1-13-2012

the most comprehensive source for commercial real estate news

REAL ESTATE JOURNAL

Inside:Mid Atlantic ...................................................................1-18

New Jersey .................................................................19-30

Pennsylvania ............................................................31-BC

Spotlights / FeaturesDelMarVa .......................................................................8-10

2012 Forecast ...............................................................8-11

TriState Organization ............................................12-13

Calendar of Events .........................................................14

Business Card Directory ........................................... 15

SNJ Appraisal Institute ....................................... 28-29

ICREW New Jersey .........................................................30

CREW Philadelphia ................................................ 40-41

CREW Lehigh Valley.............................................44-IBC

ColumnistMiles Berger .......................................................................2

Next IssueJanuary 27, 2012• Mid Atlantic

• Green Building

featuring 2012 Incentives/Programs

• Shopping Centers

featuring Mid Atlantic ICSC Conference & D.M.

• Owners, Developers & Managers

featuring Building Services & Suppliers

• Economic Development Spotlight

48 pages

Vol. 24, Issue 1 January 13, 2012

New Jersey Department of Transportation Commissioner and NJ TRANSIT board chairman James Simpson and NJ TRANSIT executive director James Weinstein joined local, state and federal offi cials today to celebrate the completion of a project that returned a portion of Hoboken Terminal to its original design ....... 19

CBC/Bennett Williams has arranged the following transactions: In sales: 3.92 acres of commercial land at 362 N. Main St. located in Loganville. ........................31

362 N. Main Street

EXIT 10

Inside Cover — January 13 - -26, 2012 — Mid Atlantic Real Estate Journal MAREjournal.com

REAL ESTATE FINANCING

$364,000,000

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

FOUR SEASONS RESORT ORLANDOAT WALT DISNEY WORLD RESORT

ORLANDO, FLORIDA

A 444 room luxury resort to be builtat the Walt Disney World Resort

Developers

The undersigned arranged construction financing for the above project

MAREjournal.com Mid AtlanticRealEstateJournal—January13-26,2012—1

2 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal MAREjournal.com

Mid AtlanticReal Estate Journal

T

Mid Atlantic REAL ESTATE JOURNALPublisher ............................................................................Linda Christman

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

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

Section Publisher ................................................................Elaine Fanning

Senior Editor/Graphic Artist ................................................ Karen Vachon

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

Offi ce Manager ...................................................................Joanne Gavaza

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

Mid Atlantic REAL ESTATE JOURNAL ~ Published Bi-Monthly

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

By Miles BergerNYC Tourism Industry

Boosts Newark Hotel Market

They wrote the policy.

We make sure they write the check.

M. MILLER & SONPublic Adjusters

Since 1960

1211 Liberty Ave., Hillside, NJ 07205 ● Tel: [email protected] ● www.mmillerson.com

continued on page 4

Contact: NEIL A. STEIN www.kaplaw.comOther Offices:

Kaplin StewartA t t o r n e y s a t L a w

Experience Counts. Count On Us.

he Newark, NJ hotel industry is thriving heading into 2012.

While the continued evolution of the city’s entertainment, cultural and corporate draws can be credited in part for the strong performance, the real catalyst can be found in NYC’s burgeoning tourism industry.

According to a January 2011 press release from the offi ce of NYC Mayor Michael Bloom-berg, in 2010:

48.7 million people visited NYC, up 6.8% from 2009.

39 million of these visitors were from the U.S. and 9.7 million from abroad—both records.

The hospitality industry added 6,600 jobs across all in-dustry sub-sectors; the industry employs the most people in summer, and July 2010 set an all-time record for total jobs with 323,200.

25.7 million room nights were sold, a new record, ex-ceeding the previous high by 2 million room nights.

Average daily room rates

rose to $330 in December 2010, an 8.9% increase over 2009.

The mayor recently an-nounced that the city’s hotel inventory will reach 90,000 rooms by the end of 2011. This record number represents a 24% increase over the past five years. More than 7,000 additional rooms are in the pipeline.

These numbers all translate to an overall upward trend for NYC’s $31 billion tourism industry, according to a re-cent press release from Mayor Bloomberg’s office. It reads: “The City is on track to reach a record number of visitors this year…occupancy remained at close to 85%, the highest in the

nation.” In short, the city is on pace to meet its goal of attract-ing 50 million annual visitors by 2012.

What does this have to do with Newark? Simply put, New Jersey’s largest city is an outstanding cost alternative to Manhattan. Guests staying at four- and fi ve-star hotels in Newark pay about half of what they would to stay in NYC. Yet they can still get there quickly and easily via an outstanding public transportation network. Newark Penn Station offers 15 minute transit to Manhat-tan with trains running 24/7. Newark’s strong transit infra-structure also includes a Light Hunters Glen

1,124 Units

$49,000,000Delran, NJ

Steward’s Crossing241 Units

$27,200,000Princeton, NJ

Woods at Narraticon150 Units

$16,950,000Deptford, NJ

West Creek Village 306 Units

$16,000,000Elkton, MD

Recent Financings Arranged By Meridian Capital Group

MAREjournal.com Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 3

MID ATLANTIC REAL ESTATE JOURNAL

Applied Bank601 Delaware Ave • Wilmington, DE 19801P: 302-326-4200 (Ext. 29512)www.appliedbank.com

Carl Kruelle, SVP Chief Lending Of [email protected]

Tim Cole,VP Commercial Real Estate [email protected]

Louis Stackeni, Business [email protected]

Need commercial mortgage help?If you are a lender, attorney, developer or

realtor, we can provide it.

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

brucecoin.com(856) 906-8240

EducationWebinars, classrooms and eLearningCustom and off-the-shelf programs

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

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

NGLEWOOD Cliffs, NJ — Deerwood Real Es-tate Capital, a commer-

cial mortgage b r o k e r a g e and advisory fi rm, recently closed on a $2.36 million loan for a 43-unit apart-ment building

in Newark. The loan provided the borrower with 75% LTP. The loan came with a 7-year term with a 30-year amortiza-tion and was arranged by Abe Katz and Mark Silbersher.

Also secured was a $5.85 million loan for a 98-unit apart-ment building in Eastern PA. The loan provided the borrower with 75% LTV to refi nance the existing loan at a very competi-tive rate for a 5-year term with a 30-year amortization. “It cer-tainly feels great when a client states at the closing table that in all of his 50 years in the mul-tifamily business, Deerwood

In multifamily loans in the Tri-State area

Deerwood Real Estate Capital arranges $12.86 million

Real Estate Capital ran the smoothest underwriting pro-cess and achieved the fastest closing,” Russell Kimyagarov noted. The loan was arranged by Russell Kimyagarov and Joe Hercenberg.

In Brooklyn, NY, Deerwood arranged fi nancing for a $4.65 million bridge loan for a va-cant loft property that will be converted to a multi-family property. The loan provided the borrower with a very high loan to cost ratio to acquire the asset and reposition it. The deal was arranged by David Rosenberg. ■

E

Abe Katz

LIVINGSTON,NJ — Mark Scott, of Commercial Mortgage Capital announced the closing of two loans for a combined total of $24.8 million. The fi rst loan, $10.8 million in fi nancing was arranged through Provi-dent Bank for the Promenade in Summit. The Promenade is a mixed-use property with 15,700 s/f of retail on the ground level, and 22 luxury apartments above. The second closing for $14 million helped the clients capture a favor-able rate on a self-liquidating loan for their 424 unit garden apartment complex in Morris county New Jersey, through one of CMC’s correspondent lenders. ■

Comm’l. Mortgage Capital announces $24.8m fi nancing

MORRISTOWN, NJ — Hop-kins Sampson & Brown Real Estate Advisory Services, LLC announced the signing of a lease at 340 Speedwell Ave.

Suzanne Kiall Benedetto rep-resented the tenant, The Red Oaks School and the landlord, The Morristown Columbian Club for 6,000 s/f of expansion space for the private school.

In other news, Hopkins Sampson & Brown announced the recent approval of a 10,000 s/f church, NJ Family Life, to be located at 6 Emery Ave., in Randolph.

Benedetto and Randee Stolar represented the Church. Demo and construction has begun.

In a separate transaction, The Washington, DC based As-sociation of Flight Attendants - CWA signed a lease to move to 570 Broad St., Newark. Kai Campbell represented the ten-ant in a direct deal with the building’s owners, the Berger Organization. ■

Hopkins Sampson & Brown brokers 6,000 s/f lease


MID ATLANTIC REAL ESTATE JOURNAL

ERKELY HEIGHTS, NJ — Avi Oren of New Market Realty Group

(NMRG) has announced the sale of the Park Edge Apart-ments. The 15 year old build-ing contains 32 units consist-ing of studio, one bedroom and two bedroom apartments.

The buyers consisting of a partnership of international investors, made a substan-tial cash down payment and financed the balance with a seven year non recourse mortgage. According to Oren, the key to the transaction was to structure a return on

Park Edge Apartments in Berkely Heights

New Market Realty Grp. sells apartments for $90k per unitB

Park Edge Apartments

PORTLAND, OG — When Dermody Properties - the par-ent company of DP Partners - and the Portland Develop-ment Commission (PDC) col-laborated to develop a 265,000 s/f industrial project at 18201 NE Portal Way, they did so with the belief that “if we build it, employers will come.” Now that the fi nal 45,000 s/f unit in the building is leased by Dermody Properties’ newest client, BWGS (Bloomington Wholesale Garden Supply), that vision is fully realized. This project contributed to

Dermody Props leases remainingspace in Portal Way Industrial Project

investment that would appeal to the buyers while provid-

ing the owners an acceptable price. ■

DE Technical Community CollegeEmory Hill’s “Energy House” receives LEED Platinum cert.

NEW CASTLE, DE — The Delaware Technical Commu-nity College “Energy House” constructed by Emory Hill and Company at the Owens Cam-pus in Georgetown, DE has been awarded LEED Platinum Certifi cation by the U.S. Green Building Council. The award, the highest LEED (Leadership in Energy and Environmental Design) recognition given by the Council, was recently an-nounced by Delaware Tech president Orlando J. George Jr.

The Energy House is a com-pletely “green constructed” home that serves as a hands-on educational lab and classrooms to teach students about en-ergy-efficient and renewable technology. Delaware Tech is now one of just 71 institutions and one of only 11 community colleges in the U.S. to have a LEED Platinum building on its campus.

Emory Hill and Company won several awards for the Delaware Tech Energy House this past year including the Delaware Contractors Asso-ciation (DCA) 2011 Construc-tion Excellence Award and the Associated Builders and Contractors (ABC) of Delaware 2011 Sustainable Design Green

The Energy House

Award and Excellence in Con-struction Award.

A local, full-service commer-cial real estate and construction fi rm celebrating its 30th year anniversary of doing business in Delaware, Emory Hill was selected as the construction management team for the proj-ect. While the team’s goal was to strive to build a facility that was aesthetically pleasing as well as structurally sound, it also faced the additional chal-lenges of constructing one that would also be environmentally friendly, technologically supe-rior and the most energy-ef-fi cient building of its kind to meet the stringent LEED Plati-num requirements. To achieve these objectives required strict adherence to code and product regulations and installation of the most cutting-edge products and complex systems, including a geothermal heating system, “Green-Certifi ed” siding, roof-ing, fl ooring and lighting, solar power, a rainwater recycling system and “drought resistant” landscaping.

“All of this required the ut-most leadership and strictest construction management and supervision,” said Lew Larson, Emory Hill’s project manager for the Energy House.” ■

Rail line and bus service, as well as Newark Liberty Inter-national Airport.

Over the past few years, we have seen an infl ux of NYC visitors—especially interna-tional travelers—staying at our Best Western Robert Treat Hotel (located at 50 Park Place in Newark). While they may initially have been motivated by a recession-based drive toward savings, the trend has continued to gain momentum as the recovery takes hold.

As a result, the Robert Treat Hotel has seen a signifi cant jump in occupancy. Through the end of October, our aver-age occupancy rate was 87.9% for 2011—as compared to 81.4 and 86.1% year-to-date in 2009 and 2010, respectively. The hotel reached 100% occu-pancy during June, July and August 2011, representing re-cord bookings for our property. Additionally, Smith Travel Research reports that, among

hotels considered competitors to the Robert Treat in Newark, average occupancies increased from 78.3%, to 81.4% to 82.9%, year to date in 2009, 2010 and 2011, respectively.

Further illustrating the strength of the Newark hotel market, Courtyard by Marri-ott broke ground in April for a 150-room hotel—the fi rst new hotel in downtown Newark in 39 years—right outside the Prudential Center Arena. Additionally, Indigo Hotel has proposed a boutique 100-room property just two blocks away.

Obviously, some travelers want to stay in New York, and they will continue to do so. However, others are motivated by economics. Newark clearly is a great choice for that popula-tion, and smart hotel operators are working to accommodate its needs. We have intensifi ed our concierge service to offer transportation to the train sta-tion. We have NYC maps and

continued from page 2A

NYC Tourism Industry Boosts Newark Hotel . . .brochures available, and we even help guests get tickets to shows and events.

Many of NY tourists staying in Newark also are discover-ing that there is a lot to do right here. We have world-class venues like Prudential Center, which serves as home to the NJ Devils hockey and Nets basketball teams, and as a venue for countless concerts and productions. The New Jersey Performing Arts Center, the Newark Museum, parks, universities and fine dining are among many additional highlights.

More and more, Newark is becoming a destination. As the Bloomberg administration continues to invest in the NYC tourism industry and initi-ate new programs to attract visitors, the hotel industry here will continue to reap the benefi ts.

Miles Berger is chairman and CEO of The Berger Org. in Newark, NJ. ■

Dermody Properties’ recent ranking as the second larg-est developer in the Portland area by the Portland Business Journal.

BWGS, which offers a wide array of innovative and earth-friendly products for indoor and outdoor gardening, joins Dermody Properties’ other cus-tomers in the building, includ-ing LaCrosse Footwear/Danner Boots, Vistar Corp./PFG, and Samuel, Son & Co. The large, multi-tenant industrial project, known as the LogistiCenter at Portal Way, is now fully occu-

pied. Dermody Properties has completed the offi ce, electrical, and mechanical improvements for BWGS, which will use the facility as its northwestern regional office and product distribution center.

“PDC chose to partner with Dermody Properties based on its experience working with public partners, its history of developing class A projects throughout the nation, and its record of attracting high qual-ity companies to its parks,” said Bruce Allen, senior devel-opment manager at PDC. ■

COLUMBIA, MD — Sperry Van Ness has recently com-pleted three transactions to-taling 54,553 s/f led by Scott Skogmo, SIOR of Sperry Van Ness/Skogmo Commercial.

Metropolitan Equipment Group leased 15,589 s/f at 12104 Indian Creek Ct. in Beltsville. Skogmo represent-ed the tenant, and Brian Watts and Jeff Groves of Transwest-ern represented the land-lord, Cabot III-MD1W01-W03, LLC.

Summit Pet Product Dis-tributors leased 22,400 s/f of

Sperry Van Ness/ Skogmo announcesthree industrial transactions in Maryland

distribution space at 4600 Wedgewood Blvd. in Fred-erick. Skogmo represented the tenant and JP Matan of Matan Realty represented the landlord, Butera Properties IV, LLC.

Blue Moon Granite, leased 16,564 s/f at 9015 Junction Dr., Annapolis Junction. Blue Moon will sell granite products to commercial and residential customers. Skogmo repre-sented the landlord, Junction Properties, LLC, and Bob Oare of Cassidy Turley represented the tenant. ■


DELMARVA

O R E S T V I L L E , M D — Marcus & Millichap Real Estate Investment

Services has negotiated the sale of a 19,620 s/f, two-tenant shopping center fully leased by Walgreens and Sherwin-Wil-liams. The center is located in the Washington, D.C. suburb of Forestville in Prince George’s County, within the Baltimore-Washington MSA. The sales price is $10.88 million which equates to $555 psf.

Dean Zang and Mark Taylor, senior directors of Marcus & Millichap’s National Retail Group (NRG), along with Der-rick Dougherty and Christo-pher Munley of the Philadel-phia office, represented the seller. Marcus & Millichap also procured the private, out-of-market 1031 exchange buyer.

Part of a 1031 exchange in Prince George’s County

Marcus & Millichap arrange $10.8 million saleF

David Feldman, regional manager of Marcus & Millic-hap’s Washington, D.C. offi ce, was the broker of record in the transaction.

“This property provides the new owner with two easily managed, investment-grade

credit tenants, both on long-term leases,” said Taylor. “The financing that was available for this asset supported a low cap rate.”

The property is located on 1.8 acres at 7000 and 7008 Marl-boro Pike. ■

BETHESDA, MD — Stone-bridgeCarras and PN Hoffman announced today that they have formed a joint venture with Northwestern Mutual, arranged by HFF, to develop a mixed-use project in the heart of Bethesda’s prime commer-cial district at the corner of Woodmont and Bethesda Av-enues. StonebridgeCarras and PN Hoffman have been work-ing with Montgomery County since 2005 to re-develop the County’s two surface parking lots (commonly referred to as Lots 31 and 31A) into a mixed-use project featuring 250 resi-dential units and 40,000 s/f of street retail above a public parking garage that will ac-commodate 950 cars. With the requisite approvals in place, Northwestern Mutual’s fi nan-cial strength enables the team to move forward with the $200 million development project.

“We are extremely pleased to have been able to bring one of the most successful insti-tutional real estate fi nancial partners into the development of Lot 31,” commented Douglas M. Firstenberg, a principal with StonebridgeCarras. “We look forward to creating a vi-brant mixed-use project that builds on the great success of Bethesda Row.”

Residential components of the development include The Darcy, an 88-unit luxury con-dominium, and The Flats, a 162-unit apartment build-ing. “While we anticipated strong interest when opening the Darcy sales center a few

BETHESDA, MD — Beech Street Capital, LLC headquar-tered in Bethesda announced that it has provided a $9.35 million Freddie Mac CME loan for the acquisition of Trantor Place Apartments, a 178- unit, rent stabilized property located in Staten Island, New York.

The transaction was origi-nated by Meridian Capital Group, LLC, and was fi nanced by Beech Street Capital as part of its correspondent relation-ship with Meridian. Key to the transaction was the borrower’s plan to invest over $700,000 in capital improvements to the asset after purchase.

The improvements, planned over the next two years, will further enhance the rent sta-bilized property which contrib-utes to quality housing in the New York market.

“Given the importance of maximizing proceeds, we chose

Meridian Capital Grp. originates transaction

Beech Street Capital provides $9.35m Freddie Mac loan

to engage Freddie Mac who structured the deal to include the borrower’s cap ex budget along with closing costs,” com-ments Mike Edelman, senior vice president of Beech Street Capital.

“Freddie offered us 85% of the cost to purchase, which included the $700,000 in capi-tal enhancement funds that were escrowed at closing.” Barry Lefkowitz, the Meridian mortgage fi nance advisor on the transaction was pleased. “Although the fi nancial mar-kets remain volatile, Beech continues to beat the compe-tition in rate, structure and service,” said Lefkowitz. Built in 1964-1966, the garden-style apartment complex is comprised of 16 three-story buildings situated on 5.7 acres. The fi xed-rate loan has a term of ten years with two years interest-only. ■

WILMINGTON, DE — The Delaware office of Jackson Cross Partners, LLC announced nine leases totaling 19,133 s/f. There were fi ve new leases, two lease expansions, and two lease renewals. All of the trans-actions were represented by Jackson Cross Partners’ Pete Davisson, SIOR, CCIM and Cindy Fleming.

“As was the case in 2010, this year we have continued to see a good level of leasing activity by smaller tenants in Wilmington and New Castle County,” said Davisson. “As a matter of fact, more than 70% of the new leases signed this year were for less than 4,000 s/f. This indicates relatively strong activity by small business, but also indicates larger fi rms are still cautious. These recently signed leases are representa-tive of that activity.”

The fi rst lease was signed by Brown Advisory, an indepen-dently owned investment fi rm located in Baltimore, MD. The

offi ce contains 1,722 s/f in Suite 1407 at 1201 North Market St., Wilmington, DE.

The next lease was signed by 4th Street Chiropractic & Pain Management, comprising 1,134 s/f and located at Lincoln Square in Wilmington, DE.

Jackson Cross Partners as-sisted with three leases at Larch Corporate Center which is located at Robino Ct. in New-port, DE. The fi rst signed lease was by Bail Bond Agency, Inc. comprising 3,301 s/f, the sec-ond was by Shaddock Benefi ts Group comprising 1,447 s/f, and the third lease was by a Nurse Training School with 1,812 s/f.

Along with the new signed leases, Jackson Cross Partners aided in two lease expansions and two renewals. Casarino Christman Shalk Ransom & Doss, P. A. signed a lease expan-sion at The Renaissance Centre in Wilmington, DE. Also, Col-lection Market Center signed a lease expansion at 300 Water St., Wilmington, DE. ■

Jackson Cross Ptrs. announces nine leases

7000 and 7008 Marlboro Pike

Trantor Place Apartments

StonebridgeCarras and PN Hoffman forms joint venture

months ago, the response has exceeded expectations and sales are ahead of schedule,” said Monty Hoffman, CEO of PN Hoffman. “We have agree-ments for more than a third of the Darcy residences and interest continues to grow each week.”

“Northwestern Mutual ac-tively invests in high qual-ity mixed-use developments. The development of Lot 31 at the epicenter of downtown Bethesda, adjacent to the walkable Bethesda Row com-munity, represents high qual-ity urban redevelopment and strong long-term value for our policyowners,” said Matthew Ascher, director with North-western Mutual Real Estate

Investments.“We are pleased to venture

with StonebridgeCarras and PN Hoffman and look forward to a productive relationship.”

“The project represents the largest undeveloped tract of land in downtown Bethesda and one of the region’s most anticipated transactions in 2011,” added Stephen Conley, executive managing director with HFF.

The Darcy’s sales are being directed by PN Hoffman Real-ty, LLC and the retail leasing by KNLB Retail. The project has been designed by SK&I Architectural Design Group and the Clark Construction Group is the general contrac-tor for the project. ■

Lot 31


Delaware River Industrial Park

Twin Spans Business Park,City of New Castle, DE

• +/– 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

Newport Industrial Park

For more information: Phone (302) 323-9300 Fax (302) 323-495129 East Commons Boulevard, Suite 100, New Castle, Delaware 19720

Operating and Managing over 3 Million Square Feet of Industrial and Commercial

Real Estate in the Mid Atlantic Region

• 45 Acres of industrial zoned land (HI) located ideallynear the Port of Wilmington, the Delaware MemorialBridge, 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 arrayof uses

• Park tenants include: Iron Mountain, National RollKote, 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.


2012 FORECAST

EW CASTLE, DE — Just as they say on Wall Street to

“buy low, sell high,” com-mercial real estate mar-ket forecast experts are recommend-ing to busi-nesses out there need-ing space that now is defi nitely the best time to buy or lease – before prices go up, which they inevitably will, possibly as soon as mid-year.

By Tripp Way, NAI Emory Hill

2012A New and Better Year in Real Estate!

N That is, if you can fi nd space – which in and of itself might be the impetus to the market for which we’ve all been wait-ing.Lease Rate Climb, Space

Shortage Will HelpSale and lease prices are

slightly lower than last year and may have hit recent lows. But lease rates here, primarily for offi ce space, have shown an increase in the last few months. If this trend continues we could see a positive growth for the fi rst time in more than two years – even as soon as the second or third quarter.

Meanwhile, new construc-tion has remained sluggish, mainly due to new bank loan curtailments. The lack of con-struction on the horizon is expected to help recovery as activity inches upward. The bottom line is that no new space means more competi-tion for the space that exists, or less supply equals more demand.

Recent Activitya Good Sign

Locally the real estate mar-ket showed signs of life in 2011 – which further indicates the market is starting to turn and

that space is being absorbed and acquired by growing com-panies and savvy investors. There were a number of trans-actions that were completed here in Delaware that in-creased occupancy in many offi ce parks. These included Cigna’s move to Bellevue Cor-porate Center (100,000 square feet); a regional bank’s move to Silverside Carr (30,000 square feet completed by NAI Emory Hill); and the acquisition of the former First Data Center by WR Berkley Corporation (70,000 square feet – also by NAI Emory Hill).

Other signs point to a pre-dicted increase in activity locally for 2012: There are a number of new tenants in the market that are looking for office space. Delaware’s unemployment rate started to slowly decrease throughout the past year. Further, several anticipated redevelopment projects are expected to in-crease lease activity including the University of Delaware’s purchase of the former Chrys-ler site in Newark and plans to turn it into a new R&D and technology campus/busi-ness park to be completed in 2013, and Fisker’s purchase of the GM assembly plant in Newport and plans to begin production this year.

The recent trends in slowly rising lease prices suggest the worst may be behind us – and for businesses looking to lease or buy, it’s time to take a look at these trends to decide if now is the best time to make a move.

Tripp Way is a partner with NAI Emory Hill. ■

Tripp Way

Univer

Jim O’Hara, Jr. | Neil Kilian | Tripp Way10 Corporate Circle Suite 100, New Castle DE 19720

phone 302.322.9500 | fax [email protected] | [email protected]

[email protected] | www.emoryhill.com

We’ve Got What You’re Looking for in 2012!

2012 and beyond . . . Hold on to the wheel and pay at-tention

If you’ve made it this far and you’ve still got a boat and a crew ... Bravo ! If you’ve taken on water or even lost your boat, not so good but now’s when you’ve gotta pull yourself onto whatever driftwood you can fi nd and start kicking. There’s still more money out there than deals and deal makers so go make deals (Sorry for the boating analogy, but I became a boater this year).

The major storm we made it through was truly the perfect storm in that it involved the banks, the government and the consumer, should now be mostly over. That said, we’ve been spun around and battered and the weather report remains murky and unpredictable. We also still have to watch out for that rouge wave, whether it’s Greek debt, Middle East upris-ing, or good ol’ Mother Nature. Or closer to home things like MF Global which nobody saw coming and took down a lot of legendary sea-worthy cap-tains.

Continued in the January 27 issue.

Billy Procida is pesident of Procida Funding and Advisors. ■


2012 FORECAST

ILMINGTON, DE — “Last year at this time, as we looked

ahead, we in-dicated that we thought it would be at least the end of the second quarter o f 2012 before w e s a w a substantive increase in leasing activity,” said Pete Davisson of Jackson Cross Partners at their annual Real Estate Forecast Meet-ing at the Hotel DuPont in Wilmington, Delaware. “Un-fortunately, like so many other things relating to the economy the date of the strengthening in offi ce leasing has continued to slip.

“Leasing activity during 2011 has been modest. While the demand from small busi-ness has held up well the Wilmington-New Castle Coun-ty offi ce market, the demand for new offi ce space by medium sized fi rms has been weak, and the demand by larger fi rms was moderate.

“To put some specifi c num-bers on the activity, fully 71% of the leases signed were for under 4,000 s/f. In the market for leases greater than 20,000 s/f, there were only fi ve leases signed during the year. Only 19% of all leases were in the middle segment of the market, leases for between 5,000 and 20,000 s/f. And to make the situation even worse there were no leases above 12,000 s/f in that range,” noted Da-visson.

“Total leasing activity in the Wilmington-New Castle County offi ce market totaled 569,000 s/f. The larger por-tion of that total was outside the Central Business District. At the current leasing rate we have a fi ve year supply of available offi ce space.

“Thank goodness there was only one new offi ce building delivered this year or the situ-ation would have been worse. The national vacancy rate for all classes of office space is 12.5%. Our overall vacancy rate is 21.2%, virtually the same as it was 12 months ago.

“Absorption, the net in-crease or decrease in occupied space, is the true indicator of the health of a market. On that score we aren’t doing badly. Absorption was negative for

By Pete Davisson, Jackson Cross Partners

Jackson Cross reports onthe Greater Wilmington Offi ce Market

the year by slightly less than 59,000 s/f, but that was im-pacted by the addition of the one new 164,000 s/f office building. So, overall, while we did not get healthier, we didn’t really lose much ground”.

“Rental rates were steady during the year, with full service class A rates in the CBD averaging $26.68 psf and class A rates in the suburbs at $23.46. These numbers are very close to the 10 year aver-age, and unchanged during the last 12 months.

“We have seen a number of positives during 2011. Bloom Energy purchased 50 acres at

the University of Delaware’s Science and Technology Park. Johnson Controls purchased 34 acres in

Middletown and recently Amazon.com purchased 76 acres in Middletown for a 1.25 million s/f distribution center,” said Davisson.

The industrial side of the Delaware market has also seen modest activity. The vacancy rate in industrial buildings currently stands at approximately 10.5% and the average quoted rental rate is $4.04 per s/f, triple net. Na-tionally the average quoted rental rate is just more than

$5.00 per s/f. As we compare markets the industrial market is faring slightly better than the offi ce component.

Among the most notewor-thy industrial transactions in Delaware in 2011 were: a 56,000 s/f lease at 405 East Marsh Lane in Newport to the Tile Market of Delaware; a 60,000 s/f lease by Goodwill of Delaware at Centerpoint Corporate Center; a 60,000 s/f lease by DYK Automotive in Pencader Corporate Center; a 62,000 s/f lease by the State of Delaware at 220 Lisa Drive in New Castle; and, the sale of an 83,600 s/f building at Pencader

Corporate Center in Newark to Tek3.

“In the retail market vacan-cies are at a 20 year high, standing near 11%. The lack of new construction is keeping the number from going higher. On the retail side we have seen big box retail stores, and shopping centers, being con-verted to offi ce space, medical services and museums.

“In the residential market in Delaware prices have declined in all three counties. In New Castle County the decline has been 13% since 2010. The National Associates of

W

Pete Davisson

continued on page 10

Commercial Real Estate Services

Lou Battagliese, SIOR 610.265.7700 Ext.112

[email protected]

Pete Davisson, CCIM, SIOR302.792.1301 Ext. 223

[email protected]

John Morrissey, SIOR610.265.7700 Ext. 124

[email protected]

Cate Sennett, Esq.610.265.7700 Ext. 123

[email protected]

Advisory • Brokerage • CRE Strategies • Investments • Property Management


2012 FORECASTBy Emanuel Stern, Hartz Mountain Industries

Benefi ts of going greengo well beyond good publicity

O ne of our greatest en-vironmental threats is that companies

c a n ’ t g e t much press from ‘going green’ any more. Many sustainabil-ity programs came form a sincere inter-est in evolv-ing corporate culture to reduce carbon footprints, but the positive exposure from these efforts was equally appealing. With “green” being the norm and not press-worthy, will

these initiatives lose their energy?

Not if companies tie their sustainability programs to their fi nancial performance. Green is not just the color of the sustainability movement, it’s the color of the money we make from being good stew-ards of the environment.

Sustainability programs improve efficiency, which equals significant financial benefits—less garbage and less electrical consumption means it costs less to run your business. For example, since making upgrades to our HVAC operating systems and light-

Emanuel Stern

ing Hartz Mountain has saved nearly $700,000 per year while lowering its energy demand by 4,636,789 kilowatt-hours annually.

Solar power has been a great resource as well. Hartz Moun-tain installed solar power panels on 13 of our buildings for energy use by Hartz and our tenants to date. The panels satisfi ed our social agenda but we wouldn’t have done it if we didn’t think we could make money from the investment – and now solar energy is a signifi cant profi t center on our business, allowing us to grow revenues despite the down

economy. In-house success with solar

energy led Hartz to create the Hartz Solar Hamilton Array to supply third party companies with solar energy to be used on New Jersey’s power grid. Comprised of over 30,000 solar modules, it is one of the largest solar power systems deliver-ing power in New Jersey and solidifies Hartz Mountain’s position as a leading solar power producer in the state. If we hadn’t seen the fi nan-cial benefi ts from the rooftop power panels, we may not have recognized the potential fi nancial gains from the land

array.As energy prices threaten

to increase, and environmen-tal concerns continue to rise, demand for alternate energy will also grow. Our decision to stay ahead of the sustain-ability curve will keep our carbon footprint small while our fi nancial gains continue to grow.

Emanuel Stern is presi-dent and COO for Hartz Mountain Industries. ■

REALTORS says home sales are down because of weak consumer confi dence and tight lending criteria.

“The big question is --- What can we expect to see in 2012? We believe, along with most economists that we follow, that there will not be a double dip recession. We believe that we have seen the bottom and that it is behind us. However, we believe that most people will continue to bide their time and wait until they are sure that we are well on the way to recovery.

“We expect business lead-ers will continue to put off their real estate decisions for another 12 months, treading water rather than diving in. With that in mind we believe that mid-year 2012 improve-ments will slide into 2013, after the election, after year end accounting, and the 2013 New Year’s Eve Party. I am hopeful that the fi rst quarter of 2013 will see improve-ments for us all and certainly for the real estate picture in Delaware”.

Jackson Cross Partners is a Commercial Real Estate company, focusing on a con-sultative approach to client service. The Jackson Cross team brings extensive experi-ence in Corporate Real Estate, Brokerage, Development and Finance to the property life cycle. With offices in Phila-delphia and King of Prussia, Pennsylvania; Wilmington, Delaware; and, Swedesboro, New Jersey, Jackson Cross provides market coverage throughout the Delaware Valley as well as access to markets throughout the world through its membership in the Society of Industrial and Offi ce Realtors (SIOR). ■

Jackson Crossreports on Greater Wilmington . . .

continued from page 9

PRESENTS

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2012 FORECAST

ew Jersey is a state particularly chal-lenged by over-regu-

lation, but one of the most difficult issues facing our members stems from the ennui around the Federal Section 8 Program, which promises to become more serious the lon-ger it goes unresolved.

We have been long advocat-

ing for reforms to the Federal Rental Assistance Program, whose wasteful practices ur-gently require correction. Rental housing continues to be the most affordable housing option for more than one mil-lion New Jersey families, yet there are many who struggle to afford even a modest apart-ment without fi nancial sub-sidy. For decades both the White House and Congress took their responsibility to fully-fund HUD and the Sec-tion 8 program seriously – no matter which political party was in control. Today, political wrangling in Washington has led to short-changing voucher programs and creating doubt over the programs continued funding and future rules. In short, the system, and the covenant between the Federal government and working fami-lies, has been broken.

Unlike “entitlement” spend-

ing, funding for Section 8 program fl uctuates from year-to-year and needs continued appropriations. The number – and value – of vouchers the State and local public hous-ing authorities receive varies greatly. This lack of consis-tency and any solid fi nancial backing puts families – and professional rental housing providers – in a catch-22. With no real guarantee, many worry that, come lease renewal, a family utilizing a voucher this year may lose it next year.

If those in need lose the

government voucher, who will help them make ends-meet?

At the local level, bureau-

cratic inspection delays put an unnecessary burden on fami-lies as well. With a voucher in-hand and the knowledge of how much rent that voucher will pay, a family begins the process of looking for housing they can afford, just like any other family. Once they select an apartment they like, and are approved to move-in, their

actual move-in date can be de-layed for several days – or even weeks – waiting for the local

housing authority to make a special trip to the property and conduct a HUD-specifi c inspection. As families seeking to utilize Section 8 vouchers

compete for available apart-ments with other residents who can apply on-line and

move in the next day, voucher holders who must contend with federal bureaucratic delays often fi nd it diffi cult to compete for the most coveted

apartments. For an individual apartment

that has recently passed the mandatory State inspection, or has been subject to a local CO inspection at turnover, delay-ing a family from moving into their new home so the local housing authority can come out for a third inspection is redundant, unnecessary and counterproductive.

Study after study shows that

New Jersey is an expensive place to live – and an expen-

By Jean Maddalon, New Jersey Apartment Association

Section 8 red tape jeopardizes housingoptions for many in New Jersey

sive state to professionally build, own and manage rental housing. While the Housing Choice Voucher Program will never fi x that problem, it does play an important role in help-ing working families make ends-meet and find a place they can call ‘home.’ Section 8 is broken, but not beyond repair. We need to streamline the system and accelerate the process so it fulfi lls its objec-tives.

Jean Maddalon is execu-tive director of New Jersey Apartment Association. ■

NSection 8 is broken, but not beyond repair. We need

to streamline the system and accelerate the process

so it fulfi lls its objectives.

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1100 East Hector Street, Suite 393Conshohocken, PA 19428

Phone/Fax: 610-238-9950 / 610-238-9959E-Mail: [email protected]: www.tristaterca.com

TriState Members were recognized at the Inaugural Member Recognition Luncheon on June 20th at the Green Valley Country

Club in Lafayette Hill, PA.

TriState Members enjoyed a day of golfi ng at TriState’s 15th Annual Golf Outing on June 20th at the Green Valley

Country Club in Lafayette Hill, PA.

Members mingled at TriState’s Annual Holiday Receptionon December 7th at 1200 Liberty Ridge Drive in Wayne, PA.

Photo credit: Staff, TriState REALTORS® Commercial Alliance

TriState Members joined CIRC, CCIM and SIOR® Members at the Annual Delaware Joint Meeting on November 17th at

Harry’s Savoy Grill in Wilmington, DE.

REMEMBERING 2011TriState thanks its members and supporters

for making all 2011 events a success.

HAPPY 2012!

FOR UPCOMING EVENTS, PLEASE CHECK PAGE 14


January 10 – TriState REALTORSCommercial AllianceEvent: Annual Joint Real EstateForecast LuncheonApartment Association of Greater Philadelphia (AAGP)The Building Owners and Managers Association of Philadelphia (BOMA)Institute of Real Estate Management (IREM)Location: The Union League (Lincoln Hall), 140 S. Broad Street, Philadelphia, PACost: $65 for TriState Members$80 for Non-Memberswww.tristaterca.com

JANUARY 14 – CREW BALTIMOREEvent: 2012: The Road AheadTime: 11:30 AM – 2:00 PMLocation: Oriole Park at Camden YardsAddress/City: 333 West Camden St., 4th Fl.,Baltimore, MDCost: $40 Members $55 NonmembersP: 785-832-1808 E: [email protected]

JANUARY 17 – CIA NJEvent: Manufacturing RoundtableTime: 3:30 PM – 5:00 PMLocation: Busch Campus Center, RutgersUniversityAddress/City: New Brunswick, NJP: 201-368-2100 E: [email protected]

JANUARY 18 – ABC BALTIMOREEvent: How to Comply with State &Federal Prevailing Wage LawsTime: 8:00 AM – 10:00 AMLocation: ABC BaltimoreAddress/City: Baltimore, MDCost: $25 Members $45 NonmembersP: 410-821-0351 x-113 E: [email protected]

JANUARY 18 – ABC EAST PAEvent: Breakfast with EconomistBill DunkelbergTime: 8:00 AMLocation: Crowne Plaza Valley ForgeAddress/City: 260 Mall Blvd., King of Prussia, PACost: $50 MembersP: 610-279-6666 E: [email protected]

JANUARY 18 – CORNET NJEvent: What is CRE’s Role in Job Creation for the NY/NJ RegionTime: 4:00 PM – 6:00 PMLocation: Eastman Companies-Eisenhower Corp. CampusAddress/City: 290 W. Mount Pleasant Ave.,Livingston, NJP: 908-663-2708 E: [email protected]

JANUARY 18 – CREW LEHIGH VALLEYEvent: Lunch & Learn – “How Will the New Tax As-sessment Effect You?”Time: 11:30 AM – 1:00 PMLocation: Norris McLaughlin & Marcus, 2nd Floor Conference RoomAddress/City: 1611 Pond Road, Allentown, PACost: $15 per Person (Members & Invited Guests of Members Only)www.crewlehighvalley.org

JANUARY 18 – NAWBO DEEvent: New Member & Membership WineReceptionLocation: Ryan Wine & SpiritsAddress/City: Independence Mall, 1601 Concord Pike, Wilmington, DECost: Members Free/$5.00 NonmembersE: [email protected]

JANUARY 18 – SMPS PHILADELPHIAEvent: Core Knowledge Series: The Marketing Plan as a Roadmap to SuccessTime: 8:00 AMLocation: Langan EngineeringAddress/City: 30 South 17th St., Suite 1300,Philadelphia, PACost: $30 Members $35 Nonmemberswww.smpsphiladelphia.org

JANUARY 19 – CREW PHILADELPHIAEvent: Lunch Event – What to Expect for 2012Time: 11:30 AM – 1:30 PMLocation: Union LeagueAddress/City: 140 S. Broad St., Philadelphia, PACost: $55 Members $70 Guests/Nonmemberswww.crewphiladelphia.org

JANUARY 19 – IFMA CENTRAL PAEvent: How Social Media can help you as aFacility ManagerTime: 11:30 AM – 1:30 PMLocation: Central Penn College Conference CenterAddress/City: 600 Valley Rd., Summerdale, PACost: Members Free/$20 NonmembersP: 717-221-9700 E: [email protected]

JANUARY 19 – ICREW NJEvent: Choose NJ!Time: 11:30 AMLocation: Hilton WoodbridgeAddress/City: 120 Wood Ave South, Iselin, NJCost: $50 Members $75 NonmembersP: 609-585-0871 E: [email protected]

JANUARY 19 – NAIOP PITTSBURGHEvent: Chapter Meeting – Finance UpdateTime: 7:30 AMLocation: Omni William Penn HotelAddress/City: 530 William Penn Pl., Pittsburgh, PACost: Members Free/$40 NonmembersP: 412-928-8303www.naioppittsburgh.com

JANUARY 19 – ULI BALTIMOREEvent: Content before CocktailsTime: 5:00 PMLocation: The Hotel at Arundel PreserveAddress/City: 779 3-A Arundel Mills Blvd.,Hanover, MDCost: Members Free/$20 NonmembersP: 800-321-5011www.baltimore.uli.org

JANUARY 20 – ULI NNJEvent: Advisory Board MeetingTime: 9:30 AM – 11:30 AMLocation: Newark Legal Center-EdisonConference RoomAddress/City: 3rd Fl., 1037 Raymond Blvd,Newark, NJP: 201-312-8817 E: [email protected]

COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDARJANUARY 23 – CSI PHILADELPHIAEvent: The Responsive Building Envelope:More than Just a Chromic PhenomenaTime: 7:00 PMLocation: Holiday InnAddress/City: 4th & Arch Sts., Philadelphia, PACost: Dinner $40 with ReservationP: 732-348-8877 E: [email protected]

JANUARY 24 – ABC NJEvent: Understanding NJ Prevailing Wage & Contrac-tor RegistrationTime: 12:00 PM – 2:00 PMLocation: Flaster/Greenberg PCAddress/City: 1810 Chapel Ave. West,Cherry Hill, NJP: [email protected]

JANUARY 24 – NAIOP NJEvent: Annual Meeting & Real Estate ForecastTime: 5:30 PMLocation: Sheraton MeadowlandsAddress/City: East Rutherford, NJCost: $165 Members $210 NonmembersP: 732-729-9900www.naiopnj.org

JANUARY 24 – ULI PHILADELPHIAEvent: Urban Retail Planning & DevelopmentTime: 12:00 PM – 1:30 PMLocation: Aberdeen Asset ManagementAddress/City: 1735 Market St., Philadelphia, PACost: $25 per PersonP: 800-321-5011www.philadelphia.uli.org

JANUARY 25 – EBC/CIANJEvent: Roundtable MeetingTime: 8:00 AM – 9:30 AMLocation: PSE & G Training CenterAddress/City: 234 Pierson Ave., Edison, NJP: 201-368-2100 E: [email protected]

JANUARY 25 – NJAAEvent: Annual Meeting & InstallationTime: 3:30 PMLocation: Imperia on EastonAddress/City: 1714 Easton Ave., Somerset, NJE: [email protected]

JANUARY 27 – ULI PHILADELPHIAEvent: Commercial Real Estate FinancingTime: 8:00 AM – 10:00 AMLocation: Villanova UniversitySchool of BusinessAddress/City: 800 E. Lancaster Ave., Bartley Hall, Vil-lanova, PAP: 800-321-5011www.philadelphia.uli.org

JANUARY 30 – SIOR/IOREBAEvent: Joint MeetingTime: 4:00 PM – 8:00 PMLocation: The New York Athletic ClubAddress/City: 180 Central Park South, New York, NYCost: $85 IOREBA & SIOR Members $105 Nonmemberswww.siornj.com/www.ioreba.com

FEBRUARY 1 – NJAAEvent: ABC’s of Real Estate Tax Appeals in NJTime: 8:00 AM – 10:00 AMLocation: Brach EichlerCost: Members Free/$75 NonmembersE: [email protected]


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MAREJ MONTHLY SALES AND LEASE REPORTAs Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ DECEMBER 9, 2011 -JANUARY 12, 2012

Former Eighty-Four Lumber Fruitland, MD SVN Miller 5 acre Retail S 4A1400 Wilson Blvd Rossyln, VA Great Point Investors HFF Salus Prop Investments $57m S 10APerth Amboy Buss Pk Perth Amboy, NJ Matrix, Morgan Stanley Bunzl NE Cassidy Turley 132,410 SF Ind L FC-BMetrotop Plaza II Islen, NJ Atlantic Realty JLL Ansell Ltd Newmark Night Frank 43,210 SF Off L FC-B145 Talmadge Rd Edison, NJ Avidian Mgmt Cross Docks Solutions 32,654 SF Whse/Off L 2B145 Talmadge Rd Edison, NJ Avidian Mgmt Janice Staib & Assoc 1785 SF Whse/Off L 2B145 Talmadge Rd Edison, NJ Avidian Mgmt C Mgmt 1255 SF Whse/Off L 2BSummit Executive Ctr. Summit, NJ Summit Executive Ctr. CBRE Pennant Capital Mgmt JLL 13,000 SF Off L 2B701 East Gate Ctr Mount Laurel, NJ Brandywine Realty Bleiler Foundations CBRE Off L 3B921 Pleasant Valley Ave Mount Laurel, NJ Marceim-Chalmers Free For All CBRE 15,300 SF Off S 3BRWJ University Hospital Trenton, NJ HPA Richardson Comm’l 5117 SF Medical Off L 4BHamilton Campus 99 Hudson Jersey City, NJ Bank of America Hartz Mountain $35m 1 acre S 5B200 Plaza Dr Secaucus, NJ ACS JLL 36,758 SF Off L 5B20 Fairfi eld Pl West Caldwell, NJ 20 Fairfi eld Place Assoc CBRE UANJ Plumbers Local 24 Cushman & Wakefi eld 22,000 SF Ind S 5B50 Harrison St Hoboken, NJ JDA Grp Chronakis Siachos 2800 SF Off L 9B1340 Enterprise Dr West Chester, PA BA Ptrs Beacon Acero Precision Beacon $3.7m 76,000 SF Ind S FC-C311, 411 West Stiegel St Lancaster, PA Arbee Realty Trust Beacon Bond Family Beacon $2.865m 105,392 SF Ind S FC-C M&H Inv 966 Postal Rd Allentown, PA RAS Delivary NAI Summit 32,445 SF Flex L 2C1988 Friebly Ave Bethlehem, PA Blair Custom Homes NAI Summit MasterCuts Lawncare NAI Summit 5,000 SF Whse L 2C610 W. Germantown Pike Plymouth Meeting, PA Brandywine JCP LarsonAllen 2011 Woodhaven Rd Philadelphia, PA Manna Realty Inv NAI Mertz Peapod 12,900 SF L 4C465 N. Reading Rd Lancaster, PA Homette Corp NAI Comm’l Ptrs LNR Property LP NAI Comm’l Ptrs $2.5m 136,196 SF Ind S 5C1886 Commerce Park East Lancaster, PA NAI Comm’l Ptrs JEL Property Prudential Homesale $965k 25,000 SF Ind S 5C66 Keller Ave Lancaster, PA Susquehanna Valley NAI Comm’l Ptrs JG Environmental NAI Comm’l Ptrs 2900 SF Ind L 5C Emergency Medical Svcs Former Hockersville Rd Hotel Derry Twp., PA Derry Twp Industrial NAI CIR Central PA Equities 13 Springwood Comm’l $1.2m 6 Parcels S 5C & Comm’l Dev Authority Market Square Shrewsberry, PA CBC Bennett 352 SF Retail L 6C4071 Lind Rd Harrisburg, PA CBC Bennett 1880 SF Retail L 6C1040 W Crestview Dr Lebanon, PA CBC Bennett 1800 SF Retail L 6C50 S Cameron St Lemoyne, PA Bomar RSR Realtors PA Self Storage One 70,000 SF Whse S 13CHolder Farm Upper Allen Twp. Holder Family RSR Realtors Hertzler Road Assoc RSR Realtors 145 acres Land S 13C5821 Linglestown Rd Harrisburg, PA Hughes Props RSR Realtors Tim Kushner Consulting RSR Realtors Off L 13C2250 Millenium Way Enola, PA Millenium RE Ptrs RSR Realtors GDD Pharmacy Svcs RSR Realtors 2000 SF Off L 13CFormer M&T Offi ce Pembrook, PA RSR Realtors ARC of Dauphin & Lebannon RSR Realtors Off S 13C3315 Walnut St. Susquehanna Twp., PA Basil Papoutsis NAI CIR 1380 SF Off S 14C1400 Hagy Way Susquehanna Twp., PA Pagliaro NAI CIR Hershey Creamery Co. 10,000 SF Whse L 14C1740 Lincoln Way Gilford, Twp., PA Hoss’ Corp NAI CIR Dimitro Hronis 10,000 SF Comm’l S 14C5340 Jaycee Ave Lwr Paxton, Twp., PA Triple Crown Corp Bill Gladstone Grp Cheap Cheap Moving Boxes 9800 SF Whse L 14C4423 N Front St Susquehanna Twp., PA NAI CIR Riverwatch Props 8200 SF Off S 14C5223-5225 Simpson Ferry Rd Hampden, PA Richardson Bill Gladstone Grp P&D Discount Tobacco 6840 SF Retail L 14C5001 Carlisle Pike Hampden, PA Agarwal Bill Gladstone Grp Peterson 3080 SF L 14C875 Poplar Church Rd E Pennsboro, Twp., PA Kinsley Prop Bill Gladstone Grp DeAment Endocrinology 2200 SF Off L 14C900 Century Dr Lwr Allen Twp., PA Shawn Ellis Bill Gladstone Grp Pinnacle Health Hosp 1700 SF Off L 14C22 S 3rd St Harrisburg, PA South Third Landmark Watts Marketing Svcs NAI CIR 1458 SF Off L 14C4076 Market St Hampden, PA 4076 Market St Bill Gladstone Grp Intela Global 750 SF Off L 14C600 Bent Creek Silver Spring Twp., PA RSM Associates NAI CIR SLCS Off L 14C134 Old Rte 26 Hanover, PA ROCK Highlands Tire ROCK 4095 SF Garage S 14C788 Raystown Rd Hanover, PA ROCK Highlands Tire ROCK 14,436 SF Whse S 14CState St York, PA ROCK First Capital Fibers ROCK 7268 SF Whse S 14C2685 Blackthorne Ct York, PA ROCK York Cty Solid Waste ROCK 7.93 acres Ind S 14C725,735 & 745 Lombard Rd Red Lion, PA ROCK PA CVS Pharmacy 2.60 acres Comm’l S 14CHillside Medical Ctr Hanover, PA ROCK Penn State Milton S Hersey ROCK 3080 SF Medical Off L 14C Medical Ctr 100 Kindig Ln Hanover, PA ROCK Neighoff Mechanical 2300 SF Ind L 14C2131-2139 Ind Hwy York, PA ROCK Star Bldg Svcs ROCK 2015 SF Retail L 14C228 Broadway Hanover, PA ROCK Ox Paperboard ROCK 800 SF Off L 14C1170 Loucks Rd York, PA ROCK Two Farms ROCK Retail Land L 14CGateway SC Hanover, PA ROCK Petsmart ROCK 12,176 SF Retail L 14C3635-3725 Board Rd York, PA ROCK William Penn ROCK 11,700 SF Ind L 14C Performance Glass 9 Rathton Rd York, PA ROCK NHS PA 2366 SF Medical Off L 14C1700 W Market St York, PA ROCK Sidique ROCK 1734 SF Retail L 14C1 Waterford York, PA ROCK Justice Works ROCK 1447 SF Off L 14CColoniel SC York, PA ROCK Ken Bruggeman Photo ROCK 740 SF Retail L 14C6305 Allentown Blvd Harrisburg, PA Hayden Dauphin Assoc Landmark American Freight 33,600 SF Whse L 15C5115 E Trindle Rd Mechanicsburg, PA Blue & Gray Acquisitions Landmark Black Comm’l Svcs Keller Williams 7478 SF Off S 15C5252 E Trindle Rd Mechanicsburg, PA Landmark Horn African Grocery Landmark 1100 SF Retail L 15C323 Reily St Harrisburg, PA Landmark Limelight NAI CIR Comm’l L 15C100 Sterling Pkwy Mechanicsburg, PA 114 Associates Landmark Del Monte Corp. Landmark 2906 SF Off L 15C100 Sterling Pkwy Mechanicsburg, PA 114 Associates Landmark Keller Finacial Grp Landmark 2741 SF Off L 15C1104 Herr St Harrisburg, PA Baklayan High Assoc Vasquez High Assoc 9000 SF Comm’l L 15CRobinhood Dr York, PA Treffi nger High Assoc Gilmore High Assoc Retail L 15C101 Bellevue Pkwy Wilmington, DE NAI Emory Hill Berkley Technology Svcs 70,000 SF Off S 9AOne Virginia Sq Arlington, VA TIAFF-CREF Cassidy Turley LaSalle Inv Off S 9A2001 L St, NW Washington, DC LB3 WLS 13,153 SF Off L 13ANE Corner of 4th St Allentown, PA Posh Props Colliers Int’l Checkers Drive-In Colliers Int’l 33,844 SF Retail Land L FC-BFormer Circuit City Allentown, PA Colliers Int’l Hibachi Grill Huggins Realty Grp 37,484 SF Retail L FC-B1125 E. Catawissa Nesquehoning, PA Colliers Int’l Providance Prop Colliers Int’l $565k 9100 SF Retail S FC-BPecan Sq SC Salisbury, MD SVN-Miller Dairy Queen SVN-Miller $280k 1 acre Retail S FC-BSlade Village Pikesville, MD Marcus & Millichap Phila Marcus & Millichap Phila $1.55m 13,780 SF Retail S 4BMongomery Mall North Wales, PA Equity Retail 165,800 SF Retail L 4BOxford Valley Langhorne, PA Equity Retail 167,600 SF Retail L 4BThe Streets of Chester Woodbridge, NJ Fameco Platypus Custom Home Welco Realty 5005 SF Retail L 4B

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PEOPLE ON THE MOVE

SELIN, NJ — Greenbaum, Rowe, Smith & Davis LLP (GRS&D) announced the es-tablishment of a new Environ-mental Department to augment its existing core practice areas – Litigation, Corporate, Real Estate and Tax, Trusts & Es-tates.

Concurrently, the firm an-nounces that thirteen attorneys have joined the fi rm effective January 3, 2012. Two of New Jersey’s most high profi le prac-titioners, David B. Farer and Jack Fersko, are among the attorneys joining the GRS&D practice in the Environmental, Real Estate & Litigation De-partments. The complete list is as follows:David B. Farer – Chair, Envi-ronmental DepartmentJack Fersko – Partner, Real Estate DepartmentAnn M. Waeger – Partner, Real Estate DepartmentJay A. Jaffe – Partner, Envi-ronmental DepartmentJohn J. Reilly – Partner, Litigation DepartmentDaniel L. Schmutter – Part-ner, Litigation DepartmentMarcie R. Horowitz – Part-ner, Environmental Depart-mentJohn H. Hague – Partner, Real Estate DepartmentRegina E. Schneller – Part-ner, Real Estate Depart-mentAnthony Giountikos – Coun-sel, Real Estate Depart-mentMaura E. Blau – Counsel, En-vironmental DepartmentMarjan F. Disler – Associ-ate, Environmental Depart-mentHenry Farer – Of Counsel

GRS&D’s newly minted En-vironmental Department will be chaired by David B. Farer, a nationally renowned environ-mental lawyer. Farer founded the environmental practice at the boutique fi rm Farer Fersko in 1984.

Farer and his team of envi-ronmental attorneys at GRS&D, including partners Jay A. Jaffe, David A. Roth and Marcie R. Horowitz, will draw upon their collective experience to advise the fi rm’s business clients on the impact of environmental laws on real estate and busi-ness transactions, including the cleanup and redevelopment of contaminated properties, envi-ronmental compliance and in-surance issues, environmental issues in bankruptcy proceed-ings, and projects incorporating sustainable development and

Welcoming thirteen attorneys

GRS&D launchesenvironmental dept.

green building initiatives.Raymond Felton, co-manag-

ing partner at GRS&D and chair of the Corporate Depart-ment, notes that the fi rm’s new strengths in the environmental law arena will create “synergies among the integrated practices that will bring stronger benefi ts to our clients, stemming from the depth of additional profi -ciency and the quality of our lawyers.”

David Farer comments: “Join-ing the team at GRS&D and establishing the firm’s new Environmental Department is an energizing and exciting opportunity. I am honored to integrate my practice into a fi rm that is deeply respected throughout both the legal and business communities, and am confi dent that our clients will be the prime beneficiaries of this new professional relation-ship.”

The addition of Jack Fersko, Ann M. Waeger and four other attorneys will further enhance GRS&D’s venerable real estate practice, which has handled some of the largest business and real estate transactions in New Jersey. As one of New Jersey’s leading commercial real estate practitioners, Fersko is held in the highest regard within New Jersey’s real estate and business communities. He and his team bring a wealth of knowledge and experience to the table related to industrial and commercial real estate transactions, urban redevelopment projects, land use and zoning, fi nancing, so-lar energy development, and the impact of environmental laws, and role of environmental insurance, in real estate and business transactions.

“GRS&D has one of the fore-most real estate practices in the region, with a great reputation for quality work and exceptional service,” comments Fersko, who adds, “I look forward to work-ing with the GRS&D team and bringing my experience into play, and also intend to take full advantage of the firm’s strengths in complementary practice areas to the benefi t of our combined client roster.”

In welcoming all thirteen at-torneys on behalf of the fi rm, GRS&D co-managing partner Mark H. Sobel casts a defi ni-tive light on the situation with his statement: “This is a great addition to our fi rm because we share a dedicated and unwaver-ing commitment to our clients and the success of their busi-ness interests.” ■

W

MINEOLA, NY — JRS Ar-chitect, P.C., earned its place among the top designers of interior educational space, according to American School & University. The publication recently announced its 2011 Educational Interiors Show-case, an annual competition honoring design excellence and work that builds effec-tive learning environments in America.

JRS won in the category Outstanding Design in Com-mon Areas for its work at The Mandell School, a 71-year-old independent school in NYC.

“We’ve completed many proj-ects with The Mandell School,” said Alexander Hadjiyane, AIA, senior VP and principle responsible for these projects.. “We’ve been successful there because we’ve incorporated de-sign and architecture into the very learning environment.”

This award, one of many rec-ognizing JRS, refl ects its work on a 4,100 s/f common area in the school.

The space includes environ-mentally friendly construction choices, unique designs and thoughtful use of the space. “The space works well because we took the time to understand the school’s needs, community and principles,” said Hadji-yane.

Using its principle-driven design approach, JRS has designed, built or refurbished much of the school during the past few years. JRS helped the

JRS school project earns outstanding design honors

school in 2010, when it fi nished work on a 10,000 square-foot facility that complements the 50,000 square-foot main school building JRS developed. Throughout the buildings, heating ducts, wiring, plumb-ing and other construction ele-ments are exposed. Teachers can use the construction ele-ments to teach about mechan-ics behind the environment.

The study hall area, known as The Swamp, has plugs in the floor so students can charge laptops and Ipads. Everything was viewed with a child-centric perspective. That means teachers can turn just about anywhere in the building to start a lesson about sustain-ability and good citizenship.

American School & Univer-sity had a jury of American In-

The Mandell School

OODBRIDGE, NJ — The Kislak Com-pany, Inc. has pro-

moted Rob-ert Holland to president and co-man-aging direc-tor. Holland p r e v i o u s l y served as a senior vice president and a co-managing director. He assumes the duties of presi-dent from Jeffrey Wiener who remains with the fi rm as a co-managing director.

“In his 28-year career with Kislak, Rob has proven to be an extremely strong and well-re-spected leader, mentor and mo-tivator to numerous salespeople and employees. He is also one of Kislak’s all-time leading sales-people,” said Bartelmo. “In the past year, Rob has championed

To president and co-managing director

The Kislak Company, Inc. Promotes Robert Holland

Robert Holland

our fi rm’s success as our sales team closed transactions total-ing nearly $300 million.”

“I am delighted with Rob’s well-deserved promotion,” said Jay Kislak, chairman of the Kislak Organization. “Rob joined Kislak as a young profes-sional following in the tradition of his father and grandfather, both of whom had successful careers in our organization. I look forward to the next chap-ter in Rob’s career as he leads our dynamic firm to greater success.”

“Being a part of Kislak has been enormously rewarding both professionally and person-ally,” said Holland. “Our sales team is second to none and they inspire me every day. I am hon-ored to become president of this venerable fi rm and thank Jay, Tom and Jeff for their support and confi dence. Jeff led Kislak to great heights during his

17-year tenure as president. I look forward to building on that success.”

Holland joined Kislak in 1984. Throughout his career, he has consistently been among the leading brokers of apart-ment buildings in central and eastern Pennsylvania. He has received Kislak’s Production Award more than ten times and is also a multiple recipient of the fi rm’s Salesperson of the Year Award. Holland’s sales to-tal more than $3,000,000,000.

Holland holds a Bachelor of Arts degree magna cum laude from Hartwick College and is a member of the National Multi Housing Council, the New Jer-sey Apartment Association and the Apartment Association of Greater Philadelphia. He is a licensed real estate broker in the State of New Jersey and the Commonwealth of Penn-sylvania. ■

stitute of Architects members and education administrators evaluate designs in 25 cat-egories. Judging was based on safety/security, sustainability, mission and purpose, balance, connection to community, func-tionality/fl exibility, technology and innovation.

“When you look at the cri-teria, you can see how our ap-proach refl ects the needs of the education community. These are values we have focused on for 25 years,” said John R. Sor-renti, FAIA President and who founded the fi rm in 1986.

Beyond its work in educa-tion, JRS has built a reputa-tion for excellence and has won numerous awards while designing thousands of proj-ects. The firm has designed projects for , , , Bethpage Fed-eral Credit Union, Citicorp, , , , JPMorgan Chase, JLA Home , Madison National Bank, , Montclair State University, Mount Sinai Medical Center, Skyline Management, South Nassau Communities Hospi-tal, Wachovia Securities and many others.

JRS Architect, P.C., is a full-service architectural fi rm that provides interior design, programming and project man-agement. Since 1986, JRS has designed and constructed corporate offi ces, banks, retail stores, schools, health-care facilities, restaurants and ho-tels and has served a clientele that ranges from Fortune 500 companies to start-ups. ■

SHOPPING CENTERSNEW JERSEY

MID ATLANTIC REAL ESTATE JOURNAL19 — January 13 - 26, 2012 — New Jersey — Mid Atlantic Real Estate Journal MAREjournal.com

FORT LEE, NJ — Offi cials from Fort Lee and devel-oper BNE Real Estate Group recently broke ground on Twenty50, a 194-unit luxury rental building.

Mayor Mark Sokol i ch praised the project as smart development and a catalyst for other projects in the area. He was pleased to welcome a new lifestyle option for Fort Lee residents that will also tap into the potential of the vacant site, generate tax ratables and have a minimal impact on lo-cal resources.

“We are very proud to be the host community for this type of development,” Mayor Sokolich said. “Even in these tough economic times, we want to make Fort Lee a busi-ness-friendly environment. We want to make sure that

EWARK, NJ — New Jersey Department of Transportation Com-

missioner and NJ TRANSIT board chairman James Simp-son and NJ TRANSIT execu-tive director James Weinstein joined local, state and federal offi cials today to celebrate the completion of a project that returned a portion of Hobo-ken Terminal to its original design—restoring permanent ferry service to the historic building.

As part of the opening cer-emony, a special inaugural ferry boat ride operated from the newly restored ferry slips, carrying offi cials and dignitar-ies on a brief trip up the Hud-son River. Following welcom-ing remarks from Weinstein, leaders such as Commissioner Simpson, Port Authority of New York & New Jersey chief of real estate and development Michael Francois, and Billy-Bey Ferry Company chairman

The $120m project is funded through a mixture of state, federal & Port Authority funding

Tishman Construction managesconstruction for Hoboken Terminal projectN

Washington Bridge.

Designed by The Lessard Design Group, the building will offer a mix of one and two-bedroom residences fea-turing 750 to 1,200 s/f of living space.

our community is inviting to projects such as this.”

Once completed, the $70 million, 12-story residen-tial building will include 194 rental units, many of which will boast spectacular views of the Hudson River and George

$70 million, 12-story building in Fort Lee

BNE Real Estate Group breaks ground onTwenty50, a 194-unit luxury rental building

owned commuter ferry service in the United States, carrying 35,000 passenger trips per day – 8 million trips per year. including service between New Jersey and Manhattan.

Hoboken Terminal currently provides travelers multiple transit options including com-muter rail, light rail, bus, PATH and ferry service. Nearly 60,000 people use the terminal on a typical weekday.

“This restored Hoboken Fer-ry Terminal is a key intermo-dal hub that provides robust transportation services and vi-tal trans-Hudson connections to thousands of New Jersey residents,” said commissioner Simpson.

“The completion of this proj-ect has restored ferry service to the terminal’s original slips for the fi rst time in more than four decades, offering expand-ed ferry service and greater convenience for customers,” said Weinstein. ■

Shown from left: Larry Pantirer, Harvey Sohmer, Mayor Mark J. Sokolich, Joseph L. Cervieri, Jr., Ila Kasofsky, Howard Schwartz, Jonathan Schwartz and Alan Pines.

superstructure. Work on the second phase

began in December 2005 and was completed in April 2008, including construction of a 230-foot tall clock tower rep-lica modeled after the original 1907 design by architect Ken-neth Murchison. In homage to the original, the clock tower includes four-foot-high cop-per letters spelling out the word “Lackawanna” and is

surmounted by an illuminated clock with four 12-foot diam-eter faces, one on each side of the tower.

The second phase also in-cluded marine construction of fi ve of the original six ferry slips, as well as restoration of the exterior copper facade and lighting on the river side of the terminal, structural repairs, roof repairs and demolition of the fi nger piers and wooden fenders.

Construction of the ferry boarding area was completed in the third and fi nal phase, along with all remaining work necessary to restore ferry service to the original slips, including work on utilities, lighting, the ticketing area, ferry barges and gangways.

NY Waterway, owned and op-erated by Port Imperial Ferry Corp. and BillyBey Ferry Co., will be providing service from the ferry slips. NY Waterway provides the largest privately-

Bill Wachtel highlighted the benefi ts of the restored ferry terminal for residents in the region.

The $120 million project, funded through a mixture of state, federal and Port Author-ity funding, was divided into three phases. The fi rst phase, which began in April 2004 and was completed in September 2005, included repairs to the terminal’s substructure and

water wall, resident lounges, a café, Wi-Fi library/den, game rooms, fi tness center and an outdoor pool. Construction is scheduled to be complete by September, 2013.

“We believe this project will provide a spectacular lifestyle choice for both current Fort Lee residents looking for a new alternative and future residents moving into this thriving community,” said Jonathan Schwartz, Senior Vice President of BNE Real Estate Group, who noted that the combination of upscale amenities and exciting loca-tion on the New Jersey Gold Coast will provide residents with a unique living experi-ence. “We hope to be moving our fi rst residents in around the fall of 2013.”

Twenty50, located at 2050

Central Road, is one of a handful of development sites in the neighborhood that will ultimately include a vibrant mix of residential and retail space. It is directly across the street from Fort Lee Historic Park, the New Jersey section of the Palisades Interstate Park, and a short walk from Fort Lee’s quaint colonial town center.

“This project is an indication that times are changing and business is moving forward,” Mayor Sokolich added. “Fort Lee is a community that is moving in the right direction, a place where people want to live and do business. It is still a place to develop and to make sure that folks are in a position to raise their families and live as good a lifestyle as possible.” ■

20 — January 13 - 26, 2012 — New Jersey — Mid Atlantic Real Estate Journal MAREjournal.com

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SELIN, NJ — Newmark Knight Frank announced the recent success of the

newly renovated Metro 101 at 101 Wood Ave. South.

Investors Bank, took 38,800 s/f on the 9th and 10th fl oors and Microsoft occupies the remaining 21,700 s/f on the 9th floor. Amerigroup signed on for 31,400 s/f, or the entire 8th floor. Biopharmaceutical company ThromboGenics will occupy 8,400 s/f on the 6th fl oor. Newmark Knight Frank’s Rich Mirliss, managing director Hope Brodsky and associate Ki-eran McGee head up leasing. ■

I

Fairfield Corporate Park, Fairfield, New Jersey

FOR LEASE 32,000 Square Foot Industrial Building

* Warehouse/Manufacturing * 6,000 Square Feet Office – Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.

SHELDON GROSS REALTY, INC.REALTORS Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: [email protected]

Mirliss, Brodsky and McGee head up leasing

Newmark Knight Frankleases 147,550 s/f at Metro 101

Metro 101

AT L A N T I C C I T Y, N J —Christiana Foglio-Palm-er (shown right), founder/owner and chief execu-tive offi cer of Community Investment S t r a t e g i e s (CIS), Inc., participated i n a n i n -depth panel discussion on affordable housing issues at the 96th Annual New Jersey State League of Municipalities

Community Investment Strategies’ CEO participates in panelconference held at the Conven-tion Center.

Foglio-Palmer joined indus-try leaders including Depart-ment of Community Affairs Commissioner Lori Grifa; Ed-ward Buzak, league associate; Shirley Bishop, consultant/planner; and Elizabeth McK-enzie, professional planner. The panelists provided an update on the on-going legal challenge over the “third round regulations” and explored the post-COAH landscape for municipalities. Mayor of

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Bridgewater Patricia Flannery resided over the panel.

The three-day League confer-ence, “Creating a Community with a Common Vision,” was the largest gathering of public offi cials in the United States. More than 100 educational and informational sessions covered a wide range of topics. The conference also featured more than 1,000 commercial and governmental agencies, host-ing exhibits that showcased the latest developments in munici-pal goods and services. ■

MAREjournal.com Mid Atlantic Real Estate Journal — New Jersey — January 13 - 26, 2012 — 21

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

1,500 - 3,000 to 21,000 SFEDISON

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(732) 287-3777 / Fax (732) 287-1090 / [email protected] / www.bussel.comThe information herein has been obtained from sources deemed to be reliable, but no guarantee of its accuracy is made by the Company. In addition, no representation is made respecting measurements,

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NEW JERSEYFor retail property in Freehold

Triangle Equities recapitalizes $5.5 million loan for 62,000 s/fF REEHOLD, NJ — Trian-

gle Equities Development Corp, LLC, a Queens, NY

– based commercial real estate development and investment company announced the com-pletion of a joint venture and equity recapitalization with EF Partners.

Triangle took responsibility for $5.5 million in CMBS debt EF Partners had at 200-220 Trotters Way, a 62,000 s/f retail center, and earned a control-ling stake in the property. By injecting “rescue capital” into the asset, Triangle was able to

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close the equity gap generated by falling market values and a loss of all of the tenants in this 100% vacant shopping center. Its capital was used to take out the existing conduit loan and it will also provide funds for re-tenanting the building and capital expenditures neces-sary to bring the property back to life.

“We were able to structure a deal that worked for all par-ties involved – the lender, the former sole owner and our new capital – and effectively saved the property from foreclosure,”

said Triangle’s director of acqui-sitions Brett Goldman. Triangle was able to recapitalize the asset while keeping the origi-nal owner’s equity in the deal byre-pricing the equity/debt structure of this asset to today’s value.

“The property features strong underlying fundamentals in-cluding a unique location in a high-income area on the ac-cess road to the second largest indoor shopping mall in New Jersey,” said Josh Weingarten, Triangle’s Associate of Develop-ment and Acquisitions. ■

SECAUCUS, NJ — Panera Bread will open another café in Northern NJ - Harmon Meadow , Secaucus, NJ. The space is leased by Secaucus based Hartz Mountain Industries.

“We are thrilled to open our newest bakery-cafe in such a great location,” said Robert MacEachern Joint Venture Area Director, Panera Bread. We are happy to offer this com-munity fresh and wholesome food choices; paired with the convenient service their busy schedules demand. The district manager Ted Ramnarain who resides in Bergen County says “New bakery cafe openings are always exciting; it brings a new energy to the community.” We will be giving away some nice surprises to our opening day customers.

“It’s always nice to have com-panies such as Panera Bread bring a renewed energy into the town of Secaucus, and we are thrilled to have them as part of our community,” said Secaucus Mayor Michael Gonnelli. “We appreciate their partnership with the town of Secaucus to donate bread to the Secaucus Food Pantry as part of their Day-End Dough-Nation pro-gram.”

Panera is located on the Mill Creek side of Harmon Meadow at 200 Mill Creek Dr. The café will be 5,000 s/f located next to Verizon Wireless and Casual Male.

“We have spent the past 27 years building Secaucus into the shopping and dining Mecca that you see today,” said Emanuel Stern, president and COO for Hartz Mountain In-dustries. ■

Hartz Mountain leases to Panera Bread in Harmon Meadow, Secaucus


NEW JERSEY

ARRISON, NJ — U.S. Senator Robert Menen-dez, Hudson County

executive Thomas DeGise and Harrison Mayor Raymond McDonough joined developers Ironstate Development and The Pegasus Group to celebrate the completion of the fi rst phase of Harrison Station, a new mixed-use development rising adjacent to the Harrison, NJ PATH Station.

Senator Menendez helped cut the ribbon on the 275-unit luxury rental building that also includes 12,814 s/f of street-level retail space. It is the fi rst phase of a larger development that will ultimately include 2,600 luxury residences, 80,000 s/f of retail space and a 136-room, LEED-certifi ed Element hotel with a retail concourse. Construction will begin in early 2012 on the hotel which represents the development’s second phase.

“This project is an invest-ment in Harrison’s future that creates hundreds of jobs and paves the way for thousands more,” Senator Menendez said. “It’s a great example of smart growth and how good planning around public transportation can lead directly to economic development. This partnership is a model of how government, business and local communities can work together to usher in a new economic era for Har-rison.” ■

Phase 1, Harrison Station mixed-use development

Ironstate Development & The Pegasus Group break ground

H

Shown from left: Harrison Mayor Raymond J. McDonough, Iron-state Holdings LLC President Michael Barry, Ironstate Develop-ment Company President David Barry, Harrison Councilman Jesus Huaranga, U.S. Senator Robert Menendez, Harrison Councilwoman Caroline Mandaglio, Hudson County Executive Thomas DeGise and John Johnson, Esq.

a section of the

Mid Atlantic Real Estate Journal

P.O. Box 26, Accord, MA 02018781-871-5298 • 800-584-1062

fax 781-871-5299MAREjournal.com

PublisherMichael Campisi

[email protected]

Section EditorKaren Vachon

[email protected]

New JerseyReal Estate Journal

CELEBRATING OUR 106TH YEAR

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H


ODI, NJ — NAI James E. Hanson represent-ed both parties in the

$590,000 sale of a six-unit a p a r t m e n t building at 528 Harrison Ave.

NAI Han-son vice presi-dent Anthony Cassano over-saw the trans-action on behalf of the buyer, T.T. & Sons Realty LLC.

Ongoing income potential of fully leased property

NAI Hanson announces $590k sale of apartment buildingL “The buyer was attracted

to the great value of the deal -- both price and future income potential,” Cassano said. “The fully leased property will pro-vide excellent cash fl ow for the new ownership.”

ENGLEWOOD, NJ — NAI James E. Hanson represented Wells Fargo Bank in securing 3,780 s/f of bank space at 15 West Palisade Ave.

Wells Fargo signed a long term lease at the building, which is located in Englewood’s downtown central business

Anthony Cassano

ATLANTIC & BERGEN COUNTY

district.The bank is relocating from

Engle Street, also in Engle-wood. NAI Hanson vice presi-dent Joan Cenicola represented Wells Fargo in the transaction with landlord Treeco/Secrets, LLC.

“As an affl uent town, Engle-wood is a strategic market for Wells Fargo, so it was impor-tant that they fi nd a prime loca-tion,” Cenicola said. “This lease transaction allows the bank to relocate to a highly traffi cked downtown pedestrian area.” ■

NORTHVALE, NJ — The Hampshire Companies an-nounced that Fillo Foods has signed a long term, full-building lease for an 85,000 s/f industrial/fl ex facility lo-cated at 10 Fairway Court.

RAB Electric signed a short term-lease for 35,000 s/f of the warehouse’s space, occupying a portion of the building while Fillo Foods commences its upgrades.

“We pride ourselves on aggressively working with our tenants to accommodate their specific needs,” said Michael Harrington, an in-vestment manager of The Hampshire Companies. “We look forward to a long-term relationship with Fillo Foods and remain committed to providing quality commer-cial space in premier loca-tions.”

Kenneth Lundberg, SIOR of NAI James E. Hanson represented The Hampshire Companies in the transac-

NAI Hanson’s Lundberg reps lessor

The Hampshire Cos. leases 85,000 s/f

tion. Fillo Foods was repre-sented by Mitch Helfman of MRH Real Estate.

LYNDHURST, NJ — The Hampshire Companies an-nounced that Home Goods, a division of TJX Companies, Inc. has leased 24,000 s/f of retail space at Veterans Square Town Center.

“Veterans Square contin-ues to be strong performer in our retail portfolio,” said Kim Stirba-Reynolds, a se-nior investment manager for The Hampshire Companies. “Strategically positioned within Bergen County, this multi-tenant retail center has thrived due to the vari-ety of high caliber tenants Hampshire has secured and the center’s ideal location in a densely populated area. We look forward to further ex-panding the site to further ac-commodate tenant demands and consumer needs.” ■

EGG HARBOR TWP., NJ — Marcus & Millichap Real Estate Investment Services has an-nounced the sale of Chick-fi l-A ground lease, a 4,227 s/f single-tenant net-leased, according to Michael Fasano, vice president and regional manager of the fi rm’s New Jersey offi ce. The asset commanded a sales price

Marcus & Millichap sells Chick-Fil-A ground leaseof $1.727.3 million and has a capitalization rate of 5.5%.

Mark Ruble and Jamie Me-dress, investment specialists in Marcus & Millichap’s Phoe-nix offi ce, assisted by Fasano had the listing to market the property on behalf of the seller. The buyer was secured and rep-resented by Judson Kauffman

and Glen Kunofsky, investment specialists in Marcus & Mil-lichap’s Manhattan offi ce.

Chick-fi l-A is located at 6038 Black Horse Pike. The prop-erty is a short distance from the Hamilton Mall, Consumer Square Mall and The Festivale Hamilton – over 2,700 s/f of retail space. ■

CHERRY HILL, NJ — NAI Mertz, Realtor, has represented the owner of Cherry Hill B u s i n e s s P a r k a n d the new ten-ant, All Star B a s e b a l l Academy, in an 11,190± s/f lease at 3 Esterbook Ln.

R e b e c c a Ting, SIOR, and Sco t t Mertz, SIOR, w e r e t h e brokers who negotiated the transac-tion. ■

New lease signed with Baseball Academy

NAI Mertz reps Cherry Hill Business Park in 1,190± s/f

CAMDEN & GLOUCESTER COUNTIES

MARLTON, NJ — Dan Mc-Govern and Bill Goodwin at CBRE, Inc. (CBRE) brokered a 10,800 s/f lease with Roto-Rooter in Runnemede Cor-porate Center at 175 Ninth Ave. The property is owned by Richards & Robbins.

“Runnemede Corporate Center was a great oppor-tunity for Roto-Rooter. This location allows them great access to all major arteries

McGovern and Goodwin negotiate

CBRE handles 10,800 s/f lease in Marlton

in Southern New Jersey and enabled them to signifi cantly improve their corporate im-age. This division in South Jersey has experienced signif-icant growth and Runnemede Corporate Center allows them the fl exibility to expand even further if needed in the near future. ” added McGovern. The fi nancial details of the transaction remain undis-closed. ■

Rebecca Ting

Scott MertzCherry Hill Business Park

Runnemede Corporate Center

SWEDESBORO, NJ — On behalf of Barry Callebaut U.S.A., LLC, Binswanger is pleased to announce the sale of a one-story, 65,804 s/f building with acreage located at 400

Binswanger brokers 65,804 s/f sale of building in SwedesboroEagle Court in Swedesboro, New Jersey.

The buyer, Cocoa Services, L.P. is the manufacturer of chocolate and plans to use the facility for cocoa processing.

Key features of the building include reinforced concrete fl oors; insulated metal panel over concrete block walls; ceil-ing heights to 27’3” clear; steel columns spaced 40’ x 50’.

The facility is located in the Pureland Industrial Complex along I-295, midway between New York City and Washing-ton, DC.

Marc Policarpo and Bob

Corr, senior vice presidents for Binswanger’s New Jersey Division represented the seller for this transaction. David Ricci of the Flynn Company represented the buyer. ■


SOUTHERN NEW JERSEY

ADISON, NJ — The Hampshire Compa-nies has announced

that Realogy will relocate its headquarters offi ce from Par-sippany to the newly trans-formed, LEED certifi ed offi ce building located at 175 Park Ave. Realogy will occupy the entire soon-to-be 270,000s/f building in late 2012.

Upon completion, the prop-erty will be LEED Silver certifi ed and will be designed to be sensitive to the neigh-borhood and its surround-ing natural environment. The class A offi ce building will feature a full range of amenities including a fi tness center, full-service cafe, and conference / team room facili-ties. 175 Park Ave. will have cutting edge green roof tech-nology and state-of-the-art energy effi cient mechanical systems.

“Securing a tenant such as Realogy truly is a testa-ment to our ability to deliver the most sought after offi ce space in the state,” Kim Stirba-Reynolds, a senior investment manager for The Hampshire Companies. “This building will be like no other and will raise the standard for Class A offi ce design. We are thrilled to welcome Realogy to 175 Park Avenue.”

Situated on over 15 acres and conveniently located in the heart of Morris County’s premier suburban offi ce mar-ket, 175 Park Avenue offers easy access to major area highways including Routes 124 and 24, I-78 and The Garden State Parkway. Con-vent Station is also minutes away and offers 45-minute midtown direct NJ Transit service to New York City. Construction is currently underway at the site.

“Realogy is an ideal ten-ant for the building,” added David Simson, vice chair-man and COO of Newmark Knight Frank’s New Jersey operations, whose team rep-resented The Hampshire Companies and has a long-standing relationship with the fi rm. “Realogy chose the building that represents where commercial real estate is heading today: Green, en-vironmentally friendly and energy effi cient.” ■

LEED certifi ed offi ce building in Madison

The Hampshire Companies sign Realogy to 270,000 s/fM

175 Park Avenue

ROCKAWAY, NJ — Cush-man & Wakefield, Inc. has orchestrated a 24,000 s/f head-quarters lease with Activu Cor-poration at 301 Roundhill Dr. Robert Donnelly, Jr., of Cush-man & Wakefi eld’s Morristown offi ce, serves as the agent for the 50,000 s/f fl ex property.

Ken Flynn of Jones Lang LaSalle served as tenant rep-resentative in negotiating the long-term lease.

Roundhill Realty, LLC ini-tially retained Cushman & Wakefi eld in 2010 to explore options to lease or sell the property. “My client wanted to test the market, and the market response was positive

At 301 Roundhill Drive fl ex property

Cushman & Wakefi eld brokers 24,000 s/f lease

from potential tenants look-ing to lease and purchase,” Donnelly said. “Activu, which was looking to upgrade their work environment, really ‘got’ the vision behind the building design. It is an all-around good fi t.” ■

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RENTON, NJ — Rich-ardson Commercial Realtors announced

the sale of the property lo-cated at 50 North Clinton Avenue from Edison Learn-ing, Inc. to the Pentecostal Church Assembly of God. The property is 76,100+ s/f and was formerly a Crescent Shrine Temple and local char-ter school. The building is a historical landmark location and was designed by Philadel-phia architect Walter Hankin in 1929. It features beautiful architecture with arch motifs and decoration in local terra cotta.

The Pentecostal Church As-sembly of God is a local church organization that is growing their membership and they needed more space to accom-modate their congregation. Michael Pratico Sr., the agent for the property, was excited to fi nd a buyer from the local area who can make use of a historical building that has been vacant for some time. The buyer was represented

And completes 5,117+ s/f lease in RWJ University Hospital Hamilton campus

Richardson Commercial Realtorsbrokers 76,100+ s/f sale in Trenton

T

by Garcia Realtors.Richardson Commercial Re-

altors announced the lease of 5,117+ s/f of recently renovated space in the RWJ University Hospital Hamilton campus to Hamilton Pediatric Associates (HPA). HPA made the move to the hospital campus to better serve their patients and to

take advantage of an excel-lent location for a pediatric offi ce. It’s no coincidence that their arrival on the campus coincides with the opening of the pediatric emergency room at the hospital.

Linda Gilbert, practice manager said, “Richardson guided us through the entire

MERCER COUNTY

process step by step. We felt we were in good hands from start to fi nish.”

Lakeview Child Center is an affiliate of Robert Wood Johnson University Hospi-tal Hamilton and leased the space to HPA. It opened in 1985 and operates a network of seven child care centers

throughout central New Jer-sey. Skip Cimino, president & CEO of RWJ Hamilton said, “Any hospital would be lucky to have Hamilton Pediatrics in their backyard. We’re very fortunate to have them on our campus. The space they out-fi tted is well suited to serve their patient’s needs.” ■

50 North Clinton Avenue 3 Hamilton Health Place

BERKELY HEIGHTS NJ — Avi Oren of New Market Realty Group (NMRG) has announced the sale of Park Edge Apartments. The 15 year old building contains 32 units consisting of studio, one bed-room and two bedroom apart-ments. The two story property includes on-site parking and was fully leased at the time of sale.

The buyers consisting of a partnership of international investors, made a substan-tial cash down payment and financed the balance with a seven year non recourse mort-gage. According to Oren, the key to the transaction was to structure a return on invest-ment that would appeal to the buyers while providing the owners an acceptable price.

NMRG is a partnership be-tween Avi Oren, Alan Lieber-man and Ron Cohen who com-bined have over 60 years of experience selling multi family properties encompassing thou-sands of units in NJ. ■

32 units in Berkely Heights

New Market Realty Grp. sells apartments for $90k per unit

Park Edge Apartments

Diversifi ed Capital adds new amenities

As part of the renovations, the refurbished Art Deco lobby (pictured here) will be entirely ADA-accessible, with 24/7 access, a manned guest reception and a new, state-of-the-art electronic directory.

NEWARK, NJ — Diversifi ed Capital has added a broad suite of new tenant ameni-ties being implemented at 24 Commerce St., the former Federal Trust Bank building in downtown Newark. These new amenities, along with the $5 million building renovations, are part of the company’s over-all investment in the historic office structure, which rises

18 stories and encompasses a total of 180,000 s/f.

The landmark building will now provide enhanced conve-niences to its roster of profes-sional and corporate tenants. The refurbished Art Deco lobby will be entirely ADA-accessible, with 24/7 access, a manned guest reception and a new, state-of-the-art electronic direc-tory. A shared conference suite


Manulife RE enters NYC metro real estate market

Cushman & Wakefi eldarranges $285 million sale

ERSEY CITY, NJ — Cushman & Wakefi eld’s Metropolitan Area Cap-ital Markets Group

(CMG) has orchestrated the sale of 10 Exchange Pl. The 748,005 s/f building is a 30-story trophy offi ce tower.

The Cushman & Wakefi eld team of Andrew Merin, Da-vid Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt represented the seller, a client of INVESCO, in the transaction. The buyer was Manulife Real Estate.

LEED-Gold and Energy

J Star certifi ed, the iconic tow-er offers unobstructed views of lower Manhattan from every fl oor. The 100 % leased building has a tenant roster that includes renowned in-ternational companies such as ACE Insurance, Daikin McQuay, Kuehne + Nagel, Rabobank, Bank of America, Goldman Sachs and Amazon.com.

10 Exchange Place sits atop the most comprehensive mass-transit infrastructure in the region, offering direct access to PATH rail to New York City, as well as light rail, bus and ferry service. ■10 Exchange Pl.

WEEKAWKEN, NJ — New Jersey’s Gold Coast will soon boast The Estuary, a new 589-unit residential complex on the waterfront in Weehawken. Hartz Mountain Industries, which has owned the property on the waterfront since 1981, will partner with Roseland Property Company on the $200 million project that will include three buildings sur-rounding a beautiful courtyard space.

In addition to beautiful city views and easy access to Man-hattan via ferry, The Estuary will set a new standard in luxury rental amenity features with a rooftop deck and pool, golf simulator, hot tub, fire pit, fi tness room, yoga room, children’s playroom, and Wii

Hartz’s Lincoln Harbor to offer “The Estuary” in Weekawken

game center.“Lincoln Harbor is the ulti-

mate Hudson waterfront loca-tion for renters-by-choice who want all the amenities they can get within view of Manhattan without being in Manhattan,” said Carl Goldberg, managing partner for Roseland Property Company. “The lifestyle differ-ences in New Jersey are seen by many renters as advantages for which they pay less – they get rewarded twice in one location selection.”

“New Jersey’s growing water-front communities are depen-dent on and perfectly compati-ble with the improved condition of the Hudson River,” says Mr. Goldberg. “The Estuary will be the hallmark of a place whose time has come. ■

NEW JERSEY

LINDEN, NJ — The Hampshire Companies in a joint venture with Tulfra Realty Company, LLC, has announced the disposition of a 36,000 s/f industrial building located at 1901 East Linden Avenue in Linden, N.J. The sale was made to Joma Realty, LLC.

Ideally situated at Exit 13 on the New Jersey Turnpike, 1901 East Linden Avenue of-fers easy access to the Port of New York/New Jersey and Linden, Rahway, Elizabeth and Newark labor markets.

At the time of the sale, the building was 100% occupied by a variety of small tenants ranging in size from 1,440 s/f to 4,320 s/f.

“The property’s excellent location and history of occu-pancy made this an attrac-tive offer for the buyer,” said Todd Anderson, a Principal of The Hampshire Companies.

“With no vacancy and easy access to nearby major high-ways, the property fully accommodated the buyer’s need for stable cash fl ow and the potential to sell the units as condos to the existing ten-ants in the future”.

Kristin Hanson and Sonny Jumani represented The Hampshire Companies and Tulfra Realty in the trans-action, while the buyer was represented by Ben Sgamba-ti and Alan Cafeiro of Marcus & Millichap. ■

The Hampshire Cos. and Tulfra Realty sell 36,000 s/f

2011 Leasing Totals:

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Southern New JerseyChapter

www.ai-snj.orgTelephone 856-415-0281 • Fax 856-415-1952

Southern NJ ChapterAppraisal Institute

2012 Chapter Offi cers

PresidentJerome McHale, MAI

[email protected]

Vice PresidentJacob Ramage, MAI

[email protected]

TreasurerKristin Mansfi eld

kristin.mansfi [email protected]

SecretaryAl Crosby

[email protected]

Director (Term through ‘14) James Carr

[email protected]

Director (Term through ‘14) John T. Stone, MAI

[email protected]

Director (Term through ‘13) Jerrold McCarron

[email protected]

Director (Term through ’13) Michael S. Sapio, MAI

[email protected]

Director (Term through ’12) Ed Kay

[email protected]

Director (through ’12)Joseph V. Heenan, SRA

[email protected]

he Southern NJ Chap-ter of the Apprais-al Institute mixed

up the calendar and shook things up a bit in November when they offered a lunch meeting with seminar on November 22nd. As custom-ary, the event was held at the Adelphia and brought many chapter members together for a great educational and social event.

The seminar, “Valuation for Financial Reporting,” was created and presented by Michael Hedden, MAI, CRE, FRICS, who is a Past Presi-dent of the Metro New Jersey Chapter. He is a managing director in the FTI Real Es-tate Solutions practice and is based in New York. He specializes in providing valu-ation, litigation support and expert testimony services for clients. He is a knowledge-able real estate expert with over 30 years of experience in all aspects of the market analysis and valuation of real property. He has experience in the appraisal of industrial, commercial, residential and special purpose property in-cluding hospitality, hospital and healthcare facilities. He has developed broad ex-perience in the valuation of properties with detrimental conditions and is a recog-nized expert in the valuation of property suffering from en-vironmental contamination. Hedden has experience in the valuation of investment and user-based specialized real estate and real estate-

For a great educational and social event

Lunch meeting brings chapter members together

related enterprises. He has appraised properties in many U.S. states. Purposes have

included property tax, fi-nancial reporting, fi nancing, purchase or sale, insurance, fair rental, tax reporting, condemnation, and donation. Prior to joining FTI Con-sulting, he was a managing director with American Ap-praisal and also was formerly a director for CBIZ Valuation Group, LLC.

For many years, accoun-tants and auditors have relied on the work provided by experts – or specialists – to help them determine appropriate fi nancial report-ing amounts and disclosures. Real estate appraisers are valuation specialists in the area of real property. This 2-hour seminar outlined the importance of the appraiser as a real property valuation specialist. Hedden outlined the need for specialists, valu-ation standards, reporting VFR assignments, and the importance of a good rela-tionship with fi nancial report preparers. Topics such as market-to-market account-ing and Financial Accounting Standards were addressed as well in this informative semi-

nar. The presenter also of-fered a framework for evalu-ating fair value. (A copy of his

powerpoint presentation is available by contacting Lisa Weiss with the Chapter.)

A wonderful buffet lunch followed the seminar, and the afternoon event was con-cluded with the last Board of Directors meeting of the year.

The fi rst Chapter dinner meeting event for 2012 will be Thursday, January 19th at the Adelphia Restaurant. More information on this event is found later in this newsletter. Please plan to join us for this and many other great Chapter events in 2012.

A special planning note: We will offer enough CE cred-its so that you NEVER have to take another CE class with anyone other than your Southern NJ Chapter! If there is some-thing you would like to see the Chapter offer, a topic you need covered …. Let us know now! Contact Lisa Weiss at [email protected] or 856-415-0281 and she will try to make it happen! ■

TShown left: Michael Hedden, MAI, CRE, FRICS

The fi rst Chapter dinner meeting event for

2012 will be Thursday, January 19th at the

Adelphia Restaurant.


J. Paul Bainbridge, MAI

Steven W. Bartelt, MAI, SRA

A. Craig Black, SRA

Allen G. Black, MAI, SRA

Edward J. Bligh, MAI, SRA

Harry Carroll, Jr., MAI, SRA

Lana Chiappetta, MAI

Patrick K. Conover, MAI

John P. Corbett, MAI

David A. Curley, SRA

Eugene P. Davey, SRA

Thomas C. Davis, SRA

John E. Doyle, MAI

Scott A. Eiffes, MAI

E. Guy Elzey, III, SRA

Emmons G. Elzey, Jr, SRA

Phillip Fortuna, SRA

Mary F. Fox, MAI

David J. Frett, SRA

James C Frisby, SRA

John M. Gapszewicz, MAI

Ronald A. Hagel, MAI, SRA

Mark J. Hanson, MAI, SRA

Donna Harris, SRA

Joseph V. Heenan, SRA

Henry Herskowitz, MAI, SRA

Michael D. Jones, MAI

William J. Kennedy, MAI

M. Bruce Leff, SRA

Frank S. Librizzi, MAI, SRA

Allen L. Little eld, SRA

Cape May Ct. House

Turnersville

Cherry Hill

Cherry Hill

Marlton

Cherry Hill

Medford

Galloway

Philadelphia

Mt. Laurel

Philadelphia

Delran

Philadelphia

Moorestown

Haddon eld

Haddon eld

Philadelphia

Cape May

West Berlin

Ocean City

Philadelphia

Vineland

Ocean City

Shiloh

Ocean City

Cherry Hill

Cape May Court House

Medford

Newark, DE

Haddon Heights

Hammonton

(609) 465-9978

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(856) 854-2478

(609) 704-9609

Gary P. Lombardi, SRA

Bonnie L. Longo, MAI, SRA

Eileen Lynn, MAI

Jerome J. McHale, MAI

F. Pat McIlhinney, MAI, SRA

Edward T. Molinari, SRA

Robert Parmley, SRA

Patricia A. Quigley, SRA

Jacob Ramage, MAI

Thomas C. Reynolds, SRPA

Lee L. Romm, MAI, SRA

Michael Sapio, Jr., MAI, SRA

Michael Sapio, MAI

R. M. Sapio, MAI, SRA

William J. Sapio, MAI

Dennis A. Scardilli, Esq, MAI

Jack Sheehan, MAI

Timothy Sheehan, MAI, SRA

Richard Sheldon, MAI, SRA

Thomas J. Sliwowski, SRA

Add Paul Sopenoff, MAI

Pasqual A Sorge, MAI

John T. Stone, MAI

Robert Thompson, MAI, SRA

Robert J. Tighue, MAI

Joseph E.Tighue MAI, SRA

Merilynn P. Verderame, SRA

Benjamin R. Vukicevich, SRA

John H. Walton, Jr, MAI, SRA

John Weber, Jr,, MAI, SRA

Gerald Francis White, SRA

Manahawkin

Sewell

Philadelphia

Mt. Laurel

Cherry Hill

Woodbury

Forked River

Philadelphia

Philadelphia

Wilmington, DE

Marlton

Blackwood

Bellmawr

Voorhees

Linwood

Absecon

Wenonah

Cherry Hill

Haddon Heights

Pitman

Voorhees

Mt. Laurel

Cape May Court House

Ocean City

Cherry Hill

Brigantine

Haddon eld

Stratford

Medford

Hamilton Square

Pennsauken

(609) 709-3902

(856) 582-4611

(215) 842-0649

(856) 722-0205

(856) 795-4042

(856) 853-7622

(609) 292-2573

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(609) 586-3500

(856) 663-5134

Southern New Jersey Chapter

Of the Appraisal Institute

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

visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281.

2012 Designated Members of the Southern NJ Chapter of the Appraisal Institute

Industrial Commercial

Real Estate Women, Inc.

www.icrewnj.org

About ICREW NJ

Founded in 1982, ICREW NJ (New Jersey Chapter of Industrial Commercial Real Estate Women, Inc.) is a not-for-profi t organization that promotes communication and interaction between experienced commercial real estate

professionals in New Jersey. ICREW NJ is the New Jersey organization for women

involved in all aspects of Commercial andIndustrial Real Estate.

Members represent fi elds as diversifi ed as accountants, architects, appraisers, asset/property managers, attorneys

consultants, developers, lenders, leasing and sales bro-kers, mortgage bankers/brokers, marketing specialists, market and investment analysts, corporate real estate

representatives and title/escrow offi cers.

30B — December 9 - 22, 2011 — New Jersey — Mid Atlantic Real Estate Journal MAREjournal.com

Installation of Offi cers, Star Awards, Sponsor Expo Highlight

ICREW New JerseyDecember Luncheon Meeting

B ASKING RIDGE, NJ — “It’s hard to believe that 2011 is

over already, and I would like to welcome everyone to our annual year-end transition meeting at which we thank our outgoing board and greet our incoming board,” said Sheila Nall of KSS Archi-tects. Her remarks kicked off the fi nal act of her term as President of ICREW NJ, with the organization’s De-cember luncheon meeting at the Dolce Hotel & Resort highlighted by the instal-lation of 2012 offi cers and directors.

“I think you’ll all agree that 2011 has seen a great lineup of programs and events for the year, and 2012 promises to be even better,” she said. “And now, as my fi nal order of business, I want to call Cheryl Hardt to the podium as your new President for 2012.”

“My focus for 2012 will be about opportunity,” said Hardt, of CBRE. “We’re go-ing to focus, no matter where we are in the business cycle, on opportunity—developing education, networking, and community. All of our pro-gramming will emphasize the ability for members to create and take advantage of trends in our marketplace.”

Hardt heads a 2012 slate of offi cers and directors that

includes President-Elect and CREW Network Delegate Patricia Riedel of CBRE; Recording Secretary Rachel Brindisi of NAI Global; and Treasurer Sefi Silverstein of Wilkin & Guttenplan.

Co-directors of Sponsor-ship are Patricia Faulkner of NAI Global and Diane Menard of Prestige Title Agency; Director of Mem-bership is Mary Lynn Ke-arns of Dancker, Sellew & Douglas; Co-directors of Programming are Monica Ceres of Giordano, Halleran & Ciesla, and Susan Karp of Cole, Schotz, Meisel, Forman & Leonard; and Co-direc-tors of Special Projects are Robin Grossman of Zycus and Rebecca Machinga of WithumSmith+Brown.

Sheila Nall will continue to serve as Advisor and CREW Network Delegate; Past President Silvana Finizio of Carousel Industries will serve as Advisor; and An-nette Murray of Wilkin & Guttenplan will serve as Advisor-Bylaws.

The December luncheon event also featured presen-tation of the Annual Star Awards for outstanding achievements and contri-butions of ICREW NJ. The 2011 recipients were Annette Murray; Silvana Finizio; Sefi Silverstein; Mary Lynn Kearns; Karen Rossilli of

PAR Flooring; and Cheryl Marraffi no of Skanska USA Building.

Other highlights of the event were the ICREW NJ Sponsor Expo; and the De-cember philanthropy, ICREW NJ’s 11th Annual Toy Drive to benefit the New Jersey Battered Women’s Service Children’s Program.

“The response to the toy drive was outstanding,” said Nall. “It just re-emphasizes that philanthropy is such a large part of who we are here at ICREW, and I am proud to be a part of it.”

ICREW NJ is the New Jer-sey organization for women involved in all aspects of commercial and industrial real estate. Members rep-resent fi elds as diversifi ed as accountants, architects, appraisers, asset/property managers, attorneys, consul-tants, developers, lenders, leasing and sales brokers, mortgage bankers/brokers, marketing specialists, mar-ket and investment ana-lysts, corporate real estate representatives and title/escrow offi cers. For more in-formation on programming, sponsorship or membership, please contact ICREW NJ at (609) 585-6871, via email [email protected] or visit their website at www.icrewnj.org ■

PRESIDENTCheryl Hardt

[email protected]

PRESIDENT ELECT & CREW NETWORK DELEGATEPatricia A. Riedel

CB Richard Ellis, [email protected]

TREASURERSefi Silverstein

Wilkin & Guttenplan, [email protected]

RECORDING SECRETARYRachel M. Brindisi

NAI [email protected]

DIRECTOR OF MEMBERSHIPMary Lynn Kearns

Dancker, Sellew & DouglasAccount Manager

[email protected], PROGRAMMING

Monica Ceres, Esq.Giordano, Halleran & Ciesla, P.C.

[email protected], PROGRAMMING

(PHILANTHROPY)Susan Karp

Farer Fersko, [email protected]

CO-DIRECTOR, SPONSORSHIPPatricia D. Faulkner

NAI [email protected]

CO-DIRECTOR, SPONSORSHIPDiane Menard

Prestige Title Agency, [email protected]

DIRECTOR, SPECIAL PROJECTS GOLFRobin S. GrossmanEdge Technologies

[email protected], SPECIAL PROJECTS

WEBSITE/PRRebecca Machinga, CPA

WithumSmith+Brown, [email protected]

ADVISOR & CREW NETWORK DELEGATESheila Spriggs Nall

KSS [email protected]

ADVISORSilvana Finizio

Carousel Industries of North Americasfi [email protected]

ADVISOR & BYLAWSAnnette Murray, CPA

Wilkin & Guttenplan, [email protected]

SHOPPING CENTERSPENNSYLVANIA

REAL ESTATE JOURNAL

Stine & Rohrbaugh rep the buyer

CBC Bennett Williams brokers $1.95 million sale of 3.92 acres of comm’l. land

OGANVILLE, PA — CBC/Bennett Williams has arranged the fol-

lowing transactions: In sales: 3.92 acres of commercial land at 362 N. Main St. located in Lo-ganville. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the buyer in the $1,950,000 transaction.

In leases: 2,000 s/f of retail space at Silver Creek Plaza on the Pike on Carlisle Pike in Mechanicsburg. Shenandoah Personal Communications Com-pany dba Sprint Wireless leased the space for fi ve years. Stine and Rohrbaugh of Bennett Wil-liams represented the tenant in the transaction.

3,907 s/f of retail space at 1150 Lancaster Blvd., Suite 201 in Mechanicsburg. The United

EMMAUS, PA — KW Com-mercial-The James Balliet Com-mercial Group, a full service commercial real estate company with an offi ce located at 40 S. Ce-dar Crest Blvd., Allentown, has just sold the 7,926 s/f 600 State Avenue Plaza in Emmaus.

James Balliet, president, and Robert Thompson, vice-president represented the seller Tuxedo Realty, LLC of Paramus, NJ and Derek Zerfass of Colliers International represented the buyer, Jads Group, LP. The sale price was $1,300,000.

President Balliet and VP Thompson rep the seller

KW Commercial brokers $1,3000,000sale of 600 State Ave. shopping plaza

States of America (armed forces recruiting center) leased the space for fi ve years. Stine and Rohrbaugh of Bennett Williams

represented the tenant in the transaction.

3,200 s/f of retail space at Wheatland Shopping Center

600 State Avenue Plaza is a convenience retail strip center located on the famous Lehigh Street “Auto Mile” corridor and just south of I-78 and the South

600 State Avenue PlazaMall and is anchored by Rossi’s Italian Restaurant, WeBuy-AnyCar.com, Merry Maids and more. The property is just south of I-78 and the South Mall. n

at 1763 Columbia Ave. in Lan-caster. M.H. Kaye Pavilion, Inc. leased the space for seven years from Homewood Realty Co.

Stine, Rohrbaugh, and Russell of Bennett Williams represented the landlord in the transaction, and Jeremiah Hamilton, also of Bennett Williams, represented the tenant.

2,853 s/f of retail space at Cloister Shopping Center at North Reading Rd., Suites A24-A25 in Ephrata. Weight Watch-ers of Philadelphia, Inc. leased the space for fi ve years. Stine, Rohrbaugh, and Hamilton of Bennett Williams represented the landlord in the transaction.

1,300 s/f of retail space at Rou-zerville Commons at Washing-ton Township Blvd. in Waynes-boro. Game Stop Inc. leased the space for fi ve years from Freston Realty. Stine, Rohrbaugh, and Kauffman of Bennett Williams represented the landlord. n

L

362 N. Main Street

EXIT 10

110 N. George Street, 4th floor York, PA 17401

ph: 717-843-5555 fax: 717-843-5550

www.bennettwilliams.com

SERVING CENTRAL PENNSYLVANIA FOR OVER 50 YEARS • Landlord Representation

• Tenant Representation

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• Property & Portfolio Dispositions

• Property Management

ENTRAL, PA — ROCK Commercial Real Es-tate completed 51,523

s/f of lease and 15,916 s/f of sales transactions. Sales: Conductive Technolo-gies, Inc bought an 11,072 s/f professional offi ce building on 3.64 acres at 950 Borom Rd. in York, PA in York City. ROCK Commercial Real Es-tate represented the buyer and the seller in this trans-action. All Clean Services bought a 4,844 s/f professional of-fi ce building on 0.27 acres at 1560 West Market Street in York, PA in West York Bor-ough. ROCK Commercial Real Estate represented the Buyer and the Seller in this transaction. Leases: HR Pharmaceuti-cals, Inc. leased 29,160 s/f of industrial space at 1221 East Elm Street in York, PA in York City. ROCK Commercial Real Estate, LLC represented the Landlord and the Tenant in this transaction. Piping & Mechanical Sys-tems Corporation leased 10,000 s/f of industrial space at 180 Roosevelt Avenue in York, PA in York City. ROCK Commercial Real Estate,

LLC represented the Land-lord and the Tenant in this transaction. Finders Keepers leased 5,505 s/f of retail space at Carlisle Commerce Center at 2159 White Street in York, PA. ROCK Commercial Real Estate, LLC represented the Tenant in this transaction. Advanced Otolaryngology & Allergy, LLC. leased 3,032 s/f of medical office space at Hillside Medical Center at 250 Fame Avenue in Ha-nover, PA in Penn Township. ROCK Commercial Real Estate, LLC represented the Landlord and the tenant in this transaction. Liberty Tax Service leased 1,350 s/f of offi ce space at Cape Horn Square Shop-ping Center at 693 Lombard Road in Red Lion, PA. ROCK Commercial Real Estate, LLC represented the tenant in this transaction. Forrest Hearing Aid Center leased 708 s/f of offi ce space at 70 East Forrest Avenue in Shrewsbury, PA located in Shrewsbury Township. ROCK Commercial Real Estate, LLC represented the landlord and the tenant in this transaction. ■

C

York, Pennsylvania

ROCK completes multiple transactions

www.MAREjournal.com Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 31

http://www.MAREjournal.com

http://www.bennettwilliams.com


http://www.bennettwilliams.com

32 — January 13 - 26, 2012 — Pennsylvania — Mid Atlantic Real Estate Journal www.MAREjournal.com

PENNSYLVANIA

ARRISBURG, PA — Ba Ngoc Nguyen and Le Hoang Nguyen have

p u r c h a s e d a 15,000s/f commercial building lo-cated at 5490 Derry S t . , Harrisburg, S w a t a r a To w n s h i p , D a u p h i n C o u n t y . Thomas T. P o s a v e c , S I O R o f L a n d m a r k Commercial Realty, Inc./ONCOR In-ternational n e g o t i a t e d the $395,000 sale on behalf of the seller, Panelmasters Inc. and Jennie Le of Century 21

Grace leases 24,000 s/f

Posavec of Landmark negotiates $395,000 sale H

Advantage Gold represented the buyer.

Goodman Distribution Inc, an HVAC equipment supplier from Texas, has recently leased 24,000 s/f of warehouse/show-room space at 6305 Allentown Boulevard, Harrisburg, Lower Paxton Township, Dauphin County.

a section of the

Mid Atlantic Real Estate Journal

P.O. Box 26, Accord, MA 02018781-871-5298 • 800-584-1062

fax 781-871-5299MAREjournal.com

Section PublisherElaine Fanning

[email protected]

Section EditorRachel Rugman

[email protected]

PennsylvaniaReal Estate Journal

5490 Derry Street

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BreakingNew Ground

Jason Grace, CCIM, SIOR, vice president of Landmark Commercial Realty, Inc./ON-COR International negotiated the transaction between the tenant and landlord, Hayden Dauphin Associates L.P. ■

Thomas Posavec

Jason Grace

Lock-Tyte Storage

Baxter & Perich rep seller of 39,000 s/f storage space

STROUDSBURG, PA — Mi-chael Baxter & Associates Commercial Real Estate & Property Management has closed the $ 675,000 sale of Lock-Tyte Storage located on Route 209 in Stroudsburg. Lock-Tyte features approxi-mately 130 units with 39,000

s/f of space for residential and commercial storage. Michael J. Baxter, CCIM and owner/broker secured the buyer and the seller was represented by Daniel M. Perich, CCIM and Michael C. Baxter. ■


mailto:[email protected]



http://www.brkreider.com

http://www.brkreider.com


PENNSYLVANIA

EW KINGSTOWN, PA — Fry Commu-nications Inc. has

signed a new full-building lease for 146,500 s/f at 36 East Main St., a one-story industrial facility owned by Seagis Property Group. The landlord was represented by Gerry Blinebury, Pat McBride, and Leah Balerno of the Philadelphia offi ce of Cushman & Wakefi eld.

Fry Communications, a multi-media printing, pro-duction, publishing, digital, circulation and advertising company based in Mechan-icsburg, Pa., with multiple locations in central Pennsyl-vania, will utilize the expan-sion facility for warehousing operations. The company was represented in the trans-action by CBRE Group, Inc.

“The facility only became available in October of this year, but the combination of location, heavy power, a full air-conditioned warehouse and rail service created con-siderable user interest in the building and ultimately led to this lease in less than three months,” said McBride.

36 East Main St. is located near Harrisburg on Route 11 near the interchange of the Pennsylvania Turnpike and I-81, close to I-83. Situ-ated on 9.6 acres, the facility offers 24-foot clear ceiling heights and includes a 3,200 s/f office component. The warehouse is fully air-condi-tioned and rail served.

“The 110 million s/f cen-tral Pennsylvania industrial market currently has a 10 percent vacancy rate. The fact that the building had fewer than three months of down time clearly demon-strates its appeal,” said Mc-Bride. “The landlord is very pleased with the outcome of this leasing effort.”

Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources for tenant and landlord representation, disposition and acquisition services, transaction man-agement, and industrial con-sulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions na-tionwide – totaling 141.6 million s/f in leases and 52.9 million s/f in sales – with an aggregate value of nearly $5 billion. ■

Blinebury, McBride & Balerno rep landlord

Cushman & Wakefi eld arranges 146,500 s/f lease

36 East Main Street

N

www.GreenfieldCorporateCenter.com/PropertySearchE-mail: [email protected]

Industrial & Flex Space Available

Class-A & Class-B Office Space Available 1K-25K SF

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Lancaster, Pennsylvania

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PEOPLE ON THE MOVE

34 — January 13 - 26, 2012 — Pennsylvania — Mid Atlantic Real Estate Journal www.MAREjournal.com34 — January 13 - 26, 2012 — Pennsylvania — Mid Atlantic Real Estate Journal www.MAREjournal.com

LUE BELL, PA—Blair Gilbert, SIOR, senior vice president of KW

Commercial was recently elected as the Pennsylva-nia Chapter Vice Presi-dent of the Society of In-dustrial and Office REAL-TORS (SIOR) for 2012. In this position, Gilbert will oversee and represent the interests of the chapter to the Board of Directors. The induction took place dur-ing the Fall World Conference in Chicago, Illinois in late October. Additionally, Gilbert is a mem-ber of the board of directors for the Pennsylvania Association of REALTORS and serves on the Commercial, Industrial and Investment committee of that organization. He serves on the board of directors of the Pennsylvania, Delaware and New Jersey Certified Com-mercial Investment Member (CCIM) chapter, is a member of the TriState REALTORS Commercial Alliance Ethical Standards Committee and has served as chair of the Amity Township (Berks County, PA) Economic Development Com-mittee.

Gilbert has more than 30 years of commercial real estate experience—specializing in industrial and retail land de-velopment. As vice president of KW Commercial-KPG with corporate offi ces in Lansdale, PA, Gilbert is responsible for leading the growth and opera-tions of this eleven offi ce real estate brokerage company. Keystone Partners Group (KPG) was established in 2001 and has locations throughout eastern Pennsylvania extend-ing from Stroudsburg to West Chester.

Gilbert, a resident of Dou-glassville, PA and an SIOR member since 2007 has served SIOR in various leadership po-sitions including: treasurer for 2009, 2010 and 2011, member-ship co-chair 2009 and 2010 and communications and mar-keting chair 2009 and 2010.

In other news Blair A. Gil-bert, SIOR, senior vice presi-dent of Keystone Partners Group’s KW Commercial Real Estate Division announced today that Craig E. Fern-sler, CCIM, GRI, SRES, has been named vice president of Investment Services for the organization.

Fernsler holds the coveted Certifi ed Commercial Invest-ment Member (CCIM) designa-tion. A CCIM is a recognized expert in the commercial and investment real estate indus-try and is profi cient not only in theory, but also in practice. CCIM is part of a global com-mercial real estate network

with members across North America and in more than 30 countries. This professional organization closes thousands of transactions annually, rep-resenting a projected $400 bil-lion in value. Of the more than 150,000 commercial real estate professionals in the United States, only an estimated 6 percent hold the prestigious CCIM designation.

Additionally, Fernsler is the 2012 President of the Pennsyl-vania, New Jersey and Dela-ware CCIM Chapter, a board member of the chapter, a mem-ber of the International Coun-cil of Shopping Centers (ICSC), a member of the TriState Real-tors Commercial Alliance, and has served as Vice President and on the board of directors of the Diversifi ed Real Estate Investors Group. He also holds a Series 22 and a Series 63 securities license.

Keystone Partners Group (KPG) was founded in 2001 by Michael D. Campo and Rudy A. Usic with a single real estate offi ce in Blue Bell, PA. Today, the KPG network consists of eleven real estate offices extending from Stroudsburg, to West Chester (PA) and has over 775 agents. The KW Commercial/KPG Real Estate offi ce is located in Blue Bell, PA which is centrally located and conveniently serves not only the Greater Philadelphia MSA, but southern New Jersey, northern Delaware and the entire eastern Pennsylvania corridor. ■

Fernsler of KW Comm’l Investment services named VP

Gilbert recently elected VP of PA Chapter SIOR for 2012

BETHLEHEM, PA — Liber-ty Property Trust announced that 40 Logistics Drive in Carlisle – a 972,000 s/f single story Class A speculative warehouse and distribution center currently under devel-opment – has received LEED Silver Core & Shell (CS) pre-certifi cation. Liberty broke ground on the building in September of this year and completion is expected dur-ing the summer of 2012.

“Often the focus on envi-ronment and energy man-agement is directed at the offi ce market, but there are signifi cant opportunities for tenants to reap savings and satisfaction from these pro-grams in industrial settings,” said Bob Kiel, senior vice president and city manager for Liberty in the region. “These buildings routinely save tenants 35% or more in energy costs alone when compared with traditional buildings, and whether the tenant pays that bill directly or it is included in their rent, it represents a direct cost savings that builds and builds over time.”

The warehouse has also

been designed to achieve Energy Star certification, one of more than 70 Energy Star buildings the company has certifi ed in 14 states dur-ing the last two years. Both LEED and Energy Star as-sure substantial energy cost savings for tenants. Energy effi cient factors in the design include the installation of wall insulation and panels (creating an r-value* of 12), roof insulation (creating an r-value* of 20,) and high output lighting with motion sensors, among other elements.

Additional steps have been taken at 40 Logistics Drive to use native plants in landscap-ing to conserve water; to re-cycle at least 75% of construc-tion project waste; to use lo-cally sourced and/or recycled materials when possible; and to utilize low/no VOC emit-ting paints, carpets, fl ooring and other materials.

Located at the 64-acre Lib-erty at Carlisle Distribution Center, the facility represents the first new speculative warehouse to be built in the region since 2008. Liberty is investing approximately $45 million in the new facility. ■

B

Blair Gilbert

LEED Silver Core & Shell Pre-certifi cation

Liberty Property Trust 972,000 s/f whse pre-certifi ed

40 Logistics Drive

ALLENTOWN, PA — Jody King has joined CBRE, Inc. (CBRE) as vice president in our Allentown of-fice and will primarily fo-cus on retail and medical office in the Lehigh Valley, Reading and N o r t h e a s t Pennsylvania.

“We are extremely pleased to welcome Jody King to CBRE. Jody brings a wealth of talent and experience to our fi rm and we look forward to her contribu-tions toward expanding our re-tail and medical offi ce presence in the Lehigh Valley,” said Bob

Walters, Executive Managing Director of CBRE’s six Greater Philadelphia regional offices. Jody has over 7 years of experi-ence in commercial real estate and continues to be a top per-former. Prior to joining CBRE, she served as Vice President for NAI Summit where she repre-sented a variety of offi ce, retail and health care clients, includ-ing Team Capital Bank, Fulton Financial, Perkins Restaurants, St. Luke’s Health Network, and Bayada Nurses.

Jody will work with Senior Vice President Bill Wolf, Vice President Phil Schenkel and Senior Associate Sean Bleiler to solidify CBRE’s Lehigh Valley brokerage team. ■

King joins CBRE as vice president

Jody King

Craig Fernsler

P H I L A D E L P H I A , PA — Jones Lang LaSalle an-nounced the launch of a new C o n s t r u c -tion group for the Phil-a d e l p h i a Region that will provide at-risk con-s t r u c t i o n m a n a g e -ment, general contracting and design/build services, complementing the existing for-fee project man-agement services provided by the fi rm’s Project and Devel-opment Services team. Con-struction industry veteran James Adams, LEED AP, has been hired to lead the new unit as Managing Director, and Cameron Barr has also joined the team as Construc-

tion Manager.“With the addition of at-risk

construction management and general con-tracting ca-pabilities to complement our existing project and development expertise, we are giving our

Mid-Atlantic clients access to an additional level of service at a time when many of them are looking for experienced advice and as-sistance,” said Matt Weko, Senior Vice President, Project and Development Services at Jones Lang LaSalle.

Adams and Barr join from Blue Rock Construction in New Jersey, where they served as vice president and senior

project manager, respectively. They were responsible for nearly $300 million worth of commercial and industrial construction projects for nu-merous blue chip clients.

Prior to Blue Rock, Ad-ams was the Senior Project Manager for Trammell Crow Company. A resident of Cin-naminson, NJ, he holds a bachelor’s degree in architec-tural engineering from Drexel University and a master’s degree in business adminis-tration from Rutgers Univer-sity. He is a LEED Accredited Professional and holds Solar Certifi cation from the Heat-Spring Institute. Barr was the Project Coordinator for Fluidics, Inc. He is a resident of Sicklerville, NJ, and a graduate of the Community College of Philadelphia. ■

James Adams Cameron Barr

Jones Lang LaSelle hires Adams & Barr to lead new group



EASTERN PA

Roddy Inc. represents 21,000 s/f acquisition of modern bldg.

XTON, PA — Ches-ter County Pediatrics, P.C., led by Dr. David

Cooper and Brenda Souder, R.N., recently leased 4,000 s/f at the Commons at Oaklands, a new offi ce condominium de-velopment in West Whiteland Township. The Practice has served Chester County fami-lies for over 30 years and has locations in Exton, Avondale, and Parkesburg.

“We are extremely excited about our new office space” commented Dr. Cooper. “The space will allow us to serve our clients into the future in a more effi cient and improved manner. Chester County Pe-diatrics will complement the well-established medical com-munity within the complex” stated Souder. The property owner, a local, private inves-

tor, is delivering the space in “turn-key” condition.

The new state-of-the-art of-fi ce will contain both “sick” and “well” entrances and waiting rooms in addition to multiple private examination rooms and administrative offi ces.

Jim Lees and Chuck Swope

E

Lees & Swope arrange multiple-year lease agreement

Swope Lees leases 4,000 s/f offi ce condominium

Commons at Oaklands

ALLENTOWN, PA — Alvin H. Butz, Inc. announces plans to expand their corporate headquarters located at 840 Hamilton St. with the pur-chase of the property located adjacent to their property at 824 and 830 Hamilton St. The Butz family purchased the property to the east, and will build a 6-story, 50,000 s/f expansion that will include retail space on the fi rst fl oor and Class A offi ce space on the other fi ve fl oors. The building will be designed by Roberson Butz Architects and built by

Alvin H. Butz Inc. The fi rm intends to break ground by summer 2012 and plans to have space available for lease in early 2013.

The establishment of the Neighborhood Improvement Zone (NIZ) by Senator Pat Browne with support of House Representative Jennifer Mann was crucial to the decision to expand their current head-quarters which is 90% occu-pied. The NIZ will allow Alvin H. Butz, Inc. to offer space for lease at rates that are well below market rates. ■

50,000 s/f expansion & Class A offi ce space

Alvin H. Butz, Inc. plans to expand headquarters

PHILADELPHIA, PA — PernaFrederick, a boutique Philadelphia commercial real estate brokerage firm, an-nounced that Five Below has signed a lease at 1818 Market Street, Philadelphia. A retail chain in a growth mode, Five Below has initially taken 35,500 s/f at 1818 Market, more than doubling its previ-ous offi ce space at 1616 Wal-nut Street, with an option of expanding to a total of 60,000 s/f.

“It was a pleasure to rep-resent Five Below in its mar-ket evaluation,” said Steve Perna, founding partner of PernaFrederick. “The move comes as part of the company’s strategic growth plan, and 1818 Market provides many key attributes, including a prominent Center City loca-tion with the potential for expansion.”

Five Below is the leading re-tailer of trend-right, extreme-value merchandise to the teen

and pre-teen market. Five Be-low’s dynamic assortment of merchandise offers everything from stylish fashion accesso-ries to the latest DVDs, iPhone accessories and more – all for $1 to $5. Since the company was founded in Philadelphia in 2002, Five Below has grown to approximately 200 locations in 16 states.

Construction of the new headquarters is underway, with Five Below scheduled to take occupancy in Janu-ary 2012. James Mullarkey, Esq., a broker with Newmark Knight Frank Smith Mack, co-operated with PernaFrederick and represented the Landlord in arranging the lease terms.

1818 Market Street is a 36-story, 981,743 s/f building in the heart of Philadelphia’s West Market Street. Major tenants include Merrill Lynch, The American College of Radi-ology, eResearch Technology and Philadelphia Magazine, among others. ■

PernaFrederick reps Five Below

Butz Corporate Center rendering

of Swope Lees Commercial Real Estate, LLC of West Ches-ter arranged the multiple-year lease agreement. Swope and Lees have successfully leased in excess of 11,000 s/f of Class “A” offi ce space in the Com-mons at Oaklands in recent transactions. ■

PHILADELPHIA, PA — Roddy Inc., Industrial and Commercial Realtors, rep-resented an entity related to Spike’s Trophies Limited in the acquisition of the 21,700 s/f modern one story masonry building, situated on approxi-mately 1.79 acres located at 2701 Grant Avenue, Phila-delphia, PA.

Robert Olender of Roddy Inc. advised that Spike’s, one of the largest and most experienced manufacturers of Recognition, Promotional Products & Signage nation-ally since 1929 purchased the facility to accommodate the company’s continued growth.

Headquartered in Bensa-lem Township, Bucks County,

Pennsylvania, Roddy Inc. is a marketer, manager and de-veloper of industrial and com-mercial real estate through-out Eastern Pennsylvania

and Southern New Jersey. Their clients include regional, national and international companies and fi nancial in-stitutions. ■

2701 Grant Avenue

PHILADELPHIA, PA — The Greater Philadelphia offi ce of CBRE, Inc. announced the re-lease of its fourth quarter 2011 MarketView for the region’s industrial and offi ce markets. Overall, both markets are in a pattern for recovery; however, the industrial sector has surged in market activity and new construction.

The big story in the Greater Philadelphia industrial market is speculative construction for big box distribution facilities. Developers are looking to capi-talize on the growing demand for Class A warehouse space and the numbers support it with over 2.79M s/f of buildings currently under construction. Absorption in this sector re-

mains strong with 1.8M s/f of positive total net absorption in the fourth quarter alone. Total vacancy rates throughout the Greater Philadelphia region ended the fourth quarter at 11.1%, the lowest total vacancy rate since the fourth quarter of 2008. Several transactions signed this quarter over 150K s/f, pointing to signs of con-tinued momentum in 2012 for users with large space require-ments.

The office market in the Greater Philadelphia region ended the fourth quarter with negative total net absorption of 293K s/f, in large part due to Sanofi-Aventis U.S. LLC giving back 287K s/f of space in the Suburban Philadel-

phia submarket. The office sector did fi nish 2011 in the black, with a positive 35K s/f of total net absorption due to Downtown Philadelphia and the Lehigh Valley submarkets posting strong absorption fi g-ures. The Class AA buildings in the Downtown Philadel-phia submarkets continue to tighten, and rental rates should begin to push into the coming year. Landlords are aggres-sively pursuing large tenants and several large transactions during the quarter refl ect this trend. Fourth quarter also showed an uptick of interest in build-to-suit opportunities with the most activity amongst life sciences and pharmaceuticals companies. ■

CBRE Greater Phili fi nish with 7.7m s/f absorbed



51-Acre Industrial Park For Lease or Build-to-Suit

CONSTRUCTION UNDERWAY!

CBRE Inc. | 1275 Glenlivet Drive, Suite 120 | Allentown, PA 18106 | T.610.398.6900 | F.610.398.7815

www.cbre.com/allentown | Licensed Real Estate Broker

EASTERN PAExclusively listed by Thomson, Pierce & team

Marcus & Millichap closes$6.7m apartment building sale

HILADELPHIA, PA — Marcus & Millic-hap Real Estate In-

v e s t m e n t Services an-nounced the sale of Co-pley Place Apartments, a 158 unit apartment property lo-cated in Phil-a d e l p h i a , PA, accord-ing to Mark T h o m s o n , A s s o c i a t e vice presi-dent Invest-ments. The asset com-m a n d e d a sales price of $6,700,000

P or $43,405 per unit. The property was exclusively listed by Thomson, his part-ner Zachary Pierce, and the team of Ridge MacLaren, Clarke Talone, and Andrew Townsend. “The seller was a regional bank in the fi nal stages of the foreclosure process,” says Thomson. “This was our second successful exclusive listing assignment for them in 2011, with the previous assignment being a note sale for a 506 unit apartment property in Philadelphia,” he added. According to Zachary Pierce,

the property was 60 percent occupied during the market-ing process. The buyer, Lindy Property Management, is a third gen-eration company located in Jenkintown, PA, and is very familiar with the mar-ket. “Seventeen of Lindy’s twenty-five properties are located within Philadel-phia,” say Ridge MacLaren, Vice President Investments. MacLaren adds, “It was also helpful that Lindy Manage-ment is a repeat client of the seller, with millions of dol-lars worth of loans already in their current portfolio.” ■

Mark Thomson

Zachary Pierce

Copley Place Apartments

BANGOR, PA — The former Majestic Athletics apparel manufacturing building lo-cated at 100 Majestic Way, Bangor, has been sold to BioSpectra, a manufacturer of biological buffers and laboratory reagents for the biopharm and biotech mar-kets. The 142,000 s/f facility fea-tures offi ce, manufacturing and warehouse space which will allow the new owner to expand its operations. Michael Baxter & Associ-ates Commercial Real Estate advisors Joseph Baxter and Brian Coyne represented the owner and Daniel M. Perich, CCIM and Ray J. Starner also of MB&A were agents for the buyer in the $1.5 mil-lion transaction. ■

100 Majestic Way

MB & Assoc. close $1.5 million sale


http://www.cbre.com/allentown

LLENTOWN, PA — Di-etrick Group, LLC an-nounces end of year

transactions. Kelly L. Ber-fi eld and Ryan C. Dietrick represented the owner in the +/-4,710 s/f; $385,000 ale of a 6-unit mixed-usecommercial property located at 95-97 E. Broad Street and 607 Center Street in Bethlehem, Northampton County. Kelly L. Berfield and Ryan C. Dietrick brokered approxi-mately 44,864 s/f of warehouse,

Berfi eld & Dietrick broker approximately 44,864 s/f

A

Kelly L. Berfi eld

Dietrick Group announces $385,000 sale in fi nal transactions of 2011

offi ce and storage space at 1650 E. Race Street in Hanover Town-ship, Lehigh County. Dietrick Group represented the owner and the ten year lease has an aggregate value in excess of $1.8 million. Erin M. Schneider represented the Landlord, AnswerNet, in a fi ve year lease of offi ce space at1725-1729 W. Tilghman Street in Allentown, Lehigh County. AnswerNet provides full ser-vice Inbound, Outbound and E-bound contact center and ful-fi llment solutions. AnswerNet operates over 50 contact centers within the continental United States and Canada. ■

ALLENTOWN, PA — Berger-Epstein Associates, Inc. has completed a $370,000 sale trans-action with local investors for the property at 927 West Ham-ilton Street (pictured above) in Downtown Allentown.

The facility is tenanted by THE PROGRAM for Women and Families, who currently lease both fl oors of the 6,000 square foot, 2-story building in Downtown Allentown. They use the fi rst fl oor for training, seminars and administrative purposes. ■

Berger-Epstein closes $370K sale

1650 E. Race Street 95-97 E. Broad Street


EASTERN PA


www.MAREjournal.com Mid Atlantic Real Estate Journal — Pennsylvania — January 13 26, 2012 — 38

EASTERN PA

$6,832,000$1,600,000$1,600,000RETAIL - 29,074 SFPERMANENT LOAN

EXTON, PA

OFFICE/BANK PAD - 21,000 SFFIXED RATE LOAN DOYLESTOWN, PA

RETAIL - 50,000 SFPERMANENT LOAN

EGG HARBOR TOWNSHIP, NJ

Capital MarketsDEBT | EQUITY | INVESTMENT SALES

northmarq.com

33 offices coast-to-coast

Joseph SweeneyMANAGING [email protected]

Philadelphia Office1600 MARKET STREET, SUITE 1300PHILADELPHIA, PA 19103215.496.3000

David HenrichVICE [email protected]

Tilton Times Plaza Lantern Hill Lionville Shopping Center

Success is a done deal.

AYNE, PA — CBRE, Inc. (CBRE) success-fully sold a 165,000

s/f industrial fac i l i ty a t 100 Cascade D r i v e , A l -lentown, PA. CBRE rep-resented the buyer, MIM-H a y d e n M a n a g e -ment Company, LP.

The buyer engaged the CBRE industrial brokerage team of Vice President Vincent Ranalli and Senior Vice President Jo-seph McDermott to represent them in the negotiations. MIM-Hayden intends to offer the property for lease to one or more tenants.

100 Cascade Drive resides on 15.7 acres and benefi ts from an excellent location off of Rt. 22 and in close proximity to the Lehigh Valley International Airport. The building has in-dustrial-grade utilities, is fully sprinklered and has abundant parking. According to Ranalli, “100 Cascade Drive is a highly-functional manufacturing and

W

Fein of Colliers International represented the seller

CBRE completes sale of 165,000 s/f industrial facility at 100 Cascade Drive in Wayne

Vincent Ranalli

distribution facility located in the heart of the Lehigh Valley market.”

Lee Fein of Colliers In-ternational represented the Seller. The fi nancial details of the transaction remain un-disclosed.

The MIM–Hayden Real Es-tate Fund seeks and identifi es exceptional opportunities for ac-quisition of offi ce, industrial and fl ex properties at particularly favorable pricing that results

from the properties’ underper-formance or current fi nancial challenges. Portfolio properties are generally improved, reposi-tioned, and professionally man-aged for future sale.

The MIM–Hayden Real Es-tate Fund is uniquely positioned to uncover, recognize and seize the Philadelphia region’s most advantageous opportunities due to the Fund’s size coupled with the unparalleled breadth of experience of the Miller and Hayden organizations’ princi-pals.

CBRE, Inc., a Fortune 500 and S&P 500 company head-quartered in Los Angeles. ■

Joesph McDermott

100 Cascade Drive

BETHLEHEM, PA — Jar-rett Laubach of Hawley Re-alty Inc. inks a lease for the Broad & W o o d C e n t e r i n Bethlehem. Laubach re-cently leased a 5,290 s/f mezzanine unit to Stu-dio Fitness LLC. The aggregate value of this lease transaction is: $116,158. The this fitness facility expects to be open for business late in the fi rst quarter of 2012. This tenant will join Corporate Environ-ments, St. Luke’s and the Lehigh Valley Charter High School for the Performing Arts in this 200,000 s/f adapt-and-reuse professional build-ing. ■

Broad & Wood Center

Jarrett Laubach

Laubach of Hawley inks 5,290 s/f lease




EASTERN PAwww.MAREjournal.com Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — 39

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Philadelphia Chapterwww.crewphiladelphia.org

Commercial Real Estate Women

ommercial Real Estate Women (CREW) Phila-delphia successfully

raised approximately $34,000 at its thirteenth annual Chari-table Holiday Luncheon thanks to the support of Sponsors, Do-nors and CREW Membership at large. This year’s luncheon’s proceeds will be donated to CREW Foundation and The Philadelphia Charter High School for Architecture + De-sign (CHAD).

The mission of CREW Foun-dation is to support CREW Network in advancing the suc-cess of women in commercial real estate through charitable, philanthropic and educational programs.

CREW Foundation was incorporated in 1998 as the 501(c)(3), philanthropic arm of CREW Network and continues to stand as the sole founda-tion dedicating its resources towards building opportunities for women and girls in commer-cial real estate. In collaboration with CREW Network, CREW Foundation implements and supports a Career Outreach Agenda, which cultivates our future Network leaders through participation in a continuum of educational outreach, scholar-ship and mentoring programs. This continuum was built to introduce the commercial real estate industry to female high school students while connect-ing female college students and entry-level career women to the resources, support and network they need to gain economic self-suffi ciency through a successful career in the commercial real estate industry.

CREW Philadelphia selected The Philadelphia Charter High School for Architecture + De-sign (CHAD) as its local com-munity partner for 2011 to help provide much needed text books to their students.

CHAD was founded in Sep-tember 1999 by the Philadel-phia chapter of the American Institute of Architects as its Legacy 2000 Project. It is a tu-ition-free, independent, public school of choice and is tailor-made for the visual learner, the bright, creative student who learns best by doing and seeing. CHAD is a learning community committed to an innovative program of study,

By Rebecca Udell, Communications Chair

2011 Charitable Holiday Luncheon: Committed to Leading to Change

C

integrating the design process with the mastery of a strong liberal arts education. The school offers each student the opportunity for success and the preparation for life-long learn-ing and responsible citizenship. CHAD is a thoughtful academic environment that engenders love of learning, intellectual curiosity, and new ways of see-ing, and prepares students for higher education.

For the third year in a row, CREW Philadelphia selected four recipients to receive the CREW Philadelphia Scholar-ship. Along with a $2,500 scholarship, each recipient will be mentored by a CREW Phila-delphia member and otherwise connected with our Chapter. The following requirements were to be met by each ap-plicant: the student must be a junior, senior, or graduate student in a college local to Philadelphia, three letters of recommendation must accom-pany the application and they need to have a GPA of 3.0 or higher. In addition, community outreach and extra-curricular activities were considered. This year’s fi nalists included the fol-lowing:

Amanda DiMarco, Senior – Villanova University Market-ing/Real Estate

Colleen M. Fitzsimmons, Senior – Drexel University In-

terior DesignSusannah C. Henschel, Grad-

uate Student – University of Pennsylvania School of Design Masters 2012, City and Re-gional Planning / Real Estate Design & Development

Megan Roche, Junior – Drexel University Business Adminis-tration/Finance

In addition to our local schol-arship winners, CREW Phila-delphia was excited to recognize two Villanova students for receipt of the CREW Network Scholarship.

Emily DiNovo, Senior – Vil-lanova University Finance / International Business with a Minor in Real Estate

Kristen Killeen, Senior – Vil-lanova University Accounting and Finance with a Minor in Real Estate

The CREW Network Schol-arship program is for women pursuing an education that will lead to a career in the com-mercial real estate industry, and offers an internship in bro-kerage to encourage women to consider this career choice. The CREW Network Scholarship was awarded on the basis of academic excellence and inter-est in commercial real estate as a career, and is intended to help fi nance the educational endeav-ors of female undergraduate students during their junior or senior years of academic prepa-

ration. Applicants were females enrolled as a full-time student at a college or university with an accredited real estate pro-gram, a junior or senior in good standing, with a minimum 3.0 GPA on a 4.0 scale. Nationally, ten $10,000 scholarships were awarded. In addition to the monetary award, each recipient is offered a paid summer intern-ship with CBRE.

CREW Philadelphia provides members with opportunities to connect to a network of ap-proximately 140 local mem-bers engaged in all facets of commercial real estate. As a founding Chapter of CREW Network, CREW Philadelphia works diligently to further the organization’s core mission.

Founded in 1989, CREW Net-work is the industry’s premier business networking organiza-tion dedicated to supporting the achievements of women in com-mercial real estate. Our 8,000 members represent nearly every discipline within the industry and are located in 74 major markets across North America.

CREW Network seeks to infl uence the success of the com-mercial real estate industry by focusing on fulfi lling four key initiatives: business develop-ment, leadership development, industry research and career outreach. ■

2012 PHILADELPHIA BOARD OF DIRECTORS

PRESIDENTSHARON N. HUMBLE, ESQ.

LINEBARGER GOGGAN BLAIR & SAMPSON, LLP

IMMEDIATE PAST PRESIDENT/ CREW NETWORK DELEGATE

TRACY L. STEELE, ESQ.MORGAN LEWIS & BOCKIUS LLP

PRESIDENT ELECTJANET KIMBLETON GRACE

ATHENIANRAZAK

TREASURERBERNADETTE M. DANIEL, CPA

ASHER & COMPANY, LTD.

ASSISTANT TREASURER& SECRETARY

MARIE GANNON MCGUIRE, CPACBIZ MHM LLC

CREW NETWORK DELEGATEKRISTINA C.S. HARSHANY, CES

CITIBANK, N.A.

COMMUNITY OUTREACH CHAIRJESSICA R. SLACK

P. AGNES

COMMUNITY OUTREACHCO-CHAIR / EDUCATIONAL EVENTS

BETHANN H. SLANKER, RPABPG MANAGEMENT COMPANY,

L.P.

COMMUNITY OUTREACH CO-CHAIR / PHILANTHROPY

FON S. WANG, AIA, LEED APUCI ARCHITECTS, INC

MEMBERSHIP CHAIRRAELENE MCCARTHY

BARTONPARTNERS

MEMBERSHIP CO-CHAIRJUDY OWENS CHANNICK

ENVIRONETICS DESIGN, INC.

EVENTS /PROFESSIONAL DEVELOPMENT CHAIR

AMANDA RYLANDREMINGTON GROUP, INC.

EVENTS CO-CHAIR /ARRANGEMENTS

CARLY KURKIEWICZINDEPENDENCE CAPITAL

PARTNERS

EVENTS CO-CHAIR / PROGRAMSSUZANNE LINUS, LEED AP

FRANCIS CAUFFMAN ARCHITECTS

SPONSORSHIP CHAIRLYNN A. MCDOWELL

BENEFICIAL BANK

SPONSORSHIP CO-CHAIRSUZANNE L. WELCHSUSQUEHANNA BANK

COMMUNICATIONS CHAIRREBECCA E. UDELL

KSS ARCHITECTS LLP

COMMUNICATIONS CO-CHAIR / WEBSITE

MARY LOU SCHAEFFER

COMMUNICATIONS CO-CHAIR /PRLAURA MASAPOLLO

BRANDYWINE REALTY TRUST

(Above) Susannah C. Henschel, Colleen M. Fitzsimmons, Amanda DiMarco, Emily DiNovo and Deborah Gilmore

(Top Right) Cari L. Bryce and Courtnay Tyus(Bottom Right) Cari L. Bryce and Tracy L. Steele

EASTERN PA


http://www.crewphiladelphia.org


CREW (Commercial Real Estate Women) Philadelphia is a professional organization that influences the success of the commercial real estate industry by advancing the achievements of women. Its more than 140 local members are engaged in all facets of commercial real estate.

Our budget is funded entirely from dues and sponsorships. Sponsorship provides us the opportunity to serve our members with quality programs and community through purposeful philanthropy. Sponsors can choose the exposure they desire from a variety of Annual or Event Specific levels.

For further information contact:Lynn McDowell, Sponsorship Chair at (215) 864-5622 / [email protected] or

Sue Welch, Sponsorship Co-Chair at (267) 763-4164 / [email protected]

Skyscraper Sponsors:

Morgan Lewis

High Rise Sponsors:

Ballard Spahr, LLP

SPONSORSHIP OPPORTUNITIES

Thank you to our 2011 Sponsors:

Ground Breaker Sponsors:

Advantage Building & Facility Services, LLC

Alied Barton

Allsteel

Asher & Company, Ltd

Bedford Strategies and Solutions

EisnerAmper Accountants & Advisors

Susquehanna Bank

Spectrum – A Herman Miller Dealer

Building Block Sponsors:

McConnell Johnson Real Estate

PG Commercial Real Estate Inc

UCI Architects, Inc.

CREW PHILADELPHIA UPCOMING EVENTS

Thursday, January 19, 20122012 State of the Philadelphia Real Estate Market,

Current and Future

Join us for a lively panel discussion outlining the trends that have, and will, impact the local real estate market. Growth and market improvement: Are we there yet?

Share the knowledge of our exceptional panel.

Moderator: Anne Klein – Senior Vice President, Grubb & Ellis Company

Panelists:

Multi Family HousingAnn Bailey – Senior Associate, Jackson Cross Partners

Offi ce Leasing and Sales John Derham – Senior Managing Director,

Cushman & Wakefi eldHealth Care Construction and Development

Allison Wilson-Maher – Senior Vice President, Jones Lang LaSalle

Economic Trends and Projections for the Region Steve Mullin – Senior Vice President and Principal,

Econsult Corporation

Location: The Union League of Philadelphia140 S Broad St., Philadelphia, PA

Time: 11:30 a.m. - 1:30 p.m.

Cost: $55 Members / $70 Guests

Reservations requested by Tuesday, January 17th.

Walk-ins welcome but will be surcharged $20.

Signature Event – to register please go to www.crewphiladelphia.org

Thursday, February 23, 2012Engaging a Multi-Generational Workforce

Co-hosted by Delaware Valley APPAProfessional Development Event

Thursday, March 15, 2012Scholarship Auction for Exclusive

Networking Opportunities Networking Event

Thursday, April 12, 2012 Negotiating from a Point of Strength

Professional Development Event

Thursday, May 17, 2012 Past Presidents Breakfast

Signature Event

Thursday, June 21, 2012Shrinking Square Footage Needs

Professional Development Event

Thursday, July 19, 2012 Meet Lehigh Valley CREW

Networking Event

Thursday, August 16, 2012 Fill-A-Backpack Event

Networking Event

Thursday, September 20, 2012 Spotlight on Philadelphia Redevelopment

Signature Event

Thursday, October 18, 2012 Networking and Membership Drive

Networking Event

Thursday, November 15, 2012 14th Annual Charitable Holiday Luncheon

Signature Event

Thursday, December 13, 2012 Members Only Holiday Event

Networking Event

A SPECIAL NOTE OF THANKS TO:

Janet Grace, The Remington Group, Fon Wang, WeiserMazars LLP,

The Sullivan Company, Commonwealth Land Title Insurance

Company, Donna Volpone, Sharon Humble, Vertex Fitness, Leslie Watkins,

Justine McGinley, Bernie Bittner, Donna E Teitelman- Impact Executive,

Devon Seafood, CREW Communications Committee,

CREW Events Committee,CREW Sponsorship Committee

Platinum:Digital Realty Trust

RAIT Financial Trust

Gold:CFI

Morgan, Lewis & Bockius LLP

Silver:Ballard Spahr

BrickstoneCBIZ

EnvironeticsGrosvenor

Liberty Property TrustSmartCEO

StantecStructure Tone

The Sullivan CompanyLinebarger Goggan Blair & Sampson LLP

Luncheon Sponsors: Silent Auction Donors:

J’elu Events and Designs, Crossbow Studio,

Morgan Lewis & Bockius LLP, Linebarger, Goggan, Blair & Sampson LLP,

The Sullivan Company, RAIT Financial Trust,

Megan Brandenberger (Photography)

Vendors & Companies for their donation of time and facilities:




http://www.crewphiladelphia.org

CREW Lehigh Valley thanks its 2012 corporate sponsors:Patron

Boyle ConstructionNAI Summit

NorthStar-PolarisPennoni Associates Inc.

ContributorLangan Engineering

MKSD ArchitectsSpillman Farmer Architects

L L E N T O W N , PA — The 2011 Annual Meeting of CREW

LV was held in November at Lehigh Country Club, the site of its fi rst gathering seven years earlier. Seven was the theme of the event which featured the election of officers for 2012, con-ducted by the organization’s secretary, Kate Durso, Esq, with Fitzpatrick Lentz & Bubba, PC. Tina Kisela, gen-eral manager of the Prome-nade Shops of Saucon Valley was elected president and Maureen O’Meara, business development for Hampson Maurer Kreitz Insurance won the position of president elect. Newly elected to the 2012 board were Christa Duelberg Kraftician, a prin-cipal with Spillman Farmer Architects and Jessica Gen-tile, who holds the dual titles of director of project development for North Star Construction Management and vice president of Polaris Properties, Inc. Secretary Kate Durso will fulfi ll the second year of her two year term as will Treasurer Cyn-thia Merritt, with Buckno Lisicky & Company. Pam Morris, with Liberty Prop-erty Trust, was re-elected recording secretary. ■

Lehigh Valley Chapterwww.crewlehighvalley.org

Commercial Real Estate Women


2012 LEHIGH VALLEY BOARD OF DIRECTORS

PRESIDENT

TINA KISELA SCSM, SCMDTHE PROMENADE SHOPS OF

SAUCON VALLEY

PAST PRESIDENT

TRACY YADUSH, RPANAI SUMMIT

PRESIDENT ELECT

MAUREEN O’MEARA

HAMPSON MOWRER KREITZ AGENCY (HMK)

SECRETARY

CATHERINE (KATE) DURSO

FITZPATRICK LENTZ & BUBBA, P.C.

TREASURER

CYNTHIA MERRITT

BUCKNO LISICKY

& ASSOCIATES

CORRESPONDING SECRETARY

PAM MORRIS

LIBERTY PROPERTY TRUST

DIRECTORS-AT-LARGE

CHRISTA DUELBERG- KRAF-TICIAN, AIA

SPILLMAN FARMER ARCHITECTS

JESSICA GENTILE

NORTH STAR CONSTRUCTION MANAGEMENT, INC.

POLARIS PROPERTIES, INC.

2012 COMMITTEE CHAIRS

SPONSORSHIP COMMITTEE

FRANCEE FULLER

BARRY ISETT & ASSOCIATES

PROGRAMS COMMITTEE

PAM MORRIS

LIBERTY PROPERTY TRUST

MEMBERSHIP COMMITTEE

KAREN COONEY DUERHOLZ

BOYLE CONSTRUCTION INC.

COMMUNITY SERVICE

JODY KING, CCIMCBRE, INC

PUBLICITY COMMITTEE

ELIZABETH “MOLLY’ GRAVER, ESQ.

PLUNKETT & GRAVER, P.C.

Tina Kisela Elected President; Maureen O’Meara President Elect

CREW LV celebrates seven years at The 2011 Annual Meeting

For membership information, please contact Karen Duerholz, Boyle Construction; [email protected]

A

2011 Membership Chair Dr. Michele Glower (left) with new

member Jean Morgan, with Berger Epstein.

Sandra Kuhns, the president of K&H Window Treatments, was

one of several members who discussed networking success

stories developed through membership in CREW.Incoming board member Jessica

Gentile (left) and 2012 president Tina Kisela (right) welcome new member,

Tina Fackler.

FriendBarry Isett & Associates

Dietrick GroupHMK InsuranceJG Petrucci, Inc.

KNBT Bank- A Division of National Penn Bank

Gold Fitzpatrick, Lentz, &

Bubba, P.C.Liberty Property Trust

US Lawns

Upcoming EventsLUNCH & LEARN: “Lehigh County’s New Real Estate Tax Assessment & You”

Wednesday January 18, 201211:30 a.m. – 1:00 p.m.

Presented by real estate attorney Richard Somach with Norris, McLaughlin & Marcus, and Buddy Unger, Lehigh County Chief Assessor

2nd fl oor conference room of Tallman Hudders & Sorrentino, 1611 Pond Road, Allentown, PA .$15– For members only or guests of members

Register on line at the event section of www.crewlehighvalley.org

Community service committee members Lynn Conti (left), Jody King, Rosalin Petrucci and Kate

Durso pose with donations brought by CREW members for a local food

bank.

2011 President Tracy Yadush, RPA, with NAI Summit, thanks 2011 board member Lynn Conti, with Liberty Property Trust and outgoing committee chairs Jane Schiff with the Frederick Group (Programs) and Dr. Michele Glower with The Advisory Group (Membership) for

their outstanding service to the organization.


http://www.crewlehighvalley.org

http://www.crewlehighvalley.org


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CREWLehigh Valley

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Full - Service EngineersPA • NJ • MD

Contact Francee Fuller, Marketing Manager [email protected] 610-398-0904

COMMERCIAL & INDUSTRIAL RE

where YOUR STYLEcomes to life

Located one mile from I-78 on Route 22

Pam Richetta, General Manager

908-454-4715Shop PhillipsburgMall.com

A Pennsylvania Real Estate Investment Trust Property®

DesignPoint, Inc.Contract Interior Design & Purchasing FirmBethlehem, Pennsylvania T: 610.807.9670www.designpoint-interiors.com

AwardWinningInteriorDesign& SpacePlanning for•Corporate•Hospitality• Medical & Eldercare Facilities

Proud to SupportCREW Lehigh Valley

Interiors That Make a Difference

~Our clients satisfactionis the

Key to our success!

COMMERCIAL VALUATION

INGRAM REAL ESTATE GROUPSpecializing in Complex Valuations and Expert Testimony

John R. Ingram II, MAI MRICS, AICP, CTAPresident & CEO P: 610-798-9877 Email:[email protected] F: 610-798-9878

Michele Glower, Ph.D., [email protected]

GLOBAL OPERATIONS

Real Estate Sales, Appraisal & Property Management Real Estate Sales, Appraisal & Property Management

COMMERCIAL APPRAISAL COMMERCIAL REAL ESTATE

If you would like to advertise in

the Mid Atlantic Real Estate Journal,

Please Contact:

Elaine Fanning, Publisher

800-584-1062 x 212 or

email Elaine at [email protected]

A t t e n t i o n C R E WLehigh Valley Members!!!



http://www.FLBLaw.com

http://www.barryisett.com


http://www.designpoint-interiors.com





RRT 61 DISTRIBUTION CENTER

1184 TUCKERTON ROAD, READING, PA

CCONTACT : STEVE WILLEMS

EEXCLUSIVE AGENT

OOffice 610--7779--11400 Direct 610--3370--88506

33000 Amp 3--PPhase 480 V

335,000 lb Dock Levelers

1100 % Sprinkler/ T5 Lighting

RRail Available

33+ Acre Fenced, Lit and

PPaved Truck Lot

SStrategically located: Rte 61 & Rte 222 Interchange

EExcellent Access to I--776, I--1176 & I--778

IIn the Heart of desirable Muhlenberg Twp. Industrial Area

-- BBest Location in Berks County

PPublic Transportation to Site

330 Minutes to Lehigh Valley

Owned and Professionally Managed by:

1115,000 SF -- 332’ Clear Ceiling Height -- 118 Docks

DDistribution or Manufacturing

MMeeting Tenant’s Needs Immediately, Efficiently and Economically

AAlso Available : 36,000 SF -- 111 Docks

221’ Clear Ceiling Height


www.MAREjournal.com Mid Atlantic Real Estate Journal — Pennsylvania — January 13 - 26, 2012 — Inside Back Cover


Back Cover — January 13 - 26, 2012 — Pennsylvania — Mid Atlantic Real Estate Journal www.MAREjournal.com

Imagine a building big enough to cover an entire football field. Now, imagine 274 more buildings of the same size. That’s almost 16 million square feet and that’s how much commercial real estate Mericle has developed in Northeastern Pennsylvania.

Whether you need industrial, office, flex, or medical space, from 1,000 square feet to more than 1 million square feet, call Mericle. We’ll have a property that works for you.

Call Mericle at 570.823.1100.

1104 North Park Dr.Humboldt Ind. Park

(expandable)

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61 Green Mountain Rd.Humboldt Ind. Park

(expandable)

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1200 E. Lackawanna Ave.Mid Valley Ind. Park

(expandable)

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400-450 CenterPoint Blvd.CenterPoint East

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350 N. Pennsylvania AvePenn Business Centerp

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180 Welles StreetCross Valley W. Prof. Bldg

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320-330 Stewart Rd.Hanover Ind. Estates

(expandable)

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63 Green Mountain Rd.Humboldt Ind. Park

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350 N. Pennsylvania AvePenn Business Center

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5-11 Elmwood RoadCrestwood Ind. Park

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275 CenterPoint Blvd.CenterPoint East

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177-193 Research Dr. CenterPoint Eastp ed

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345 Enterprise WayCenterPoint West

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250 Enterprise WayCenterPoint Westp ed

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1110 Hanover StreetHanover Ind. Estates

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240 Armstrong RoadCenterPoint East

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195 Research DriveCenterPoint East

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1200 Sathers DriveGrimes Industrial Park

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Parcel 1, Keystone Ave.CenterPoint East

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400 Stewart RoadHanover Ind. Estates

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19 Bert Collins DriveKeystone Ind. Park

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660 Baltimore DriveCorp. Ctr. East Mountain

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600 Baltimore DriveCorp. Ctr. East Mountain

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INDUSTRIAL AVAILABILITIES

INDUSTRIAL AVAILABILITIES

FLEX AVAILABILITIES

FLEX AVAILABILITIES OFFICE AVAILABILITIES

OFFICE AVAILABILITIES

New!

Call Today! 570.823.1100

Visit our website to see hundreds of buildings and sites from 1,000 SF to 1,000,000 SF.

Developing Pennsylvania's I-81 Corridor for 25 Years.

e

expl ene p ed

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BUILDING READY SITES


1-13-2012

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