8-26-2011 Mid Atlantic Real Estate Journal by Mid Atlantic Real Estate Journal

Real Estate Journal Vol. 23, Issue 16 August 26 - September 8, 2011

Inside: Sections

the most comprehensive source for commercial real estate news

Molloy & Nathanson of Marcus & Millichap brokers $12.8m sale

Mid Atlantic........................................................Section A Shopping Centers.......................................... Section B Property Management................................ Section C

Spotlights / Features DelMarVa............................................................................5A Auctions.......................................................................9-12A BillBoard...........................................................................13A People on the Move.....................................................14A Business Card Directory..........................................15A Calendar of Events.......................................................16A

Harris Teeter, Raleigh, NC ....................................................................................................FC-B

Cushman & Wakefield’s Serko & Zeller to lead team on 1.5 million s/f

Columnists David I. Tesler...................................................................2A

Next Issue September 9-22, 2011 • Mid Atlantic • MBA PA Conference • NJ featuring Northern New Jersey • PA featuring Central Pennsylvania • Green Buildings 3 sections, 64 pages

10464 Mill Run in Maryland.......................................................................................FC-C

A Inside Cover — August 26 - September 8, 2011 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — August 26 - September 8, 2011 — A

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A — August 26 - September 8, 2011 — Mid

Atlantic Real Estate Journal

Mid Atlantic

They wrote the policy.

Real Estate Journal

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

Section Publisher...............................................................Michael Campisi Associate Publisher............................................................Dianna Mallozzi

We make sure they write the check.

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

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

Office Manager....................................................................Joanne Gavaza Editorial Consultant.............................................................. Ben Summers Guest Columnist...................................................................... David Tesler

By David I. Tesler

Mid Atlantic Real Estate Journal ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight)

M. MILLER & SON Public Adjusters

Since 1960

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

Veraxia Commercial Real Estate Solutions 2299 Brodhead Road • Suite V Bethlehem, PA 18020 P: 610-997-0100 F: 610-997-0101 admin@VeraxiaCRES.com www.VeraxiaCRES.com Costas J. Hrousis, CCIM Shawn M. Donahue, MBA

From the August 12 issue Giving Due Dilligence its due documents to ensure a clear understanding of the rights, obligations and responsibilities of all parties. Next, a financial review of the underlying property is needed, to the extent that access to available documentation allows. There is simply no other way to properly evaluate the value of what is being acquired. Proper and accurate due diligence can also be helpful post acquisition with the complex organizational and logistical issues that arise should the investor need to take ownership of a foreclosed property. The purchase of notes on distressed properties also has many legal pitfalls to avoid. Investors need to hire qualified counsel to ensure the enforceability of the loan documents and protect against any potential lender liability claims brought by a borrower in connection with an acquisition. For any individual investor or fund targeting the acquisition of distressed real estate, the goal is always to minimize risk and maximize return. In today’s market, upfront financial due diligence of the asset will go a long way to achieving that goal for distressed properties and notes. David I. Tesler, Esq., is the CEO of Real Diligence, LLC. n

Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 23 Issue 14 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

WP Realty announces the sale of New Brite Plaza in New Britain, CT NEW BRITAIN, CT — WP Realty announced the sale of New Brite Plaza located in New Britain. New Brite Plaza is a prominent 156,956 s/f grocery anchored shopping center strategically located in the heart of New Britain. The center is situated on 13 acres of land on East Main St. at the intersection of Rte. 174 and Rte. 71, and features two points of signalized entry. New Britain is just a two hour drive from New York and Boston, and is truly the geographic center of the state. The recently completed Route 9 expansion and its intersection with Rte. 72 in the center of Downtown provides direct access to Interstates 91 and 84, putting New Britain on the beltway between the state’s major north/south and east/ west interstates. The center was originally constructed in 1966 and underwent an extensive rede-

velopment in 2008, with improvements including a new façade, pylon sign and partial roof replacement. WP Realty was successful in stabilizing the center by leasing space to Ocean State Job Lot in 37,000 s/f, Marshalls in 23,000 s/f and Save-A-Lot in 16,500 s/f. The center also features a number of high quality national and regional tenants that include Dunkin Donuts, H&R Block, Rent-A-Center, Advance Auto, Payless Shoes, and Rainbow Shops. WP Realty purchased the property in June 2007, with an occupancy rate of only 58%, including a recently vacated 51,318 s/f space. Since then, WP Realty has utilized its strong relationships and expertise in leasing, development and management to reposition New Brite Plaza into a center that boasts 100% occupancy with some of the region’s top retail tenants. n

Make your business card work as hard as you do

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Mid Atlantic Real Estate Journal — August 26 - September 8, 2011 — A

Available Spring 2012 104 Bayard Street, New Brunswick Commercial Office Building FOR LEASE Basing the design around a slender, downtown urban site, this new 18,000 SF six-story building will have retail at ground level and five levels of office space above. The exterior facade features large windows that provide an abundance of natural daylight on two sides of the building. A composition of ribbed and smooth-faced metal panels clad the remaining walls. The building will have a green roof, the first planned for downtown New Brunswick. LEED® Silver Certification is being pursued.

FOR LEASING Please Call Sean Murray Tekton Development Corp. 97 Bayard Street New Brunswick, NJ 08901 T: (732) 247-9700 Ext 104 F: (732) 247-9750 www.tektondevelopment.com

4A — August 26 - September 8, 2011 — Mid

Atlantic Real Estate Journal

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MID aTlaNTIC real eSTaTe JOUrNal Dermody Properties/DP Partners to develop 267,000 s/f

Winpak invests $ 0m in expansion to create 40 jobs

S &5($7,9,7< ō 48$/,7< ō (;3(57,6( 800.301.3077 www.blcompanies.com Pennsylvania | Maryland | New York | Connecticut

AUK VILLIAGE, ILL — Dermody Properties (DP), the parent company of DP Partners announced an agreement with Winpak Portion Packaging, Inc. - a leading multi-national packaging manufacturing company - to develop a 267,000 s/f manufacturing facility in the DP LogistiCenter at Sauk Village, Ill. Winpak Portion Packaging employs approximately 200 people and currently operates a manufacturing facility in nearby South Chicago Heights producing plastic cups and trays for food and beverages as

Winpak Portion Packaging, Inc. well as other packaging. The State of Illinois provided a $1.6 million business invest-

We are inviting a select group of top executives to write an expert article about the current state of their respective marketplace and where they see it progressing in 2012. These experts will enlighten our readers on their industry and give a general overview of the marketplace in the field they represent. This issue gives industry leaders the ability to inform our 25,000+ readers on the current state of the market for the remainder of the year and business expectations for 2012focusing on specific business verticals. ■

The Mid Atlantic Real Estate Journal

Publication: September 23, 2011 Deadline: August 26, 2011 Editorial Requirements Include: Half page ad with 550 word article and a headshot of the author Pictures of all authors will appear on the cover The September 23 edition will feature these experts. Learn about their areas of expertise and what they expect from their industry for the fourth quarter and where they see it going in 2012. Special advertising rates for participating companies

For more information contact: Linda Christman 1-800-584-1062 x203 Fax: 781-871-5299 Email: lchristman@marejournal.com

ment package to Winpak Portion Packaging to help fund the new state of the art manufacturing facility at 1111 Winpak Way, which complements the company’s $30 million investment for land, building and equipment. The expansion will create 40 jobs once the facility is complete in spring of 2012, with more jobs in the future based on Winpak’s plans to expand the facility to a full 600,000 s/f on the 28 acre site. “Winpak has a long relationship with the community, going back to the 1960s, when the South Chicago Heights manufacturing facility first began operation. We are very pleased to be able to expand operations within the State of Illinois,” said James McMacken, president of Winpak Portion Packaging. Andy James, Dermody Properties’ midwestern regional partner in Chicago, and John Atwell, COO of DP, were the Dermody Properties team members who consummated the transaction with Winpak. Justin Fierz and Brian Vanosky of Lee & Associates represented Winpak, and George Cibula of Darwin Realty represented DP. Principle Construction is the general contractor for the build to suit facility. “Mayor Lewis Towers, the village attorney James Vaselli, and the rest of the mayor’s team at the Village of Sauk were instrumental in completing this successful transaction,” said James. “They worked tirelessly with Winpak and DP to make this project happen. Sauk Village is a great fit for Winpak, and it will be a great boon to the community when Winpak creates forty plus new manufacturing jobs.” “We are very excited that new manufacturing facilities and jobs are coming to Sauk Village,” said Atwell. n

D el M ar V a DelMarVa RReal E state Journal eal Estate Journal MAREjournal.com

Mid Atlantic Real Estate Journal — DelMarVa Real Estate Journal — August 26 - September 8, 2011 — A

Harvey, Hanna & Associates welcomes

Tile Market of Delaware to new 55,960 s/f retail space

Newmark Knight Frank reps developer

Twinbrook Metro Park build-to-suit 490,998 s/f lease

EWPORT, DE — Harvey, Hanna & Associates, Inc. (HHA), managing agent for HDC, Inc., is pleased to welcome Tile Market of Delaware, Inc. to a new commercial/retail space at 405 East Marsh Ln., located in the Newport Industrial Park. Tile Market of Delaware will lease 55,960 s/f of commercial space effective September 14 and is expected to employ 45 persons at this site. The Tile Market of Delaware is the Tri-State importer, distributor, and retailer of fine ceramic tile, marble, and granite from around the world. The Newport site will feature all aspects of Tile Market operations, including a design center and retail showroom for a wide array of products, including tile, stone, and custom granite countertops. The leased space will provide a central location for product import, storage, fabrication, distribution, and sales of tile and stone products, with a product inventory of over 1 million s/f of tile, stone, and slabs routinely in stock. “We are very pleased to move both our fabrication division

405 East Marsh Lane (Stone Shop) and tile distribu- of tenants, because the new tion division to one convenient Tile Market showroom will location. We proudly offer our be located near the I-95 and Tri-State customers the finest Rte. 141 interchange, theretile and natural stone products by creating an ideal site for imported from world-class Pennsylvania, Delaware, and quarries and factories located New Jersey customers,” stated in more than 30 countries Thomas J. Hanna, HHA vice around the world,” said Wat- president. son, president of Tile Market “I’ve known John Watson of Delaware. and been a customer of Tile “Our showrooms and design Market for fifteen years; the centers provide a centerpiece Town of Newport is fortunate selection of choices ideal for to add Tile Market of Delaware both residential and commer- and its team of professionals as cial projects,” Watson added. its newest corporate citizen,” “This is an exciting addi- said E. Thomas Harvey, III, tion to our Newport family HHA president. n

52,000 s/f Harris Teeter grocery store to be developed by 2012 ALEXANDRIA, VA — The Alexandria City Council has unanimously approved plans for a new 52,000 s/f full-service Harris Teeter grocery store and 175 rental apartment homes in the city’s Old Town North section. Developers Buchanan Partners of Gaithersburg, MD, The Pinkard Group of Bethesda, MD, and Theo Androus, backed by equity partner Buvermo Properties, Inc. of Bethesda, will now move forward with plans to break ground on the $74 million project in the first quarter of 2012. The Council voted seven to zero on three rezoning applications: a master plan amendment, coordinated development district rezoning, and a development special use permit. Next steps for the developers include finalizing the design and obtaining site and building permits.

Harris Teeter grocery store The Harris Teeter store is being designed to meet the U.S. Green Building Council’s LEED Silver standard, while the apartments are expected to be Earthcraft certified. EarthCraft is a green building certification program that serves the Southeast and addresses region-specific climate factors that impact homes, such as high heat and humidity. “We are pleased that our application was supported by a majority of Old Town residents, many

of whom said they now need to travel all the way to Arlington to shop for fresh produce and a variety of other quality foods,” said Kingsley McAdam, Project Manager, Buchanan Partners. “Not only will this development provide a much-needed neighborhood retail amenity, but it also will be an important urban infill site where residents can walk to Metro, and it will generate muchneeded jobs and tax revenue for the City.” n

5601 Fishers Lane ROCKVILLE, MD—Newmark Knight Frank represented The JBG Companies in a 490,998 s/f build-to-suit deal with the U.S. General Services Administration (GSA) that will bring The National Institute of Allergy and Infectious Diseases (NIAID) to Rockville, when completed in 2014. The move will enable NIAID to relocate several of its current offices in Bethesda, MD into a sustainable, state-of-the-art facility at 5601 Fishers Ln. Scott Johnston, Todd Grinspoon, Austin Sanders and Greg Schnider of Newmark Knight Frank represented JBG. James Phelan and Glenn Harvey represented GSA inhouse with Studley’s Mett Miller and Julie Rayfield. “We are thrilled for the opportunity to build a new home for NIAID in Montgomery County, and to welcome them to the Twinbrook community,” said Rod Lawrence, a partner with JBG. “Twinbrook has been a focus for us for nearly 20 years and, in conjunction with our other holdings there,

particularly Fishers Place and Twinbrook Station, it has become a great neighborhood where you can live, shop, and work.” As an active owner in Twinbrook, JBG has already developed several office buildings totaling nearly one million s/f. In 2010, it opened The Alaire at Twinbrook Station, an apartment and retail community close to the Metro last year and has fully leased all 279 apartments there. The company also recently refurbished an industrial building nearby, giving it new life as The Element 12420, an attractive, LEED Gold-certified office building and has leased that, too. Twinbrook Station is a concentration of offices, residences, shopping, parks and plazas that JBG is designing and developing on both sides of the Metro line. The dense mix of uses that is emerging is expected to reduce the area’s vehicle miles traveled by making public transportation more accessible and more attractive.n

RLT Partners, LLC purchases 5,742 s/f HUNT VALLEY, MD — RLT Partners, LLC purchased a 5,742 s/f building located at 11031 McCormick Rd. Richard Blue, Jr., SIOR, Patrick M. Smith, and Paul F. Obrecht, III,

SIOR of Blue & Obrecht Realty, LLC represented the Seller, Glencoe Properties II, LLC, and Christopher C. Smith, SIOR of TriAlliance Commercial Real Estate represented the buyer. n

A — August 26 - September 8, 2011 — DelMarVa Real Estate Journal

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Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region 91 0 Basin Road Cr eekwood Corporate Center Class A Office Space Available Fr om 1 ,61 0 Sq. Ft. to 2,278 Sq. Ft.

• 66,000 Square Feet of Class A Office Space • 3,888 Square Feet of Class A Office Space Available • Strategically located at the I-95 / Rt. 141 interchange in New Castle, Delaware • 5 parking spaces per 1,000 square feet

Creekwood Corporate Center

• Previously a corporate headquarters facility • Part of pre-planned suburban office campus

Limeston e Sh oppin g Cen ter 43,889 Squar e Feet of Retail Space

Limestone Shopping Center

• +/- 4.7 Acre (43,889 sq. ft.) of retail space in the center of New Castle County. • Minutes away from I-95/I-295, I-495 and Routes 41 and 141. • Site offers convenient access from K irkwood Highway (Rt.2) and Limestone Rd. (Rt. 7). • Perfect for stores, businesses and banks with optimum exposure from Rt 7. • 198 parking spaces • 2,009 SF available on the second floor.

Available Belle Hill Cecil Coun ty, Mar ylan d

Belle Hill

• Phase I of a III Phase Development • 50,266 SF Available – New Construction • Includes 11,747 SF of finished office and mezzanine space area • 4 Acres of Paved Truck Display & Storage Area • 120 Truck and Trailer Parking Spaces • 15 Ton Bridge Crane • T5 Fluorescent Lights • Geothermal HVAC

For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720 www.harveyhanna.com

RGI 05-05-08

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Mid Atlantic Real Estate Journal — August 26 - September 8, 2011 — A

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

A — August 26 - September 8, 2011 — Mid

Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — August 26 - September 8, 2011 — A

Mid Atlantic Real Estate Journal Auctions

CBRE Auctions Capital Markets | Auction Services

Portfolio sale :: october 5

buy one, buy all | owner Directs sale of non-core assets 1

The Otsego Club & Resort | Gaylord, Michigan Two 18-hole golf courses, including “The Tribute” recognized as one of the top 10 courses in Michigan Historic snow-skiing destination that has hosted training for 14 Olympic snowboard teams Full-service resort with lodging, chalets and conference facilities

Manistee National Golf & Resort | Manistee, Michigan Two spectacular 18-hole golf courses including Jerry Matthews’ Cutters’ Ridge Luxury boutique hotel with indoor and outdoor pools Conference rooms and newly constructed pro shop, restaurant and banquet center

Black Forest at Wilderness Valley | Gaylord, Michigan Two scenic 18-hole golf courses on 360 acres Renowned creation of world-class designer Tom Doak Clubhouse and restaurant accommodating golfers and snowmobilers 800.815.1038 Scan to visit our website: www.cbre.com/auctionservices Follow us on twitter: @cbreAuctions

Broker Participation Invited | CB Richard Ellis, Inc.

10A — August 26 - September 8, 2011 — Mid

Atlantic Real Estate Journal

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MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS Championship Golf Resorts including a private ski club, to be offered for sale

CBRE Auction Services to Auction three properties with Bids Due on October 5th

EW YORK, NY — Six spectacular 18hole championship golf courses, the centerpieces of three exclusive luxury resort complexes nestled high in the great state of Michigan--two in Gaylord and one in Manistee-are being offered individually for sale in a sealed bid auction to be conducted by CBRE Auction Services on October 5th. Paul Galanis and Douglas Johnson, managing directors of Chicago-based CBRE Auction Services, are spearheading the marketing initiative for the sealed bid auction of The Ostego Club, Black Forest at Wilderness Valley, both in Gaylord, and Manistee National Golf and Resort in Manistee. The seller and owner of all three resorts is directing the sale of its non-core assets to streamline their portfolio. “Each of these properties featuring distinctively-designed, signature golf courses offer investors a rare opportunity to acquire some of Northern Michigan’s most beautiful, meticulously-maintained destination resorts at your price,” said Galanis. “We anticipate tremendous bidder interest in this singular opportunity to acquire one, two or all three resorts, equipped with their respective lodging/convention/ski resort and clubhouse amenities.” “Osprey’s strategic plan to focus on its various core commercial property interests has sparked the sale,” shared John-

son, “and it has determined that the auction process is the most effective way to offer these exquisite properties.” The Ostego Club, Gaylord, MI Opened in 1939, The 1,100acre Ostego Club offers two 18hole golf courses. ‘The Tribute,’ designed by Rick Robbins and PGA Tour Veteran Gary Koch, meanders over the rolling hills and valleys amidst Michigan’s famous Sturgeon River Valley and was recently named No.

8 Best Public Course in Michigan by Michigan Golf Magazine. Ostego’s second course, ‘The Classic,’ designed by the country’s premier golf course architect of his time, William H. Diddel, features some of the fastest and finest greens in the State. A year-round resort, in wintertime Ostego transforms into a snowy wonderland offering a ski club with 28 runs and five chair lifts, and a snowboard terrain park. It is the oldest, full facility, private ski club

in the country and was host to 14 Olympic snowboarding teams for training prior to the 2010 games. The club is home to a 22 foot half-pipe and other professionally designed terrain features, making it the best terrain park in the Midwest. The property includes two fullservice restaurants, the Pontresina Steakhouse and the Duck Blind Bar & Grille, in addition to three other bar venues for food & beverage service and a 400-seat conference center. Black Forest at Wilderness Valley, Gaylord MI ‘Black Forest,’ an 18-hole course designed by world renowned golf course architect Tom Doak, and sister 18-hole course ‘Wilderness Valley,’ designed by Ryder Cup team member Al Watrous, comprise 360 breathtaking rolling acres situated in the remote, secluded greenery of northern Michigan. Black Forest was ranked the 5th Best Public Course in Michigan by Golfweek Magazine and is playable from five sets of tees, with USGA Slope ratings varying from 127 to 145. Wilderness Valley, considered less challenging but a very popular course, appeals to golfers of all skill levels. The clubhouse’s Osprey Grille, renovated in 2004, is a sought-after bar and grille featuring a 1,000-square-foot deck overlooking the first and tenth tees of Wilderness Valley. Also a year-round destination, the resort is a major destination for snowmobilers.

Manistee National Golf and Resort, Manistee, MI Manistee’s two 18-hole championship courses, ‘Cutter ’s Ridge,’ designed by Jerry Matthews featuring one of the highest slope ratings in the State, is considered a premier destination for the most avid and experienced of golfers. Manistee’s second course ‘Canthooke Valley,’ which meanders through hardwoods and a pine forest and was designed by Gary Pulsipher, welcomes all skill levels to enjoy the sport. An Osprey Grille that can accommodate up to 65 guests is included in the complex, as are 42 luxurious rooms and an indoor and outdoor pool facility. The properties will be sold in a sealed bid auction format. The sealed bid deadline is October 5th at 4pm EDT. An initial earnest money deposit of five (5) percent of the total purchase price is required to participate. The Otsego Club will be available for inspection at 1:00 pm EDT on September 8th, 14th and 21st. Black Forest at Wilderness Valley will be available for inspection at 10:00 am EDT on September 9th, 15th and 22nd. The Manistee National Golf Resort will be available for inspection at 3:00 pm EDT on September 9th, 15th and 22nd. Bids should be submitted to the Michigan Golf Courses Auction Manager, 311 S. Wacker Drive, Suite 400, Chicago, IL 60606. ■

Max Spann Real Estate & Auction Company schedules Delaware condo auction, minimum bids starting at $85,000 DEWEY BEACH, DE — Thirteen three-bedroom, two bathroom condos situated one block from the beach and the bay in Dewey Beach are set to be sold at auction in September with minimum bids starting at $85,000. The bayside residences at Rainbow Cove, 107 Dagsworthy Street in Dewey Beach, are in the heart of downtown Dewey, just steps from the best entertainment and leisure activities Dewey has to offer. Previous asking prices on the residences ranged from $425,000 to $450,000. Max Spann Real Estate & Auction Co.has scheduled the auction for 1 p.m. on September 10 at The Rusty Rudder,

107 Dagsworthy Street 113 Dickinson Street, Dewey as $85,000, this is prospective buyers’ last chance to get in on Beach. “With minimum bids as low Dewey Beach living at afford-

able prices,” said Bob Dann, executive vice president for Max Spann. “The combination of Delaware’s low tax structure, current low interest rates and Auction prices, make this an incredible investment opportunity, whether as a weekend retreat from the stresses of life or as an income earning rental property.” The spacious Rainbow Cove homes offer ample space for entertaining and include three bedrooms, two bathrooms and off-street, covered parking with each residence. Furnished units will be available and ready to move in. “Dewey’s charm and famed summer way of life have attracted couples and families

to the community for years,” Dann said. “Many owners have come to realize it is more than a summer destination and are staying to enjoy Dewey’s tranquil fall and spring.” Dewey Beach is a three-hour drive from Washington, D.C. and is easily accessible from Baltimore, Philadelphia and Wilmington. Dewey features some of the area’s best fishing, boating and jet skiing throughout the summer. Its shops and boutiques, golf clubs, fine restaurants and night spots can be enjoyed much of the year. Open houses are scheduled at Rainbow Cove from noon to 2 p.m. on Saturday and Sunday, August 20 and 21, and Saturday, August 27. ■

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Mid Atlantic Real Estate Journal — August 26 - September 8, 2011 — 11A

MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS

SEALED BID REAL ESTATE AUCTION SERVICE STATION & CONVENIENCE STORE Bids due FRIDAY SEPTEMBER 16, 2011 @ 4PM 8632 Lincoln Way West St. Thomas, PA 17252 Directions: From I-81 PA Exit 16 go west on Lincoln Way East/US 30 you will travel about 10.4 miles. Property on the left. LONG TIME SUCCESSFUL SERVICE/GAS STATION & CONVENIENCE STORE at GREAT CORNER LOCATION off Rt-30 (Lincoln Way) & Rt-416 (Mercersburg Rd)

SERVICE STATION on 2.7+-ACRES: Convenience store w/ retail area, 10 offices, 3 restrooms & storage area, 1 fueling island w/ (2) double-sided gas filling stations and (1) diesel pump, 1 fueling island w/ (2) diesel filling stations for over-the road trucks, (1) fuel oil and (1) kerosene pump, 48x65 2-story garage with 2 overhead doors & 2 auto lifts; 30x36 2-bay garage, 20x20 2-bay garage, 36x42 garage with overhead door, 25x75 storage building, RETAIL OFFERS: (3)-10,000 gasoline, (1)-8,000 diesel, (1)-2,000 fuel oil, (1)-2,000 kerosene for home use. STORAGE BULK TANKS: (4) underground BULK storage tanks(3) 20,000 gallon & (1) 10,000 gallon tanks currently leased.

SHOWING: By appointment only. Terms: Bids must be submitted no later than 4:00 pm EST Friday Sept. 16, 2011 to the offices of HURLEY AUCTIONS: 2800 Buchanan Trail E, Greencastle, PA 17225. All bids must be submitted on the Conditions of Public Sale of Real Estate form supplied in the bidder’s info packet. Seller has the right to accept/reject any submitted bids, or open bidding among the 5 highest bidders. $20,000-down in certified check must accompany all bids to be considered. Balance due in 45 days.

Announcements day of sale take precedence over all printed material.

PROVIDING A BETTER WAY TO BUY & SELL REAL ESTATE 717-597-9100 or 301-733-3330 or Toll Free 866-424-3337 Fax: 717-597-9922 Email: info@hurleyauctions.com Matthew S. Hurley PA Lic. AU-003413-L

www.hurleyauctions.com

12A — August 26 - September 8, 2011 — Mid

Atlantic Real Estate Journal

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Mid Atlantic REAL ESTATE JOURNAL

Auctioneers Directory

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

PA-MD-VA-W.VA

NJ & PA

NJ-PA-DE-NY-MD-VA

212-213-9770 www.sheldongood.com/jerseycity.php

AUCTIONS NE, LLC

CALL NOW FOR A FREE CONSULTATION

CALL TODAY! NJ-PA-DE-MD-VA

866.4 BIDDERS

MD-DE-VA

REAL ESTATE JOURNAL The Most Comprehensive Source For Commercial Real Estate News

Linda Christman, Publisher

HURLEY AUCTIONS www.HURLEYAUCTIONS.com

Ph: 800-584-1062 x 203 Fax: 781-871-5299 lchristman@marejournal.com www.marejournal.com P.O. Box 26 Accord, MA 02018

PLACE YOUR BUSINESS CARD IN OUR AUCTION DIRECTORY TODAY! COMPANIES SPECIALIZING IN COMMERCIAL/INDUSTRIAL REAL ESTATE CAN PROMOTE THEIR COMPANY AND ITS SERVICES IN OUR TWICE MONTHLY DIRECTORY PLEASE FILL OUT COUPON BELOW AND FAX IT TO 781-871-5299 OR

EMAIL LCHRISTMAN@MAREJOURNAL.COM

Name: Company: Address: CIty: State:

Zip Code:

Phone #:

Fax #:

Email:

Web Address:

1-800-584-1062 • Fax 1-781-871-5299 • lchristman@marejournal.com

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Mid Atlantic Real Estate Journal — August 26 - September 8, 2011 — 13A

Mid Atlantic REAL ESTATE JOURNAL

BILLBOARD

CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS • CLASSIFIEDS

INVESTMENT PROPERTIES Mercer County, NJ

IDEAL LOCATION in BETHLEHEM, PA Busy corner with maximum on-street visibility. 6 apartments, all leased & occupied. · 1900 sq ft ground level commercial area for lease or owner use. · Rear 2 car garage with 12’ ceilings for street deliveries & paved parking space for 4 cars

Building is in the heart of the revitalized South Side business district, near the Discovery Center, the Sands Casino and Lehigh University.

9,000 SF Class 10K 9,000 SF Class 100K Expansion to 27,000 SF (1) 2,000 AMP / 480 Volt Service (1) 2,000 AMP/ 13,200 Volt Primary power Service

•

200 SF to 16,000 SF

•

Industrial Land – 10.7 acre site in Valmont Industrial Park for sale. Zoned for manufacturing. Close to I-81 & I-80. Approved for 126,000 SF building. Office – Under construction, 29,000 SF Class A office building adjacent to downtown Scranton, PA. Various suite sizes, lease or ownership opportunity.

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Retail – Wilkes-Barre. 11.42 acres across from Wyoming Valley Mall at signalized corner.

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200 Acres with 54,000 manufacturing in multiple warehouse and residential buildings. Marcellus gas rights available.

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Food warehouse, 28,000 SF, 3.7 acres with freezer and cooler spaces.

10 Residential Units & 5 Retail Stores East Falls Neighborhood Great Location Upside Potential

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ACHEY REAL ESTATE $565,000 610-868-1810

NORTHEASTERN PENNA. SALE & LEASE OFFERINGS

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HART CORPORATION

an International Industrial Real Estate Firm in business since 1963, and industry leader working in secondary markets throughout the United States,

IS SEEKING A

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14A — August 26 - September 8, 2011 — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE Madison Commercial RE Services hires team members Professional Women in Construction

Lindenmann & Edwards new regional business directors

ARDEN CITY, NY — Madison Commercial Real Estate Services, an umbrella organization offering specialty services to the real estate industry nationwide, has hired Mark Lin- Mark Lindenmann denmann and Susan Edwards as regional business directors, based in Garden City. “We are pleased to welcome Mark and Susan to our team of successful title producers,” said Terence Guerriere, Esq., director of NY operations, MCRES. “Mark and Susan are strong title professionals whose skills will greatly benefit our clients. In particular, their expertise in Consolidation, Extension and Modification Agreements (CEMA) means that Madison now takes a leading role in this complex sector of the industry.” Lindenmann and Edwards, both of whom have extensive experience as real estate account specialists, will be charged with developing and expanding MCRES’ roster of New York and Long Island clients. As part of the company’s regional growth strategy, they will be handling the account management of commercial and residential settlement/escrow services and title underwriting. The two title executives were most recently affiliated with Titleserv National, of Woodbury, NY. Lindenmann was previously manager, quality control for National Income Life Insurance, where he provided service and support for policyholders and worked closely with

underwriting on audits and case research. Prior to that, he was Regional vice president at Aegis Mortgage Corporation; area manager at Conseco Financing; and branch manager at Ameriquest Mortgage. Susan Edwards From 2005 to 2009, he was also the owner and operator of two retail national ice cream stores on Long Island. Lindenmann has a Bachelor of Arts in Economics from the University of Buffalo and holds a New York State Life Accident and Health License. Edwards was previously a senior loan consultant at Countrywide Home Loans, where she maintained and expanded account relationships with realtors, attorneys, accountants and developers. Her prior experience includes developing new business and maintaining account relationships as a wholesale account executive at Homecomings Financial, Aurora Loan Services, and Sovereign Bank. With a background in business administration, Edwards has played a leadership and fundraising role in local charities and civic groups, including the Long Island Special Olympics program, Tour for Children and Maureen’s Haven. She is past president of the Community Mortgage Bankers Forum and a Board Member and Officer of the Eastern Long Island Executive Round Table Group. LAKEWOOD, NJ — Madison Commercial Real Estate Services was recently awarded an Outstanding Achievement Award in The Interactive Media

Awards’ (IMA) 2011 competition in the category of Blogs. Titled “The Trusted Advisor”, MCRES’ blog showcases a rotating roster of the company’s top specialists, each of whom addresses critical issues in their areas of expertise. The company’s blog posts are informative and timely, with frequent updates and hyperlinks that lead readers to relevant content on other company pages. Highlighting MCRES’ expertise, the blog serves as a source of essential industry information and confirms the company’s standing as the trusted advisor on commercial real estate-related matters. “The Outstanding Achievement award is an extremely challenging award to win,” said Aaron Warner of the IMA. “There were over 60 entries for blogs and only 5 were recognized for awards. MCRES’ blog excelled in all areas of our judging criteria and represents a very high standard of planning, execution and overall professionalism.” The Interactive Media Awards recognize the highest standards of excellence in website design and development. Bestowed annually, they honor individuals and organizations for their outstanding achievements in all forms of interactive media. Created by the Interactive Media Council, Inc., a nonprofit organization of leading web designers, developers, programmers, advertisers and other web-related professionals, the competition is designed to elevate the standards of excellence on the Internet. IMC serves as the primary sponsor and governing body of the Interactive Media Awards, establishes the judging system and provides the judges for the competition. ■

Cherry joins Cushman & Wakefield BALTIMORE, MD — Cushman & Wakefield (C&W) announce that Karen S. Cherry has returned to the Baltimore office as director in its Brokerage Services group. Cherry will provide leasi n g , m a r - Karen S. Cherry keting and consulting services to local and national clients. She brings over 10 years of commercial real estate experi-

ence and a track record of over 250 commercial transactions. This appointment is in line with C&W’s continued recruitment of highly regarded, veteran commercial real estate professionals in the Baltimore market. “I am extremely pleased to have Karen join us, and believe her experience and talents will greatly further our efforts to expand Cushman & Wakefield’s leasing practice,” said David Baird, senior managing director of the Baltimore office. “Her history of success

in serving owners, investors and tenants will strengthen our brokerage services platform in the greater Baltimore area.” Throughout her career, Cherry has represented many local and national companies in leasing, sale and tenant representation assignments. Most recently, she was an advisor for Sperry Van Ness - Miller Commercial Real Estate specializing in the sale and lease of industrial and office property on the Eastern Shore of Maryland and Delaware. ■

PWC draws industry to Golf Outing

Winners of golf awards and raffle prizes at PWC’s Outing WHITE PLAINS, NY –“This is the only construction industry golf outing that regularly draws 30 to 40% women players,” Professional Women in Construction president Lenore Janis, said as the huge and diverse crowd of developers, contractors, subs, suppliers, professionals and many more cheered at the organization’s annual Golf Outing plus cocktail party and dinner held in July at the Elmwood Country Club. Andy Frankl, president of IBEX Construction, repeated the last two years’ success by once again chairing the event and bringing the industry out in droves to show its support. Said IBEX vice president Bill Brody, “Thanks to the savvy organizational skills of the women running the event, we find PWC golf outings to be incredibly valuable venues to foster relationships with clients, friends and associates.” Liam Kelley, vice president of Towne and Country Roofing and Siding, Inc., brought a crew up from the Philadelphia area to “spread the word about Towne and Country –a woman-owned business.” Margarita Lopez, Frieda Deitz and Helen Terplak, all of NYARM (New York Association of Realty Managers), were happy to support an event sponsored by an industry association and impressed by the “very large” number of women attending. Lawrence Turk, CEO of SOMAQ International, said, “This event does the best job of bringing together leaders in the construction community who can help you grow your business. It’s a tremendous opportunity to meet men and women actively involved in construction leadership.” Knowing that the outing is run by PWC was an added attraction for Cathy Murtha, senior project manager with WB Wood, who “knew I’d

meet women here”, and for Amy DiPaolo, vice president, Hudson Elevator Group, who was glad to find other “successful women working in these industries.” Noting the pluses of playing with colleagues Thomas Rukaj, assistant vice president of P.J. Mechanical Corp. said, “Networking is all about getting to know people at a different level and getting them to trust you.” K.J. Weiss, surveillance specialist with Compass Adjusters agreed that the “relaxed atmosphere encourages openness.” Building collaborative relationships was the goal of Suzan Marciona, a partner with Site Insights, who “met other professionals in the building industry”; Annette Pirquet, architecture and design manager with Gunlocke who “made new contacts in related industries”; Deena Baikowitz, director of coaching services, Fireball Network, who always works to “build relationships while having fun” (adding, “It was a first class event”); and Kim Ferguson and Robert Degrazio, principals with RDT who praised the value of “brewing relationships.” Event sponsors were: Gold: Siemens Industry, Inc.; SimplexGrinnell; IBEX Construction; Silver: Skanska Koch; Walmart Realty; Grassi & Company; Bronze: Schneider Electric; HB Frazer Company; Hispanic Ventures; LVC Window Blinds & Interiors; The Walsh Company; Clifton Architectural Glass & Metal; A. Esteban & Co.; Gift sponsors: AON; ESS & VEE Acoustical Contractors; Lotspeich Company Inc.; Maspeth Welding; Port Authority of NY & NJ; SBA Plumbing Corp.; Bradford Renaissance Portraits; Elmwood Country Club; Corporate Calm LLC; Armand Corp.; Altus Metal & Marble; Railworks / L.K. Comstock; Yale Club; Robert Derector Telecommunications. ■

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Mid Atlantic Real Estate Journal — August 26 - September 8, 2011 — 15A

MID ATLANTIC ASPHALT • PAVING • CONCRETE

BUSINESS CARD SERVICE DIRECTORY

COMMERCIAL REAL ESTATE

ELECTRICAL CONTRACTOR Phone: 732.360.9050 Fax: 732.360.0469 www.lunarelectric.com

Adam Campbell, VP adam@acampbell.net Ph: (717) 737-6161 ŏ )D[: (717) 737-9640

ENVIRONMENTAL

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NJDEP Permits (Air, Water, Wetlands) Brownfields Development Professional Testimony Statewide Service Geoprobe Services ISRA/ECRA

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INTERIOR PLANTING & DESIGN

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

George D. MacBeth

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Would like to be included on this page call: Linda Christman lchristman@marejournal.com (800) 584-1062 / (781) 871-5298 Fax (781) 871-5299 or Your Account Executive Mid Atlantic REAL ESTATE JOURNAL

16A — August 26 - September 8, 2011 — Mid

Atlantic Real Estate Journal

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COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR AUGUST 26 – AIA PHILA/GBCA Event: Re-Energize Your Practice, for Growth and Sustainability-New Products & Services Time: 12:00 PM Location: Center for Architecture Address/City: 1218 Arch St., Philadelphia, PA Cost: $45 Members $55 Nonmembers P: 215-569-3186 www.aiaphiladelphia.org

SEPTEMBER 7 – CIANJ Event: Human Resource Roundtable Time: 8:30 AM – 10:30 AM Location: Hilton Hasbrouck Heights Address/City: 650 Terrace Ave., Hasbrouck Heights, NJ P: 201-368-2100 E: nharencak@cianj.org www.cianj.org

AUGUST 26 – ICSC Event: PA/NJ/DE Next Generation Program & Reception Location: The Chelsea Hotel Address/City: 111 S. Chelsea Ave., Atlantic City, NJ Cost: $35 Members $50 Nonmembers P: 646-728-3683 E: mdonovan@icsc.org www.icsc.org

SEPTEMBER 7 – SMPS PHILA

AUGUST 30 – CREW LEHIGH VALLEY Event: “Coffee & Crew” Time: 8:00 AM – 9:00 AM Location: Wegman’s in Allentown, 2nd Floor www.crewlehighvalley.org AUGUST 30 – CREW PITTS Event: Connect With Crew Time: 5:00 PM – 6:30 PM Location: Elements Restaurant Address/City: Four Gateway Center, 444 Liberty Ave., Pittsburgh, PA E: admin@crewpittsburgh.org www.crewpittsburgh.org AUGUST 30 – CFA PHILA Event: 7th Annual Professional Development Day Time: 9:00 AM – 3:30 PM Location: Pennsylvania Convention Center Address/City: 12th & Arch Sts., Philadelphia, PA P: 215-320-4980 E: mdoty@cfaphil.org www.cfaphil.org AUGUST 31 – ABC EASTERN PA Event: ABC Night at the IronPigs Time: 6:05 PM Location: Coca Cola Park Address/City: 1050 IronPigs Way Allentown, PA P: 610-279-6666 www.abceastpa.org AUGUST 31 – ABC EASTERN PA Event: ABC Night at the IronPigs Time: 6:05 PM Location: Coca Cola Park Address/City: 1050 IronPigs Way, Allentown, PA P: 610-279-6666 www.abceastpa.org

CCIM

(Certified Commerical Investment Member)

www.ccim.com

Event: Integrating Strategy & Execution: The Big Picture Network Time: 5:00 PM – 7:00 PM Location: The Downtown Club Address/City: 6th & Chestnut Sts., Philadelphia, PA Cost: $35 Members $65 Nonmembers www.smpsphiladelphia.org SEPTEMBER 8 – CREW PHILA Event: CREW Continuing Education – Negotiating Time: 8:30 AM – 11:30 AM Location: The Hub Cityview Address/City: 30 South 17th St., 14th Fl., Philadelphia, PA Cost: $25 Members $55 Nonmembers www.crewphiladelphia.org SEPTEMBER 8 – ULI PHILA Event: The New Entrepreneurship Economy; Getting Started, Getting Financed Time: 7:30 AM – 10:00 AM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA P: 202-624-7000 www.philadelphia.uli.org SEPTEMBER 9 – ABC EASTERN PA Event: Wilkes-Barre & Scranton Legislative Breakfast Time: 9:00 AM Location: The Mountain Laurel Resort Address/City: Rte. 940, White Haven, PA P: 610-279-7777 E: rkelsh@abceastpa.org www.abceastpa.org SEPTEMBER 12 – IREM DELAWARE VALLEY Event: 23rd Annual Golf Outing Time: 10:30 AM Location: Rivercrest Golf Club Address/City: 100 Golf Club Dr., Phoenixville, PA P: 856-786-9260 E: admin@irem3.org www.irem3.org

DVGBC

(Delaware Valley Green Building Council)

www.dvgbc.org

SEPTEMBER 13 – ABC BALTIMORE Event: “A Very Green Network” – Green Committee Connector Time: 4:30 PM – 7:00 PM Location: Miller’s Court Address/City: 2601 N. Howard St., Baltimore, MD Cost: $25 Members $35 Nonmembers P: 410-821-0351 E: bjohnson@abcbaltimore.org www.abcbaltimore.com SEPTEMBER 13 – IREM NJ Event: Heritage Night Time: 6:00 PM Location: The Palace at Somerset Address/City: 333 Davidson Ave., Somerset, NJ Cost: $65 Members $75 Nonmembers P: 856-303-0190 E: irem1@comcast.net www.irem1.org SEPTEMBER 14 – CORENET NJ Event: Emerging Technologies Impact upon Urbanization & the Workplace Time: 8:30 AM – 10:15 AM Location: Metro Top Plaza II Address/City: 111 Wood Ave. South, Iselin, NJ P: 973-992-6773 E: execdir@corenetnj.org www.corenetnj.org SEPTEMBER 14 – CIRC DE Event: Monthly Membership Meeting Time: 11:00 AM – 1:30 PM Location: Clarion Belle Hotel Address/City: 1620 N. DuPont Hwy, Wilmington, DE Cost: $30 Members $40 Nonmembers P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org SEPTEMBER 14 – POA NJ Event: Hot Topics in Fair Housing Time: 6:30 PM Location: The Wilshire Grand Hotel Address/City: 350 Pleasant Valley Way, West Orange, NJ Cost: Members Free $35 Nonmembers P: 732-780-1966 www.poanj.org SEPTEMBER 14 – SIOR PA Event: 9th Annual Eastern PA Industrial Property Summit Location: Hershey Country Club Address/City: Hershey, PA E: kneiderer@ipg-cir.com www.siorphila.com

POA New Jersey

(Property Owners Association of New Jersey)

www.poanj.org

ABC

(Associated Builders & Contractors)

www.abc.org

MBA

Mortgage Bankers Association of New Jersey

www. mbanj.com

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Mid Atlantic Real Estate Journal â&#x20AC;&#x201D; July 29 - August 11, 2011 â&#x20AC;&#x201D; Inside Back Cover A

If you are reading this...

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Back Cover A — August 26 - September 8, 2011 — Mid

Atlantic Real Estate Journal

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Prime Lehigh VaLLey CommerCiaL Lease LoCations... Office and industrial availabilities located throughout the Lehigh Valley with excellent proximity to major thoroughfares including I-78, Routes 22, 33, and 100, Stabler Corporate Center, Schoenersville Rd. and around Lehigh Valley International Airport

1525 Valley Center Parkway Bethlehem, Pa

• Class a OffiCe spaCe • Centrally lOCated in the lehigh Valley COrpOrate Center • great tenant amenities in and arOund COrpOrate Center inCluding dining, shOpping, lehigh Valley internatiOnal airpOrt, hOtels, Walking/jOgging trails. • easy aCCess tO rt. 22 and rt. 33

3701 CorPorate Parkway • Class “a+” leed Certified Building • lOCated in the staBler COrp. Center near the Center Valley gOlf COurse and prOmenade shOps • easy aCCess tO i-78, rt. 309, and rt. 33 Center Valley, P Pa a

974 marCon BouleVard • industrial/flex Building, With Class B OffiCe/WarehOuse COnfiguratiOns aVailaBle • adjaCent tO lehigh Valley internatiOnal airpOrt • easy aCCess tO rt. 22, i-78 and rt. 309 allentown, P Pa a

7277 william aVenue • industrial/flex Building • mix Of WarehOuse W/ finished OffiCe spaCe • great prOximity tO rt. 100/i-78 distriButiOn

For Leasing Information Call:

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SHOPPING CENTERS Mid Atlantic REAL ESTATE JOURNAL Section B of the Mid Atlantic Real Estate Journal

88,175 s/f shopping center anchored by Harris Teeter

Molloy & Nathanson of Marcus & Millichap Real Estate Investment Services brokers $12.8m sale

ALEIGH, NC — Marcus & Millichap Real Estate Investment Services has brokered the sale of Sunset Lake Commons. The sale price is $12.815 million, which represents $145 psf. Daniel “Sonny” Molloy, a VP investments in the firm’s Atlanta office and Brad Nathanson, a VP investments in the Philadelphia office, represented the seller, the original developer of the property, Raleigh-based

J&H of Holly Springs LLC. Nathanson and Molloy also represented the buyer, The Rosen Group Allen Smith, broker of record for NC, assisted in the transaction. “Harris Teeter is a 192-unit full-service grocery store chain that operates in eight states and had total revenues of $3.83 billion in 2009,” said Molloy. “Given the lack of new inventory delivered to the market, there was a tremendous

AUGUST 26 - SEPTEMBER 8, 2011 Harris Teeter

HI-LIGHTS Marcus & Millichap NJ office completes $4.065m in sales Marcus & Millichap Real Estate Investment Services has announced the sale of McCarter Plaza, a 12,000 s/f retail property in Newark, NJ. See page 3B.

CBC/Bennett Williams arranges $575,000 in sales Coldwell Banker Commercial Bennett Williams has arranged the sale of 3,600 s/f of retail space at 3045 York Rd. located in Gettysburg. See page 4B.

ALSO INSIDE:

demand for this center from a national buyer base,” said Nathanson. “The strong population growth within the Raleigh MSA, the appeal of owning the dominant grocer within that market and the attractiveness of owning Sunset Lake Commons also contributed to the receipt of multiple offers. The sale was subject to an existing loan assumption,” adds Nathanson. In addition to the 48,000 s/f grocery store tenanted by Harris Teeter, the property features 32,000 s/f of small shop space and two pad sites. ■

Fixed at 5.5 percent for 10 years

MMCC’s Conley, arranges $7 million in refinancing for Philadelphia SC PHILADELPHIA, PA — Marcus & Millichap Capital Corporation (MMCC) has arranged $7.04 million in refinancing for a 24,500 s/f neighborhood shopping center in Philadelphia. James Conley, a director in the firm’s Philadelphia office, arranged the loan. “MMCC was able to deliver maximum proceeds that were needed to take out the construction debt,” said Conley. “We also provided valuable market information to the

Red Lion lender to help mitigate the cent for 10 years. The amortihigh loan dollars psf.” zation term is 30 years and the The loan is fixed at 5.5 per- LTV is 72 percent. ■

METAL BUILDING RE-ROOFING

GRUSKIN GROUP .................................................................2B RETAIL SERVICES SPOTLIGHT ........................................ 5-12B PEOPLE ON THE MOVE ......................................................12B BROKERAGE DIRECTORY .............................................. 14-15B ICSC ORGANIZATION PAGE ..............................................16B BUSINESS CARD DIRECTORY ......................................... IBC-B

METAL SYSTEMS

Section B, 20 pages

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www.RoseMTL.com

717-245-0883

B Inside Cover — August 26 - September 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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Coldwell Banker Commercial Bennett Williams 110 N. George Street – 4th floor York, PA 17401

717-843-5555 www.bennettwilliams.com Scan QR Codes With Your Smartphone!

2300 Industrial Highway

Jim & Nena’s Plaza

Bailey Springs

York, PA 17402

2755 West Market Street York, PA 17404

300 Bailey Drive Stewartstown, PA 17363

3,500 SF FOR LEASE

1,000 SF FOR LEASE

1,200 – 2,400 SF FOR LEASE

Silver Moon SC

4701 Lindle Road

Maple Village I

199 AJK Blvd. Lewisburg, PA 17837

Harrisburg, PA 17111

970 Loucks Road York, PA 17404

1,285 – 6,000 SF FOR LEASE

1,880 SF FOR LEASE

Southgate SC

Cedar Cliff Mall

Carlisle Commerce Commons

West Washington Street Chambersburg, PA 17201

1104 Carlisle Road Camp Hill, PA 17011

2182 White Street York, PA 17404

1,200 – 33,457 SF FOR LEASE

1,120 – 7,111 SF FOR LEASE

900 – 2,100 SF FOR LEASE

1,600 – 2,175 SF FOR LEASE

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Mid Atlantic Real Estate Journal — Shopping Centers — August 26 - September 8, 2011 — B

2B — August 26 - September 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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Shopping CenterS Keeping customers engaged and their brand relevant

Gruskin Group says retailers will leverage the ‘4Cs’

www.bennettwilliams.com

SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS • Landlord Representation • Tenant Representation

• New Construction Leasing & Development

• Investment Sale & Acquisition

• Property & Portfolio Dispositions

• Site Selection

• Property Management

ontinued from SC July 2 12C Connection: Successful retail brands must continuously establish deep, personal relationships w i t h t h e i r c u s t o m e r and reflect their value Kenneth Gruskin and core beliefs with authenticity if the brand is to be seen as an extension of who “they” are. The brand and retail experience must be literally connected and accessible to the individual wherever they are through the web and local brick-and-mortar stores alike (which celebrate the community in which they are located). As a result, the design of all of these retail touch points, both physical and virtual, will be more important than ever to keep a brand positioned to be vis-

ible, to maintain/improve its perceived value, and to help individuals identify and stay connected with retailers that align with their core beliefs and lifestyle. Cost: For the individual customer, cost will be based on their personal view of the perceived value of the product or service being offered. For the retailer, cost will primarily be a function of whether SER or CTR is the priority. If CTR is paramount to the retailer, lowest cost and convenience will be the priority. For those with SER as the end goal, brand equity, alignment, and integration with their personal goals, lifestyle/life stage and community will be crucial. For both SER and CTR, global/local manufacturing approaches and supply chain management will not only continue to have huge cost implications, but as customers demand personalization/ individualization of all of their goods and services, being able to manage the costs

of customized, mass produced goods “on-demand” will prove to be the real challenge. Kenneth A. Gruskin, AIA, PP, CID is founder and principal of the Gruskin Group. n

Shopping Centers Real Estate Journal a section of the

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

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Associate Publisher Elaine Fanning

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Marcus & Millichap sells a single-tenant net-leased bldg. totalling $3.1 million Section Editor

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PHOENIX, AZ — Marcus & Millichap Real Estate Investment Services has announced the sale of Compass Bank (shown), a 4,500 s/f single-tenant, net-leased property located, according to J.D. Parker, vice president/regional man-

of the Arizona seller, a Limited Liability Company. Investment Specialist, Urszula Zoltek, from the New Jersey offi ce, secured the buyer, a local investor. Arizona regional manager, David Guido also helped in this transaction. Built in 1980 and renovated in 2002, this building is located near many local and national tenants. It is near Tower Plaza Shopping Center and contains a traffi c count of over 79,000 cars daily. n

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Mid Atlantic Real Estate Journal — Shopping Centers — August 26 - September 8, 2011 — 3B

Shopping CenterS Including McCarter Plaza, a 12,000 s/f retail property

Marcus & Millichap NJ office completes $4.06 m in sales

EWARK, NJ — Marcus & Millichap Real Estate Investment Services has announced the sale of McCarter Plaza, a 12,000 s/f retail property, according to Michael Fasano, VP/regional manager of the firm’s NJ office. The asset commanded a sales price of $3.3 million. VP of investments, Ben Sgambati and associate Alan Cafiero in Marcus & Millichap’s New Jersey office, had the listing to market the McCarter Plaza property on behalf of the seller. Ben and Alan also secured the the property on behalf of the regional manager of Altanta, buyer, a local investor. seller, a private investor. Vice John Leonard also assisted in DALTON, GA — Marcus & president of investments and this transaction. n Millichap Real Estate Investment Services has announced the sale of Laundromax, a 6,000 s/f single-tenant, netleased property, according to Fasano. The asset commanded a sales price of $765,000. Senior associate Michael Lombardi from Marcus & Millichap’s New Jersey offi ce and Atlanta’s senior associate Robert Pfeiffer had the exclusive listing to market

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COLONIAL HEIGHTS, VA — Taylor Long Properties, Inc. announced the sale of a building containing 3,600 s/f located at 3509 Blvd., Colonial Heights, VA to Lucky Lady, LLC, dba Care Advantage, by Deborah Poole and Susan P. Day, for $305,000. Janice Logue of Taylor Long Properties, Inc. represented the buyer. Taylor Long Properties announced the signing of a 1-year lease between Pershimam Four, Inc., and Folly Gifts, LLC for 1,213 s/f of space at Creighton Crossing Shopping Center, 7999 Creighton Parkway, Mechanicsville. Brian Bock represented the landlord. Bock represented the landlord in the signing of a 5-year lease between Brook Run 6A Associates, LLC, and Nicole Worsley, dba Hair Salon, for 1,360 s/f of space at Brook Run Shopping Center, 6000 Brook Road, Richmond. Taylor Long Properties announced the signing of a 5-year lease between Laburnum Park, LLC, and Just Because Gift Shop, Inc. for 810 s/f of space at Laburnum Park Shopping Center, located at 4346 South Laburnum Ave., Richmond, VA Ellen Long, Clint Greene and Robert Marshall represented the landlord. n

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ORK, PA — Coldwell Banker Commercial Bennett Williams has arranged the sale/lease of the following transactions: Sales: 3,600 s/f of retail space at 3045 York Rd. located in Gettysburg. Vanhoutte Enterprises purchased the property for $275,000 from Girl Scouts in the Heart of PA. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the seller in this transaction. 2,700 s/f of retail space at 10161 Lincoln Highway in Bedford. The Wireless Center, Inc. purchased the property for

3045 York Rd. $300,000 from Everett Man1,200 s/f of retail space at agement Group. Jeremiah South Hanover SC at 805 BalHamilton of Bennett Williams timore St., Ste. 319 in Hanover. represented the buyer in this Little Caesars leased the space transaction. for fi ve years from South HaLeases: nover Partners, LP. Stine and Rohrbaugh represented the tenant in the transaction. 3,320 s/f of retail space at 220 West Plank Rd. in Altoona. The Verizon Center/Verizon Wireless leased the space for fi ve years from Lawruk Realty. Hamilton represented the tenant in the transaction. 2,200 s/f of retail space at 228 South Blakely St. in Dunmore. We R Wireless/Verizon Wireless leased the space for fi ve years from 228 S. Blakely Street, LLC. Hamilton represented the tenant in the transaction. 2,965 s/f of retail space at Franklin Plaza on Route 288 in Ellwood City. The Wireless Center/Verizon Wireless leased the space for fi ve years from Gumberg Associates. Hamilton represented the tenant in the transaction. 2,500 s/f of retail space at Flemington Circle Shopping Center at 75 Reaville Avenue in Flemington. Five Guys Burgers and Fries leased the space for ten years from Flemington Retail, LLC. Stine represented the tenant in the transaction. 4,060 s/f of retail space at Supercenter Plaza at 25 Plaza Drive, Suite 201A in Lewistown. The Wireless Center leased the space for fi ve years from One Oak Grove Holdings, LLC. Stine, Rohrbaugh, and Beau Brown of Bennett Williams represented the landlord, and Hamilton represented the tenant in the transaction. 1,600 s/f of retail space at Shippensburg SC on Walnut Bottom Rd. in Shippensburg. Bizwop, Inc. leased the space for one year from Hill Management Services, Inc. Stine and Rohrbaugh represented both the tenant and the landlord, and Adam Hagerman, also of Bennett Williams, additionally represented the landlord in the transaction. n

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Mid Atlantic Real Estate Journal — Shopping Centers — August 26 - September 8, 2011 — B

Lipinski Outdoor Services

ower Sweeping — We provide complete cleaning programs for all your needs. Our services include hand blowing all walkways, building foundations and curb lines and sweeping of all parking and roadways. Porter service for emptying trashcans and hand picking of debris. Sweeping Services — Sweeping your parking area on a regular basis could bring more revenue to your business. Well maintained parking areas and sidewalks are a key to attracting customers. Studies have shown that cleanliness ranks as one of the top factors in determining where people shop. Many people consider exterior cleanliness to be as important as interior cleanliness. In today’s extremely competi-

Complete Parking Lot Maintenance

tive market, property managers can not afford the tarnished image caused by cutting back on exterior grounds maintenance. Regular sweeping is a very important component contributing to overall outside appearance. Why Should You Keep Your Parking Area Clean? The outside parking areas are where business owners hope their potential customers

will derive an initially favorable ‘first impression.’ Having a clean parking lot projects an image of success, and people prefer to patronize the successful. A parking lot cluttered with debris can take away from even the most beautiful landscaping. People may even hesitate to venture in, if they see the potential for a flat tire in your parking area. Storm water runoff is fast be-

Commercial Real Estate

coming a factor in our environment. Sweeping your parking area on a regular basis can help to minimize pollutants in your storm water stream. It is virtually impossible to develop or retain the desired competitive edge if a business’ exterior, including the parking area, is unkempt. When your parking area is clean to begin with, shoppers are less likely to throw trash out of their cars when they come to shop. Sand, dirt and other trash are abrasive. They will shorten the life of pavement, as well as the service time of any seal coating, striping, etc. The professionalism of the local business community at large is a composite of the individual ../images projected by each of

the businesses within it. When dirt is allowed to stay on pavement, it quickly starts deteriorating the paving material. Replacement costs for pavement far exceed the routine expense of sweeping. Parking Lot Services Services for Properties that aid in maintaining a safer, more atractive and longer lasting Facility. Seal Coating and Line Striping — Lipinski offers a complete program to restore pavement surfaces. We will assess the existing condition of your pavement and create a customized maintenance plan. Our services include seal coating, line striping, and crack filling. We also perform drain and catch basin repair and asphalt continued on page 8B

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B — August 26 - September 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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Retail Services By Timothy J. Brennan, PE, Nave Newell, Inc.

he retail development industry has experienced a roller coaster ride of frenzied highs to survival mode lows, and we are now seeing once in a lifetime real estate opportunities. Cautious op- Timothy Brennan timism has appeared. July’s consumer retail spending increase of .5%, the largest in four months, signals more confidence in consumers and hopes of leaving the recession

Retail land development in a post-recession world behind. While the current focus is on filling tenant vacancies, the combination of increased consumer confidence, retailer expansion plans and a declining vacancy rate will eventually prompt the need for redevelopment and/or new construction. With a demand for lower rents, due diligence and development costs must be minimized, a challenge when facing the present day political realities of land development. On the municipal level communities are hurting financially and now welcome retail development for the resulting increased

tax base it brings, along with an improved quality of life for residents. However, on a state level, the entitlement process has become increasingly difficult and you need to be flexible to meet public sector requirements. If it’s been a while since you’ve been through the land development process, now’s a great time for a refresher on what you need to consider for a successful project. Due Diligence The key to a successful project is to conduct a thorough due diligence evaluation to ensure the concept will work within

today’s smaller budgets. Most developers are currently short staffed and are best served by an attorney and design professionals (engineer, land planner, surveyor) who will generate workable sketch plans and identify the hurdles expected along the way. Site layout vs. terrain, buffers and setback requirements, stormwater management and NPDES permitting, sanitary sewer availability, traffic, geology, utilities or third-party requirements are the most common concerns. Recent policy changes in DEP stormwater management and DOT Public Right-of-Way ADA

accessibility are examples of often overlooked components that have the potential to cause havoc with a site plan, budget and schedule. Redevelopments The recession took its toll on existing shopping centers and the trend, at least in the immediate future, is refilling vacancies, and redeveloping aged centers and free-standing buildings. Despite their builtout condition redevelopment sites, can pose just as many challenges as ‘green’ sites, if not more. An engineer will attempt the goal of making the client’s prototype fit and maintain existing parking, utility services, stormwater systems and traffic impacts to the extent possible – a challenging assignment but typical for an experienced professional. New or ‘Green’ Sites A new site has survey, land planning and engineering components that need to be investigated for issues that may compromise the ability to maximize the development of a site. These may range from existing topography, property deed restrictions and easements and available utilities, to difficult municipal SALDO requirements that affect achievable yield. Rarely are sites perfect, so a good engineer will identify the potential issues, effort, risks, timeline and cost to develop, and present options for the client’s ultimate decision on the property. Local Experience - Priceless The long standing relationships engineers and attorneys have with municipalities and regulatory agencies can be priceless and crucial to maintaining cost and schedule expectations. Retaining a local engineer goes a long way in understanding the requests of a municipality and its members and can be invaluable in knowing the history of development on the property and even having previous survey and site plan documents. The ultimate goal is to identify required design and approvals during the planning phase and fully outline any challenges the site might have to reduce unforeseen surprises during design, permitting and construction without compromising yield. So engage in early communications with your local design professional to obtain a full continued on page 8B

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Mid Atlantic Real Estate Journal — Shopping Centers — August 26 - September 8, 2011 — B

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B — August 26 - September 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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Retail Services Construction firm completes broad spectrum of projects

Hollister Construction Services finds Pennsylvania niche

ONSHOHOCKEN, PA — In early 2008, Hollister Construction Services, a full-service general contractor and construction manager specializing in industrial, commercial and retail John Bickel construction, made the decision to branch out of the New Jersey tri-state region and opened an office in Conshohocken, PA, to serve Pennsylvania and Delaware.

John Bickel was hired as president of the PA office and, subsequently, Richard Campbell was named senior vice president. Since opening the Pennsylvania office three years ago, Hollister has become one of the state’s most active construction firms, having completed 102 projects for a combined value of $36 million. In 2010, Hollister completed construction on a total of 38 projects, with a combined value of approximately $57 million, throughout the Northeast. The principals at Hollister have over 50 years of experi-

ence serving as general contractor, construction manager and design builder for a broad spectrum of real estate clients, and offer an extensive range of services coupled with the versatility to accommodate projects of any size. Hollister’s areas of expertise include the construction of industrial, office, retail, hotel, medical, higher education and banking/financial buildings. Hollister focuses on doing business locally and has established relationships with local municipalities and is also able to leverage relationships with local supply chains. The

firm also has a “green” focus and even has LEED AP to better meet client needs. “The Pennsylvania and Delaware markets are becoming increasingly important to Hollister,” said Bickel. “Our work speaks for itself and we have been building great awareness through word of mouth for our services.” One of projects Hollister undertook in PA has turned out to be one of its most rewarding: the construction of a satellite office and state-of-the-art therapy facility for The Center for Autism in Philadelphia. Hollister

So are we. Making sure we stay focused on serving our clients and community by implementing a full service team approach to commercial real estate is important to us. It is these values that provide you with a SOLID foundation.

worked in close cooperation with the design team, subcontractors and third party consultants to meet the client’s expectations to help provide families and children affected by autism in the greater Philadelphia with a first class center that will help improve their quality of life. Hollister served as construction manager and completed a high-end — well north of $100 psf interior fit-out in West Conshohocken for a leading provider of integrated data management solutions for clinical trials and drug safety. The project, finished on a tight time frame, involved building 43,500 s/f of new office space on two floors consisting of open office space, executive office suites, conference rooms, work kiosks, game room, lunchroom and collaboration areas. The new space features specialty finishes, custom, designer fixtures and furniture and open ceilings throughout. Hollister also completed a 41,000 s/f tenant fit-out for The Hartford in King of Prussia. The project had a severe six-week time frame from mobilization to move in, an effort that ultimately saved the client significant dollars in holdover rent. The project involved constructing a Smart room and IDF room with pre-action and FM200 suppression systems in a base building that is LEED certified. n

Complete Parking Lot Maintenance continued from page 5B repairs Pavement Management Solutions • Asphalt Maintenance • Line Striping • Seal Coating Lipinski Outdoor Services is an exterior facility management provider located in Marlton, NJ. n

Retail land development . . . continued from page 6B analysis of a site’s potential. Collaboration and teamwork will result in quality due diligence and a much higher percentage of project success in meeting design and construction schedule and budgets. Timothy J. Brennan PE is the director of civil engineering & business development at Nave Newell, Inc., a multi-discipline consulting firm that specializes in land development. n

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Mid Atlantic Real Estate Journal — Shopping Centers — August 26 - September 8, 2011 — B

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10B — August 26 - September 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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Retail Services

18 million square feet +

ARIZONA Mesa Kohl’s McKellips Road & Recker Road 95,279 SF GLA Part of Falcon View Plaza w/ Fry’s Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres Tolleson Freestanding Kmart West McDowell Road & North 86th Drive 86,479 SF GLA FLORIDA Gainsville Mixed Use – Grocery Store & Student Housing NW 13th St & University Avenue 1.74 Acres Over 27,500 SF Ground Floor Retail in Proposed 171,000 SF 6-Story Residential Bldg Fern Park Lowe’s Shopping Center 6735 Hwy. 17-92 & Fernwood Blvd. near Hwy. 436 129,085 SF GLA Proposed Retail Strip: 9,000 SF ILLINOIS Downers Grove Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF Niles Golf Glen Mart (Outparcel) Golf Rd. & Dee Rd. Up to 12,000 SF Outlot, B-T-S INDIANA Evansville Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Kmart 134,797 SF GLA South Bend South Bend Shopping Center US Hwy. 20 & US Hwy. 31 112,900 SF GLA Anchor Space Available

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MICHIGAN Grand Blanc Vacant Land Holly Rd. & I-75 22 Acres For Sale Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Port Huron Shopping Center Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Anchor Space & Outlot Available Redford Redford Plaza Plymouth Rd. & Inkster Rd. CVS/114,865 SF GLA Anchor Space Available Saginaw Saginaw Square Tittabawasse Rd. & Bay Rd. Target, JoAnn Etc., Staples 94,891 SF GLA Anchor Space Available Sandusky Kmart Shopping Center M-19 & Gates Rd. 176,248 SF GLA Anchor Space Available Southgate Fort St. & Burns Ave. 60,800 SF GLA Freestanding / Redevelopment Opportunity MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 280,353 SF GLA Anchor Space Available 40,262 SF NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA 10,945 SF Outbldg. Available NEW JERSEY Marlton (Evesham) Tri-Towne Plaza Route 70 & Plymouth Dr. Superfresh/176,519 SF GLA Anchor Space Available/Redevelopment Opportunity

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

MAREjournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — August 26 - September 8, 2011 — 11B

Retail Services

200 retail projects +

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

PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 220,000 SF GLA 9.82 Acres Available

Orangetown Orangeburg Commons Route 303 & Palisades Parkway Future Retail Development Anchor Space, In-Line Space & Pads Available Adjacent to Lowe’s

Carlisle Hanover Street (Route 34) & I-81 Home Depot, Chili’s 140,715 SF GLA 10,584 SF Future Expansion/Pad

NEW JERSEY Mt. Olive Pad Sites Available Adjacent to Foreign Trade Zone Across from Wal-Mart, Sam’s, TJ Maxx Old Bridge A & P Shopping Center Route 9 & Ferry Rd. 64,920 SF GLA Up to 4,000 SF Outlot Vineland Vineland Marketplace Delsea Dr. (Route 47) & College Dr. New Development 273,657 ± SF GLA / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Fashion Bug, Dollar General 85,000 SF GLA Anchor Space Available NEW YORK Deer Park Kohl’s Plaza Commack Rd. & Grand Blvd. Kohl’s, Super Stop & Shop 182,875 SF GLA Proposed Pad 3,800 SF Glenville/Scotia (Albany) Freestanding Building Saratoga Rd. (Route 50) & Glenridge Rd. 128,485 SF GLA Anchor Space Available Holtsville Island 16 Cinemas Shopping Center Nicholls Rd. & Long Island Expwy. National Amusements Theater, Chili’s 117,342 SF GLA Pad Bldg. Available with Drive-thru

Staten Island Lowe’s West Shore Center Veterans Rd. West (I-440) & Arthur Kill Rd. Pad Building Available 7,000 SF New Retail Bldg. Available 166,600 SF GLA Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office, Curves For Women 21,212 SF GLA Williamsburg (Brooklyn) North Side Piers Retail 20 North 5th St. & Kent Ave. Tower I: 181 Condos, 113 Apts. & 17,167 SF Retail Tower II: 250 Condos & 5,178 SF Specialty Rest. OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 130,000 SF GLA 18,440 SF Expansion & Pad Findlay Hobby Lobby Plaza Tiffin Ave. & Croy Dr. Hobby Lobby Anchor Space Available

Latham/Colonie (Albany) Kmart Shopping Center Route 7 & Swatling Rd. 118,863 SF GLA Up to 10,000 SF Outlot Available

Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block south of Navarre Ave. (Rte. 2) & Kmart 116,805 SF GLA

Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Wal-Mart, Home Depot, BJ’s, Target, Home Goods, Best Buy 687,716SF GLA Anchor Space & Outlots Available Future Phase III Office Bldg.

OREGON Salem Kmart Shopping Center Mission Street S. E. 116,866 SF GLA

Management LLC

Trexlertown Trexlertown Marketplace Hamilton Blvd. (Route 222) & Mill Creek Rd. Walgreens, Panera Bread, Verizon 36,068 SF GLA TENNESSEE Hermitage (Nashville) Freestanding Bldg. adjacent to Jackson’s Courtyard Shopping Center 3445 Lebanon Pike 24,040 sf GLA 36,000 sf GLA Possible Redevelopment Texas Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. 133,332 sf GLA VIRGINIA Richmond Food Lion Plaza Route 1 (Jefferson Davis Hwy.) & Chippenham Pkwy. Outlots Available WEST VIRGINIA St. Albans St. Albans Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Peebles, CVS 230,000 SF GLA PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Wal-Mart SuperCenter, Home Depot New Development & Pads 525,000 ± SF GLA

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

12B — August 26 - September 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

MAREjournal.com

People on the Move Expanding the firm’s presence in Center City Phila.

Lars Kerstein joins Metro Commercial Real Estate

hiladelphia, PA — Metro Commercial Real Estate, Inc. announced that Lars Kerstein has joined the company, where he will expand t h e f i r m ’s presence in Center City Lars Kerstein Philadelphia. Most recently, he worked for

Legend Properties where he was involved with a number of successful leases in South Philadelphia, University City and Center City for both landlords and retailers. Lars holds a Bachelor of Arts degree in English from Franklin and Marshall College and is a member of the International Council of Shopping Centers. He is active in numerous societies including the Young Friends of Rittenhouse Square and

the Multiple Sclerosis Society where his community service includes nomination and participation in the Leadership Class of 2011. He lives in Center City with his wife, Arielle. “Lars has all of the qualities and skills that make a successful real estate professional,” said Steven Gartner, president of Metro Commercial Real Estate. “We are delighted in having him join our Center City team.” n

MCRES and Meridian Capital Group participate in 150-mile bike tour for Camp Simcha LAKEWOOD, NJ — One hundred elite cyclists raised $530,000 in the 2nd Annual Bike4Chai in support of Camp Simcha, a medically-supervised overnight camp for seriously ill children. The 150-mile bike tour was sponsored by Chai Lifeline, an international nonprofit organization dedicated to meeting the non-medical needs of sick children, their families and their communities. The riders started on August 3rd from The Berkeley hotel in Asbury Park and made a triumphant entry on August 4th at Camp Simcha in Glen Spey, NY. Aiming to top the $206,000 raised in last year’s bike tour, this year’s participants, many of them professionals from New Jersey, New York and Pennsylvania, surpassed their goal of raising $500,000. This will allow 80 or more children with cancer and other serious illnesses to attend the expensive summer camp tuition-free. The top five fundraisers were Abie Maleh, Alan Shamah, Brian Haimm, Elliot Zaks and Michael Bauman, who combined raised more than $130,000. Every year, Camp Simcha provides a full array of traditional camp activities, from archery to water activities, along with special events such as helicopter rides and concerts,

One hundred elite cyclists raised $530,000 in the 2nd Annual Bike4Chai in support of Camp Simcha, a medically-supervised overnight camp for seriously ill children. to 430 seriously ill children. A faces of the kids there made all state-of-the-art medical center, the difficulties disappear.” In dedicated medical team, and comparison to last year’s ride, specially-trained counselors more than twice the number ensure that even children on of cyclists participated this chemotherapy can enjoy two year and the total number of weeks of uninterrupted fun. miles increased from 135 to Campers return home enriched 150 miles. This year ’s ride also had by their experiences, with happy memories and new friends to several corporate sponsors inhelp them through the rough cluding The Berkeley, Asbury patches in their lives. Park’s boutique hotel. Other “Biking up to 150 miles in sponsors included: Senior Plan2 days is naturally very chal- ning Services; Brielle Cyclery; lenging,” said Zaks, one of the CH Cycle; Madison Commercial top fundraisers who helped Real Estate Services; Star Pediorganize this year’s ride and atric Homecare Agency; South who is director of operations for Shore Bicycle; Roy’s, Brooklyn’s Madison Commercial Real oldest bike shop; Meridian Estate Services (MCRES). Capital Group, LLC; New “But riding into Camp Simcha York Community Bancorp, Inc.; at the end of the second day and MedWaste Management, and seeing the looks on the LLC. n

Cohen joins Aptcor Commercial Realtors as an account exec. LANSDALE, PA — Aptcor Commercial Realtors, announced the addition of Avi Cohen as an account executive. In 2005, Cohen attended the Arizona School of Business and Real Estate, in Scottsdale, AZ. He became a member of the Scottsdale Association of Realtors and the National Association of Realtors. Cohen

was a licensed agent working in the Weinstein Fedri Group within Realty Executives, a large regional franchise type of brokerage. Under the leadership of Rob Weinstein and Ron Fedri whom were already top producers in Realty Executives, Avi quickly became a top producer within the group. This prompted him to suggest

to Rob and Ron of the possibility of opening their own brokerage. Avi became cofounder of Weinstein Fedri Realty. As cofounder, he was able to help expand the brokerage by recruiting new agents and mentoring them. By 2007, he had personally amassed over $2 million in investment real estate. n

To portfolio leasing manager

LMS Commercial Real Estate promotes Boensch Lancaster, PA — Property Management Alternatives, inc., d/b/a LMS Commercial Real Estate has promoted Wi l a y Boensch to portfolio leasing manager. In this role Boensch will be Wilay Boensch actively engaged with overseeing the leasing activity for a portfolio of Regional, Grocery, and Neighborhood Shopping Centers throughout Central PA.

LMS Commercial Real Estate is a full service commercial real estate firm specializing in leasing, management, sales, development, construction, and acquisitions of commercial real estate assets including retail and medical properties. Currently its leasing department oversees the leasing efforts of more than 6.5 million s/f of commercial space. Boensch, of Landisville, joined LMS Commercial Real Estate in 2007 and is a graduate of Millersville University. n

Commonwealth Land Title Insurance Co. appoints Jindia Philadelphia, PA — Monica Jindia was appointed assistant vice president at Commonw e a l t h Land Title Insurance Company. She has been with the company for over six years and is Monica Jindia responsible for providing real estate and title services needed to close single site, multi-site and multi-state real estate transactions nationwide for investors, developers, REITS, corporations and lenders. Jindia is a licensed title producer in New Jersey. Prior to joining Commonwealth Land Title, she

worked for a healthcare company in a sales and marketing capacity. Jindia received her B.S. degree from the Smeal College of Business at Penn State University, and her M.S. degree from the Erivan K. Haub School of Business at Saint Joseph’s University. She is currently active in: (1) the Urban Land Institute, for which she is co-chair for the Young Leaders Group, programming chair for Urban Marketplace, and serves on the Management and National Programming Committees, (2) Corporate Real Estate Women, for which she is a member of the Community Outreach Committee, and (3) ICSC, for which she is a member of the Next Generation committee.n

R.A. Smith National promotes Pete Brothers to survey manager TARENTUM, PA — Pete Brothers of R.A. Smith National, a civil engineering, surveying, landscape architecture, geographic information systems (GIS) and 3D visualization con- Pete Brothers sultants has been promoted to survey manager. Brothers has practiced surveying for more than 20 years. He is experienced in all facets of the industry, ranging from ALTA/ACSM

Land Title Surveys and the use of state-of-the-art surveying equipment to a specialty in 3D laser scanning. Brothers has diverse experience in a variety of public and private sector markets including industrial/nuclear facilities, gas/oil industries, transportation, U.S. Department of Agriculture (U.S. Forest Service), utility corridors, mall/retail development and more. Brothers is a professional land surveyor for the state of Pennsylvania. He joined R.A. Smith National in 2007. Brothers lives in Lower Burrell, Pennsylvania. n

MAREjournal.com

Mid Atlantic Real Estate Journal — Shopping Centers — August 26 - September 8, 2011 — 13B

Shopping CenterS 10 1 Mill Creek Rd. in Allentown, PA

Samtmann of Equity Retail Brokers arranges $ 0k sale

Feature Your Project

Developments Construction Renovations

L L E N T O W N , P A — Rob Samtmann of Equity Retail Brokers was pleased to represent Firestone Complete Auto Care and their developer Bismarck Real Estate Partners, Inc. in a $750,000 pad site purchase at West Valley Marketplace. The Walmart-anchored center is located at 1091 Mill Creek Rd. and is owned by Developers Diversified Realty. Firestone plans to open their new store within 6-8 months. Since 1926, drivers have trusted Firestone Complete Auto Care to keep their vehicles running well. As America’s auto

Mid Atlantic Real Estate Journal For more information call Elaine Fanning 800-584-1062/781-871-5298 Ext. 212

Firestone care needs have grown and changed, so have they. Firestone is the leading provider of maintenance, repairs and tires

EFanning@mareJournal.com

for a reason - they believe in offering a total auto care experience that perfectly meets their customers’ needs. n

SRD starts on construction of 1 ,600 s/f bldg.

NTH Consultants, Ltd. Your consulting partner through all phases of development or redevelopment projects.

Bottom Dollar Food store PHILADELPHIA, PA — Soloff Realty & Development, Inc. (“SRD”), announces the recent construction commencement of a new 19,600 s/f Bottom Dollar Food store (Food Lion) at the intersection of Roosevelt Blvd. & Borbeck St. in the Rhawnhurst section of Northeast Philadelphia. Richard Soloff of SRD is the preferred developer for Food Lion, who is completing the development. Matthew Shanahan of Colliers International represented the landlord, and Fameco Real Estate represented the tenant in this transaction. This is Bottom Dollar Food’s 20th store in the Philadelphia region, and will be their 3rd to open in the City of Philadelphia. n

Swidler of NAI CIR handles 2,000 s/f lease NEWBERRY TWP., PA — Brother’s Pizza & Restaurant will open an additional location in 2,000 square feet of space it has leased at The Wal-Mart Shopping Center, Newberry Twp. Brad Swidler of NAI CIR handled the transaction with the property owner, Newberry Pointe, LP. n

We provide the following services: • Geotechnical engineering • Environmental services • Construction observation and testing • Roofing evaluations and design

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14B — August 26 - September 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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Retail Brokerage Directory ARC Properties, Inc. 1401 Broad Street• Clifton, NJ 07013 Michael R. Ambrosi Leasing and Marketing P: 973-249-1000 x 116 mambrosi@arcproperties.com Steven Maloy S.V.P. Investments P: 973-249-1000 x 114 stevem@arcproperties.com

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

Calkain Companies, Inc. 11150 Sunset Hills Rd. • Suite 300 Reston, VA 20190 P: 703-787-.4714 F: 703-787-4783 Jeff Bogart • Gerald E. Burg • Jonathan W. Hipp Andrew M. Fallon • W. Douglas Wright Rick Fernandez 4600 West Cypress St. • Suite 110 Tampa, FL 33607 P: 813-282-6000 F: 813.282-6098 David Sobelman • Teal M. Henderson Guenter Manczur, CCIM • Patrick R. Nutt 1521 Concord Pike (US 202) • Suite 301 Wilmington, DE 19803 P: 302-235-3017 F.: 775-667-2874 Bob Browning • Andrew M. Fallon Calkain Asset Management 200 Wheeler Rd. • 2nd Floor • Burlington, MA 01803 P: 781-694-0410 F: 781-694-0415 Richard T. Murphy Calkain Realty Advisors 11150 Sunset Hills Rd. • Suite 300 • Reston, VA 20190 P: 703-787-4714 F: 703-787-4783 Betty Learned Friant • Brian O’Hear

Capital Retail Group 1401 14th St. NW • 3rd Floor • Washington, DC 20005 P: 202-319-2884 www.capitalretailgroup.com Robert E. Tack • Michelle Tack Capital Retail Group is founded on the belief in doing a few things very well. It’s straight forward. We know commercial real estate leasing, sales and property management. We know our business.

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

Coldwell Banker Commercial Pennco Real Estate 1250 North 9th Street • Stroudsburg, PA 18360 P: 570-476-7711 F: 570-476-6130 email: retail@cbcpennco.com www.cbcpennco.com Spiros Bilianis, CCIM • James Fondi Teresa Mickens, CCIM • Susan Mikels Northeast Pennsylvania Experts

Colliers International – Philadelphia, PA (HQ) 399 Market St. Ste. 350 Philadelphia, PA 19106 P: 215-925-4600 F: 215-925-1040 www.colliers.com/philadelphia Michael Barmash • Despina Belsemes David Dunkelman • Michael Kahan Todd Sussman Colliers International – Conshohocken, PA 161 Washington St., Ste. 825 Conshohocken, PA 19428 P: 610-684-1850 F: 610-684-1857 Damon DiPlacido Colliers International – Allentown, PA 7535 Windsor Dr., Ste. 208 Allentown, PA 18195 P: 610-770-3600 F: 610-770-3100 Derek Zerfass Colliers International – Harrisburg, PA 300 N. Second St., Ste. 1203 Harrisburg, PA 17101 P: 717-730-3752 F: 717-238-3299 William Aiello • George Lulos Colliers International – Mount Laurel, NJ 1317 Route 73, Ste. 109 Mt. Laurel, NJ 08054 P: 856-234-9300 F: 856-222-1115 David Dunkelman Colliers International – Wilmington, DE 300 Delaware Ave., Ste. 1018 Wilmington, DE 19801 P: 302-425-4000 F: 302-425-4700 Mark Undorf

Dietrick Group, LLC 5100 W. Tilghman St. • Suite 320 • Allentown, PA 18104 P: 610-391-8888 F: 610-391-8830 www.dietrickgroup.com Kelly L. Berfield kberfield@dietrickgroup.com Ryan C. Dietrick rdietrick@dietrickgroup.com Lucy H. Lennon llennon@dietrickgrouip.com Alfred G. Vasta, Jr avasta@dietrickgroup.com Real Estate Sales, Appraisal & Property Management

Equity Retail Brokers 101 West Elm St. • Ste. 370 • Conshohocken, PA 19428 P: 610-645-7700 F: 610-645-5454 info@equityretailbrokers.com Stuart Conston • Lee Cooper • Bart Delfiner Ed Ginn • Kathy Haines • Conrad Heckmann Ken McEvoy • Rob Samtmann • Rose Urban Brian Wherty • Rich Zeller • Gregory Jones Chris Lee • David Goodman

Fameco - Woodbridge, NJ Woodbridge Towers • 555 U. S. Hwy 1 Iselin, NJ 08830 P: 732-526-9000 F: 732-526-9101 www.famecoretail.com Tyler Bennett • Carlo Caparruva Mike Horne Scott Jennerich • Dan Spector Steven Winters Fameco - Philadelphia, PA 1425 Walnut Street, Suite 200 Philadelphia, PA 19102 P: 215.557.0050 F: 215.557-0053 www.famecoretail.com Jackie Balin • Paige Barrow Michael Gray • Eva Redette Fameco - Plymouth Meeting, PA 633 West Germantown Pike • Suite 200 Plymouth Meeting, PA 19462 P: 610-834-8000 F: 610-834-1793 www.famecoretail.com Cathy Agnew • Brian Bruzek • Jeff Cohen Jim Creed • Scott Dennis • Brandon Famous John Fasciano • Dana Hawkins Jerry Johnson • Jon Kieserman Adam Kohler • John Krause • Jon Kushner Gary Leone • Marc Mandel • Matt Mandel Jay Miller • Steve O’Malley • David Orkin Dale Peterson • Rick Schuch Julie Tanpitukpongse • Dave Vitali Rick Weinberg • Marissa Visconsi Fred Younkin

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Mid Atlantic Real Estate Journal — Shopping Centers — August 26 - September 8, 2011 — 1 B

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

Levin Management P. O. Box 326 • Plainfield, NJ 07061 P: 800-755-7194 F: 908-755-7194 www.levinmgt.com Dale Mulartrick • Jake Frantzman • Barry Greenberg Pina Hoel • Stan Bernstein • Dennis Larrison

Joe R. Deerin, CSM • Donna Deerin Ward 120 North Pointe Blvd., Suite 301, Lancaster, PA 17601 P: 717-569-9373 T: 800-864-2633 www.LMS-PMA.com Dave Nicholson, Blaze Cambruzzi, Michael Boden, SCSM, Chad Ward, Blake Gross, Joe Spagnola, CCIM Ted Hummel, CCIM, e-pro, Wilay Boensch

David S. Feldman Regional Manager – Washington DC Office Special Assets Services – Regional Director 7200 Wisconsin Ave. • Ste. 1101 • Bethesda, MD 20814 P: 202-536-3700 F: 202-536-3710 www.marcusmillichap.com Danny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, Ed Laycox, Nathan Pealer, Rudolph Rueda, Peter Snell

Michael J. Fasano Marcus & Millichap 611 River Dr. • 4th Floor • Elmwood Park, NJ 07407 P: 201-582-1000 F: 201-582-1010 www.marcusmillichap.com Urszula Zoltek,Seth Pollack, David E. Thurston, Michael Lombardi, Brian Schiﬁlliti, Greg Babaian

Spencer Yablon Vice President and Regional Manager 101 West Elm Street • Suite 600 • Conshohocken, PA 19428 P: 215-531-7000 F:215-531-7010 www.marcusmilllichap.com

Remco Realty Group 525 MIlltown Rd. • Ste. 101 • North Brunswick, NJ 08902 P: 732-253-0888 F: 732-253-0887 www.remcorealty.net Peter Gallicchio, Owner/President Nicole Zeller - Christopher Virgo - Brian Heller Joseph Marino – Mark DiGiovanni

Derrick Dougherty, Matt Gorman, Tom Gorman, Andy Kaplin, Jordan Muchnick, Chris Munley, Brad Nathanson, Michael Shover, Mark Taylor, Dean Zang

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

Check here if you’d like a special listing (includes logo and border) Single Block (2x2) — $50.00

NAI Keystone Commercial & Industrial, LLC Exeter Ridge Corporate Center • 3970 Perkiomen Ave. • Ste. 200• Reading, PA 19606 P: 610-779-1400 F: 610-779-1985 John Buccinno • Bryan Cole • Steve Willems

Double Block (2x6) — $100.00

Company Name: _________________________________________________________________ Address:________________________________________________________________________ Telephone/Fax:__________________________________________________________________ E-Mail: _____________________ ___________________________________________________ Website:________________________________________________________________________ Commercial Brokers: ______________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ ______________________________________________________________________________ Elaine Fanning Mid Atlantic Real Estate Journal | 1-800-584-1062 | fax: 781-871-5299 | e-mail: efanning@marejournal.com

R. J. Brunelli & Co. 400 Perrine Rd. • Suite 405 • Old Bridge • NJ 08857 P: 732-721-5800 F: 732-721-9241 www.njretailrealty.com Richard J. Brunelli • William A. Lenaz Carl J. Minue • Martin Yaged • John Lenaz Ron DeLuca • Edward Abaid Danielle Brunelli-Albrecht • Michael Murphy Assunta Spedaliere

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

If you would like to appear in the Retail Directory, please ﬁll out coupon and fax

NJ-PA-DE-MD-VA

REAL ESTATE JOURNAL The Most Comprehensive Source For Commercial Real Estate News

Elaine Fanning, Publisher Ph: 800-584-1062 x 212 Fax: 781-871-5299 efanning@marejournal.com www.marejournal.com P.O. Box 26 Accord, MA 02018

16B — August 26 - September 8, 2011 — Shopping Centers — Mid

Michael Kercheval President & CEO ICSC

Peter Sharpe ICSC Chairman

Northern NJ State Directors PA/DE/S.NJ: State Director John-david W. Franklin Steven H. Gartner Madison Marquette Metro Commercial Real DC/MD/N.VA: Estate Larry M. Spott, CDP The Rappaport Companies Government Relations Committee Chair S.VA: Michael A. Mozzachio Susan F. Jones Grubb & Ellis Chancellor Development Group Government Relations Committee Chair Alliance Co-Chair PA/DE/S.NJ: Edward A. Shriver, Jr. Ed Kockman Strada Kochman Consulting Services Operations Co-Chair DC/MD/N.VA: Lynda E. Benedetto, Thomas C. Barbuti Whiteford, Taylor and SCSM Preston LLP Kravco Simon Co. S.VA: Roger R. Rodriguez Retail Co-Chair Timmons Group Roy T. Perez-Daple

Atlantic Real Estate Journal

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Member of International Brad Hutensky Council of Shopping Centers John-david Franklin Director, Eastern Division www.icsc.org PA/DE/S.NJ

VP & Trustee

Larry M. Spott Director, DC/MD/N.VA

According to the latest statistics from CoStar Group

U.S. Shopping-Center Industry tallies to nearly 108,000 centers

EW YORK, NY — The U.S. shopping-center industry grew to approximately 108,000 centers in 2010 according to the latest statistics from CoStar Group, Inc. that were compiled on behalf of the International Council of Shopping Centers (ICSC). That marked the slowest U.S. industry growth (+0.2% or 259 centers) on record since at least 1971 for which consistent data exist. Over the first four months of 2011, 50 new centers were tallied by the CoStar Group, which continues to suggest a sluggish annualized rate of growth. Total shopping-center space trends echo a similar pattern with a 0.2 percentage point gain in 2010 to 7.33 billion square feet of gross leasable area. “This slow industry expansion in the United States is still part of an adjustment process from the aftermath of the 2007-2009 recession,” observed Michael P. Niemira,

U.S. Shopping-Center Industry 2009

2010

2011*

Total # of Shopping Centers

107,514

107,773

107,823

Total Leasable Area S/F, Million)

7,301

7,326

7,330

Shopping Center Share of Total Retail Space

46.0%

45.9%

Measure

*As of April 2011

vice president, director of research and chief economist for ICSC. “As the economy continues to grow, however, this more constrained expansion will improve the occupancy rates and make for a more profi table industry.” “With retail sales surpassing their pre-recession levels and retail construction levels at 40-year lows, supply and

Source: CoStar Group

demand are more balanced and allowing the retail market to continue its recovery,” noted Chris Macke, senior real estate strategist for CoStar Group. Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its more than 55,000 members in over 90 countries include shopping center own-

Lowe’s Companies Alliance Co-Chair PA/DE/S.NJ: Next Generation Chair Edward A. Shriver, Jr Eric S. Penney Strada DC/MD/N.VA: Centro Properties Group Freddie L. Archer Lewis Real Idea Exchange Estate Services S.VA: Program Planning ComMatthew L. Laﬂer mittee Co-Chair Commercial Real Timothy Rubin Estate Services PREIT Next Generation Chair PA/DE/SNJ: Idea Exchange Jordan Claffey Program Planning ComSNJ: Lindsey C. Floyd mittee Co-Chair Centro Properties Group Brandon Famous Thalhimer Fameco DC/MD/N.VA: Jarett L. Parker Kimco Corporation

Susan Jones Director, S.VA

ICSC Philadelphia/ New Jersey/ Delaware Pennsylvania Convention Center Philadelphia, PA October 11-13, 2011

Upcoming Idea Exchanges

ers, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public offi cials. As the global industry trade association, ICSC links with more than 25 national and regional shopping center councils throughout the world. CoStar Group is commercial real estate’s leading provider of information and analytic services. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Headquartered in Washington, DC, CoStar maintains offi ces throughout the U.S. and in Europe with a staff of approximately 1,500 worldwide. n

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Mid Atlantic Real Estate Journal — Shopping Centers — August 26 - September 8, 2011 — 17B

Shopping Centers Business Card Directory Attorney

Attorney

Architect

Ma hew Ru , PE,CDP

President

direct/cell: (717) 490-2785 mrutt@landcoreconsulting.com

LANDCOREconsulting.com PHILADELPHIA • LANCASTER • PITTSBURGH • PRINCETON

Commercial RE Financing

Geotechnical Consultant

Landscape Architect/Civil Engineer

Property Management/Development

Real Estate Acquisitions

Real Estate Investment Svcs.

Daniel Katz

P: 212.710.9362

F: 917.591.5497

E: DKATZ@KATZPROPERTIES.COM WWW.KATZPROPERTIES.COM

Realty

Realty The James Balliet Commercial Group James Balliet JOSEPH HOEY Operations Manager President direct main cell fax

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B Back Cover — August 26 - September 8, 2011 — Shopping Centers — Mid

Atlantic Real Estate Journal

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PROPERTY MANAGEMENT FEATURING CONTRACTORS, OWNERS & MANAGERS

NJPA M A ID

TLANTIC

REAL ESTATE JOURNAL

Section C of the Mid Atlantic Real Estate Journal

Located in Trenton, NJ

The Kislak Company’s Weilheimer handles $4.85 million sale of 63-unit Grand Court Villas

RENTON, NJ — The Kislak Company, Inc., recently completed the sale of Grand C o u r t Vi l las, a 63-unit landmark multifamily for $4.85 million. Vice president M a t t We i Matt Weilheimer lheimer represented both parties in the

transaction. The property, which is registered as a National Historical Landmark, is the former site of the Clay, Henry and Bock & Company cigar factory. Built by Francisco & Jacobus in the 1800s, the grandiose, distinctive building reflects the Mission and Spanish Revival architectural styles, and boasts original emblems from the cigar factory on its façade. It is located in the Chambersburg

AUGUST 26 - SEPTEMBER 8, 2011

HI-LIGHTS Advantage Building & Facility Services awarded contract Hegarty & Faidiga of Advantage awarded contract with the city of Wilmington, DE for its Emergency Opertations Center. See Page 2C

Skanska donates blood to American Red Cross Skanska’s Blue Bell PA office held their 9th American Red Cross Blood drive. See Page 18C

ALSO INSIDE: BOMA OF NJ ORGANIZATION .............................................17C PEOPLE ON THE MOVE .........................................................18C NJAA ORGANIZATION .........................................................19C IREM ORGANIZATION ................................................... 20-IBC Section C, 20 pages

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section of Trenton. In 1986 the property was converted from a warehouse to an apartment building. A condominium conversion was completed in 2006, subject to state approval, although the property continues to operate as a rental property. Amenities include indoor parking and laundry rooms on each floor. The four-story elevator building is comprised of one and twobedroom units with 1 ½ and 2 ½ baths. Duplex units feature

spiral staircases, while top-floor apartments feature terraces and 14 ft ceiling heights. Grand Court Villas offers residents convenient access to some of New Jersey’s most heavily trafficked highways including Routes 1 and 29, Interstates 95 and 295, as well as the New Jersey Turnpike. Also in close proximity is the Trenton train station, which offers mass transportation via NJ Transit and Amtrak, as well as numerous banking and din-

ing establishments. The seller was represented by Steven Robinson,Esq. of Cullen and Dykman LLP of New York, New York. The purchaser was represented by Scott Herzog, Esq. of Fort Lee, New Jersey. Weilheimer joined Kislak in 1996 and is consistently one of the company’s leading producers. He has won numerous sales production awards at Kislak including the company’s 2010 Production Award. ■

General Growth Properties office portfolio in Maryland

Cushman & Wakefield’s Serko and Zeller to lead team on 1.5 million s/f MARYLAND — Cushman & Wakefield announced it has been named leasing and management agent of a 1.5 million s/f General Growth Properties office portfolio in Maryland. A Cushman & Wakefield team, led by vice chairman Jonathan Serko and executive VP Barry Zeller in NY, will oversee the leasing efforts for the office properties in Columbia, Baltimore and Owings Mills, while providing property management for the properties in Columbia and Owings Mills. The portfolio includes: Columbia Corporate Center, a seven-building office complex in Columbia Town Center totaling 876,475 s/f. Located adjacent to The Mall in Columbia with 250 shops and eateries, the office complex also offers views of Symphony Woods Park and Lake Kittamaqundi, as well as easy access to major thoroughfares. Cushman & Wakefield senior director Hayes Merkert, director Danielle Schline and director Karen Cherry will be the team members dedicated to Columbia Corporate Center. Harborplace Tower, a 261,780 s/f class-A office building overlooking Baltimore’s Inner Harbor. Cushman & Wakefield senior director Tim Jackson and associate director

10464 Mill Run Kyle Durkee will be the team members dedicated to Harborplace Tower. Owings Mills Corporate Center, comprised of two office buildings totaling 330,736 s/f, with close proximity to major highways and access to multiple restaurants and the Owings Mills Mall. Cushman & Wakefield senior director Tim Jackson and associate director Kyle Durkee will be the team members dedicated to Owings Mills

Corporate Center. “We are extremely pleased to have been appointed by GGP to maximize the value of their Maryland portfolio,” said Serko. Utilizing Cushman & Wakefield’s full-service platform, our leasing and property management teams will work seamlessly together to maintain these buildings at the highest standards, while bringing new leasing opportunities to market.” ■

C Inside Cover — August 26 - September 8, 2011 — Contractors, Owners & Managers — Mid

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 1C

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2C — August 26 - September 8, 2011 — Property Management — Mid

Atlantic Real Estate Journal

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Advantage Building & Facility Services receives contract

EST CHESTER, PA — Advantage Building & Facility Services, LLC, one of the region’s leading property management companies, ann o u n c e d Donna Hegarty the awarding of a contract with the city of Wilmington, Delaware for its Emergency Operations Center. The Emergency Operations Center (EOC) coordinates the efforts of all city departments and the at-large community to ensure that city officials are prepared to respond quickly and effectively should disaster strike. The team works hard to keep communications networks, transportation systems, infrastructure facilities, and vital public goods and services flowing to residents and businesses in the city when emergencies occur. The EOC responds to natural disasters such as snowstorms, floods, hurricanes, and nor’easters, and technical disasters such as chemical spills, hazardous materials incidents, etc. In addition, it provides 911 services for the residents of Sussex County; and dispatches Fire Companies, Ambulance Squads and County Paramedics, State Police Medevac Helicopter and other resource equipment to support the Fire Service of Sussex County. “We are thrilled with the addition of the EOC to our list of outstanding clients,” said Trish Faidiga, president,

2655 Interplex Dr. Advantage, “They looked at quite a few alternatives prior to choosing us,” she continued, “so it was an honor to have been selected.” Advantage, which has a staff of about approximately 25 team members, has been increasing its footprint over the last few years from Pennsylvania and New Jersey to the entire Mid Atlantic region—and has plans for expanding its workforce as well. “We specialize in more than commercial and institutional office buildings,” said Donna Hegarty, vice president at Advantage, “From property maintenance to tenant management, our services are designed for commercial, multifamily and flex properties. We focus on keeping both owners and tenants fully satisfied with their property,” she finished. ■

Contractors, Owners & Managers a section of the

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

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 3C

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4C — August 26 - September 8, 2011 — Property Management — Mid

Atlantic Real Estate Journal

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PROPERTY MANAGEMENT By Brian McMorrow, Bohler Engineering

New Jersey land use The learning curve is over

t was just 35 years ago this summer when New Jersey enacted its Municipal Land Use Law. Its intent and purpose seem reasonable and straightforward – Encourage municipal action to guide the Brian McMorrow appropriate use or development of all lands in the State, in a manner which will promote the public health, safety, morals, and general welfare . . . Ensure the development of individual

municipalities does not conflict with the development and general welfare of neighboring municipalities . . . and it goes on with more equally noble and “balanced” objectives. So how did such a noble and balanced law yield a land use process that became so contentious and costly? The easy answer is “Home Rule” whereby all 566 New Jersey municipalities have crafted their own land use ordinances, policies, practices and procedures (sometimes without regard to “the development and general welfare of neighboring municipalities” – oh, well). The planning and

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zoning board members that have stepped up to volunteer their time and energy have often been those citizens who are most AGAINST what’s happening in “their backyard”. The result has been an “us verse them” dance which has gone on way too long. Or maybe it hasn’t? While there are many environmental protection advocates who argue that the Garden State has been “paved over” and can’t ever go back, there are just as many builder and developer organizations who lament that there is a shortage of housing, that we did not take advantage

of more favorable economic times and that we have a lot of catching up to do with other states. Maybe it’s not such a bad thing at all that open space still remains . . . that we have charming villages . . . that we have cities that are making remarkable “comebacks”. I often tell younger associates about having to go through the “life cycle of a project” – working with a client who comes to us with a raw piece of land and an idea . . . help to assess environmental and zoning restrictions and requirements . . . prepare a plan . . . present it to a municipality . . . revise

the plan . . . face questions from “concerned citizens” and local officials and their professional consultants. . . revise the plan . . . work your way through other local, county and State agencies (revising the plan some more for sure) . . . field phone calls from bidders and contractors during the bidding and construction phase . . . maybe correct the plan . . . attend a ribbon cutting . . . and go back and visit the neighborhood or office park or retail center years later and see if stands the “test of time”. That “cycle” can very easily be 25-30 years. So, let’s proclaim “NJ Municipal Land Use Learning Curve” over. We’ve seen projects get built. We’ve seen the “skinny” trees that were planted mature. We’ve grown up in brand new neighborhoods and we have moved back to the city. We have built “McMansions” and Seniors-only housing. We travel too far to work. We wish we could take the train to work, but we can’t find work near the train station. Today, local planning boards are being openminded about proposed land uses which maybe were not anticipated when their ordinance was crafted 30 years ago . . . State officials are encouraging a more balanced and resultsoriented environmental review . . . and the public who shows up at public hearings are (generally) not ranting over any and all site plan and subdivision applications that happen to be on the agenda. The ingredients are in place for the Garden State to flourish. Brian McMorrow is a senior project manager at Bohler Engineering in Warren, NJ with 12 other branch offices from Massachusetts to Florida. ■

Madison Comm’l. hires Goldberg as dir. of education LAKEWOOD, NJ — Madison Commercial Real Estate Services (MCRES) announced the hiring of Lainie Goldberg as director of education for Madison Learning Center (MLC). Prior to joining MCRES, Goldberg was the director of marketing and business development for Building Blocks Consulting. She previously worked as an independent title closer associated with Junction Abstract of Brooklyn, NY. ■

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 5C

PROPERTY MANAGEMENT

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6C — August 26 - September 8, 2011 — Property Management — Mid

Atlantic Real Estate Journal

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PROPERTY MANAGEMENT By Douglas P. Gray, NAI Summit

How occupancy costs could affect the bottom line? s the economic business cycle continues to put pressure on profitability for businesses worldwide, it is imperative for organizations to truly understand how operating costs can af- Douglas P. Gray fect the bottom line. If your business does not own their facility, then your firm is most likely leasing space for operational purposes. While it is said that

the “art of the deal” is in the negotiations; before executing lease documentation, do you really understand how this agreement potentially affects business operations in the coming years? While most organizations focus exclusively on the rental rate during lease negotiations, there are other aspects of the transaction that will have a direct and indirect impact on a business’ ultimate occupancy costs and the firms potential bottom line. These components include but are not limited to the following: • The length of the lease

term. • The rental rate structure (full service, net, or otherwise) and the frequency and amount of fixed rent increases. • The calculation method for base year costs of operating expenses, real estate taxes, and increase controls. • The fluctuation of energy costs. • Amortization of landlord costs – paid construction allowance and capital improvements. • The inclusion of professional and service fees as part of the operating cost structure.

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• The payout of leasing commissions and incentives. • The tenants options and rights (such as growth, consolidation, termination, purchase, etc.) on the remainder of the building • The legal components of the lease that could impact the firm’s stability and potential cost exposure. • The payment of construction overages in excess of the allowance provided by the landlord. • Operational services required by the firm that are not provided by the landlord and others.

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Each one of the items listed, as well as other extenuating issues, could potentially have significant impact on a firm’s profitability. Before entering into your next lease transaction without proper representation, consult with a local real estate professional that understands the market conditions and has your firm’s interest in mind during the negotiation process. Once the terms of the agreement have been agreed upon and the lease has been executed, the documentation should not just be filed away and looked at when it needs to be renewed. In order to effectively administer the lease documentation and enhance value of the property, it maybe in the landlord’s best interest to engage a third party management company to oversee the legal components of the agreement. An independent management company has the resources to effectively oversee the documentation to ensure that the appropriate services are being provided and operating costs are being assessed in accordance with the lease terms and conditions. Douglas P. Gray is COO of NAI Summit. ■

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BLANDON, PA — Schlouch Incorporated has been named by Miller Brothers Construction, Inc. to provide concrete work for a new Sheetz Store. Schlouch is providing the concrete pavement, curbs and highway improvements on the two-acre site. Dean Nicholas is Schlouch’s site coordinator and Dave Powell is project coordinator/estimator. Work will be completed by Fall 2011. Schlouch has been named by Southern Lehigh School District to prepare the site for a tennis court renovation project in Center Valley, Lehigh Cty. Schlouch is providing clearing, grubbing, survey, stakeout, demolition, earthwork, storm sewer, paving, landscaping and seeding. Nicholas is Schlouch’s site coordinator and John Reinhart is project coordinator/estimator. Work will be completed by Summer 2011. ■

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 7C

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8,426 square feet space available on first floor. 4,500 Square feet unit available on second floor Multi-tenanted 60,000 +/- square foot building. Business park setting with ample parking. Very attractive rental rate. Will divide and finish to your specifications.

PERTH AMBOY – FOR LEASE EXCELLENT LOCATION – GREAT VISIBILITY 7,500 square feet available. Free standing building. Great location for Medical or Professional Offices Convenient access to Garden State Parkway and Route 440 Ample parking with partially fenced lot.

For information on these or other New Jersey properties please contact Sheldon Gross Realty, Inc. at 973-325-6200 or see our website at www.sheldongrossrealty.com The information contained herein has been obtained from sources considered reliable, but no guarantee of its accuracy is made by this company. Subject to errors, omissions or withdrawal without prior notice.

8C — August 26 - September 8, 2011 — Property Management — Mid

Atlantic Real Estate Journal

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PROPERTY MANAGEMENT ThermaRid, LLC

Thermal Remediation of Bed Bugs

ed bugs are a widespread, growing problem; rampant in areas that have a high turnover of residents. Hotels, apartment buildings, and nursing homes have a particularly high risk of infestation. The eradication of these bugs is costly to such institutions. The inconvenience and discomfort caused by bed bugs encourage residents to leave, resulting in vacancies and spreading. By the time a management company realizes that there are bed bugs on the premises, the infestations are typically widespread and the bed bugs are infesting

more than beds; in furniture, under carpet, in walls and

possibly spread to adjoining units. At this point, only the most aggressive methods will succeed. Heat treatments are an aggressive and highly effective way of eradicating the bed bug population. Some advantages to having a heat treatment performed as opposed to the traditional chemical treatment are: The thermal treatment kills every stage of the bed bug life cycle, works where chemicals fail, no toxic perfumes or residue, no preparation is needed, and typically, infested items do not need to be thrown away.

While traditional pest control procedures using chemicals have been successful in eliminating general pests, tests have shown the only way to completely eradicate bed bugs is through the use of heat. Recent studies show that bed bugs around the world have developed a resistance to the chemicals used to control them. As reported by Robert Lee Holtz in The Wall Street Journal in the January 20, 2011 edition, “researchers at the University of Massachusetts in Amherst recently reported in New York City, bed bugs are now 250 times

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more resistant to the standard pesticide than bedbugs in Florida, due to changes in a gene controlling the resilience of the nerve cells targeted by the insecticide”. However; due to the acute sensitivity that bed bugs have to heat, we are assured that all stages of bed bugs die through the use of thermal treatment. Heat treatment is a proven, non-chemical method of killing bedbugs. All life stages (adult, larva, and eggs) die within minutes at a temperature of 120°F. Using electric heaters powered by a trailer-mounted, diesel generator; the heat treatment introduces temperatures between 120°F and 140°F. During the heat treatment, the rooms being treated are monitored, in real-time, with wireless sensors placed throughout to ensure lethal temperatures are reached in every area of the room and its contents. High temperature blowers are positioned to move the heated air throughout the space - through mattresses, baseboards, cracks, crevices, and all hidden surfaces. Although the process may seem costly, eradication of bed bugs using a heat treatment can save thousands of dollars in dry cleaning bills and the cost of replacing infected items that would have been discarded during a chemical treatment. The time saved in preparation alone makes the heat treatment a superior option. Depending on room furnishings, floor surfaces, clutter and square footage, the treatment will take between 7 and 12 hours; completed in one working day. After completion, residents may return to their homes by evening – allowing the house to properly cool down. This is a relatively painless and completely environmentally safe procedure, making it the preferred choice for property owners and managers today. With the revolutionary treatment that heat provides, you can rest assured knowing that the most successful option in eradicating bed bugs, is also the safest out there. ThermaRid, LLC specializes in the proven treatment using heat to eradicate bed bugs. ThermaRid is centrally located in Lakewood, NJ and conveniently services NY, NJ, PA and CT. ■

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 9C

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10C — August 26 - September 8, 2011 — Property Management — Mid

Atlantic Real Estate Journal

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Property management

By Jay Gruen, Canete Snow Management

A property managers guide to successful snow management

nderstanding a few basic principles of how a snow event is thoughtfully managed, will substantially reduce the risk of liability and go a long way for your resiJay Gruen dent’s safety and your organizations bottom-line. First, timing is everything. A good contractor will under-

Hiring a competent and knowledgeable Snow Management company can save your company thousands of dollars a year and allow your key people to stay focused on what’s really important, while letting a firm like Canete Snow Management worry about the winter weather.

stand the forward logistics of an oncoming storm paying close attention to the storms projected timelines and the forecasted amounts for individual areas. This is information that you can request from your contractor so that you may post the info in common areas for your residents or staff. At Canete, our Team gets daily weather updates from trusted private and public services. The data is compiled and we are able to create an internal pre-event preparedness timeline and communication flow.

Having systems in place are how successful Snow Management operations are able to stay ahead of the major snow or ice events. Property Managers should also think about employing pre-storm systems by creating checklists to insure that every detail is been attended before the snow starts flying. Understand the process and logistics involved in keeping a property clean during an event. Also note the importance of which snow chemicals to use, and how exactly each of the chemicals performs. Our firm uses only high quality chemicals and salt which keeps us ahead of the curve. Higher-quality chemicals cost more, but they insure cleaner surfaces that are clear in far less time. For example, if we arrive early and pre-salt a parking area, the passing Alberta Clipper might leave nothing but wet pavement. In the case of a lager event, the pre-application of chemicals will buy us valuable time so that we can stay ahead of the event and slow down imminent accumulation Also, have a grasp on how long it will take your snow contractor to mobilize for an event. If you know it will take your contractor 45mins to arrive, calling him after the snow starts is too late. Trying to save a few dollars by waiting, will almost always result in far more cost when it comes to personal injury or property damages caused by the delayed response. At Canete we strive to take much of the burden of winter off the shoulders of the Property Managers by creating and adhering to the systems listed above. Hiring a competent and knowledgeable Snow Management company can save your company thousands of dollars a year and allow your key people to stay focused on what’s really important, while letting a firm like Canete Snow Management worry about the winter weather. Jay Gruen is director of design & sales of Canete Snow Management. n

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 11C

Property Management First Chair of BOMA of Central Pennsylvania

Chair member Latchford proudly supports 38 members

he purpose of BOMA of Central Pennsylvania is to create, maintain and develop cooperation among those employed within the commercial real estate community to promote the general Helen Latchford welfare of the real estate industry, and to provide membership advocacy, professional development and

networking opportunities. As the first Chair of BOMA of Central Pennsylvania, I am honored to be able to write a few words on behalf of members. We began this journey with uncertainties as to whether we would meet our goals and deadline by January, 2011. Well I am happy to say, “WE DID IT”! On January 26th, 2011, BOMA of Central Pennsylvania received their federation status making BOMA of Central Pennsylvania the 93rd local within BOMA In-

ternational. Our local covers 17 counties throughout Central Pennsylvania and proudly supports a total of 38 members comprised of professionals in the commercial real estate and service industries. At BOMA of Central Pennsylvania, we understand that communication and involvement from our members is critical to the success of our organization. Their goal is to continue to help build strength, synergy and success for our industry and association. n

Cassidy Turley to provide leasing and property management services for 534,224 s/f portfolio WASHINGTON, DC — Cassidy Turley announced that it has been selected by Garrison/ FD Stonewater to provide leasing and property management services for a 534,224 s/f portfolio in Reston, Virginia. The firm will provide both leasing and property management services at Reston Corner I & II, located at 12001 and 12005 Sunrise Valley Drive, and Parkridge V, located at 10780-10790 Parkridge Boulevard, and will provide property management services at Parkridge II, located at 10803 - 10805 Parkridge Boulevard. These class A office buildings are proximate to numerous shopping, dining and service amenities, and are just minutes from Dulles International Airport. Cassidy Turley’s Spencer Stouffer, Tim Summers, Scott Goldberg and Shaun Collins will handle the marketing and leasing of the portfolio, and Ben Comm,

Breaking New Ground

Reston Corner, 12001 Sunrise Valley Dr. Thomas Updike, Dianne Twinam, Billy Pritchett and Carol Payne will handle the property management. This first class portfolio is well capitalized and offers a great value for tenants seeking space on the Dulles Toll Road. The buildings feature significant upgrades to common areas and amenities and are uniquely positioned to meet

the needs of tenants seeking suites from 1,500 to 100,000 s/f,” said Spencer Stouffer, Senior Managing Director and Principal of Virginia Leasing for Cassidy Turley. “Now with over 500,000 s/f of product in Reston, the Garrison/FD Stonewater team stands to be the fifth largest commercial property owner in this submarket,” Stouffer said. n

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12C — August 26 - September 8, 2011 — Property Management — Mid

Atlantic Real Estate Journal

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PROPERTY MANAGEMENT Property Owners Association

September 14th “Hot Topics in Fair Housing” n Wednesday, September 14, 2011 the Property Owners Association will feature, “Hot Topics in Fair Housing.” The presentation to be made by Christopher J. Hanlon, Esq. of the law firm Hanlon Niemann, P.C., will touch on the fundamental principals of Fair Housing law but it will primarily focus on a more advanced consideration of issues that owners

and managers face related to screening and lease enforcement as a result of the changing demographic make up of your resident and applicant populations. Mr. Hanlon has decades of experience in representing property owners and managers who must deal with Fair Housing and other issues on a day to day basis. Some of the issues that will be explored include: • Sexual Orientation • Immigrants both legal and illegal • National Origin

• Disabilities • Non obvious disabilities • Mental disabilities • Reasonable accommodations • Related screening issues The program will take place at The Wilshire Grand Hotel, 350 Pleasant Valley Way, West Orange, NJ, and begin at 6:30 p.m. The program is generously sponsored by Kenneth Jaffe Advertising, as well as David Lerner Associates. The schedule of events for the evening is as follows: • 6:30pm First Time Investors

Seminar • 7:00pm Business Meeting • 7:15pm Legal Forum • 7:45pm Feature Presentation Landlord Tenant Law This meeting is FREE to members while non-members are welcome to attend for $35 which is applicable to dues should they join within 30 days. Property Owners Association, celebrating its 62nd anniversary this year, exists to bring together owners and managers of residential real estate, interested persons, and industry personnel for

The Property Owners Association of New Jersey, Inc. exists to bring together owners and operators of residential real estate, interested persons, and related industry personnel for educational and information sharing purposes. The organization is comprised of owners and managers of apartment units and other individuals who work in ﬁelds related to the housing industry.

POA Calendar September 14 Hot Topics in Fair Housing October 5

Department of Community Affairs Update

November 9

Due Diligence The Art of the Real Estate Deal

December 7

Social Media and Technology

All meetings begin at 6:30 p.m. at the Wilshire Grand, 350 Pleasant Valley Way in West Orange, NJ.

Property Owners Association 1072 Madison Ave., Lakewood, NJ 08701 *ÊÇÎÓ®ÊÇnä £ ÈÈÊUÊ ÊÇÎÓ®ÊÇnä £È££ www.poanj.org

educational and information sharing purposes. The organization is comprised of owners and managers of multi-family rental properties and other individuals employed by a related business. Through an organized program of information dissemination, project development and educational seminars, the Association is keeping its members informed of all phases of the housing industry. For further information, please contact the POA office at 1072 Madison Avenue, Lakewood, NJ 08701 or by calling Kelly M. Voicheck at (732) 780-1966 or e-mail at poanj@verizon.net ■

SJP Construction wins project mgmt. assignment MORRISTOWN, NJ — SJP Construction, has been tapped to serve as the construction and project manager for Northwestern Mutual Insurance Co. in the company’s relocation to Morristown. In this role, SJP will complete a wide-range of services to support Northwestern Mutual’s relocation, including site evaluation, design team selection, material and design coordination, budgeting, bidding, bid negotiations and awards, construction, technology coordination, FF&E management, and move-in management. SJP executive vice president of construction Ed Marchese, LEED AP, is overseeing the assignment. SJP worked along side Northwestern Mutual’s broker, Rémy deVarenne, Jr., senior vice president of CB Richard Ellis, to identify approximately 21,000 s/f in two units at 10 Madison Ave. that effectively addressed Northwestern Mutual’s business and operational needs. “SJP has demonstrated the highest level of professionalism and a firm commitment to achieving our objectives in every aspect of the process,” said Eric Olson, managing partner at Northwestern Mutual. “We continue to be impressed by the SJP team as they assist our company in creating exceptional office space to meet our current and future needs.” ■

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 — 13C

PROPERTY MANAGEMENT

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14C — August 26 - September 8, 2011 — Property Management — Mid

Atlantic Real Estate Journal

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PROPERTY MANAGEMENT By Jonathan Glick, Executive vice president, Sheldon Gross Realty, Inc.

Successful property management begins with excellent people management

ith approximately 1.3 billion square feet of warehouse, flex, office and retail space existing in Northern& Central New Jersey many owners turn to professional managers to handle the Jonathan Glick many tasks needed to keep their properties operating well and to save money. Day to day financial reporting, accounting, lease

administration, rent collection, maintenance, security and risk management are all important items that must be addressed, while staying current with the next generation of software and hardware to perform these tasks more efficiently. A good property manager is able to understand current market conditions and the market trends. Since 2008 we have been focused on retention. We expected and understood the downturn in the economy. If one of our properties were to go vacant,

we were not sure when the next tenant would appear. This is when people skills are put to the test. Owners need to understand the urgency of keeping their tenants and to keep their tenant’s feeling that their landlord is negotiating reasonably. This concept has made negotiating new terms to re-let or modify existing leases a very important task for the property manager. Another of the property manager ’s most important tasks is visibility. Property managers need to inspect each property on a monthly basis

and, while there, interact with the tenants to see if there are any concerns which should be addressed. When tenants feel that the ownership is taking an active interest in the property and the tenant’s needs, it gives them a positive view when they are considering renewing or extending a lease. Establishing a good working relationship with the tenants is key in working with them to renegotiate a lease. From the owner’s perspective, these monthly inspections allow the property manager to check that the tenant

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is living up to the terms of their lease and that the building is being maintained in the proper condition. This is extremely important in the case of netleased buildings where the tenant may be responsible for maintaining HVAC systems and making necessary repairs. In addition to the landlord and tenant interaction, it is necessary to be very successful working with building vendors to make adjustments in their contracts. In this economy a major key to profitability is producing cost efficiencies. Annual bidding of all contracts enables the property manager to maintain a high quality of services be it landscaping, snowplowing, insurances and all the necessary repairs and maintenance needed for keeping a property an efficient place to conduct business, at the same time keeping all costs low. One of the biggest concerns affecting cost containment is energy. Technology is playing a major role in property management and there are an increasing number of new tools and strategies available to become more energy efficient. From controlling lighting and heat to solar and other alternative energy options, property managers are working with new suppliers and technologies to increase cost savings in this area. Having a motivated property management team willing to invest time in learning new management techniques is essential in maintaining the highest standards and produce successful results for both owners and clients. All parties s appreciate the ability to have immediate access to information and reporting. The personal service afforded to clients through long-term relationships gives them the security to know that the manager is listening to their expectations and taking action to provide them with the highest level of service. With 40 plus years of experience in the commercial real estate business, Sheldon Gross Realty prides itself on their multi-generational family participation, long term employees and clients that were once the children of the property owners. We look forward to every new assignment assuming that we will manage their properties as if it was one of our own. ■

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 — 15C

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16C — August 26 - September 8, 2011 — Property Management — Mid

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PROPERTY MANAGEMENT Bogota property trades to settle estate of private owner

Gebroe-Hammer Associates’ Pine arranges $3.6 million sale of 44 Bergen County, NJ units OGOTA, NJ — In one of New Jersey’s highest barrier-to-entry multi-family investment markets, Gebroe-Hammer Associates has arranged the $3.6 million sale of 44 Greg Pine units in Bergen Cty. Senior vice president Greg Pine represented the seller’s estate trustee in the disposition of 112-128 East Fort Lee Rd. and identified the buyer. Gebroe-Hammer was

112-128 East Fort Lee Rd.

retained as the broker, after another firm was unable to sell the property, and arranged the trade within 75 days. The seller, East Fort Lee Road Corp., owned the building for more than 50 years. “The East Fort Lee Road property was a very unique opportunity for the buyer to acquire a mid-rise complex as part of an estate sale in the heart of Bergen County,” said Pine, who is a Bergen County market specialist. “Investors are typically drawn to these types of properties due to the area’s strong working-class family demographic, proxim-

ity to employment centers like New York City and access to mass transit links and the area’s highway infrastructure, all of which support steady occupancy rates.” This latest transaction follows two recent Gebroe-Hammer trades in Bergen County. David Oropeza, executive vice president, and Pine orchestrated the $1.9 million sale of 19 one-bedroom units in Fairview. Pine also closed a $750,000 note, encumbered by a 6,000 s/f office building, in Fort Lee. “With very few – if any – new multi-family construction

starts in Bergen County, and soaring demand among young professionals, couples and families for quality apartmentrental living, investors are vying for the ‘rare’ properties that do come to market,” said Ken Uranowitz, managing director. “Because of the supply/demand gap, low-interest-rate environment and near-100 percent occupancy rates in Bergen County, long-time owners are opting to sell their suburban and urban garden, mid- and high-rise apartment buildings and complexes at prices and cap rates similar to that of just a few years ago.” ■

Marcus & Millichap NJ brokers $915k, apartment building

WEST NEW YORK, NJ, —Marcus & Millichap Real Estate Investment Services has announced the sale of a 13 unit apartment property located in West New York, NJ, according to Michael Fasano, vice president/regional manager of the firm’s New Jersey office. The asset commanded a sale price of $915,000. Senior associate Maz Radwan and associate Steven Matovski, in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller. Maz and Steve also secured the buyer, a local investor. “A rise in demand for Hudson County Multi-Family has made it a highly sought after area among investors. WNY’s proximity to Manhattan, compressing vacancy rates and increasing rents made this deal attractive to our client,” adds Matovski. The asset has a desirable unit mix of one and two bedrooms. The building is comprised of eight-one bedroom/ one bath units and five-two bedroom/one bath units. ■

17C — August 26 - September 8, 2011 — Property Management — Mid

Atlantic Real Estate Journal

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The Building Owners and Managers Association of New Jersey By Ron DeBiasse, Lone Eagle Management Forensic Property Management The definition of Property Management is very straight forward. In fact, the argument could be made that the entire definition is contained in the name itself. Property Management is simply the management of Property usually defined as commercial, industrial or residential. Most of our peers would further define management by the daily tasks that they perform such as tenant relations, contracted services administration, accounting, cash management, equipment operation and many other tasks far to vast to enumerate here. However, in the current economic climate many management assignments are not as straight forward as they were in the past. The Management Agreement that was once initiated by a developer or group of investors has been replaced by a Court Order from a foreclosure action or by a lender acting as Mortgagee in possession.

2011 Officers & Directors President Lisa Kochan Grubb & Ellis 100 Passaic Street Fairfield NJ 07004 (973) 486-2545

Property Managers that have taken on these types of assignments have often found themselves without the records and documentation that are usually provided when they develop a new client relationship.

lisa.kochan@grubb-ellis.com

A Property Manager faced with this situation will have to perform what my firm refers to as Forensic Property Management. Defining Forensic Property Management is not as straight forward.

Ron DeBiasse

One definition of the term forensics is “relating to or dealing with the application of scientific knowledge to legal problems”. This definition seems to apply since Property Managers appointed by a court or lender to assist with the foreclosure process are applying scientific knowledge to a legal problem. A Forensic Property Manager does not receive a package from prior management or Ownership. Often the only “thing” received is the Right of Access to the property. In fact a Forensic Property Manager will recreate the technical data of a Property from interviews with tenants and inspections of the property including equipment, utility services and metering, roof surfaces, etc… Due to a lack of information the Forensic Property Manager must inspect a property and perform an investigation much in the the same manner that a crime scene investigator would walk a crime scene. But unlike a crime scene detective the forensic property manager is harassed by old debtors, state and municipal inspectors, unsecured lien holders and last but not least bewildered tenants, confused and suspicious. This ever changing world does provide a surprise filled arena for us to perform our trade. The present economic conditions have put a new spin on well known tried and true processes. The only way to survive is to adapt and learn. That is why more than ever our BOMA relationships are important as a collective knowledge pool as the source for the solution to new problems in our evolving industry. Ron DeBiasse Vice President, BOMA-New Jersey Lone Eagle Management Managing Director Mr. DeBiasse has over thirty years of experience in the commercial real estate industry. As Managing Director of Lone Eagle he is responsible for delivery of management services to investors and owners of real estate, with duties including working with building ownership on creating and executing property and portfolio business plans, monitoring building operations, maintaining client relations, and implementing operating budgets. Mr. DeBiasse is also responsible for developing and securing management accounts and maintaining existing accounts. Prior to founding Lone Eagle Management with his wife Joe and son Ron, Jr., Ron worked for many of the New Jersey Real Estate Companies, was a CFO for a major New Jersey developer and held various financial and administrative positions in the USA, Europe and South America. Ron has been involved in BOMA New Jersey for over ten years serving on their Government Affairs Committee and later Chairing that Committee, he has been a member of the Board of Trustees for over six years serving as a Trustee, then Secretary/Treasurer and currently is Vice President of BOMA New Jersey.

Vice President

Lone Eagle Management PO Box 1235 Madison NJ 07940 (973) 377-7377 rond@loneeaglemanagement.com Secretary Robin-Ann Juron Bergman Real Estate Group 555 Route One South Iselin NJ 08830 (732) 855-8600 Robin@bergmanrealty.com Treasurer Dave Cali, RPA Alfred Sanzari Enterprises 25 Main Street Hackensack NJ 07601 (201) 342-2777 davecali@sanzari.com

18C — August 26 - September 8, 2011 — Property Management — Mid

Atlantic Real Estate Journal

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PEOPLE ON THE MOVE From the Institute of Real Estate Management

As estimator

Miller of SVN – Miller earns AMO accreditation

Stalco Construction adds Richard Esposito

A L I S B U R Y, M D — S p e r r y Va n N e s s – Miller Commercial Real Estate, headquartered in S a l i s b u r y, has earned the Accredited Management Organization (AMO) accreditaAmy Miller tion from the Institute of Real Estate Management (IREM), an affiliate of the National

Association of Realtors. The AMO accreditation is awarded to real estate firms that have a track record of high performance, experience, stability and financial accountability and have a Certified Property Manager (CPM) directing and supervising the real estate management team. In addition, AMO firms must abide by a rigorous Code of professional ethics that is strictly enforced by the Institute. Amy Miller, CPM serves as the firms executive CPM and is managing director of Prop-

erty Management with over 20 years of commercial real estate management experience. Miller received a Masters of Business Administration from Salisbury University after attending Elon University for undergraduate work. Miller serves on the board of directors for the Eastern Shore March of Dimes and the Salisbury University Foundation. Additionally, she is a member of the Salisbury Area Chamber of Commerce and Salisbury University Alumni Association. ■

Becker Morgan Group congratulates Dodd, Hastings and Hitchens DELAWARE, MD — Becker Morgan Group congratulates J.C. Dodd for passing the examination to become a Delaware Professional Land Surveyor. To obtain this registration, an individual must pass a series of exams and fulfill education and experience requirements set forth by the Division of Professional Regulation/Board of Professional Land Surveryors. Dodd is a senior associate in the firm’s Dover office and manages the Dover survey crews. Dodd’s responsibilities with Becker Morgan Group include serving as a project manager and survey manager for various municipal and site development projects including many school institutions and residential subdivisions; as well as preparation of boundary surveys, record plats for major and minor subdivisions, topographic survey base maps and ALTA / ACSM Land Title surveys. Brad Hastings, AIA, LEED AP, vice president of Becker Morgan Group, recently presented on the topic of School Construction and the Construction Management at-Risk Project Delivery Method during

J.C. Dodd

Brad Hastings

the Association of School Business Officials (ASBO) of MD and DC Spring Conference in Ocean City, MD. Hastings was a presenter along with Brian Foret AIA, director of facility services for Wicomico County Public Schools and Scott Saxman, Project manager for The Whiting-Turner Contracting Company. The presentation addressed the real life application of the Construction Management at-Risk (CMr) project delivery method which was utilized on the new James M. Bennett High School. This $74 million project was completed under budget and one year ahead of schedule. Hastings is the director of the firm’s Educational Market Sector, which has completed award winning educational facilities worth

chairman of the NY/NJ chapter of the NACE International, National Association of Corrosion Engineers. NACE Int’l. is recognized as one of the premier authority for corrosion control solutions worldwide. The association began with just 11 engineers and has grown to include more than 25,000 members in over 100

sis. His work will focus on commercial and institutional projects in New York City and on Long Island. Esposito joined Stalco following 25 years of work as owner/operator of construction companies and project manager for a wide range of building projects. His experience includes operating two firms he owned, RJE Contracting and Island Contracting and Design, as well as positions of project manager and superintendent at NRI Construction and Conor Construction Consultant. ■

Skanska donates blood to the American Red Cross

Rhonda Hitchens

over $519 million over the last 17 years. Becker Morgan Group announced that Rhonda Hitchens, executive assistant in the Dover office, will serve as the 2011-2012 president of the First State Chapter of the International Association of Administrative Professionals (IAAP) in Dover. IAAP is a worldwide association for administrative support staff. Rhonda was installed at the chapter’s June 28 meeting. Hitchens also received IAAP’s Member of Excellence recognition. To achieve this recognition, members are required to satisfy 8 out of 11 criteria including becoming a Certified Professional Secretary (CPS) or Certified Administrative Professional (CAP). ■

Eschete, Jr. of H2Mm elected chairman of The New York/New Jersey Chapter of NACE International MELVILLE, NY — Arthur M. Eschete, Jr., (shown) department manager of the inspection services division at H2M Architects + Engineers has been elected

ISLANDIA, NY — Stalco Construction, Inc., a general contracting and construction management firm active in New York City and the Tr i - S t a t e area, hired Richard Esposito as estimator. Esposito Richard Esposito is responsible for developing cost estimates for all trades, negotiations with subcontractors, bid package preparation, and value engineering analy-

countries. Built upon decades of knowledge and expertise from its dedicated members all around the world, NACE International is involved in countless industries and areas of corrosion prevention and control, including chemical processing, water systems, transportation and infrastructure protection, to name a few. ■

Skanska’s Blue Bell, PA office, recently held their 9th American Red Cross Blood drive. Skanska understands that giving blood is one of the easiest and most important ways to give back to the community, and this event will help save more than 60 lives.

Tishman Construction appoints Wenger as pre-construction manager WASHINGTON, DC— Tishman Construction Corporation (TCC), an AECOM company, announced that Robert Wenger has been named pre-construction manager, for its operations in the metro DC area, where he will be responsible for managing all pre-construction activities for clients. Wenger will place special focus on adding value to clients’ projects by ensuring accuracy of proposed budgets and schedules, providing value-engineering options for cost-savings and efficiencies, introducing innovations, and reviewing bids received from sub-contractors for comprehensiveness and accuracy. “As we continually seek to provide innovative solutions for our clients during our

analysis of projects in their pre-construction phase, it is imperative that we have the most qualified people in place to lead our teams,” said Jeffrey Dodd, executive vice president, Tishman Construction Corporation of DC “Robert brings a wealth of knowledge and experience to Tishman that enhances our ability to offer a broad array of options for clients at the onset of a project.” Wenger comes to Tishman Construction with 15 years of construction industry experience and a degree in civil engineering from Kansas State University. Prior to joining Tishman, he most recently worked for Foulger-Pratt Contracting where he served as a senior estimator. ■

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 — 19C

MULTIFAMILY New Jersey Apartment Association Advance & protect the welfare of the apartment industry in NJ NJAA PARTNERS WITH CALLSOURCE TO INTRODUCE NEW ONLINE EDUCATION PORTAL VIA NJAA.COM

President Jeff Smith, Kriegman & Smith

The New Jersey Apartment Association is proud to announce a partnership with the National Apartment Association and CallSource in the launching of a universal online-based Learning Management System (LMS) that will be utilized across all NAA affiliates. Using our new system, you can sign up for NJAA’s online courses 24 hours a day! These interactive online courses are designed to last about an hour. You can take any of the over 40 courses without leaving the office or home, and you are able to go at your own pace. Some of the courses offered are: Fair Housing (Spanish & English) for On-Site, Fair Housing (Spanish & English) for Maintenance, Computer Training (Excel, Word, Outlook, etc.) and Customer Service. Upon completion, you will be able to print a certificate. Each online course is worth one (1) Continuing Education Credit (CEC). Course Tuition is currently being offered at the introductory price of $25 to $35 for NJAA members. Try a class today! When you sign up, you will also be provided with a personal profile, with printable transcript, that will keep track of all your completed courses including NJAA’s person training and seminars, online courses and NAAEI designations. Visit www.njaa.com for more information.

Regional VP North Jersey Brent Kohere, Home Properties

Regional VP Central William Dailey,CPM CIS Management Inc.

Regional VP South Joe Spadaccini The Kamson Corporation

SHARE YOUR EXPERTISE WITH NJAA MEMBERS Now Accepting Education Proposals for 2012 We’re quickly approaching 2012 and have started preparing our Educational Programming. Do you or your company have knowledge on a particular topic or subject that would be of interest to fellow NJAA members? If so, now is the time to submit your presentation proposal. All proposals will be considered, provided they include subject title, speaker name(s), program length and brief program outline. Some topics of interest to our members include: Basics of Operation and Troubleshooting for Heating and Air Conditioning Units, Fair Housing Basics in Spanish, EPA Certified Renovator Initial Training, Certified Pool Operators (CPO), Dealing with Difficult People and Customer Service. Additionally, we are in need of instructors for the following NAA Designation courses and programs: National Apartment Leasing Professional (NALP), Certified Apartment Managers (CAM) and Fair Housing and Beyond. If interested, please complete and submit a Proposal Request. If available, please include handouts, PowerPoint and other session materials intended for class use. Final decisions for all applications are at the sole discretion of NJAA. Should you have further questions or are in need of additional assistance, please contact Melissa Vaccariello directly by e-mail or (732) 992-0604

VP Associate Affairs Ray Fiorica AFR Furniture Rentals

Legislation VP Michael C. Haydinger First Montgomery Group, AMO

Treasurer Lynne Aber Bertram Associates

Secretary Stephen Waters Morgan Properties

20C — August 26 - September 8, 2011 — Property Management — Mid

WWW.IREM.ORG

Atlantic Real Estate Journal

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Institute of Real Estate Management

2011 OFFICERS NEW JERSEY CHAPTER NO.1 PRESIDENT SCOTT DALLEY, CPM® ACCESS PROPERTY MANAGEMENT, AMO® VICE PRESIDENT LAWRENCE SAUER, CPM® TAYLOR MANAGEMENT CO., AMO® SECRETARY MARK PHILLIPS, CPM® PHILLIPS ASSET MANAGEMENT CO., INC. TREASURER MICHAEL FRIED, CPM® BOSTON PROPERTIES

COMING YOUR WAY – IREM® ASSET MANAGEMENT TRACK

DELAWARE VALLEY CHAPTER NO. 3 PRESIDENT JODY DIMPSEY, CPM® JLD MANAGEMENT GROUP PRESIDENT-ELECT MICHAEL CARR, CPM® WELLS FARGO WEALTH MANAGEMENT VICE PRESIDENT JERRY NEILL, CPM® CB RICHARD ELLIS CO., AMO® VICE PRESIDENT RICH SKOCZYLAS, CPM® AIMCO VICE PRESIDENT STEPHANIE BURG-BROWN, CPM® CANDIDATE BSA MANAGEMENT CORP., LLC VICE PRESIDENT ANNE-MARIE NIKLAUS, CPM® MADISON APARTMENT GROUP SECRETARY/TREASURER INGO KRAUS, CPM® CITIZENS BANK

SOUTHERN NEW JERSEY CHAPTER NO. 101 PRESIDENT SANDRA E. CIPOLLONE, CPM INTERSTATE REALTY MANAGEMENT CO., AMO VICE PRESIDENT DIANE WERSLER, CPM® CANDIDATE INTERSTATE REALTY MANAGEMENT CO., AMO® VICE PRESIDENT MARIA AVERY, CPM® CANDIDATE MANHATTAN MANAGEMENT CO. SECRETARY/TREASURER PATRICIA BALDT, CPM® CANDIDATE WESTGATE MANAGEMENT CO., INC.

November 14 – 18, 2011 Investment Real Estate Financing and Valuation Part I – III Location: Renaissance Woodbridge Hotel, Iselin, N.J. Offered by: IREM® 1, 3 & 101 Cost: $1450 Premier member; $1680 Classic member; 1820 Non-member

For more information on courses offered by IREM® Chapters No 1, 3 & 101 visit www.IREM1.org/www.IREM3.org/www.IREM101.org Or call chapter offices 856-303-0190/856-786-9260/856-829-8939

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Mid Atlantic Real Estate Journal — Property Management — August 26 - September 8, 2011 — Inside Back Cover C

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C Back Cover — August 26 - September 8, 2011 — Property Management — Mid

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