REAL ESTATE JOURNAL the most comprehensive source for commercial real estate news
Volume 24 Issue 9 May 11 - 24, 2012
ISSUE HIGHLIGHTS Heller Urban Renewal sets foundation for Harrison Station
23A Quarry Center — 300 Million Years in the Making!
7-9 B 23rd Annual Conference & Expo Atlantic City Convention Center
Section C
Eastdil Secured brokered the sale of 733 10th Street
Jamestown Properties acquires 171,000 s/f class A office building for $140 million ASHINGTON, DC — Jamestown Properties has closed on its acquisition of 733 10th St., an office and retail development in Washington DC’s east end submarket, from Skanska. The class A, 171,000 s/f office building was developed by Skanska starting in 2009, and was designed to give small and mid-sized companies a large-caliber presence with eight floors of office space. The LEED Gold certified 733 10th St. blends energy efficient floorto-ceiling windows and a green roof system with an exceptionally efficient floor plate design. It also features 1,800 s/f of ground-level retail space. The acquisition of 733 10th Ave. follows two other significant acquisitions in the Washington D.C. market: the Georgetown Renaissance portfolio, acquired in fall 2010, and the Madison Hotel and office complex in January 2011. “Washington D.C.’s central business district continues to
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733 10th St. be a strong focus for Jamestown,” said Michael Phillips, COO of Jamestown. “Our acquisition of 733 10th St. demonstrates an ongoing commitment to working with best-in-class developers, and acquiring in-
novative properties in dynamic urban markets.” Building amenities at 733 10th St. include a fitness center with locker rooms, showers and towel service; a landscaped third-floor outdoor
terrace; a tenant-only rooftop terrace with catering capabilities; a building security system with 24-hour access; concierge services; on-site property management; a secure underground parking garage; and iconic views of Washington, D.C., including the monuments, National Portrait Gallery and the Verizon Center. “Washington D.C. is an excellent market. We are pleased to have closed this transaction with Jamestown and look forward to delivering more highquality, sustainable projects in the future,” said Rob Ward, executive vice president of Skanska Commercial Development. Centrally located five city blocks from the White House, the building is in close proximity to two Metro stations, retail stores, hotels and restaurants. The sale of 733 10th St. was brokered by Eastdil Secured. ■
A shopping center in Bayonne, NJ
Inland Real Estate Acquisitions purchases 356,647 s/f Bayonne Crossing for $75.2 million BAYONNE, NJ — Inland Real Estate Acquisitions announced the acquisition of Bayonne Crossing, a 356,647 s/f shopping center for $75.2 million, including future estimated earnout payments totaling up
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Auctions ...................................................... 6A Financial Digest ...................................... 9-14A DelMarVa ..............................................15-22A New Jersey ...........................................23-33A Pennsylvania ......................................... Section B
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to $7.3 million. Located off the Hudson River and across from Manhattan, the acquisition includes a 91,109 s/f Wal-Mart and a 146,583 s/f Lowe’s Home Improvement, both anchor tenants on ground leases purchased by Inland Real Estate Acquisitions. Joe Cosenza, vice chairman of The Inland Real Estate Group and president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of the buyer, Inland Diversified Real Estate Trust. “I am very pleased to have closed on the purchase of what I believe to be one of the finest retail assets I have ever acquired,” Cosenza said. “Bayonne Crossing’s unique location draws from 525,000 people within a 5 mile radius, and it’s within an Urban Enterprise Zone that gives patrons a 50% break on the state sales tax.” ■
A Inside Cover — May 11 - 24, 2012 — Mid
Atlantic Real Estate Journal
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A&S Boiler & Burner..................................................................21C Accent Group...............................................................................22C AEGIS Energy Services................................................................5C AKF................................................................................................5B American Boiler Co.......................................................................7C Apartment Guide........................................................................13C B.R. Kreider & Son, Inc..............................................................14B Barry Isett & Associates Inc.......................................................12B Bayshore Recycling..................................................................... 30A BH Security.................................................................................19C Bohler Engineering.......................................................................9B Brasler Properties.......................................................................15B Burris Engineers Inc.....................................................................4B Bussel Realty Corp...................................................................... 25A CBC Bennett Williams..................................................................2B CDA&I...........................................................................................5B Central Wholesalers...................................................................21C CHAD...........................................................................................10B Columbia Bank............................................................................ 10A Cooper Roffing...............................................................................1C Cooper-Horowitz, inc................................................................... 11A CREATE........................................................................................7B CSG Consulting Engineers......................................................... 19A Deerwood Real Estate Capital................................................... 13A Design East.................................................................................16C Dustin C. Snyder Auctioneer LLC............................................... 6A Earth Engineering Inc..................................................................7B Earthscan.................................................................................... 38A Ehrlich, Petriello, Gudin & Plaza................................................9C Electrical Installation & Design, Inc........................................... 4A Elias B. Cohen & Associates.......................................................14C Entech Digital Controls..............................................................25C Expert Publishers, Inc.................................................................. 7A Fameco Real Estate....................................................................14B Fitzpatrick Lentz & Bubba.........................................................12B Fix Asphalt.................................................................................. 28A Griffin Land.................................................................................14B Harvey Hanna & Associates, Inc........................................ 16A,22A Haworth.........................................................................................4B Heller Industrial Parks.............................................................. 31A Hinerfeld Commercial Real Estate............................................13B Hollister Construction................................................................ 11B Hurley Auctions............................................................................ 6A IES Engineers...............................................................................8B Investors Bank ........................................................................ BC-C Jenkintown Building Services, Inc............................................ 11B Jewel Electric Suppy Co............................................................. 11C Kaplin Stewart........................................................................ 2A,9B Keast & Hood Co......................................................................... 11B LandmarkJCM............................................................................ 21A Lebanon Valley..............................................................................1B LEW Corp....................................................................................21C M. Miller & Son.................................................................... 3A,IC-C Manko Gold Katcher Fox LLP......................................................8B Marcus & Millichap RE Investment Svcs........................... 18A, 3C Marcus & Millichap Taylor Zang.............................................FC-B Max Spann Real Estate & Auction Co......................................... 6A McMahon Associates.....................................................................7B Mericle Commercial Real Estate Services.............................. BC-B Meridian Capital Group, LLC...................................................... 4A Metro Commercial.....................................................................8-9B Mitchell........................................................................................ 21A MJ Settelen Construction LLC....................................................4B NJ SmartStart Buildings............................................................. 1A NJAA Conference & Expo....................................................... IBC-A Northeast New Jersey Chapter Appraisal Institute................... 3A NorthMarq................................................................................... 17A NWP Services Corporation.........................................................21C Pardini R. Construction Corp.....................................................12C Patterson Woods.......................................................................... 21A Penn’s Northeast...........................................................................2B PennCap Properties................................................................ IBC-B Pennrose.....................................................................................IC-A Poskanzer Skott Architects........................................................ 32A Regal Bank..................................................................................17C Riker Danzig...................................................................24A, IBC-A SEBCO Laundry......................................................................... 24A Sheldon Gross Realty, Inc........................................................... 24A Sign A Rama................................................................................19C Target Building Construction.....................................................14B Tenant Safe..................................................................................19C The Kislak Company, Inc............................................................ 26A The Thesing Companies............................................................... 5A Tighe & Cottrell, P.A................................................................... 21A Transportation Resource Group, Inc............................................2B TriState Realtors Commercial Alliance..................................... 37A Whitesell........................................................................................ 4A Whitestone Associates Inc............................................................2B Withim Smith + Brown, PC........................................................18C Wolf Commercial Real Estate..................................................... 27A WP Realty...................................................................................IC-B
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Publisher.............................................................................Linda Christman Co-Publisher..........................................................................Joe Christman
Section Publisher...............................................................Michael Campisi
Section Publisher................................................................. Elaine Fanning Senior Editor/Graphic Artist................................................. Karen Vachon
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Office Manager....................................................................Joanne Gavaza
By Joyce Price & Karyn Tasker What Investors Need to Know About Fair Value Accounting for Real Estate
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n 2006, the Financial Accounting Standards Board issued Statement No. 157, Fair Value Measurements which was subsequently codified under Accounting Standards Codification Section 820 (ASC 820). ASC 820 provides guidelines surrounding fair value measurement and its application. While companies may elect fair value accounting for financial assets, current U.S. accounting standards only permit fair value reporting for non-financial assets in certain instances such as real estate investments held by pension funds or investment companies. In these situations, the value of the real estate is adjusted to fair value on a recurring basis at each reporting date. ASC 820 also applies to the fair value reporting of nonfinancial assets on a nonrecurring basis, such as the purchase of an operating property or the impairment of a real estate project.
Editorial Consultant.............................................................. Ben Summers
Guest Columnist.............................................. Joyce Price & Karyn Tasker 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: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 9 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY
MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
The statement was created to provide more relevant statements to investors, and is based on the idea that reporting assets at fair value is more meaningful than reporting based on historical cost. ASC 820 requires additional disclosures related to how the value was determined. However, this information can be confusing to many investors who are reading financial statements. Understanding the disclosures can eliminate the confusion and provide important information to the investor. How ASC 820 Is Interpreted: The Fair Value Hierarchy
ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.� The inputs utilized to estimate fair value are based on one of three levels (the fair value hierarchy). The reporting entity is required to disclose the level of input utilized which provides information as to how much of the reported fair value includes subjective components. Level One inputs are quoted prices in active markets for identical assets. For continued on page 12A
Experience Counts. Count On Us. Kaplin Stewart Attorneys at Law
2EAL ESTATE LAW FROM THE GROUND UP Contact: NEIL A. STEIN (ARVEST $RIVE "LUE "ELL 0! s s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0! KS Ad 6x5.5 BW Bulb.indd 1
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Mid Atlantic Real Estate Journal — May 11 - 24, 2012 — A
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Mid Atlantic Real Estate Journal They wrote the policy.
Sidney Gable & Steven Gable handle $2.9m lease
Sidney E. Gable Associates brokers $3 million lease
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hiladelphia, PA — ARCA (Advanced Recycling Corporation of America) has doubled their square footage by expanding to Bldg. “C” at 4301 N. Delaware Ave. They now occupy 95,000 s/f. (Bldgs A & C) The value of the new lease is $3 million for the eight and half year term. Sidney E. Gable, Inc. represented Delaware Ave. LLC, owner, and ARCA, tenant, in this transaction. The properties will be used for a Green Salvage Operation of refrigerators, washers, and dryers. ARCA has spent ten million dollars for new equipment which includes a $5 million shredder that will recycle ninety percent of white products. The “green” operation will recycle all components of the appliances in that: 1. The insulation from these appliances will be shred into small pellets and used as fertilizer. 2. The refrigerants removed from these appliances will be recycled and used as an energy source for electricity. 3. The metal frames from
Loman Properties engages Grubb & Ellis as marketing agent in New Jersey ENGLEWOOD CLIFFS, NJ and FAIRFIELD, NJ — Loman Properties has engaged Grubb & Ellis as marketing agent for 820 and 815 Rte. 1 in Woodbridge and 3419 Rte. 46 in Parsippany. These premier retail sites are available for sale or lease for the first time in more than a decade. A team lead by senior VP, Jerry Putterman and associate VP, Dean Tselepis at Grubb & Ellis are in charge of the marketing effort. 820 Route 1 is .66 acres with lighted intersections on each side of the property and access from both Route 1 North and South. 815 Route 1 is a .25 acre pad site adjacent to Staples at a highly trafficked intersection. At just over seven acres, 3419 Route 46 in Parsippany is less than a mile from I-80 and just over a mile from I-287, offering access from all directions. “We are thrilled to be involved with the Lomans and this great portfolio of properties,” said Procida president, Billy Procida. n
10551 Decatur Road these appliances will be shred into small pieces and recycled, not discarded or placed into landfills. 4. Philadelphia will have streets that are free from abandoned appliances.
Sidney Gable also completed a transaction with MPC Corporation, also from Minnesota that recycles old computers. They originally rented 60,000 s/f and this year expanded into the remainder of the building, now occupying 112,000 s/f They plan to have 75 employees at the facility. The building is located at 10551 Decatur Road in Philadelphia. The rental payments over the term of the lease is approximately $2.9 million. Sidney Gable and Steven Gable were most happy to complete these difficult real estate transactions. n
We make sure they write the check.
M. MILLER & SON Public Adjusters
Since 1960
1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com
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
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Keep an Even Keel Whitesell designs, builds and maintains its commercial spaces. Each tenant is unique — we work closely with our clients to achieve a balance of economy, function and aesthetic appeal. Over 90 buildings and 9 million square feet owned and managed in the Delaware Valley set Whitesell apart from its competition. Navigate change with confidence — call Whitesell today.
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Quality Endures Laurel Corporate Center Mt. Laurel, New Jersey
Recent Financings Arranged By Meridian Capital Group
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Mid Atlantic Real Estate Journal Added kiosks for regional train/bus ticket purchases
Hartz’s Harmon Meadow works with NJ Transit
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ECAUCUS, NJ — Starting this month, New Jersey Transit will offer visitors, employees, hotel guests and commuters the opportunity to purchase NYC and other regional NJ Transit train and bus tickets at two kiosks located at the bus stop directly in front of 500 Plaza Dr. across from Embassy Suites Hotel in Harmon Meadow and another kiosk at the bus stop located adjacent to 200 Plaza Dr. across from the Hyatt Place hotel in Harmon Meadow. The ticket kiosks will allow patrons to save time and skip long ticket lines at Secaucus Junction train station, and save money by purchasing same day tickets, including monthly bus passes, before they get on the trains. Both locations accept cash, credit cards and ATM cards. Visitors to both bus shelters can catch a free weekday only shuttle to the Secaucus Junc-
200 Plaza Drive tion train station or pay fairs said Emanuel Stern, president for buses to Port Authority and COO of Hartz Mountain Bus Terminal in New York, Industries. “These bus stops Newark’s Penn Station and service nearly 500,000 visitors Hoboken Station. and commuters per year—the “We are thrilled to work with kiosks will make their traveling New Jersey Transit to provide or commuting to Manhattan or train and bus tickets at our other areas of New Jersey much Harmon Meadow development,� easier for them.� n
Schlouch prepares site for Trexler Fields Phase 4
Hunters Glen 1,124 Units
Steward’s Crossing 241 Units
$49,000,000
$27,200,000
Delran, NJ
Princeton, NJ
West Creek Village 306 Units
Woods at Narraticon 150 Units
$16,000,000
$16,950,000
Elkton, MD
Deptford, NJ
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BLANDON, PA — Schlouch Incorporated has been named by Trexler Fields Twin Home Project, LLC to prepare the site for 15 twin homes and 3 single-family homes on Trexler Rd., Upper Macungie Twp.
Kay Builders is developing the project. Schlouch is providing survey, stakeout, sediment/erosion control, earthwork, sanitary and storm sewers, water line installation, roads, paving
and seeding. The project also includes the completion of Schaeffer Run Road. Steve Funk is Schlouch’s site coordinator and Marty “MJ� Weller III is project coordinator/estimator. 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.
We look forward to the opportunity to serve your company’s needs, and we are requesting to be placed on your bid list.
249 Homestead Road, Bldg. 5, Suite 8 Hillsborough, NJ 08844 Tel: (908) 359-5677 Fax: (908) 359-3770 For more information on our company, please visit our website at
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Mid Atlantic Real Estate Journal — May 11 - 24, 2012 — A
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Mid Atlantic Real Estate Journal BBS Architects, Landscape Architects & Engineers
First National Green Ribbon Schools program awards
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Commons include 5,670 s/f to Hobby Publications and 1,995 s/f to Sterne Agee. “Procida provided the perfect remedy to our situation,” said the principal of Freehold Commons. “They gave us more than just a loan. They renegotiated our existing debt and were instrumental in repositioning the property for the current market.” Freehold Commons is a 40,000 s/f office development located at 83 South St. n
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keting plan for the project. “The recapitalization of halfbuilt projects is imperative to clearing all of the inventory on the market”, said John Mullane, principal at Procida Funding. “Acquiring properties at the right price, using value engineering to keep construction costs down, and working with the borrower in repositioning the asset, are exactly the type of projects our 100 Mile Fund targets.” Recent leases at Freehold
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Procida Funding, Freehold Commons & CBRE collaborate in unique approach to funding FREEHOLD, NJ — Since obtaining a loan from Procida Funding’s 100 Mile Fund, Freehold Commons and its broker, CBRE, have brought the office development site from 10 percent to over 50 percent leased in less than one year. Procida negotiated a discount from the original lender, provided funding for improvements, including construction of a classical lobby and entrance, and designed a mar-
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Hampton Bays Middle School Middle School is the result of a productive classrooms, and very close collaboration among prepare students to thrive in the local community, parents, the 21st century economy,” Hampton Bays Union Free said Nancy Sutley, Chair of School District and the design the White House Council on team. It was the Long Island Environmental Quality. “These community’s commitment to Green Ribbon School award sustainable development that winners are taking outstanding resulted in this remarkable, steps to educate tomorrow’s ennational accolade for a local vironmental leaders, and demSuffolk County school.” onstrating how sustainability “Schools that take a green and environmental awareness approach cut costs on their make sense for the health of our utility bills, foster healthy and students and our country.” n
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ashington, DC — U.S. Secretary of Education Arne Duncan, U.S. EPA Administrator Lisa Jackson, and Chair of the White House Council on Environmental Quality Nancy Sutley announced Hampton Bays Middle School in Hampton Bays, NY, designed by BBS Architects, Landscape Architects and Engineers (BBS), a winner of the U.S. Department of Education Green Ribbon Schools program. The announcement ceremony took place at Stoddert Elementary School in Washington, D.C. The 2012 competition is the first of the new program developed by the U.S. Department of Education in collaboration with the White House and the EPA. “We are very proud of the White House, EPA and the U.S. Department of Education’s recognition of our project as one of the leading green schools in the nation,” said BBS president and principal Architect Roger Smith, AIA, LEED AP. “The innovative, healthy and environmentally responsible Hampton Bays
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Mid Atlantic Real Estate Journal Auctions 23± & 60± ACRES COMMERCIAL LAND AUCTIONS Held on Site – Sat., June 16 @ Noon Hemlock Township • Columbia County Interstate 80 and 42 interchange
PA-MD-VA-W.VA
COMMERCIAL LAND AUCTION
23±
INCLUDING 41 EDU’ s -
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• 41 EDU’ s would cost $143,500 to buy • No Buyer’ s Premium, Bid Price is Sale Price • Sewer Connections Available • Near Columbia Mall, Walmart, Lowes, Home Depot • One Of The Largest Growing Exits Along Interstate 80 • Rt. 42 • Bloomsburg PA 17815 (Buckhorn) • Borders Geisinger Medical Office Building (Employs 600 People) • Excellent Investment Property • Zoned Commercial / High Traffic Counts • 2% Realtor Participation Invited • Endless Opportunities
CALL NOW FOR A FREE CONSULTATION 866.4 BIDDERS
COMMERCIAL LAND AUCTION
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• 100 EDU’ s would cost $350,000 to buy this amount of sewage capacity • High Traffic Area (see website for counts) • No Buyer’ s Premium, Bid Price is Sale Price • Zoned Commercial / Agricultural • Borders Columbia Mall, Near Walmart, Lowes, and Home Depot • Excellent Development Opportunity • Sewer Connections Available • Rt. 42 • Bloomsburg PA 17815 (Buckhorn) • Turn This Vacant Land Into a Prosperous Business Investment • 2% Realtor Participation Invited
HURLEY AUCTIONS www.HURLEYAUCTIONS.com
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Directions: From Interstate 80 and Route 42 interchange (Exit 232) continue on 42 north for approximately 3,000 ft. Properties are located on left & right side of Rt 42. Please watch for auction signs. Follow us on...
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Commercial Real Estate Organizations’
Events Calendar MAY 10 – CREW LEHIGH VALLEY Event: Bethlehem Brownfield Turns Green Time: 4:00 PM – 6:00 PM Location: Lehigh UniversityRauch Business Center, Room 85 Address/City: Bethlehem, PA Cost: Members Free/$25 Guests www.crewlehighvalley.org
MAY 16 – ULI PHILADELPHIA Event: Impact of Marcellus Shale on South Jersey Time: 8:00 AM – 10:30 AM Location: Camden County College Address/City: 200 College Dr., Blackwood, NJ P: 800-321-5011 www.philadelphia.uli.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 17 – BOMA PHILADELPHIA Event: Annual Meeting Elections & Scholarship Awards Time: 12:00 Noon Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA Cost: $65 Members $80 Nonmembers P: 215-567-1775 www.bomaphila.com
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 15 – TRISTATE Event: Legal Updates in Commercial Real Estate Time: 7:30 AM – 11:30 Am Location: Dolce Valley Forge Address/City: 301 W. Dekalb Pike, King of Prussia, PA Cost: $60 Members $75 Nonmembers E: eilliano@tristaterca.com www.tristaterca.com MAY 15 – TRISTATE Event: Supply & Demand in a Recovering Market Time: 11:45 AM – 3:30 PM Location: Dolce Valley Forge Address/City: 301 W. Dekalb Pike, King of Prussia, PA Cost: $60 Members $75 Nonmembers E: eilliano@tristaterca.com www.tristaterca.com MAY 16 – CORENET NJ Event: Agency Overview – Risk Management Time: 8:00 AM – 12:00 PM Address/City: 56 Livingston Ave., Roseland, NJ Cost: $40 Members $75 Nonmembers www.corenetnj.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 – SIOR NJ Event: Membership Meeting Time: 5:30 PM – 8:00 PM Location: Stella Marina Address/City: Asbury Park, NJ www.siornj.com 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 – CREW PHILADELPHIA Event: Past Presidents Breakfast Time: 8:30 AM – 10:30 AM Location: Davio’s Northern Italian Steakhouse Address/City: 111 S. 17th St., Philadelphia, PA Cost: $55 Members $75 Guest/Nonmembers www.crewphiladelphia.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 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 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 – TRISTATE Event: Tax Issues in Commercial Real Estate Investments Time: 7:30 AM – 11:30 AM Location: Dolce Valley Forge Address/City: 301 W. Dekalb Pike, King of Prussia, PA Cost: $60 Members $75 Nonmembers E: eilliano@tristaterca.com www.tristaterca.com
MAY 22 – TRISTATE Event: Distressed Assets Time: 11:45 AM – 3:30 PM Location: Dolce Valley Forge Address/City: 301 W. Dekalb Pike, King of Prussia, PA Cost: $60 Members $75 Nonmembers E: eilliano@tristaterca.com www.tristaterca.com MAY 22 – ULI PHILADELPHIA Event: New Member Breakfast Time: 8:30 AM – 10:00 AM Location: Langan Engineering & Services Inc. Address/City: 30 S. 17th St., Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org MAY 22-23 – NJAA Event: 23rd Annual Conference & Expo Location: Atlantic City Convention Center Address/City: Atlantic City, NJ www.njaa.com MAY 31 – ULI PHILADELPHIA Event: Focus on Kensington-Summer Tour & Happy Hour Time: 4:00 PM – 7:30 PM Location: Frankford Hall Address/City: 1210 Frankford Ave., Philadelphia, PA Cost: $35 Members $50 Nonmembers P: 800-321-5011 www.philadelphia.uli.org JUNE 6 – CREW LEHIGH VALLEY Event: The Art of Networking Time: 8:30 AM – 10:00 AM Location: Lehigh University – University Center Faculty Room Cost: Members & Invited Guests Free www.crewlehighvalley.org 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 7 – SIOR NJ Event: Golf Outing Time: 11:30 AM Location: Essex Country Club Address/City: 350 Mt. Pleasant Ave., W. Orange, NJ www.siornj.com JUNE 11 – ABC EPA Event: Annual Golf Outing Time: 9:00 AM Location: Philadelphia Cricket ClubMilitia Hill Course Address: 6025 W. Valley Green Rd., Flourtown, PA E: gzeh@abceastpa.org www.abceastpa.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
Financial Digest Mid Atlantic Real Estate Journal — May 11 - 24, 2012 — A
www.marejournal.com
Largest loan totals $27m for 264 unit multi-family rental community in Georgia
Cooper-Horowitz arranges $81.3 million in financing
C
larksville, TN — Cooper-Horowitz, Inc. recently arranged financing for the following properties: Fort Campbell Independence Place Apartments, 3193 Fort Campbell Boulevard, Clarksville, Tennessee: 228 unit multi family rental community. The loan was for $20,800,000. The firm was represented by Matthew Paul, Justin Schacter and Jayson Schwartz for the above transaction. Fort Stewart Independence Place Apartments, 1300 Independence Place Drive, Hinesville, Georgia: 264 unit multifamily rental community. The loan was for $27,000,000. The firm was represented by Matthew Paul, Justin Schacter and Louis Mirando.
Fort Stewart Independence Place Apartments
Fort Campbell Independence Place Apartments 727 Bronx River Road, 44 North Broadway, White Plains, New York: 163 units, 6 Bronxville, New York: 79 unit story apartment complex. The apartment complex. The loan was for $3,500,000. loan was for $10,500,000.
The firm was represented by Schacter and Jeffrey Horowitz for the above two transactions. Palm Breeze at Keys Gate: 1140 SE 24th Road, Homestead, Florida. 375 Town Homes. The loan was for $14,500,000. The firm was represented by Bruce Marcus and George
Stergiopoulos for the above transaction. 137 Franklin Street, New York, New York: Condominium apartments. The loan was for $5,000,000. The firm was represented by Jerry Sobol and Nick Barbato for the above transaction. n
Cronheim Mortgage closes $333.625 million in the last 4 months Chatham, NJ — Cronheim Mortgage has arranged $12,500,000 in five separate transactions for Office, retail and multifamily properties in New York, New Jersey and Maryland. This brings the firm’s total volume for the last four months to $333,625,000, covering properties in eight states, which also include Pennsylvania, Connecticut, Oklahoma, Arizona and Tennessee. These transactions involved note purchase financings, first mortgages, construction loans, forward commitments, and preferred equity. In Manhattan, Cronheim Mortgage has arranged financing of $6,000,000 for 1270 Broadway, a 14-story multi-tenanted class B office building. The five-year loan was placed with Aviva Life and Annuity Company, whom Cronheim represents as correspondent and servicing agent. Built in 1912 and situated on 8,525 s/f of land, the property consists of 12 stories plus a penthouse suite and basement. The ground floor is leased to two retail
1270 Broadway
tenants, with Duane Reade occupying a total of 12,800 s/f including basement and mezzanine spaces. In Plainsboro, NJ, Andrew Stewart and Lisa McMahon have arranged financing of $3,000,000 for a four-building office property located on Plainsboro Road. Built in the late 1970’s, the 44,000 s/f property is 98% occupied by mostly medical-related tenants. The property is located three miles east of Route 1 and the new University Medical Center of Princeton, which is slated to open in May 2012. The non-recourse loan was placed with a local bank on a 10-year term and 25-year amortization. In Franklin Lakes, NJ, Janet Proscia arranged financing of $1,750,000 for a 18,350 s/f single tenant office/warehouse building located on Commerce Road. The client needed to take out existing financing, but in a declining value environment, had struggled for nearly two years to find a lender who could understand the intricacies of the deal. Ultimately, Cronheim secured
a 7-year loan at 4.85% for the borrower. In Bethesda, MD, David Turley and Lisa McMahon secured financing of $1,115,000 for a 331,618 s/f parcel groundleased to a subsidiary of Home Depot. The parcel is improved with a 108,908 s/f Home Depot and an inline building containing approximately 32,600 s/f. The property is 200 yards west of I-270 and is situated directly across the street from the Westfield Montgomery Mall. The original ground lease dates back to 1980, when the property was developed as a Hechinger home improvement store. The lease and leasehold interest were subsequently sold to Home Depot in 1999 after Hechinger closed. In Irvington, NJ, David Turley and Lisa McMahon arranged financing of $600,000 for a five-building, 22-unit apartment complex located on Elmwood Avenue. Constructed in the 1960’s, the brick buildings are comprised entirely of one-bedroom units. The nonrecourse loan was placed with a local bank on a 7-year term and 25-year amortization. n
10A — May 11 - 24, 2012 — Financial Digest — Mid
Atlantic Real Estate Journal
www.marejournal.com
Financial Digest By Bruce J. Coin, Bruce Coin Consulting, Inc.
T
The current commercial mortgage market
he Federal Reserve’s Open Market committee on April 24th and 25th , as expected, again left short term interest rates alone. That is consistent with their earlier statements Bruce J. Coin that they would keep rates low through 2014. I think “everyone” now has
realized that there is no imminent threat of a “double dip” recession and that the economy is truly on the verge of a self-sustaining recovery notwithstanding the “oil price” wildcard. The GDP is growing at a rate of 2 percent or better and while not the roughly 3 percent seen for 2011 it is a positive upside statistic. The “Fed’s “target for this year is about 2.6 percent. Nationally, unemployment has fallen below 9.0 percent. Consumer and business spending are the
sustaining forces. Automobile sales are up dramatically increasing from about $6 million in sales during the recent recession years to about $14 million last year. For many years economic growth was backed by auto sales and new construction. If that latter contributor starts performing the economy will really pick up. As guidance, and certainly with exceptions, I am seeing interest rates for commercial mortgages being provided in the very wide range of 3.75
percent to 6.00 percent for most well (90 percent) leased income properties. 5 and 10 year balloon terms are most prevalent for multitenant properties. The lowest rates and highest loan to value ratios are being obtained by quality multifamily properties and long term net leased single tenant credit leased transactions. Overall “cap rates” for apartments are running at about a full 1 percent or more below those for other property types. Some multitenant offices with less
The agencies, Fannie and Freddie, for the right property, will offer close to 80 percent LTV financing and with 30 year amortizations. A DSCR of 1.20 seems achievable and if not then 1.25. I am seeing credit leased financing transactions still being underwritten with DSCRs as low as 1.05 times. Insurance companies and many banks are all active. CMBS II is struggling for a comeback after an early year start that tailed off but sooner or later that will rebound. Apartment construction is on the upswing as lenders see increased demand. Supporting the need for new apartments is a recent statement by the Mortgage Bankers Association’s that “ We’re generating an average of one million new renter households per year”.
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than 90 leasing are being financed but at levels of 60-65 percent LTV. Rates increased by about a quarter point since late March but should soften again. The rates jumped because the benchmark 10 year treasury increased from sub2.00 percent to 2.38 percent by March 19th. The treasury has steadily declined since then. As of April 26th it was back under 2.00 percent. It appears to be a nervous investor market over-reacts to the slightest bit of bad news, local or worldwide.
Member FDIC
In mid-April over 400 members of the real estate finance committee met in Washington to discuss the future and to try to again define a “Qualified Mortgage” and the related “premium recapture” concept. It appears to me that the Dodd-Frank Act erred by opening the door for such a loop hole. If every lender selling a loan had to retain a 5 percent first risk of loss position, with no exceptions, the problem would not exist. They would either hold loans “on book” or if they decided to sell they would take the risk. There would be no fear that lenders would “discriminate” and only take “qualified mortgages” and thus adversely impact certain borrowers. Bruce J. Coin is director of Bruce Coin Consulting, Inc. n
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Mid Atlantic Real Estate Journal — Financial Digest — May 11 - 24, 2012 — 11A
Financial Digest
$27,000,000 FORT STEWART INDEPENDENCE PLACE APARTMENTS 1300 INDEPENDENCE PLACE DRIVE HINESVILLE, GEORGIA 264 Units in 13 three story garden style apartments
$20,800,000 FORT CAMPbELL INDEPENDENCE PLACE APARTMENTS 3193 FORT CAMPbELL bOULEVARD CLARkSVILLE, TENNESSEE 228 Units in 13 three story garden style apartments
The undersigned arranged the above financing
Real estate Financing
51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
12A — May 11 - 24, 2012 — Financial Digest — Mid
Atlantic Real Estate Journal
www.marejournal.com
Financial Digest Also closes sale/positions financing for NJ portfolio
HFF arranges $66.25m Phila. construction loan
P
hiladelphia, PA — HFF arranged a $66.25 million construction loan for The Granary, a mid-rise multi-housing development in Center City, Philadelphia’s Logan Square neighborhood. HFF worked on behalf of the borrower, Pearl Properties, to secure the three-year construction loan through Wells Fargo Bank. The HFF team representing Pearl Properties was led by managing director Jim Cadranell. “It was a pleasure to represent Pearl Properties on this assignment to help create a first class property in one of the hottest apartment markets in the country,” said Cadranell. In Nutley, NJ HFF closed the sale of and arranged financing for a three-property, 126-unit multi-housing portfolio. HFF marketed the offering on behalf of the seller, AIG Global Investment Group. Balt Investments LLC purchased the assets for $15 million free and clear of debt. The portfolio is 94% leased overall. The properties include
The Granary in Center City Greylock Apartments, Lincoln HFF senior managing direcApartments and Ambassador tor Jon Mikula represented the Apartments. borrower. The properties are the second “The buyer was able to capipool of assets HFF has sold for talize on an opportunity to AIG Global Investment Group. purchase quality assets in In July 2011, HFF closed the Nutley with upside, where he $241.5 million sale of a 2,185- already owned real estate so unit multi-housing portfolio in there are economics of scale,” central New Jersey. said Cruz. “AIG obtained solid The HFF team representing pricing and was able to take AIG Global Investment Group advantage of a strong demand included senior managing di- for that submarket.” rectors Jose Cruz and Andrew “The properties are wellScandalios, directors Jeffrey positioned for an upgrade and Julien and Kevin O’Hearn and will provide good long term associate Mike Oliver. growth,” added O’Hearn. n
Eastern Union organizes $34m multi-state refinancing for a four-building portfolio New York, NY — Mortgage brokerage firm Eastern Union Commercial has arranged $34 million in refinancing for a four-building, 580-bed skilled nursing portfolio in New York and New Jersey. Provided through M & T Bank, the $34 million loan was financed at 5.03%. Abraham Bergman, managing partner of Eastern Union, negotiated the loan on behalf of the borrower, a privately held nursing home owner and management
company. Bergman explained that while financing of medical facilities has become increasingly difficult given the numerous medical and healthcare cuts in today’s market, he was able to close this transaction by working with M & T Bank to help mitigate the risk, packaging the four buildings together. “With volatility in the Medicaid and Medicare rates being paid to facilities, forecasting projections are extremely dif-
ficult,” he said. “The challenge in closing this loan was compounded in that we were working with properties in two different states and thus two different rate systems.” Bergman noted that Eastern Union faced a key hurdle in closing this transaction. One of the loans being paid off with the refinance was due December 31, 2011. But despite reluctance from the lender to do so, Eastern Union negotiated a 3 month extension. n
G.S. Wilcox & Co. closes $35.5m in March Morristown, NJ — G.S. Wilcox & Co. announced that Gretchen Wilcox, Al Raymond and David Fryer, president and principals of the firm arranged $35.5 million in financing in the month of March. The two retail transactions, one of which was on Long Island and the other in South Jersey, involved key market players including A New Jersey based real estate fund, Arlona Limited Partnership, Prudential and Genworth Financial.
David Fryer, principal of G.S. Wilcox & Co., originated the Long Island transaction for $26 million involving Arlona Limited Partnership and Genworth Financial. The loan is secured by Mayfair Shopping Center in Commack, NY. This transaction provides favorable terms for both parties including an interest only amortization for the full 11 year term of the loan. Levin Management manages the asset for the ownership and was instrumental in helping
with the refinancing. Gretchen Wilcox and Al Raymond, president and principal of the firm originated the South Jersey transaction involving A New Jersey based real estate fund and Prudential for $9.5 million. The loan is secured by Towne Square, a multi-tenanted 88,380 s/f retail center located in Mount Laurel, NJ. This transaction offered favorable terms to both parties including a 7/25 amortization schedule and low LTV. n
What investors need to know about fair value . . . continued from page 2A example, current stock price for shares owned. Level One is the most accurate level of inputs and does not have subjective components. The use of Level One inputs is rare in property valuations since no two buildings or parcels of land are identical. Level Two inputs are quoted prices for similar assets in active or inactive markets. For example, actual recent sales data for properties that are similar to the subject property. Level Two requires more judgment from owners and those determining fair value. In the last few years, the market for real estate sales has fluctuated significantly, reducing the availability and reliability of Level Two inputs. In addition, many real estate transactions that have occurred were based on distressed circumstances, such as forced or foreclosure sales or properties with inadequate working capital. ASC 820 provides that fair value measurements are to be based on an orderly sale and should not consider forced sales or distressed circumstances. Volatility in the real estate and capital markets is pressing owners and those estimating the fair value of real estate to utilize Level Three inputs. Level Three inputs, which are the most subjective, are based on unobservable inputs. Determining Fair Value Using Level Three Inputs A common valuation technique utilized in determining fair value under Level Three is a discounted cash flow model. The typical model uses a financial forecast consisting of projected cash inflows and cash expenditures for the real estate over the next 11 years. A presumed sales price is determined based on the eleventh year net cash flows and a capitalization (CAP) rate. Net cash flows for the first 10 years and the presumed sales price are then discounted to the present value using a market internal rate of return (IRR) to determine the fair value of the real estate as of the measurement date. Owners typically use thirdparty brokers to provide a range of IRR and CAP rates. Concurrent with the fluctuating real estate sales, CAP rates have fluctuated significantly due to buy-
ers’ skepticism about the market and the availability of financing. Factors that distinguish the CAP rate for properties include location, age, size, features, existing tenants, etc. The IRR is the rate of return that an investor expects to receive on their investment. Riskier investments, for example, investments where cash flows are volatile or construction is not complete, will require a higher IRR. It is the owner’s responsibility to review the market transactions and determine which rates most closely line up with the characteristics of their real estate. Since there is a significant amount of subjectivity in this area, owners should clearly document all of the information received, how the information compares to their property, and the reasons for ultimately choosing the IRR and CAP rates utilized in the final valuation. As you can see, Level Three valuations are based on current market conditions and a projection of events to occur in the future, i.e., lease renewals, absorption rates on vacant spaces, inflation rates, capital expenditures, etc. Even a small change in the cash flows, IRR or CAP rate could change the property’s fair value by a significant amount. The key for investors is to understand the underlying inputs and assumptions utilized in determining the fair value and realize this is the owner’s estimate as of the measurement date. The increased transparency required by ASC 820 will help investors understand the inputs and assumptions utilized in determining the reported fair value of the real estate. As investors become more familiar with the financial statements and disclosures explaining the owner’s estimates, the understanding of fair value accounting will increase. Joyce Price is a principal and Karyn Tasker is a manager in the Baltimore, MD office of Reznick Group. n This publication contains only general information and is not intended by Reznick Group to be a rendering of accounting, business, financial, investment, legal, tax or any other professional advice or services. This publication is not a substitute for any professional advice or services.
Mid Atlantic Real Estate Journal — Financial Digest — May 11 - 24, 2012 — 13A
www.marejournal.com
Financial Digest U.S. Dept. of Housing & Urban Dev.’s 232/223(f) loan
Love Funding secures $9.22 million refinancing
C
umberland, MD — Love Funding announced the closing of a $9.22 million loan refinancing for Allegany Health Nursing and Rehabilitation Center. Love Funding senior director Laura Saull-Smith of the Washington office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled Saull-Smith to lock in a low fixed interest rate over a 35-year term. HUD’s 232/223(f) loan insurance program allows for the purchase or refinance of senior housing properties that are at least three years old and have not undergone any substantial rehabilitation in the last three years. The subject property is owned by Allegany Healthcare Group LLC and operated by Mid-Atlantic of Cumberland LLC. In Amherst, Massachusetts, Love Funding closed a $6.56 million loan refinancing for Brandywine at Amherst Apartments, a 180-unit apartment complex. Saull-Smith secured the loan through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled Saull-Smith to lock in a low fixed interest rate and extend the loan back to its original 35-year term, generating more than $90,000 of annual debt service savings. Brandywine consists of 60 one-bedroom units and 120 two-bedroom units. The complex was built in 1973 and has been refinanced by Love Funding twice before to secure a lower interest rate. “We had such a great experience with Love Funding in the past, and we really benefited from coming back once again with essentially the same team in place,” said Erica Arbron, president of Snow Asset Management Inc. “It really couldn’t have gone any better.” HUD’s 223(a)(7) program, which covers the refinancing of existing FHA-insured multifamily rental properties, allows up to 12 years to be added to the remaining term on existing HUD-insured loans, as long as it does not exceed the original term. n
Allegany Health Nursing and Rehabilitation Center
Llenrock closes $9.75m in permanent financing Harrisburg, PA — Llenrock Group, an independent advisory firm in Philadelphia, has secured a total of $9.75 million in permanent financing for a Courtyard by Marriott. The hotel features Andrew Benioff over 100 rooms and is located outside of Harrisburg, PA. Its loan was provided by Bank of America Merrill Lynch. Though it is customary for the lender to review the prior 14-24 months of loss/profit data, the lender only reviewed records for the
previous 12 months because of the hotel’s strong performance. According to Andrew Benioff, Llenrock’s founder and managing partner, “We weren’t initially focused on Central Pennsylvania, but it has shown surprising fundamentals and resiliency over the last few years. That in conjunction with the experience and background of our borrower contributed to a successful deal.” Located near the state capitol and the Pennsylvania Turnpike, the hotel also benefits from nearby market drivers such as Hershey Park and Pennsylvania Dutch Country. n
$3,470,000
$5,850,000
$3,900,000
$2,360,000
Acquisition Monroeville, PA Rite Aid – Retail 13,000 S/F
Refinance Philadelphia, PA Multifamily 100 Units
Acquisition Newark, NJ Garden Apartments 90 Units
Acquisition Newark, NJ Multifamily 45 Units
180 Sylvan Avenue Englewood Cliffs, NJ 07632 | P 201-947-2300 | F 201-947-2323 | Deerwoodcap.com
14A — May 11 - 24, 2012 — Financial Digest — Mid
Atlantic Real Estate Journal
www.marejournal.com
MAREJ Monthly Sales and Lease Report As Reported In The Mid-Atlantic Real Estate Journal ~ April 13 - May 10, 2012
Property Property Name Address Name Address
Seller/ Seller/ Owner/ Owner/ Lessor Lessor
Rep. of Rep. of Seller/ Seller/ Lessor Lessor
CBRE
Buyer/ Buyer/ Tenant/ Tenant/ Lessee Lessee
Westgate SC
Manassas, VA
Katz Props
WI, MD, VA, NC NJ
Liberty Prop Trust
New Jersey
Rep. of Rep. of Tenant/ Tenant/ Buyer Price Size Desc. PG Buyer Price Size Desc. S/L S/L PG
CBRE
$33.855m
$195m
49 Prop Portfolio
Gebroe-Hammer
$55.15m
172,000 SF 874 Units
Retail
S
FC-A
Off/Flex
S
14A
Apt
S
15A
Seasons at Sparta
Sparta, NJ
84 Sparta Ave., LLC
Gebroe-Hammer
$3.2m
Apt
S
15A
Montessori Country
Plainsboro, NJ
Marcus & Millichap NJ
$3.4m
School
S
17A
13,500 SF
Day School 345 Union St
Hackensack, NJ
American Red Cross
4600 SF
Off
S
18A
5 Fitzgerald Ave
Monroe Twp., NJ
Matrix Dev
TYC/Genera Corp
239,000 SF
Whse/Dist
L
19A
17 S Middlesex, Ave. Monroe Twp., NJ
Matrix Dev
Priority Post
Lance Bram Comm’l Brokerage
40,000 SF
Whse
L
19A
99 Wood Ave
Cornerstone RE Advisors
Greenbaum, Rowe Smith
Colliers Int’l.
Off
L
19A
Woodbridge, NJ
NAI Hanson
Cushman & Wakefield
52,723 SF
& Davis LLP
Harborside Financial Ctr
Jersey City, NJ
Mack-Cali
Tower Insurance
CBRE
76,892 SF
OFF
L
20A
One Meadowlands Plaza
East Rutherford, NJ
KBS Realty
MWW Grp
Cushman & Wakefield
420,000 SF
Off
L
21A
River Dr Ctr 3
Elmwood Park, NJ
Spenser Savings Bank
Cushman & Wakefield
40,000 SF
Off
L
21A
300 Harmon Blvd
Secaucus, NJ
Samson Mgmt
Newmark Knight Frank
Kroll Ontrack
Cushman & Wakefield
11,000 SF
Off
L
21A
Rutgers Casualty Bldg
Cherry Hill, NJ
2250 Chapel Ave
Markeim-Chalmers
UMDNJ
Markeim-Chalmers
7500 SF
Medical
L
28A
309 Fries Mill Rd
Sewell, NJ
Velocity Sports/Rothman Inst Markeim-Chalmers
14,000 SF
L
28A
5090 Central Hwy
Pennsauken, NJ
WIS Int’l., Vital Network Svcs Markeim-Chalmers
10,000 SF
L
28A
Cherry Hill Plaza
Cherry Hill, NJ
CHP Assoc
Markeim-Chalmers
Ramoco Fuels
Markeim-Chalmers
1200 SF
Off
L
28A
901 Lincoln, NJ
Mt. Laurel, NJ
Hill Props
CBRE
TJX Cos
9874 SF
Off
L
28A
Comstock Homebuilding
Broad Street
112,000 SF
Apt
S
43A
The Commons on Potomac Sq Potomac Falls, VA
CBRE
$19.35m
Park Raven
Baltimore, MD
Continental Realty
CBRE
Tryko Ptrs
253 Units
Apt
S
43A
Airpark Place
Gaithersburg, MD
First Potomac Realty Trust
McShea & Co
Jerneb Corp
$5.45m
82,414 SF
Ind
S
43A
1841 Columbia Rd NW
Washington, DC
Fairfield Residential
UIP & IRE
$26m
114 unit,
Mixed use
S
FC-A
Off
L
FC-A 45A
20,000 SF
Hall of the States Building
Washington, DC
Mebar Realty Holding
SSO
237,848 SF
3700 Industrial Rd
Harrisburg, PA
KTR Harrisburg
FEI Cold Storage
Redland Corp Ctr
Rockville, MD
Notable Solutions
24,477 SF
Off
L
Redland Corp Ctr
Rockville, MD
Greenman-Pedersen
7897 SF
Off
L
45A
Town Square SC
Mount Laurel, NJ
Marcus & Millichap Phila
88,380 SF
Retail
S
FC-B
Trapp Strip Ctr
Collegeville, PA
Marcus & Millichap Phila
Brookhill Azalea SC
Richmond, VA
Divaris RE
BSV Premiere Brookhill
Tidewater Plaza
Virginia Beach, VA
Divaris RE
Midlothian Crossing
Richmond, VA
Midlothian Assoc
Divaris RE
Midlothian Crossing
Richmond, VA
Midlothian Assoc
Food Lion
Concord, NC
Six Columbus Ctr
Virginia Beach, VA
Town Ctr Town Ctr
CBRE
WLS
Marcus & Millichap Phila
$19m $1.618m
10,664 SF
Retail
S
FC-B
$8.95m
162,000 SF
Retail
S
FC-B
Tidewater Finance
25,516 SF
Retail
L
6B
Big Lots
26537 SF
Retail
L
6B
Divaris RE
Genuine You Salon
2400 SF
Retail
L
6B
Food Lion
Divaris RE
Oakboro Tractor & Equip.
Retail
L
6B
Five Columbus Center
Divaris RE
StellarOne Bank
5441 SF
Retail
L
6B
Virginia Beach, VA
Divaris RE
Keagan’s Irish Pub
Divaris RE
1996 SF
Retail
L
6B
Virginia Beach, VA
Divaris RE
Coffee Etc
Divaris RE
1623 SF
Retail
L
6B
Azalea SC
Richmond, VA
Divaris RE
TitleMax of Virginia
3924 SF
Retail
L
6B
Salem Crossing
Virginia Beach, VA
Divaris RE
RadioShack
2461 SF
Retail
L
6B
Virginia Beach, VA
Divaris RE
R&R Home Repair
1945 SF
Retail
L
6B
One Loudoun Ctr
Ashburn, VA
34,000 SF
Retail
L
6B
9090 SF
Potomac Dev Grp,
Alamo Drafthouse Cinema
Miller & Smith Charter Realty
North America Sekiui House
Rte 1
Philadelphia, PA
SRD
Tower Market
Eatontown, NJ
950 F St
Washington, DC
950 F St
Washington, DC
Kennedy Mall
Colliers Int’l. Bottom Dollar
Fameco
19,600 SF
Retail
L
7B
Stafford Smith
Stafford Smith
9500 SF
Retail
L
7B
Douglas Dev
J Crew
8625 SF
Retail
L
8B
Douglas Dev
The Art of SpYn
5272 SF
Retail
L
8B
Brick Twp., NJ
Buffalo Wild Wings
Fameco
6200 SF
Retail
L
9B
324 George St
New Brunswick, NJ
GNC
Goldstein Grp
1300 SF
Retail
L
9B
243 Sparta Ave
Sparta, NJ
TCBY
Goldstein Grp
1400 SF
Retail
L
9B
Copper Tree SC
Oakland, NJ
Goldstein Grp
Newberry Pointe
Etters, PA
Lancaster SC
Lancaster, PA
Federal Realty Inv Trust
Wayne Plaza
Chambersburg, PA
Wayne Avenue Plaza
State Street Plaza
Lemoyne, PA
State Street Plaza Assoc
Shippensburg SC
Shippensburg, PA
Hill Mgmt Svcs
1225-27 Chestnut St
Philadelphia, PA
Dollar General
2500 SF
Retail
L
9B
CBC Bennett Williams
1500 SF
Retail
L
15B
Sweet Frog
CBC Bennett Williams
2000 SF
Retail
L
15B
CBC Bennett Williams
Raylon Store Props
CBC Bennett Williams
2000 SF
Retail
L
15B
CBC Bennett Williams
Pazazzz
CBC Bennett Williams
2475 SF
Retail
L
15B
CBC Bennett Williams
Better Days Animal League CBC Bennett Williams
3200 SF
Retail
L
15B
Colliers Int’l.
Tates Mensware
18,000 SF
Retail
L
15B
CBC Bennett Williams
Colliers Int’l.
Mid Atlantic Real Estate Journal — May 11 - 24, 2012 — 15A
www.marejournal.com
Deal secured by 160,623 s/f mixed-use property in Washington, D.C. suburbs
ING Real Estate Finance closes on $20m first mortgage financing for Westbrook RE Fund VIII
H
yattsville , M D — ING Real Estate Finance closed on a $20 million first mortgage financing secured by The Metropolitan Shops at Prince George’s Street Station, a 160,623 s/f retail and office property located at 2950 Belcrest Center Dr. The property is 100% owned by Westbrook Real Estate Fund VIII, which is owned and managed by Westbrook Partners. Located in a Washington D.C. suburb, The Metropolitan Shops is a new construction complex completed in 2009 and is anchored by L.A. Fitness, Bob’s Furniture, Staples and Citibank. The loan has a four-year
2950 Belcrest Center Dr.
Sperry Van Ness – Miller announce 800 acres sale totaling $3.2 million
Long Farm Creek view SOMERSET COUNTY, MD — Ben Alder, advisor with Sperry Van Ness – Miller Commercial Real Estate announced that 800 acres has sold in Somerset County for $3.2 million. The farm was purchased for agricultural production by a local family farm. Consisting of approximately 600 acres of tillable agricultural land and 200 acres of woodland in multiple parcels, the land is situated near the
town of Westover, MD. This sale indicates the strength and importance of the agricultural sector and the overall strength of the economy on the Eastern Shore of Maryland. Agriculture is still the largest commercial industry on the Eastern Shore, generating jobs and sales for farm products; with poultry and nursery businesses and farms growing corn, soybeans, and other crops. Farming is
critical to the economy and the way of life of its residents. Alder stated “This represents the sale of a $3M business in my view and this small business produces jobs and economic benefits to our community and other small businesses throughout the region. I am pleased to see the farm remain as farmland knowing the economic impact agriculture provides on the Eastern Shore.” n
term, with a one-year extension option. The borrower also purchased an interest rate cap for three years from ING Capital Markets. “We are pleased to expand our relationship with Westbrook here in the United States,” said Michael Shields, managing director of ING Real Estate Finance (USA). “Westbrook is an international client that established an ING REF-UK relationship when completing the Shell Mex House financing in 2011. This is a perfect example of a transaction that showcases our client-led strategy and how we can readily serve clients on the national and international level.” n
Cassidy Turley reps Brookfield Property Group in 110,000 s/f Rockville acquisition
1375 Piccard Drive WASHINGTON, DC — Cas- has rebranded the buildsidy Turley arranged the ing as “Monarch” and has sale of 1375 Piccard Dr. and several planned renovations has been selected to provide including a complete lobby leasing and property man- renovation and a mechanical agement services for the new systems upgrade. owner, Brookfield Property “This transaction and asGroup. The 110,000 s/f, 3-sto- signment demonstrates Casry building, located in Rock- sidy Turley’s ability to provide ville sold for an undisclosed a full spectrum of integrated amount. Cassidy Turley’s commercial real estate serBill Collins, Paul Collins, vices to our clients,” said Drew Flood, Jud Ryan and Joe Stettinius, president of James Cassidy represented Cassidy Turley. “We look the seller. Paul “Rocky” Kern, forward to helping Brookfield senior vice president, will maximize their return on this lead the leasing efforts, and investment with our best-inDeborah Marshall, vice presi- class leasing and property dent, will oversee the property management services,” he management. The new owner continued. n
16A — May 11 - May 24, 2012 — DelMarVa — Mid
Atlantic Real Estate Journal
www.marejournal.com
DelMarVa Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region
Twin Spans Business Park, City of New Castle, DE
Delaware River Industrial Park
• +/– 135 Acre Business Park in the City of New Castle • Minutes away from I-95/I-295, and Routes 9 & 13. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Perfect for Office, Laboratory or Manufacturing / Distribution • Recently completed new access boulevard with signal controlled intersection on Route 9. • Park tenants include:Winterthur Catalog Operations, Hibbert Group,Tire Rack, Speakman Co., Mattress Giant, Schindler Elevator, Philadelphia Gear,Agilent Technologies
• 45 Acres of industrial zoned land (HI) located ideally near the Port of Wilmington, the Delaware Memorial Bridge, I-95 and I-295; with great access to entire northeast corridor. • High quality constructed buildings with space as small as +/– 14,500 sq. ft. • 24'–31' clear ceiling height • HI (Heavy Industrial) zoning allows for a wide array of uses • Park tenants include: Iron Mountain, National Roll Kote, DHL, Carlyle Cocoa, Harbour Textile,Waste Management, SKW Hardcore, Freeze, RecyClean
• +/- 400,000 Sq. Ft. business park in the town of Newport. • 1/2 mile from I-95/Rt. 141 interchange with immediate access to I-295, I-495 north and south. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Park tenants include: AIG, Sieck Wholesale Florist, First State Paper, Qwest Communications, C-Cert, Apex Piping and Conectiv.
Newport Industrial Park For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720
Mid Atlantic Real Estate Journal — DelMarVa — May 11 - 24, 2012 — 17A
www.marejournal.com
DelMarVa DIRECTV leases 42,267 s/f
First Potomac Realty Trust signs 97,041 s/f of leases in its suburban MD portfolio
B
ETHESDA, MD — First Potomac Realty Trust announced three recent lease transactions in its Suburban Maryland portfolio. “These lease transactions demonstrate First Potomac’s commitment to increasing our occupancy and growing our NOI,” said Skip Dawson, executive VP and COO for First Potomac Realty Trust. “Our well located properties are attractive to a variety of highquality businesses.” • Allstate renewed its lease at Gateway 270 West in Clarksburg. The company completed a five-year renewal agreement of their 26,274 s/f of space. • DIRECTV completed a seven-year expansion-and-extension agreement at Gateway 270 West. The firm will occupy a total of 42,267 s/f through a 27,430 s/f renewal and a 14,837 s/f expansion. • Data Design Corp. signed a 28,500 s/f lease at Campus at Metro Park North in Rockville for a seven-year term. n
Sperry Van Ness’ Skogmo leads 35,419 s/f transactions COLUMBIA, MD — Sperry Van Ness completed two transactions totaling 35,419 s/f led by Scott Skogmo, SIOR of Sperry Van Ness/Skogmo Commercial in Columbia. Following are details of the transacScott Skogmo tions: • JACO Environmental leased 25,884 s/f at 9015 Junction Dr. in Annapolis Junction to accommodate an expansion and relocation from Jessup. The space is part of a 125, 000 s/f distribution building located in the Junction Business Park. Scott Skogmo, SIOR of Sperry Van Ness represented the landlord, Junction Properties, LLC, and David Fritz, SIOR of NAI KLNB represented the tenant. • Huaxia USA leased 9,535 s/ f of distribution space at 10640 Iron Bridge Rd. in Jessup. The space is part of the 85,000 s/f office-warehouse facility in the Corridor North Industrial Park. Skogmo represented the landlord, Junction Properties, LLC, and Tawa Olanrewaju of Multiplex Realty represented the tenant. n
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18A — May 11 - 24, 2012 — DelMarVa — Mid
Atlantic Real Estate Journal
Mid Atlantic REAL ESTATE JOURNAL’S ANNUAL SPOTLIGHT
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ethesda , M D — StonebridgeCarras, PN Hoffman and Northwestern Mutual have completed the land transfer and commenced construction of their public private project with Montgomery County, for the development of a public parking garage that will be under a mixed-use project in the heart of Bethesda’s prime commercial district at the corner of Woodmont and Bethesda Aves. StonebridgeCarras and PN Hoffman have been working with Montgomery County since 2005 to re-develop the County’s two surface parking lots (commonly referred to as Lots 31 and 31A) into a mixed-use project featuring 250 residential units and 40,000 s/f of street retail above a public parking garage that will accommodate 950 cars. The $200 million project will be completed in phases with the first phase of the project to open being the new Montgomery County parking garage in late 2014 and the residential and retail components opening in the beginning in the winter of 2015. “We are extremely proud
Lot 31 rendering to have been able to get this sites in the Washington area, project underway after the joining with the Stonebridgemany years of planning – this Carras and PN Hoffman team project coming to fruition is as well as Montgomery Couna testament of an excellent ty,� said Matthew Ascher, vision and the commitment director with Northwestern of the partners to the vision,� Mutual Real Estate Investsaid Douglas Firstenberg, a ments. “This project reflects principal with Stonebridge- the long-term quality develCarras. “We look forward to opment that is a hallmark of creating a vibrant mixed-use our investment strategy.� The project has been deproject that builds on the great success of Bethesda signed by SK&I Architectural Design Group and the Clark Row.� Residential components of Construction Group is the the development include The general contractor for the Darcy, an 88-unit condomini- project. Northwestern Muum, and The Flats, a 162-unit tual is a financial partner in the development. Holliday apartment building. “Northwestern Mutual is Fenoglio Fowler, L.P. arglad to help spearhead rede- ranged the financing for the velopment of one of the best development. n
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Mid Atlantic Real Estate Journal — DelMarVa — May 11 - 24, 2012 — 19A
www.marejournal.com
DelMarVa By Clay C. Ewell, Construction Systems Group
Construction Technology Moisture protection: Avoiding costly mistakes
I
ncluded in that seemingly endless list of responsibilities incumbent upon the construction manager is an item that, more than any other, eventuates in postconstruction problems and even litig a t i o n . We Clay C. Ewell speak of one of the fundamental requirements of “shelter,” that being protection from the elements or more specifically, protection from moisture. Moisture problems can occur anywhere on a new or renovated building. From roof to foundation, each component of the building envelope must provide a barrier to moisture that is both economically efficient and amenable to long term maintenance. Provisions for this essential element of shelter begin in the design stage. More often than not, design is a function of packaged information provided by the various manufacturers of moisture protection/veneer systems. Producers of single-ply roofing, for example, provide product information, standardized details for flashing and even proprietary broad and narrow scope specification sections in CSI format. These are offered in professionally printed brochures that, by all appearances, are exhaustive and complete. The resulting construction documents, as construction managers know, vary dramatically in quality. As representatives of the Owner, construction managers have an opportunity, if not a responsibility, to examine these documents with an eye for deficiencies that will ultimately result in problems. Subcontractors, like the traditional general contractor, contract to provide the design as shown in the construction documents. Although they are expected to exercise good judgement based upon superior knowledge of their trade, they are not obligated to redesign every project. This is particularly true in instance where competitive bidding is the norm. Later, it often happens that a contractor will compound a design problem by providing only a semblance of the original intent. A classic example of this is a defective waterproofing membrane covered by a sand-cement setting bed and pavers, that only makes
itself known after the three to five years it takes for the assembly to become saturated. Time and budgetary constraints in preconstruction and construction too often do not allow for proper review of the design or supervision of each trade when the actual work begins. The end results of inadequate design, deficient construction and an inability to oversee every facet of the veneer installation, are serious moistureproofing problems that have literally been built in. A common example of this is the failure to properly install through-wall flashing in brick
masonry veneer walls. Architectural drawings, at best, show typical sections of veneer at floor slabs, window heads, brick shelves, etc. In fact, what one finds after construction is flashing with missing or inadequate weepholes, plugged weepholes, punctured membrane flashing, interrupted flashing, flashing that droops down into the wall cavity and serves as a reservoir for moisture; the list goes on and on. Conversely, in all fairness to contractors, one often finds through-wall flashing designs that do not address corners in the veneer, structural barriers to continuous flashing
or two component flashing systems using metal and flexible membrane, around which water can flow as if neither exists. Flashing metal or membrane cost very little to fabricate and install. Demolition, repair and reconstruction of a completed brick veneer is another story. The burden then falls upon responsible parties in the design, bidding and preconstruction phases to seek out and address these and similar issues so as to avoid very costly mistakes. Construction managers are encouraged to develop a working knowledge of moisture protection or be willing to advise
their clients to obtain the services of a qualified consultant specializing in this field. As post construction problems and litigation involving moisture protection system failures has increased, so too have Architects and Owners shown a willingness to retain the services of a specialist to assist in design and construction. Considering the cost of remedial solutions, to say nothing of the negotiations, attorney’s fees and the possible loss of client good will, it could be money well spent. Clay C. Ewell is president of Construction Systems Group, Inc. n
Committed to the Preservation and Restoration of Building Structures CSG is a professional engineering firm dedicated to providing Building Owners, Property Managers and Homeowner Associations high quality and economical construction solutions. We are considered “experts” in moisture protection providing advice on a range of projects from new build construction to the renovation of buildings related to: ·
Moisture Protection
·
Restoration and Preservation
·
Building Condition Surveys
·
Construction Management
·
Construction Litigation
Clay Ewell, President Thomas Curley, Sr. Vice President
CONSTRUCTION SYSTEMS GROUP, INC. 1451 Dolley Madison Boulevard Suite 300, McLean, Virginia 22101 703-917-0055
www.csgengineer.com
20A — May 11 - 24, 2012 — DelMarVa — Mid
Atlantic Real Estate Journal
www.marejournal.com
Commercial-Industrial Realty Council www.circdelaware.org
OFFICERS President & Legislative Affairs Chair J. Gregory Ellis Patterson-Woods Commercial Properties Vice President & Program Committee Chair John Birmingham Cushman & Wakefield of Delaware, Inc. Treasurer Katherine L. Silicato, CPA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates
Governor Jack Markell speaks at CIRC’s Annual Meeting and election of the Board of Directors Governor Markell spoke of his focus on growing the economy, creating jobs, strengthening schools and protecting taxpayers. When he took office in 2009, he inherited a record budget shortfall, rapidly rising unemployment, and a stagnant economy. Since then, he has worked to open shuttered manufacturing facilities, won President Obama’s “Race to the Top” competition for progress in public school reform, and Governor Jack Markell
signed new laws to drive improvements in the economy, environment, and education.
Scenes from April 11th Networking Event
DIRECTORS Jeremy Abelson WSFS Bank Amelia Julian Eastern States Group Education Committee Chair Dan Lesher Patterson Woods & Assoc.
Delaware Department of Transportation Secretary Shailen Bhatt was a big hit at the CIRC Monthly Membership Luncheon in April, where 92 attendees came out to hear him speak at the Clarion Belle Hotel in New Castle. They enjoyed some great networking and a delicious buffet. Secretary Bhatt, whose mother was visiting from India and attended the luncheon, humorously quipped that it was “Take Your Child to Work Day” ... and his mother did just that... brought him with her to our meeting.
Membership Committee Chair James Manna BrightFields, Inc. Jim O’Hara Jim O’Hara Realty Assoc. Donald Robitzer The Commonwealth Group Bert Root, V Newmark Knight Frank Smith Mack Marvin Sachs Bellevue Realty Co. EX-OFFICIO (NON-VOTING MEMBERS) Business Manager Janet Sharpless Pippert CIRC Landmark JCM Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates New Castle County Economic Development Liaison Karl Kalbacher, P.G New Castle County Director of Redevelopment Bob Chadwick, Director New Castle County Economic Development Council State of Delaware Economic Development Liaison Jeff Stone State of Delaware, DEDO City of Wilmington Economic Development Liaison Jeff Flynn City of Wilmington, Office of Economic Development
CIRC ANNUAL GOLF OUTING – JUNE 11, 2012 – DuPONT COUNTRY CLUB GOLF TITLE SPONSORS:
PARTNERING SPONSORS:
Brandywine Realty Trust Advanced Office Environments
M&T Bank Environmental Alliance
PREMIUM SPONSORS: Lunch Sponsor: Diamond State Management Dinner Sponsor: WSFS Bank On-Course Beverage Sponsors: Harvey Hanna & Associates Premier Wine & Spirits Snack Sponsors: Pettinaro Relocation & 1031 Corp Happy Hour Sponsor: Insurance & Financial Services (IFS) TEE SPONSORS: Smith Realty Co. Greenhill Car Wash CADapult FM Jackson Cross Partners Logan & Associates
CHALLENGES and SPECIALITY SPONSORS: Longest Drive: Mens & Womens: Atapco / Christiana Closest to the Pin #1: Regus Putting Challenge: Ten Bears Environmental Cart Sponsor: Applied Bank Photography Sponsor: STAT Office Solutions Poster Sponsor: LandmarkJCM Golf Sign Sponsor: Insta Sign Plus
an Authorized KimballOffice and DIRTT distributor
CORPORATE SPONSORS: Young Conaway Stargatt & Taylor Mitchell Associates Colonial Parking
SAVE THE DATE CIRC Annual Golf Outing – Monday, June 11, 2012 DU PONT COUNTRY CLUB – Main 18-Hole Course “For a great day of golfing fun and business networking beyond compare!”
Register Now for Sponsorships and to Golf – www.circdelaware.org
Registration for all Events: www.circdelaware.org
Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; DelMarVa â&#x20AC;&#x201D; May 11 - 24, 2012 â&#x20AC;&#x201D; 21A
www.marejournal.com
Commercial-Industrial Realty Council www.circdelaware.org
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22A — May 11 - May 24, 2012 — DelMarVa — Mid
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New Jersey 23A — May 11 - 24, 2012 — New Jersey — Mid
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Trades demonstrate consistently strong demand for existing product
Gebroe-Hammer completes four Essex County multi-family transactions totaling $26.22 million
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IVINGSTON, NJ — Boosted by an excellent transportation network and easy proximity to New York City, Essex County recorded a wave of multi-family sales within a recent threeweek timeframe, according to Gebroe-Hammer Associates. The real estate investment brokerage firm arranged four transactions, involving a total of 533 units sold for a combined $26.22 million, in 21 days. “Thanks to Essex County’s unique positioning in the New York-metro commuter corridor, this Northern New Jersey market consistently demonstrates strong multi-family performance at competitive trading prices, making it extremely appealing to portfolio and single-property investors alike,” said Ken Uranowitz, managing director. The largest transaction,
133 Cleveland St. arranged by executive vice one- , two- and three-bedroom presidents Joseph Brecher layouts. According to Gebroeand David Oropeza, involved Hammer, average rents for the the $14.2 million sale of five area range from approximately multi-family buildings in Or- $650 for a studio to $1,500 for ange. Located at 133 and three-bedrooms. 147 Cleveland St. and 385, Representing a private glob394 and 431 Park Ave., the al investment fund, Oropeza three-story elevator buildings and Brecher also transacted contain a total of 236 apart- the sale of a portfolio of four ments offering a mix of studio, East Orange buildings for
$9.5 million. The 29, 33 and 56 South Munn Ave. and 7 Chestnut St. buildings are comprised of a total of 199 apartments. Featuring balconies and a mix of outdoor and garage parking, 56 South Munn Ave. is an eight-story building with two elevators. The remaining properties are four-story, single-elevator buildings, with the Chestnut Street property also offering garage spaces. “East Orange lies at the crossroads of major transportation arteries, including the Garden State Parkway and Route 280,” noted Oropeza. “The city is less than eight miles from Newark Liberty International Airport and offers direct rail and bus links to Manhattan. It’s a true live/ work hub, which reinforces on-going market demand for multi-family properties in all class categories, particularly
existing class-B and class-C product.” The team of Oropeza and Uranowitz also completed a $1.9 million note sale for two buildings on Chancellor Ave. in Newark. The five-story elevator buildings contain 36 and 37 apartments, respectively. Located near a city park, retail and public transportation are within walking distance. “The rise of the ‘renter nation’ phenomenon, whereby consumers continue to favor renting instead of homeownership, is reinforcing solid occupancy rates in the high 90th percentile range,” said Brecher. Rounding out Gebroe-Hammer’s Essex County transactions is the $620,000 sale of 25 units at 293-299 Schley St. in Newark orchestrated by David Jarvis, executive vice president and the firm’s inner-city market specialist. n
Heller Urban Renewal begins wrecking ball process for Harrison Station: Mixed-use transit-oriented redevelopment HARRISON, NJ — Heller Urban Renewal, the redevelopment arm of Heller Industrial Parks has begun the wrecking ball process for the development of Harrison Station, a mixed-use, transit-ori- Jeffrey Milanaik ented redevelopment project. In December, Heller received unanimous approval from the Harrison Redevelopment Agency to move forward with the total of 747 luxury rental units for the project. “Things are moving along right according to plan and we are so excited to be making progress on this vital project for Harrison,” said Jeffrey Milanaik, president, Heller Industrial Parks, Inc. “Over the next year, the Heller team will work diligently to properly demolish the 750,000 s/f of blighted
Demolition of former Hartz Mountain industrial site industrial building at the site to make sure we set the proper foundation for Harrison Station.” The 10.5-acre site is directly adjacent to the PATH station at 700 Frank E. Rodgers Boulevard. Heller expects to complete initial engineering work and file for formal site plan approval with the
township planning board in the spring. The first phase of vertical construction is expected to begin in 2013. Designed by NK Architects in collaboration with Heller, Harrison Station will be comprised of six residential mid-rise towers that will adhere to the tenets of sustainable design, offering a mix of
Harrison Station one- and two-bedroom luxury residences and approximately 30,000 s/f of ground-floor retail. Future residents will have access to numerous lifestyle-enhancing amenities, including a glass-enclosed gym and meeting/conference rooms. Harrison Station will also provide direct sheltered ac-
cess to the adjacent PATH station. The Port Authority recently announced that the station will soon undergo a $275 million renovation to improve service and upgrade its facilities. The site is also close to major roadways including Rte. 280 and is in walking distance to the Red Bull Arena soccer stadium. n
F A X
24A — May 11 - 24, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
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New Jersey
Fairfield Corporate Park, Fairfield, New Jersey
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FOR LEASE 32,000 Square Foot Industrial Building # of pages:
Avalonbay breaks ground in Hackensack on multifamily
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ACKENSACK, NJ — AvalonBay Communities hosted a Proof Fine ground breaking ceremony at To:* Warehouse/Manufacturing Avalon Hackensack. The comMake Changes * 6,000 Square Feet Office – Can be reduced Sect: munity will be AvalonBay’s NJPA Real Estatesixteenth Journal luxury apartment * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking Fax:* Attractive rental rates and terms available. Phone # 800-584-1062 development in New Jersey. A crowd of over 100 attended INC. # 781-871-5299 From: SHELDON GROSS REALTY,Fax To: the ceremony, which was held REALTORS Ɣ Corporate Real Estate Services at Maggiano’s Little Italy res80 Main Street, West Orange, NJ 07052 taurant on Hackensack Ave., Tel.#973-325-6200 - Fax.#973-325-9090 located next to the construction E-mail: sgross@sheldongrossrealty.com site. Both Hackensack officials, including Mayor Jorge Meneses, and AvalonBay executives, led by Ron Ladell, senior vice president for Development, addressed the gathering, highlighting the new community’s proximity to mass transit hubs, convenient shopping districts, and New York City. Ron Ladell said, “With the ground breaking of Avalon Hackensack, we are proud to further expand our presence in New Jersey. This will be a beautiful development that both Hackensack and AvalonBay will be very proud of when it’s completed. We look forward to offering residents all the benefits of luxury apartment living, combined with first-class local shopping and wonderful restaurants. And all
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Mid Atlantic Real Estate Journal — New Jersey — May 11 - 24, 2012 — 25A
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26A — May 11 - 24, 2012 — New Jersey — Mid
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New Jersey City Council unanimously approves and sends to Planning Board
DMR Architects develops rehabilitation plan for Hackensack
H
A S B R O U C K HEIGHTS, NJ — — DMR Architects completed a Rehabilitation Plan for the City of Hackensack. The City Council unanimously approved that the plan be sent to the Hackensack Planning Board. The Rehabilitation Plan encompasses 163 acres and includes strategies to revitalize the downtown. Such strategies include improvements to infrastructure, residential, retail and entertainment options, and parks and open space. For the past year, DMR
Rehabilitation Plan for the City of Hackensack rendering
Architects, led by Francis Reiner, PP, LLA, worked with the City of Hackensack, which included members of the Upper Main Street Business Alliance, to develop the plan. “DMR is proud of our relationship with the City of Hackensack and excited to continue with efforts to redevelop the City. The Rehabilitation Plan will promote the creation of a livable and real downtown district that will recreate the City of Hackensack into the social, cultural and economic cen-
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ter,” Francis Reiner, DMR Architects, said. The Hackensack Planning Board will have two meeting on the document. The intent is that City Council will vote on final approval in June. n
The Hampshire Cos. sells 120,000 s/f ind./flex building in Mahwah Mahwah, NJ — The Hampshire Companies announced the disposition of a 120,000 s/f industrial /flex building located at 1595 MacArthur Blvd. The sale was made to Dimensional Communications. “The property offered many of the manufacturing capabilities that the buyer required,” said Michael Harrington, an investment manager for The Hampshire Cos. Thomas Monahan and Jim Tulley of CB Richard Ellis represented Hampshire while Hal Lichtenstein of Cassidy Turley represented the buyer in the transaction. In Mount Laurel The Hampshire Cos. announced the acquisition of Town Square Shopping Center, a 91,758 s/f retail center located at 872 Union Mill Rd. from Town Square, LLC. Brad Nathanson of Marcus & Millichap represented both Hampshire and the seller in the transaction. n
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Mid Atlantic Real Estate Journal — New Jersey — May 11 - 24, 2012 — 27A
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New Jersey Brendan Berger negotiates 6,230 s/f long-term lease renewal by Education Law Center
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Berger Organization leases last office accommodations at 60 Park in Newark
EWARK, NJ — Several early 2012 lease transactions have retained longterm tenants and filled the last remaining office accommodations at The B e r g e r O rganization’s Military Park Brendan Berger Building, leaving only a streetlevel restaurant space available at the 250,000 s/f landmark tower. The milestone marks more than 70,000 s/f of leasing success since Berger acquired the property, located at 60 Park Place, in 2008. The most recent transactions, all of which were negotiated by Brendan Berger, vice president
60 Park Place
of leasing, include: • A 6,230 s/f, long-term lease renewal by Education Law Center, which serves as an advocate of education reform in New Jersey. • A 4,315 s/f, long-term lease renewal by the New Jersey Institute for Social Justice. • A 1,200 s/f expansion by Somerset Christian College, which now occupies more than 15,000 s/f at the Military Park Building. • A 900 s/f lease for online commercial radio station WNJR-Newark.com. The 85-year-old Military
Park Building is located in the city’s central business district, a location with unparalleled desirability that justified significant capital improvements and marketing investment, according to Berger. “We set out to establish the Military Park Building as a destination of choice in Newark’s most desirable corporate neighborhood,” he noted. “In four years, we have brought the property from 75 to 99 percent occupancy, a milestone confirming that we have achieved this goal.” Berger added that his company is eager to find the “right”
operator for the building’s 6,000 s/f restaurant. “We are working tirelessly to find the best fit for our beautifully designed dining space,” he said. “Our target includes current restaurant operators who are interested in being part of this thriving neighborhood. In addition to serving the daytime population at 60 Park Place, our building sits next door to both PSEG’s and Prudential’s headquarters. After hours, it is ideally located to draw patrons of the New Jersey Performing Arts Center, Prudential Center and other local venues.” n
NAI James E. Hanson announces land sale in North Haledon North Haledon, NJ — NAI James E. Hanson represented both the seller and buyer in the sale of a first mortgage position in a 20-acre parcel of vacant land at 920 Belmont Ave. The sale of this first mortgage was significantly below face value; the property is currently zoned for affordable senior housing. NAI Hanson associate vice president Darren Lizzack coordinated the transaction for the seller of note, William Dworetzky and Katherine Dworetzky, and the purchaser, 920 Belmont Associates. Lizzack explained that the listed seller was owned by the previous property owner and the mortgagor has been in default for the past few years. The buyer will have to foreclose on the developer in order to obtain title to the property and then obtain approvals for future development of the site. In Union, NAI Hanson completed a 9,600 s/f industrial lease transaction at 697 Rahway Ave. NAI Hanson senior vice president Thomas Ryan and sales associate Russell Verducci represented the landlord, Rummel Fibre Co., Inc. Weichert Commercial Brokerage vice president David Williams represented the tenant, Canary Custom Closets, which is relocating from 1474 Ridgeway St., also in Union. n
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28A — May 11 - 24, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
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New Jersey Also A-V Services renews lease in Fairfield
Cresa NJ – North/Central helps Forman Holt Eliades Ravin & Youngman expand in Paramus
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aramus, NJ — Cresa NJ – North/Central, part of Cresa LLC brokered 4,000 s/f lease for Forman Holt Eliades Ravin & Youngman LLC at 80 Route 4 East. The law firm, which previously leased 12,000 s/f at the building, was able to expand its offices to more than 16,000 s/f to accommodate its growing staff. James Scancarella, principal of Cresa NJ – North/Central, along with Judy Sotardi and Charles Forman of Forman Holt Eliades Ravin &
80 Route 4 East
Youngman LLC, represented the law firm in the transaction. The landlord, Hanjin Shipping Co. Ltd., was represented by Kenneth Porreca of Newmark Knight Frank. “Forman Holt Eliades Ravin & Youngman, the building’s largest tenant, was looking to expand into a contiguous office space without disrupting its day-to-day operations,” said Scancarella. “To accommodate the expansion, the landlord relocated two neighboring tenants to alternative spaces within the building.”
In Fairfield, Cresa NJ – North/Central brokered a renewal of office and hi-tech production space at 99 Fairfield Rd. for A-V Services, Inc. Scancarella and Edward English, vice president of Cresa NJ, represented A-V Services in the transaction. The landlord, Commercecenter Realty, was represented by Howard Weinberg and Matt Turse of Cassidy Turley. “A-V Services had been a tenant at 99 Fairfield Road since 1987, and the company wanted to investigate alternatives in the market to see if another property could suit its changing space needs,” said Scancarella. “After our market analysis we determined that the company’s existing building was the optimal facility and location. We worked quickly with the landlord, who cooperated in discussing creative solutions that would accommodate A-V Services’ needs, leading to the successful completion of lease renewal within 90 days.” n
NAIOP NJ panel: Opportunistic Situations Are Driving The “Smart Money”
157-B Bridgeton Pike- Suite 196 Mullica Hill, NJ 08062 Call Toll Free: 1-877-FIX-ASPHALT (1-877-349-2774) Fax Toll Free: 1-888-812-4058 Serving NJ, PA, DE, MD
WOODBRIDGE, NJ — The program title for NAIOP New Jersey’s chapter meeting asked the very topical question, “Office, Industrial, Mixed-use: Where is the Smart Money Going?” To answer that question, Mark Goldstein of Liberty Property Trust introduced a panel he termed, “true leaders who have given their time and significant financial resources to New Jersey’s economic benefit.” “The recovery is underway, and transactions are occurring – people are buying and selling commercial real estate assets. What are you buying and selling, or not?” moderator Alex Klatskin of Forsgate Industrial Partners asked panelists. For Bill Hankowsky, the answer was “industrial. We bought 4.2 million s/f, mostly industrial, in the past year. “We continue to try to buy value-add situations,” Hankowsky said. “Most of the institutions are looking for stabilized real estate. We’re targeting value-add.” n
New J ersey S potlight Shopping Centers Central
Mid Atlantic Real Estate Journal — New Jersey — May 11 - 24, 2012 — 29A
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Also complete 73,000 s/f lease at 601 Prospect Street in Lakewood
Richter | Grusd of Sperry Van Ness close $3.268m ind. building located in New Brunswick & Lakewood
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EW BRUNSWICK, NJ — Sperry Van Ness | Richter Grusd announced the closing of two industrial transactions totaling 245,000 s/f. The New Jersey industrial properties are located at 122 Quentin Avenue in New Brunswick and 601 Prospect Street in Lakewood. 122 Quentin Avenue is a 172,000 s/f industrial building that was sold for $3.268 million. The sellers, 122 Quentin LLC, are New York-based real estate investors and were represented by Doug Richter and Ian Grusd, managing directors of Sperry Van Ness | Richter Grusd. The buyer, Healthy Food Brands, was represented by Ed Horne and Marty Krei-
Doug Richter and Ian Grusd man of HK Commercial Realty Advisors. “Healthy Food Brands is an international marketer of ‘better for you’ confections and chocolate including candies that are manufactured under the Angry Birds and Sunkist brands,” says Richter. “They are moving from Commack, New York and plan to create more than 250 new jobs in
122 Quentin Avenue, New Brunswick New Jersey.” At 601 Prospect Street in
Lakewood, CrystalWare LLC, one of the largest manufactur-
ers and importers of disposable and janitorial products, signed a long term lease for 73,000 s/f. The tenant will be consolidating their warehouse operations from Brooklyn, New York and Edison, New Jersey into this property. No other brokers were involved in the transaction. Managing Directors Doug Richter and Ian Grusd were both named Top 20 Advisors in the US by Sperry Van Ness International (SVNI) out more than 800 advisors nationwide. Additionally, a recent survey from The Lipsey Company reports that Sperry Van Ness was named as the 10th most recognized brand in commercial real estate nationwide. n
CBRE vice president Stephen Salomon represented lessee
Murray of Matrix Development Group signs W.W. Grainger to 101,944 s/f expansion at 16 Applegate Drive MONROE TOWNSHIP, NJ — Matrix Development Group announced that W.W. Grainger has signed a 101,944 s/f expansion agreement at 16 Applegate Dr. within the Northeast Business Park. The industrial supply company now occupies a total of 187,185 s/f at the building, which is located just one mile from the Exit 7A interchange of the New Jersey Turnpike. Approximately 295,000 s/f of space is currently available for lease at the building. Vice president James Murray served as in-house representative for Matrix in the transaction, while CBRE Vice President Stephen Salomon represented W.W. Grainger, North America’s leading broad-line supplier of maintenance, repair and operating products. “Matrix and W.W. Grainger have a long-established business relationship that started when Matrix constructed a building for the company at Exit 8A,” stated Murray. “When W.W. Grainger outgrew that building, they turned to Matrix to build a larger facility at Exit 7A and Matrix subse-
16 Applegate Dr. quently purchased the Exit 8A building. With this latest transaction, we are continuing our track record of helping to support the company’s growing operations.” With a prime location within a Foreign Trade Zone, 16 Applegate Drive is a state-of-the-art
facility situated off the New Jersey Turnpike and less than one-quarter mile from Exit 7 of Interstate 195, the primary east-west artery within this region. The site offers tremendous visibility and access to the major freight-moving roadways in the Northeast,
with direct routes to New York City, Port Elizabeth and Newark Airport; the Philadelphia docks and airport. The building has a 36-foot clear height, plentiful door positions, trailer parking, and an Early Suppression Fast Response (ESFR) fire suppres-
sion system. Other companies on the tenant roster include Lifetime Brands, Inc., Sleepy’s and several other regional operators. The Northeast Business Park is contiguous to Matrix Business Park at 7A, Matrix’s premier 480-acre industrial park. n
30A — May 11 - 24, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
www.marejournal.com
Central New Jersey Teams from CBRE represented the two tenants in the recent transactions
Danzig & Nissim of Cushman & Wakefield broker leases totaling 60,000 s/f at Cranbury property
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RANBURY, NJ — A lease expansion for one tenant at 324 Half Acre Rd. in Cranbury and a reduction/extension for a second has secured the building’s continued full occupanStan Danzig cy, announced commercial real estate services firm Cushman & Wakefield, Inc. US Industrial REIT II owns the 680,000 s/f, class A distribution facility.
324 Half Acre Rd.
Hardware and housewares manufacturer Howard Berger Company added 60,000 s/f to its long-term commitment, bringing its headquarters operation at 324 Half Acre Rd. to 297,000 s/f. At the Jules Nissim same time, logistics giant Kuehne & Nagel, Inc. decreased its space at the building by that same amount and extended its multi-year lease, which now totals 383,000 s/f.
Cushman & Wakefield’s Stan Danzig and Jules Nissim, based at the firm’s East Rutherford office, represented US Industrial REIT II in both transactions. As marketing agents for the property, they also brokered Howard Berger Company’s and Kuehne & Nagel’s original leases at the property in 2008 and 2007, respectively. Teams from CBRE represented the two tenants in the recent expansion and reduction/extension. “Kuehne & Nagel’s lease was coming up for renewal, and they had some surplus accommodations,” Nissim said. “At the same time, Howard Berger Company required additional space. The timing and the square footage worked out perfectly. Some compromise and a lot of flexibility from both tenants, and creativity on the part of USAA Real Estate Company came together to implement what really is an ideal solution.” Danzig and Nissim’s involvement with 324 Half Acre Road dates back more than a decade. The 55-acre parcel was part of a 115-acre campus that Church & Dwight inherited upon acquiring Carter Wallace’s consumer products division in 2000. Soon after, Church & Dwight retained the Cushman & Wakefield team to dispose of the property. The assignment ultimately resulted in the campus’ bifurcation into four subdivisions for multiple buyers. Danzig and Nissim arranged Rockefeller Group Development Corporation’s (RGDC) purchase of the 324 Half Acre Road parcel in 2006. RGDC subsequently appointed the team as exclusive agent for the new construction, which replaced obsolete lab and office/manufacturing buildings on the site. In addition to brokering the Keuhne & Nagel and Howard Berger Company leases, Danzig and Nissim also served as part of the team that orchestrated the 2008 sale of 324 Half Acre Road from RGDC to US Industrial REIT II. “With its modern accommodations, Foreign Trade Zone status and visibility from the New Jersey Turnpike, 324 Half Acre Road has successfully attracted two solid credit tenants as well as a reputable owner,” Danzig said. “It truly is gratifying to see the property succeed in its second iteration. We are pleased to be part of its continued success story.” n
Mid Atlantic Real Estate Journal — New Jersey — May 11 - 24, 2012 — 31A
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Central New Jersey Interior Architecture category
Clarke Caton Hintz receives AIA-NJ Design award for its office space at the Masonic Temple
T
RENTON, NJ — The New Jersey chapter of the American Institute of Architects (AIA-NJ) has awarded Trenton, N.J.-based architecture and planning firm, Clarke Caton Hintz (CCH), with a Merit award in the “Interior Architecture” category of its annual Design Day Competition. The award was given to CCH for the historic preservation and renovation of the firm’s third floor office at the Trenton Masonic Temple, located at 100 Barrack St. in Trenton, N.J. “Clarke Caron Hintz’s project exemplifies great historic preservation work,” said Laurence E. Parisi, president of AIA-NJ. “I am honored to recognize CCH for their design talents, dedication and commitment to their craft and to the architectural community.” CCH discovered the unfinished third floor of the Trenton Masonic Temple while working with the Masons to prepare a long-term preservation strategy for the 80-year-old building. The Grand Lodge of New Jersey, the statewide Masonic organization, acquired the building in 2004 for the purposes of restoring and managing its use. During the preservation work, CCH realized the potential of the extraordinary third floor and decided to undertake the renovation project for the firm’s new headquarters. The Trenton Masonic Temple was originally constructed in 1927 to house five lodges. The neo-classical limestone building is one of the last truly grand Masonic Lodge facilities in the state. “The third floor had been designed to be three additional meeting rooms, but was never finished,” said Michael Hanrahan, associate partner at CCH and immediate past president of AIA-NJ. “With 25-to-35 foot ceilings, large exposed concrete columns and beautiful views, this space presented tremendous opportunities, yet it had stood empty for over 80 years.” The design for the new facility takes advantage of the extraordinary spatial and material qualities of the third floor. Steel trusses supporting the roof have been exposed and new skylight openings have been added. Most of the large, open spaces remain
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32A — May 11 - 24, 2012 — New Jersey — Mid
Atlantic Real Estate Journal
www.marejournal.com
Central New Jersey Flooring, lighting and wall coverings
River Drive Construction completes corporate fit-out for law firm in East Brunswick
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ast Brunswick, NJ — River Drive Construction Co., based in Elmwood Park has announced that the firm recently completed a new tenant fit-out at the 14,570 s/f SorinRoyerCooper law offices at Two Tower Center Blvd. River Drive served as general construction manager. The fit-out included high-end flooring, lighting and wall coverings that updated the space in the 23-story high-rise office tower, which was built in 1988. Throughout the state of New Jersey, River Drive has
Two Tower Center Blvd.
excelled in similar office fitouts, providing their clients’ offices with the ambience they need to succeed through a broad range of cost-optimized services. SorinRoyerCooper is a new law firm that was recently named Emerging Growth Company Law Firm of the Year in the United States by Lawyer Monthly. “Here’s an example of how River Drive treats its clients with kid gloves, especially a law firm that’s got to burn the midnight oil and can’t really shut down,” said Joseph Lan-
gan, president of River Drive Construction. “This project also took place soon after the firm was founded, which is always a sensitive time.” CBRE manages Two Tower Center Blvd., chose River Drive for the project. “The office looks terrific and the River Drive team was wonderful to work with,” said David Sorin, co-managing partner of SorinRoyerCooper. River Drive managed a new office fit-out that reflects the unique business philosophy of SorinRoyerCooper, of which three attorneys in the New
Jersey office were recently named 2012 New Jersey Super Lawyers, the top accolade of Super Lawyers Magazine. The company combines a commitment to high-quality legal service with practical business acumen to meet the needs of the wide-range of clients in the technology, software, communications, Internet, alternative energy, finance and other industries. In addition to general construction and tenant fit-outs, River Drive provides construction and consulting services to developers, management companies, end users and corporations in New Jersey, New York and Pennsylvania in sectors including science and technology, restaurant and hospitality, institutional, healthcare and retail. The architect on the SorinRoyerCooper project was Aztec Total Architecture, located in Iselin, N.J., which specializes in value-added services and comprehensive solutions to businesses since 1993, and the engineer was AKF Group located in Princeton. n
Callan Associates signs 5,500 s/f lease SUMMIT, NJ — The ownership of Summit Executive Center, a partnership led by industry veteran Mark Yeager, announced that one of investment consulting firms has signed a lease at the new, state-of-the-art business center. Callan Associates, which signed a lease for 5,500 s/f, will relocate from Florham Park. Headquartered in San Francisco, the firm provides research, education, decision support, and advice to a broad array of institutional investors. “To be 80-percent leased before completion of construction is a remarkable achievement and a testament to the highquality business environment we are creating at Summit Executive Center,” said Yeager. Bill Brown and Ben Brenner of Cushman & Wakefield represented the tenant, while CBRE executive vice president, Jeffrey Heller, SIOR, represented the ownership in the transaction. A partnership led by Yeager purchased the site of Summit Executive Center in April 2011. n
Mid Atlantic Real Estate Journal — New Jersey — May 11 - 24, 2012 — 33A
www.marejournal.com
Industrial Commercial Industrial Commercial Real Estate Women Real Estate of NewWomen, Jersey Inc. www.icrew.org www.icrewnj.org At ICREW NJ April Luncheon Meeting
ICREW to offer 2012 membership BOARD OF DIRECTORS
Newark’s comeback is “Very Real,” say panelists
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ewark, NJ — The year 2011 was a “watershed” in the evolution of Newark, NJ’s largest city. With $700 million worth of development underway and another $1 billion in the pipeline, Newark’s comeback is very real, Lyneir Richardson, CEO of Brick City Development Corp. (BCDC) told attendees of the April luncheon meeting of ICREW NJ, held at the Newark Club. The program’s title was “The Branding of Newark as a Destination for Business,” and the panel discussion was “a different kind of presentation than we’re used to,” said Monica Ceres of Giordano, Halleran & Ciesla, ICREW NJ’s director of programming. The four panelists focused on the effort behind Newark’s comeback as a business destination and how the message is being delivered to the world business community. BCDC is the City of Newark’s economic development corporation, with a specific focus on “getting deals done,” said Richardson. “We term our mission as ‘pipeline to finish line’.” And one key to the city’s revival, according to Richardson, is that recent and ongoing economic development is not just about filling office buildings, but also about lifestyle amenities. That includes everything from new grocery stores to hotel development—“the underconstruction Marriott is the first new hotel in Newark in 38 years,” he said, noting that a second new hotel is now under construction as well. Also part of the growing amenity mix are new restaurants surrounding the Prudential Center Arena, and the much-heralded Teachers Village, which will include academic programs and residences and services for the city’s teachers. On the corporate front, Panasonic’s announcement of the relocation of its North American headquarters to Newark has made major headlines, of course, “and we plan to build on that momentum,” Richardson said. “We have in place a multi-year plan to market sites
Shown from right: Lyneir Richardson (Brick City Development Corporation), Catherine Timko (The Riddle Company) and Tom Sullivan (Princeton Partners). for development, from ground- adding value, according to a breaking to lease-signing. Our Minnesota think-tank. With time is now, and my job is to its student population it is an make the phone ring.” innovation city, it is one of the But until recently, “Newark more walkable and sustainable wasn’t on the radar screen,” cities, and we are now seeing said Catherine Timko, princi- residential development.” pal of The Riddle Company, cit“We are going to get the mesing the results of a communica- sage out,” Sullivan said, spetion audit. The audit results cifically noting the launch of a launched a marketing effort new web site that will “provide that began with BCDC’s grow- an enabling voice for residents ing name recognition, focusing so that stories of Newark can on Lyneir Richardson’s public- be told from the inside out.” and private-sector track record “This is also a team effort to and “building credibility”. communicate Newark’s mes“How do you convince com- sage with commercial real mercial real estate profession- estate brokers,” said Madelyne als about Newark?” Timko Kirch, president of Sun & asked. “You focus on its loca- Moon Marketing Communicational advantages and, ulti- tions. That includes not just mately, Panasonic changed the NJ brokers, but also those in dialogue. We’re now shifting New York. “The message is the message—we’re on the that Newark is an alternative mountaintop.” to Manhattan.” Among the city’s key assets, “We polled senior brokers in noted Tom Sullivan, CEO of New York and found that this Princeton Partners, are 40,000 information just wasn’t crosscollege students in the one ing the Hudson—there was a square mile of Newark’s Uni- lack of familiarity about what versity Heights section, “the is going on here. We are very densest student population excited about the branding of anywhere in the country.” of Newark,” she concluded. The academic names are well- “The campaign is ongoing that known—Rutgers, Seton Hall, Newark is a destination for NJIT and UMDNJ—but the business.” student population “is not yet The April philanthropy was integrated into the city—ac- in support of the AIDS Founcomplishing that is key.” dation for Children, which Other interesting facts in- “has served New Jersey’s HIV/ troduced by Sullivan are that AIDS-affected families for Newark “is the second fast- more than 25 years,” noted est-growing city on the East Cheryl Hardt of CBRE, presiCoast. It is one of the top four dent of ICREW NJ. “We are cities in North America for very pleased to give our supindustry, and number one for port to this worthy cause.” n
PRESIDENT Cheryl Hardt cheryl.hardt@cbre.com
PRESIDENT ELECT AND CREW NETWORK delegate Patricia A. Riedel patricia.riedel@cbre.com TREASURER Sefi Silverstein ssilverstein@wgcpas.com RECORDING SECRETARY Rachel M. Brindisi rbrindisi@naiglobal.com DIRECTOR OF MEMBERSHIP Mary Lynn Kearns mkearns@dancker.com CO-DIRECTOR, PROGRAMING Monica Ceres, Esq. mceres@ghclaw.com CO-DIRECTOR, PROGRAMING Susan Karp skarp@coleschotz.com CO-DIRECTOR, SPONSORSHIP Patricia D. Faulkner pfaulkner@naiglobal.com CO-DIRECTOR, SPONSORSHIP Diane Menard diane2@prestigetitle.net DIRECTOR,SPECIAL PROJECTS/GOLF Robin S. Grossman rgros30687@aol.com DIRECTOR, SPECIAL PROJECTS/PR Rebecca Machinga, CPA rmachinga@withum.com ADVISOR & CREW NETWORK DELEGATE Sheila Spriggs Nall snall@kssarchitects.com ADVISOR Silvana Finizio sfinizio@carouselindustries.com ADVISOR & BYLAWS Annette Murray, CPA amurray@wgcpas.com
34A — May 11 - 24, 2012 — Mid
Atlantic Real Estate Journal
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People on the Move For autistic adults at The Clare Estate
Five individual achievement awards
SBACNJ honors Walters Group CIS partners with PCDI creating jobs with four FAME Awards
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ARNEGAT, NJ — Walters Group has been honored by the Shore Builders Association of Central New Jersey, Inc. (SBACNJ) for their outstanding achievements in sales and marketing over the past year with four FAME (Fabulous Achievement in Marketing Excellence) Awards and five individual achievement awards. The 9th annual ceremony was attended by over 200 members and associates of the Jersey Shore building industry. Walters won awards for Best Logo Design for a Multi-Family/ Multi-Unit Community and Best Sales Office for a Multi-Family/ Multi-Unit Rental for Stafford Preserve, a luxury rental community currently under construction in Manahawkin. In the category of Best Builder Member Direct Mail Piece, Walters Homes earned the award for its “Shack” postcard promotion designed by sales associates Rick
Pictured left to right: Danielle Edreff, Pam Schuster, Melissa Giarratano, Rick Saparito, Ed Walters, Michele Bowcock and Laurie McManus; Back Row is Greg Walters, Joe Buscio, and Rylie Ragan. Saparito Jr, and Michele Bowcock. The Walters Homes luxury design center in Barnegat also won for Best Corporate Design Center. Last summer, the design center was opened, showcasing options and upgrades available to home buyers at Ocean Acres at Barnegat and Whispering Hills. Individual Achievement Awards were presented to three
Walters Homes employees. For excellence in sales in the Million Dollar Club category, Laurie McManus won for New Home Sales at the Silver Level with over $7 million in sales. Rick Saparito won at the Bronze Level with over $3 million in sales. Danielle Edreff won for Options/Upgrade Sales Achievement with over $1.2 million in sales. n
May 17: Cushman & Wakefield’s Stifelman to address Appraisal Institute conference TEANECK, NJ — David Stifelman, executive director of Cushman & Wakefield, will address the Northeast New Jersey Chapter Appraisal Institute at its 6th Annual Meadowlands Conference on May 17, David Stifelman 2012, with a presentation titled “What’s Driving the Newark, N.J. Office Market?” The event is slated for 8:30 a.m. at the Teaneck Marriott at Glenpointe. “I will discuss the progress and potential for New Jersey’s largest city, including a market overview of its history and rebirth, current office inventory, and the role of the city’s infrastructure,” said Stifelman. “For the current market, I will review
the fundamentals, including leasing velocity and vacancy and rental rates, sales activity and pricing, and a ground-level perspective on demand. “This presentation will also take a look at some of the success stories, the demand drivers, and what I call the ‘game changers’ – Panasonic and Prudential, and the Urban Hub Tax Credit that facilitated those success stories,” said Stifelman. “Other topics will include hotel and multi-family development and the ripple effect on the office market, and the long-term outlook for Newark.” Also on the day’s program will be a presentation by Ron Beit of RBH Group on his company’s Teachers Village development in Newark, a project combining academic buildings with residences and retail uses. Larry Leib, CCIM
of The CoStar Group will speak about how CoStar Property Professional can be used in the valuation process by using the income method. Jim Kirkos of the Meadowlands Regional Chamber of Commerce will discuss “The Meadowlands from X to A and the Economic Impact of Super Bowl XLVIII.” And Jonathan Miller of Miller Samuel Inc. will provide an interpretation of the residential real estate economy. The concluding panel is titled “The Experts Tell All About the New Jersey Real Estate Market.” Panelists will include Matthew Harding of Levin Management, discussing retail; Michael Seeve of Mountain Development Corp. (office); Robert Tillsey of McBride National Services (industrial); and Matthew Schnurr of Newmark Knight Frank (multifamily). n
Cassidy Turley’s Andrew Houston receives NAIOP New Jersey Rising Star Award ROCHELLE PARK, NJ — Cassidy Turley’s vice president, principal Andrew Houston was recently honored with the Rising Star Award from NAIOP New Jersey for his outstanding service to the organization. An active member of NAIOP New Jersey for the past five years, Houston has consistent-
ly demonstrated exemplary leadership skills on behalf of the organization. A member of the corporate/developing leaders team, Houston serves as co-chair of the programs committee and took part in the Chapter’s Strategic Planning day, as well as serves as a discussion leader for the June “Mid-Year Economic
Roundup” seminar. “Andrew is an extremely hard working individual who is dedicated to the real estate industry. This is a wonderful accomplishment for Andrew and we are very proud he has received this prestigious award from NAIOP,” said David Simon, Cassidy Turley managing principal, New Jersey. n
Shown from left: Dan and Shane appreciate the opportunity to work as part of the maintenance and housekeeping staff at The Clare Estate, in Bordentown owned and managed by CIS. The two men were matched to their new jobs by PCDI, which provides treatment, education, and training to support people with autism beginning with early intervention for toddlers through support and guidance for adults. BORDENTOWN, NJ — Community Investment Strategies (CIS) has partnered with the Princeton Child Development Institute (PCDI) to help make a difference in the lives of two young men with autism. According to Christiana Foglio, founder/owner and CEO of CIS and a member of PCDI’s Board of Trustees, this partnership is an example of CIS’ commitment to include non-profit partners throughout a community. Four days a week, Shane and Dan can be found hard at work as part of the maintenance and housekeeping staff at The Clare
Estate, a senior residential community owned and managed by CIS. The two men were matched to their new jobs by PCDI, which provides treatment, education, and training to support people with autism beginning with early intervention for toddlers through support and guidance for adults. PCDI has been working with Dan and Shane since they were children, and once they turned 21, they transitioned to the Adult Life-Skills Program. “We created the program 28 years ago to offer a continuity of services,” noted MacDuff. n
Weichert Commercial appoints Costa and Serrano MORRIS PLAINS, NJ — Weichert Commercial Brokerage appointed two real estate p r o f e s sionals to We i c h e r t Commercial’s corporate headquarters office. J o i n i n g Edward Costa the team are sales associates Edward Costa and Zena Serrano.
Costa joins Weichert as a sales associate. Costa brings with him over 45 years of experience in construction management and commercial real estate. Serrano brings more than 15 years Zena Serrano of experience in valuation of commercial real estate for tax appeal, acquisition and appraisal.n
WCRE announces Hemo as executive VP VOORHEES, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce the hiring of Leor Hemo as Executive Vice President. Hemo has 12 years of experience as a commerLeor Hemo cial real estate professional, salesperson,
and as managing partner at several holding companies. His areas of expertise include sales and leasing, investments, site identification, financing, acquisition, renovation, and property management. In his new role at WCRE, Hemo will focus on building relationships with current and prospective clients and developing custom solutions to achieve their real estate goals. n
Mid Atlantic Real Estate Journal — May 11 - 24, 2012 — 35A
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People on the Move Bushnell, Markham, Rysak, Bankert, Hassan & Blank Welcomes Danahy to head new office
Pennoni announces associate vice president promotions
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hiladelphia, PA — Pennoni Associates announced the promotion of six new associate vice presidents. “Becoming an Officer of Pennoni Associates is truly an honor, one that shows earned respect, trust, and confidence of Pennoni’s Board of Directors, and also of peers, colleagues, and subordinates,” said Pennoni president and CEO Tony Bartolomeo. “These outstanding individuals have demonstrated the skills, values, integrity, pride in their profession, and business acumen necessary to represent our firm as an Officer.” Erin Bushnell, SPHR serves as the director of human resources and has been with the firm for more than 10 years. James Markham, PE serves as the transportation division manager in the Philadelphia office. Melissa Rysak, CPSM
serves as the director of corporate communications and has been with the firm for eight years. Khaled Hassan, PE serves as the office director for King of Prussia, PA.
Larry Bankert, PE, PTOE, serves as transportation division manager in the Mechanicsburg office. Thomas Blank, CIH, CSP serves as office director for the Monroeville office. n
Sperry Van Ness - Miller Commercial Real Estate expands to Washington, DC Bethesda, MD — Ralph Duarte, CCIM has joined the Sperry Van Ness – Miller Commercial Real Estate team. Duarte will be operating a satellite office of SVN – Miller in Bethesda. Duarte was previously affiliated with Sperry Van Ness and just recently joined the SVN – Miller team. Prior to joining
Sperry Van Ness, Duarte was a senior vice president for CapStar Commercial Realty, where he listed, leased and sold more than $12 million in commercial property in his first 12 months. While at CapStar, his primary focus was investment property sales and leasing services. Duarte brings more than 30
years of real estate industry experience to the SVN – Miller team. He holds the Certified Commercial Investment Member (CCIM) designation, serves as the president-elect of the Maryland/Washington, D.C. CCIM Chapter, and is also a member of the International Council of Shopping Centers (ICSC). n
Shore Builders Association of CNJ honors Walters Group BARNEGAT, NJ — Walters Group has been honored by the Shore Builders Association of Central New Jersey (SBACNJ) with four FAME (Fabulous Achievement in Marketing Excellence) Awards and five individual achievement awards. Walters won awards for Best Logo Design for a MultiFamily/Multi-Unit Commu-
nity and Best Sales Office for a Multi-Family/Multi-Unit Rental for Stafford Preserve. In the category of Best Builder Member Direct Mail Piece, Walters Homes earned the award for its “Shack” postcard promotion. The Walters Homes luxury design center in Barnegat also won for Best Corporate Design Center.
For excellence in sales in the Million Dollar Club category, Laurie McManus won for New Home Sales at the Silver Level with over $7 million in sales. Rick Saparito won at the Bronze Level with over $3 million in sales. Danielle Edreff won for Options/Upgrade Sales Achievement with over $1.2 million in sales. n
WCRE hires Seligman as director of business development Voorhees, NJ — Wolf Commercial Real Estate (WCRE) welcomed Scott Seligman (shown) as director, business development. Seligman is an awardwinning professional with nearly
twenty years of experience in commercial real estate development, advisory services, the insurance industry, and investment services. Over the course of his career he has successfully advised and serviced clients ranging from start-ups to small businesses to large corporations on investments, insurance, site usage, benefits, and other aspects of
business. At WCRE, Seligman will be responsible for the company by building relationships with prospective clients and developing custom solutions to achieve their real estate goals. He will also work to cultivate the next generation of real estate investors, and provide support and resources to help more experienced investors advance. n
NAI Emory Hill opens second location in Lewes
Lewes, DE — NAI Emory Hill is opening a second location in Lewes to better serve the needs of its commercial real estate clients in Sussex County. With the opening of the new office, Emory Hill hopes to Brittany Danahy grow from its strong roots in New Castle County to expand its offerings throughout the entire state of Delaware. Brittany Danahy has joined Emory Hill to head the new office as a commercial real estate broker. Brittany comes to Emory Hill from Sperry Van Ness/Miller Commercial Real Estate where she specialized in the sale and lease of retail and professional office space throughout Kent and Sussex counties. Prior to joining Sperry Van Ness, she served as a commercial realtor for Ocean Atlantic Commercial, which she played an integral
role of creating and growing. A graduate of the University of San Diego, Brittany majored in Business with an emphasis in Real Estate and has also worked for Grubb & Ellis/BRE Commercial and Marcus and Millichap. As a licensed real estate broker in both Delaware and California, she looks forward to the global resources and local connections that NAI Emory Hill will provide to better serve her clients. “I am thrilled to work with NAI Emory Hill because they have such a huge array of commercial property listings throughout the state,” Danahy said. “I’m joining an outstanding team of knowledgeable and experienced professionals including a top-notch support staff and can now offer my clients so much more including exceptional marketing capabilities and connections. Plus we offer the state’s largest variety of real estate services including construction, property management, maintenance and residential sales.” n
Cushman & Wakefield promotes Foster to executive vice president EAST RUTHERFORD, NJ — Curtis Foster has been promoted to the position of executive vice president at commercial real estate services firm Cushman & Wakefield. Foster began his career Curtis Foster at the East Rutherford-based company 27 years ago and has risen through the ranks as one of its consistently top-producing leasing brokers. He has received his firm’s Service Excellence Award for “Outstanding Brokerage Professional – Best in Class in Pursuit of Total Client Satisfaction” multiple times. “Cushman & Wakefield is known as a career company in an industry where professionals tend to jump from place to place, and I am the proof,” Foster noted. “I chose this firm because of its pristine brand, and I have remained here for the same reason. Cushman & Wakefield is a world-recognized, well-respected service provider, and to this day I am humbled to be able to carry its card. This company has afforded me the opportunity
to expand my focus on a national basis, collaborate with colleagues and establish longstanding, loyal client base.” Foster frequently ranks among Cushman & Wakefield’s Top 100 brokers globally, including the past four consecutive years. In 2010, he was among the firms Top 10 New Jersey brokers and last year was the highest producing leasing broker in its East Rutherford office. Foster also is a Cushman & Wakefield shareholder. “The executive vice president position at Cushman & Wakefield reflects a level of success made possible only through focus, dedication, persistence and integrity,” said Gualberto “Gil” Medina, the firm’s New Jersey executive managing director. “However, above all else, success here hinges on impeccable client service. Curtis embodies the best attributes that define the heart of this company. His promotion is very well deserved.” Foster earned a bachelor’s degree in business administration from American University-Kogod School of Business. He is a licensed real estate broker in the state of New Jersey. n
36A — May 11 - 24, 2012 — Mid
Atlantic Real Estate Journal
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President J. Gregory Ellis, CCIM Patterson Woods Commercial
Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com
Sponsorship opportunities available for 16th annual event at LIanerch Country Club in Havertown, PA
TriState REALTORS® Commercial Alliance invites region’s Commercial
Real Estate Community to Annual Golf Outing on July 16th
CONSHOHOCKEN, PA — TriState REALTORS® Commercial Alliance and TriState Brokers Commercial Alliance are inviting the region’s commercial real estate community to come together and hit the links. The leading advocate and provider of continuing education for commercial real estate practitioners in Pennsylvania, Delaware and New Jersey will host its 16th Annual Golf Outing on Monday, July 16, 2012. Held in conjunction with the PA/NJ/DE Chapter of CCIM, the event will take place at the famed Llanerch Country Club in Havertown, Pa. Registration for the event will commence at 11:30 a.m., followed by a buffet lunch and shotgun start at 12:30 p.m. Starting at 5:30 p.m., attendees will enjoy cocktails, dinner, raffle prizes and an awards ceremony. Throughout the event, a silent auction will be held to benefit ACHIEVEability, a nonprofit organization that values education and accountability in helping needy families achieve self-sufficiency. “This event is one of the highlights of the year for the TriState membership,” said J. Gregory Ellis, CCIM, President of TriState REALTORS® Commercial Alliance. “It provides an opportunity for commercial real estate professionals to meet and mingle with other members of their industry in a casual atmosphere. We look forward to a great day on a beautiful course.” Sponsorship opportunities are available at a variety of levels, and all sponsors are invited to donate promotional items for the golfers’ giveaway bags. The corporate sponsorship is priced at $1,500 and includes lunch/golf/dinner for one, special logo signage at the event including new PowerPoint recognition throughout the event, logo inclusion in TriState’s weekly newsletter and all email blasts, in addition to special acknowledgement at the reception. Other sponsorship opportunities include: • Cocktail Sponsors with Logo: $1,250 • Golf Bag Tags with Logo: $1,000 • Cart Banners with Logo: $1,000 • Pin Toppers with Logo: $500 • Putting Contest: $500 • Beat-the-Pro Contest: $500 • Putting Green: $350 • Hole-in-One Sponsor: $350 • Driving Range: $350 • Beverage Stations: $325 • Closest to the Center Line: $300 • Closest to the Pin: $300 • Longest Drive: $300 • Pin Sponsors, including Flag with Logo: $300 • Tee Sponsors: $250 The cost for the outing is $200 per person. To sign up or find out more about sponsorship opportunities, please contact Michelle Winkler Milone at 610-238-9950. About TriState REALTORS® Commercial Alliance Founded in 1993, the TriState REALTORS® Commercial Alliance is a leading advocate for commercial real estate professionals in New Jersey, Delaware and Southeastern Pennsylvania. TriState operates The Commercial Real Estate School of New Jersey, which focuses on continuing education, creating an opportunity to network and presenting industry-oriented seminars. TriState seeks to advance the financial well being, industry stature, and professional growth of each member. The group also speaks as a unified voice on legislative and community issues, promotes ethical standards of conduct and provides specialized services relative to the needs of its members. For additional information, please visit tristaterca.com or tristatecres.com.
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40A — May 11 - 24, 2012 — Mid
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Mid Atlantic Real Estate Journal — May 11 - 24, 2012 — Inside Back Cover A
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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 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
T U E S D AY Update from the Department of Community Affairs The Honorable Richard E. Constable, III Commissioner
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
Register today! Visit njaa.com or contact us at 732-992-0600 or events@njaa.com for details.
Back Cover A — May 11 - 24, 2012 — Mid
Atlantic Real Estate Journal
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AT THE END OF THE DAY, YOU WANT RESULTS. SO THAT’S HOW WE BEGIN EACH DAY.
When our real estate clients have questions, they need the right answer at the right time. So they need lawyers who combine deep legal experience with sound business sense. This is what motivates us to work harder, continually expanding our versatility and pushing the limits of our collective skills. At Riker Danzig, we understand that no matter how much success we have realized, what you’re interested in are the results we get today.
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SHOPPING CENTERS PENNSYLVANIA Section B of the Mid Atlantic Real Estate Journal
Bachner of Phillips Nizer reps seller & Hammer of Brach Eichler reps purchaser
Kislak president Holland completes $46.1 million sale of 518-unit Hershey Heritage Village
L
ANCASTER, PA — The Kislak Company, Inc., announced the $46,100,000 sale of Hershey Heritage Village, a 518-unit apartment complex located at 1 3 3 0 Wa bank Road Robert Holland in Lancaster. Kislak president and co-managing director Robert Holland represented both parties, private investors, in the transaction. The sale of Hershey Heritage Village marked the successful completion of a Section 1031 exchange. In January, Kislak
handled the $36,700,000 sale of a four-property multifamily portfolio with a total of 430 units in Bethlehem, Pennsylvania. The seller of the Bethlehem portfolio purchased Hershey Heritage Village. “This was an extraordinary opportunity to acquire a single asset with more than 500 units in a very desirable location and market,” said Holland. “The seller was the original developer of the property and had owned it for nearly 40 years.” The properties are located in suburban Lancaster in south central Pennsylvania near many regional employers one hour from Philadelphia.
Hershey Heritage Village
MAY 11 - 24, 2012
HI-LIGHTS CDA&I Architecture & Interiors celebrates 20 years Founded in 1992 and dedicated to the integration of architecture and interior design, CDA&I Architecture and Interiors, Ltd. of Philadelphia celebrates its 20th anniversary this year. See page 4-5B.
Quarry Center — 300 Million Years in the Making! Rising from 50 feet below sea level, 32 acres in Haverford Township, Pennsylvania are being transformed into 250,000 s/f shopping center to be known as Quarry Center. See page 7-9B.
ALSO INSIDE: PA PROJECTS & BUILDING SERVICES SPOTLIGHT ..........3-11B
“Given the strong regional rental market, the purchaser was looking to expand its local presence,” added Holland. “This was also a value-added opportunity. By upgrading the units’ kitchens and bathrooms, the property will command higher rents.” Financing was arranged by Patricia Patriarca of The Provident Bank. The seller was represented by Robert Bachner, Esq. of Phillips Nizer LLP of New York City. The purchaser was represented by Alan Hammer, Esq. of Brach Eichler, LLC of Roseland, New Jersey. At the time of closing, the property was approximately 95% occupied. n
McBride & Blinebury of Cushman & Wakefield rep the owner
Panattoni Development Company leases 193,000 s/f to L’Oreal in York YORK, PA — Panattoni Development Company, Inc. has arranged a 12 year lease for L’Oreal USA to occupy an existing facility of 193,000 s/f in East Manchester Township, York County, PA. The building, located at 75 Steamboat Boulevard and purchased in July 2011, was previously used as a materials handling facility for Harley Davidson Motor Company. Ed Dudzinski and Richard Greenberg of Atlantic Real Estate Services represented the tenant. Pat McBride and Gerry Blinebury of Cushman
75 Steamboat Boulevard & Wakefield represented Panattoni in the transaction. L’Oreal will utilize the facility to serve its Salon Centric division, with overnight deliveries to retail locations throughout the Northeastern United States. The opera-
tion will create 100 full time jobs, and is scheduled to be fully operational in the Fall of 2012. R.S. Mowery & Sons is serving as construction manager for the improvements to the building. n
Mark Taylor Dean Zang Christopher Munley Derrick Dougherty Peter Snell Shopping Center & Net Lease Sales Specialists 3hiOaGeOShia 3$ OfÀce 215.531.7000 :ashington 'C OfÀce 202.536.3700 www.marcusmillichap.com
Visit us at The ICSC RECON Las Vegas Conference
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PA PEOPLE NEWS .............................................................16B
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B Inside Cover — May 11 - 24, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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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, Middleborough — 132,000
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, Philadelphia — 115,500 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 Acquisitions
Leasing Charter Realty & Development Corp. 203-227-2922 chartweb.com
Mid Atlantic Real Estate Journal — Pennsylvania — May 11 - 24, 2012 — 1B
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PENNSYLVANIA
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
2B â&#x20AC;&#x201D; May 11 - 24, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
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PENNSYLVANIA Grace of Landmark Commâ&#x20AC;&#x2122;l./ONCOR Intâ&#x20AC;&#x2122;l. reps the buyer Environmental & Geotechnical Engineers & Consultants
Campbell of Campbell Commâ&#x20AC;&#x2122;l. leases 8,100 s/f office space
L Complete. Integrated. Service. PENNSYLVANIA NEW JERSEY 1600 Manor Drive, Suite 220 35 Technology Drive Chalfont, Pennsylvania 18914 Warren, New Jersey 07059 215.712.2700 908.668.7777 www.whitestoneassoc.com Serving the Northeastern United States
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Our Core Service Areas: â&#x20AC;˘ Site Traffic Development
EMOYNE, PA- Campbell Commercial Real Estate, Inc. announced the following transactions: The Cumberland County Tax Bureau has leased 8,100 s/f of office space at 21 Waterford Drive, Art Campbell Mechanicsburg, from Waterford Med Partners and will be relocating the offices of the Tax Bureau to the location in July. Art Campbell, president of Campbell Commercial Real Estate, Inc. represented both parties in the transaction. The Kidney Foundation of Central PA has leased office space at 1500 Paxton Street, Harrisburg from Paxton Street Properties, LLC. Art Campbell of Campbell Commercial Real Estate, Inc. represented both parties in this transaction. Evergreen Property Trust, LLC has recently purchased (3) industrial building sites totaling 40 +/- acres within Upper Allen Business Park along Independence Avenue, Mechanicsburg, Upper Al-
21 Waterford Drive len Township, Cumberland added 4 new sales associates County, Pennsylvania. to their team of professionals Jason Grace, CCIM, SIOR and is looking forward to their and Vice President at Land- more centralized location. Art mark Commercial Realty, Inc./ Campbell of Campbell ComONCOR International negoti- mercial Real Estate, Inc. repated the transaction on behalf resented the Landlord in this of the buyer and Art Campbell transaction. â&#x2013; of Campbell Commercial Real Estate represented the seller, Pennsylvania Frank M. Bingman Trust. Straub & Associates Real Real Estate Journal Estate Group, Inc. has leased office space at 3025 Market a section of the Street, Camp Hill from C.A. Mid Atlantic Real EsHempt Estate, Inc. and will be tate Journal relocating its office in May. P.O. Box 26, Accord, MA 02018 Straub & Associates Real 781-871-5298 â&#x20AC;˘ 800-584-1062 Estate Group, Inc. has been in fax 781-871-5299 business for 8 years. Timothy MAREjournal.com Straub, Broker/ Owner has been in business for 21 years. Straub & Associates recently
McMurray of NAI CIR handles 5,000 s/f lease SUSQUEHANNA, PA â&#x20AC;&#x201D; NAI CIR announces the following lease transactions: Mei Jian Logistics, Inc. is opening an additional location in 5,000 s/f of warehouse space it has leased at 1405 Hagy Way, Susquehanna Twp. Ida McMurray of NAI CIR handled the lease transaction. Floor-It Flooring is relocating into 3,200 s/f of office and warehouse space at 1017 Eisenhower Blvd., Swatara Twp. Ida Mc-
Murray of NAI CIR represented both Floor-It and the landlord, Jay Crum. Mission Critical Partners, Inc., an executive consulting firm, is relocating into 2,316 s/f of office space it has leased at 2578 Interstate Dr., Susquehanna Twp. Jason Sourbeer of NAI CIR represented the landlord, Conner Management Group, LLC, and Todd Decker of Realty Management Associates represented Mission Critical Partners. â&#x2013;
â&#x20AC;˘ Transportation Planning
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SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS
PENNSYLVANIA SPOTLIGHT PROJECTS/BUILDING SERVICES Mid Atlantic Real Estate Journal — Pennsylvania — May 11 - 24, 2012 — 3B
www.marejournal.com
CDA&I Architecture & Interiors celebrates 20 years
Quarry Center- 300 Million Years in the Making!
Founded in 1992 and dedicated to the integration of architecture and interior design, CDA&I Architecture and Interiors, Ltd. of Philadelphia celebrates its 20th anniversary this year. See page 4-5B.
Rising from 50 feet below sea level, 32 acres in Haverford Township, Pennsylvania are being transformed into 250,000 s/f shopping center to be known as Quarry Center. See page 7-10B.
Spotlight Directory Burris Engineers Inc................................................................................................. 4B MJ Settelen Construction ......................................................................................... 4B Haworth. ................................................................................................................... 4B CDA& I ...................................................................................................................... 5B AKF Group ................................................................................................................ 5B Earth Engineering Incorporated. ............................................................................. 7B CREATE Architecture............................................................................................... 7B McMahon Associates Inc.......................................................................................... 7B Manko Gold Katcher Fox LLP .................................................................................. 8B IES Engineers ........................................................................................................... 8B Metro Commercial .................................................................................................... 8-9B Bohler Engineering................................................................................................... 9B Kaplin Stewart .......................................................................................................... 9B Hollister Construction .............................................................................................. 11B Jenkintown Building Services, Inc. .......................................................................... 11B Keast & Hood Co....................................................................................................... 11B
4B — May 11 - 24, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
www.marejournal.com
COMPANY OF THE MONTH Celebrating 20th Anniversary Electrical Engineering, Design, & Consulting
CDA&I Architecture & Interiors of Philadelphia
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Happy 20th Anniversary to CDA&I Architecture & Interiors! 180 S. Main Street, Suite 203 Ambler, PA 19002 215-643-4465 Main, 215-643-4481 Fax (Monday – Friday 8:00 am – 4:30 pm) Email: jburris@burrisengineers.com www.burrisengineers.com
Where Principles Guide Projects Every Step of the Way HONESTY INTEGRITY COMMUNICATION COLLABORATION STELLAR RESULTS
You envision a finished project, we see the best steps to get you there. ■
Pre-construction
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General Construction
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Consulting
230 S. Broad Street
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Pictured left to right: CDA&I team: Ariel Ricciuti, John Gill, Cecelia Denegre, Joseph Denegre, Howard Dorf, Marta Drzymala
MJ Settelen Construction, LLC, Philadelphia‚ PA
West Philadelphia High School, Philadelphia, PA
this work. CDA&I incorporates the latest sustainable technologies for exterior envelope stabilization, balanced natural and artificial lighting, environmental controls, natural ventilation, acoustic comfort, and the use of sustainable and durable materials. Firm members hold LEED accreditation for both new construction and commercial interiors. On its residential projects, CDA&I blurs the boundaries between interior and exterior spaces for improved connection to the environment.
One of the firm’s strengths is its intensive pre-project planning phase, which encompasses everything from investigating client aspirations, inspirations, and objectives, to studying building systems, site constraints, and existing conditions. The firm uses questionnaires, interviews, site visits, and cost estimating to fully understand a project’s specific parameters and opportunities. This process identifies a design direction and realistic budget before any drawings are prepared. CDA&I’s design team thinks
Project Management
Suite 1100
P: 215.893.0888
ounded in 1992 and dedicated to the integration of architecture and interior design, CDA&I Architecture and Interiors, Ltd. of Philadelphia celebrates its 20th anniversary this year. CDA&I was established by architect Cecelia Denegre, AIA, IIDA; her husband Joseph Denegre, RA, joined as her partner in 2002. CDA&I is a full-service, cityand state-certified WBE professional design studio located in Center City, Philadelphia. The firm merges the expertise of professional architects with the skills of experienced interior designers in a single studio to provide seamlessly integrated design services. CDA&I’s work can be divided into projects for learning, living, and working, or more specifically, academic, residential, and corporate/institutional interiors. These categories are also essential aspects of the firm’s design philosophy. “Every day, we learn through our life and work experiences,” says CDA&I founder and principal Cecelia Denegre. “Our projects reflect this belief and are informed by the depth with which we understand our clients’ specific needs.” From updating existing facilities for institutional clients – as in the case of repurposing dining facilities at the University of Pennsylvania into student administrative offices – to contributing to widespread neighborhood transformation – through pro bono design services for organizations including the Community Design Collaborative – CDA&I has a proven ability to think about long-term value, context, and community. Environmentally responsible design has figured into much of
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I
Value Engineering
Philadelphia, PA 19102
www.mjsettelen.com
Congratulations to CDA&I for 20 years of success!
Haworth Inc, The Curtis Center 601 Walnut St., Suite L-20 Philadelphia, Pa 19106 Showroom: 215.977.8607 Steve Sable: 215.397.5656 Steve.Sable@haworth.com www.organicworkspaces.com
Congratulations on 20 years in business! -Your friends at Haworth-
www.haworth.com
Mid Atlantic Real Estate Journal — Pennsylvania — May 11 - 24, 2012 — 5B
www.marejournal.com
COMPANY OF THE MONTH Celebrating 20th Anniversary
THANK YOU
CDA&I Architecture & Interiors of Philadelphia
Chestnut Hill Residence, Philadelphia, PA
University of Pennsylvania Platt Student Performing Arts House, Stouffer Commons, Philadelphia, PA
Drexel University College of Nursing Simulation Lab, Philadelphia, PA beyond normal boundaries to inspired solutions, capturing each client’s vision and manifesting it into a physical reality that balances program, budget, and context. “Cost issues are identified and balanced with design aspirations so that expectations remain on the same page,” explains Cecelia. The approach has served the firm well. The combination of informed design development and strong leadership has helped CDA&I make strides during its two-decade history. In 2005, the firm
was named to the Philadelphia Business Journal’s Philadelphia 100 as one of the fastest growing privately held companies in the region. Economic conditions have slowed the growth, but steady leadership and strong relationships with repeat clients have helped the firm weather the storm. In 2011, CDA&I was named one of the Philadelphia Business Journal’s Top 20 Interior Design Firms and one of the region’s Top 100 Women Owned Businesses. Committed leadership begins
with Cecelia. In 20 years of managing CDA&I and its projects, she has become known for her forward-thinking, holistic approach and for the warmth with which she approaches client relations. A background in fine art and psychology doesn’t hurt. From her faint Kentucky drawl to her fearless use of color, Cecelia elicits the best from her clients and team, confidently guiding both through the challenges of design and construction projects of all sizes. Principal Joseph Denegre leads the firm alongside Cecelia. His analytical design skills, technical expertise, and project management ground every project. His strong listening skills translate into good stewardship of clients’ resources and trust. Together, Cecelia and Joe encourage collaboration and camaraderie to keep the design process lively and engaging for staff and clients, alike. CDA&I’s architectural designs capture tendencies toward natural materials, light, and texture. Yet the work also displays a thorough understanding of each client’s needs, lifestyles, and individualities. Whether the project involves developing a community garden on an historic site, designing the newest, state-of-the-art high school for the School District of Philadelphia, or crafting a residence that captures a homeowner’s personality, CDA&I offers a mix of professionalism and creativity. CDA&I’s portfolio includes successful projects for the University of Pennsylvania, Drexel University, School District of Philadelphia, City of Philadelphia, and St. Edmonds Bank, as well as multiple private residential commissions. ■
Mid Atlantic Real Estate Journal would like to congratulate CDA & I Architecture on your 20th Anniversary! To feature your company or project contact: Elaine Fanning (800) 584-1062 ext. 212 efanning@marejournal.com
TO OUR CLIENTS STAFF + PARTNERING FIRMS FOR YOUR 20 YEARS OF BUSINESS
225 South 25th Street
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215 . 893 . 9050
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www.cdaandi.com
CONGRATULATIONS CDA&I ON YOUR 20TH ANNIVERSARY
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ïïïK================dêçìéKÅçã= 1500 Walnut Street, Suite 1400 Philadelphia, PA 19102 Phone: (215) 735-7290
Arlington, VA, Boston, MA, Minneapolis, MN New York, NY, Philadelphia, PA, Princeton, NJ Rochester, MN, Stamford, CT, Mexico City, MX
6B — May 11 - 24, 2012— Pennsylvania — Mid
Atlantic Real Estate Journal
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PA PROJECTS/BUILDING SERVICES $15m expansion & renovation project breaks ground Stadium design by Ewing Cole
Warfel Construction Company promotes Calabretta & Kingree
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AST PETERSBURG, PA — Warfel Construction Company is pleased to announce the promotions of Brett P. Calabretta, PE, LEEDAP and Guy Kingree III, LEED GA. Brett P. With the Calabretta firm since 2005, Calabretta has been promoted to Senior Project Manager. He joined Warfel Construction Company as a Project Engineer and was promoted to Project Manager in 2006. As Senior Project Manager, he is responsible for complete project oversight, coordination, schedule, and budget on projects ranging from $1 to $25 million dollars throughout Pennsylvania and the surrounding states. He recently completed the new CarMax Store on Manheim Pike and is currently managing work for the Landis Run Intermediate Center for the Manheim Township School District and the new
offices for RLPS Architects on Oregon Pike in Lancaster. A resident of Lancaster, Calabretta earned a B.S. in Civil Engineering from Penn State University and a Masters of Business AdminGuy Kingree istration from III York College of PA. He is a professional engineer and is certified as a LEED (Leadership in Energy and Environmental Design) Accredited Professional. Promoted to Project Manager, Kingree served as an intern at Warfel Construction while completing his B.S. in Civil Engineering at Penn State. Upon graduation in 2009, he joined the firm as a Project Engineer. He is currently managing the historic St. James Church renovation project in downtown Lancaster. A resident of Lancaster, Kingree is certified as a LEED (Leadership in Energy and Environmental Design) Green Associate.
EAST PETERSBURG, PA — Warfel Construction Company recently broke ground on a $15 million expansion and renovation of the Health Center at the Kendal Crosslands Community in Kennett Square, PA. Encompassing over 100,000 total s/f, the project includes renovations to the skilled and personal care areas of the health center as well as a new fitness and wellness center for use by the entire community. Updating the facility and ultimately creating a more ‘residential feel’ within the center is the main goal of the renovations. The new wellness center will feature a pool, locker rooms, exercise and therapy rooms. The 5phased project, designed by Bernardon Haber Holloway Architects, PC of Kennett Square and SFCS, Inc. of Roanoke, VA is scheduled for completion in 24 months. Overseeing the project for Warfel is Senior Project Manager, Sheila Snyder, Project Manager Rusty Hoffman and Field Superintendent, John Hess. ■
Simelis joins the Tarentum office of R.A. Smith National as a civil engineer PITTSBURGH, PA — Anthony Simelis has joined the Tarentum (Pittsburgh) office of R.A. Smith National — civil engineering, surveying, landscape architecture, geographic information Anthony Simelis systems (GIS) and 3D visual-
ization consultants — as a civil engineer. His responsibilities include storm water management planning and design, erosion and sediment control planning and design, and general permitting support for various land development projects. Simelis has a bachelor ’s degree in civil engineering technology from Point Park University, Pittsburgh, Pa. Simelis is a member of the
American Society of Civil Engineers (ASCE). Simelis also holds an associate’s degree in chemical laboratory technician and has a strong background and understanding of material science. Prior to joining R.A. Smith National, he was employed as a quality control analyst and chemical laboratory technician at Neville Chemical Company in Pittsburgh. Simelis lives in Pittsburgh, Pennsylvania. ■
Wilson of K&W Engineers and Consultants earns certification HARRISBURG, PA — Thomas P. Wilson, PE, CFM, Principal at K&W Engineers and Consultants, passed the Association of State Floodplain Managers (ASFPM) exam to become a Certified Floodplain Manager. This national certification demonstrates Thomas’ commitment to al-
leviating the cycle of damage in floodplain environments as well as his overall awareness of comprehensive floodplain management procedures, including FEMA regulatory standards and procedures; flood insurance; and hazard mitigation. K&W Engineers and Consul-
tants specializes in providing civil engineering and consulting services that include land development / site design, traffic / transportation, municipal engineering, comprehensive watershed management, water / wastewater design, environmental permitting, landscape architecture and survey. ■
Principal Brinton of FP+A, Inc. elected secretary of IFMA HARRISBURG, PA — Garry Brinton, Principal, FP+A, Inc., has been elected Secretary of the Facility Managers Consultants Council of the International Facil-
ity Management Association (IFMA). IFMA is the world’s largest and most widely recognized international association for professional facility managers.
Alvin H. Butz, Inc. to renovate PNC Field
FP+A, Inc. provides strategic facilities planning, preproject planning, architecture and interior design, project management, and relocation consulting services. ■
Renderings of PNC Left Field Plaza & Entrance MOOSIC, PA — Alvin H. Butz, Inc. has been selected as Construction Manager to reconstruct and renovate Lackawanna County’s PNC Field in Moosic. Reconstruction activities include demolishing the existing upper deck and rebuilding it to feature suite and club level seating. The lower section seating bowl will remain. Six concession stands, rest rooms, locker rooms and administrative areas will be upgraded to ADA compliancy and state-of-theart facilities. The renovations will include over 90,000 s/f of building space. Field renovations will consist of new dugouts, lighting, scoreboard, warning track and outfield. The renovated stadium will have a 10,000-fan capacity including tiered picnic areas, lawn seating, kids zone for families, and will feature a 360-degree walk around concourse. Design for the stadium is being done by Ewing Cole. The new stadium will be the home of AAA baseball
team the Scranton/WilkesBarre Yankees. The team is playing its entire 2012 schedule away from home using other stadiums until the reconstruction is complete. Construction services are scheduled to begin this week. The project needs to follow an extremely aggressive schedule in order to be completed by March 2013 to allow the Scranton/Wilkes-Barre Yankees to resume their International League schedule locally in April 2013. “We are really excited to begin work on this project,” said Greg Butz, President and CEO of Alvin H. Butz, Inc. “We have an extremely talented project team in place and they are fully dedicated to completing the stadium with the highest quality while maintaining the schedule.” In March 2008, Alvin H. Butz, Inc. completed the minor league baseball stadium, Coca-Cola Park in Allentown, PA, home of the Lehigh Valley IronPigs, the AAA affiliate of the Philadelphia Phillies. ■
Mid Atlantic Real Estate Journal — Pennsylvania — May 11 - 24, 2012 — 7B
www.marejournal.com
QUARRY CENTER PROJECT OF THE MONTH GEOTECHNICAL ENGINEER
ARCHITECTURE
EARTH ENGINEERING INCORPORATED
Geotechnical Engineers & Geologists Subsurface Investigations Construction Inspection & Testing Retaining Wall Design Environmental Site Assessments and Remediation Clean Fill Testing Carbonate Site Assessments Stormwater Infiltration Testing Laboratory Soils Testing Corporate Headquarters: 610.277.0880 Lehigh Valley: 610.967.4540
Central PA: 717.697.5701 South Jersey: 856.768.1001
www.earthengineering.com
CONGRATULATIONS
Mid Atlantic Real Estate Journal would like to congratulate Eureka! Ventures, CREATE and the Project Team on the Quarry Center If you would like to feature your company, development or project call Elaine Fanning: (800) 584-1062/781-871-5298 Ext. 212 or email: efanning@marejournal.com
TRANSPORTATION ENGINEERING CONSULTANT
www.mcmtrans.com
A full service transportation engineering firm specializing in: Site Assessment/Due Diligence for Traffic Impacts Traffic Data Collection Traffic Impact Studies & Site Circulation Consultation Parking Supply/Demand Studies Expert Witness Testimony and Public Presentation Traffic Signal Design & Permitting Access/Roadway/Intersection Design & Permitting Bridge/Culvert Design & Permitting Construction Observation & Management
Congratulations to the entire project team for the “Quarry Center” development! McMahon was proud to serve as the transportation engineer in this endeavor. Corporate Headquarters:
Fort Washington, PA 215.283.9444
Exton, PA
610.594.9995
Yardville, NJ 609.585.5745
Camp Hill, PA 717.975.0295
Bowie, MD
301.464.3955
Pittsburgh,PA 412.928.2056
8B— May 11 - 24, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
ENVIRONMENTAL ATTORNEYS
Mid Atlantic Real Estate Journal — Pennsylvania — May 11- 24, 2012 — 9B
www.marejournal.com
QUARRY CENTER PROJECT OF THE MONTH
ÿ
CIVIL ENGINEER
32 acres in Haverford Township, Pennsylvania are being transformed into 250,000 s/f shopping center
EnvironmentalÿRisks
Quarry Center 300 Million Years in the Making!
Disclosures Compliance DueÿDiligence Permitting
WE CANÿPUT THEÿPIECESÿTOGETHER Our legalÿandÿtechnicalÿteamÿcanÿhelpÿnavigateÿtheÿcomplexÿlegalÿ andÿregulatoryÿchallenges andÿbringÿallÿtheÿpiecesÿtogetherÿfor yourÿdevelopmentÿprojects.
www.mgkflaw.com ENVIRONMENTAL CONSULTANT
;D=?D;;HI • IES congratulates all companies involved in the Quarry Center Project and is proud to have been a part of this team. • IES is a professional services company committed to delivering environmental, health & safety, engineering, and construction projects. • IES environmental professionals have performed Environmental Site Assessments, Remediation, Pennsylvania Act 2 Assistance, and Permitting for a variety of clients and properties. If the property is being considered for acquisition, expansion, redevelopment, or change of land use, IES can assist you in understanding the liabilities of potential or existing environmental contamination. •
www.marejournal.com
IES’ Environmental Site Remediation Services include: • Phase I/II Environmental Site Assessments • Pennsylvania Act 2 Regulatory Assistance • Site remediation • Tank management • Permitting
• IES’ project managers, engineers, and professional geologists stand ready to assist you on environmental site remediation projects. •IES focuses on the success of its customers and employees by providing the highest value innovative solutions to our clients through exceptional knowledge and experience.
R
ising from 50 feet below sea level, 32 acres in Haverford Township, Pennsylvania are being transformed into 250,000 s/f shopping center to be known as Quarry Center. Located in one of the region’s most densely developed areas, the site has long been coveted for development. Numerous developers and retailers have tried to take on the geologically challenged, in-fill site, but it wasn’t until Eureka! Ventures, an Indianapolis based Development Company, partnered with the Crockett family that the endeavor became reality. As a result of hurricane Agnes, in 1972, the granite quarry was flooded and no longer viable as a working quarry. David Crockett Sr., saw this eyesore as an opportunity and decided to acquire the property, which was ideally located on Township Line Road (Rt 1) and West Chester Pike (Rt 3). The massive hole first had to be drained, then could be productive again as a clean landfill. For almost 30 years the quarry was filled with approximately 7.3 million cubic yards of soil, brick, concrete and old asphalt. Many significant Delaware Valley demolition projects are in the quarry, such as the Blue Route and the old convention center. In 2010, as the site completed its lifespan as a clean landfill, David Crockett Jr. knew there was plenty of opportunity to develop the site above ground. With the top consultants in the area, the
Bohler Engineering congratulates Quarry Center, LP for its successful
Quarry Center
Shopping Center Development Project Philadelphia, PA | Chalfont, PA | Center Valley, PA WARREN NJ (HQ) | ALBANY NY | BOWIE MD | FORT LAUDERDALE FL | RONKONKOMA NY
Proposed Elevations team solved the traffic, layout, environmental, legal, engineering, geotechnical and construction issues that come with a historic property in a dense in-fill area. Designed by CREATE Architecture Planning & Design of New York being built by IMC Construction of Malvern, PA the site is rich in history. With stone dating back 300 million years, the Llanerch Quarry, supplied churches and municipal building as well as many a home along Philadelphia’s Main Line. “The Quarry had a unique stone which is seen throughout Havertown in its public and private buildings. One of the key design components was to pay homage and be cognizant of the site’s history and so the stone with accenting light mortar are used in abundance throughout the development,” notes Frankie
Campione, Principal at CREATE. Retailers that include a 150,000 sf Lowe’s Home Improvements (the first in Delaware County) and an 82,000 sf Giant Supermarket were designed to be architecturally harmonious and complimentary to the area. The Developer’s design team was tasked with ensuring the tenant’s interiors and operations would not suffer due to design alterations made to prototype facades. The result maintains each tenant’s familiar identity integral to each stores’ success yet creates a unique and what Eureka! terms a handsome design. “We truly want this center to be special,” notes Eric Mallory, Principal of Eureka! In this challenging economic environment, retailers are seeking only the best locations. “We are fortunate to have a great site
Architect’s Rendering Courtesy of CREATE that has seen many lifecycles,” notes David F. Crockett Jr. We were able to return the property to a productive use. This site will once again be a place of employment and commerce and add to the tax base of the area. We were able to obtain a cross-access easement with an adjoining property owner that will allow us to connect Route 1 to Route 3, which is a needed regional traffic improvement. On schedule and moving at a rapid pace, Quarry Center will create 300 – 400 permanent jobs in the area and between $ 600,000 – $ 700,000 of local taxes each year. The project will display distinct and harmonious architecture and provide a gathering place for the community. The history of the site is fascinating and future is rock solid! ■
LAND USAGE / ZONING & LEASING ATTORNEY
PROJECT TEAM Property Owner ........................................... Quarry Center, LP Developer ........................................................Eureka! Ventures Architect ................................................CREATE Architecture Civil Engineer ............................................ Bohler Engineering Geotechnical Engineer .........................Earth Engineering, Inc MEP & Structural Engineer ............................. Thorson Baker Environmental Consultant ....IES Environmental Engineering Transportation Consultant .....................McMahon Associates Land Usage/Zoning/Leasing Attorney .......... Kaplin Stewart Environmental Attorney ............. Manko Gold Katcher & Fox Surveyor ...............................................................Control Point Leasing Agent ............................................ Metro Commercial General Contractor .......................................IMC Construction
LEASING AGENT
Experience Counts. Count on us. Kaplin Stewart
Attorneys at Law
Real estate law from the ground up. Land use & zoning, real estate transactions and construction.
Contact: GEORGE W. BROSEMAN (Land Use & Zoning) JEFFREY L. SILBERMAN (Real Estate Transactions) Corporate Headquarters: 1720 Walton Road • Blue Bell, PA 19422 Phone: 610‐828‐3078 • Fax: 610‐828‐7842 info@iesengineers.com
www.iesengineers.com
910 Harvest Drive, Blue Bell, PA 19422-0765 610-260-6000 • www.kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120
10B — May 11 - 24, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
www.marejournal.com
PA PROJECTS/BUILDING SERVICES
CHAD GOES TO COLLEGE ANNUAL GALA
CHAMPAGNE BREAKFAST FRIDAY, JUNE 15, 2012 7:30am – 9:00am
THE DOWN TOWN CLUB 6th & Chestnut Street Philadelphia, PA 19106
Honoring distinguished leaders who prepare Charter High School for Architecture + Design students to design the future
Sponsor or register to attend online at http://chadgala.eventbrite.com
Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; May 11 - 24, 2012 â&#x20AC;&#x201D; 11B
www.marejournal.com
PROJECT NEWS Pharmaceutical Energy Expert
Precis Engineering names Sam Colucci principal
A
MBLER, PA â&#x20AC;&#x201D; Precis Engineering, Inc. has hired Sam Colucci, PE, LEED AP BD+C, as the firmâ&#x20AC;&#x2122;s newest principal. An expert in pharmaceutical engineering and energy Sam Colucci and sustainability design, Colucci brings over 20 years of engineering management and team leadership to his new role. â&#x20AC;&#x153;Samâ&#x20AC;&#x2122;s leadership of both people and projects is char-
acterized by an ability to find customized solutions for every client and facility,â&#x20AC;? said Precis Principal Robert Dick, PE. Colucciâ&#x20AC;&#x2122;s extensive background includes mechanical systems design and operation for research and development biological and chemical laboratories; oral solid dosage manufacturing, potent compound manufacturing, and active pharmaceutical ingredient processing; aseptic and biotech facilities; and central plant utility design. He previously led an energy services group, for
which energy conservation projects offered clients an average payback of under four years, reduced carbon emissions, and saved over $10 million/year. Colucci has been responsible for financial, legal, technical, and quality oversight for teams of mechanical engineers and designers on complex critical facility projects. Colucci holds a B.S. in Mechanical Engineering from the University of Pittsburgh, professional engineering registration in Pa., and LEED Building Design and Construction accreditation. â&#x2013;
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Blackney Hayes Architects launches new division PHILADELPHIA, PA â&#x20AC;&#x201D; Blackney Hayes Architects announced the launch of a new engineering division to provide mechanical /electrical/plumbing consulting services out of the firmâ&#x20AC;&#x2122;s Independence Park offices. Mark Hershman The new division, BHH Engineers, will be led by seasoned professional Mark Hershman, PE, whose firm M. P. Hershman
PE, Inc. has collaborated with Blackney Hayes since 1992. â&#x20AC;&#x153;Mark is a brilliant engineer who designed some of our most significant projects,â&#x20AC;? said John Fox Hayes, principal of Blackney Hayes. â&#x20AC;&#x153;With his expertise in-house, our team will be a leader in fully integrated service, optimal BIM capability, and able to provide faster and more efficient project delivery.â&#x20AC;? BHH Engineers will provide services directly to building clients as well as to Blackney Hayes, retaining the clients served by Hershmanâ&#x20AC;&#x2122;s previ-
ous firm, which include the University of Pennsylvania, the Philadelphia Housing Authority, and the City of Trenton to name a few. Hershman built a strong body of new construction, renovation and preservation work for commercial, industrial, institutional and multi-family residential clients. He has extensive experience in publicly funded projects with cost constraints and sustainability requirements, and has earned awards and recognition from the design and construction community. â&#x2013;
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Brooks + Wright Commissioning to be led by expert Wright PHILADELPHIA, PA â&#x20AC;&#x201D; Bruce E. Brooks & Associates Consulting Engineers (BBA), announced the formation of Brooks + Wright Commissioning, a NEBB-certified firm dedicated to verifying that building William Wright systems function effectively.
Headed by Bruce E. Brooks, PE, LEED AP, and William A. Wright, LEED AP, ASHRAE CPMP, NEBB BSCP, the new firm will offer technical building commissioning for new construction and renovations, retro-commissioning for existing buildings and LEEDfundamental and enhanced commissioning. â&#x20AC;&#x153;Building owners can realize significant energy savings and lower operating costs through
commissioning,â&#x20AC;? said the firmâ&#x20AC;&#x2122;s president, Will Wright. â&#x20AC;&#x153;Our job is to optimize performance and energy-efficiency of a facility, new or old.â&#x20AC;? With more than 14 years of direct industry experience in building commissioning and retro-commissioning, Wright is well-qualified to lead a team of skilled professionals. â&#x20AC;&#x153;Our focus is on systems accessibility, testability and maintainability,â&#x20AC;? said Wright. â&#x2013;
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12B — May 11 - 24, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
www.marejournal.com
Commercial Real Estate Women Lehigh Valley Chapter www.crewlehighvalley.org
2012 LEHIGH VALLEY BOARD OF DIRECTORS PRESIDENT TINA KISELA SCSM, SCMD PAST PRESIDENT TRACY YADUSH, RPA NAI SUMMIT PRESIDENT ELECT MAUREEN O’MEARA HAMPSON MOWRER KREITZ INSURANCE (HMK) SECRETARY CATHERINE (KATE) DURSO FITZPATRICK LENTZ & BUBBA, P.C. TREASURER CYNTHIA MERRITT, CPA BUCKNO LISICKY & COMPANY CORRESPONDING SECRETARY PAM MORRIS LIBERTY PROPERTY TRUST
Exclusive pre-opening held on April 25th
CREW LV first to tour the Sands Casino Event Center
B
ETHLEHEM, PA- Robert DeSalvio, president of the Sands Casino Resort, hosted an exclusive pre-opening tour of the Sands Event Center for CREW Lehigh Valley on April 25th. The members-and-guests only event began with a reception in the Bucks Room of the Sands Casino Hotel. DeSalvio also gave an overview of construction and leasing of the two-level Shoppes at the Sands which opened in November and “broke the
mold” for outlet centers with a location away from an interstate that has proven to be “wildly successful” for Coach Factory and others. Shoppers now enjoy Dress Barn, Under Armour, Corningware Corelle and More, Chico’s, Hartstrings and Peeps with Van Heusen, Bass, Izod, Tommy Hilfiger, and Art of Bread by Georges Perrier opening soon. DeSalvio noted that over seven million visitors had come to the Sands during the past year. According to news reports the com-
DIRECTORS-AT-LARGE CHRISTA DUELBERGKRAFTICIAN, AIA SPILLMAN FARMER ARCHITECTS
SPONSORSHIP COMMITTEE FRANCEE FULLER BARRY ISETT & ASSOCIATES
Robert DeSalvio, President of the Sands Casino Resort Pictured Left: The group gathered around a large scale model of the proposed project build-out of the 1,800 acre brownfield site, that had operated as Bethlehem Steel through the 20th Century and into the 21st.
PROGRAMS COMMITTEE PAM MORRIS LIBERTY PROPERTY TRUST MEMBERSHIP COMMITTEE KAREN COONEY DUERHOLZ BOYLE CONSTRUCTION INC.
About 45 members of CREW LV & their guests enjoyed the reception
COMMUNITY SERVICE JODY KING, CCIM CBRE, INC PUBLICITY COMMITTEE ELIZABETH “MOLLY’ GRAVER, ESQ. PLUNKETT & GRAVER, P.C.
and Celtic Thunder, are booked throughout the year. A further enhancement to the center is the Vision Bar that features modern architecture, hundreds of LED lights, natural textures, opulent finishes, and interactive programming to create an atmosphere like none other in the Lehigh Valley. The April event was the second time DeSalvio conducted a tour for CREW; the first was in August 2009, three months after the Casino, the first phase of the Sands Resort complex opened. ■
Pictured Left: Maureen O’Meara (left), CREW LV President Elect, Robert DeSalvio, President of the Sands Casino Resort and Tina Kisela, CREW LV President
JESSICA GENTILE NORTH STAR CONSTRUCTION MANAGEMENT, INC. POLARIS PROPERTIES, INC. 2012 COMMITTEE CHAIRS
plex had its best-ever quarter the first three months of this year The 50,000 s/f Sands Event Center was designed as a venue for entertainment, trade shows, conferences, and private functions. All seats, including those in seven private luxury suites, are within 137 feet of the stage. The entertainment schedule kicks off on May 16 with the rock band Incubus, closely followed by the Beach Boys on May 17. Scores of Alist performers, including Jay Leno, Loretta Lynn, Meatloaf
CREW Lehigh Valley thanks its 2012 corporate sponsors: Gold - $2,000: Fitzpatrick, Lentz, & Bubba, P.C., Liberty Property Trust, US Lawns Patron - $1,000: ,Boyle Construction, NAI Summit, NorthStar-Polaris, Pennoni Associates Inc. Contributor - $750: Langan Engineering, MKSD Architects, Spillman Farmer Architects Friend - $300: CBRE, Barry Isett & Associates, Berks Economic Partnership, Dietrick Group, HMK Insurance, JG Petrucci, Inc
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Mid Atlantic Real Estate Journal — Pennsylvania — May 11 - 24, 2012 — 13B
www.marejournal.com
PENNSYLVANIA Marcellus Shale Region News For Sale:
New Milford.
For Sale or Lease:
Investment Great Bend. property 4,090 sf building consisting of on .96 acre. Rail multiple streams runs behind of income on 4 acres. Consists of 12 storage property. Consists of office & manufacturing units, 4 commercial spaces, and 4 apartspace. Rail runs behind building. Quick ments. Rail runs next to property. Addiaccess to I-81- the Great Bend exit. tional investment opportunities.
For Sale:
For Sale:
Hallstead. Wysox. 12.26 acres. Investment Land extends to property I-81. Excellent consisting of highway multiple streams visibility. Has sewer and water. Close to New of income on Milford and Great Bend exits off of I-81. 5.17 acres. Consists of retail & 2 warehouse Additional 4.37 acres available. Seller retains tenants. Corner lot. Fronts highly visible oil and gas rights. Route 6.
For Sale:
For Sale:
Towanda. Susquehanna. Investment 8,000 square property feet warehouse, with multiple office on 15.03 streams of acres. Includes income on 25 quarry. 4 drive acres. Consists in doors. 3 of 2 commercial tenants in office buildings, phase electric. Frontage on Route 492. warehouse, and land. Frontage on highly visible Route 187.
For Lease:
For Lease:
For Sale:
For Sale:
Lawton. West Wyoming. 2 bay garage 3 acres of consisting of fenced land. 1,500 square Rail runs next feet. 2 Drive to property. in doors. No Adjacent 9,800 sf warehouse and 9,000 sf zoning. Additional nearby acreage available pole barn available. Approximately 25 miles for lease and lodging for sale. Easy access to from Tunkhannock. Routes 267, 367, and 706.
Lawton. 28.11 acres. No zoning. Hilly. Creek. Has driveway permit. Perked. Seller retains gas & mineral rights. Additional land & structures available. Convenient to Montrose & Wyalusing .Easy access from Routes 367, 267, or 706.
Ellen Raineri
Hallstead. 4.37 acres. Land has frontage on Route 11. Creek on part of property. Has sewer and water. Close to New Milford and Great Bend exits off of I-81. Additional 12.26 acres available. Seller retains oil and gas rights.
Opportunities for sale: Susquehanna
t 200 acres t 54,000+Sq. Ft. of industrial space t Mineral appraisal shows reserves of 64,444,444 tons on 100 acres. t Dimensional blue stone quarry – approximately 800’ thick t Aggregate alone - 500,000 ton already extracted t Dimensional blue stone quarry – approximately 800’ thick t Gas lease for proposed gas head and 3 gas wells (to be sold with real estate) t Equipment (can be sold with quarry)
Learn more about Marcellus shale Join Ellen Raineri’s Monthly email list: http://goo.gl/OL6UF Visit Northeast Pennsylvania’s only site dedicated to Marcellus shale real estate:
www.PAMarcellusProperty.com
eraineri@hinerfeldcommercial.com
Hinerfeld Commercial Real Estate
570-207-4100 www.HinerfeldCommercial.com
14B â&#x20AC;&#x201D; May 11 - 24, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
www.marejournal.com
PENNSYLVANIA RETAILER REPRESENTATION OWNER REPRESENTATION INVESTMENT SALES MANAGEMENT SERVICES
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CBC Bennett Williams brokers 2,500 s/f lease
Y
ORK, PA â&#x20AC;&#x201D; Coldwell Banker Commercial Bennett Williams has arranged the sale/lease of the following lease transactions: 2,500 s/f of retail space at Wheatland Shopping Center at 1767 Columbia Ave. in Lancaster. Zimhan dba The Framery Inc. leased the space for 1 year from Homewood Realty Company. Chad Stine, Brad Rohrbaugh, and Gary Russell of Bennett Williams represented both the landlord and the tenant in the transaction. 1,600 s/f of retail space at Wheatland Shopping Center at 1763 Rear Columbia Ave. in Lancaster. Julio Perez leased the space for 2 years from Homewood Realty Company. Chad
1767 Columbia Avenue Stine, Brad Rohrbaugh, and Street in Jacobus. York County Gary Russell of Bennett Wil- Library System leased the space liams represented both the for 1 year from Dadds Corp. landlord and the tenant in the Chad Stine & Brad Rohrbaugh transaction. of Bennett Williams represented 620 s/f of retail space at Smith both the landlord and the tenant Village Shoppes on N. Main in the transaction. â&#x2013;
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fice space.Kelly L. Berfield and Ryan C. Dietrick, both of Dietrick Group, represented Wind Gap Professional Center Partners. The buyer, Wind Gap Professional Building, LLC, was represented by Shawn Donahue of Veraxia CRES. The +/- 10,094 s/f building will continue to be used as medical and professional office space. â&#x2013;
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Mid Atlantic Real Estate Journal — Pennsylvania — May 11 - 24, 2012 — 15B
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16B — May 11 - 24, 2012 — Pennsylvania — Mid
Atlantic Real Estate Journal
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PEOPLE ON THE MOVE Organizational name change & re-branding
March for Babies Walk at Dorney Park
GREP appoints new members Schippers, Duff & Fritz
NAI Summit participates in March of Dimes
R
EADING, PA —Greater Reading Economic Partnership (GREP) is pleased to announce newly app o i n t e d board members to the board of directors. Eric Schippers The GREP Board of Directors provide the organization with guidance on mission driven strategies and activities to retain, attract,
promote and grow economic development in a collaborative and unified manner in the Greater Reading region. New Board Members: Eric Schippers, vice president of pubMichael Duff lic affairs & government relations, Penn National Gaming. - Michael Duff, senior vice president, general counsel,
Penske Truck Leasing. - Keith Fritz, general manager, Reading Eagle Press. In other news — Greater Reading Economic Partnership (GREP) is pleased to announce an organizational name change from Berks Economic Partnership to Greater Reading Economic Partnership. The organizational name change and re-branding process was facilitated and developed through The Anderson Group (TAG) of Sinking Spring. ■
Principal Bilyak of Colliers Int’l. awarded the Specialist in Industrial & Office RE designation PITTSBURGH, PA — John Bilyak, principal at Colliers International - Pittsburgh, has been awarded the Specialist in Industrial and Office Real Estate designation (SIOR) by John Bilyak the Society of Industrial and Office Realtors. John is responsible for industrial tenant and owner representation at Colliers International - Pittsburgh. “There are very few brokers in Western Pennsylvania with both the SIOR and CCIM designations,” said Gregg Broujos, Managing
Director and Founding Principal of Colliers International - Pittsburgh. “John’s commitment to obtain the SIOR designation in addition to the CCIM honor is another example of Colliers International - Pittsburgh’s dedication to accelerating the success of all our clients.” John has been involved in the commercial real estate business for more than 18 years, with a focus on developing client relations, executing industrial brokerage assignments, real estate related consulting and market valuations. Since joining Colliers International he has enjoyed continuous success and has consistently achieved recognition as a CoStar Power Broker award winner for Top
Industrial Leasing Broker and received recognition from the Society of Industrial and Office Realtors (SIOR) for the 2010 SIOR Industrial Sale of the Year. He is also designated as a Certified Commercial Investment Member (CCIM). John serves on the National Association of Industrial and Office Properties (NAIOP) Transportation Committee and has been actively involved in the community of Edgewood Borough where he has served as a member of the Edgewood Borough Planning Commission (1998 – 2000) and the Edgewood Borough Council (2000 – 2005). He is presently a member of the Edgewood Borough Recreation Board. ■
Skanska USA hires Zamrowski as senior project manager Philadelphia, PA - Skanska USA, announced that its building business unit has named Mark Zamrowski senior project manager for its Philadelphia region. Zamrowski brings more than 18 years of Mark Zamrowski construction experience to Skanska, during which he focused primarily on large-scale fit out and renovation projects within the Philadelphia region for various sectors, including
higher education, corporate/ commercial, healthcare and pharmaceutical. In his new role at Skanska, Zamrowski will serve as the day-to-day on-site contact for select Pennsylvania-based projects during all phases of construction. In addition, he will manage project teams to ensure each project is completed on time and on budget. He will also work closely with Skanska’s Special Projects Group, focusing primarily on general contracting, tenant improvements, corporate and commercial interiors work and renovation projects.
Prior to joining Skanska, Zamrowski most recently served as a project manager for Florkowski Builders, Inc. While there, Zamrowski oversaw six separate renovation projects for the University of Pennsylvania, four projects for Thomas Jefferson University and 50 projects over the past 10 years for Temple University Health System. Zamrowski received his master’s degree in civil engineering (structural emphasis) from Widener University and his bachelor’s degree in civil engineering from Pennsylvania State University. ■
Landmark Comm’l. receives CoStar Power Broker Award LEMOYNE, PA — Landmark Commercial Realty, Inc. has been recognized as a CoStar Power Broker Award winner for Top Sales Firms and Top Leasing Firms in the Philadelphia market. Landmark’s win-
ning performance is based on overall Top Sales and Leasing Firms transaction volume for 2011 as reported to CoStar and measured against all commercial real estate brokerage firms active within the region. As the largest
research organization serving commercial real estate, CoStar is pleased to independently confirm and recognize the most active firms in the United States each year with these prestigious industry awards. ■
March of Dimes team ALLENTOWN, PA — N A I S u m m i t recently participated in March of Dimes’ March for Babies Walk on Sunday, April 22 at Dorney Park in Allentown. NAI Summit’s team consisted of 28 walkers. The team raised money before the walk, and employees also held a “Jeans Day for a Cause” fundraiser. The total raised to date is $1,500. The team also won sec-
ond place in the t-shirt contest. March of Dimes is a nonprofit organization which raises awareness and money for several causes, including birth defects, premature births, infant mortality, and other infant health problems. There are over 50 chapters throughout the United States and each chapter has several divisions. ■
McMurray of NAI CIR in Camp Hill acquires SIOR designee CAMPHILL, PA — Ida McMurray, CCIM, of NAI CIR in Camp Hill, PA, recently completed the requirements to become an SIOR designee. The Society of Industrial a n d O f f i c e Ida McMurray Realtors is the leading pro-
fessional commercial and industrial real estate association with more than 3,000 members in more than 630 cities in 29 countries. SIOR is dedicated to the practice and maintenance of the highest professional and ethical standards and maintains a commitment to business and industry by providing outstanding professional services, publications, and educational programs. ■
CBRE ranked No.1 Brokerage Firm by National Real Estate Investor PHILADELPHIA, PA – April 23, 2012 – National Real Estate Investor, the leading magazine for professional real estate investors, has ranked CBRE Group, Inc. (NYSE:CBG) the No. 1 U.S.-based commercial real estate brokerage firm for the ninth year in a row. The ranking, featured in the publication’s April 2012 issue, is based on the aggregate value of sales and leasing transactions completed globally during 2011.
CBRE was responsible for $159 billion of global sales and leasing transactions in 2011. “Our clients rely on CBRE for market insight, precise execution and strategic solutions. We are able to deliver exceptional results because of the strength of our people and platform. This is the competitive advantage that has kept us in the number one position in the industry,” said Brett White, chief executive officer of CBRE. ■
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Mid Atlantic Real Estate Journal — Pennsylvania — May 11 - 24, 2012 — Inside Back Cover B
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B Back Cover â&#x20AC;&#x201D; May 11 - 24, 2012 â&#x20AC;&#x201D; Pennsylvania â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
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In a recent national survey, hundreds of corporate executives ranked â&#x20AC;&#x153;highway accessâ&#x20AC;? as the factor that most often determines where they locate their business. They no doubt agree with the old saying that the three most important words in real estate are, â&#x20AC;&#x153;Location, Location, Location.â&#x20AC;? Mericle agrees too. Thatâ&#x20AC;&#x2122;s why we construct all of our buildings in easily accessible locations, just minutes from our local interstates. If you are looking for industrial, oďŹ&#x192;ce, or medical space with exceptional highway access in northeastern Pennsylvania, please call us at 570.823.1100. Weâ&#x20AC;&#x2122;ll put you on the road to success in no time.
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Mid Atlantic Real Estate Journal — NJAA Conference & Expo — May 11 - 24, 2012 — Section C
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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 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
T U E S D AY Update from the Department of Community Affairs The Honorable Richard E. Constable, III Commissioner
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
Register today! Visit njaa.com or contact us at 732-992-0600 or events@njaa.com for details.
NJAA_B&W_ad_Layout 1 4/30/12 3:54 PM Page 1
Inside Cover C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
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C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
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NJAA Conference & Expo 23rd ANNUAL NJAA CONFERENCE & EXPO / MAY 21-23 / ATLANTIC CITY EDUCATION
T U E S D AY , M AY 2 2
9:15 am to 10:30 am
SESSION KEY :: Who should attend? O - Owner
PM - Property Manager
L - Leasing Agent
M - Maintenance
A - Affordable
OS - Office Staff
Keynote Address - How to Win an Unfair Fight: What the Most Influential People Do Differently [ALL] Garrison Wynn, Wynn Solutions This entertaining (that means funny) research-based keynote reveals how top performers harness the power of their advantages, even when the odds are not in their favor. Business relationship expert and Amazon.com bestselling author Garrison Wynn delivers a high-impact program that answers two monumental questions: How do you get people to do what you want them to do? And how can you get better results from the difficult people you encounter along the way? With an emphasis on what you can actually walk out of the session with and achieve tomorrow; this program shows you how to weather the perfect storm while still looking really good in a raincoat!
2:45 pm to 3:45 pm Never Say No Comment: How to Protect Your Reputation and Shine in the Media Spotlight [O, PM, A] Karen Friedman, Karen Friedman Enterprises Imagine a TV camera, microphone or print reporter recording your every word. You blank out, say the wrong thing or maybe you don’t understand what the media really wants. Whether you’re live at five, quoted in a newspaper or appear on You Tube, how your organization manages and delivers media messages often drives public perception. In this eye opening session, international communications coach and best-selling author Karen Friedman will show you how to confidently turn negatives into positives and maximize results during the toughest of times. Learn how to think like a reporter to anticipate questions and help them help you tell your story, condense complicated information into bite-sized nuggets that are easily quoted and understood, the do’s and don’ts of effective interviews to minimize mistakes and maximize results, and how to control information even when you can’t comment. Online Concerns - Ensuring your website is ADA Compliant [O, PM, A] & Managing Your Online Reputation Paul Jay Cohen & Jenel Marraccini, Cohen & Willwerth and Eric Barbour, G5 Websites of private entities that offer public accommodations (which include apartments) are covered by the Americans with Disabilities Act (ADA) and must be fully accessible to individuals with disabilities. This course will examine the standards and guidelines to help you understand what is required to comply with the ADA laws and make sure your site is compliant. Today, ratings and reviews can be shared and distributed to the masses within seconds. Most properties would see this as a liability, but for those who know how to manage the resident experience it’s an opportunity to grow business in a powerful way. In this session you will learn to manage your online reputation and digital experience in a way that ultimately results in increased occupancy and revenue, while converting prospects into leads and leads into residents. Time Isn’t On Your Side [PM, L, OS, A] Andrew Botieri, Total Peak Performance Do you know how much time we waste every day? The numbers will amaze you. Putting our lives into perspective, assessing what is and isn’t important is an on-going battle. In this session, learn five “time saving” tips to increase productivity and other proven time management techniques. Through simple goal setting exercises you’ll put a plan of action together to help you prioritize your “out of control” life. It’s all about balance. There is a direct correlation between managing our time and our stress level, learn to identify the causes of stress and reduce that stress at work and at home. If you’re not managing your time, you’re not managing your life! Hands On Maintenance Tips & Tricks [M] Mark Cukro, Service Team Training This seminar is for all technicians but technicians with experience will benefit the most. We will go over a few tips and tricks that will save time diagnosing components in appliances and a few HVAC tips that are sure to save time in the field. We will also show you a quick way to diagnose a refrigerator that you are sure to appreciate and put to work immediately. (you won’t even have to turn one screw)
Mid Atlantic Real Estate Journal — NJAA Conference & Expo — May 11 - 24, 2012 — C
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NJAA Conference & Expo By Michael J. Fasano, Marcus & Millichap Real Estate Investment Services
R
Strong job growth sparking New Jersey apartment development
obust demand for apartments along the Gold Coast will ignite development in Northern New Jersey, while strong employment gains will create new renter Michael J. households Fasano in South Jersey. Young professionals will target amenity filled communities near the PATH in Jersey City, where rents are nearly 30 percent cheaper than comparable units in Manhattan. Families facing distress or seeking larger, more affordable living space will also migrate across the Hudson to high-end rentals in Weehawken and Hoboken. As supply tightens, developers will capitalize on access to financing and use the Urban Transit Hub Tax Credit to cover the gap between debt and equity needs. Cities off the waterfront in Hudson County will receive thousands of new apartments over the next few years, which could force landlords to be creative to compete for tenants. In South Jersey, operations will improve this year as solid job growth boosts renter demand. The $2.4 billion Revel hotel and casino, for example, recently opened in Atlantic City, and will help revitalize the area with 5,500 new jobs. As many of these hospitality workers tend to lease apartments, vacancy in the region will fall to the lowest level in three years. Tax incentives and elevated activity at the Port encouraged businesses in the trade, transportation and utilities industry to boost head counts. As a result, the sector recorded the largest year-over-year growth in more than a decade, gaining 7,700 jobs through the first quarter. The statewide education and health services segment has posted seven straight quarters of employment increases, after companies added 8,100 jobs in the first quarter. In the past year, the sector gained over 23,400 positions, the largest increase on record. Roughly $700 million in developments
is taking place in Newark that will create 2,500 jobs. Bartlett Dairy, for instance, recently moved from Queens to a facility in the South Ward that added 400 jobs to the area. In addition, Wakefern Food is building a warehouse and distribution center in the East Ward of Newark that will generate 120 permanent positions by year end. Job growth, coupled with soft demand for single-family homes, helped underpin an 80-basis-point decrease in vacancy in the state to
a four-year low of 3.7 percent, including a decrease of 20 basis points in the first quarter. Landlords increased asking rents 2.1 percent in the same span to $1,322 per month, while effective rents climbed 2.8 percent to $1,267 per month. The low interest rate environment will fuel investment activity this year. Owners will take advantage of the cap rate compression and list Class A/B complexes to avoid a possible increase of interest rates or capital gains taxes in
2013. Properties in prime areas of Northern New Jersey, including Bergen, Hudson, Passaic and Morris counties, will receive multiple offers from private investors seeking healthy, long-term cash flow. A few buyers will secure leverage to enhance cash-oncash returns, while capitalizing on the favorable interest rate spreads. Opportunistic investors looking for lower price points will target older buildings near mass-transit stations in Essex and Union counties, where the median
price is roughly 40 percent below the region’s. Elsewhere, local syndicates will purchase properties in Monmouth and Middlesex counties, and reposition the complex to boost rent rolls. REITs, meanwhile, will acquire Class A assets across New Jersey, which will trade at cap rates in the sub-6 percent area. Michael J. Fasano is the vice president and regional manager of the New Jersey office of Marcus & Millichap Real Estate Investment Services. n
Expertise Locally, Trusted Nationally
Making a Market from Wall Street to Main Street BELOW IS A SAMPLING OF OUR RECENT CLOSINGS
Newark, NJ 306 Units
Marlton, NJ 296 Units
Rahway, NJ 194 Units
North Brunswick, NJ 184 Units
Atlantic City, NJ 158 Units
Newark, NJ 115 Units
Haddon Township, NJ 80 Units
Plainfield, NJ 70 Units
East Orange, NJ 50 Units
North Plainfield, NJ 47 Units
Hackensack, NJ 45 Units
Bloomfield, NJ 34 Units
Rahway, NJ 30 Units
Oaklyn, NJ 28 Units
New Brunswick, NJ 22 Units
Haddon Heights, NJ 22 Units
Bound Brook, NJ 20 Units
Irvington, NJ 19 Units
Newark, NJ 18 Units
Plainfield, NJ 18 Units
Nutley, NJ 16 Units
Teaneck, NJ 16 Units
East Rutherford, NJ 15 Units
Clifton, NJ 14 Units
West New York, NJ 13 Units
Midland Park, NJ 12 Units
Bogota, NJ 11 Units
Visit us at Booth 306 NJAA Annual Conference & Expo Atlantic City Convention Center May 22 – 23, 2012 Offices Nationwide
MID-ATLANTIC REAL ESTATE JOURNAL 1/2 PAGE
www.MarcusMillichap.com
MAY 2012
8”w x 8.25”h
BW
C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
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NJAA Conference & Expo 2:45 pm to 5:00 pm
23rd ANNUAL NJAA CONFERENCE & EXPO / MAY 21-23 / ATLANTIC CITY EDUCATION
Hot Topics in Fair Housing [ALL] Tracey Goldstein, Esq., Feinstein, Raiss, Kelin & Booker, L.L.C. This session will cover everything you wanted to know, but were afraid to ask about Fair Housing. The first half of the session will focus on what is a reasonable accommodation and when it must be granted. Attendees will learn how to distinguish a pet from a service animal, when a parking space must be assigned to a disabled resident and whether an owner must adjust his/her financial criteria when evaluating a disabled or Section 8 applicant. For the second half of the session, attendees will participate in an interactive game show, “Are You a Fair Housing Expert?” Modeled after the television quiz show, Who Wants to be a Millionaire, participants will answer multiple choice questions on hot topics in Fair Housing. Contestants can phone a friend, poll the audience or participate in the 50/50 to choose the correct answer.
4:00 pm to 5:00 pm Legislative Update 2012: Latest News & Rumors from Trenton and Washington [O, PM, A] Conor G. Fennessy and Nicholas Kikis, NJAA and Cindy Chetti, National Multi Housing Council (NMHC) (invited) When it comes to multi-family rental housing policy, there is always breaking news from Trenton and Washington that impacts your business. With a Republican governor and a Democratic legislature, is divided State government working or are we seeing more roadblocks? What about news from Washington? What issues are moving on Capitol Hill? What policy initiatives from the Obama administration will impact multifamily housing? Learn about the hottest policy and political news that might affect you, your residents, your employees, and your bottom line. Maintenance For Managers: Improve the Service Department and Run It Like a Business [PM, M, A] Mark Cukro, Service Team Training This seminar is recommended for all Service Team members at all experience levels and anyone that want to learn better ways to run a service department. In this session you will learn new ways to improve the overall quality of your service department, how to manage a service team more effectively, and how to deliver better service to your residents. We will give you the tools to build a team that performs at higher standards, discuss how to implement new ideas successfully as well as gain buy in from everyone on the team. You will also learn the most common mistakes Leaders and Service Managers make and how to avoid them. The new techniques you will learn are proven ways to motivate team members and we’ll even discuss how to really get the shops organized and why it is so important to the success of an organization. Leasing: The New SHEconomy: (Selling to women) [L, PM] Lisa Trosien, The Apartment Expert If you ‘THINK PINK’ when marketing to women, you’re way off. You should be thinking ‘GREEN’ as in ecofriendly. Women not only make more decisions, they have more jobs, as 80% of the millions of lost jobs were held by men in male dominated industries. Do you have what it takes to market to the NEW majority? In this session you’ll learn how to: craft advertising campaigns that appeal to women’s values, ‘work’ social media (where women are the fastest growing group), speak in terms that relate to women, understand how to sell more effectively to women than ever before, create models that ‘speak’ to women, and craft collateral materials that resonate with women prospects Being the Best vs. Being Consistently Chosen [ALL] Garrison Wynn, Wynn Solutions Success is more than being good at what you do; it’s about being consistently chosen to do it. Garrison Wynn helps people to understand why their products, services or management styles or those of their competitors are selected. People don’t necessarily choose what’s best; they choose what they are most comfortable with, whether it’s the best or not. We’ve all heard the importance of best practices and customer service, but why are some people so good at attracting and retaining customers with minimal effort, while others struggle? This interactive researchbased (surveyed hundreds of successful multifamily housing properties across the country) session shows how behavior drives customer perception and simple repeatable service processes create a culture of loyalty.
Mid Atlantic Real Estate Journal — NJAA Conference & Expo — May 11 - 24, 2012 — C
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NJAA Conference & Expo By Dale Desmarais, AEGIS Energy Services, Inc.
GRANTS of $100k or more now available to fund your energy-saving cogeneration system
G
ood news for buildings like yours. New Jersey is offering significant grants ($100,000 and more) for Combined Heat and Power (cogeneration) systems. Aegis Dale Desmarais Energy Services has extensive experience and success in securing grants for CHP systems in facilities such as yours. CHP (cogeneration) is the simultaneous production of both usable heat and electricity from a single fuel source, in this case clean, affordable natural gas. Aegis Energy Services, Inc. is the leader in this industry with a 27-year track record of installing hundreds of CHP systems throughout the Northeast, including New Jersey. Cogeneration is our core business. We offer a free energy analysis to determine the amount of savings you can expect with our systems. 2-year to 4-year paybacks can be expected with these grants. If capital constraints prohibit your investing in our technology, then Aegis will make this investment and share the benefits with you. These grant funds are limited and we should begin the grant application now to secure your share of this program. Contact us today to initiate the process 877903-5170. We will design, install, own, maintain, fuel, and operate a modular cogeneration system at no cost to your facility. Aegis will interface the cogeneration system with your electrical and mechanical systems to provide both metered electrical and thermal energy (heat). The cogenerated electricity will be provided to your facility at a discount from your prevailing utility electrical rates while heat is provided at standard cost. In addition to annual energy savings, substantial annual savings ($20,000±) also occur to the Host site through the amortization of
the capital cost of the system. Through the host site’s purchase of electricity, Aegis is
ment at a decreasing cost. •100% of the original market
•Buy out for one year’s payment after the 15th year.
“We will design, install, own, maintain, fuel, and operate a modular cogeneration system at no cost to your facility. Aegis will interface the cogeneration system with your electrical and mechanical systems to provide both metered electrical and thermal energy (heat).” amortizing the capital cost of the equipment, therefore at any time during the contract period the host site has the opportunity to buy the equip-
value during the 1st year. •30% at the end of the 10th year
Full savings benefit would be realized for many years thereafter with the Aegis comprehensive maintenance program.
The objective is to get our CHP/cogeneration system operating now and amortize a plant over the contract period using the same dollars currently expended for monthly electric utility bills. You can learn more about our history and success in reducing energy costs in facilities like yours from our website at www.aegisenergyservices.com. Dale Desmarais is a sales manager at AEGIS Energy Services, Inc. n
Visit us at: Booth # 102 for the NJ Apartment Association Show
Booth # 535 for the NJ Cooperator Show
Tired of being held hostage by your energy costs? For over 26 years, we at Aegis Energy Services have helped hundreds of customers reduce their energy costs by installing our highly efficient Combined Heat & Power systems. Building owners and operators can take full advantage of this green, energy-saving technology without any capital cost through our Shared Savings Program. Free energy analysis - call us today to see how much you can save with Aegis.
55 Jackson St., Holyoke, MA 01040 413-536-1156 • 877-903-5170
www.AegisEnergyServices.com
C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
Atlantic Real Estate Journal
www.marejournal.com
NJAA Conference & Expo 23rd ANNUAL NJAA CONFERENCE & EXPO / MAY 21-23 / ATLANTIC CITY CONFERENCE PROGRAM & EDUCATION
W E D N E S D AY , M AY 2 3
8:30 am to 9:30 am Recycling and Sustainability [O, PM, M, A] Rob Campbell, Waste Management This panel will discuss recycling and sustainability as it pertains to the multi-family housing industry. The panel will discuss how to implement a recycling and sustainability program at your property, some of the challenges properties face and how to overcome them.” Satisfaction Vs. Loyalty [O, PM, A, OS] Michael Mendillo, Wentworth Management This session will discuss the significant difference between satisfaction and loyalty with both clients and internal associate – and what is required to create loyalty within your client-base and workforce. Maintaining Your Commercial Boiler Throughout The Year [PM, M] Gary Frank, American Boiler Company, Inc. Proper maintenance of a commercial boiler is a year round process. In this session, you will learn tips to properly maintain your boiler and your entire heating system. There will be an emphasis on identifying warning signs before a serious problem develops that can result in unscheduled system downtime and costly repairs. What Am I Saying? The Power of First Impressions, Body Language, and Dress For Success [PM, L, M, OS] Andrew Botieri, Total Peak Performance To ensure your success in property management you must go beyond just simple communication. The power of communication lies in not so much what you say verbally but what you say in your non-verbal communication. In this session we’ll explore how to create a powerful first impression with your prospects, residents and your own team. You’ll learn how to interpret your prospects body language during a tour and how to get them back on track and learn how you can use your body language to your advantage during the leasing process. We’ll also share the 5 tips to dressing for success. Whether you’re leasing apartments, leading an onsite team or providing customer service to your residents learn the powerful tools of communication to help achieve your property goals. JAHMA – REAC Inspection Preparation [A, M] David Buchwalter, NAHP-e, Adv. RAM When the Real Estate Assessment Center comes to your door, will you be prepared for their inspection? Join us for a session which will focus on proven strategies for maximizing your REAC inspection scores. This session assumes a basic knowledge of REAC deficiencies, and will concentrate on how best to approach your project and your staff as you prepare for your inspection. Time will be provided for Q&A.
9:45 am to 10:45 am Keynote Address :: The Stetson Experience [ALL] Jon Stetson America’s master mentalist—mind reading has never been this much fun! The Stetson experience is intelligent, interactive and sophisticated fun. Along with hundreds of corporate performances, Jon has performed for three U.S. Presidents, The King of Sweden, The Royal Family of Monaco, and has appeared on countless major television networks. Injecting uproarious comedy into each show, Jon creates a hilarious and unique performance that never fails to blow the audience away. By combining the art of mystery with the science of psychology, the power of intuition, the predictability of human nature and a disarming sense of humor, Jon creates the impression that anything is possible. It’s a show packed with audience participation where thoughts are revealed, minds are read, reality bends and imagination is stretched to the outer limit. He knows what you’re thinking…no, really, he does.
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Mid Atlantic Real Estate Journal — NJAA Conference & Expo — May 11 - 24, 2012 — C
NJAA Conference & Expo By Stuart Fox, American Boiler Company
T
With solar in disarray, other options for energy savings emerge in New Jersey
he stunning collapse of SREC prices in New Jersey has revealed the speculative nature of photovoltaic solar systems for commercial property owners. Less than a year ago, SRECs – the tradable Stuart Fox certificates that solar operators are issued for generating 1,000 kWh of electricity – were selling for over $650 each. At that level, the owner of a 50 kW system could comfortably recover an investment in solar in approximately 5 years, and enjoy a return on investment that would exceed the returns available from more traditional real estate investments. It seemed too good to be true and many rushed into the market to capture their share of the SREC goldmine. So many rushed in, in fact, that the supply of SRECs surged and the price has dropped to under $100 per SREC. A 50 kW system that was once earning its owner over $30,000 a year in SREC revenues now produces less than $5,000. For those counting on that revenue stream to service debt, this is an extremely unfortunate development that has turned what seemed like a savvy financial move into a real financial burden. Without new legislation requiring energy companies to purchase additional SRECs, the oversupply of SRECs in the market will continue to suppress SREC pricing into the foreseeable future. Commercial property owners looking for alternative ways to cut energy costs and create a greener building should explore Combined Heat and Power (CHP) systems. CHP (also known as cogeneration) offers a far less speculative investment with the potential for impressive returns. Unlike solar, CHP’s financial benefits are not derived from an artificial market of RECs manipulated by state regulators. Rather, the value of the CHP system comes from its ability to efficiently produce both hot water and electricity from a single fuel source. The cost savings can be dramatic. A single 75kW CHP system can reduce energy
costs for a 125 unit apartment building by 30%. This means an investment of approximately $225,000 can save about $50,000 per year in energy costs. This is a return that rivals solar during its heyday, without the speculative nature of the SREC market. Plus, reliability increases with CHP because property owners are less dependent on the grid for electricity. Some CHP models can even serve as backup generators. Property owners with less than 100 apartments may find that they don’t have the domes-
tic hot water requirements to justify a CHP system. In those cases, there are other investments to evaluate that will substantially reduce energy costs. If you’re running on oil, a burner conversion from oil to gas (or oil to dual fuel) should absolutely be considered. With the dramatic divergence in oil and gas prices over the past few years, fuel costs can be slashed. Surging natural gas supplies and rising global demand for oil by developing countries are likely to sustain the wide price differential in oil and gas prices. With a payback of less
than two years, the financial risks involved in converting an oil burner are minimal. If you’re already running on natural gas, and CHP is not a good fit, you may want to consider improving the efficiency of your boiler. Generous incentives in New Jersey allow property owners to upgrade to high efficiency boilers and have the State fund up to 70% of the cost. Property owners with boilers under 500,000 Btuh should research the Direct Install program, while larger commercial property owners should take a look at the Pay for Performance
program. Both incentive programs are explained at www. njcleanenergy.com. As we move into the start of the warm weather season, now is a great time to take a fresh look at ways to save money on heating and electricity. With the profitability of solar projects taking a nosedive, property owners should come down from their rooftops, and take a look around their boiler rooms for investments they can truly bank on. Stuart Fox is the CFO of American Boiler Company, located in Hillside, NJ. n
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C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
Atlantic Real Estate Journal
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NJAA Conference & Expo 23rd ANNUAL NJAA CONFERENCE & EXPO / MAY 21-23 / ATLANTIC CITY CONFERENCE PROGRAM & EDUCATION
1:30 pm to 2:30 pm How To Fund Retrofits [O, PM] Pat Bunn, MaGrann Associates With many grant programs expiring, multifamily energy efficiency improvement programs will move from grants to program-subsidized financing. Without grants, participants will have to ask, “Is the program worth the investment?” This places added importance on the accuracy of audits’ projected costs and savings. Property owners will have to decide how to address soft costs. Will these costs make loans prohibitively expensive? Will programs cover or discount these costs, or will soft costs need to be covered by energy savings. Will the list of recommended improvements change dramatically when all soft costs are absorbed into the overall cost-effectiveness calculations? How will replacement of aged equipment be factored in, once property owners are absorbing all costs? Because program participants will need to decide “How good a deal is this?” programs will need to ask “What motivates owners to take this loan?” Will programs buy down the cost of financing? Will they cover the soft costs of the project?
Understanding and Dealing With Hoarding [O, PM, L, M] Deborah M. Gershen Gennello, CPM, The Gershen Group and Bruce E. Gudin, Esq., Ehrlich, Petriello, Gudin & Plaza Explore the problems caused by hoarding for your operations and your residents. Our experts will provide ideas on policies to catch the issue early, as well as discuss the resources available to you and your residents, they will also explore your legal options and obligations. After the presentation there will be an open forum for questions and answers.
Leasing: Closing is a Process, Not An Event [L, PM] Lisa Trosien, The Apartment Expert One of the reasons Leasing Professionals fail to close is that they treat ‘the close’ like an event – putting tremendous pressure upon themselves! When Leasing Pros learn to treat the close as an ‘event’, the pressure goes away and the close becomes the obvious outcome to a well-planned leasing presentation. In this session you’ll learn how to: open with the close, set yourself up for success, use psychology and body language to help you close your prospects, and create memory points in your model/leasing office/tour path to create greater impact in your presentation.
JAHMA – How to Appeal Your REAC Inspection [A, M] David Buchwalter, NAHP-e, Adv. RAM Now that you have had your REAC inspection, this session will provide detailed information on what you can appeal, and how to go about doing so.
Thank You to Our Education Sponsors
Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; NJAA Conference & Expo â&#x20AC;&#x201D; May 11 - 24, 2012 â&#x20AC;&#x201D; C
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NJAA Conference & Expo Over 50 years of experience
The Law Firm of Ehrlich, Petriello, Gudin & Plaza
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he law firm of Ehrlich, Petriello, Gudin & Plaza has provided quality legal services to clients in New Jersey and New York for more than five decades. Our law firm provides a variety of services for individuals and businesses in many areas of law. Ehrlich, Petriello, Gudin & Plaza, founded in 1955, is a full-service law firm with offices in Newark, New Jersey, Morristown, New Jersey and New York City. You can feel confident placing your legal needs in the competent, capable hands of our experienced attorneys. Founded in 1955, the firm has grown in diversity of practice areas and accumulated experience to become one of the premier mid-sized law firms in the New JerseyNew York metropolitan area. Our clients include individuals, small businesses, large corporations, publicly traded companies and government
â&#x20AC;&#x153;For over 50 years, we have successfully represented our clients in cases arising from breach of contracts, business disputes, divorce and family law issues, negligence and personal injuries, collections of debts, and other varied and important matter.â&#x20AC;? agencies. Our attorneys have lectured to industry groups, providing our expertise in diverse areas of law to other attorneys and interested members of our community. We are active members of the state and local Bar Associations and industry groups that serve the needs of our clients. We are active in local government, with one of our attorneys currently sitting on a local zoning board of adjustment. We are assisting citizen groups and are active in local government in Newark in an effort to make Newark a better place to live
and work. For over 50 years, we have successfully represented our clients in cases arising from breach of contracts, business disputes, divorce and family law issues, negligence and personal injuries, collections of debts, and other varied and important matter. We are one of the highest volume filers of landlordtenant eviction cases in New Jersey. Partner, Bruce E. Gudin is the author of The Guide to Landlord Tenant and Related Actions in the Superior Court of New Jersey, which publication is considered to be the leading landlord-tenant law treatise relied upon by both judges
Partner Profile
B
ruce E. Gudin, is the managing partner of the Landlord-Tenant Department at Ehrlich, Petriello, Gudin & Plaza, PC headquartered in Newark, NJ. He was admitted to Bruce Gudin practice law in 1989 after graduating from Yeshiva Universityâ&#x20AC;&#x2122;s Benjamin N. Cardozo School of Law and is currently counsel to many Landlordâ&#x20AC;&#x2122;s as well as the New Jersey Property Owners Association. Gudin attended undergraduate at Farleigh Dickinson University in Hackensack, New Jersey and C.W. Post in Long Island, NY where he received his B.S. Degree Magna Cum Laude in business. While attending C.W. Post he
was awarded the Wall Street Journal Award for outstanding academic performance. Since graduating law school Gudin has been a frequent lecturer on the subjects of Debtor and Creditor Law, Credit and Collections Risk Analysis, Advanced Landlord/ Tenant Law, Residential and Commercial Evictions in New Jersey, Commercial Leasing Considerations, and on Section 8 Housing in New Jersey. He regularly lectures for the National Business Institute, Lorman Education Services, and to the New Jersey Institute For Continuing Legal Education. Gudin is also an active member of the New Jersey Apartment Association where he regularly consults on legislative issues affecting the multi-family housing industry. n
LAW OFFICES
EHRLICH,PETRIELLO, GUDIN & PLAZA A Professional Corporation
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10C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
Atlantic Real Estate Journal
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NJAA Conference & Expo Exhibitor List E X H I B I T O R L I S T as of 4/27/12
428 519 517 328 219 102 717 802 635 633 537 820 711 228 229 808 510 529 311 420 516 310 216 434 206 832 504 722 124 123 830 545 408 425 534 521 706 429 503 637 724 505 406 211 602 401 105 134 106 202 828 410 701 625 126 332 209 411 424 233 523 825 725 223 506 509 317 403 520 323 623
A & S Boiler Aaron & Company Acadia Accent Group Advanced Pavement Technologies Aegis Energy Services AFR Furniture Rental A-L Services Aldo Design Group All Risk Property Damage Experts Alliance Distributors & Services AMCO Pest Services AmericanArchitecturalWindows&Doors American Boiler Company American Boiler Company American Carpet South Apartment Finder Apartment Guide Apartments.com AppFolio Appliance Brokers Ltd. Archer & Greiner Arrow Steel Inc. AVCO Supply Inc. Axiom Communications Bader Company Bargold Storage Systems, LLC Bath Saver Commercial LLC BCS Interactive Behr Belfor USA Berkadia Commercial Mortgage BH Security Butler Engineering Associates, Inc. CALECO CallSource Capture The Market Carfaro Inc. CB Richard Ellis Central Wholesalers Inc CertaPro Painters Champion Utility Sub-Metering Solutions Chute Master Environmental Inc. City Fire Equiptment Co. CMQ Floor Covering Coinmach Columbia Bank Comcast Cable ConService Constellation Energy Corbett Exterminators CoreLogic SafeRent CORT Furniture Rental CPR Services Cure Breast Cancer Foundation Delaware County Fire Restoration Design East Direct Supplies Warehouse Direct Supplies Warehouse Dogwood Building Supply Down to Earth Landscaping Drexel DS Magic Tech LLC EAM Associates Eastern Contractor Services Ehrlich, Petriello, Gudin & Plaza Elias B Cohen Emlin Group, ltd. Energy Squared LLC EnTech Digital Controls Equipment Marketers
622 327 326 620 237 618 821 601 532 524 316 404 707 733 631 435 324 318 508 201 720 309 120 409 417 303 435 531 325 718 533 723 405 419 335 430 721 522 301 835 128 604 526 603 407 619 507 221 626 702 117 204 422 210 306 818 511 729 628 611 100 402 305 437 708 207 320 122 709 627 133
Executive Credit Management Falcon Engineering Falcon Engineering Feinstein, Raiss, Kelin & Booker LLC Ferguson Enterprises For Rent Media Solutions Fowler Route Company Frankford Umbrellas G5 Garden State Gutter Cleaning Gebroe Hammer General Plumbing Supply Genesis Creative Promotions Goodman MFG. Gorman Roofing Services GreenTech Engery Services Griffin Alexander, PC Gutter Master LLC Handy Trac Systems HD Supply Hercules Corporation HESS High Tech Landscaping Indatus Insurent Integrated Business Solutions Investors Bank IREM New Jersey ista North America J. Rapaport Flooring JAHMA James Hardie Building Products JEM Appliance Jewel Electric Supply Co. JGS Insurance Karl’s Appliances Kenneth Jaffe Advertising Kipcon, Inc. Kislak Kohler Landscape Maintenance Services, Inc. Lawns By Yorkshire LeaseTerm Solutions Legacy Energy LEW Corporation Lewis Chester Associates, Inc LexisNexis Liberty Elevator Corporation LIS Custom Designs Inc Lundt Combustion Systems M. Miller and Son Mac- gray MaGrann Associates Manhattan Welding Company Inc. Marcus & Millichap Martin Greenbaum Meridian Capital Group Mid Atlantic Real Estate Journal Mike’s Flooring Companies Mitchell Supreme Fuel Oil Mohawk industries Move.com MSB Resources Multi-Housing Depot by ARI National Apartment Association National Restoration National Tenant Network New Jersey Builders Association NJ Housing & Mortage Finance Agency NJ Smart Start Buildings NJAA Charitable Fund
232 630 518 719 624 307 432 817 227 806 331 108 730 704 308 203 220 333 606 734 726 819 608 322 226 528 418 304 829 530 416 605 319 337 501 101 218 735 217 737 426 621 502 703 111 609 222 423 727 302 235 617 634 208 205 321 107 607 103 632 527 334 421
Northern Waterproofing & Restoration NVE Bank NWP Services Corporation Oil Tank Services Omland Engineering Onorati Construction Co. Inc. On-Site.com P. Cooper Roofing Pardini R.Construction Corp Paul Davis Restoration Services Pavlov Media PC Richard Photo Booth Pierce - Eislen Pilera Software, LLC Pincus Elevator Planned Companies Professional Carpet Company Property Owners Association Property Solutions PSE&G Cool Customer Program RealPage, Inc Regal Bank Rent.com Rentals.com RentPayment, Inc. RestoreCore Rifkin Rosen Roto-Rooter RWC Windows, Doors & More Sax Macy Screening Reports Inc. SEBCO Laundry Services SecureWatch 24 SERVPRO of New Jersey Sherwin Williams Sign-a-Rama of Cherry Hill Sordoni Construction Co Spin Cycle Standard Elevator Corp Suburban Morris Water Conditioning Supreme Metro Corp SureDeposit TenantSafe The Brickman Group The Home Depot TransUnion UGI Energy Services, Inc. Valcout Exterior Building Services Valet Waste Venturi Technologies Verizon Enhanced Communities Waldor Schulman Waste Management Western Pest Services WILMAR Wilson, Elser, & Moskowitz Window City Withum Smith & Brown Pc Woodruff Energy US, LLC World Wide Wholesale Floor Covering Yardi Systems Inc Young Adjustment Company
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Mid Atlantic Real Estate Journal — NJAA Conference & Expo — May 11 - 24, 2012 — 11C
NJAA Conference & Expo By Bob Kilroy, Jewel Electric Supply Co.
The different shades of Energy Green
H
ow green is green when we are referring to an individual or a company becoming environmentally responsible? Some might argue to be considered a true protector of our planet, a green company or individual, we must shop only in stores that specialize in organic and locally grown products, walk instead of drive, collect rain water to use later and use only products made from recycled materials. I on the other hand believe in the old adage, “every little bit helps” and “baby steps will get us there”. Every little bit will make a difference; if you are not prepared to go big, start out small “baby steps” after all, every little bit gets us closer to our goal. What is our goal? Reduce our carbon footprint by as much as we can as quickly as we can. We should all be working to preserve our planet for the future generations. People sometimes shy away from instituting, energy saving initiatives sometimes because of the start-up cost involved. So why not look to the state and federal government to subsidize your efforts? With the federal government offering tax incentives and the state offering rebates on projects, now is the time to take action. People often ask me “where do I begin”, when they want to reduce their energy consumption. I answer the question with a question, “what is right for you?” There are many way to reduce your energy load and be environmentally friendly. Start-up cost range from free to sometimes in the millions. The key to embarking on the right program for you is to work with a energy expert who understands your needs, identifies your goals and is capable of providing a solution to fit those needs. Take for an example a recent commercial customer who wanted their business to be known as environmentally friendly but only had a limited budget to work with. We worked together, identified that they had a five year lease on the building and were provided a new HVAC upon moving in. With these
factors in mind we targeted our efforts on decreasing power consumption by turning unnecessary items off using photo controls, timers and power-strips that powered down when not in use additionally use 14 watt LED lamps to replace the current 75 watt lamps to complete the first phase. After factoring rebates and state incentives we developed a plan that would completely pay for itself in energy saved within a 12 month period, improve the level of
light provided and allow the corporate headquarters to boast they are an environmentally friendly company. Further that initiative with a better recycling program, a energy management system, programmable thermostats and educating their employees on inexpensive ways to save energy at home, this company knocked it out of the park! Where are you in the GREEN spectrum? Where would you like to be? What
kind of Return on Investment (ROI) would you consider a home-run? Consider doing one of the following or all 10: • Insulate cracks and openings and windows • Use programmable thermostats • Reduce water-heater temperature by 5 degrees • Replace and clean filters • Turn off lights, automatically or manually • Change to a more efficient
type of lighting. • Use Smart Power-Strips • Buy Energy Star products • Vent Attics allowing air to flow freely • Educate others Call the energy experts or just visit us in Booth 419 at the Atlantic City NJAA show, we will show you how to find $50.00 in savings in your bathroom. Bob Kilroy, Jewel Electric Supply Co., Jersey City, NJ. n
Markets we serve: Commercial Industrial Residential Electrical Contractors State, Municipal & Government Hospital & Institutions Property Management & Hospitality Products we offer: Wire, Pipe, Fittings & Wiring Devices Switchgear, Panelboards, Motor Controls & Motors Lighting & replacement Lamps LED Retrofits, Fixtures and other Energy Efficient Products Sub-Metering Equipment Meters, Tools & Ladders Safety Devices & Equipment Fire Alarms, Smoke Detectors & Burglar Alarms Generators
455 Third Street Jersey City, NJ 07302 Ph: 201-653-1613 Fx: 201-653-5470 Bob Kilroy bkilroy@Jewelelectric.com
Services we offer: On time Deliveries to meet customer requirements 24/7 Emergency Response Inventory Management Project quotes Lighting & Energy Audits Customer Training
Markets we serve:
12C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
Atlantic Real Estate Journal
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NJAA Conference & Expo President of Apartment Guide and NewHomeGuide.com
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Questions & Answers with PRIMEDIA’s senior VP, Arlene Mayfield hat’s the biggest initiative your firm is rolling out
for 2012? It’s a challenge to identify a single “biggest” initiative for Apartment Guide in 2012. We Arlene Mayfield tend to “think big” in general around here and therefore have quite a few exciting initiatives under way in 2012 that are both internally and externally focused. Mobile and social continue to
be huge areas of emphasis, as we are focused on maintaining an ongoing relationship with consumers through our multichannel strategy. And while we have quadrupled lead quantity over the last several years, we’re always looking for ways to enhance online renter experience and increase the quality of leads, which pushes our team to innovate and leverage new technologies every day. In short, it would be fair to say that our biggest initiative is, quite simply, constantly thinking about how to deliver bigger, better results for our consumer and our customer.
How is your firm leveraging the move toward smart phone applications to deliver your systems and services? Are your clients embracing mobile apps? I would say we aren’t just leveraging smart phone applications, we’re leveraging smart mobile. Our data shows that, while apps are an important component of reaching today’s consumer, mobile web sites are even more important. Apartment Guide was firstto-market with iPhone, iPad, Android and, most recently, Kindle Fire apps – and we’ve seen over 1.6 million down-
loads to-date. Our entire family of sites are also optimized for mobile, making it very easy for the consumer to search with their smart phone in an environment that compares in ease of experience to the traditional website. In both app and mobile site environments, it’s critical to test and update continuously to stay on top of consumer preferences, and we do. Mobile leads are now far outpacing print leads, and mobile accounts for 20% of our total lead production. What advice would you give owners/operators on how to prioritize their
technology needs in the current environment? Given the challenging economic client, prioritizing technology investments is a must: 1. Look for ways to use technology to simplify, not complicate, your processes. This doesn’t have to mean a large investment - there are many viable open source technologies and applications that can be leveraged. 2. Concentrate on technology that helps you retain your current customers, and therefore your costs. Are there technologies that can help you do this? 3. Finally, casting a wide net to increase your occupancy is paramount. Are you where your customers are? Do you have a defined social strategy? What about mobile - are you there? If not, look to partner with someone who is utilizing the right technologies to help you capture new residents cost-efficiently. Are there particular benefits to investing in technology that are commonly underestimated? The effectiveness of technology is often tied to an ROI; factors such as whether the implementation saved money or generated more revenue. While these are no doubt important, one of the greatest benefits of technology in recent times is that it helps define work as what we do, not where we do it. The advent of mobile applications and devices allows us to accomplish tasks from a variety of locations, not just the place we call ‘our office’. Used correctly, this can be a tremendous source of productivity for both employees and customers. As senior vice president, PRIMEDIA, Arlene Mayfield plays a key role in the strategic direction of PRIMEDIA and its subsidiaries. As president of Apartment Guide and NewHomeGuide.com, she is responsible for overseeing all apartment publications, ApartmentGuide. com, homes publications and NewHomeGuide.com. Corporate headquarters is located in Norcross, GA. n
www.marejournal.com
Mid Atlantic Real Estate Journal — NJAA Conference & Expo — May 11 - 24, 2012 — 13C
NJAA Conference & Expo
Apartment Guide is always thinking BIG. We consistently leverage leading-edge technology to develop new and better ways to drive BIG leads and leases to your door. Our comprehensive advertising solutions include web, mobile and social products that reach potential renters wherever they are...on-the-move and on-the-go.
For BIGGER results visit us at www.listonapartmentguide.com Apartment Guide is a registered trademark of PRIMEDIA Inc. Other company and product names may be trademarks of their respective owners. © PRIMEDIA Inc. 2012
64929_ThinkBigAg.indd 1
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14C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
Atlantic Real Estate Journal
www.marejournal.com
NJAA Conference & Expo Floor Plan Seating Area
Food Area
Ferguson Enterprises
NJAA Comcast
134
137
237
Ask the Experts
Technologies Systems, Inc.
135
Venturi
234
235
133
NJ Builders Association
Behr
122
123
HighTech Landscapes
224
121
223
222
324
220
221
322
219 Spin Cycle
217
216
329
A&S Boiler
428
327
426
Direct Ista North Supplies Warehouse America
325
424
Wilmar
320
321
SEBCO Laundry Services
319
318
317
316
533 IREM
530
Carfaro Rent Inc. Payment
429 427
528
LeaseTerm Solutions
526
Butler Garden Engineering State Gutter
425 UGI Energy
Cleaning
524
422
423
Young Energy Adjustment Squared
420
421
531
Kipcon
AppFolio
522
418
419
520
417
529
Woodruff
allRisk Property Damage
527 525
633
Gorman Roofing Services
NVE Bank
630 628 626
Berkadia Omland Commercial Engineering Mortgage
624
631
733
732 Photo Booth
731
730 728
627
726
NJ Smart PSE&G Start Cool Customer Buildings Program CPR CertaPro Services Painters
724
MARE Journal
729
Valcourt Building Services
727
832 Belfor USA
830
Corbett
Exterminating
828 826
DS Magic Tech
725
824
Equipment Bath Marketers Fitter
Feinstein CallSource Raiss Kelin & Booker
Supreme Hercules Metro Corp. Corp
Kenneth Amco Pest Jaffe Advertising Services
622
623
620
621
For Rent Media Solutions
723
722
721
720
Lewis J. Rapaport Chester Assoc. Flooring
618
619
718
517
617
Roto Rooter
829 827 Drexel
825 823
822
Fowler Route Co.
821
820
Oil Tank Martin Services Greenbaum
RealPage
719
819
818
AFR Furniture Rental
Verizon Enhanced Communities
Acadia Windows & Doors
835
Goodman Bader MFG Company
James Hardie Building Products
519
516
735 834
734
629
625
Sordoni Construction
Down to Executive Credit Earth Landscaping Mgmt
Aaron & Co.
518
632
Worldwide L.I.S. Custom Wholesale Designs Flooring
521
Appliance Insurent Brokers
416
635
Apartment Mike’s Floor Guide Coverings
523
Jewel NWP Electric Supply Services
Restore Core
634
JAHMA Energy US
RWC Windows, Doors & More
Elias B. Sax Macy Cohen Fromm
Gebroe Hammer
535
532
430
Falcon Suburban Engineering Morris Water
323
Advanced Gutter Pavement Master, LLC
218
432
Entech MaGrann Digital Associates Controls
Liberty National Tenant Elevator Network
M. Miller Arrow & Son Steel, Inc.
117
331
534
G5
Pavlov Karl’s Media Appliances
EAM Rent.com Associates
TransUnion
Sign-ARama
119
Griffin Alexander
225
Planned Companies
120
326
435
Aldo Property Design Solutions
Kohler Company
800 AISLE
125
Pardini R. Falcon Construction Engineering Corp.
227
333
330 328
434
737
700 AISLE
Rentals & Recharge .com Lounge 226
229
Green Tech Waldor Energy Schulman
Seating Area
Standard Elevator
637
600 AISLE
124
228 Massage
231
Investors CALECO Bank
Professional On-Site. Carpet Co. com
332
American Accent Boiler Co. Group CHP
Avco JGS Insurance Supply
500 AISLE
BCS Interactive
230 American Boiler Co. Inc.
537
400 AISLE
126
233
437
Food Area
Central Wholesalers
Alliance Distributors
337 335
334
300 AISLE
Cure Breast Cancer Foundation
232
200 AISLE
128
131 100 AISLE
Landscape Maint Services
Yardi
Seating Area
Food Area
Multi-Housing Depot by ARI
SecureWatch24
Dogwood Delaware Building County Fire Supply Restoration
NJAA Northern Charitable Waterproofing Fund & Restoration
Seating Area
Food Area
P. Cooper Roofing
717
817
Entrance to Keynote & Breakfast City Fire Archer Equipment & Greiner
Brickman Manhattan Group Welding
111 PC Richard
100
103
204
Constellation Energy
202
Sherwin Williams
101
205 Pincus Elevator
203
304 Valet Waste
302
HD Supply
201
408
Onorati Construction Environmental
307
406
MSB General Resources Plumbing Supply
305
404
Integrated Business Move.com Solutions
303
402
Kislak Company
301
ENTRANCE
409
LEW Corp.
407
508
Eastern Contractor Services
506
JEM Bargold Appliance Storage
405
504
Emlin Group SureDeposit
403
502
Coinmach
401
Levy, Ehrlich Regal & Petriello Bank
The Home Depot
511
Handy Indatus Trac Systems
BH Security
Chute Master
510
Mitchell Supreme Fuel Oil
509
608
507
606
Property LexisNexis Owners Assoc.
Champion Lawns by Utility Yorkshire
505
604
CB Richard CMQ Floor Ellis Coverings
503
602
ServPro of NJ
501
RESTROOMS
American Architectural Window & Door
711
611 609
708
607
706
Window Capture the City Market
Screening Pierce Reports Eislen
605
704
Legacy Lundt Combustion Energy Systems
603
702
Frankford Umbrellas
601
American NJHMFA Carpet South
NAA
709
808
707
806
Paul Davis Genesis Restoration Creative Services
Convention Roulette
705
804
A-L Tenant Safe Services
703
802
CORT Furniture Rental
701
800 AISLE
Mohawk Industries
Withum Smith & Brown
306
Western Rifkin Pest Services & Rosen
411
Meridian Capital Group
700 AISLE
102
105
207
309
410
Finder
600 AISLE
Aegis Energy
206
308
National Marcus & Restoration Services Milichap
HESS
Warehouse
500 AISLE
104
107
Columbia Mac-Gray Bank
209
Pilera Software
Direct Supplies Apartment
400 AISLE
NJAA Giveaway
208
Wilson, Elser & Axiom Moskowitz
Design East
311
310
300 AISLE
106
109
Waste Mgmt
200 AISLE
ConService
100 AISLE
108
211
210
Apartments. CoreLogic com SafeRent
2012 Conference & Expo May 21-23 Atlantic City Convention Center Exhibit Hall B Premium Booth Available Standard Booth Available Booth Unavailable Seating/Food Areas Column/ Fire Equipment Giveaway, Convention Roulette, Ask the Experts, Massage & Recharge Lounge, Photo Booth NJAA Booth All booths are 10’ x 10’ unless otherwise noted All aisles are 10’ unless otherwise noted Floor plan and expo floor hours subject to change
Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; NJAA Conference & Expo â&#x20AC;&#x201D; May 11 - 24, 2012 â&#x20AC;&#x201D; 15C
www.marejournal.com
NJAA Conference & Expo Jonathan J. Cohen and Neil A. Owens
Elias B. Cohen & Associates provides creative solutions for NJâ&#x20AC;&#x2122;s property owners & managers
P
roviding creative solutions for New Jerseyâ&#x20AC;&#x2122;s property owners and managers has long been a hallmark of Elias B. Cohen & Associates. With Workersâ&#x20AC;&#x2122; Compensation Safety Jonathan J. Cohen Group #204, EB Cohen has once again delivered the type of solution that todayâ&#x20AC;&#x2122;s property owners and managers need to succeed. Workersâ&#x20AC;&#x2122; Compensation rates have risen 18% over the past two years (NJ code 9015 5.81 to 6.61). These increases are compounded because many owners and managers are unable to find worker compensation carriers willing to offer any credits and in many cases, the policies in the assigned risk plan are being debited. In the end, most owners and managers are told that all workersâ&#x20AC;&#x2122; compensation policies are the same because the state rate is the same for each carrier. Owners and managers are further frustrated by cumbersome audits throughout the year which results in a significant amount of wasted time spent trying to reconcile payrolls and 1099 payments which do not align with the calendar year. However, more and more often, savvy owners are finding out that this myth simply is not true. These â&#x20AC;&#x2DC;best practicesâ&#x20AC;&#x2122; owners and managers are finding out that they can benefit in the following ways by utilizing Safety Group #204 for their workersâ&#x20AC;&#x2122; compensation needs: 1. An up-front discount of 20% is available for most NJAA members (this is the maximum available in NJ and does not include further credits available through experience rating factors) 2. A calendar year policy anniversary date helps expedite audits in a couple ways; first it allows for multiple policies to be audited at once because they share a common expiration date, and second, it allows for easier calculation of both payroll figures and 1099 payments.
3. Loss control services are provided to each insured worksite which results in both mandatory and advisory recommendations. This commitment to safety keeps your employees Neil A. Owens from getting injured, helps keep experience modifications down, and drives up the potential for dividends. This process
is the essence of the safety group. 4. Claims are monitored responsibly to see what can be closed. Claims left open contribute to increased experience modification factors. 5. Dividends, though not guaranteed, are available based on the claims experience of the Safety Group. For the first two full audited years, the Safety Group has paid two consecutive dividends (in November 2010 and November 2011) of 11%
each. 6. The savings that the Safety Group members below a standard workersâ&#x20AC;&#x2122; compensation policy has been greater than $700,000 over a three year period. These members would confidently say that not all workersâ&#x20AC;&#x2122; compensation policies are the same. As Safety Group manager, Elias B. Cohen & Associates is committed to controlling the cost of risk for its clients over the long term. Stabil-
ity combined with creativity leads to solutions never before available to NJAA property owners and managers. It is time to re-evaluate your workersâ&#x20AC;&#x2122; compensation program. It is time to find a solution in lieu of the same old myth about workersâ&#x20AC;&#x2122; compensation. Jonathan J. Cohen is president and Neil A. Owens is senior vice president of Elias B. Cohen & Associates in Roseland NJ. n
Our members saved over
700,000
$
in the last 4 years on Workers Comp costs.
How much did you save? 20% discount upfront on Workers Comp! 11% dividends two years in a row!
For further details on how to gain the rewards of participating in the new Professional Real Estate Owners and Managers Association Inc. Safety Group #204, please contact:
Upfront savings of up to 20% off the cost of Workers Comp coverage are now possible for eligible members of the NJAA who join our unique Workers Compensation Safety Group. Participation also offers these advantages:
Neil Owens, CIC, Esq. Safety Group Administrator
*
s 0 OTENTIAL DIVIDEND based on experience of this large group â&#x20AC;&#x201C; 11% for 2009 & 2010!*
neil_owens@cohenins.com Tel: 973-403-9500 s 800-277-9505 Fax: 973-403-7755
s % ASIER AUDIT PROCESS due to calendar year policy s # USTOMIZED RISK MANAGEMENT with the insight of E. B. Cohen experts *Past performance is no guarantee of future results.
Insurance Agents Brokers, Consultants & Risk Managers for the Real Estate Industry
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16C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
Atlantic Real Estate Journal
www.marejournal.com
NJAA Conference & Expo By Cathie Daly, Design East Inc.
T
Design inspired rental renovation projects
oday’s rental market, nance. Research has proven ning and the right team. driven by younger that rental retention is key, prospects, is accelerat- along with your ability to Renovate Your Approach: ing the value capture a wider range of new #1 Design Inspired of interior prospects. Every community is differdesign and Consult with an experi- ent and each offers a variety architecenced designer and suc- of amenities. Brainstorming tural trends cessfully transition your and developing new design, to the forerenovation. Due to the cur- marketing strategies, and front when rent economy, people now possibilities with an experesearching more than ever are choosing rienced design/construction a new apartapartment living with all of consultant, prior to considCathie Daly ment. the benefits of a maintenance ering any renovation, can To maximize future rental free lifestyle. An investment greatly impact your renovamomentum, it is essential to renovate dated existing tion roadmap for success! to properly plan ahead and communities is the right budget for future updates decision and costs can be con#2 Advanced Planning DE_AAGP-Ad w/NJAA logoMay2012:Layout 1 5/3/12 6:35 PM Page 1 versus only periodic mainte- trolled with the right planRegardless of the level of
your community, the benefit to partnering with a design consultant during the preliminary discovery process of any renovation is to research the best approach to maximize the project with a “distinctive appeal”. #3 Lobby and Common Area Updates Your ability to thrive in the midst of today’s market and competition in order to maintain full rental potential is your key to success. Understanding how to phase out the old with a more time-
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less design will enable you to merge the new with the old. #4 Community Center Updates Research tells us that Generation Y prefers a more impressive club room versus paying for a larger apartment unit enabling them greater socializing potential and an exceptional cornerstone to the community. Today’s community center trends consist of intimate outdoor spaces with a trellis and fire pit, bright fitness centers with multiple flat screen televisions and individual docking stations to allow for individual listening experience. Consider stylish great rooms with functional spaces such as gaming rooms with Wi-Fi to hold small business meetings or to socialize, as well as permanent smaller seating areas, and a bistro or café bar. #5 She-Economy vs. Man Cave Look to the new majority of buyers and renters when it comes to designing, selling, and marketing. During the pre-renovation stage take into consideration that this target market is growing and determine how you can be better prepared. Consider the “she-economy” who are seeking a certain lifestyle environment that includes upgrading closets with shelving systems, up dated kitchens with storage, sleek baths, security, fitness center, and pleasing curb appeal. Research has told us that a large number of male prospects seek help to qualify what community to live in by getting the advice of a female friend. On the other hand, the “Man Cave” is a performance driven environment for all of his large and numerous electronic toys. Advance your community’s position by exploring all of the options and costs providing yourself and your prospects a greater perspective. Catherine Daly, president and founder, along with her experienced and dedicated team of design professionals are known for their integrity and results driven approach to project management and design implementation. n
Mid Atlantic Real Estate Journal — NJAA Conference & Expo — May 11 - 24, 2012 — 17C
www.marejournal.com
NJAA Conference & Expo Steve Forbes speaks at networking event
L
IVINGSTON, NJ — Regal Bank recently appointed Livingston resident E. Christina Slater as regional VP of its four branch locations. In this role, Slater is responsible for managing the adminis- Christina Slater tration and efficient operation of the bank’s full-service branches, including operations, product sales, customer service, security, and safety, in accordance with Regal’s objectives. Prior to assuming this role, Slater – who has been with the bank since it opened its first location in 2007 – was branch manager and vice president at the bank’s two Livingston locations. In addition to its Livingston branches, Regal has one office each in Roseland and Florham Park. “Being a part of Regal Bank’s rapid growth during the past five years has been an honor,” says Slater. “I’m excited and extremely humbled to take on these new responsibilities and I look forward to having a vital role in the bank’s continued success.” Slater ’s extensive experience and training includes certifications in commercial and consumer lending, legal essentials for lenders, managing problem loans, and advanced loan documentation. She actively participates in the bank’s comprehensive community involvement initiatives and volunteers at the Kiwanis Club of Livingston.
In other news, two-time U.S. Presidential candidate Steve Forbes, the current chair and editor-in-chief of Forbes Media, was the guest speaker at a recent Regal Bank breakfast event. Held in the Westminster Hotel in Livingston, the networking session drew a capacity crowd of more than 350 attendees, all of whom where there by special invitation. Forbes, who spoke and answered audience questions for a total of 45 minutes, focused on economic matters, with a particular emphasis on the need for the nation’s economy to further accelerate. In fact, he incorporated a superhighway analogy into his remarks. “Mr. Forbes is an exceptional
Regal Bank appoints Slater as regional vice president
Shown from left: Dan Tower, Regal Bank executive vice president and CFO; Tom Lupo, Regal Bank president; Steve Forbes; and David Orbach, Regal Bank chairman
speaker, and many of those in attendance commented to me just how interesting and valuable they found his perspective to be,” said Regal Bank Chairman David Orbach. “Overall, this was a terrific event -- it’s always a pleasure to spend time with our customers and prospective customers. People are already looking forward to our next event.” The two-hour Regal Bank event was specifically designed to provide customers, as well as business and community leaders, an opportunity to meet and establish connections. It
was an opportunity for the bank to thank its long-standing supporters. Attendees were on hand from throughout the New York / New Jersey metropolitan area. “Events like this one can be extremely valuable in terms of making new contacts -- but I had no idea there’d be a turnout of this magnitude,” observed Al Fontanella, partner in the Totowa-based accounting firm Fontanella & Babitts. “It was an excellent investment of my time, and I’m looking forward to Regal sponsoring similar, follow-up events.” n
Getting a commercial real estate loan is anything but easy. Unless your bank is Regal.
Before you can broker the deal, you need a bank who understands the commercial real estate business and can make the lending process easier. That bank is Regal Bank, and we’re ready to help get the loan you need. Talk to us. Instead of concentrating on the loan, you can focus on the deal.
570 W. Mt. Pleasant Avenue Livingston, NJ 07039 973-577-7160
504 S. Livingston Avenue Livingston, NJ 07039 973-577-7161
180 Eagle Rock Avenue Roseland, NJ 07068 973-228-3951
30 Columbia Turnpike Florham Park, NJ 07932 973-210-4115
www.regalbanknj.com Member FDIC
Equal Housing Lender. Equal Opportunity Lender.
18C â&#x20AC;&#x201D; May 11 - 24, 2012 â&#x20AC;&#x201D; NJAA Conference & Expo â&#x20AC;&#x201D; Mid
Atlantic Real Estate Journal
www.marejournal.com
NJAA Conference & Expo A full-service community bank
I
Investors Bank has been serving customers since 1926
nvestors Bank, headquartered in Short Hills, New Jersey, is a full-service community bank that has been serving customers since 1926. With $11.3 billion in assets and over 85 branches Rich Spengler strong, Investors provides commercial loans of up to $30 million. Its expanding commercial real estate financing
includes apartment buildings, multi-family residential projects, warehouses, office and industrial buildings, retail centers and mixed-use properties. Investorsâ&#x20AC;&#x2122; commercial real estate loan offices in Short Hills and Spring Lake Heights, New Jersey and midtown Manhattan provide financing for properties in New Jersey, Pennsylvania, Connecticut, Delaware, and New York, including New York Cityâ&#x20AC;&#x2122;s five boroughs. Investors also provides de-
posit and escrow services for real estate management organizations, professional services firms, municipalities and small and middle market companies. The Bank offers a variety of loan options to meet the needs of the business community. Our Lending teams are made up of experienced professionals who can make speedy decisions to meet your borrowing needs. Investors Bank has the 15th largest multifamily and 46th largest commercial real estate loan portfolios in the
country. If you have any questions about your commercial lending needs, please call one of the three following Investors Bank Lenders, depending on your region: Southern New Jersey and Philadelphia: George Campbell at the Spring Lake Office in Spring Lake Heights, NJ. Northern New Jersey and Easter Pennsylvania: Bert Owens at the Short Hills Office in Short Hills, NJ. New York and Connecticut: Marc Katz at the New York
In todayâ&#x20AC;&#x2122;s real estate market, you need a CPA Firm that knows your industry inside and out. Thatâ&#x20AC;&#x2122;s why WithumSmith+Brown has become one of the premier names among CPA firms in the industry. For over 35 years, weâ&#x20AC;&#x2122;ve provided proactive solutions, expert advice and customized service to help real estate businesses thrive. So, whether you are a real estate developer, property owner/manager or an organization that requires specialized reporting, large or small, our Real Estate Services Group can help put you in a position of strength.
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City Office in New York, NY. Rich Spengler is executive VP and chief lending officer of Investors Bank. n
NJAA to provide laughs and education at May expo MONROE, NJ â&#x20AC;&#x201D; New Jersey Apartment Associationâ&#x20AC;&#x2122;s (NJAA) 23rd Annual Conference and Expo will be held from Mon., May 21st to Wed., May 23rd at the Atlantic City Convention Center. The Conference and Expo will open with a golf outing at Ballamor Golf Club in Egg Harbor Township on Monday morning to benefit the NJAA Charitable Fund. The Presidentâ&#x20AC;&#x2122;s Reception, which will be held at 7 p.m. at the NJAA host hotel, The Borgata (tickets required) will serve as the kick off to the conference and will honor new President, Brent Kohere of Home Properties. This yearâ&#x20AC;&#x2122;s conference features two keynote speakers, one on each day of the conference (Tues. & Wed.): â&#x20AC;˘ Public speaker, advisor, author and entertainer Garrison Wynn will present Tuesdayâ&#x20AC;&#x2122;s keynote. Wynn has a background in manufacturing, entertainment, telecommunications, and financial services. At age, 27 he became the worldâ&#x20AC;&#x2122;s youngest department head in a Fortune 500 companyâ&#x20AC;&#x2122;s history, and as a teen he worked with Magnavox and baseball legend Hank Aaron to promote the worldâ&#x20AC;&#x2122;s first video gaming system. Wynnâ&#x20AC;&#x2122;s clients include Boys and Girls Clubs of America, Mercedes Benz and Lockheed Martin. â&#x20AC;˘ Magician, mentalist and comedian Jon Stetson will present Wednesdayâ&#x20AC;&#x2122;s keynote. Stetson creates an entertaining and educational act that will certainly kick the conference off on the right note. He has more than 25 years of public speaking experience with groups of five to 5,000 and has worked with companies including American Express, Hasbro, Target, Smith Barney and Apple Computers. Brent Kohere, president of NJAA, commented on this yearâ&#x20AC;&#x2122;s Conference and Expo, â&#x20AC;&#x153;For more than twenty years, our conference has provided the multi-family industry opportunities to learn and grow. n
Mid Atlantic Real Estate Journal — NJAA Conference & Expo — May 11 - 24, 2012 — 19C
www.marejournal.com
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20C — May 11 - 24, 2012 — NJAA Conference & Expo — Mid
Atlantic Real Estate Journal
www.marejournal.com
NJAA Conference & Expo By Mark Gentile, NWP Services Corporation
Creating a standard rating system for measuring utility performance within the multifamily industry
W
h y h a v e n ’t w e developed and adopted a rating system for measuring utility performance within the multifamily industry? After all, we already evaluate our communities comparing metrics such as occupancy rates and rents. ENERGY STAR has done an excellent job of creating rating systems for building types including the obvious commercial and data centers, hospitals and supermarkets, as well as those not so obvious as dormitories and houses of worship. Is it the complexity of multifamily product and market? If rating systems can be created for dorms and hotels, what is the delay? Recently, the Environmental Protection Agency (EPA) announced a new program that affects high rise multifamily properties that are either new or substantially rehabilitated. The designation, however, appears to be tied to building standards versus actual energy performance. This approach is different from the traditional
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rating system which is based on relative efficiency versus similar properties. Does multifamily want a formal rating system? It depends on who you ask. In researching this topic I received scores of conflicting opinions. On one extreme, an ancillary income manager from a REIT was certain that the adoption of such a system for multifamily would be a waste of time, providing “zero value.” The argument is that owners should make “green choices” for their own benefit; to lower operating expense and attract greenminded residents ultimately increasing operating income. But I also heard the other side of this argument. Multifamily owners and operators need a formal rating system, but maybe not for the reasons you think. Over the past years, utility cost and consumption benchmarking and disclosure requirements
have gained traction in Seattle, New York, and Austin, to name a few cities. Regulations and mandates that used to only affect commercial properties are rapidly moving into multifamily. Many of said regulations simply require tracking and subsequent disclosure of utility performance to the government and public. But what is the benefit of disclosing performance if your resident, or prospective resident, can’t discern how the property compares to surrounding communities? The Seattle ordinance (CB 116731) calls for a 20 percent reduction in electricity by 2020. But what if the owner or property management team already “squeezed the juice from that fruit” so to speak and the property is already extremely energy efficient? Or is 20 percent enough for another property that has done nothing to lower consumption? The intent behind this ordinance is to be commended; we all benefit from increased efficiency and conservation,
By Ray Patrick, Instructor/Master Plumber
Backflow prevention devices You are probably hearing more and more about backflow prevention. Apartments, condominiums, food establishments and most other public and commercial places are Ray Patrick b e i n g t a rgeted by local water departments over the absence of backflow prevention devices in their plumbing systems. The water department usually gives you 90 days to correct the issue before they shut down the water service and force you into compliance. Backflow is essentially the accidental introduction of contaminated drainage water into the potable (fresh) water supply due to a cross-connection in the pipes. Water department inspections control and prevent cross-connections between water supply pipes and drainage lines,
ultimately protecting the public health. The fact that cross-connection control and public health are inextricably linked is fundamental. Backflow prevention devices have to be installed by a person who is certified to install and test them. The two most common sources of backflow are the double check and the RPZ valve. The difference between them is the RPZ needs to have a drain line installed because it discharges water whenever a fluctuation of pressure is detected. There have been several notoriously famous situations of cross-connections over the years. The best known was the Legionnaires case in Chambersburg, PA where contaminated water from a cooling tower crossconnected to the potable water system. Several people died in that case. Since then several other serious cases have been documented.
One town down south had a situation where several hundred people were adversely affected by contaminated water. The illness and disease in that case could have been prevented if a backflow prevention device had been in place. All public health measures are focused at controlling disease at its source, and the use of backflow-prevention devices in controlling and protecting cross connections is no different. If you are not sure if your properties are equipped with proper backflow devices, feel free to email me and I will inspect and survey the property. I am also available to come out and hold a backflow seminar for your management or maintenance staff. Ray Patrick, instructor and master plumber, Roto-Rooter. n
but requiring a multifamily community to simply reduce its existing consumption, without a frame of reference, is not the answer. This armchair quarterback is the first to acknowledge that a perfect rating system is not easy to construct—and perhaps that is what is driving the grid-lock. There are a numerous variables making the equation
complicated: unit size, heating and cooling systems/fuels, common area square footage, amenities, etc. However, the multifamily industry is full of bright individuals who have proven that we can collectively engage to agree on standards that will ultimately benefit us, as well as the residents we serve. n
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Cover Your Own Assets By Lee Wasserman, LEW Corp. If there was ever a message to share as a 20 year national environmental subject matter expert the message this month is Cover Your Own Assets; CYOA! En vironmental regulations, our government and our legal system Lee Wasserman are metamorphosing and unfortunately I am not seeing a beautiful butterfly evolving from the cocoon. New environmental bills are being presented weekly and many are passing into law. NJ’s mold bill was passed by the Environmental Subcommittee and seems to be moving forward. Philadelphia just passed a new lead-based paint rental law and Washington DC is about to begin enforcement of their new lead paint law. This May NJ Licensed Site Remediation Professional (LSRP) will be required to ensure that contaminated sites are remediated in accordance with the Technical Requirements for Site Remediation (NJAC 7:26E) and related DEP guidance. Government budget cuts and downsizing has certainly slowed enforcement efforts but just last
month my office was audited by the EPA (glad to say we passed). While being audited it was suggested to us that we should expect to see an uptick in Region2 EPA audits and enforcement. In addition to new laws, our own legal system provides another example of the importance of CYOA. Last month there was an unprecedented ruling in the NYC court. A New York appellate court overturned a lower court ruling, allowing a toxic mold lawsuit to go forward. For the first time, a toxic mold case was ruled in favor of the plaintiff. This court ruling is a potential mold game changer and certainly should stimulate conversation if you want to properly CYOA. So the underlying message of the environmental metamorphosis that is occurring is protect what you have by not letting anyone catch you off guard. This includes our government, your occupants, your employees etc. By performing internal audits coupled with a general environmental compliance audit you can quickly and relatively inexpensively CYOA, instead of losing them. Lee Wasserman is president & CEO of LEW Corp. in Mountainside, NJ. n
Mid Atlantic Real Estate Journal — NJAA Conference & Expo — May 11 - 24, 2012 — 21C
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