971 by Steven Zalkind and Donald Love, was founded on the principal that excellent management makes a community excel. Allstate exemplifies the principal by providing exceptional customer service to all residents in all of their multifamily communities. The current Allstate portfolio consists of over 4,600 multifamily units in 15 properties, but since Doreen their inception Allstate has operated over 26,000 multifamily units located in the Antonucci, CPM® Eastern, Midwestern and Southeastern U. S. In addition to their membership in IREM, Allstate Management is also a member of the Apartment Association of Greater Philadelphia, the New Jersey Apartment Association and the Apartment Association of Central Oklahoma. Director of Property Operations for Allstate Management, Doreen Antonucci, CPM®, serves as the firm’s executive Certified Property Manager®, with 16 years experience in Student, Conventional and Corporate Housing. Antonucci is responsible for all operations, financial reporting, and supervision of employees and marketing.

Mid Atlantic Real Estate Journal — April 27 - May 10, 2012 — 43A

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44A — April 27 - May 10, 2012 — Mid

Atlantic Real Estate Journal

www.marejournal.com

Education for Maintenance: Become a Certified Success with an NAA Designation Program! Certificate for Apartment Maintenance Technician (CAMT) - Register Today!

CAMT is the only Apartment Maintenance program to be nationally accredited by the American National Standards Institute (ANSI), a private non-profit organization that administers and coordinates the U.S. Voluntary standardization and conformity assessment system. The National Apartment Association Education Institute (NAAEI) offers “blended learning”, integrating online coursework with in-classroom study and is a combination of Non-Technical and Technical courses, specifically designed for apartment maintenance professionals to meet the needs of today’s apartment residents. All modules for NJAA’s 2011 CAMT will be held at NJAA Headquarters in Monroe Township, unless otherwise noted. The CAMT discounted series fee for all 10 modules is $800 for members ($200 Savings) and $1000 for non-members. For each CAMT module fee the cost is $100 for NJAA members and $150 for non-members. A continental breakfast and lunch for both days is included.

Electric I & II (2 Modules) - June 5 & 6 Presented by Mike Goldberg, RestoreCore Interior & Exterior Maintenance I & II (2 Modules) - TBD Presented by TBD

Education for Owners: Employment Law: A Workshop for Apartment Owners- Presented by Dena Calo, Esq. - May 9, 2012 - Newark

This workshop focuses owners on the ability to spot employment law issues utilizing real life, practical examples, while providing a comprehensive overview of the law. Attendees will learn how to establish and communicate consistent rules and expectations right from the start to avoid possible legal problems down the line. As well as safeguard the organization by proactively implementing protective measures including effectively utilizing writing warnings and performance appraisals; and learn how to properly document, communicate and handle terminations to minimize potential legal issues. Join NJAA at the Genova, Burns and Giantomasi office from 10:30am to 12:30pm in Newark for this Owners Only session. Lunch will be served, parking will be validated. To register contact Jaclyn Olszewski by e-mail or (732) 992- 0607.

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Mid Atlantic Real Estate Journal — April 27 - May 10, 2012 — 45A

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Owners, Developers & Managers Tour the Queen, May 16, 2012 tour and dinner

IREM Chapter No 3 to hold networking reception

ilmington, DE Tour the Queen! May 16, 2012 Tour and Dinner at World Café Live at the Queen, Wilmington, DE. Enjoy an evening at the 45,000 s/f historic and newly restored Queen Theater, part of a $250 million project to revive the historic Market Street corridor of the heart of downtown Wilmington. IREM Delaware Valley Chapter No 3 will hold its business networking reception and dinner immediately after the Tour. Speaker Hal Real, a seasoned entrepreneur, formed Real Entertainment Group, Inc., for the purpose of “radically changing the landscape for contemporary music audi-

ences and artists.” In 2004, Real delivered World Café Live (WCL), a trailblazing live music venue and restaurant complex located on Walnut Street, Philadelphia. One year later, as a collaborative effort with Real Entertainment Group, Buccini/Pollin Group, the City of Wilmington and an impressive list of bank, corporate, foundation and individual sponsors, he delivered World Café Live at the Queen. IREM Delaware Valley Chapter No 3 serves 29 counties in Eastern Pennsylvania

and the entire state of Delaware. The Institute of Real Estate Management (IREM) is an affiliate of the National Association of REALTORS (NAR), established over 75 years ago and the only professional real estate management association serving both multi-family and commercial real estate sectors. Cost: $55.00 Members/$65.00 Non-Members. For more information and registration: Telephone 856-7869260 or fax 856-786-3894. n

Mid Atlantic REAL ESTATE JOURNAL is published to serve all companies and individuals in the commercial real estate industry. Whether you are a company looking for space or seeking to dispose of or acquire, build or design property, look to the Mid Atlantic Real Estate Journal first!

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FPO’s Redland Corporate Center Ii & Iii nears 90 percent leased BETHESDA, MD — First Potomac Realty Trust announced two recent lease signings at Redland Corporate Center II & III in Rockville, Maryland, bringing the property to nearly 90-percent leased. Notable Solutions, a leading provider of paper and electronic content capture and business automation solutions, is relocating its headquarters to Redland Corporate Center II and will occupy 24,477 s/f for seven years. Greenman-Pedersen, Inc. (GPI), a consulting engineering, planning, survey, mapping, and construction management and inspection firm, will also be moving its headquarters to the property, signing a 7,897 s/f lease for 10 years. “When we acquired this first-class property a little over a year ago, we recognized its tremendous value-add potential. Since then, we have embarked on a strategic leasing campaign, and these two transactions are further evidence of its success,” stated Skip Dawson, Executive Vice President and Chief Operating Officer for First Potomac Realty Trust. “Both of these firms chose to upgrade their space at one of the most prestigious business locations in the I-270 corridor. We welcome GPI and Notable Solutions to the property.” n

Electrical Installation and Design, Inc. ( E.I.D.) is a licensed electrical contracting firm that is committed to offering excellence in the electrical field. Being a member of the National Electrical Contractors Association, as well as being signatory to New Jersey I.B.E.W. Locals 102, 164, 269, 351, 400, and 456, allows our firm to provide qualified, experienced personnel.

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46A — April 27 - May 10, 2012 — Mid

Atlantic Real Estate Journal

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People on the Move Vaccaro participates in Industrial Boiler MACT webinar Of strategic business development

CASSD appoints MGKF’s Spergel to serve on Board

hiladelphia, PA — Manko, Gold, Katcher, & Fox (MGKF) partner Jonathan Spergel was recently appointed to serve on the Board of Directors of the City Avenue Special Services District ( C A S S D ) . The CASSD Jonathan Spergel represents a unique partnership between the City of Philadelphia and the Township of Lower Merion and between the public and private sectors. Covering parts of both Philadelphia and Lower Merion, the District is the first multi-jurisdictional special services or business improvement district from among over 1,200 districts in North America. Spergel has worked at 401 City Ave. since 1993, when he started his legal career with MGKF, an environmental, energy, land use litigation and law firm. He has also been a resident of Bala Cynwyd since 1993, living within a few blocks of the Bala Avenue Corridor. At MGKF, Spergel handles

a wide variety of environmental legal issues, including the environmental aspects of commercial transactions and brownfields sites, environmental insurance procurement and coverage issues, public funding opportunities for brownKatherine Vaccaro fields sites, regulatory compliance counseling, and litigation for commercial, industrial, residential, and individual clients. He currently also serves on the board of the Lower Merion Conservancy, on which he has served since 2004. Katherine L. Vaccaro, an attorney with MGKF served on a panel of experts on a national webinar. Hosted by McIlvaine Company, the Hot Topic Hour presentation was on “Industrial Boiler MACT - Impact and Control Options”. During her segment, Vaccaro discussed the current regulatory status of the Boiler MACT (Maximum Achievable Control Technology) and EPA’s Proposed

Reconsideration of the rule, the judicial challenges to the rule that are still pending before the D.C. Circuit Court of Appeals, and how the uncertainty created by these circumstances impacts boiler owners and operators. She also focused on some of the key aspects of EPA’s Proposed Reconsideration of the Boiler MACT, including certain relevant compliance deadlines, and highlighted some of the principal concerns voiced by industry in response to EPA’s proposal. Vaccaro has experience advising clients on issues related to regulatory compliance, litigation, and transactional matters, particularly in the area of air quality. She has represented industrial and commercial entities, ranging from Fortune 500 corporations to closely held companies, as well as municipalities, in complex matters. She has also written on a variety of air quality regulatory issues. Vaccaro earned her Juris Doctor from the Temple University James E. Beasley School of Law and her bachelor’s degree in biology, summa cum laude, from Drexel University. n

Machat, Cre, Ccim joins Sperry Van Ness – Miller, opens office in the Hagerstown, MD SALISBURY, MD — Brent Miller, CCIM, CPM, and managing director for Sperry Van Ness – Miller Commercial Real Estate announced that Syd Machat, CRE, CCIM has joined the SVN – Miller Syd Machat team. Prior to joining Sperry Van Ness, Machat had been a di-

rector and trainer with the commercial division of a large Mid-Atlantic general brokerage firm. While at the firm he received multi-year Top Commercial Producer awards for the MD/DC/South PA Region. In 2008 Machat was president of the Association of Real Estate License Law Officials (ARELLO), and was recently selected a Member Emeritus of ARELLO. Machat has earned professional designations as a Counselor of Real Estate

(CRE), Certified Commercial Investment Member (CCIM), and Accredited Land Consultant (ALC). He is a part-time commercial real estate instructor for Hagerstown Community College and several other educational providers. Machat will be operating a satellite office of SVN - Miller in Washington County. His geographic area of specialization is the Hagerstown, Maryland Tri-State Area, including Pennsylvania and West Virginia. n

Paul Davis Restoration moves to expanded office and whse. Owings Mill, Md — Helane Goldstein, Stuart Leibowitz and Allen Owens, Paul Davis Restoration office owners, have announced an office move and expansion in the Greater Baltimore area. The new space is located at 10715 Red Run Blvd., Suite 114. The local restoration and remodeling office is 10,000 s/f and includes office and administrative areas, materials showroom, a contents cleaning department with ozone room along with contents storage and warehouse space. Paul Davis serves residential

and commercial customers in Baltimore City, Baltimore County, and Carroll County. The office was formerly located in the Beltway Business Community at 3701 Commerce Drive, Suite 106 in Baltimore. Goldstein and Leibowitz also own Paul Davis offices serving Philadelphia and the Delaware Valley. The local office is operated by Allen Owens, a veteran of the construction industry in Baltimore and surrounding communities. Owens is a native Marylander and a licensed general

contractor and homebuilder in the state of Maryland. He has more than 20 years of experience in the industry including commercial and residential construction and remodeling, property management and preservation and consulting. Owens holds numerous industry certifications and is an acknowledged member of the Better Business Bureau. “Our new office location will continue to set the standard in emergency mitigation and restoration and remodeling work,” said Owens. n

Hollenbach Construction names Ebersole director BOYERTOWN, PA — Hollenbach Construction, Inc., a professional construction management organization that develops and delivers strategic client-focused solutions to meet facility needs has named Glenn Ebersole Glenn Ebersole as its director of strategic business development. Ebersole will be in charge of providing leadership in strategic business development and marketing for the company. “The addition of Glenn Ebersole further strengthens our ability to meet the needs of our clients,” noted Tim Little, president of Hollenbach Construction. “Glenn is a multi-faceted professional, a visionary, guide and facilitator and has a comprehensive and strategic understanding of the business development, marketing and sales that will

greatly benefit our clients, our team members and Hollenbach Construction.” Before joining Hollenbach Construction, Ebersole was the director of strategic marketing for LMA Consulting Group, where he led the strategic marketing efforts. Prior to that he was the founder and chief executive of J. G. Ebersole Associates, an independent professional engineering, marketing and project management consulting firm, where he provided professional services as an owner’s project manager/Representative for a diverse list of clients and projects, including several that received local, regional and national recognition. Ebersole has a Bachelor’s Degree in Civil Engineering and a Master of Engineering Degree in Engineering Science from The Pennsylvania State University and is a Registered Professional Engineer in PA, MD, NJ, DE and VT. He and his wife Helen live in Lancaster Township, PA. n

Pennoni Associates promotes Davidson, Barry & McCabe Milton, DE — Pennoni Associates, an ENR Top 100 engineering, design, and consulting firm headquartered in Philadelphia announced the following promotions in its Milton office: • Office director Mark Davidson has been named associate vice president. • Douglas Barry, PE, has been named senior project manager. • Stephen McCabe, PE, formerly the director of public works for Sussex County, has been named senior engineer.

The office is primarily made up of staff formerly with the DC Group, which was acquired by Pennoni last winter. “Since our acquisition, the Milton office has grown, and continued its focus on providing outstanding client services,” said Pennoni Regional vice president Ron Moore. “We want to continue this forward progress. Mark and his team have a strong network in southern Delaware and have helped position us in the region.” n

Mid Atlantic Real Estate Journal welcomes Rachel Rugman to production The Mid Atlantic Real Estate Journal is pleased to announce that Rachel Rugman has joined the company as the new production and operations assistant. Rugman, a recent graduate of Rachel Rugman Bridgewater State College, brings with her a strong background in design and will spend most

of her time working in the production department. In addition to ad creation and helping with the editing of numerous sections of the paper, Rachel will also assist management in the day to day operations. “It is a real pleasure and we are lucky to have someone like Rachel joining the team. She adds a fresh perspective and in such a short time period has already contributed with some great creative designs” said Michael Campisi, director of sales and operations. n

Mid Atlantic Real Estate Journal — April 27 - May 10, 2012 — 47A

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48A — April 27 - May 10, 2012 — Mid

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Commercial Real Estate Organizations’

Events Calendar APRIL 27 – NAWBO DE Event: Women business Owners Retreat Location: Hotel Rodney Address/City: 142 Second St., Lewes, DE Cost: $99 Members $149 Nonmembers E: info@nawbodelaware.org www.nawbodelaware.org APRIL 30 – ABC VA Event: Virginia Beach Golf Classic Time: 10:00 AM Location: The Signature at West Neck Location: 3100 Arnold Palmer Dr., Virginia Beach, VA Cost: $135 Members/Nonmembers P: 757-855-8220 E: rob@abcva.org www.abcva.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 1 – ICSC Event: New Jersey Next Generation & Gov’t Relations Program Location: Zepplin Hall Address/City: 88 Liberty View Dr., Jersey City, NJ Cost: $30 Members $45 Nonmembers E: msilsbe@icsc.org www.icsc.org MAY 2-4 – BOMA NJ Event: Medical Office Buildings & Healthcare Facilities Conference Location: Hyatt Regency Atlanta Address/City: Atlanta, Georgia P: 973-696-2914 E: bomanj@ix.netcom.com www.bomanj.com MAY 3 – DVGBC Event: Best of Greenbuild Time: 11:30 AM – 6:00 PM Location: Federal Reserve Bank of Philadelphia Address/City: 121 North 7th St., Philadelphia, PA Cost: $49 Members $65 Nonmembers $10 Students E: abrody@dvgbc.org www.dvgbc.org MAY 3-4 – ABC Event: 2012 Northeast Region FEA Reception Time: 6:00 PM – 8:00 PM Location: The Westin Convention Center Address/City: 1000 Penn Ave., Pittsburgh, PA Cost: $90 E: ewatt@abcwpa.org www.abc.org MAY 3 – NJAWABO Event: Executive Committee Meeting Time: 5:00 PM Location: Affinity Federal Credit Union Address/City: 73 Mountain View Blvd., Basking Ridge, NJ www.njawbo.org MAY 6 – CIS Event: The Hidden Treasures of Korean Art & Modern Korea Location: Heritage Village at Seabreeze Address/City: Forked River, NJ Cost: Free P: 609-242-1211 www.ciscommunities.com

MAY 8 – CIANJ Event: Financial Decision Makers & Human Resources Joint Roundtable Time: 8:00 AM – 10:00 AM Location: Saddle Brook Marriott Address/City: 138 New Pehle Ave., Saddle Brook, NJ P: 201-368-2100 E: nharencak@cianj.org www.cianj.org

MAY 17 – NAIOP NJ Event: 25th Annual Commercial Real Estate Awards Gala Time: 5:00 PM Location: The Palace at Somerset Park Address/City: 333 Davidson Ave., Somerset, NJ Cost: $475 Members $545 Nonmembers www.naiopnj.org

MAY 9 – NJ IFMA Event: Annual Awards Banquet & Networking Gala Time: 6:00 PM – 10:00 PM Location: The Palace in Somerset Address/City: Davidson Ave., Somerset, NJ Cost: $125 per Person www.njifma.org <http://www.njifma.org/>

MAY 17 – APPRAISAL INSTITUTE NORTHEAST NEW JERSEY CHAPTER 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 Cost: $175 Member $185 Nonmember P: 201-796-1171 E: nenjai@aol.com www.nnjchapter-ai.org

MAY 9 – CREW PITTSBURGH Event: 9th Annual Golf Outing Time: 11:30 AM – 8:30 PM Location: Southpointe Golf Club Address/City: 360 Southpointe Blvd. Canonsburg, PA E: Christina.bucciero@cbre.com www.crewpittsburgh.org MAY 10 – CREW LEHIGH VALLEY Event: Bethlehem Brownfield Turns Green Time: 4:00 PM – 6:00 PM Location: Lehigh University-Rauch Business Center, Room 85 Address/City: Bethlehem, PA Cost: Members Free/$25 Guests www.crewlehighvalley.org MAY 11 – IREM NJ Event: Ethics for the Real Estate Manager Location: Interstate Realty Mgmt. Offices Address/City: Marlton, NJ Cost: $175 Premier Member $200 Classic Member $220 Nonmember E: admin@irem101.org www.irem1.org MAY 15 – CORENET Event: Expediting the Process – Local, State & Federal Approvals for New Projects Location: Duquesne Club-Walnut Room Address/City: 325 Sixth Ave., Pittsburgh, PA P: 412-336-3332 E: sscheerbaum@cresa.com www.corenetglobal.org MAY 15 – NAIOP NY Event: 19th Annual Golf Outing Time: 11:30 AM Location: Westchester Hills Golf Club Address/City: 401 Ridgeway, White Plains, NY P: 212-450-7300 www.naiopnyc.org MAY 16 – IREM DELAWARE VALLEY Event: Chapter Meeting & Tour of The Queen Time: 4:30 PM Location: World Café Live at the Queen Address/City: 500 N. Market St., Wilmington, DE Cost: $55 Members $65 Nonmembers www.irem3.org MAY 16 – SMPS PHILADELPHIA Event: Regional Planning: The Shape of Things to Come in the Delaware Valley Time: 5:00 PM – 7:30 PM Location: The Downtown Club – Public Ledger Bldg. Address/City: 6th & Chestnut Sts., 11th Fl., Philadelphia, PA Cost: $35 Members $55 Nonmembers www.smpsphiladelphia.org MAY 17 – BOMA PHILADELPHIA Event: Annual Meeting Elections & Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA P: 215-567-1775 www.bomaphila.com

MAY 18 – IREM MD Event: IREM Gala Time: 7:00 PM Location: Congressional Country Club Address/City: 8500 River Rd., Bethesda, MD Cost: $125 members $250 Nonmembers E: iremgala@gmail.com www.irem8.org MAY 18 – SIOR NJ Event: Membership Meeting Time: 5:30 PM – 8:00 PM Location: Stella Marina Address/City: 900 Ocean Ave., Asbury Park, NJ www.siornj.com MAY 22 – NJBIA Event: 5th Annual New Jersey Economic Policy Summit Time: 9:00 AM – 11:30 AM Location: Rutgers Univ., Edward J. Bloustein School of Planning & Public Policy Address/City: 33 Livingston Ave., New Brunswick, NJ P: 609-393-7707 x-239 E: kwittkamp@njbia.org www.njbia.org MAY 22-23 – NJAA Event: 23rd Annual Conference & Expo Location: Atlantic City Convention Center Address/City: Atlantic City, NJ www.njaa.com JUNE 7 – ULI PHILADELPHIA Event: Global Marketplace Time: 7:30 AM – 5:00 PM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org JUNE 11 – CIRC DE Event: Annual Golf Outing Time: 11:00 AM Location: DuPont Country Club Address/City: 1001 Rockland Rd., Wilmington, DE P: 302-633-1705 E: janet@circdelaware.com www.circdelaware.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 27 - May 10, 2012 — Inside Back Cover A

www.marejournal.com

Mid Atlantic Real Estate Journal

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Back Cover A — April 27 - May 10, 2012 — Mid

Atlantic Real Estate Journal

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Brokerage, Management & Development of Commercial & Investment Real Estate

FOR SALE OR LEASE

449 Route 130, East Windsor, New Jersey •Former Chevrolet Car Dealership •10,000 +/- square feet •3 +/- acres •270 feet of frontage along Route 130 •HC-Highway Commercial Zone •Real Estate Taxes: $27,000.00 •Asking Price: $1,300,000.00 •Retailers in the Market Place: Advanced Auto, Staples, Burlington Coats, Target, Home Depot, Wal-Mart, Walgreens, Chase Bank FOR LEASE

FOR LEASE

Route 130 & Sharon Road Robbinsville, NJ

Route 1 & New Road South Brunswick, NJ

•1.25 acres / Redevelopment Site •340 feet of frontage along Route 130 •Zoning: HC-Highway commercial •One mile North of Interstate 195 •Utilities: Municipal Sewer & Water •Population: 14,000 within two mile radius •Asking Price: $110,000.00 annually/triple net •Retailers in the Market Place: Home Depot, Best Buy, Staples, Target, Pet Smart, Lowe’s Hardware, Dicks Sporting Goods, Cracker Barrel

•6 +/- acres along Route 1 •500 feet of frontage along Route 1 •Zoning: C3- Highway Commercial District •Utilities: Municipal Sewer & Water •Population: 23,000 within two mile radius •Asking price: $150,000.00 annually/triple net/per pad •Retailers in the Market Place: Home Depot, Best Buy, Staples, Target, Pet Smart, Chase Bank, Verizon, Stop & Shop Supermarket, McDonalds

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SHOPPING CENTERS Section B of the Mid Atlantic Real Estate Journal

Nathanson reps both parties in $1.618 million sale of 10,664 s/f center

Marcus & Millichap arranges the sale of Town Square Shopping Center for $19 million OUNT LAUREL, NJ — Marcus & Millichap Real Estate Investment Services has arranged the sale of Town Square Shopping Center, an 88,380 s/f institutionalquality shopping center Brad Nathanson in Mount Laurel, an affluent southern New Jersey community located 16 miles east of Philadelphia. The sale price

of $19 million equates to $215 per s/f. Brad Nathanson, a senior director of Marcus & Millichap’s National Retail Group in Philadelphia, represented the seller, a New Jersey-based private developer, and the buyer, a privately held, 50-year-old real estate firm based in New Jersey. Town Square Shopping Center was built in 1996 on 13.1 acres on the corner of Union Mill Road and Elbo Lane at 892 Union Mill Road. In other news, Marcus & Millichap Real Estate Investment

892 Union Mill Road

APRIL 27 - MAY 10, 2012

HI-LIGHTS Soloff Realty announces 19,600 s/f opening of Bottom Dollar Soloff Realty & Development, Inc. (“SRD”), announced the grand opening of a new 19,600 s/f Bottom Dollar Food store (Food Lion) in Northeast Philadelphia. See page 7B.

Douglas Dev. welcomes 8,625 s/f to the Atlantic Building J.Crew will occupy 3,044 s/f on the ground floor and 5,581 s/f on the lower level for a total of 8,625 s/f in the Atlantic Building, which borders the historic Ford’s Theatre. See page 8B.

Divaris, Oliver & Wingfield of Divaris Real Estate reps the seller

Broad Street acquires Brookhill Azalea Shopping Center for $8.95m RICHMOND, VA — Broad Street, a market-leading commercial real estate services firm in the Washington, DC/ Mid-Atlantic region, announced that BSV Premier Brookhill LLC, an investment partnership controlled by the principals of Broad Street and The Premier Companies, has acquired 162,000 s/f Brookhill Azalea Shopping Center at 5214 Chamberlayne Road in Richmond. “We are proud to be part of the Richmond community with ownership of Brookhill Azalea Shopping Center,” said Broad Street CEO Michael Jacoby. “We look forward to a strong relationship with our tenants and a solid return for our in-

Brookhill Azalea Shopping Center vestors.” The shopping center is Broad Street’s first acquisition this year and continues the firm’s acquisition strategy of pursuing retail properties in well-located, highly trafficked areas that appeal to value- oriented shoppers. Broad Street president

“The Lehigh Valley’s Premier Full Service Commercial Real Estate Company”

ALSO INSIDE: ROCK COMMERCIAL EXPERT ARTICLE ...............................2B

RETAIL BROKERAGE DIRECTORY ......................................18-B BUSINESS CARD DIRECTORY .............................................19-B Section B, 24 pages

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Tom Yockey and vice president for acquisitions Tim McCann are actively pursuing opportunities to keep Broad Street’s acquisition pipeline full. The seller was represented by Divaris Real Estate’s Alexander Divaris, CCIM, vice president, and Jason Oliver, CCIM, senior associate, both in the Investment Sales Group and John Wingfield, principal of the Richmond office of DRE. At the time of the acquisition, Brookhill Azalea was 70 percent leased to 18 tenants including anchor tenants Food Lion, CitiTrends and Family Dollar. Financing for the sale was provided by Virginia Heritage Bank. ■

The James Balliet Commercial Group

Featuring the Las Vegas RECon ICSC Convention

THE AZARIAN GROUP EXPERT ARTICLE ...............................4B

Services announced the sale of Trappe Strip Center, a 10,664 s/f retail property located in Collegeville, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset commanded a sale price of $1,618,000 or $151 per s/f. Brad Nathanson, senior director of the firm’s National retail group, based in the Philadelphia office, represented the seller, a Norristown based private family. He also procured the buyer, a Reading based privately held, fully integrated real estate company. ■

• Shopping Center Sales & Leasing • Retail, Office, Medical & Industrial Properties • Distressed Property & Asset Management • Tenant Representation • Business Brokerage • Commercial Land Brokerage • Multi Unit Apartments

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B Inside Cover — April 27 - May 10, 2012 — Shopping Centers — Mid

Development

New projects currently under development & re-development in the region’s hottest markets. South Hanover SC

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Pad Site & Grocery Anchored Hanover, PA

Queensgate Towne Center

Keystone Arms

Grocery Power Center York, PA

Neighborhood Center Carlisle, PA

Valley Plaza

Keller Avenue

Neighborhood Center Lewistown, PA

Transit Oriented Devel. Lancaster, PA

North Cornwall Commons

Overlook Town Center

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Mixed Use Lancaster, PA

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Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — 1B

www.marejournal.com

SHOPPING CENTERS Current Availabilities in New Jersey & New York from The Azarian Group, L.L.C E AGGRESSIV G IN S A LE PROGRAM UNDERWAY

Washington Town Center 273 Pascack Road, Washington Township, NJ • Only neighborhood shopping center • Major tenants include: A&P Fresh Supermarket, Rite Aid, Clearview Cinemas, Subway and The United States Post Office • Located in the heart of Bergen County, NJ with convenient access to the Garden State Parkway and Route 17 • Daily vehicle count of 22,000 • Median Household Income of $84,000 • 850 - 6,900 s.f. available

Lenox Plaza Shopping Center 1750 Route 46 West, West Paterson, NJ

Fieldstone Park Shopping Center

• Busy Route 46 highway location with rear signalized access to Route 46 jug handle and McBride Avenue • Daily vehicle count of 120,000 plus • Shadow anchored by new A&P Fresh Shopping Center • Large pylon signs on Route 46 and McBride Avenue • Primarily occupied by National and Franchise tenants • 115,000 people within 3 miles; average annual HH income 82,000 • Existing stores include: Golfsmith, Sleepy’s, Party City, Pizza Hut, TD Bank, Blimpie, Great Clips and more • 1,700 – 4,000 square feet available

• • • •

130 Skyline Drive, Ringwood, NJ Only area shopping center 27 stores and offices 60,000 people in trade area; average annual HH income $92,000 Numerous anchor tenants including: Stop and Shop, US Post Office, Wells Fargo Bank, Coldwell Banker, Dunkin’ Donuts, Dairy Queen, The UPS Store and 18 more • 12 acres, 100,000 s.f. GLA Shopping Center, 356 parking spaces • No competition, no potential for further development in the area • 1,250-10,000 s.f. available

BREAKING GROUND SOON!

Raritan Center 426 Raritan Street, Sayreville, NJ • • • • •

Only area shopping center Easy on/off Exit 124 of the Garden State Parkway; Near Routes 35 & 9 85,000 people in 3 miles; average HH income $71,000 The Learning Experience to open soon in new 10,000 s.f. building High density housing, apartments, townhomes, new home developments • Entire shopping center to be renovated and expanded in 2011 • Located at signalized intersection • 14 acres; 70,000 s.f. GLA Shopping Center; 385 parking spaces • Existing tenants include: Walgreens, Family Dollar, Subway, Eye Doctor, The Learning Experience and more • New commuter parking lot of 350 cars across the street • 2,500 – 13,650 s.f. available (will subdivide)

BREAKING GROUND SOON!

Plaza K Shopping Center 181 Route 1 South (at Ford Ave.) Woodbridge, NJ • Busy highway location at traffic signal with jughandle • Easy access to the Garden State Parkway, Route 287 and the New Jersey Turnpike • Daily vehicle count of 100,000 • 122,000 people within 3 miles; average HH income of $60,000 • 1,000 apartments within 3 blocks • Large pylon sign • Existing tenants include: The Vitamin Shoppe, Batteries Plus, Jennifer Convertibles, Any Garment Cleaners and more • 7,802 s.f. available (will subdivide)

Hyde Park Mall Route 9, Hyde Pake, NY • • • • •

Only area shopping center Brand new Super Stop & Shop and Shop Gas coming soon! 54,000 people trade area; average annual HH income $72,000 Next to Historic FDR Home and Museum Nearby Vassar, Marist and Dutchess County Colleges; Culinary Institute • Entire Shopping Center to be renovated and brand new • 15 acre, 130,000 square foot GLA shopping center with 670 parking spaces • 3,000-33,000 s.f. available

The Azarian Group, L.L.C. The Azarian Building 6 Prospect Street, Suite 1B, Midland Park, NJ 07432

www.azariangroup.com Phone: 201-444-7111 | Fax: 201-444-6655 | Email: kpelio@azariangroup.com

Rochelle Park Shopping Center, Rochelle Park, NJ 1,099 s.f. available Mountain Plaza, Rockaway, NJ 1,229-4,500 s.f. available Fieldstone Park Shopping Center, Ringwood, NJ 1,250-10,000 s.f. available Hyde Park Mall, Hyde Park, NY 3,000–33,000 s.f. available 1,550 s.f. available Milton Shopping Center, Oak Ridge, NJ 2,500 s.f. available Pine Brook Plaza, Pine Brook, NJ 940 s.f. available Allendale Town Center, Allendale, NJ 1,700–2,008 s.f. available

Raritan Center, Sayreville, NJ 2,500–13,650 s.f. available (will subdivide) Montvale Shopping Center, Montvale, NJ Town Plaza II, Orangeburg, NY 900–5,200 s.f. available Plaza K Shopping Center, Woodbridge, NJ 7,802 s.f. available (will subdivide) Lenox Plaza, West Paterson, NJ 1,700–4,000 s.f. available The Azarian Building, Midland Park, NJ Fair Lawn Medical/Professional Building, Fair Lawn, NJ 1,200-5,300 s.f. available Neptune Plaza Shopping Center, Neptune, NJ 1,390 s.f. available New: Washington Town Center, Washington Township, NJ 850–6,900 s.f. available

2B — April 27 - May 10, 2012 — Shopping Centers — Mid

RELY ON RETAIL

Atlantic Real Estate Journal

The Power of Team For For For For

in-depth market research. high quality locations. creative ways to fill your center. a unique team-based approach.

Ben Chiaro, CCIM - Larry O’Brien, CCIM John Birkeland - Greg Finkelstein

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Contact Any One Of Our Attending AgentsTo Make An Appointment: Agent

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Chad Stine

253 cstine@bennettwilliams.com

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256 kpotter@bennettwilliams.com

Gordon Kauffman

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235 ahagerman@bennettwilliams.com

www.marejournal.com

SHOPPING CENTERS By: Heather Kreiger, ROCK Commercial Real Estate

Unemployment rates in York, PA are down due to retail job growth n 2011, unemployment rates in York, PA decreased more than in the past two years. Retail employment in the county accounted for 82% of the total new employment compared to 2009 where Heather Kreiger 71% of the total new employment was in manufacturing and warehousing. In an article posted by Stores.org, Matthew Shay, President and CEO of the National Retail Federation is quoted saying, “Retail is essentially at the beginning and at the end of the supply chain, and it drives activity throughout.” Based on Mr. Shay’s quote I pose two questions to you, Are workers currently under-employed because of the lack of sustainable wage jobs, or is this a sign of economic recovery? Let’s look at unemployment rates. Unemployment rates decreased on national, state and local levels during the second half of 2011. Unemployment rates in York, PA spiked to the highest level for the year in August, when the rate increased to 8.2%. Then it slowly continued to decrease

throughout the rest of the year. At the end of December, York County’s unemployment rate was 7.1% according to Google Public Data, which was under both state and national rates of 7.9%. Now, let’s talk about local business growth. In 2011, there were 63 new businesses that opened or expanded, decreasing unemployment rates in York, PA, which added approximately 2,300 positions to the local job market. Although there was a bigger difference in the number of jobs that were added to York’s market in 2011 than in 2009 and 2010, another factor that made 2011 employment rise was the offset of new employment from business start ups as a result of company closings or layoffs. So, what did the overall county employment offset look like from 2009 to 2011 (gains over losses)? • 2009: 8 businesses and 94 employment positions gained • 2010: 16 businesses and 160 employment positions gained • 2011: 42 businesses and 1,260 employment positions gained This trend in gains poses two questions, Are workers currently under-employed because of the lack of sustainable wage jobs or is this a sign of economic

Shopping Centers Real Estate Journal a section of the

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

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Section Publisher Elaine Fanning efanning@MAREJournal.com

Section Editor Rachel Rugman editor@marejournal.com

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Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — 3B

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SHOPPING CENTERS The Leader of Retail Investment Sales in the Mid-Atlantic

EXCLUSIVE LISTINGS Adams Four Shopping Center

CitiBank | TanTopia

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Southampton, PA

$10,250,000 ■ 7.90% CAP

$3,100,000 ■ 7.93% CAP

100% Occupied, 85,529 GLA The Fresh Grocer Anchored Neighborhood Shopping Center ■ Attractive Non-Recourse Loan in Place at 5.78%

■

11.28 % C/C Return With NON Recourse Debt ■ CitiBank; “A” Rating by Standard & Poor’s ■ Occupies 70.54% of Property ■ Superior Demographics; 202,000+ People in 5 miles; Average HHI Level at $94,000

■ ■

Overlea Plaza

Wawa Portfolio

Baltimore, MD

PA, NJ, DE

$3,350,000 ■ 7.75% CAP

$31,000,000 ■ 6.30% CAP

100% Occupied Retail Strip Center with a Mix of Local Tenants ■ NNN Leases; Most Tenants with Rent Increases ■ Dense, Infill Location; 165,000 People Within 3 Mile Radius ■

Absolute NNN Leases with No Management Responsibilities ■ Can be Purchased Free and Clear of Debt or with Loan Assumption ■ 4 Locations Available ■

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■

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NJ Broker: Michael Fasano (michael.fasano@marcusmillichap.com 201.582.1000) DE Broker: Donald MacLaren (ridge.maclaren@marcusmillichap.com 215.531.7000) MD Broker: David Feldman (david.feldman@marcusmillichap.com 202.536.3700) www.marcusmillichap.com

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4B — April 27 - May 10, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS By: John M. Azarian, CSM and Kevin R. Pelio, The Azarian Group LLC & Azarian Realty Co.

Acquiring vs. Management The Differences in Effecting Change elebrating our 40th anniversary, The Azarian Group, LLC. and Azarian Realty Co. have acquired, managed and leased commercial properties of all types and sizes. Going forward, we not only see acquisition of grocery anchored and highway strip centers in the tri-state area as a focal point of growth but also as third party property managers for institutional investors, banks, family trusts as well as the individual, small real estate investor. Many times when a property is sold or management has changed it is for a reason. Perhaps the property has fallen into disrepair or it is riddled with excessive vacancies. New energy can be brought in with new ownership or a new management team which can also rejuvenate the property and excite existing tenants. A new face with an established name in the industry also injects a renewed interest from prospective tenants. We have recently had several significant acquisitions and management changeovers. We acquired the Neptune Plaza Shopping Center, a 220,000 s/f shopping center located in Neptune, New Jersey which is anchored by World Class ShopRite, Marshalls and Home Goods from JP Morgan Chase. In addition, we were recently engaged to manage and lease the Washington Town Center which is a 130,000 s/f A&P Fresh, Rite Aid and Clearview Cinemas anchored shopping center located in Washington Township, New Jersey for a private owner. Also, we have acted as court appointed rent receiver for numerous commercial properties and as property managers for a large regional bank. There are numerous contrasts between acquiring a property versus changing the management team of a property. These differences include due diligence, prospective financing, contractor and vendor selection and having to notify and appease ownership on all decisions. As an example, during an acquisition and the property due diligence process that it entails, a purchaser will typically require detailed environmental inspections. If there is a dry cleaning or automotive business on the site, many times contamination may be

John M. Azarian

Kevin R. Pelio

The 220,000 s/f Neptune Plaza Shopping Center anchored by World Class ShopRite, Marshalls and Homes Goods

The 130,000 s/f A&P Fresh, Rite Aid and Clearview Cinemas anchored Washington Town Center present on the property. This can hold up prospective acquisition financing or has the ability to threaten the transaction altogether. In addition to environmental investigations, when you purchase a property you typically obtain tenant

estoppel certificates from each tenant for purposes of verifying lease terms. Both of these processes are not required in the event of a management changeover. Although you should be cognizant of any environmental contamination

and resulting clean up actions as the new property manager this should not affect a smooth management transition. When you have a management changeover, there are already established maintenance personnel and other

vendors hired by former management or the owner of the property. You must update all billing information, receive new certificates of insurance naming your company as additionally insured and review all of the contracts to make sure the services rendered are appropriate. While this may be an opportunity to cut costs and services, care should be given in assessing services provided and pricing before making any changes. As a third party property manager, you must always put the client first and adhere to its guidelines even if they conflict with your normal practices. If the property owner is set in its ways, you have to keep a sense of consistency and run the property in the same manner even if the seasoned, experienced management team thinks subtle changes will positively affect the property. As part of your management agreement negotiation and the interview process, it is essential to agree in advance on the level of control your management company will have and the level of decision making you will be allowed. Such things as the lease form, contractor selection, signing authority for leases, bank accounts and contracts, and prospective tenant selection. are all important aspects of managing and leasing a property which should be determined beforehand. Property owners may request that they be consulted prior to the simplest of decisions and conversely some owners allow you to have total control. The Azarian Group, LLC and Azarian Realty Co. currently own, manage and lease 20 income producing properties totaling over 1,000,000 s/f with more than 300 tenants throughout New Jersey and New York. With 40 years of experience, The Azarian Group can offer hands on property management and leasing services for all types of commercial properties. John M. Azarian, CSM, is the owner of The Azarian Group, LLC and Azarian Realty Co. He is a licensed real estate broker in New Jersey and New York. Kevin R. Pelio is an assistant property manager and is a licensed real estate salesperson with the firms. ■

Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — 5B

www.marejournal.com

SHOPPING CENTERS

TURNING VISION INTO VALUE

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

NEW ACQUISITION! CHESTERFIELD MARKETPLACE, RICHMOND, VIRGINIA 428,500 SF retail shopping center anchored by Home Depot, PetSmart, and ToysRUs 40,000 SF anchor space available

Connecticut Meriden Parkade, Meriden — 225,000 Maine Airport Mall, Bangor — 232,500 Capitol Shopping Center, Augusta — 200,000 JFK Plaza, Waterville — 174,000 Shaw's Plaza, North Windham — 124,000 Shaw's Plaza, Waterville — 119,000 Wells Plaza, Wells — 133,000 Massachusetts Cushing Plaza, Cohasset — 71,000 Danvers Crossing, Danvers — 176,000 Foxborough Plaza, Foxborough — 121,000 Hannaford Bros., Waltham — 46,000 Middleborough Crossing — 132,000 Middleborough

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

Shaw's Plaza, Easton — 103,000 Shaw's Plaza, Hanover — 57,000 Shaw's Plaza, Plymouth — 178,000 Springfield Plaza, Springfield — 512,000 New Hampshire Hood Commons, Derry — 210,000 Hooksett Village Shops, Hooksett — 257,000 New York Colonie Plaza, Albany — 168,000 Columbia Plaza, Rensselaer — 136,000 Irondequoit Plaza, Rochester — 216,000 Lake Shore Plaza, Lake Ronkonkoma — 95,000 Malone Plaza, Malone — 178,000 Saranac Lake Plaza, Saranac Lake — 68,000 St. Lawrence Plaza, Massena — 166,000

Ohio Boardman Plaza, Youngstown — 625,000 Fairlawn Town Centre, Fairlawn — 447,000 Knox Village Square, Mount Vernon — 207,500 Pennsylvania Carlisle Crossing, Carlisle — 368,000 Columbia Mall, Bloomsburg — 352,000 Dauphin Plaza, Harrisburg — 216,000 Devon Village, Devon — 90,000 East End Centre, Wilkes-Barre — 306,000 Mayfair Shopping Center — 115,500 Philadelphia Valmont Plaza, Hazleton — 200,000 West Side Mall, Edwardsville — 423,000

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

Rhode Island Diamond Hill Plaza, Woonsocket — 387,000 Marketplace Center, Warwick — 194,000 Virginia Chesterfield Marketplace, Richmond — 428,500

New Aquisitions

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

6B — April 27 - May 10, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

SHOPPING CENTERS

SEEKING RETAIL PROPERTIES IN THE

Transactions totaling over 80,000 s/f of retail space

Divaris completes 26,537 s/f NORTHEAST CORRIDOR lease for Big Lots Stores, Inc.

P: 212.710.9362 F: 917.591.5497 E: DKATZ@KATZPROPERTIES.COM

IRGINIA BEACH, VA — Gerald S. Divaris, Chairman of Divaris Real Estate Inc., announced the following lease transactions were completed for several retail tenants: A lease extension was signed with Tidewater Finance Company for 25,516 s/f of retail space at Tidewater Plaza in Virginia Beach. David Redmond, of the Virginia Beach office of Divaris, represented the landlord. Big Lots Stores, Inc. renewed its lease for 26,537 s/f in Midlothian Crossing in Richmond, VA. Another lease renewal was signed with Genuine You Salon, for 2,400 s/f of retail

6528 East Indian River Road space. Sara Goodall of the Richmond office of Divaris Real Estate, represented the landlord, Midlothian Associates, L.P. in both of the lease negotiations. Oakboro Tractor & Equipment, Inc. leased 9,090 s/f at Food Lion Shopping Center located in Concord, NC. Teitsma represented the landlord, Food Lion, LLC, in the transaction.

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StellarOne Bank has signed a lease for 5,441 s/f of first floor retail space in the Six Columbus Center building located in Virginia Beach. The landlord, Five Columbus Center Associates was represented in the negotiations by Erica Meekins and Elizabeth (Newbill) Paasch. Keagan’s Irish Pub renewed its expanded premises lease for 1,996 s/f in Town Center of Virginia Beach. Gerald Divaris, Meekins and Burnell represented both the landlord and the tenant. Coffee Etc, Inc. also completed a lease for 1,623 s/f in the 17city block Town Center. Divaris represented the landlord and Meekins handled negotiations on behalf of the tenant. TitleMax of Virginia, Inc. leased 3,924 s/f in the Azalea Shopping Center in Richmond, VA. Goodall represented the landlord in the lease. RadioShack Corporation has renewed its lease for 2,461 s/f in the Salem Crossing Shopping Center located Virginia Beach. Burnell and Thomson represented the landlord. R and R Home Repair, Inc., leased 1,945 s/f in Virginia Beach. Eric Bucklew, VP and general broker in DRE’s Virginia Beach office, represented the landlord in the lease negotiations. ■

Charter Realty leases for Alamo Drafthouse Cinema LOUDOUN COUNTY, VA — Charter Realty & Development in conjunction with Paraclete Realty, LLC is pleased to announce they have leased 34,000 s/f for an Alamo Drafthouse Cinema in Loudoun County. Alamo Drafthouse and their new franchise partner, Cojeaux Cinemas, will be occupying 34,000 s/f of the 700,000 s/f plaza known as One Loudoun Center located in the city of Ashburn. The center is being developed by Potomac Development Group, Miller and Smith, L.L.C., and North America Sekisui House LLC, an affiliate of Japan’s SEKISUI HOUSE, Ltd. Alamo will build a multi-screen cinemaplex of 34,000 s/f and expects to open in Spring of 2013. ■

Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — 7B

www.marejournal.com

SHOPPING CENTERS Shanahan of Colliers International reps the landlord

Soloff Realty announces 19,600 s/f opening of Bottom Dollar HILADELPHIA, PA — Soloff Realty & Development, Inc. (“SRD”), announced the Grand Opening of a new 19,600 s/f Bottom Dollar Food store (Food Lion) on Friday, April 13, 2012 at the trafficlit intersection of Roosevelt Boulevard (Route 1) & Borbeck Street in the Rhawnhurst section of Northeast Philadelphia. This is Bottom Dollar Food’s 4th store to open in the City of Philadelphia and 33rd store to open in the Philadelphia MSA. Originally built as an Acme Market in the early 1960’s by A.P. Orleans, Bottom Dollar Food developed their new store at the former wellknown Ilona Keller’s Dugan Banquet Hall, who closed its doors after 30+ years of operation. Richard Soloff of SRD is the preferred developer for Food Lion, and completed the development on their behalf. Matthew Shanahan of Colliers International represented the Landlord, and Fameco Real Estate exclusively

Smith of Stafford Smith leases 9,500 s/f

RETAILER REPRESENTATION OWNER REPRESENTATION INVESTMENT SALES MANAGEMENT SERVICES

MEET US AT THE LAS VEGAS ICSC RECON CONVENTION MAY 20-22, 2012

Please visit us during the Las Vegas ICSC ReCon Convention. We will be located at the ChainLinks booth in the South Hall, Second Floor, Q Street – S266/S276 To Schedule an Appointment, Please Call Us Plymouth Meeting, PA: 610.834.8000 Philadelphia, PA: 215.557.0050 Woodbridge, NJ: 732.526.9100 www.famecoretail.com

Bottom Dollar represented the Tenant. Bottom Dollar Food is a division of Food Lion, headquartered in Salisbury, North Carolina, who operates over 1,650 grocery stores in 16 states along the eastern sea-

board from Maine to Florida under 6 banners. In addition, Food Lion’s parent company, Belgium based Delhaize Corporation, operates over 1,200 grocery stores throughout Europe. ■

WE MAKE CONSTRUCTION MANAGEMENT LOOK LIKE CHILD’S PLAY!

Tower Market Shopping Center EATONTOWN, NJ — Ray Smith, Broker for Stafford Smith Realty, Shrewbury, NJ is pleased to announce the lease of 9,500 s/f Dollar General at Tower Market Shopping Center, 37 Hwy 35, Eatontown, New Jersey. The lease was for five stores that were combined to create an anchor space on the entire north leg of the shopping center. “This was a challenging project as we had to remove and relocate tenants to deliver the size space required by the tenant” said Ray Smith, sole broker in the transaction. The space was the end cap closest to NJ Hwy 35 Northbound near to the Rt. 71 intersection. Remaining are just two stores. ■

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8B — April 27 - May 10, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

New Ground Breaking New

www.marejournal.com

SHOPPING CENTERS New Tenants J.Crew & The Art of SpYn

Douglas Dev. welcomes 8,625 s/f to the Atlantic Building

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ASHINGTON, DC —Douglas Development announced the additions of upscale retailer J.Crew and premier yoga and spinning studio, The Art of SpYn, to the company’s property at 950 F Street, NW. J.Crew is slated to open in August and The Art of SpYn is scheduled to open this Spring. J.Crew will occupy 3,044 s/f on the ground floor and 5,581 s/f on the lower level for a total of 8,625 s/f in the Atlantic Building, which borders the historic Ford’s Theatre. The Art of SpYn, the city’s first combined indoor cycling and yoga studio, will also occupy

Toms River

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950 F Street, NW two levels of space for a total of 5,272 s/f and will feature two studios and a lifestyle retail boutique. These new tenants will join high-end retailer Anthropologie in the building. Norman Jemal, principal and vice president of Douglas Development, is thrilled for the continued growth and development of Washington’s Penn Quarter. “The arrival of J.Crew and The Art of SpYn are further proof of the transformation of Downtown DC into a retail destination.” Jemal continues, “J.Crew is one of America’s most recognized and iconic fashion brands- their interest in locating here illustrates the critical mass that we are achieving in Downtown DC. I believe we will all look back 25 years from now and say that this deal with J.Crew is the catalyst that drove global retail, en masse, back to Downtown Washington.” This will be J.Crew’s first location Downtown and their third in Washington, DC, and The Art of SpYn’s first. J.Crew and The Art of SpYn will join other Douglas Development retail tenants in the city’s East End, including LivingSocial, the International Spy Museum, Anthropologie, H&M, Zara, Forever 21 and GUESS, along with Mike Isabella’s Graffiato, Matchbox Restaurant, Luke’s Lobster and Shake Shack. Douglas Development’s commitment to improving neighborhoods and bringing valued brands to the District is unparalleled. Currently the largest private property owner in the area, Douglas Development attracts and pursues the most sought after tenants, including luxury retailers and upscale restaurants. ■

Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — 9B

www.marejournal.com

SHOPPING CENTERS

Allentown, PA

West Deptford, NJ

At the Kennedy Mall in Brick Township

Fameco secures 6,200 s/f lease for Buffalo Wild Wings

Exeter, PA

Chester, PA

RICK TOWNSHIP, NJ — Fameco Real Estate, LP, the region’s premier retail leasing firm, is pleased to announce that Buffalo Wild Wings has signed a 6,200 s/f lease at the Kennedy Mall in Brick Township. The AntSul Group, LLC, doing business as Buffalo Wild Wings in this region, currently has two locations open; one in North Brunswick and one in Bridgewater. This location at the Kennedy Mall will be their third and it is expected to open in late May. According to Tyler Bennett of Fameco, who is spearheading AntSul Group’s expansion efforts, “Brick Township is a dynamic restaurant market. There is strong daytime population and historically, themed restaurants have done very well in this market. Buffalo Wild Wings is converting a former Blockbuster Video store. There is great signage and visibility, and the center is in the heart of the market which provides a good road network feeding into the site. The AntSul Group has several more Buffalo Wild

Front Elevation of Buffalo Wild Wings Wings sites slated for develop- 7,500 s/f in existing free-standment in the coming months.” ing buildings, end-caps, or new The restaurant requires 6,000- developments. ■

Building relationships through the power of people.

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The Goldstein Grp. completes multiple transacitons PARAMUS, NJ — Highlights of The Goldstein Group’s recent transactions in New Jersey include the following deals: GNC – The Goldstein Group completed a transaction totaling 1,300 s/f on behalf of the vitamins and supplements retailer, which opened a new store at Liberty Plaza, 324 George Street in New Brunswick. Principal Neil Goldstein of The Goldstein Group handled the transaction. TCBY- The Goldstein Group completed a transaction of 1,400 s/f on behalf of the yogurt retailer, which opened a new store at 243 Sparta Avenue in Sparta. Vice President Lew Finkelstein and Jesse Finkelstein handled this transaction. Payless Shoes – Representing the owner, The Goldstein Group closed a deal totaling 2,500 s/f with the retailer, which opened a new store at Copper Tree Shopping Center, Route 202 in Oakland. Vice President Donald Goldstein handled this transaction. ■

Opportunities exist for those who know where to locate them. BJ’s PLAZA Torrington, CT

CINEMA CENTER Bloomsburg, PA

5,000 SF Available 90,820 SF neighborhood shopping center featuring BJ’s, Dollar Tree, and Dunkin’ Donuts. Located at the intersection of E. Main Street (Route 202) and Torringford West Street in Litchfield County and in close proximity to Routes 4 and 8.

5,000 SF Pad; 9,000 SF Available 48,543 SF neighborhood center featuring Cinema Center. Located on Columbia Boulevard (Route 11) at signalized intersection, just off I- 80 in Columbia County, 40 miles southwest of Wilkes-Barre and 2 miles from Bloomsburg University. Neighboring retailers include Advance Auto Parts, Rita’s Italian Ice, Verizon, Aaron’s Rent, and Wendy’s.

STOP & SHOP PLAZA Canaan, CT 3,480 SF Available 71,000 SF neighborhood shopping center anchored by Super Stop & Shop and Family Dollar. Located at the intersection of Main Street (Route 44) and Railroad Street (Route 7) in affluent Litchfield County.

CROSS POINTE CENTRE Jacksonville, NC 5,000; 6,000 SF Available 196,214 SF power center featuring Marshalls, Ashley Furniture, Old Navy, Books-A-Million, Shoe Carnival, Michaels and Lane Bryant. Located on Western Boulevard in Onslow County near Coastal Carolina Community College, Jacksonville Mall and U.S. Marine Corps Camp LeJeune.

NEW TOWN SHOPS ON MAIN Williamsburg, VA 500 to 10,000 SF Available; Two 9,000 SF On-site Land Parcels Available for Sale for Office/Retail Established 253,000 SF retail center located on Monticello Avenue in the heart of a 365-acre mixed-use community and in close proximity to the College of William & Mary. 1.7 million SF of specialty retail, office, residential and entertainment. Join Barnes & Noble, Buffalo Wild Wings, JoAnn Fabrics, American Family Fitness, Bonefish Grill, Regal Cinemas, Panera Bread, Charming Charlie, and many more!

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1224 Mill Street, Building D-Suite 103 | East Berlin, CT 06023 T 860.561.0121 F 860.521.4323 | developers-realty.com Kelly Voss | kelly@developers-realty.com

12B â&#x20AC;&#x201D; April 27 - May 10, 2012 â&#x20AC;&#x201D; Shopping Centers â&#x20AC;&#x201D; Mid

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Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — 13B

SHOPPING CENTERS

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

14B — April 27 - May 10, 2012 — Shopping Centers — Mid

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PEOPLE ON THE MOVE For their second consecutive year

A proven track record of success

Balliet & Thompson of KW earn Hinkle joins Fameco Costar Power Broker Awards as VP of business dev. HILADELPHIA, PA — K W C o m m e rcial is pleased to announce that James Balliet and Robert Thompson have both been awarded the CoStar Power Broker Award James Balliet for their individual produc-

tion achievements in 2011 by CoStar Group, Inc. “CoStar Group is very proud to recognize the select few commercial real estate brokerage firms and brokers who performed at the inRobert Thompson d u s t r y ’ s highest level and achieved

remarkable sales and leasing success in 2011,” said CoStar Group Founder and CEO Andrew C. Florance. “These top performers truly represent the best of the best in commercial real estate, and they deserve to be recognized for their proven deal-making abilities. We congratulate James Balliet and Robert Thompson on this very impressive professional accomplishment.” ■

Economou joins The Goldstein Group as a sales associate specializing in restaurant & retail svcs. PARAMUS, NJ — Chuck Lanyard, president of The Goldstein Group, New Jersey’s leading commercial real estate brokerage firm, announced t h a t Te d Economou has joined the Compa- Ted Economou ny as a sales associate, specializing in restaurant and

retail brokerage services. Ted has over 30 years of experience in managing, owning, operating, and selling restaurants, banquet halls, and night clubs. With his deep experience in restaurants and retail real estate services, Ted will focus on servicing and procuring new business from restaurants and retail owners and tenants in the Northern and Central New Jersey market. Most recently, he served as a sales

associate at Coldwell Banker Commercial. “We are pleased to welcome Ted as part of the on-going expansion of our sales and marketing efforts to better service our clients,” stated Chuck Lanyard, president. “With his strong background in restaurant and retail real estate services, Ted is an excellent addition and fully complements our brokerage services to clients, in particular our restaurant clients.” ■

PLYMOUTH MEETING, PA - Fameco Real Estate, LP, the region’s premier retail leasing firm, announced that David Hinkle has joined Fameco as vice president of Business Development. David Hinkle According to Fameco chief operating Officer Michael Levin, “Fameco is very entrepreneurial and opportunistic and has historically Michael Levin positioned itself to be a market leader. The appointment of David is yet another example of Fameco’s proactive approach. We’re thrilled to have David join our team. He’s a strategic thinker with tremendous relationships throughout the country. We see significant opportunity for David to help us grow, and add to our current suites of service by identifying and developing new client relationships

with retailers, owners, equity investors and lenders.” Hinkle added “I’ve known several of the partners at Fameco for years and this opportunity will allow us to merge the strength of their platform and infrastructure with my business development acumen and national relationships. I will develop new opportunities for Fameco with retailers and owners not yet established in Fameco’s market area providing these prospects with an entre to the region’s foremost retail brokerage and property management firm and its capabilities.” Hinkle has a proven track record of success in running a retail company and as a consultant specializing in business development, strategic marketing and retail operations. Among the many highlights of his career, David served as President and CEO of NMD, the holding company for National Book Warehouse and The Book Market, a discount book seller with 185 stores; senior vp/partner of Business Development for Hemisphere Property Group which secured $100 million in funding; and most recently as CEO and co-founder of VPI Business Advisors. ■

Divaris promotes within the sales & leasing divivision & awards for 2011 performance

Levin’s Lowry named director of aquisitions and business development

VIRGINIA BEACH, VA — Gerald S. Divaris, president of Divaris Real Estate, Inc. announced promotions within the sales and leasing divisions, as well as the recipients of its 2011 Circle of Excellence awards and years of service acknowledgments. Eric Bucklew, Krista Costa and Erica Meekins were all promoted to the position of vice president in the Virginia Beach headquarters of DRE. Bucklew is a general broker for the company throughout Hampton Roads and Florida. Costa handles corporate services accounts throughout North America. Meekins specializes in pre-development and leasing services for mixed-use and lifestyle projects, nationwide. Other promotions were announced for positions held in Divaris Property Management Corp. Carlotta Lilly was named Property Manager and Melody Almonte was promoted to Assistant Property Manager, both for Town Center of Virginia Beach. And in Divaris’ Washington, DC office, Peggy Hernandez

NORTH PLAINFIELD, NJ — Retail real estate services firm Levin Management has named Joe Lowry of Columbus, NJ, as director of acquisitions and business development. The 25-year commercial Joe Lowry real estate industry veteran joined North Plainfield-based Levin in 2009 as Director of Acquisitions. His added responsibili- Matthew Harding ties reflect the firm’s ongoing focus on adding new clients from among institutions, fund managers and private owners it does not already serve. Lowry’s primary responsibility for Levin Management during the past three years has been the evaluation of shopping centers listed for sale, as well as the sourcing of off-market retail investment opportunities for the firm’s

was made Assistant Property Manager. Divaris’ Circle of Excellence Award winners were announced at a company luncheon that was held on March 12, 2012 in the Hilton Garden Inn, Town Center of Virginia Beach. Recipients were: 2011 PLATINUM CIRCLE OF EXCELLENCE Brett McNamee, Richmond Brokerage. 2011 GOLD CIRCLE OF EXCELLENCE - Jay Burnell and Erica Meekins, Virginia Beach Retail Brokerage; Vivian Turok and Krista Costa, Virginia Beach Office Brokerage; and Debbie Wake, Richmond Retail Brokerage. 2011 SILVER CIRCLE OF EXCELLENCE - Levi Thomson, Virginia Beach Retail Brokerage and Elizabeth Paasch, Virginia Beach Office Brokerage. 2011 BRONZE CIRCLE OF EXCELLENCE - Alex Divaris and Jason Oliver, Virginia Beach Investment Sales; John Madures, Richmond Brokerage; Chris Bendit, Newport News Office Brokerage; Susan McGee,

Washington DC Retail Brokerage; Mary McGovern, David Redmond, Sezin Cortinas and David Bickford, Virginia Beach Retail Brokerage. Bickford was also recognized with Divaris Real Estate’s 2011 Rookie of the Year Award. Other awards included the 2011 Associate of the Year – Diana Teitsma, principal of the Charlotte, North Carolina office of Divaris Real Estate, Inc. 2011 Chairman’s Award - Darlene Crick, Property Management, Virginia Beach. 2011 Leadership Award – Eric Bucklew, Virginia Beach Retail Brokerage. 2011 Principals’ Award for Excellence - Susan Collins, National Director of Property Management Services. 2011 Property Manager of the Year - Carlotta Lilly, Town Center of Virginia Beach. 2011 Community Service Award - Krista Costa, received cash and a matching donation to her favorite charity. ■

institutional clients. His focus now has now been expanded to include marketing Levin’s range of third-party services to this customer base, as well as to other institutions, fund managers and private owners. Lowry noted that the extension of his role is a natural progression. “Our strong platform makes us a terrific asset for retail property owners looking for a company with proven experience in getting the most out of retail properties of any type.” “The third-party retail property management business is highly competitive,” noted Matthew K. Harding, Levin’s president and chief operating officer. “When it comes to attracting new business, our advantage lies in the depth and experience of our in-house team, in our understanding of a property owner’s often complex reporting requirements and in our ability to think like an owner. Thinking like an owner is very important – it is the ability to fully understand all aspects of a property’s management and the ultimate impact of every decision on that property’s bottom line.” ■

Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — 15B

www.marejournal.com

SHOPPING CENTERS Stine & Rohrbaugh rep landlord

COMING SOON CBC Bennett Williams Shopping Centers completes 3,200 s/f retail lease featuring the

ORK, PA — Coldwell Banker Commercial Bennett Williams has arranged the lease of the following transactions: 1,500 s/f of retail space at Newberry Pointe at 136 Newberry Parkway in Etters.Chad Stine and Brad Rohrbaugh of Bennett Williams represented both the landlord and the tenant in the transaction. 2,000 s/f of retail space at Lancaster Shopping Center at 1605 Lititz Pike in Lancaster. Cool Friends, LLC dba Sweet Frog leased the space for 5 years from Federal Realty Investment Trust. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the tenant in the transaction. 2,000 s/f of retail space at Wayne Plaza at 933 Wayne Ave. in Chambersburg. Raylon Store Properties LLC leased the space from Wayne Avenue Plaza, LP. Chad Stine and Brad Rohrbaugh of Bennett Williams represented both the landlord and the tenant in the transaction. 2,475 s/f of retail space at State Street Plaza at 829 State Street in Lemoyne. Pazazzz leased the space for 3 years from State Street Plaza Assoc. LP. Chad Stine, Brad Rohrbaugh, and Adam Hagerman of Bennett Williams represented both the landlord and the tenant in the transaction. 3,200 s/f of retail space at Shippensburg Shopping Center on Walnut Bottom Rd. in Shippensburg. Better Days Animal League, Corp. leased the space for 2 years from Hill Management Services, Inc. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the landlord in the transaction, and Adam Hagerman, also of Bennett Williams, represented the tenant. ■

Colliers brokers 18,000 s/f lease Philadelphia, PA — Colliers International announces 18,000 s/f lease. Tates Menswear has signed a long term lease at 1225-27 Chestnut Street. They have leased the entire 18,000 s/f two story building, which includes 6,000 s/f of first floor retail and full basement. The site was formerly occupied by Payless Shoesource. Michael Barmash of Colliers International represented both parties in this transaction. ■

5th Annual Retail Profiles Spotlight Deadline for Editorial: June 8, 2012 The Mid Atlantic Real Estate Journal welcomes all editorial on your best retail projects & developments. e-mail: efanning@marejournal.com or call 800-584-1062/781-871-5298 Ext. 212

Shippensburg Shopping Center

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realestate.subway.com www.subway.com

16B — April 27 - May 10, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

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SHOPPING CENTERS +

18 million square feet ARIZONA Mesa Kohl’s McKellips Road & Recker Road 95,279 SF GLA Part of Falcon View Plaza w/ Fry’s

INDIANA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Former Kmart Available 134,797 SF GLA

Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres

South Bend South Bend Shopping Center US Hwy. 20 & US Hwy. 31 112,900 SF GLA Anchor Space Available

Tolleson Freestanding Kmart West McDowell Road & North 86th Drive 86,479 SF GLA

Warsaw The Market Place U.S. Hwy. #30 & Water St. JC Penney, Sears, Elder-Beerman, Pier 1 180,000 SF GLA

FLORIDA Gainesville Mixed Use – Grocery Store & Student Housing NW 13th St & University Avenue 1.74 Acres 26,000 SF Ground Floor Retail in Proposed 198,000 SF 8-Story Bldg Fern Park Fern Park Plaza Semoran Blvd. (Hwy. 436) & Hwy. 17/92 131,646 SF GLA Aldi, Deals Prime Corner/Junior Box Space Available Fern Park Future Shopping Center 26 Acre Jalai Redevelopment Site 6405 Hwy. 17/92 & Fernwood Blvd. near Hwy. 436 153,650 SF GLA Anchor Space & Outlots Available ILLINOIS Downers Grove Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF Niles Golf Glen Mart (Outparcel) Golf Rd. & Dee Rd. Up to 12,000 SF Outlot, B-T-S INDIANA Evansville Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General 153,000 SF GLA

KENTUCKY Ashland Russell Centre Route 23 & Diederich Blvd. Lowe’s, Super Kroger 272,000 SF GLA In-line Space & Pad MARYLAND Hagerstown Long Meadow Shopping Center Potomac Ave. (Route 60) & Northern Ave. Ashley Furniture, CVS, PA Dutch Market 243,000 SF GLA Anchor Space/Pad Available Randallstown Brenbrook Plaza Liberty Rd. & Brenbrook Dr. Home Depot 139,000 SF GLA MASSACHUSETTS Billerica Shops at Billerica Boston Rd. (Rte. 3A) & Tower Farm Rd. Kmart, DeMoulas Supermarket 275,000 SF GLA Anchor Space Available Milford Kmart Shopping Center Medway St. & Beaver St. @ I-495 Kmart, Dollar Tree 140,470 SF GLA Future Expansion Space Available

Management LLC

MICHIGAN Grand Blanc Vacant Land Holly Rd. & I-75 22 Acres For Sale Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Port Huron Shopping Center Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Anchor Space & Outlot Available Saginaw Anchor Space at Saginaw Square Tittabawasse Rd. & Bay Rd. Target, JoAnn Etc., Staples 94,891 SF GLA Anchor Space Available Sandusky Kmart Shopping Center M-19 & Gates Rd. 176,248 SF GLA Anchor Space Available Southgate Fort St. & Burns Ave. 60,800 SF GLA Freestanding / Redevelopment Opportunity MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 280,353 SF GLA 4.8 Acres Available for Development NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA 10,945 SF Outbldg. Available

NEW JERSEY Marlton (Evesham) Tri-Towne Plaza Route 70 & Plymouth Dr. Superfresh/176,519 SF GLA Anchor Space Available/Redevelopment Opportunity Mt. Olive Pad Sites Available Adjacent to Foreign Trade Zone Across from Wal-Mart, Sam’s, TJ Maxx

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

Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — 17B

www.marejournal.com

SHOPPING CENTERS +

200 retail projects NEW JERSEY Old Bridge A & P Shopping Center Route 9 & Ferry Rd. 64,920 SF GLA 5,300 SF Pad Building

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

Vineland Vineland Marketplace S. Delsea Dr. (Route 47) & College Dr. New Development Anchor Space / Outlots Available

Orangetown Orangeburg Commons Route 303 & Palisades Parkway Super Stop & Shop Pads Available

Vineland Kmart Plaza Expansion S. Delsea Dr. (Route 47) & Route 55 Kmart, TD Bank Two Parcels: 4.302 & 4.486 Acres Across from Cumberland Mall

Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office, Curves For Women 21,212 SF GLA

Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Fashion Bug, Dollar General 85,000 SF GLA Anchor Space Available NEW YORK Deer Park Kohl’s Plaza Commack Rd. & Grand Blvd. Kohl’s, Super Stop & Shop 182,875 SF GLA Proposed Pad 3,800 SF Glenville/Scotia (Albany) Future Redevelopment Saratoga Rd. (Route 50) & Glenridge Rd. 174,000 SF GLA In-Line Space & Pad Available Holtsville Island 16 Cinemas Shopping Center Nicholls Rd. & Long Island Expwy. National Amusements Theater, Chili’s 117,342 SF GLA

Trexlertown Marketplace Hamilton Blvd. (Route 222) & Mill Creek Rd. Walgreens, Panera Bread, Verizon 36,068 SF GLA TENNESSEE Hermitage (Nashville) Freestanding Bldg. adjacent to Jackson’s Courtyard Shopping Center 3445 Lebanon Pike 24,040 sf GLA Redevelopment Opportunity

Williamsburg (Brooklyn) Northside Piers Retail 20 North 5th St. & Kent Ave. Duane Reade 5,178 SF Available

TEXAS Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. 133,332 sf GLA

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

UTAH Salt Lake City 410 S. 900 E. & 400 S. Freestanding Office Max New In-line Space & Pad Available VIRGINIA Richmond Food Lion Plaza Rte..1 (Jefferson Davis Hwy.) & Chippenham Pkwy. Outlots Available

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

Latham/Colonie (Albany) Kmart Shopping Center Route 7 & Swatling Rd. 118,863 SF GLA Up to 10,000 SF Outlot Available Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Wal-Mart, Home Depot, BJ’s, Target, Home Goods, Best Buy 687,716SF GLA Anchor Space & Outlots Available Future Phase III Office or Retail

PENNSYLVANIA Trexlertown Macungie Crossing Shopping Center Hamilton Blvd. (Route 222) & Grange Rd. Future Strip and Pads

Management LLC

OREGON Salem Kmart Shopping Center Mission Street S. E. & 25th St. 116,866 SF GLA PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 220,000 SF GLA 9.82 Acres Available Carlisle Hanover Street (Route 34) & I-81 Home Depot, Chili’s 140,715 SF GLA 10,584 SF Future Expansion/Pad

Winchester Freestanding Kmart S. Pleasant Valley Rd. & E. Jubal Early Dr. 88,479 SF GLA WEST VIRGINIA St. Albans St. Albans Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Goody’s, CVS 230,000 SF GLA PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Wal-Mart SuperCenter, Home Depot New Development & Pads 525,000 ± SF GLA

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

18B — April 27 - May 10, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

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

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

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

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

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

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

KW Commercial-The James Balliet Commercial Group 40 S. Cedar Crest Blvd. Allentown, PA 18104 P:610-435-4711 F:610-435-2800 James Balliet, Robert Thompson, Melanie Stocker Dr. Rex D’Agostino, Cheyenne Reiman Pete Ambrosino, Heather Lynne Christopher Milotich

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

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

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

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

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

Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — 19B

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

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20B — April 27 - May 10, 2012 — Shopping Centers — Mid

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Atlantic Real Estate Journal

ALL-in service ALL-out quality In retail, image is everything. Chains and franchises invest millions in their brand, so it is absolutely critical that the brand’s retail environments convey both quality and consistency. A family-owned company, All-Rite Construction has been serving retail for

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Mid Atlantic Real Estate Journal — Shopping Centers — April 27 - May 10, 2012 — Inside Back Cover B

B Back Cover — April 27 - May 10, 2012 — Shopping Centers — Mid

Atlantic Real Estate Journal

www.marejournal.com

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