3-16-12

TIAA-CREF awards leasing & property mgmt. assignments Cassidy Turley secures $70.5m permanent

fi nancing for AMB/Prologis portfolio ASHINGTON, DC — Cassidy Turley a leading commercial

real estate services provider in the U.S., announced that it secured $70.5 million in debt fi nancing for the AMB/Prolo-gis Maryland Portfolio, which consists of 24 offi ce buildings located in suburban Mary-land. Cassidy Turley’s John Campanella, senior managing director and Paul Spellman, associate vice president, ar-ranged the bank loan on behalf of the owner, a New England based Institutional Investor. The AMB/Prologis Maryland Portfolio is a well-leased, multi-tenanted offi ce portfolio totaling over 800,000 s/f, with buildings located in the White Marsh and Baltimore-Washington Corridor submarkets. Both submarkets have a large Federal Govern-ment presence and are expe-riencing a growth in presence of the defense/cyber security industry. In other news, Cassidy Tur-ley, announced that it has been

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Cole RE Investments acquires The Medicines Company Headquarters for $53 Million

Secti on C

ISSUE HIGHLIGHTS

Volume 24 Issue 5March 16 - 29, 2012

20-21A

Northern NJ POM:Hance Constructi on

project reclaims dormant industrial site

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Financial Digest .................................. 7-12ANew Jersey ........................................ 13-26ADelMarVa ........................................... 27-32APennsylvania .......................................... Secti on BBest of 2011 ........................................... Secti on C

Directory

Upcoming SpotlightCOMMERCIAL OFFICE PROPERTIES

March 30th

Endurance RE Group acquires a $4.36m

warehouse building

FC-B

REAL ESTATE JOURNALthe most comprehensive source for commercial real estate news

TheBESTof 2011

i i i ii i i iW i i i iW i i i iW i i i i

REAL ESTATE JOURNAL’s

selected by TIAA-CREF, a fi -nancial services organization, to provide leasing and property management services for 1616 N. Fort Myer Drive in Arling-ton, VA. Cassidy Turley’s Chris Sowick, Krysta Hardiman, Dar-ian LeBlanc and Laurie McMa-hon will handle the leasing of the 303,262 s/f Class A building. Reggie Mullins will handle the property management. “This assignment is a testament to the integrated commercial real estate services that Cassidy Turley prides itself on provid-ing our clients,” commented Joe Stettinius, President of Cassidy Turley. “We look forward help-ing TIAA-CREF create value in this asset by providing our best-in-class leasing and prop-erty management services,” he continued. 1616 N. Fort Myer Drive is a 19-story building located in the Rosslyn submar-ket of Arlington. Major tenants include John Snow, Inc., Pho-ton Research Associates, Inc., Smart Border Alliance and the GSA. ■

PARSIPPANY, NJ — Cole Real Estate Investments an-nounced the acquisition of a 176,000 s/f, Class A offi ce property located in Parsip-pany, leased to The Medicines Company. The property, which Cole purchased from The

Hampshire Companies for $53 million in an all-cash transac-tion, is located at 8 Sylvan Parkway and serves as the pharmaceutical fi rm’s global headquarters. There are approximately 12 years remaining on the current lease term, with two

fi ve-year renewal options. The Medicines Company is a global pharmaceutical company fo-cused on advancing the treat-ment of critical care patients in a hospital setting. “With the location of the property, long remaining lease term, scheduled rent increases

and desirable corporate head-quarters, this acquisition corresponds with our overall conservative, disciplined in-vestment strategy,” said Rob-ert Micera, chief investment offi cer, offi ce and industrial, for Cole. “The Morris County, New Jersey, offi ce submarket boasts great fundamentals, considering its strong eco-nomic base and educated workforce, and we are pleased to add The Medicines Com-pany headquarters to our growing portfolio of corporate real estate.” Constructed in 1979, the facility was expanded and re-modeled in 2008 to make it a premiere Class A offi ce space. Robert Corry, vice presi-dent, acquisitions, office & industrial, represented Cole in the transaction. Kevin P. Welsh, senior vice president with CBRE, represented the seller. ■

1616 N. Fort Myer Drive

8 Sylvan Parkway

A Inside Cover — March 16 - 29, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com

Real estate financing experts are easy to find...

www.ProvidentNJ.comEqual Opportunity LenderEqual Housing LenderMember FDIC

When you know where to look.The current economy has everyone looking for ways to reduce costs. Refinancing your property can make a big difference. At The Provident Bank we make loan decisions locally. Why wait for someone in anotherstate or time zone to review your application, process it and make their lending decision? Our commercialreal estate specialists are right here where you are. We can build customized lending solutions to meet your needs and timeline. Custom solutions, local decision-making, quick turnaround – call us today and experience the Provident difference.

For more information contact Patti Patriarca, SVP [email protected]

$4,550,000Industrial Building

Secaucus, NJ

$22,000,000Multi-Family RentalMorris Township, NJ

$15,000,000Office Building

Summit, NJ

$24,000,000Multi-Family Rental

Bethlehem, PA

$11,000,000Office Building

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www.marejournal.com Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 1A

ver the past several years as businesses struggle to ride out

the tough economic times, they have had no choice but to down-size. Tied to commercial leases for more offi ce or retail space than they need, an assignment of the lease or the subletting of the extra space seems like an attractive way of saving on expenses. In making the deci-sion whether to assign or sublet, the tenant should fi rst carefully examine its lease to determine whether the lease contains any provisions prohibiting or re-stricting assignment or subleas-ing. Commercial leases, like any other contracts, are governed by their terms. Therefore, whether a tenant has the right to assign a lease to another party or to sublet the leased premises to another tenant depends on the language of the tenant’s lease with the landlord. If the lease does not contain language prohibiting or restricting the assignment or transfer of a ten-ant’s interest, a tenant is free to assign or transfer all or part of its interest. A tenant is not

O

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

Guest Columnist .................................................................Barbara Anisko

Mid Atlantic REAL ESTATE JOURNAL ~ Published Semi-Monthly

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

By Barbara Anisko, Esq.A tenant’s right to assign or sublet a commercial lease

continued on page 3A

Contact: Barbara Anisko, Esq. 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-260-6000 • www.kaplaw.comOther Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120

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

Real estate law from the ground up.

Experience Counts. Count On Us.

required to obtain prior consent of the landlord, unless the lease contains language requiring the tenant to obtain prior consent of the landlord.

In making the decision wheth-er to assign or sublet, the tenant should also understand the le-gal differences between the two concepts. An assignment of a lease is the transfer by the ten-ant of all of the tenant’s rights and interest in the lease. In an assignment, although the as-signee tenant effectively steps into the shoes of the assigning tenant, the assigning tenant continues to remain liable to the landlord on the lease. With an assignment, if the assignee breaches, the landlord has the

right to enforce the terms of the lease against the assigning ten-ant or the assignee tenant.

A sublease is different from an assignment. A sublease is a separate contract between the transferring tenant and the subtenant. The sublease may transfer all or a part of the leased premises, for all or a part of the lease term, and under terms that are similar or materially different from the lease. As with an assignment, the tenant remains liable to the landlord on the original com-mercial lease. With a sublet, the landlord does not have a legal right to enforce the terms of the original lease or sublease

MAREJ ADVERTISERS DIRECTORY

2A — March 16 - 29, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com

Mid AtlanticReal Estate Journal

Allied Building Corp. .................................................................30CAztec Architecture ......................................................................33CBarry Isett & Associates ............................................................15BBeacon ..................................................................................... 4B,3CBen Franklin Tech Partners ......................................................20CBerger Organization ..................................................................19CBergman RE Group ......................................................................7CBL Companies ............................................................................ 11BBohler Engineering ....................................................................26CBrasler .......................................................................................IC-BBruce Coin Consulting ............................................................... 10ABussel Realty Group .................................................................. 25AButler Mfg .................................................................................. 21ACassidy Turley ............................................................................15CCBC Bennett Williams ........................................................ 5B, 40CCervelli Mgmt. Corp. ................................................................. 19AChambers Architecture Inc........................................................ 20ACIRC Commercial-Industrial .................................................... 31AColumbia Bank ........................................................................... 11ACommunity Investment Svcs ......................................................9CCooper-Horowitz, inc. ................................................................... 9ACronheim Mortgage ................................................................... 11CCushman & Wakefi eld ........................................................... 3C,5CDeerwood ...................................................................................... 8ADermody Properties .....................................................................4CDesign Point ...............................................................................15BDischell Bartle & Dooley ...........................................................26CDMR Architects ..........................................................................20CEarth Engineering .......................................................................4BFalcon Energy Consultants .......................................................25CFameco Real Estate ...................................................................22CFitzpatrick Lentz & Bubba ................................................ 15B,35CFix Asphalt ...............................................................................BC-AGebroe-Hammer Assoc ...............................................................14CGerber/Somma Assoc. ............................................................ IBC-AGibbons .........................................................................................1CGloucester County NJ ................................................................28CGreenbaum Rowe .......................................................................35CGriffi n Land ..................................................................................2BHance Construction, Inc ............................................................29CHartz Mountain Industries .......................................................23CHarvey Hanna ................................................................1A,29A,9CHeller Industrial Parks ............................................................. 17AHFF ...............................................................................................7CHigh Associates ............................................................................7BHinerfeld .......................................................................................1BHylant Environmental ...............................................................13BInvestors Realty Inc. .................................................................. 28AK&W Engineers ......................................................................... 11BKaplin Stewart ............................................................................. 2AKatz Properties ...................................................................... IBC-BKislak Company Inc. ......................................................... 16A,IC-CKW Comm’l.-James Balliet..........................................................2BLandcore Engineering ...............................................................13BLandmark JCM .......................................................................... 31ALebanon Valley ...........................................................................12BLipinkski .......................................................................................9BLMS Commercial .........................................................................8BM&E Engineers, Inc. .................................................................24CM. Miller & Son ............................................................................ 3AMarcus & Millichap ........................................................11C,IBC-CMarvin Comm’l. Products ..........................................................21CMatrix ......................................................................................... 15AMax Spann Real Estate Co ........................................................13CMc Gowan Builders, Inc.............................................................30CMcMahon ......................................................................................3BMericle Comm’l. RE ............................................................... BC-BMeridian Capital Group ...................................................... 3A,17CMetro Commercial................................................................ 4B,11CNAI CIR ........................................................................................5BNAI Comm’l. Partners ............................................................... 11BNAI Emory Hill ..........................................................................37CNAI James E. Hanson ............................................................ BC-CNave Newell ......................................................................... 4B,25CNorthmarq .......................................................................... 23A,39CO’Donnell & Naccarato ..............................................................27COndra-Huyett Associates .............................................................3BPatterson Woods ......................................................................... 31APenns Northeast ..........................................................................2BPerseus Realty ..............................................................................2CPoskanzer Skott Architects ....................................................... 24APrism ...........................................................................................18CProgress Realty Advisors ...........................................................16CProperty Owners Assoc .............................................................. 32AProvident Bank .........................................................................IC-AR.S. Phillips Steel ...................................................................... 20ARE/MAX of Reading ..................................................................... 6ARegal Bank ................................................................................. 22ARicker Danzig ..................................................................... 14A,34CROCK Commercial ................................................................. 6B,5CRose Metal Systems .................................................................FC-BRSC Architects ...........................................................................33CSEBCO ........................................................................................ 14ASheldon Gross Realty ................................................................. 14ASloan Street ................................................................................31CSustainability Symposium .......................................................... 3AThe Prestige Group ......................................................................2BThomas Phoenix Int’l. ................................................................ 20ATranzon Auction ........................................................................... 5ATristate ...................................................................................... 35AVantage ....................................................................................... 32AWP Realty ..................................................................................12C


MID ATLANTIC REAL ESTATE JOURNALThey 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

OCKLEIGH, NJ — GHP Offi ce Realty rep-resented the owner in

completing one of the largest offi ce leases in the state of New Jersey in 2012, a 123,000 s/f offi ce and laboratory renewal and expansion at 8 King Road in Rockleigh.

The tenant, Spectra East is a division of Fresenius Medical Care Holdings, Inc, which is the world’s largest integrated dialy-sis company. The 8 King Road location is the East Coast execu-tive headquarters for Spectra East and the only laboratory and testing facility serving the entire eastern half of the United States.

After searching the entire tri state region for a newer location, Spectra determined that its in place state of the art infrastructure and world class wet laboratory remained its most attractive option. Their

ability to maintain their edu-cated and highly skilled work force, abundant parking, and access to public transportation all proved a compelling com-bination to renew and expand at 8 King Road. The building’s ready ability to handle a 10,000 foot expansion helped clinch the renewal at 8 King Road. Spectra East currently employs over 500 people at the site and expects the number of employees to

Division of Houlihan-Parnes Realtors, LLC

GHP Offi ce Realty handles 123,000 s/f lease renewal

grow to over 600 people within the next few years.

8 King Road was purchased by the principals of GHP Offi ce Realty and a group of private investors in 2000. The property has 190,000 s/f and 800 parking spaces. The property boasts two back-up generators, abundant and multiple sources of power and state of the art fi ber optic systems. The building has lim-ited availability of space. ■

R

Hunters Glen1,124 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

A tenant’s right to assign. . .

against the subtenant in the event of breach.

There are many different practical and legal consider-ations involved in negotiating and documenting the terms of an assignment or sublease in-

cluding the legal consequences to the tenant under the assign-ment or sublease if landlord ter-minates the lease. Therefore, an experienced real estate attorney should be consulted so that the parties understand the conse-

quences of such transactions and their competing interests are protected.

Barbara Anisko is a prin-cipal of Kaplin Stewart in the Business & Commercial Litigation Department. ■

continued from page 2A

8 King Road

Industry Partners:

Thursday March 29, 2012

The Franklin Institute

Now in its second year, this event brings together industry, university and community leaders to share best practices, ask challenging questions and

provide cutting edge information about sustainability in the Delaware Valley.

Nationally Acclaimed Keynote Speakers:

15 Panel Discussions: Covering diverse topics, such as energy management systems, community engagement, building retrofits, starting a sustainable business, electric cars, LEED/Energy Star issues and more. · Panelists include Kevin Kampschroer, Director of High Energy Buildings for GSA; Judy Wicks, Founder of BALLE; Rob Watson, a founder of LEED; Leisha John, Americas Director of Environmental Sustainability at Ernst and Young; Audrey Zibelman, CEO of Viridity and other industry and thought leaders


MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS

or over 50 years, the Virginia Auctioneers Association (VAA) has

been recognized for leadership in the auction industry.

We continue to be indebted to eight far seeing gentleman who met at the Hotel Roanoke in May 1958 and chartered the VAA whose purpose was then and continues now to be to promote and advance the auction profession.

The Nicholls Auction Mar-keting Group believes it is important to continue the tradition began in 1958 and help to lead the VAA and the auction industry in the 21st century and was well repre-sented in Charlottesville.

This year’s convention spot-lighted awards presentations, election of offi cers and direc-tors, as well as hours of semi-nars, from nationally known speakers and experts in the action industry, to enhance an auctioneer’s ability to better serve the public.

Numerous fi rst-place awards for excellence

Nicholls Auction Grp. attends VAA Convention

Beyond the intangibles gained from meeting with those with who we have much in common, some of our com-pany highlights were that Shields Jones was elected president by the Association and John Nicholls and Kelly Strauss were recognized our outstanding leadership on the Board of Directors.

Additionally, Nicholls Auc-

F

Mid Atlantic REAL ESTATE JOURNAL

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

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AREA Auctions461 North 3rd Street

Philadelphia, PA 19123215.821.1441 888.527.0401

Fax: 215.279.8829

www.AssociatedAuctioneers.com

PENNSYLVANIA VIRGINIAPA-MD-VA-W.VA

P U B L I C R E A L E S TAT E AU C T I O N

COMMERCIAL

www.AuctionBrokers.net410-426-2622

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Dixon’s Auction House2426 New Dorset Circle, Powhatan, Va.Auction Every Wed. At 4pmLive In Gallery & Live Webcastalso Online only Auctions

We Sell On Consignment—Estates, Gold, Silver, Autos,

Tools, Collectibles, Jewelry, Coin’s,Paper Money, Antiques, Real Estate,

Land Or Any Thing Of ValueONE CALL DOES IT ALL

804-683-0133www.dixonsauction.com

tion Marketing Group re-ceived numerous fi rst-place awards for excellence in mar-keting and Johan Nicholls was interviewed by local tele-vision media about the auc-tion industry and appeared in a TV broadcast about the convention.

We believe active participa-tion in the Virginia Auction-eers Association is a signifi -cant factor in the success of any auction company and are proud to be a part of it.

Every year, over a quarter-trillion dollars in property and assets are sold by auc-tioneers. The auction industry continues to grow, becoming a popular method for sell-ing goods and services for many industries in the United States. The auction industry is vast and diverse with auc-tioneers specializing in a va-riety of markets, such as art, antiques, automobiles, ma-chinery, real estate, personal property, and charity. ■

New members elected

NJ State Society of Auctioneers

The auction method of mar-keting is one of the most wide-ly used methods of marketing real and personal property throughout the world. Billions of dollars of real and personal property are sold every year using this exciting method. The auction method can turn assets into cash in a cost-ef-fective and effi cient manner. Choosing a professional auc-tioneer for your particular needs is an important step in this process.

The State of New Jersey does not require a license to be an auctioneer. Therefore, any-one can advertise and promote themselves as auctioneers, but they may not have the appropriate knowledge, edu-cation or professional ethics that is required of an NJSSA member.

The NJSSA is a group of like-minded auctioneers who have joined together voluntarily to hold themselves accountable to a higher level of integrity and professionalism.

When choosing an auc-tioneer, always choose an NJSSA member, and ask for references. For more informa-tion on the New Jersey State Society of Auctioneers, please contact, Earle Steeve III at: [email protected]

On February 15, 2012 NJS-SA members elected Bob Dan as the new president. Wes Pace is the new Vice Presi-dent; Earle Steeves is now the Secretary/treasurer. Board members are Mary Kenney, Harrie Copeland, Max Spann Jr and Steve Miranti. Joe Bodnar is now the Chairman of the Board. ■

The auction method of marketing is one of the most

widely used methods of marketing real and personal

property throughout the world.

Please contact Mr. Kelly Strauss for more information

40 CARRIAGE HILL LANE,FREDERICKSBURG, VA 22407

NICHOLLS AUCTION MARKETING GROUP

(540) 226-1279www.nichollsauction.com

VIRGINIA

Shields Jones


MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS


MID ATLANTIC REAL ESTATE JOURNAL

HILADELPHIA, PA — Marcus & Mil-lichap Real Estate

Investment Services an-nounced the sale of DaVita Anchored M.O.B., a 22,193 s/f offi ce property located in Philadelphia, PA, according to Spencer Yablon, Regional Manager of the fi rm’s Phila-delphia office. The asset commanded a sales price of $3,700,000.

Matthew Gorman and Michael Shover, investment specialists in Marcus & Mil-lichap’s Philadelphia offi ce, had the exclusive listing to market the property on be-

Marcus & Millichap sell a 45-unit Apartment bldg.

Gorman & Shover of M&M rep both in $3.7m offi ce saleP

RARE DEVELOPMENT OPPORTUNITY$4.5 Million ∙ 33 Acres

3801 Penn AveSinking Spring, PA

The subject property located in Sinking Spring PA (just minutes from Reading, PA) is 33 acres of land and is pre-approved for

a three story, 55+, independent living facility with 130 units and 20 more in the future, and

80 townhouse units. Ready to develop. Public Water & sewer.

For More Information Please Contact:

Eddy Peng, CCIM, CIPSRE/MAX of Reading

Office: (610) 670-2770 x3078Cell: (610) 223-0567

Email: [email protected]

Pre-Approved

1

This issue will publish as a specialpullout section. . . featuring:

• A special LISTING of all the Office Space transactions recorded in MAREJ throughout 2011/2012• Bi-lined Articles submitted by Expert office brokers• Office Market Reports compiledby major companies

• Society of Office and Industrial Realtors Organization• Special feature on NAI and it’s member firms• National Association of Industrial and Office Properties

Linda ChristmanMid Atlantic Real Estate Journal

1-800-584-1062 Fax: 781-871-5299

Featuring our AnnualCOMMERCIALOFFICE SPOTLIGHTMARCH 30, 2012

half of the seller, a developer. The buyer, a limited liability company, was also secured and represented by Mat-thew Gorman and Michael Shover, investment special-ists in Marcus & Millichap’s Philadelphia offi ce.

Matthew Gorman Michael Shover 7198 Castor Avenue

“7198 Castor Avenue was a challenging property to position in the market but ultimately commanded an aggressive cap rate and high price per square foot for medical offi ce in North-east Philadelphia” noted Gorman. “The locally based 1031 exchange buyer, a re-peat client, found that this asset met most if not all of their investment criteria which included a strong tenant mix, long term leases and rent escalations.” Da-Vita Anchored M.O.B. is located at 7198 Castor Av-enue, consists of three medi-cal tenants and was 100% occupied at the time of the closing.

In other news, Marcus & Millichap Real Estate Invest-ment Services announced the sale of FRANKLIN GARDEN APARTMENTS, a 45-unit apartment prop-erty located in Hackensack, NJ, according to Michael J. Fasano, Vice President/Re-gional Manager of the fi rm’s New Jersey offi ce. The asset commanded a sales price of $4,870,000.

Thomas McConnell, CCIM and Kevin McCrann, Associ-ate Directors of the National Multi Housing Group in Marcus & Millichap’s New Jersey offi ce represented the seller Franklin Apartments, LLC. Mr. McConnell and Mr. McCrann also secured the buyer, Hackensack As-sociates, LP.

“The sale price at a 6 Cap Rate, is a testament that the demand for multifam-ily in northern NJ remains strong. Both the buyers and sellers are reaping the awards of our low interest rate environment” McCon-nell states. McCrann adds, “The property was built and managed by Franklin Apart-ments LLC since the 1960’s and we believe the new own-ers will continue to improve the property and utilize our analytical study to maximize future returns.” ■

FINANCIAL DIGESTwww.marejournal.com Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 7A

EEHAWKEN, NJ — Beech Street Capital, LLC an-

nounced that it has provided a $12.5 million Fannie Mae conventional loan to refi nance The Simone, a new, ground-up construction building in Weehawken, New Jersey. The transaction was originated by Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relation-ship with Meridian.

This was the fi rst agency loan for the borrower and their first experience with Beech Street. Beech Street delivered on the borrower’s

Executive VP Rosen originates Arcadia Nursing facility transaction

Beech Street Capital provides $12.5 million to refi nance Northern New Jersey apartments

W

The Simone

Henrich & Nalbandian of NorthMarq Capital arrange $14.408 million in mulitple mortgages

PHILADELPHIA, PA — David A. Henrich, senior vice president of NorthMarq Capital’s (NorthMarq) Phila-delphia Regional office ar-ranged first mortgage ac-quisition fi nancing of $2.468 million for 2.6 acres of land in Allentown, Pennsylvania. This asset consists of 2.6 acres which will be developed for two separate pad tenants. CVS will be the major tenant at the site on a 25 year ground lease with multiple options. Financing was based on a 25-year term and a 25-year amortization schedule and was arranged for the bor-rower by NorthMarq through its relationship with William Blair & Company, a Credit Tenant Lease Lender. Ac-cording to Henrich, the bor-rower needed maximum loan proceeds to acquire the land that is to be developed for two separate tenants. Loan proceeds from the CVS lease were suffi cient to close the transaction. Complicating the transaction was CVS’s delayed rent commencement date and obligations for por-tions of the site development. He said, “The lender did an excellent job of structuring around the lease that con-tained release provisions for the second pad site and

extended timeliness by CVS before they were required to develop their site and to build their building.”

In other news, Greg Nal-bandian, Senior Vice Presi-dent and Managing Director of NorthMarq Capital’s New Jersey Regional office, ar-ranged a fi rst mortgage refi -nance in the amount of $11.94 million for the RBS Citizens Bank Portfolio. This portfolio consists of 16 RBS Citizens Bank branches located in New York, Connecticut, Pennsyl-vania and Delaware. Work-ing exclusively on behalf of a major REIT client, fi nancing was based on a 5-year term with 3 years interest only and the following 2 years on a 40-year amortization sched-ule through NorthMarq’s

relationship with a regional bank. According to Mr. Na-lbandian, this transaction is a 60% LTV, non-recourse, cross collateralized loan with a 5-year loan term against an average lease term remaining of only 7 years in secondary and tertiary markets. He stated, “Given the shorter average lease term remain-ing coupled with the tertiary markets, there was not much fanfare for this financing on any level. However, we were able to identify a re-gional bank that liked the credit and the borrower and stepped up in a big way by offering 60% proceeds on a full non-recourse basis with a substantial interest only period, which was extremely important to the client.” ■

Citizens Bank

Arcadia Nursing & Rehabilitation Center

requests for a low rate and maximum proceeds, and ex-peditiously rate locked the

transaction 30 days after re-ceiving the application. With over 25 years of experience in

the real estate industry, the borrower currently owns 10 apartment properties in New Jersey and New York.

Charles Grussgott the Me-ridian mortgage fi nance advi-sor on the deal was impressed with Beech Street’s effi ciency and agency expertise, as this was his fi rst experience with Beech Street as well. “This was one of the best experienc-es I have had with a lender. The Beech Street team did an excellent job from start to fi nish.”

Built and completed by the borrower in early 2011, The Simone consists of 50 multi-family apartment units in a four-story building. Located in Hudson County, across the Hudson River from Manhat-tan, the property exhibited a very strong lease-up rate over the last 10 months and beginning in July, the prop-erty achieved 85 percent oc-cupancy. It is currently 100 percent occupied and accord-ing to the appraiser, Realty Services Inc., the demand for housing in the subject’s mar-ket exceeds supply.

The fi xed-rate loan has a 10-year term and 30 years of amortization payable on an actual/360 basis.

In other news, Beech Street Capital, LLC announced that it has provided an $8.9 mil-lion HUD 223(a)(7) loan to refi nance Arcadia Nursing & Rehabilitation Center, a 128-bed skilled nursing facility in Hamilton Square, New Jersey. The transaction was originat-ed by Joshua Rosen, executive

vice president of Beech Street Capital. Working from Beech Street’s Chicago offi ce, Rosen leads the company’s nation-wide healthcare efforts.

The borrower had 28 years left on an existing $9.0 mil-lion FHA loan. Beech Street accomplished an important goal for the borrower by in-creasing the loan term to 35 years, something that is becoming increasingly rare with HUD. By extending the loan term, Beech Street was able to refi nance the property with substantial debt service coverage savings to the bor-rower and further increased savings with a signifi cantly reduced interest rate.

Beech Street also skillfully managed the underwriting process, which allowed for a seamless and expedited clos-ing. “Beech Street was an ab-solute pleasure to work with,” says Mike Gabriel, principal of Arcadia Retirement Com-munity, Inc. “A term exten-sion was absolutely essential for us, but we understand that they are not frequently granted. We were thrilled when it came through.”

Beech Street expects to see more refinance activity in the seniors market in the coming year. “The conditions are really favorable right now for anyone with a cur-rent HUD- insured mortgage to refinance under Section HUD 223(a)(7),” Rosen says. “Not only are rates at all-time historical lows, but HUD has all but eliminated the (a)(7) queue.” ■

FINANCIAL DIGEST

8A — March 16 - 29, 2012 — Financial Digest — Mid Atlantic Real Estate Journal www.marejournal.com

egional Capital Group (“RCG”) closes on an $8.9M discounted note

purchase of two 100% oc-cupied Stu-dent Housing Facilities lo-cated in the R i c h m o n d , Virginia area. The Borrow-er is a na-tional, multi-family property ownership, investment and re-development organization with an extremely large portfolio of assets and a past borrower of

Case Study by Paul Braugngart, Regional Capital Group

Regional Capital Group closes on bridge funding for two student housing facilities

RRCG.

The Borrower purchased the sites back in 2002 and had substantial equity in the as-sets and continued to achieve strong returns until the eco-nomic downturn. In order to keep occupancies high, while also staying competitive in the marketplace, the rental rates were lowered, which in turn reduced the overall net operat-ing income. This caused the property to go into default and end up with a special servicer. The company then reorganized its strategy for the sites, as it related to the marketing and

leasing of the units, which made a huge difference, but it was after the fact.

Because of this situation, the Borrower had the opportunity to buy the note (which wraps both assets into one loan) at a substantial discount. The Bor-rower starting working with an existing relationship they had at a local bank, until the bank suddenly changed their geo-graphical lending parameters which disqualifi ed the asset.

The borrower was left with less than 40 days before they would lose the assets. They had been and continued to pay ex-

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tension fees in an effort to buy more time to fi nance the exist-ing lender out of the deal and this is where RCG stepped in.

RCG structured 100% fi nanc-ing of the discounted payoff amount in addition to a por-tion of the extension fee in the time frame set forth. This not only allowed for the Borrower to realize the discount, but to also save the assets and not have to come out of pocket with additional funds.

RCG utilizes a diverse back-ground and vast knowledge to complete transactions spread across a broad range of asset

classes. RCG focuses not only on the execution of specific deals, but also no understand-ing each client’s needs and goals, to complete short term or permanent funding. We also of-fer alternative loan structures which may fall outside of the traditional lending sources to expedite a closing should an opportunistic situation arise.

In addition to a primary role as a lender, RCG partners with developers and investors to acquire performing and nonper-forming real estate assets, RCG has a unique team with expe-rience in real estate lending and investment, development, entitlement, construction and property management. RCG’s staff consists of problem solv-ers with the resources to create unique solutions to complex real estate funding issues. They have closed in excess of $5 Bil-lion in real estate funding and investment over their careers.

RCG continues to provide capital for a variety of real estate projects in challenging times. They work together with other lenders, investors, and developers to provide funding for troubled projects or those that have lost funding due to the contraction of the market. RCG utilizes it funding capa-bilities to take advantage of opportunities with short time frames and makes decisions very quickly when presented with specifi cs on a situation. The principals have weathered troubled markets in the past and have provided consulting and loan work out direction to lenders and investors of all types for over 30 years. This transaction is an example of a situation where RCG utilized its vast experience and intu-ition to solve a problem.

Paul Braugngart is the founder and president of Regional Capital Group (“RCG”). ■

BETHESDA, MD — Marc Tropp, Managing Director of Eastern Union Commercial, announced the refinance of a mixed use retail of-fi ce building in the heart of downtown Baltimore, MD for $3,100,000. The building consists of 102,568 s/f of rent-able space, currently leased as offi ce space with fi rst fl oor retail. ■

Tropp of EUCrefi nanced for $3.1m

Paul Braugngart


REAL ESTATE FINANCING

$163,800,000

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

The undersigned arranged the above fi nancing

Hoyt Bedford ApartmentsStamford, CT

Montoya ApartmentsBranford, CT

Morgan Manor ApartmentsStamford, CT

Seramonte ApartmentsHamden, CT

FINANCIAL DIGEST

10A — March 16 - 29, 2012 — Financial Digest — Mid Atlantic Real Estate Journal www.marejournal.com

he big commercial real estate news was the February 21st bank-

ruptcy filing by Grubb and Ellis and si-multaneous a n n o u n c e -m e n t t h a t it was being acquired by BGC Par t -n e r s , I n c . (“BGC”). BGC is a global fi nan-cial services fi rm that last year acquired the Newmark Knight Frank organization. BGC’s larg-est shareholder is the Cantor Fitzgerald brokerage fi rm.

By: Bruce J. Coin, Bruce Coin Consulting, Inc.

The Current Commercial Mortgage Market

TIt is a strategic move that

could potentially have a greater impact on the commercial mort-gage market than the obvious addition of Grubb and Ellis’ one hundred or so commercial real estate offi ces to BGC’s overall group.

Cantor Fitzgerald, since only really starting its CMBS plat-form in 2010, has now become one of the more highly visible originators of CMBS II product. Using the Grubb and Ellis offi ce network as its own pipeline, Cantor, if so inclined, could create its own, virtually unlim-ited, source of locally generated and underwritten CMBS loan

applications dramatically en-hancing investor interest and confi dence. Such a controlled feeder structure employing prudent loan underwriting and with oversight and checks and balances could lead to their pos-sibly dominating the industry. Time will tell if they move in that direction.

How to unwind Fannie Mae and Freddie Mac has been on regulator’s minds for close to two years. On Tuesday Febru-ary 21st, the Federal Housing Finance Agency (FHFA), created by The Housing and Economic Recovery Act of 2008, sent a new strategic reform plan for that to

Congress. Their plan calls for creating a new infrastructure for the secondary mortgage market to reduce the scope of Fannie’s and Freddie’s market share while simplifying and shrinking their operations.

They commented that Fan-nie’s and Freddie’s ongoing ability to provide a stable liquid fl ow of mortgage backed securi-ties to investors is essential to stabilizing house prices and ensuring stability in the value of approximately $3.9 trillion of currently outstanding MBS.

During their conservatorship, Fannie’s and Freddie’s multi-family market share has grown

but they do not dominate that market as they do the single family market. FHFA’s pro-posal pointed out that the mul-tifamily platforms, unlike the single family operations, share underwriting risk either with their loan originators (Fannie’s DUS program) or by issuing classes of securities (Freddie) where investors share the risk. The proposal went on to say that Fannie’s and Freddie’s multifamily businesses have “weathered the housing crisis”, generated positive cash flow and that their multifamily busi-nesses are not subject to reform efforts.

The FHFA proposal does require them to undertake a market analysis of the viability of their multifamily operations without government guarantees and the likely prospect of their operating on a stand-alone basis after attracting private capital. For a variety of reasons, the FHFA indicated that contract-ing Fannie’s and Freddie’s commercial multifamily busi-nesses should be approached differently (than their single family business) and may be accomplished using a more di-rect method. In the interim, it appears as if “business as usual” will continue with Fannie’s and Freddie’s multifamily lending operations and that’s good news for apartment borrowers.

In other news:•Consistent with past prom-

ises of more “transparency” the minutes of the FOMC’s Febru-ary meeting included a tre-mendous amount of additional information and insight into board members thinking.

•The Financial Accounting Standards Board (FASB) contin-ues to analyze its initial recom-mendation that long term real property leases be refl ected on company balance sheets as long term liabilities. How that plays out can have a major impact on tenants especially chain-anchor retailers. It can also impact the benefit of doing a purchase- leaseback transaction to effect off balance sheet fi nancing.

Despite being recently bom-barded by gasoline price in-creases, there is no question that the economy is improving. All signs point to this national election year as being better for the commercial real estate and mortgage markets. Stay tuned.

Bruce Coin is director of Bruce Coin Consulting, Inc. ■

Bruce Coin

Need commercial real estate 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

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

FINANCIAL DIGEST

www.marejournal.com Mid Atlantic Real Estate Journal — Financial Digest — March 16 - 29, 2012 — 11A

ISELIN, NJ – Merid-ian Capital Group, LLC, announced the

f o l l o w i n g t r a n s a c -tions:M e r i d i a n negot iated a new mort-gage in the amount o f $32,900,000 on Berkshire at the Shipyard, a luxury mul-tifamily building containing 93 loft style units in Hoboken, NJ. The loan features a rate of 4.13% and a seven-year

For multi-family and mixed-use properties

Meridian Capital Group, LLC negotiates $69.3 million in fi nancing

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term. The transaction was negotiated by David Cohen and Russ Drebin.

A n e w mortgage of $23,150,000 was placed by Meridian on the Hid-den Creek Apartments multifamily

c o m m u n i t y located in Bayville, NJ. The property contains 236 units. The loan features a rate of 3.90% and a seven-year term. The transaction was negoti-

ated by Abe Schonfeld. Meridian negotiated a new mortgage in the amount of $2,700,000 on a three-story mixed-use building in Bal-timore, MD. The property contains 34 apartments and 8 commercial spaces. The loan features a rate of 4.47% and a 10-year term. The transac-tion was negotiated by Joshua Gorsky.A new mortgage of $2,000,000 was placed by Meridian on a four-story multifamily build-ing situated on East Vernon Road in Philadelphia, PA. The property contains 52

apartment units. The loan features a rate of 4.25% and a seven-year term. The transac-tion was negotiated by Russ Drebin. A new mortgage of $2,300,000 was negotiated by Meridian for the purchase of a multi-family complex located on Schraffts Drive in Waterbury, CT. The property contains 64 apartment units. The loan features a rate of 4.25% and a fi ve-year term. The transac-tion was negotiated by David Cohen. Meridian negotiated a new mortgage in the amount of

$4,300,000 on a garden apart-ment style multifamily com-plex totaling 27 units on Windsor Drive in Palisades, NJ. The loan features a rate of 4.32% and a 10-year term. The transaction was negoti-ated by Russ Drebin. A new mortgage of $1,900,000 was placed by Meridian on a four-story brick multifamily building on 60th Street in West New York, NJ. The prop-erty contains 44 apartment units. The loan features a rate of 4.15% and a seven-year term. The transaction was ne-gotiated by Steve Tessler. ■

WAYNE, NJ – The Mainardi Management Co. announced the closing of several new loans during the past year.

Last spring, the company obtained $19.3 million loan on the Shops at Windsor Green, a 157,000 s/f shopping center in Princeton, New Jersey. The 10-year fixed-note loan was with Aviva Life and Annuity Company of Des Moines, Iowa. Andrew Stewart and Anna Westhoff of Cronheim Mortgage placed the loan with Aviva.

In the summer of 2011, the company closed a $4.1 mil-lion mortgage on the Franklin Shopping Center, a 57,600 s/f property located in Sussex County, New Jersey. The new loan was with Amalgamated Bank of New York and was placed by Greg Nalbandian of Northmarq Capital.

In February of this year, the company closed two loans. One was for Union Medical Park, a 200,000 s/f medical office building ian Union, New Jersey which at one time operated as Union Hospital. The $7.5 mil-lion loan was obtained from Customers Bank of Wyomiss-ing, Pennsylvania and was negotiated by Andrew Stewart, Anna Westhoff and Dev Morris of Cronheim Mortgage.

Also in February of 2012, the company obtained an $11,750,000 mortgage on the Greentree Square Shopping Center, a 110,000 s/f shopping center in Marlton, New Jersey anchored by Whole Foods. The new loan was placed with Allstate Insurance Company and carried a fixed rate of 4.05% for ten years. Tom Didio and Mike Cerullo of Holliday Fenoglio Fowler obtained the mortgage. ■

David Cohen Russ Drebin

Mainardi Mgmt. Co. closes new loans


MAREJ MONTHLY SALES AND LEASE REPORTAs Reported In The Mid-Atlantic REAL ESTATE JOURNAL ~ JANUARY 13, 2012 - FEBRUARY 24, 2012

102-114 & 118-120 Victory Rd. Springfi eld, NJ Kislak Company, Inc. Kislak Company $23m 90 Unit Apt S FC-A

1058 Eldridge Ave. Collingswood, NJ Gebroe-Hammer Assoc. $7.25m 84 Unit Apt S FC-A

Bloomington Wholesale Portland, OR Dermody Properties Cushman & Wakfi eld Retail S 3A

22640 Davis Drive Sterling, VA Lincoln Property Donohoe Real Estate 178,234 SF Off L 11A

828 Fieldcrest Drive Cambridge, MD Sperry Van Ness-Miller $1.5m 30,240 SF Whse S 11A

Sweetbay Drive Salisbury, MD Sperry Van Ness-Miller $625,000 10,600 SF Medical Off S 11A

643-715 East Front St. Elmwood Park, NJ Marcus & Millichap $5m 70 Unit Apt S 17A

701-711 Kensington Ave. Plainfi eld, NJ Marcus & Millichap $1.1m 18 Unit Apt S 17A

156 West Grand Ave. Rahway, NJ Marcus & Millichap $2.55m 30 Unit Apt S 17A

36-42 Elm St. Elizabeth, NJ Marcus & Millichap $1.075m 16 Unit Apt S 17A

415 East Elm St. Linden, NJ Marcus & Millichap $520,000 8 Unit Apt S 17A

Industrial Portfolio Thorofare, NJ Cushman & Wakefi eld 950,868 SF Industrial S 22A

175 DeRousse Ave. Pennsauken, NJ Binswanger 275,517 SF Whse S 22A

701 Rte. 73 S. Marlton, NJ Colliers International 8,022 SF Off L 22A

1440 Almonesson Rd. Deptford, NJ Hamsphire Companies RAS Brokerage 6,000 SF Restaurant S 22A

3150 Brunswick Pike Lawrenceville, NJ Newmark Knight Newmark Knight 9,000 SF Off L 24A

44 Beech St. Paterson, NJ Wichert 200,000 SF Industrial S 26A

400 Commerce Blvd. Carlstadt, NJ Russo Development Studley Inc. 197,445 SF Off L 26A

472 Barell Ave. Calstadt, NJ NAI Hanson 39,832 SF Whse L 26A

205 Chubb Ave. Lyndhurst, NJ NAI Hanson Realty Hub 20,479 SF Retail L 26A

25 Berkshire Valley Rd. Kenvil, NJ Marcus & Millichap Marcus & Millichap 8 Acre Mixed S 27A

14 Ames Ave. Rutherford, NJ Marcus & Millichap Marcus & Millichap 2,528 SF Mixed S 27A

15-01 Pollitt Dr. Fair Lawn, NJ Marcus & Millichap 39,035 SF Industrial S 27A

445 South St. Morris Township, NJ Advance Realty CBRE 21,604 SF Mixed L 27A

Harrisburg Park Harrisburg, PA Marcus & Millichap $5.8m 163 Unit Apt S 29A

515 Zarfoss Drive York, PA ROCK Commercial Enurance Real Estate Grp. $8.075m 312,900 SF whse S 29A

3975 Township Line Rd. Allentown, PA NAI Summit NAI Summit $1.2m 58,460 SF off S 30A

77 Cooper Avenue Lancaster, PA NAI Comm’l. Partners ROCK Commercial $572,500 29,700 SF whse S 32A

Hill Street York, PA ROCK Commercial ROCK Commercial 32,250 SF Industrial L 32A

3325 Connelly Road Emigsville, PA ROCK Commercial ROCK Commercial 18,053 SF Industrial L 32A

120 Rose Court York, PA ROCK Commercial ROCK Commercial 12,688 SF Industrial L 32A

50 Aberdeen Road York, PA ROCK Commercial ROCK Commercial 7,011 SF Industrial L 32A

1130 Zinns Quarry Road York, PA ROCK Commercial ROCK Commercial 4,869 SF Industrial L 32A

3501 Concord Road York, PA ROCK Commercial ROCK Commercial 4,501 SF Medical Off L 32A

57 West Market St. York, PA ROCK Commercial ROCK Commercial 2,140 SF Mixed L 32A

3277-3297 North George St. Emigsville, PA ROCK Commercial ROCK Commercial 830 SF Off L 32A

342 West Market St. York, PA ROCK Commercial ROCK Commercial 500 SF retail L 32A

3430 Woodbridge Circle York County, PA Springwood Commercial $535,000 12,800 SF Industrial S 34A

72 N. Main Street Stewartstown, PA Springwood Comm’l. $400,000 6,000 SF Mixed S 34A

150 Pauline Drive York, PA Springwood Commercial 1.75 Acre Comm S 34A

296 Pleasant Acres Road York, PA Springwood Comm’l. 2,000 SF Industrial S 34A

3380 Susquehanna Trail Manchester, PA NAI CIR 112,000 SF Whse L 34A

2700 Commerce Dr. Lower Swatara Twp. NAI CIR Interstate Commercial Mgmt 32,000 SF Whse L 34A

2701 S. Front St. Steelton, PA NAI CIR RE/MAX Realty Professionals 11,774 SF Comm L 34A

100 Colonial Road Lower Paxton Twp. NAI CIR 8,752 SF Mixed L 34A

4651 Lindle Road Swatara Twp. NAI CIR 6,485 SF Comm S 34A

230 S. Spring Garden St. Carlisle, PA Landmark NAI CIR 6,100 SF Industrial L 34A

6360 Slank Dr. Lower Paxton, PA NAI CIR 3,245 SF Offi ce L 34A

100 North Cannon Ave Lansdale, PA NAI Mertz 28,000 SF Offi ce L 45A

2600 Philmont Avenue Huntingdon Valley, PA NAI Mertz NAI Mertz 6,361 SF Offi ce L 45A

Lincoln Independence Park West Chester, PA Swope Lees Swope Lees 2,700 SF offi ce L 45A

65 E. Elizabeth Ave. Bethlehem, PA Dietrick Group, LLC Dietrick Group, LLC 1,000 SF Offi ce L 45A

190 Rittenhouse Cirlce Bristol, PA Colliers International Colliers International $6.125m 128,000 SF Industrial S 3A

Multifamily Portfolio Bethlehem, PA Kislak Company, Inc. Kislak Company, Inc. $36.7m 430 Unit Multifamily S 7A

355 Belleville Ave Bloomingfi eld, NJ Marcus & Millichap Marcus & Millichap $2.725m 37 Unit Apt S 7A

3227 Hamilton Boulevard Allentown, PA KW-James Balliet Comm’l. $16.35m 106,824 SF Retail S 15A

2504 Eastern Blvd. York, PA CBC Bennett Williams CBC Bennett Williams $7.2m 66,200 SF Retail S 15A

5697 Shaffer Rd. Debois, PA CBC Bennett Williams 3,200 SF Retail S 15A

6416 Carlisle Pike Mechanicsburg, PA CBC Bennett Williams 1,600 SF Retail L 15A

10 Eisenhower Bld. Lancaster, PA NAI Commercial Partners $349,000 13,000 SF Retail S 16A

1200-1224 North Charles St. Baltimore, MD Segall Group Segall Group 3,000 SF Mixed Use L 16A

SELLER/ REP. OF BUYER/ REP. OF PROPERTY OWNER/ SELLER/ TENANT/ TENANT/ NAME ADDRESS LESSOR LESSOR LESSEE BUYER PRICE SIZE DESC. S/L PG

SELLER/ REP. OF BUYER/ REP. OF PROPERTY OWNER/ SELLER/ TENANT/ TENANT/ NAME ADDRESS LESSOR LESSOR LESSEE BUYER PRICE SIZE DESC. S/L PG

SHOPPING CENTERSNEW JERSEY

13A — March 16 - 29, 2012 — New Jersey — Mid Atlantic Real Estate Journal www.marejournal.com

ERSEY CITY, NJ — Hartz Mountain Indus-tries and Roseland Prop-

erty Compa-ny will build a 1,000-unit residential complex at 99 Hudson St., providing the exclama-tion point on New Jersey’s iconic waterfront location.

With a price tag of $450 million and a total size of more than one million square

A total size of more than one million square feet

Hartz’s announces 1000 Apartments for 99 Hudson site; $450m Jersey City Twr.J

feet, the project would create more than 2,000 long-term construction jobs over a fi ve year period, and will be the largest rental project and one of the top fi ve tallest buildings in New Jersey.

Colgate Center is home to 90 and 70 Hudson Street, which were developed by Hartz Mountain and when sold last year were named the most expensive offi ce buildings in New Jersey. After Hartz’s speculative construction of 70 and 90 in the late 1990s, Goldman Sachs built its tower

and a Hovnanian-developed luxury condominium at 77 Hudson.

Roseland Property Com-pany, which manages Hartz Mountain’s residential proj-ects and is a partner in four of Hartz’s residential devel-opments, envisions support retail and entertainment on the structure, which provided parking for residents and guests.

“The waterfront in Jersey City features many compelling pieces, but it lacks a center,” said Carl Goldberg, partner in

Roseland Property Company. “We see 99 Hudson providing the components that would turn an interesting area into a classic neighborhood.”

The project will be developed subject to revival of the NJ Economic Development Agen-cy’s Urban Hub Tax Credit (UHTC) residential program, which was suspended after depleting its $250 million al-location.

“We submitted an applica-tion several months ago that fully qualifi ed for the UHTC program,” said Emanuel Stern,

president and COO of Hartz Mountain Industries. “As we have seen through the history of the UHTC program, the eco-nomic climate – especially as it pertains to fi nancing – will not permit a project like this to proceed without assistance.

“Our application to EDA for the UHTC program delivers instant economic impact and smart growth benefits that will last for decades, so we are hopeful this necessary program is quickly revived so we can commence construc-tion.” ■

Emanuel Stern

EDISON, NJ — Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has orchestrated the sale of 2121 Route 27, a 99,000 s/f R&D and offi ce building, for $16.5 million. Fully occupied by Revlon and utilized as the consumer products giant’s pri-mary R&D center, the building is part of Edison Towne Corpo-rate Center, combining offi ce and industrial uses.

The East Rutherford, N.J.-based Cushman & Wakefi eld team of Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel represented the seller, The Morris Companies. The buyer was Angelo, Gordon & Company on behalf of the $560 million AG Net Lease Realty Fund, II, one of a series of net leased investment funds managed by the fi rm.

Edison Towne Center also encompasses a 248,000 s/f multi-tenant office building at 2147 Route 27, connected to the Revlon R&D facility by a common lobby, as well as a 140,000 s/f industrial building and land approved for an ad-ditional 650,000 square feet of industrial space. In addition to the R&D center, Revlon occu-pies 31,500 square feet within the adjacent offi ce building.

“After acquiring the prop-

erty two years ago, The Morris

Cushman & Wakefi eld arranges $16.5 million sale

2121 Route 27Companies was able to extend Revlon for 15 years through 2025 and complete a signifi -cant renovation of the offi ce building,” said Merin. “It was subsequently decided that the two buildings would be offered for sale, and the disposition of the R&D building has now been completed. The multi-tenant offi ce building attract-ed considerable interest from prospective buyers, and we expect to have an announce-ment on that sale shortly.”

“The R&D building is net-leased on a long-term basis,

while the offi ce building is ap-proximately one-third leased and offers a value-add op-portunity,” said Bernhaut. “It was determined to market the buildings separately because a high-adverse investor would be interested in acquiring the Revlon lease, while the buyer who does want to take on risk would be more interested in the value-add opportunity. That same capital does not generally reside in the same place, and it was decided that the best way to maximize value would be to sell the

properties separately.“The Morris Companies

has been very focused on the industrial development component of the site,” said Bernhaut. “Once they were able to renovate the building and re-sign Revlon, they were prepared to monetize the asset and, that accomplished, move forward on the industrial de-velopment and redevelopment potential at Edison Towne Corporate Center.”

Situated off Exit 2 of I-287 and two miles from the New Jersey Turnpike, the buildings

are located in the Princeton/Route 1 research corridor, dubbed Einstein’s Alley. The just-sold Revlon R&D facility was constructed in 1984 and always has been occupied by the company. The office building, the sale of which is pending, was built in 1980 and substantially renovated in 2010.

Besides the 31,500 square feet occupied by Revlon, the offi ce building’s major tenants include XO Communications and Dr. Leonard’s Health-care. ■

NEW JERSEY


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A T T O R N E Y S A T L A W

AYTON, NJ — Jones Lang LaSalle repre-sented Medicia Hold-

ings, LLC in the renewal of a 250,000 s/f industrial lease at 2351 Route 130 South in Dayton. The long-term lease agreement keeps the manu-facturer of soaps, shampoos, body washes and perfumes in the State of New Jersey for the

D

Fairfield Corporate Park, Fairfield, New Jersey

FOR LEASE 32,000 Square Foot Industrial Building

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At 2351 Route 130 South in Dayton

Jones Lang LaSalle handles 250,000 s/f industrial lease

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foreseeable future.Jones Lang LaSalle vice

presidents Brian Cass and Blake Chroman and managing directors Rob Kossar and Joel Lubin represented the ten-ant in the transaction, while Cushman and Wakefi eld ex-ecutive director Paul Torosian and director Nate Demetsky represented landlord Clarion

Partners. “As the location of Medicia’s

headquarters, this space has multiple business uses,” Cass said. “The facility is the ideal manufacturing base for the tenant’s product line, lab and warehouse. It’s gratifying to be part of a deal that keeps an im-portant employer here in New Jersey for a long time.” ■

WOODBRIDGE, NJ — The Kislak Company, Inc. an-nounced the recipients of its 2011 sales awards at the company’s annual awards ceremony. Senior vice presi-dent Joni Sweetwood re-ceived the Producer of the Year award, vice president Robert Squires received the Sima Kislak Jelin Salesper-son of the Year award; and sales associates Daniel Lanni and Andrew Scheinerman were the co-recipients of the Rookie of the Year award.

“We are extremely proud to recognize Joni, Rob, Dan, and Andrew as the recipients of our 2011 sales awards,” said Robert Holland, president and co-managing director.

The Kislak Co. declares 2011 sales awards

“They all had tremendous success in 2011 and we as a company experienced signifi -cant year-over-year growth both in our sales volume and the number of transac-tions closed. I thank them and our entire sales team for their contributions and

congratulate them on their well-deserved recognition.”

Kislak’s Producer of the Year award is presented to the individual who generat-ed the highest sales volume in the company during the past year.

The Sima Kislak Jelin Salesperson of the Year award is presented to the in-dividual whose performance and professionalism during the past year demonstrated the highest standards of excellence for which Kislak is known. Kislak’s Rookie of the Year award is presented to a newer salesperson or salespeople who recorded the greatest achievements during the past year. ■

Shown from left: Daniel Lanni, Joni Sweetwood, Andrew Scheiner-man and Robert Squires

New Jersey

www.marejournal.com Mid Atlantic Real Estate Journal — New Jersey — March 16 - 29, 2012 — 15A

Forsgate Dr., CN4000 Cranbury, NJ 08512 732-521-2900www.matrixcompanies.com

ONROE TOWNSHIP, NJ — Matrix Devel-opment Group, one

of the Northeast’s most ac-tive and well-regarded real estate investment and devel-opment companies, recently announced the completion of a building sale and new lease at Matrix Corporate Campus, the company’s premier business park at Exit 8A of the New Jersey Turnpike.

The recent activity includes the following transactions:

• Bracco Diagnostics signed a 54,000 s/f lease. The U.S.-based subsidiary of Bracco Imaging SpA develops and

Business park at Exit 8A

Matrix Development Group announces building sale and new lease at Matrix Corporate Campus

M markets clinical agents for use in X-ray/Computed Tomogra-phy (CT), Nuclear Medicine and Magnetic Resonance Im-aging (MRI) in the U.S. and Canada.

• Richard Grubb & As-sociates, one of the largest full-service, independent cul-tural resource firms in the Mid-Atlantic and Northeast, purchased a 9,000 s/f building at the campus.

The two firms join other notable tenants including AmeriHealth Insurance Com-pany of New Jersey, Real Time Components, Intent Group,

and Innophos.“The successful leasing and

sales campaign at Matrix Corporate Campus is directly attributed to the creation of a niche with growing companies that want a premier location, within a beautiful corporate park, at a fair price when compared to similar properties in the area,” said Alec Taylor, Principal of Matrix Develop-ment Group.

In 2010, Matrix acquired the 80-acre, 13-building Mid-Atlantic Corporate Center from Preferred Unlimited and renamed the property

Matrix Corporate Campus. Since then, Matrix has made additional investments in the site and upgraded numerous facilities.

The business park spans more than 342,000 s/f of office, laboratory, and flex space. Us-ers as small as 2,500 square feet to those with require-ments in excess of 100,000 s/f can be easily accommodated within the existing buildings at the park.

Located at Exit 8A of the New Jersey Turnpike, Matrix Corporate Campus offers turn-pike frontage, providing com-

panies prominent exposure on one of the State’s busiest roadways. It straddles both Cranbury and Monroe Town-ships in bustling Middlesex County and offers immediate access to Route 130.

Matrix is currently offer-ing buildings of varying sizes for both lease and sale at the park. Tenants benefit from the park’s strategic location, its well-maintained, mani-cured park setting, and the inherent value afforded by the campus’ flexible space options to accommodate a variety of users. n

UNION, NJ — Newmark Knight Frank represented The TriZetto Group in a new, long-term lease extension for 67,763 s/f at 1085 Morris Avenue in Union.

Newmark Knight Frank’s Richard Mirliss, Richard J. Madison, Bill Benton (with the firm’s San Francisco office), Hope Brodsky and Kieran McGee represented TriZetto in the transaction. Cushman & Wakefield’s David Stifleman and Dan Jonsen represented sublandlord AGL Resources.

Newmark Knight Frank’s New Jersey offices successfully completed 4.8 million s/f of of-fice transactions in 2011, re-ports David Simson, vice chair-man and COO of the firm’s New Jersey operations. Included in the total were several promi-nent headquarters transac-tions, led by the state’s largest deal for 2011, Novo Nordisk’s 560,000 s/f lease agreement in Plainsboro. “It is indeed a credit to our professionals that we were able to assist these major corporations in satisfying their real estate requirements,” said Simson. “Given the challenges that everyone continued to face throughout the year, the fact that we were able to navi-gate an otherwise challenged economy and get deals done is a clear indication of the strengths that we continue to bring to the marketplace.”

The transaction engineered on behalf of pharmaceutical gi-ant Novo Nordisk by Newmark Knight Frank’s Steve Tolkach is a $215 million redevelopment project joint-ventured by Ivy Equities, LCOR, and Intercon-tinental Real Estate.

Newmark Knight Frank negotiates 67,763 s/f lease


NEW JERSEY

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

Collectively exceeding $7.5 million

Richter Grusd of Sperry Van Nessclose three industrial sales

ISELIN, NJ – Sperry Van Ness | Richter Grusd announced the closing of

three industrial properties for sale collectively exceeding $7.5 million.

“The user market has picked up considerably over the past twelve months though the sale inventory for decent warehouse buildings along the Turnpike remains rather tight. Conse-quently, the deal cycle has been taking much longer,” says Doug Richter, Managing Director of the Metropark based organiza-tion.

Details of the closings in-clude:

CELEBRATING OUR 106TH YEAR

www.kislakrealty.com732 750 3000The Kislak Company, Inc.

Investment Real Estate Brokerage.

multifamily. retail. office.

30 Units & 5 StoresHarrison, New JerseyScott Davidovic ext 290

60 Residential UnitsLancaster, PennsylvaniaRobert Holland ext 285

14 Garden UnitsBloomingdale, New JerseyRobert Squires ext 287

34 Residential UnitsElizabeth, New JerseyJoni Sweetwood ext 273

45,000 SF Offi ce - BANK OWNEDWayne, New JerseyMatt Weilheimer ext 253

18,000 SF Retail with ParkingRoselle, New JerseyScott Davidovic ext 290

735 Rahway AvenueUnion, NJ Size: 58,683 square feetBuyer: Schott NYC, repre-sented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van NessSeller: Gelb Estate LLC, rep-resented by David Fisher of Weichert Commercial

Notes: Buyer is relocating from Elizabeth and will use the building as their new head-quarters for manufacturing and distribution. Schott’s famous bomber and leather jackets have been worn by many icons including James Dean, Marlon Brando and Bruce Springsteen

on the cover of Born To Run.Closing Price: $3,250,000 7-9 Pleasant Hill RoadCranbury, NJ Size: 23,000 square feetBuyer: Whitman, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van NessSeller: Jaffar, Inc., represented by Mary Ryan of Franzwa Real Estate Advisors

Notes: Whitman, an engineer-ing and renewable energy con-sulting fi rm, will be relocating its offi ce from East Brunswick.Closing Price: $1,800,00022 Cragwood RoadAvenel, NJSize: 40,000 square feetBuyer: Sitex Group, repre-sented by George Molloy SIOR of Grubb & EllisSeller: HLP Associates LP, represented by Doug Richter and Ian Grusd CCIM SIOR of Sperry Van Ness

Notes: Investment sale. Multi-tenanted distribution fa-cility which was 100% occupied at closing. Close proximity to NJ Turnpike Exit 12, Newark Liberty International Airport and the Ports.Closing Price: $2,475,000

Managing directors Doug Richter and Ian Grusd were both named Top 20 Advisors in the US by Sperry Van Ness International (SVNI) out more than 800 advisors nationwide. ■

7-9 Pleasant Hill Road

NEW JERSEY


ED BANK, NJ — CBRE represented The Saw-tooth Group, in a 19,713

s/f lease transaction at 141 West Front St.

The full-service marketing and communication agency focusing on brand testing and strategy is subleasing the space from K. Hovnanian and relocating from Woodbridge. CBRE first vice president

Marketing and communication agency signs 19,713 s/f

CBRE secures lease atclass A Red Bank offi ce

2011 Leasing Totals:

99.8% Occupied3,647,365 SF Leased

Leasing for lessin Central Jersey.

� Huge Foreign Trade Zone

� Energy Efficient Warehouse Lighting

� 60% Lighting Bill Reduction

� 20% Solar Energy Electric Rebates

� Subsidized Daycare

(732) 287-4880 205 Mill Road, Edison NJ 08837 www.hellerpark.com

Heller Industrial Parks

RSuzanne Macnow and vice president Adam Englander represented the tenant.

“The Sawtooth Group ap-preciated this well-maintained property with a convenient location right off the parkway and exceptional amenities,” said Macknow. “Additionally, the vibrant Red Bank down-town area is also ideal for their employees.”

The three-year-old 92,000 rentable s/f. class A office building is owned by a joint venture of Mack-Cali and PRC Group. Amenities include on-site garage parking, full-time property management, a full-

service restaurant, flexible fl oor plates and fi ber optics. The site is located near the downtown area with conve-nient accessibility to the Gar-den State Parkway.

The site boasts a tenant ros-ter that includes Ameriprise, Booz Allen Hamilton, Deutsche Telekom, Genova Burns & Venoia, Global Compliance, Littleton Joyce Ughetta Kelly & Park, Opus Trading Group, The Benchmark Group and V-12 Group. Current avail-abilities include 4,959 square feet and 2,579 square feet on the fi rst fl oor and 2,486 square feet on the third fl oor. ■

CLINTON, NJ — NAI James E. Hanson represented Wells Fargo in the sale of a 2,268 s/f site.

The purchaser, EMAZ, LLC, plans to use the property as an offi ce. NAI Hanson Vice Presi-dent Joan Cenicola completed the transaction.

“The buyer was attracted to the location and its mix of small business and resi-dential,” Cenicola said. “The zoning made the site very marketable to a wide range of potential buyers.”

The one-story former bank branch with drive thru is lo-cated on a four-acre tract at the northwest corner of Bank

Street and Ruppel Road. It is within a Planned Commercial Zone, permitting professional and medical offices, restau-rants, day-care facilities, and veterinarian clinics, among other uses. It offers immediate access to Route 78 and Inter-change 13.

Champion Athletes has signed a 7,680 s/f, long-term lease at 400 Swenson Dr. in Kenilworth.

NAI Hanson Associates Russell Verducci and Stan-ley Wiklinksi completed the transaction on behalf of the building’s landlord, Fairfi eld Products. ■

Branch site in Clinton

NAI Hanson completes sale of former bank

RUTHERFORD, NJ — The New Jersey-based office of CresaPartners LLC helped SorinRoyerCooper renegotiate its lease to accommodate the law fi rm’s rapid growth. The new lease allowed the fi rm to expand from 5,298 s/f on the 11th fl oor to 19,452 s/f on the entire top fl oor at Two Tower Center in East Brunswick.

Founded in 2009 by Dave Sorin, John Royer and Neil Cooper, SorinRoyerCooper LLC is a law fi rm that specializes in the region’s startup, early-stage, emerging-growth and middle-market sector enter-prises. The fi rm offers creative and sophisticated solutions and accessible, responsive service by experienced lawyers, for highly competitive fees that ensure a compelling value proposition. Since its founding, the fi rm has grown to include offi ces in East Brunswick, N.J., New York City and Conshohocken, Penn.

Tom Giannone and Ron Gan-ter, co-managing principals of CresaPartners’ New Jersey offi ce, represented SorinRoyer-Cooper, while the landlord, Tower Center II Investment Group, LLC, was represented by Jeremy Neuer of CB Richard Ellis.

“The incredible problem solv-ers at CresaPartners worked with us to fi nd a highly effi cient solution to a compelling prob-lem,” said Sorin. “Tom and Ron evaluated our business from soup-to-nuts to help us devise a new lease that not only met our anticipated needs at the right cost, but reflected our value proposition and aligned with our unique vision for growth.”

Giannone and Ganter worked with SorinRoyerCooper in early 2010 to negotiate a lease that would help the law fi rm take more space as it grew.

C r e s a P a r t n e r s ’ New Jersey offi ce facilitates Sorin-RoyerCooper’sexpansion in NJ

www.marejournal.com Mid ATLANTIC REAL Estate Journal — Northern New Jersey — March 16 -29, 2012 — 18A

SHOPPING CENTERSNEW JERSEY SPOTLIGHT

NORTHERN

PARAMUS, NJ — NAI James E. Hanson’s prop-erty management sub-

sidiary, NAI Hanson Manage-ment LLC, has been awarded a 245,000 s/f property assign-ment. The Paramus based portfolio is owned by the Emil Buehler Trust Fund and con-sists of over 200,000 s/f of retail space and approximately 45,000 s/f of offi ce space.

The properties are:• 60 Route 17 North, a 75,000

s/f retail center featuring ten-ants such as DSW, PetSmart and Staples.

• 321 Route 17 South, a 40,000 s/f retail space that hosts PC Richards.

• 289-295 Route 17 South, a 57,000 s/f retail site that is the former home of rug and furniture retailer Einstein Moomjy.

• 311 Route 17 South, which has 9,900 s/f of office and 10,000 s/f of retail space.

• 305 Route 17 South, which offers a mix of 35,000 s/f of offi ce space and 22,000 s/f of

Oversee high traffi c retail and offi ce portfolio in Paramus

NAI Hanson awarded 245,000 s/fproperty management assignment

retail. “Route 17 in Paramus is one

of the most highly traveled roads in all of New Jersey and this portfolio contains a number of quite visible sites, “ said Bill Hanson, president of NAI James E. Hanson. “The Hanson Property Management Team is expert at handling the diverse needs of this impres-sive portfolio.”

NAI Hanson Management offers an enhanced spectrum of property management services for the company’s 3.9 million

s/f of assets owned and under management, encompassing office, industrial/warehouse and retail properties located throughout the Northeastern US. The subsidiary is equipped to handle all aspects of proper-ty management, construction management, plant and physi-cal maintenance, tenant leas-ing and fi t out and legal and environmental consulting.

HACKENSACK, NNJ — NAI James E. Hanson represented United Water New Jersey Inc. in a unique deal that will

preserve the largest privately owned, remaining undeveloped property in densely populated Weehawken, with views over-looking the Palisades above the New Jersey entrance to the Lincoln Tunnel as a new public park.

NAI Hanson senior vice president Andrew Somple, SIOR, and director of Capital Markets Gregory M. James oversaw the $11 million trans-action on behalf of United Water, which had approached the fi rm in early 2010 about exploring sale opportunities for the 14.4-acre reservoir site, which was zoned for high-density residential use. The company had not used the property since 1996.

After marketing the prop-erty to just a handful of pro-spective buyers, United Wa-ter received four offers on the property from developers that hoped to build multifam-ily projects on the site. Nego-tiations were just beginning when, in the summer of 2010,

the Township of Weehawken expressed a strong interest in preserving the site, according to Somple.

To complete this transaction, The Trust for Public Land — a national conservation orga-nization that conserves land for people to enjoy as parks, gardens and natural areas — facilitated the acquisition of the reservoir and recently conveyed the property to Wee-hawken, Union City and the State of New Jersey’s Green Acres Program. The effort of all parties working together culminated in the completion of this transaction.

The property will be trans-formed into a passive public park, enhanced with a walking and running trail. Portions of the reservoir will continue to function as a water storage facility, and United Water will retain an easement to con-struct and maintain a 10-mil-lion-gallon underground water storage tank located beneath the future park. ■

HOBOKEN, NJ — Lt. Gov-ernor Kim Guadagno, Hoboken Mayor Dawn Zimmer, and other dignitaries today joined Pearson’s Rich Glicini, senior vice president for People and Social Responsibility, and SJP Properties’ CEO Steven J. Pozycki, to announce a lease agreement to relocate New Jersey employees from the world’s leading learning com-pany to a new, state-of-the-art office building on Hoboken’s waterfront.

Pearson signed a lease for more than 200,000 s/f at SJP Properties’ 500,000 s/f Water-front Corporate Center III, the fi nal site within Hoboken’s 26-acre waterfront, mixed-use master plan, and the last phase of SJP’s 1.5-million s/f, three-building offi ce and retail complex.

“Pearson’s decision to stay

is just one of many examples where we’ve successfully inter-vened to keep and create jobs in New Jersey,” said Lt. Gov. Guadagno. “The Christie-Gua-dagno Administration’s policy of assertively protecting and purs-ing jobs for New Jerseyans is a major reason why the New Jer-sey Comeback is underway.”

Pearson will occupy fi ve fl oors starting in 2014 and is relocat-ing approximately 900 employ-ees from its current offi ces in Upper Saddle River and Old Tappan, N.J.

“Pearson and New Jersey share a deep commitment to at-tracting and retaining a talent-ed professional workforce that will fl ourish in the vibrant and stimulating center for media, education, and digital services that has emerged within the excellent mass transit central location of Hoboken and the

Waterfront Corporate Center,” stated Glicini. “Toward this goal, we are relocating 900 em-ployees from our Upper Saddle River and Old Tappan locations, to 225 River Street, a LEED-certifi ed building. Leveraging the natural light in this beauti-ful space means less artifi cial light usage during the day, thus reducing energy consumption. Heating and air conditioning systems in the new location will be more effi cient as a result of new innovations, technology and equipment.”

Added Glicini, “We extend our gratitude to the Governor and Lt. Governor for the State’s investment, as well as the sup-port of the New York and New Jersey Port Authority, in our choice of this Hoboken loca-tion. Together along with our partner, SJP Properties, we are creating a green and affordable

waterfront home for our world-class workforce and investing in the technology essential to Pearson’s mission to foster learning and achievement around the globe.”

“We are very excited to wel-come Pearson and 900 of their employees to the Hoboken com-munity,” said Mayor Dawn Zim-mer. “This is exactly the kind of green, smart development that Hoboken needs to support the continued economic growth of our local economy without burdening our infrastructure. World-class companies like Pearson want to do business in Hoboken for the same reasons we all love to live here: we’re a bustling, walkable city with easy access to mass transit and New York City, a lively arts and music scene, packed side-walk cafés, a vibrant nightlife, unique shops, and beautiful

waterfront parks.” The 14-story offi ce building

is designed as New Jersey’s only waterfront LEED Silver Certified office development and incorporates numerous modern features, including fl oor-to-ceiling glass windows that permit natural light to penetrate deep into the fl oors. Construction is scheduled to commence in fall of 2012 and will be completed in summer of 2014. The development will create more than 600 construc-tion jobs.

“Waterfront Corporate Cen-ter III will be developed to incorporate the most advanced green technology and state-of-the-art features among any new commercial development in the region, providing Pearson with a high-performance work envi-ronment to support its business operations,” stated Pozycki. ■

Pearson relocates professional and technology jobs to SJP Properties’ Waterfront Corporate Center III


11,000 s/f lot to IHOP franchise

Michael Cervelli announces 25 year corporate backed lease

ORTH BERGEN, NJ — Michael Cervelli Announced the 25

year corpo-rate backed lease of an 11 , 0 0 0 s / f lot to IHOP Franchise . The site lo-c a t e d o n B r u c k n e r B o u l e v a r d

N in the Bronx was listed with Cervelli Real Estate and drew much attention from many national tenants, ultimately the landlord decided to proceed with IHOP given its corporate fi nancials and the operator’s experience. Chris Cervelli, CCIM led the negotiations between the owner and the tenant who will be developing the property to house the new restaurant.

Founded in 1983, Michael Cervelli Real Estate, head-quartered in North Bergen, New Jersey, is acknowledged as one of Northern New Jer-

sey’s most experienced agen-cies specializing in investment real estate sales.

Aimed at providing profes-sional brokerage services to private investors and finan-cial institutions involved in income-producing multifamily properties and shopping cen-ters, the company has posted steadily increasing sales re-sults. Michael Cervelli Real Estate is known for its’ unpar-alleled reputation of honesty, integrity, and experience in the investment real estate industry. ■

PARSIPPANY, NJ — Col-liers International New Jersey has arranged the sale of the retail component of a mixed-use community known as Liv-ingston Town Center located in Livingston.

The transaction involves the purchase of more than 65,700 s/f of retail space in fi ve build-ings. The space is currently leased to 20 retail tenants with stores ranging from 700 to 6,000 s/f. The property was constructed in 2008 and is located within the heart of downtown Livingston. BHR Properties III, LLC sold the buildings to Onyx Equities.

Retail shops at this location include Wells Fargo, Marcia’s Attic and Baumgart’s Café.

Colliers International New Jersey has represented Duane Morris in its 20,035 s/f relo-cation to The Legal Center at One Riverfront Plaza in Newark.

Duane Morris is an AM Law

100, full-service law fi rm with more than 700 attorneys in of-fi ces across the United States and around the world.

The law fi rm will move from its current Newark offi ce at 744 Broad Street to its new location at the end of January and occupy the entire top fl oor of One Riverfront Plaza.

“The Legal Center is a pres-tigious address that caters to law fi rms and offers some of the best building amenities in Newark, so it was a perfect fit for Duane Morris,” said Bryn Cinque, an Executive Managing Director with Col-liers International New Jersey who, along with James Bailey, represented the law firm in this transaction.

The Legal Center is a 20-sto-ry class A offi ce building that overlooks the Passaic River. ■

Colliers Int’l.arranges sale ofretail space

NORTHERN NEW JERSEY

Chris Cervelli

MADISON, NJ — The Hampshire Companies held a groundbreaking event for its LEED Certifi ed offi ce building located at 175 Park Avenue in Madison, N.J., on February 1, 2012. Realogy Corporation, which is the parent company of leading real estate fran-chise brands including Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Coldwell Banker Com-mercial, ERA, and Sotheby’s International Realty, will re-locate from Parsippany, N.J., to occupy the entire soon-to-be 270,000-square-foot build-ing as its new headquarters in late 2012. Governor Chris

Christie, Lieutenant Governor Kim Guadagno, Mayor Robert Conley, Madison offi cials, and Hampshire and Realogy execu-tives were in attendance.

“We’re extremely proud to break ground on what marks Hampshire’s third speculative offi ce project since 2007, when commercial construction halted across the state,” said James E. Hanson, II, President and CEO of The Hampshire Companies. “Through our persistent devel-opment of spec offi ce products in New Jersey, and with great support from Gov. Christie and Lt. Gov. Guadagno, we’ve been able to attract and retain qual-ity tenants like Realogy.” ■

And local offi cials

The Hampshire Companies host Governor Christie

20A — March 16 - 29, 2012 — Northern New Jersey — Mid Atlantic Real Estate Journal www.marejournal.com www.marejournal.com Mid Atlantic Real Estate Journal — Northern New Jersey — March 16 - 29, 2012 — 21A

STEEL BUILDING ERECTOR

STEEL SUPPLIER STEEL BUILDING SYSTEM SUPPLER

www.butlermfg.com

Butler Mfg takes great pride in serving

as steel supplier for the New Station

Park Recreation Complex. Hance

Construction, a Butler Career Builder®,

has created a sustainable facility that

will serve the Sparta community

for years to come. We also applaud

Dermody Associates for their efforts to

restore the Station Road complex and

rehabilitate the Sparta Train Station.

NORTHERN NEW JERSEY PROJECT OF THE MONTH

ARCHITECT

Team includes Dermody Associates, Chambers Archt., Butler Manufacturing, RS Phillips Steel, Thomas Phoenix Int’l.

Hance Construction project reclaims dormantindustrial site adjacent to historic Sparta Train Station

PROJECT TEAMProperty Owner .................................Dermody Associates Inc.

General Contractor ...........................Hance Construction, Inc.

Architect ...................................... Chambers Architecture, Inc.

Steel Building System Suppler .............. Butler Manufacturing

Steel Supplier ........................................ RS Phillips Steel, LLC

Steel Building Erector ............. Thomas Phoenix International

PARTA, NJ — Hance Construction has com-pleted construction and

renovation of Phase 1 of the New Station Park Recreation Complex, a 12,150 s/f, multi-building facility located at 38 Station Rd. adjacent to the historic Sparta Train Station. The Sparta Police Athletic League has signed a long-term lease with property owner Dermody Associates, Inc. for two of the spaces in the four-structure, 10-acre complex, a former industrial site that had been dormant for over 20 years.

“We are excited that this property has been reclaimed for use by the community,” said Bill Dermody, a Sparta native who manages mul-tiple properties owned by the Dermody family. “Hance Con-struction did an outstanding job working with us to adjust initial plans for the property and manage development issues. We place very high standards on all the properties we own in Sparta because of our multi-generation history in the community and Hance Construction really was key to maintaining that develop-ment integrity at the historic Station Road property.”

The New Station Park Recreation Complex features

two new Butler Manufactur-ing metal buildings and two renovated buildings with Butler walls and roofs as well as The Simple Saver System, an insulation product that can reduce energy costs by as much as 50 percent during a building’s lifetime. Original plans called for just one new structure, but the project had to be adjusted because of the poor condition of one of the original structures columns and footings.

“We worked with the Dermo-dy team to make sure the facil-ity met their needs and the end result is a highly sustainable, environment-friendly facility,” said Art Hance, president of Hance Construction. “The Station Road project is a good

of space with all the modern amenities for an offi ce, shop or small restaurant right in Sparta Town Center.

“We love Sparta and when we bought the property three years ago we didn’t want to see the train station torn down,” said Dermody. “It’s one of the last stations standing in Sus-sex County of the 15 built by the New York, Susquehanna, and Western Railroad. Trains in the station at one time brought the mail, served the local farms and brought in tourists. It’s an interesting history that we hope some-one will admire and fi nd the station’s cathedral ceilings and open fl oor plan a great place to do business.” ■

Municipal

(908) 788-3646

Fax (908) 684 -1305

[email protected]

Residential

CommercialSpecializing in Commercial, Residential,Municipal and Industrial Architecture

Pre-Engineered Metal Building Architecture

Chambers Architecture, Inc.

Chambers Architecture, Inc.

P.O. Box 1058

Flemington, NJ 08822

www.chambersai.com

S

the 1880s. The family wanted to restore the area and pro-tect the original train station building. The original train station building is available for lease, offering 1,100 s/f

example of the fact that metal roofs and walls offer an unbeat-able level of environmental performance and aesthetic ap-peal. Metal buildings today are sustainable, have low impact on the environment, reduce solid waste in construction, help reduce energy usage in all climates, and improve the air quality and water effi ciency in buildings and their sur-roundings.”

The Sparta PAL has leased the two new buildings, which are connected and total 6,950 s/f. One building features an indoor basketball facility and the second provides of-fi ce and meeting space, both with grand ceiling height. The remaining two buildings are available for lease with one

building connected to the bas-ketball facility and the second freestanding.

The building connected to the basketball center offers 2,300 s/f of raw space with ca-thedral ceilings, an industrial overhead door as well as com-pleted bathroom and shower facilities. The freestand-ing structure offers 2,900 s/f of raw space on two fl oors with modern bathrooms. The property also provides over 100 parking spaces and all utilities will eventually be underground.

For many years, the Der-mody family maintained an offi ce space adjacent to the property and the Sparta Train Station, which dates back to

Hance Construction has completed construction and renovation of Phase 1 of the New Station Park Recreation Complex, a 12,150 s/f, multi-building facility located adjacent to the historic Sparta Train Station.

The Sparta Police Athletic League has signed a long-term lease with property owner Dermody Associates, Inc. for two buildings, one of which features an indoor basketball facility.

www.rsphillipssteel.com

We are proudto be a part of this great

project

R.S. Phillips Steel Phone: 973 827 6464

Fax: 973 827 2323128 Lake Pochung Road

Sussex NJ 07461Hours of operation:

Monday-Friday: 8 am – 4:30 pmSat: 8 am – 12:00 noon

Phone: 609-261-1188Fax: 609-261-1149

Website: www.thomasphoenixintl.com [email protected]

“Our team is made of experienced pre-engineered

metal building erectors. We are flexible and easily adapt to the needs of the project. We pride

ourselves on our commitment to quality, safety and education”

THOMAS PHOENIX INTERNATIONAL INC.Award Winning Steel Building Erector

CONGRATULATIONS


would like to congratulate Hance Construction

on this great project.

If you would like to feature yourcompany, development or project

call Mike Campisi:(800) 584-1062 Ext. 208

or email:[email protected]


Getting a commercial real estate loanis anything but easy.

Unless your bank is Regal.

www.regalbanknj.comEqual Housing Lender.Equal Opportunity Lender.Member FDIC

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973-577-7160

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973-577-7161

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973-228-3951

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Before you can broker the deal, you need a bank who understands the commercial real estate business and canmake the lending process easier. That bank is Regal Bank, and we’re ready to help get the loan you need.

Talk to us. Instead of concentrating on the loan, you can focus on the deal.

NORTHERN NEW JERSEY

LORHAM PARK, NJ — Regal Bank has arrived in Morris

County, having opened its fourth location, a full-service branch offi ce at the 30 Co-lumbia Turnpike building in Florham Park.

Day-to-day operations at the branch – which provides 24-hour banking via lobby and drive-up service com-bined with online capabilities and ATM – are managed by Rita Weimer, who worked at a Florham Park bank earlier

New branch providing added convenience for Morris County customers

Regal Bank comesto Florham Park

F

Christina Slater and Rita Weimer

in her career. The new Regal branch offi cially opened for business in late December.

“What’s most significant

about our new Florham Park branch is the added con-venience it provides to our Morris County customers,” says David Orbach, chair-man of Regal Bank, which is headquartered in Livingston. “If they’ve been frequenting our Livingston and Rose-land locations, they’ll have even easier access to us, since we’re now right in their

neighborhood.” Most members of the new

branch’s staff already have worked at one of Regal’s three other locations, so they’ll avoid the challenges com-mon to new employees going through a training process.

“Another benefit to our

opening a Florham Park offi ce is that Regal Vice President Christina Slater was a banker in the town for years, and she’s never stopped interact-ing with local individuals and businesses,” explains Weimer. “While this location is new, we’re starting off – between Christina’s background and mine -- with deep roots in the community.”

Regal Bank’s three other

offi ces are at 570 W. Mount Pleasant Avenue (headquar-ters) and 504 South Livings-ton Avenue, both in Livings-ton, as well as 180 Eagle Rock Avenue in Roseland. The bank’s primary emphasis is on a complete range of fi nancial products and services, offered primarily throughout Essex and Hudson counties. ■

TOTOWA, NJ — Edward Reilly, president & CEO of Intelligent Building Solutions, LLC (IBS), discussed chal-lenges of expanding U.S. busi-nesses overseas during New Jersey Technology Council’s (NJCT) panel discussion titled CEO Toolbox: Breaking Into the Global Market, which took place in New Brunswick.

The forum brought together a panel of accomplished en-trepreneurs and technology company leaders as well as an audience of senior executives of New Jersey-based engineer-ing, life sciences, technology, software and telecommunica-tions fi rms. The discussion focused on addressing practi-cal issues related to managing personnel, client relation-ships, cultural differences, and dealing with varied legal environments when conduct-ing business abroad. ■

IBS’ president & C E O d i s c u s s e s Challenges of over-seas expansions and operations


Capital Markets

northmarq.com

33 offices coast-to-coast

Success is a done deal.

Greg NalbandianMANAGING DIRECTOR

973.944.5728

[email protected]

New Jersey OfficeONE GATEHALL DRIVE, SUITE 101

PARSIPPANY, NJ 07054

973.538.2330

$44,000,000Franklin Shopping CenterPERMANENT LOAN

FRANKLIN, MA

LENDER: LIFE COMPANY

Gary CohenSENIOR VICE PRESIDENT

973.944.5724

[email protected]

$12,000,000Prospect TowersPERMANENT LOAN

HACKENSACK, NJ

LENDER: REGIONAL BANK

$11,940,000RBS Citizens Bank Portfolio - 16 BRANCHES

NY, CT, PA & DE LOCATIONS

LENDER: REGIONAL BANK

$158,000,000Multifamily Portfolio2,366 UNITS

NJ, NY, PA, & CT LOCATIONS

LENDER: FREDDIE MAC

Sales Associate Julie Gralla leads Sale of Retail, Offi ce & Multifamily Properties

The Kislak Co. completes $4.8 millionNew Jersey investment sales

W

NORTHERN NEW JERSEY

OODBRIDGE, NJ, February 28, 2012 — The Kislak Compa-

ny, Inc., the d o m i n a n t investment real estate sales fi rm in the tri-state region, an-nounced the $4,785,000 sale of three investment properties in northern New Jersey. The transactions include the $3,100,000 sale of Hastings Square, a 28,000 square foot retail and offi ce complex in Long Valley; the $975,000 sale of a 6,700 square foot offi ce building in downtown Short Hills; and the $710,000 sale of a seven-unit multi-family property in Garfi eld.

In the Long Valley sale, senior vice president Joni Sweetwood represented the seller and sales associate Julie Gralla represented the purchaser. Gralla also repre-sented the seller in the Short Hills sale and both parties in the Garfi eld sale.

“Julie is our newest sales-person,” said Robert Holland, president and co-managing director. “In less than a year, she has proven to be a very determined, focused, and results-oriented salesperson. Our clients are very pleased with her efforts and work ethic and these sales are a testament to her hard work. Julie has a promising career ahead of her.”

Hastings Square is located amid a planned unit devel-opment in suburban Morris County and includes 24,000 square feet of retail space and 4,000 square feet of of-fi ce space. Kislak obtained an exclusive listing from the seller and generated strong interest among investors. “The property was nearly fully occupied with only one retail vacancy and one offi ce vacancy,” said Gralla. ‘The purchasers were attracted not only to the location, but also to the property’s po-tential. The purchasers are working closely with an ar-chitect to renovate and repo-sition the property. I have great faith in the future of Hastings Square.”

The transaction was all-cash. The seller was repre-sented by Ned Cohen, Esq. of Cohn, Bracaglia & Gropper, PC of Somerville, New Jer-sey and the purchaser was represented by Jonathan Mehl, Esq. of Rutherford, New Jersey.

The Short Hills building was a former bank branch and offi ce that was vacant for more than four years. Kislak obtained an exclusive listing from the seller and almost

immediately began receiving offers from interested clients and prospects.

The property is located in an A+ location in downtown Short Hills, between Route 24 and downtown Millburn. It had great potential for us-ers and investors. It is also located on the border of a proposed redevelopment zone in the Short Hills section of Millburn Avenue. “The pur-chasers intend to occupy and use the building, and were attracted to its location near the commercial heart of Short

Hills,” said Gralla.

The transaction was all-cash. The seller was represented by Howard S. Roitman, Esq. of Eiseman Levine Lehrhaupt & Kakoyiannis, P.C. of New York, New York and the purchaser was represented by Roberta Weisinger, Esq. of Fort Lee, New Jersey.

The Garfi eld property is a three story all brick building with seven units including one and two bedroom units. “The $100,000-plus per-unit price

demonstrates the strength of the market for multifamily properties,” added Gralla.

The purchaser obtained fi -nancing from Columbia Bank. The seller was represented by Stuart D. Minion, Esq. of Minion & Sherman of West Caldwell, New Jersey and the purchaser had self-representa-tion.

The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is an investment sales company serving the multifamily and retail markets. ■

Julie Gralla


NORTHERN NEW JERSEY

Delta Galil leases 21,333 square feet

New Boston Fund and Prism Capital Partners secure new lease at One Harmon Plaza

ecaucus, NJ — New Bos-ton Fund, Inc., a private equity real estate in-

vestment, development and management fi rm, and Prism Capital Partners LLC, an-nounced today that they have leased 21,333 square feet of Class-A offi ce space to Delta Galil Industries Ltd., a global manufacturer and marketer of branded and private label ap-parel products, at One Harmon Plaza in Secaucus, N.J.

Delta Galil’s relocation from 150 Meadowlands Parkway, also in Secaucus, continues to increase the tenant roster

S at the recently renovated One Harmon Plaza.

One Harmon Plaza is a 10-story, 192,000-square-foot office property, located in a mixed-use complex that also includes a 319-room Crowne Plaza Hotel, a 20,000-square-foot retail building and a 1,000-car shared parking garage.

The building is currently undergoing a $4.5 million renovation that includes the construction of a new entrance arcade, façade changes, com-mon area upgrades and garage enhancements.

“We are proud to welcome

Delta Galil to One Harmon Plaza,” said Gary Hofstetter, Northeast Regional Director, New Boston Fund. “The build-ing continues to attract high-quality tenants such as Delta Galil due to its convenient loca-tion and the many in-progress value-add improvements at the building.”

Jones Lang LaSalle manag-ing director Thomas Reilly and associate Derek DeMartino handled the assignment on behalf of New Boston Fund and Prism Capital Partners. CBRE Senior Vice President David Opper and fi rst vice president Matthew Corpuel represented Delta Galil.

“Delta Galil selected this particular space due to its su-perior location and the competi-tive pricing structure,” stated Reilly. “Though the Company is relocating from just a short distance away, this location provides easier access to nu-merous amenities.”

This property is strategi-cally located at a four-way interchange of Route 3, and is within fifteen minutes of Interstates 80, 280, 78, and Routes 17 and 46. The water-front property also offers views of the Manhattan skyline and the convenience of a suburban location with easy access to Manhattan via the nearby Lincoln Tunnel.

New Boston and Prism Capi-tal Partners purchased One Harmon Plaza in January of 2007 as part of New Boston Fund VI. ■

One Harmon Plaza

M O R R I S P L A I N S , N J — John Udell, president of Weichert Commercial Broker-age announced that Donald Patterson has joined Weichert Commercial Brokerage as Vice President. Patterson brings with him over 10 years of ex-perience in commercial real estate, specializing in health care and professional office requirements within Northern New Jersey.

Prior to joining Weichert Commercial, Patterson served as VVPof the Medical Division at Jordan Baris, Inc. Realtors in West Orange, NJ. In this position, Patterson was respon-sible for all aspects of leasing, purchasing and selling medical and other healthcare service related properties throughout Northern New Jersey. ■

Donald Patterson joins WeichertCommercial

NEW JERSEY


5,000 – 15,000 SF - SOMERSETOfc to Suit, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY

GARWOOD – Available Imm 5,063 SF – 500 SF Ofc, 15’ Clgs, TB, DI 7,611 SF – 1,200 SF Ofc, 16’ Clgs 1 TB

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

1,920 SF – PISCATAWAY300 SF Ofc, 20’ Clgs, 1 DI

AVAILABLE IMMEDIATELY

Bussel Realty Corp. 2 Ethel Road, Suite 202 A, Edison, NJ 08817

(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,

dimensions, zoning, condition of title or any matters of a legal or environmental nature. Such matters should be referred to legal counsel for determination. Subject to errors, omissions or withdrawal without notice.

53,500 SF - MILLBURN4,000 SF Ofc, 16’ Clgs, 10 TB AVAILABLE IMMEDIATELY

1,500 - 3,000 SF - EDISONUp to 14,000 SF Ofc, 18’ Clgs, TB, DI


15,380 – 24,000 SF - CARTERET @ Exit 12, NJTpke

1,000 SF Ofc, 18’ Clgs, 2-4 TB AVAILABLE 60 DAYS

For Additional Listings or Informa www.bussel.comtion Check Us Out On The Web:

80,000 SF – Raritan Center, EDISON

8,000 SF Ofc, 28’ – 34’ Clgs, 10 TB, Rail, Food Grade Bldg w/Freezer &

Cooler Space

35,224 SF – AVENELUp to 14,000 SF Ofc, 21’ Clgs, 4 TB, DI

DIVISIBLE – Near Exit 12 AVAILABLE IMMEDIATELY

66,000 SF - MAPLEWOOD12,000 SF Ofc, 22’ Clgs, 6 TB, DI

Trailer Pkg, Heavy Power

18,750NEW BRUNSWICK

1,000 SF Ofc, 14’-25’ Clgs, 2 TB AVAILABLE 60 DAYS

33,000 SF - PISCATAWAY3,000 SF Ofc, 20’ Clgs, 4 TB, DI


55,555 SF – SOUTH PLAINFIELD6,000 SF Ofc, 20’ Clgs, 6 TB, DI


Industrial Commercial

Real Estate Women, Inc.

www.icrewnj.org


John Taylor of M&T Realty Capital speaks at Feb. meeting

Multi-family Pipeline is“Booming” over Next 5 Years

WOODBRIDGE, NJ — In 2008, the re-cession was “trig-

g e r e d b y exuberance in the hous-ing market coupled with fi nancial en-gineering in the commer-cial mort-gage market,” John Taylor, Managing Director, Multi-Family Finance for M&T Realty Capital Corp., told attendees at the February luncheon meeting of ICREW NJ at the Woodbridge Hil-ton. The subsequent bubble bursting with investments under water on the residen-tial side resulted in a pull-back across the board by the lending community.

“Ongoing market condi-tions in all commercial real estate sectors is foremost on all of our minds,” said Cheryl Hardt of CBRE, 2012 ICREW NJ president. “This in-depth report is a good ex-ample of the kind of informa-tion that we seek to provide our members.”

The irony is that while the real estate downturn might have begun in housing, other sectors, notably offi ce, have struggled to come back while multi-family has rebounded in a big way, albeit as a changed industry. Part of the impetus for the bounce-back is attributed to the fact that “owners got very creative on rental pricing, terms and lease modifi cations to remain occupied in the downturn; it was a true tenant’s market,” Taylor said. Now, however, the rental market has be-come “a landlord’s market once again specifically for the right assets.”

One key change in the landscape: An upswing in rentals vs. home buying,

driven initially by the lack of fi nancing during the reces-sion and more recently by preferences and demograph-ic trends. “A lot of original condominiums have gone rental because there was not enough financing nor enough demand to complete them as condominiums,” he explained. “The rental com-munity, utilizing reduced rents, absorbed those that couldn‘t get fi nancing.”

In the changing environ-ment, “the spigot came back on in late 2009-2010,” he said. “The institutional buy-ers came back strong relat-ing to market conditions and the maturity of capital. Now, the multifamily environ-ment is one of stabilizing assets, skyrocketing values and lower cap rates.”

One caveat on the lending side: “For Fannie Mae and Freddie Mac’s apartment lending side, projected prop-erty performance is great to see, however borrowers have to show what the numbers are now,” Taylor said. “‘Show us the supportable income and expense figures, and we’ll lend off of that’,” is the mantra.

At the same time, the de-mographic change has cre-ated a younger generation seeking high quality living with multiple amenities while allowing for fl exibil-ity in where they live. “The result is the traditional fi rst home buyers in their 20’s to early 30’s are not buying a house today, yet they are savvy renters with specifi c requirements of their new residence.” The reality, of course, is that a quick jump in leasing velocity “has in-creased rents and property values creating a very com-petitive rental market now favoring the landlords.”

Taylor termed the pipe-

line for new multifamily as “booming over the next fi ve years, more for apart-ments than condominiums, especially class A product in urban centers near train sta-tions providing easy access to the strong job markets.” There will still be a market for class B and C product, however, and it will be up to landlords “to keep prop-erties viable. The rental market will remain very competitive, with substan-tial amenity packages. And, recognizing who your tenant is going to be is critical.”

ICREW NJ’s monthly meetings traditionally sup-port a philanthropy. The February philanthropy garnered donations for the Community Food Bank of New Jersey. “A most worthy cause, and we appreciate the strong response,” Hardt said.

ICREW NJ is the New Jer-sey chapter of the national organization of CREW Net-work. With over 74 chapters and 8,000 members in North America, CREW Network is the industry’s premier busi-ness networking organiza-tion dedicated to supporting the achievements of women in commercial real estate. Members represent fields as diversified as accoun-tants, architects, appraisers, asset/property managers, attorneys, consultants, de-velopers, lenders, leasing and sales brokers, mortgage bankers/brokers, market-ing specialists, market and investment analysts, cor-porate real estate repre-sentatives and title/escrow officers. For more infor-mation 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.

2012 BOARD OF DIRECTORS

PRESIDENT

Cheryl Hardt

[email protected]

PRESIDENT ELECT AND

CREW NETWORK DELEGATE

Patricia A. Riedel

[email protected]

TREASURER

Sefi Silverstein

[email protected]

RECORDING SECRETARY

Rachel M. Brindisi

[email protected]

DIRECTOR OF MEMBERSHIP

Mary Lynn Kearns

[email protected]

CO-DIRECTOR, PROGRAMING

Monica Ceres, Esq.

[email protected]

CO-DIRECTOR, PROGRAMING

(PHILANTHROPY)

Susan Karp

[email protected]

CO-DIRECTOR, SPONSORSHIP

Patricia D. Faulkner

[email protected]

CO-DIRECTOR, SPONSORSHIP

Diane Menard

[email protected]

DIRECTOR,SPECIAL PROJECTS/GOLF

Robin S. Grossman

[email protected]

DIRECTOR, SPECIAL PROJECTS/ WEBSITE/PR

Rebecca Machinga, CPA

[email protected]

ADVISOR & CREW NETWORK DELEGATE

Sheila Spriggs Nall

[email protected]

ADVISOR

Silvana Finizio

sfi [email protected]

ADVISOR & BYLAWS

Annette Murray, CPA

[email protected]

John Taylor


L A Y M O N T , D E — Marcus & Millic-hap Real Estate In-

vestment Services, has an-nounced the sale of Water View Court Apartments, a 120 unit apartments prop-erty located in Claymont, DE, according to Spencer Yablon, Regional Manager of the fi rm’s Philadelphia offi ce. The asset commanded a sale price of $6,400,000 or $53,333 per unit. Mark Thomson, Associate Vice President Investments, and Zachary Pierce, Associ-ate, both out of the Philadel-phia offi ce of Marcus & Mil-lichap, successfully executed the marketing of the property on behalf of the seller, one of the nation’s largest student

Thomson & Pierce executed on behalf of the seller

Marcus & Millichap broker the $ 6.4m sale of the Water View Court Apartments

C

housing REITs. The buyer, a private investor, was also pro-cured by Thomson and Pierce. “Water View Court was sold to the student housing REIT as part of a portfolio acquisition

sold by Marcus & Millichap in 2008,” says Pierce. “The port-folio consisted of 704 units in Newark, Delaware, close to the University of Delaware campus,” he added. Since the

portfolio acquisition in 2008, the REIT spent a signifi cant amount of time and money to renovate and rebrand the Newark properties as Studio Green Apartments. The prop-erties sustained substantial unit renovations with the addition of a state-of-the-art clubhouse featuring a pool, lounge and indoor basketball court. “Water View Court was a market rate apartment complex that did not fi t into the REIT’s portfolio of stu-dent housing properties” says Thomson. “We have worked with the client since the port-folio acquisition to assist in management strategies and help to determine the appro-priate time to sell,” he noted. “Apartments are currently

the most sought after asset class and with interest rates at an all time low, now is a great time to be a seller.’ Water View Court Apart-ments is located at 361 Har-bor Drive in Claymont, Dela-ware, with excellent visibility from I-495 and over 75,000 vehicles daily. The property consists of 24 one bedroom and 96 two bedroom units. At the time of the sale the property was in fair physical condition. However, during the marketing process, eco-nomic occupancy had slipped to the low 80 percent range. The buyer intends to stabilize the asset by making physical improvements and imple-menting a more hands-on management approach. ■

Water View Court Apartments

SILVER SPRING, MD — Last week McLean-based apartment developer Insight Property Group, with partner Nova-Habitat, Inc, settled on the Postal Service’s Sil-ver Spring Post Offi ce site, located two blocks from the Silver Spring Metro Station at 8616 Second Avenue. In-sight plans to start construc-tion of its proposed 310 unit, $75,000,000 Class A apart-ment project on the former United States Post Service property in the 4th quarter of 2012. “This property is a gateway location in the Silver Spring Central Business District, with great access and visibil-ity”, according to Sarah Da-vidson, a partner at Insight. “Our residents will ride on Metro and walk to restau-rants, entertainment and ma-jor downtown employers.” The Silver Spring Post Offi ce property is Insight’s eighth acquisition in the past two years. It represents the fourth Metro-oriented apartment de-velopment site purchased by the Company and the second in the last three months. In November, Insight acquired a large property in the emerg-ing H Street NE corridor of

Washington, DC. In addi-tion to the properties in the Company’s existing portfolio, Insight is under contract on several other development sites including property near an existing metro station in Fairfax County and another high-profi le site on H Street, NE in Washington, DC. Last fall, Insight broke ground on its Grayson Flats apartment project near Ar-lington’s Courthouse Metro. The property, which is sched-uled for delivery in late 2012, is being constructed by Clark

Builders Group. The company also owns a site at Arlington’s Rosslyn Metro which is still in planning. According to Insight prin-cipal Michael Blum, fi nanc-ing for the company’s latest purchase in Silver Spring was provided by Bethesda-based Eagle Bank. Construction financing for its in-prog-ress Arlington project was provided by Tysons-based Cardinal Bank, which also provided acquisition fi nanc-ing for Insight’s purchase of its H Street site. ■

Insight plans construction of 310 unit, $75m Class A apartment bldg.

8616 Second Avenue

GLASGOW, DE — U.S. Rep-resentative John Carney, New Castle County Executive Paul Clark and other offi cials cut the ribbon at 2812 Pulaski Highway in Glasgow at what will be the first food facil-ity and the fi rst convenience store to be LEED® certifi ed in New Castle County. John Kemp, President of Royal Farms, thanked Emory Hill and Company of New Castle, more than 20 Delaware con-tractors and the many of-fi cials who worked to make this state-of-the-art location a reality. “It’s always nice to see a busi-ness expanding in Delaware, particularly one that is a good corporate citizen and is focused on providing quality products while saving energy,”

said Congressman Carney. “I welcome Royal Farms to the Glasgow area, and am happy to hear that they will con-tinue to create jobs and grow throughout the state.” Emory Hill was the General Contractor for this energy and water efficient convenience store, which is to receive LEED® Certifi cation. Emory Hill was also just awarded the contract to manage construc-tion of another Royal Farms in Georgetown, DE which will break ground soon. “We are happy to continue our relationship with Royal Farms as they build more locations within Delaware,” said Bob Liberato, Business Development Director and Chief Estimator for Emory Hill and Company. ■

Congressman Carney tours the fi rst LEED store in New Castle

U.S. Representative John Carney, Paul Clark and a host of dignitaries

DELMARVA

28A — March 16 - 29, 2012 — DelMarVa — Mid Atlantic Real Estate Journal www.marejournal.com

By: Casey Kenton, CCIM, Investors Realty, Inc.

Dover and Smyrna, Kent County Delaware’s Economic Center

Delaware’s business friendly corporate tax structure along with

its geograph-ic location in the Mid-At-lantic creates an oasis for e m p l o y e r s seeking to relocate their operations to a strate-gic location in the center of the Mid-Atlantic region. Delaware also encourages residential growth by offering some of the lowest real estate taxes in the country, which in turn cre-

ates affordable manpower for Delaware based businesses. In addition, Delaware’s Sales Tax Free status attracts national retailers and consumers who enjoy increased purchasing power when shopping in Dela-ware. Dover, Delaware is located in the geographic center of the state and serves as the His-toric Capital City, the County Seat and home to the majority of State of Delaware govern-mental offices. In addition, Dover is home to one of the largest Air Force bases in the country, the Dover Air Force Base (DAFB) which special-

izes in transporting service men, women and equipment to operations worldwide, as well as strategic support to the White House. Kraft Foods, Bay Health Hospital and the State of Delaware, are three of Dover’s largest employers which help fuel the economic engine and trade area. The historic town of Smyrna, Delaware is approximately 15 miles to the north of Do-ver with a quaint Downtown district as well as a thriving commercial corridor along Rt. 13. Smyrna has been one of the fastest growing towns in Delaware due to its small

town living and access to a high quality lifestyle. The Town’s residential growth has blossomed as Delaware’s county government to the north imposed a restrictive growth code driving local de-velopers and homeowners to seek refuge to the south near Smyrna. Smyrna residents enjoy central access to all of the State’s natural resources as well as economic stability through retail, commercial and industrial growth in the region. Smyrna’s town govern-ment has been instrumental in Smyrna’s prosperity due to its practical and business

friendly approach to small town government. Dover and Smyrna, Delaware offer substantial opportunity for business growth and de-velopment with ample cost ef-fective manpower, residential lifestyles laden with ameni-ties, growth and infrastruc-ture friendly governments, all centrally located on the Delmarva Peninsula and the Eastern Seaboard. Casey Kenton, CCIM is a Broker for Investors Re-alty, Inc., a family owned property management business based in Dela-ware since 1974. ■

Casey Kenton

DOVER, DE — HREC Invest-ment Advisors, the nation’s leading lodging and gaming real estate advisory firm, today announced the sale of the Days Inn in Dover, DE. The 81-guestroom property was purchased by Days & Night Lodging Services, LLC a hotel investment group out of Philadelphia, PA from a Special Servicer for an un-disclosed price.

Ketan Patel, Vice Presi-dent of HREC Investment Advisors’s Washington DC office and Scott Stephens, Senior Principal and COO of HREC Investment Advisors represented the seller in the transaction.

The Days Inn Dover is conveniently located in the heart of Dover on U.S. Route 13, the primary commercial thoroughfare in Dover and the greater Delmarva Pen-insula. Dover is not only the state capital but home to a variety of signifi cant demand generators including the Dover Downs Casino & Inter-national Raceway, Delaware State University and Dover Air Force Base.

HREC is the nation’s lead-ing lodging and gaming real estate advisory fi rm special-izing in property sales, mort-gage brokerage, equity/JV structuring, consulting (mar-ket studies and appraisals), and commitment to client service through its team ap-proach, intellectual capital and hotel/casino specializa-tion. ■

HREC arrange the Sale of Days Inn

I nvestors Realty, Inc.

COMMODORE COMMONSRT. 13 - SMYRNA, DE - FOR LEASE

Demographic Overview 1 mile 3 miles 5 miles

2010 Population 7,508 17,237 20,111

Average Household In-come $ 60,215 $ 61,854 $ 63,369

Median Age 35.1 36.6 37.5

Commodore Commons is a newly constructed state-of-the-art executive office complex located on the northbound lane of Rt. 13 in the heart of Smyrna, DE in Kent County. 2010 AADT traffic count of 22,000cars per day. Several suites available for lease at competitive rates.

BUILDING 1 AVAILABILITIES

Suite 102 - 1,390 Sq. Ft.Suite 102B - 1,720 Sq. Ft.• Combined - 3,110 Sq. Ft.

Suite 105 (Fit -Out Complete)• 1,307 Sq. Ft.

• Executive style-suites, lessthan 400 Sq. Ft. w/private access

BUILDING 2 AVAILABILITIES

Suite 201 - 1,736 Sq. Ft.

Suite 202 - 1,840 Sq. Ft.

Suite 203 - 1,612 Sq. Ft.

•

5,188 Sq. Ft. Combined•

For Additional Information : CASEY KENTON, CCIM

[email protected]: (302) 228-1128 Office: (302) 736-0270 x216

DELMARVA

www.marejournal.com Mid Atlantic Real Estate Journal — DelMarVa — March 16 - 29, 2012 — 29A

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.

www.circdelaware.org

Commercial-Industrial Realty Council

CIRC president Ellis awards Armstrong for great service CIRC president, Greg Ellis, a broker with Patterson-Woods Commercial Properties, awarded Jayne Armstrong, SBA district director, with a plaque com-memorating CIRC’s appreciation for her great service to the commercial and industrial real estate community in Delaware, through her support and tireless promotion of the SBA’s 504 Loan program for commercial real estate loans. At CIRC’s February Membership meeting, Jayne Armstrong and Michael Ros-si, of the Delaware District U.S. Small Business Administration offi ce, provided an informative presentation about their small business successes, programs, and the benefi ts of the 504 commercial real estate loan program. Jayne Armstrong, announced she was leaving for a similar post in Richmond, Virginia. Armstrong, who arrived at the Delaware job in 1999 as Delaware’s fi rst director, will be director of the SBA’s Virginia district offi ce. “It’s time to move on to a new challenge, and I’m kind of driven by challenges” Armstrong said. We wish her well.

Last Meeting: March 14, 2012

OFFICERS

President & Legislative Affairs Chair

J. Gregory EllisPatterson-Woods

Commercial Properties

Vice President & Program Committee ChairJohn Birmingham

Cushman & Wakefi eld of Delaware, Inc.

Treasurer

Katherine L. Silicato, CPAGunnip & Company, LLP

Secretary

Bayard J. Snyder, Esq.Bayard & Associates

DIRECTORS

Jeremy AbelsonWSFS Bank

Amelia Julian

Eastern States Group

Education Committee Chair

Dan LesherPatterson Woods & Assoc.

Membership Committee

ChairJames Manna

BrightFields, Inc.

Jim O’HaraJim O’Hara Realty Assoc.

Donald Robitzer

The Commonwealth Group

Bert Root, VNewmark Knight Frank

Smith Mack

Marvin SachsBellevue Realty Co.

EX-OFFICIO

(NON-VOTING MEMBERS)

Business ManagerJanet Sharpless Pippert

CIRCLandmark JCM

Legislative Lobbyist

C. Scott KidnerC. S. Kidner & Associates

New Castle County

Economic Development Liaison

Karl Kalbacher, P.GNew Castle County

Director of Redevelopment

Bob Chadwick, DirectorNew Castle County

Economic Development Council

State of Delaware


Jeff StoneState of Delaware, DEDO

City of Wilmington


Jeff FlynnCity of Wilmington, Offi ce of Economic Development

(pictured left to right) Greg Ellis and Jayne Armstorng

At CIRC’s March 14 membership meeting, County Executive Paul G. Clark discussed his six-point jobs program to at-tract, keep and expand employment opportunities for New Castle County residents.Clark discussed his “Sowing Seeds, Growing Jobs” program, one of the initiatives he previewed in his State of the Coun-ty address last month, which includes a tax incentive for businesses, aid for economically distressed neighborhoods, promotion of local goods and services, designation of a small business advocate, a more effi cient development review process, and additional investment in sewers, libraries, and parks. The centerpiece of “Sowing seeds, Growing Jobs” is legislation that would grant a partial exemption from property taxes to business that invest at least $50,000 in new construction of commercial or manufacturing facilities in unincor-porated areas of the county. The exemption would be available starting July 1, 2012 and ending March 30, 2015. Quali-fi ed businesses would be eligible for a three-year exemption from the increase in New Castle County property taxes that would have resulted from their property being reassessed due to the new construction. The proposed exemption is to address the struggling state of non-residential development in the county. Retail market vacancies are near 11%, a 20-year high. The offi ce vacancy rate is 21.2% compared t the national rate of 12.5%. Plans for non-residential development submitted to the county are down an average of 46 percent from 2009 to 2011 compared to the 10-year average. CIRC President Greg Ellis, said that “In this fl at real estate market, the commercial and industrial real estate commu-nity welcomes a fi nancial incentive like this that will tip the balance to motivate someone to hire and invest.” Support for the legislation has come from leaders of our business community, including from Delaware Economic Development Offi ce, New Castle County Chamber of Commerce, Delaware Building & Construction Trades Council, and the Commit-tee of 100.

Clark announces job plans for New Castle County

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

DU PONT COUNTRY CLUB – Main 18-Hole Course

“For a great day of golfi ng fun and business networking beyond compare!”

Coming Soon – Watch for Sponsorship and Golf Registration Information

Upcoming Events

April 11, 2012 (Wednesday) April Membership Meeting & Luncheon

Time: 11:30 AM - 1:30 PM Meet Delaware’s new Transportation Secretary Shailen Bhatt

Speakers: Secretary Shailen Bhatt : Delaware Transportation Secretary, State of Delaware Shailen Bhatt was sworn-in by Governor Jack Markell as Secretary of the Delaware Department of

Transportation (DelDOT), on July 5, 2011. Secretary Bhatt has experience working on local, state and federal transportation issues and before being confi rmed

by the Delaware State Senate for the position of Secretary at DelDOT, served as Associate Administrator at the Federal Highway Administration (FHWA) in Washington, DC. In recent years, he was been responsible for setting policy and

managing relationships with members of Congress and led FHWA’s efforts in reauthorizing the nation’s surface trans-portation legislation. At FHWA, Secretary Bhatt played a key role in establishing a Federal Highway Administration’s

initiative on accelerated project delivery, called Every Day Counts (EDC). Cost: $30 Members / $40 Non-members & Guests

Payment by Cash/Check in advance or at the event required. Location: Clarion Belle Hotel, 1620 N. DuPont Hwy.

Register early for sponsorship of our June 18 golf outing - your company will get more publicity the earlier you commit. Contact Janet Pippert at (302)633-1705, 633-1706 (fax) or janet@]circdelaware.org


LEASE: OFFICE BUILDING1314 N King St., Wilmington, DE 19801Presented by Patterson-Woods & Associates, LLC “The Area’s Leading Commercial Broker”

3801 Kennett Pike D-100 Greenville Center, Wilmington, Delaware 19807 302-622-3500 800-220-2738 Web Site: www.pattersonwoods.com

Please contact:

Available

Now

• High-end finishes with furniture included

• Onsite lot or garage across the street

• Elevator served • 5,776+/- SF

• RENT: $16.50/SF plus utilities, janitorial

Greg Ellis, CCIM302-622-3534

[email protected]

www.marejournal.com Mid Atlantic Real Estate Journal — DelMarVa — March 16 - 29, 2012 — 31A

www.circdelaware.org

Commercial-Industrial Realty Council

Serving clients in

Headquarters Phone

ces

INTEGRATEDE &E

SERVICES

BOG TURTLE TIME

Call Amy Nazdrowicz302.323.9377

www.LandmarkJCM.com

SAVE THE DATE CIRC Annual Golf Outing

Monday, June 11, 2012DU PONT COUNTRY CLUB – Main 18-Hole Course

“For a great day of golfing fun and business neworking beyond compare!”

Join us for great networking and a day of golf! Be a sponsor and get great promotionat the event, on printed materials and

on our website!

For more information contact:The Commercial-Industrial Realty Council

P.O. Box 1789Wilmington, DE 19899

(302) 633-1705 / (302) 633-1706 FAXE-mail: [email protected]

WASHINGTON, DC — Keast & Hood Co. has named Jon H. Tung, PE, Associate of the fi rm. A structural e n g i n e e r based in the Washington office, Tung h a s b e e n with Keast & Hood Co. since 2009 as a project man-ager. He has 18 years of profes-sional experience that includes structural design and project supervision for new construc-tion, renovation, and adaptive reuse. “Jon has been recognized for his exceptional hard work and dedication to Keast & Hood Co.,” said Principal Matthew J. Daw, PE, LEED AP. “We are grateful for his commitment and contributions, which have been a critical part of the fi rm’s con-tinued growth and success.” Tung has overseen emergency stabilization and design for Ke-ast & Hood Co.’s involvement at the National Cathedral in Washington, DC. ■

Jackson, Jenkins & Nye rep landlord in lease renewal

Cushman & Wakefi eld sign 2 new leases totaling 8,260 s/fB

Jon H. Tung

Keast & Hood Co. names Tung Assoc.

ALTIMORE, MD — Cushman & Wakefi eld announced that 1600

Bush St. in Baltimore has signed two new leases totaling 8,260 s/f, bringing the build-ing to full occupancy. Telga Corporation, leased 3,880 s/f and MLN Advertising, leased 4,380 s/f. Rich Thomas, senior associate with Cushman & Wakefield, represented the landlord and the tenant on both transactions. Located in an enterprise zone within the Carroll Industrial Park, 1600 Bush St. (photo courtesy of CoStar) is a two-story offi ce building renovated

in 2000 to incorporate state-of-the-art features like high-speed internet and security systems.

1600 Bush Street

In other news, Cushman & Wakefield announced that University of Maryland Fac-ulty Physicians, Inc. (FPI), formerly known as University Physicians, Inc., has renewed and expanded its lease at 250 W. Pratt St., a premier address in downtown Baltimore. FPI, the faculty practices of the University of Maryland School of Medicine, now occupies 61,993 s/f in the building after a 25,102 s/f expansion. Tim Jackson, Courtenay Jenkins and Whitney Nye of Cushman & Wakefi eld represented the landlord, Behringer Harvard Funds. Matthew Haas and Kevin Haus of Colliers In-ternational represented the tenant, FPI. ■

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Multi-Family Housing Professionals Mark Your Calendars!

EXPO offers a unique business opportunity for companies to showcase their products and services to the exclusive membership of the Property Owners Association. With over 60 exhibitors showcasing the newest and latest offerings in the multi-family industry, this is a must attend event. Buffet dinner served throughout the evening.

Attendance at the EXPO is FREE to POA members, while guests and non-members can attend for the low price of $45, which can be applied to 2012 dues.

Prizes throughout the eveningPOA members FREE guests $45.

EXPO2012

April 18th

Wilshire Grand Hotel West Orange, NJ 5:00pm

Visit www.poanj.org for more information


PEOPLE ON THE MOVE34 years experience

Alcorn of Skanska USA promoted to senior vp

ROCKVILLE, MD - Skanska USA, a leading provider of con-struction management, precon-struction, and design-build services, an-nounced that its building unit ’s Fed-eral Center of Excellence, whose nation-wide team of experts lead the industry in construction services for govern-ment facilities, has promoted Russ Alcorn PE, DBIA to se-nior vice president and national director.

In his new role, Alcorn will utilize his 34 years of experi-ence in federal construction to assist in the procurement and execution of Skanska’s federal construction projects across the United States.

“Over the past year, Russ has proven to be an invaluable asset, successfully identifying best practices and pursuing op-

portunities for Skanska,” said Bill Brennan, co-chief operating officer and executive sponsor of the Federal Center of Excel-lence. “Russ understands how to meet the magnitude of needs federal clients bring to the table, and we look forward to his fu-ture contributions.”

During the past year, Alcorn served as a vice president help-ing identify federal pursuits, reviewing federal solicitations, and assisting with proposals and presentations to federal agencies in addition to providing operational support to ongoing projects. Prior to this position, Alcorn worked as an operations manager for Hensel Phelps Construction Co. where he over-saw major federal construction projects.

Throughout his long and successful construction career, Alcorn has grown his portfolio to include work on military bases, airports, courthouses, correc-tional facilities, hospitals, re-sorts and industrial plants. ■

ORRIS PLAINS, NJ — Jim Weichert , president and founder

of Weichert R e a l t o r s , a n d M i k e R o b i n s o n , president of We i ch e r t ’s a f f i l i a t e d companies, announced t h a t P a t Hoferkamp has been named president of Weichert Referral Associates Co., Inc. Hoferkamp will be responsible for leading strategic initiatives focusing on the growth of Weichert’s referral business and manag-ing the company’s day-to-day operations.

A real estate industry vet-eran, Hoferkamp brings more than 34 years of experience to her new role. Recognized as a real estate industry leader, throughout her career, Hofer-kamp has held numerous sales

and management positions, and has also owned her own boutique real estate company.

“We are extremely proud to welcome someone of Pat’s ability to the Weichert team,” said Jim Weichert. “Pat’s depth of experience, real estate acu-men, and success in personal interaction and analytical deci-sion making positions both Pat and Weichert Referral Associ-ates well for continued success and growth.”

Throughout her career, Hoferkamp has held numerous management positions includ-ing serving six years as presi-dent and COO of Burgdorff Realtors ERA in Parsippany, N.J. Under her direction, the company was the number-one ERA company nationwide. Shortly after earning her real estate license, Hoferkamp founded a boutique real estate company in Woodcliff Lake, NJ, which was later acquired by Burgdorff and led to a cor-

Pat Hoferkamp

porate position.In addition to her work in

the real estate industry, Hofer-kamp is active within the local community. In the past, she has served on the editorial advisory board for the Garden State Woman magazine and was on the board of directors for the Make-A-Wish Foundation of New Jersey for seven years, serving as its chairperson for two of those years. Hoferkamp has also been recognized by various organizations includ-ing the Women’s Fund of New Jersey, College Club of Ridge-wood and the Boy Scouts, among others.

Hoferkamp is a native of New Milford, NJ, and a current resident of Hopatcong, NJ. She graduated from St. Thomas Aquinas College, earning a bachelor’s degree in English, and participated in the Univer-sity of Pennsylvania Wharton School CEO Series Leadership program. ■

ATLANTIC CITY, NJ — Christiana Foglio, founder/owner and chief executive offi cer of Commu-nity Invest-ment Strat-egies (CIS), I n c . , h a s been named a panelist for the 63rd An-nual Atlantic B u i l d e r s C o n v e n -tion to be held from Wednes-day, March 28 through Friday, March 30. The three-day event, being hosted at the Atlantic City Convention Center, is sponsored by the New Jersey Builders Association (NJBA).

Foglio will participate in a 90-minute seminar beginning at 11 a.m. on March 28 entitled: “New Developments in Afford-able Housing.” The program will provide an update on New Jersey’s affordable housing in-dustry, with time included for a Q&A session and networking.

“Affordable housing policy can be an effective catalyst to improve the economic conditions within many cash-strapped towns and serve as the economic engine for local business,” said Foglio. “By viewing affordable housing as an economic devel-opment tool, municipalities can begin to address critical issues and existing conditions for all

residents.” As the region’s largest builder

trade show, the convention will bring together leading deci-sion-makers from developers to contractors. The event is ex-pected to attract roughly 6,500 attendees, and more than 450 exhibitors.

Since its founding by Foglio in 1994 as a woman-owned business, CIS has developed a broad spectrum of multi-family properties, ranging from garden apartments to mid- and hi-rise complexes, valued in excess of $350 million. The company’s diverse portfolio includes more than 2,000 apartment-rental units located throughout New Jersey.

As CEO, Foglio spearheads and oversees all of the company’s development, construction and property management activities related to multi-family housing and mixed-use redevelopments. An industry veteran with more than 25 years experience in the private and public sectors, she specializes in real estate devel-opments and housing initiatives that refl ect each community’s vision, needs and character.

Prior to forming CIS, Foglio served in the administrations of Governor Florio and Governor Whitman as executive direc-tor of the New Jersey Housing and Mortgage Finance Agency (NJHMFA). In this role, she

WASHINGTON, DC — Reno & Cavanaugh PLLC announced that Cynthia Lan-gelier Paine and George L. Weidenfeller have joined the fi rm’s Washington, DC, offi ce focusing their practices on af-fordable housing and economic development. Previously, both were attorneys with Goulston & Storrs. Paine and Weiden-feller reunite with N. Linda Goldstein, who joined the fi rm in November from Goulston &

Storrs.Paine and Weidenfeller,

along with Goldstein, repre-sent clients with development and rehabilitation of multi-family affordable properties and larger-scale, mixed-in-come, mixed-use, multifamily/commercial projects. They also advise businesses involved in energy-related initiatives and those seeking to acquire HUD and Enterprise-owned single-family homes (REO). ■

34 year industry veteran

Hoferkamp named president of Weichert Referral Assoc.M

was responsible for more than $1 billion in multi-family bond financing and creating the state’s Housing Policy. She also served as chairperson of the New Jersey Council on Afford-able Housing. Prior to her ten-ure at NJHMFA, she served as President of the New Brunswick Development Corporation, a not-for-profi t real estate devel-opment company located in New Brunswick, N.J., implementing over $300 million of urban re-development projects. During her tenure, she is credited with creating the foundation of New Brunswick’s economic rebirth.

Foglio is a graduate of Rut-gers University, where she earned a bachelor of arts in eco-nomics and a master’s degree in city and regional planning, with a concentration in housing fi nance and economic develop-ment. A licensed planner in the State of New Jersey, she is a highly sought-after guest speak-er who has garnered numerous business and industry awards, including the PlanSmart NJ Van Zandt Community In-volvement Award; Urban Land Institute’s Edward J. Bloustein Award for Exemplary Achieve-ment in Civic Leadership; New Jersey Business of the Year; Top Woman-Owned Business in New Jersey; and was named among the Top Women in Busi-ness. ■

Reno & Cavanaugh DC fi rm grows

Foglio of CIS, Inc. named panelist for Atlantic Builders Convention sponsored by NJBA

Russ Alcorn

Christiana Foglio

Philadelphia, PA — Neil S. Witkes and Nicole R. Moshang, partners with the environmen-tal, energy, and land use law and liti-gation firm of Manko, G o l d , Katcher & Fox, LLP ( M G K F ) , participated on a panel on “In-demnity and Insurance: Get-ting the Most Out of Your Con-tractual Indemnity Provisions and Filling Gaps in Potential Exposures”. Their presentation is part of the Delaware Valley Chapter of the Association of Corporate Counsel’s (DELVAC-CA’s) Contracts and Commer-cial Law CLE Institute held February 9, 2012 at the Union League of Philadelphia.

The program covered typi-

cal and tangential indemnity provisions, drafting tips from a litigator’s point of view, case

law exam-ples, as well as the role i n s u r a n c e plays in ad-dressing the allocation of the contrac-t u a l r i s k . P r o g r a m

speakers joining Witkes and Moshang included A. Peter Prinsen and Sean H. Brogan of The Graham Company as well as Irene Burak of Philadelphia Industrial Development Cor-poration.

Witkes has a wide range of civil and administrative en-vironmental and commercial litigation experience.

Moshang concentrates her practice in environmental litigation. ■

Witkes and Moshang serve as panelists

Nicole Moshang Neil Witkes


1100 East Hector Street, Suite 393Conshohocken, PA 19428

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

PresidentJ. Gregory Ellis, CCIM

Patterson Woods Commercial

DISON, NJ — School is in session for New Jersey’s commercial real estate community. On Feb. 28, TriState REALTORS® Commercial Alliance — a leading ad-

vocate and provider of continuing education for commercial real estate practitioners in New Jersey, Pennsylvania and Delaware — introduced The Commercial Real Estate School of New Jersey to a packed house at the New Jersey Conven-tion and Exposition Center in Edison. The well-attended course, Cost Segregation For The Com-mercial Broker, was led by instructor Jerry H. Kootman, CPA, of Cost Recovery Solutions, LLC, and provided attendees with a comprehensive tutorial on how to use cost segregation analysis to help create more value for their client base. The Commercial Real Estate School of New Jersey differ-

entiates itself by offering courses specific to the business of today’s commercial real estate market. The school is designed to help brokers meet the state’s newly estab-lished qualifications for license renewal. In order to qualify for renewal or to reinstate a license, the New Jersey Real Estate Commission now requires that every broker, salesperson or broker-salesperson complete 12 hours of continuing education — six hours of core topics and six hours of electives — by July 1, 2013. “The great success of The Commercial Real Estate School of New Jersey’s first course offering is extremely encouraging,” said Jonathan Glick, TriState’s New Jer-sey Vice President. “We knew there was a need for courses designed specifically for the brokerage community in New Jersey, and the high number of attendees helps to validate our decision to introduce the school. It’s gratifying to be able to aid New Jersey’s commercial real estate professionals in this way.” Utilizing a model that has proved to be successful in Pennsylvania and Delaware, TriState’s New Jersey school offers specialized courses that fall within the core and elective topics required by the state. Other course topics will include Crash Course in CRE Ethics and Land Use, Sustainability in Commercial Real Estate and Office Leasing, and Supply and Demand in a Recovering Market. “While this first course was a great opportunity for brokers in New Jersey to get a head start on meeting the state’s new CE requirements, there will be many more course offerings to follow,” Glick said. “We urge all commercial professionals in New Jersey to come find out what it’s like to attend a school that is tailored specifically to their needs.” Founded in 1993, the TriState REALTORS® Commercial Alliance is a leading advocate for commercial real estate professionals in New Jersey, Delaware and Southeastern Pennsylvania. TriState operates The Commercial Real Estate School of New Jersey, which focuses on continuing education, creating an opportunity to network and presenting industry-oriented seminars. TriState seeks to advance the financial well being, industry stature, and professional growth of each member. The group also speaks as a unified voice on legislative and community issues, promotes ethical standards of conduct and provides specialized services relative to the needs of its members. n

Garden State’s CRE Professionals get head start on new continuing education requirements

TriState launches The Commercial Real Estate School of NJ with successful first course offering

E

To sign up for either class or to learn more about TriState’s school for commercial real estate professionals, please call The Commercial Real Estate School Director Elvira Illiano-Trovato at

610-238-9070 or email [email protected]

For additional information, please visit www.tristatecres.com

Jonathan Glick


COMMERCIALOFFICE SPOTLIGHT

Issue Date: March 30, 2012Deadline: March 20, 2012

Call: 1-800-584-1062E-Mail: [email protected]

CONTINUING EDUCATION

E-Mail: [email protected]

CREATIVEFINANCING

Issue Date: April 13, 2012Deadline: March 30, 2012


SPRING PREVIEW

Issue Date: April 27, 2012 Deadline: April 2, 2012


UPCOMING SPOTLIGHTS

Phone: 1-800-584-1062 » Fax: 781-871-5299Website: www.marejournal.com

Commercial Real Estate Brokerage Firms who are actively involved in commercial Office Space are welcome to participate. By-lined expert articles and Office Market Reports are welcome.

Issue Date: March 30, 2012Deadline: March 20, 2012

Call: 1-800-584-1062

This issue will highlight some of the courses and educational opportunities beginning in the Spring. If your organization or institute is offering courses for the Commercial Real Estate Industry, this is a perfect spotlight for you!

This issue will feature financial experts,

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variety of loan programs offered. As well as

bond and bank instruments.

We are inviting a select group of top executives to write an expert article about the current state of their respective marketplace and where they see it progressing in 2012. These experts will enlighten your readers on their industry and give a general overview of the marketplace in the field they represent.


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PEOPLE ON THE MOVEMarcus & Millichap Capital Corporation

Belgiovine named associate director in NJ

ELMWOOD PARK, NJ — Marcus & Millichap Capi-tal Corporation has named Joseph Bel-giovine as an assoc i -ate director in the fi rm’s New Jersey o f f i ce , ac -cording to William E. Hughes, se-nior vice president and man-aging director of MMCC.

“Joseph has an impressive background in commercial real estate,” says Hughes. “His skills and experience will be of enormous benefi t to our clients in New Jersey and throughout the East Coast.”

Prior to joining MMCC, Belgiovine was the owner and broker of Belcore En-terprises LLC, a commercial real estate brokerage fi rm in

Miami. Before that, he was director of operations for The Integrated Group LLC, an Edgewater, N.J.-based com-mercial real estate brokerage company. Belgiovine has also worked as an account execu-tive for private hard money lender Kennedy Funding Inc. in Hackensack, N.J. and been a project manager assistant with Daibes Enterprises Inc., a real estate development fi rm in Edgewater, N.J.

Belgiovine graduated from Providence College in Provi-dence, R.I. with a Bachelor of Science degree in fi nance. He is a member of the Na-tional Association of Realtors and the Realtor Association of Greater Miami and the Beaches.

Belgiovine is a licensed real estate broker in Florida and a licensed real estate agent in New Jersey. ■

AWRENCEVILLE, NJ — Empowering women and minorities, through

p h y s i c a l space and ca-reer develop-ment, is what m o t i v a t e d – and contin-ues to inspire – Christia-na Foglio-P a l m e r , founder and chief execu-tive officer of Community Investment Strategies, Inc. A 25+-year real estate develop-ment veteran, she is not just a savvy businesswoman who has doubled the WBE-certifi ed real estate development company’s volume in the past several years. Foglio-Palmer is a wife, mother and mentor committed to creating an organization for employees and homes for ten-ants that support and promote a work/life balance.

“There is a new level of awareness that people, re-gardless of income level, are defi ned by where they live and where they work,” said Foglio-Palmer, whose company boasts a multi-family portfolio of 2,000+ units valued in excess of $350 million.

Guided by Foglio-Palmer’s public service, professional planning and private develop-ment expertise, CIS specializes in affordable, market-rate and senior housing initiatives. “We build for the long-term and are guided by a ‘with you for life’ philosophy that goes beyond just bricks and mortar,” she said.

As a for-profi t, boutique real estate company, CIS expects to double its size in the next fi ve years. “Affordable housing

is now being implemented in urban and suburban markets to serve as a catalyst for local economic development,” said Foglio-Palmer. “These types of projects no longer have the stigma once attached to them. New benchmarks for plan-ning, design, construction and management have propelled affordable housing into a new era, and we have been very successful at establishing our-selves as a trailblazer in this niche.”

The company distinguishes itself from its competitive set by providing in-house fi nance, development, construction and on-site property management services. These services are an extension of the company’s commitment to build value-added communities for area residents, children, munici-palities and local businesses by repositioning unproductive properties and land parcels. “We build and maintain com-munities where we would live ourselves, serving a demo-graphic of mostly women and minorities that reflects our own company,” added Foglio-Palmer.

Since a majority of CIS’ ten-ants are female minorities, the CIS team feels it is not only important, but imperative to promote gender and ethnic di-versity on a company-wide and community-wide basis. Led by Foglio-Palmer, the senior-level management team includes vice presidents Theresa Reed and Barbara Schoor; and Elsie Velez, chief financial officer. “We have a team of profession-als and support staff that have the ability to make a difference. We are doing just that, each and every day. That feels good,” said Reed.

Company creates career paths for women & minorities

Foglio-Palmer expands Comm. Investment Strategies, Inc.L

“Since day one, CIS has been attracting, hiring, retaining and promoting the most tal-ented and ethnically diverse professionals, many of whom are tomorrow’s leaders,” said Foglio-Palmer. “We support them on a professional level, by encouraging them to take risks and pursue senior-level posi-tions, and we support them in their roles as mothers, daugh-ters and caregivers by offering them fl exibility.”

The company also hires lo-cally based female- and minor-ity-owned subcontracting fi rms for each development project as standard practice to support economic and business growth. This philosophy also extends to the people of all ages who call a CIS community their home. From intergenerational men-toring programs at affordable senior housing communities, to after-school care, resume-writing programs and com-puter training at communities designed for low-to-moderate income households, CIS’ diver-sity inspires others.

Based in Lawrenceville, N.J., CIS is widely acknowledged for its dedication to developing the most appropriate low-to-moderate housing options and has been consistently recog-nized for its award-winning communities, business model, corporate citizenship and ad-vocacy. The company is a past recipient of the Corporation for Supportive Housing and Sup-portive Housing Association of NJ Supportive Housing Award, Top Woman-Owned Business in New Jersey Award, Van Zan-dt Community Involvement Award and the Urban Land Institute’s Edward J. Bloustein Award for Exemplary Achieve-ment in Civic Leadership. ■

Joe Belgiovine

Christiana Foglio-Palmer

LIVINGSTON, NJ — One local business has been mak-ing quite an impression on the Roseland community since its arrival in spring 2011.

In keeping with a long-standing company commit-ment to community service, Regal Bank’s Roseland branch – located at 180 Eagle Rock Avenue – supports a range of local organizations and programs. The bank fosters recreational oppor-tunities by donating to help maintain Little League fi elds, while providing uniforms for the town’s third and fourth grade soccer teams. In addi-tion, the non-profi t Roseland Junior Women’s Club has received financial support for its own offerings to the community.

“We consider ourselves

much more than just another bank,” says Regal Bank’s As-sistant Vice President and Roseland branch manager Anna Pedreiras. “As a com-munity business, we’re com-mitted to providing our cus-tomers with the highest level of support in their everyday lives, while also providing the highest quality fi nancial services.”

Additional events that Regal’s Roseland branch participates in or sponsors include the Barnabas Health Hospice and Palliative Care Center’s annual “October-tails” Halloween-themed dog walk at Verona Park, the Roseland County Fair, Earth Day activities, and the “Run-ning 4 Answers Walk,” which benefi ts the Cure Alzheimer’s Fund. ■

Regal Bank’s Roseland making a difference

PHILADELPHIA, PA — PA/NJ Sustainability Symposium, on March 29th at the Franklin Institute in Philadelphia. Now in its sec-ond year, this event brings together industry, university and community leaders to share best practices, ask challenging questions and provide cutting edge infor-mation about sustainability in the Delaware Valley.

Nationally Acclaimed Key-note Speakers:

·Welcome by Troy Collins, Senior Vice President of The Franklin Institute

·Introductory remarks by Jerry Sweeney, President & CEO of Brandywine Realty Trust

· Mayor Michael A. Nutter discussing the highly suc-cessful Philly Green Works program

·Roger Platt, Senior Vice President of the US Green Building Council

·Henry H. Chamberlain, President and COO of BOMA International (Build-ing Owners and Manage-ment Association)

15 Panel Discussions: Covering diverse topics,

such as energy management systems, community en-gagement, building retrofi ts, starting a sustainable busi-ness, electric cars, LEED/En-ergy Star issues and more.

·Panelists include Kevin Kampschroer, Director of High Energy Buildings for GSA; Judy Wicks, Founder of BALLE; Rob Watson, a founder of LEED; Leisha John, Americas Director of Environmental Sustain-ability at Ernst and Young; Audrey Zibelman, CEO of Viridity and other industry and thought leaders. ■

PA/NJ Sustainability Symposium at the Franklin Institute

CBRE named Top Commercial RE BrandPhiladelphia, PA — CBRE

Group Inc. (CBRE) an-nounced that the Company has been named the top global brand in commercial real es-tate, according to a survey of industry professionals world-wide by The Lipsey Company. CBRE has been named the industry’s number-one brand by Lipsey for 11 consecutive years.

The Lipsey survey mea-sures commercial real estate professionals’ perceptions of the industry’s leading brands. More than 50,000 U.S. and international professionals

participated in the 2012 sur-vey, including property own-ers, investors, lenders, occu-piers, brokers and property managers.

“We are deeply honored that our clients and industry peers have selected CBRE for this recognition for 11 straight years,” said Brett White, CBRE’s chief execu-tive offi cer. “Credit for this achievement really belongs with our 34,000 professionals around the world, who work diligently and creatively ev-ery day to exceed our clients’ expectations.” ■


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MARCH 20 – CREW PITTSBURGHEvent: Lunch Program: Alleghany County Real Estate Taxes-Reassessment UpdateTime: 11:30 AM – 1:30 PMLocation: The Rivers ClubAddress/City: 301 Grant St., Pittsburgh, PACost: $45 Members $65 Nonmemberswww.crewpittsburgh.org

MARCH 21 – ABC EPAEvent: Find Networking Gold with ABCTime: 5:00 PMLocation: Barnaby’s of AmericaAddress/City: 15 S. High St., West Chester, PACost: $50 per PersonP: 610-279-6666www.abceastpa.org

MARCH 21 – IFMA CENTRAL PAEvent: Regional Event – Speaker Tony KeaneTime: 11:30 AM – 1:30 PMLocation: The Hershey CompanyAddress/City: 14 E. Chocolate Ave., Hershey, PACost: Members Free/$20 Guestswww.ifmacentralpa.org

MARCH 21 – SMPS PhiladelphiaEvent: Core Knowledge Series: Making the Shortlist with SOQs and ProposalsTime: 8:00 AMLocation: Wallace Roberts & Todd (WRT)Address/City: 1700 Market Street, 28th Fl., Philadelphia, PACost: $25 Members $35 Nonmemberswww.smpsphiladelphia.org

MARCH 21 – ULI NNJEvent: Green Building Underwriting & Integrative Process WorkshopTime: 9:00 AM – 12:00 PMLocation: Liberty House RestaurantAddress/City: 76 Audrey Zapp Dr., Jersey City, NJCost: $35 Members $45 Nonmembers $25 YLG’sP: 800-321-5011www.nnj.uli.org

MARCH 21 – ULI PHILADELPHIAEvent: Lehigh Valley Council Smart Transportation ForumTime: 2:00 PM – 6:00 PMLocation: Lafayette CollegeAddress/City: High & McCartney Sts., Easton, PAP: 800-321-5011www.philadelphia.uli.org

MARCH 22 – BOMA PHILADELPHIAEvent: Tour of Two Liberty Place & Networking at R2LTime: 6:00 PM – 8:00 PMLocation: Two Liberty PlaceAddress/City: Philadelphia, PAP: 215-567-1775www.bomaphila.com

MARCH 22 – CIANJEvent: Are Your Company’s Secrets Safe?Time: 8:30 AM – 10:30 AMLocation: Hilton Hasbrouck HeightsAddress/City: 650 Terrace Ave., Hasbrouck Heights, NJP: 201-368-2100 E: [email protected]

MARCH 22 – CREW DCEvent: The Money Question: Looking at Lending in 2012Time: 11:30 AM – 1:30 PMLocation: Capital Hilton HotelAddress/City: 16th & K Sts., NW, Washington, DCP: 785-832-1808 E: [email protected]

MARCH 22 – CREW LEHIGH VALLEYEvent: PEEPS Goes Green-Just Born’s Confection ConnectionTime: Noon – 1:30 PMLocation: OHL’s BuildingAddress/City: 4000 Township Line Rd., Lehigh Valley Indust. Park V, Bethlehem TownshipCost: $15 Members $30 Guestswww.crewlehighvalley.org

MARCH 22 – ICSCEvent: New Jersey’s LSRP Program for Site RemediationLocation: Sills, Cummis & Gross PCAddress/City: 650 College Rd., East, 4th Fl., Princeton, NJP: 202-626-1403 E: [email protected]

MARCH 22 – NAIOP PITTSBURGHEvent: Chapter MeetingTime: 7:30 AMLocation: Omni William Penn HotelCost: Members Free/$40 NonmembersP: 412-928-8363www.naioppittsburgh.com

MARCH 22 – NAWBO DEEvent: Power of Partnership NetworkingTime: 5:30 PM – 7:30 PMLocation: Legislative HallAddress/City: Dover, DEE: [email protected]

MARCH 22 – PWC NJEvent: 1st Annual Celebration of “Women of Distinction”Time: 12:00 PM – 2:00 PMLocation: The Newark ClubAddress/City: One Newark Center, 22nd Fl., Newark, NJP: 732-380-8624www.pwcusa.org

MARCH 23 – NNJ AIEvent: Commercial Appraisal Engagement & Review for Bankers & AppraisersLocation: Best WesternAddress/City: 216-234 Rte. 46 East, Fairfi eld, NJCost: $180 Members $200 NonmembersP: 201-796-1171 E: [email protected]

MARCH 26 – IOREBAEvent: 20th Annual Developer’s NightTime: 4:00 PM – 8:00 PMLocation: Marriott at Glenpointe HotelAddress/City: Teaneck, NJCost: $95 Members $120 NonmembersE: [email protected]

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EVENTS CALENDARMARCH 26 – NAWBO DEEvent: Monday Money Matters Business Lunch Educational SeriesTime: 12:00 PM – 1:30 PMLocation: PNC BankAddress/City: 300 Delaware Ave., Wilmington, DEE: [email protected]

MARCH 27 – ABC NJEvent: Labor & Employment Law SeminarTime: 8:00 AM – 12:00 PMLocation: Hilton Harrisburg HotelAddress/City: Harrisburg, PAE: [email protected]

MARCH 27 – IREM NJEvent: NJ Economic Forecast BreakfastTime: 9:00 AM – 12:00 PMLocation: Crowne Plaza HotelAddress/City: 390 Forsgate Dr., Monroe Township, NJCost: $40 Members $60 NonmembersP: 856-303-0190 E: [email protected] MARCH 27 – NAIOP NJEvent: Chapter Meeting “Offi ce, Industrial, Mixed-Use: Where is the Smart Money Going”Time: 5:30 PMLocation: Renaissance Woodbridge HotelAddress/City: 515 US Hwy. 1 South, Iselin, NJP: 732-729-9900www.naiopnj.org

MARCH 28 – EIRC & NJASAEvent: NJ Sustainable Schools ConferenceTime: 8:00 AM – 2:30 PMLocation: Crowne Plaza HotelAddress/City: Monroe, NJP: 609-330-9218www.eirc.org

MARCH 29Event: PA/NJ Sustainability SymposiumTime: 8 AM – 2:30 PMLocation: The Franklin InstituteAddress/City: 222 N. 20th St., Philadelphia, PACost: $17.76/Students & Non-profi t Organizations Freehttp://conta.cc/njpass

MARCH 30 – DVSGAEvent: 8th Annual Smart Growth SymposiumTime: 8:00 AMLocation: PECO BuildingAddress/City: 2301 Market St., Philadelphia, PAE: dsvga@delawarevalleysmartgrowth.orgwww.delawarevalleysmartgrowth.org

APRIL 3 – CIANJEvent: Women of Infl uence SeriesTime: 5:30 PM – 7:00 PMLocation: William Patterson UniversityP: 201-368-2100 E: [email protected]

APRIL 3 – CREW LEHIGH VALLEYEvent: Coffee & CREWTime: 8:00 AM – 9:00 AMLocation: Wegmans in Allentown, 2nd Floorwww.crewlehighvalley.org

www.marejournal.com Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — Inside Back Cover A

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SHOPPING CENTERSPENNSYLVANIA

Hines, Ruppel & Wolf of CB Richard Ellis represent the seller

Endurance Real Estate Group affi liate acquires a $4.36m warehouse/distribution building

ITTSTON, PA — An affi liate of Endurance Real Estate Group,

LLC, (“Endurance”) an-nounced the acquisition of 301-305 Oak St. in Pittston, a class A warehouse/distribu-tion building totaling 289,277 s/f, situated on 17 acres of land (the “Property”). The Property was acquired for $4,360,000 or $15.07 per s/f. Put under contract while vacant, Endur-ance was able to land a tenant during due diligence. Bill Wolf

ALSO INSIDE:

HI-LIGHTS

www.marejournal.comSection B, 20 pages

MARCH 16 - 29, 2012

Marcus & Millichap announce $1m sale of mixed-use units Marcus & Millichap Real Estate Investment Ser-vices, announced the sale of 1061-1063 Easton Road, an 11-unit mixed-use prop-erty consisting of nine apartments and two retail spaces located in Abington. See page 2B.

CENTRAL PA SPOTLIGHT ............................................... 5-12B

PROJECT NEWS .................................................................13B

CREW LEHIGH VALLEY ............................................. 14-15B

WEST CHESTER, PA — Mar-cus & Millichap Real Estate In-vestment Services, announced the sale of Northwyn Court Apartments, a 32 unit apart-ment property located in West Chester, according to Spencer Yablon, regional manager of the fi rm’s Philadelphia offi ce. The asset commanded a sale price of $3,500,000, or $109,375 per unit.

Mark Thomson, associate vice president, and Zachary Pierce, associate, both out of the Philadelphia offi ce of Mar-cus & Millichap were hired by the buyer to approach the owner and initiate a transac-tion.

Northwyn Court Apartments is located at 803 East Boot

Thomson & Pierce also rep $2.5m sale

Marcus & Millichap facilitates $3.5m sale of Northwyn Court Apartments

Northwyn Court Apartments

represented the landlord in the procurement of the tenant, a full-building user, RC Moore, Inc. which is a full-service logistics company that offers freight logistics, brokerage, contract, and over-the-road trucking. The seller was rep-resented by Michael Hines, Brad Ruppel, and Bill Wolf of CB Richard Ellis. The Property is well posi-tioned within the I-81/I-78 industrial corridor in northeastern, Pennsylvania close

to the density of labor in the Scranton/Wilkes-Barre MSA and enjoys linkages to New York, Philadelphia, Allentown, and Harrisburg through prox-imity to I-476, I-81, and I-80. Endurance also recently ac-quired 420-480 Drew Court—a 146,906 s/f warehouse/flex facility in King of Prussia, PA (November 2011) and 515 Zarfoss Drive—a 312,900 s/f class A warehouse/distribution building in York, PA (Decem-ber 2011). n

P

301-305 Oak Street

Road in West Chester. The property consists of 32 units with a balanced unit mix of 16 one bedroom and 16 two bedroom apartments.

In other news, – Marcus & Millichap Real Estate Invest-ment Services, announced the sale of The Dery Silk Mill, a 36 unit apartment property locat-ed in Catasauqua, according to

Spencer Yablon, regional man-ager of the fi rm’s Philadelphia offi ce. The asset commanded a sale price of $2,500,000.

Mark Thomson, associate vice president investments, and Zachary Pierce, associate, successfully executed the mar-keting of the property on behalf of the seller, a local private partnership. The buyer, a pri-vate investor from New York, was also procured by Zachary Pierce and Mark Thomson.

The Dery Silk Mill is located at 101-113 Race Street. Of the 36 units, 23 are 1 bedroom, ranging from 800 to 900 s/f, and 13 are 2 bedrooms, rang-ing from 900 to 1000 s/f. The selling price of $2,500,000 com-manded $70,000 per unit. n

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CBRE brokers $875,000 sale of 50,000 s/f industrial buildingRepresenting the owner, M.C. Et al, CBRE Inc. (CBRE) recently sold a 50,000 s/f industrial build-ing and site at 415 S. Penn Street in Clifton Heights, PA. See page 3B.

B Inside Cover — March 16 - 29, 2012 — Pennsylvania — Mid Atlantic Real Estate Journal www.marejournal.com

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www.marejournal.com Mid Atlantic Real Estate Journal — Pennsylvania — March 16 - 29, 2012 — 1B

2B — March 16 - 29, 2012 — Pennsylvania — Mid Atlantic Real Estate Journal www.marejournal.com

PENNSYLVANIA

BINGTON, PA — Marcus & Millichap Real Estate Invest-

ment Services, announced the sale of 1061-1063 Easton Road, an 11-unit mixed-use property consisting of nine apartments and two retail spaces located in Abington, according to Spencer Yablon, Regional Manager of the firm’s Philadelphia office. The asset commanded a sale price of $1,000,000.

The team of Corey Lonberg-er and Ken Wellar, associate vice presidents out of Marcus & Millichap’s Philadelphia offi ce, had the exclusive list-ing to market the property on behalf of the seller, a lim-ited liability company. The property sold for more than $90,000 per unit.

According to Corey Lon-berger, “The excellent loca-tion and historically low

Lonberger and Wellar reps seller

Marcus & Millichap announce $1m sale of mixed-use units A

interest rates helped to drive this process. We generated numerous offers and the seller achieved an aggressive price for the owner.” Wellar

1061-1063 Easton Road

added, “This building will produce positive cash fl ow for the new owner for years, so both principals made a good deal.” ■

WHITEHALL, PA — John Crampsie, principal at NAI Summit, recently negotiated two lease transactions at Riv-erside Business Center (1139 Lehigh Avenue) in Whitehall, totaling over 85,000 s/f.

In the first transaction, Crampsie represented both the building owner, Whitehall Riverside LP, and the tenant

Crampsie of NAI Summit leases 85,000 s/fin a 7 year lease renewal/ex-pansion of 58,874 s/f of ware-house space. The tenant, FL Smidth, is an international leading supplier of equipment, services and expertise for the cement and minerals indus-tries. FL Smidth also has a location in Bethlehem, PA.

In the second transaction, Crampsie represented the

building owner, Whitehall Riverside LP, in leasing 29,281 s/f of warehouse space. The tenant, Parex USA, Inc., a subsidiary of ParexGroup, is one of the world’s leading manufacturers of specialty chemicals and ready-to-use mortars for the construction industry. This is Parex USA’s fi rst Lehigh Valley location. ■

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PENNSYLVANIA

a section of the


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

Senior VP Italiano reps seller

CBRE brokers $875k sale of 50k s/f industrial building

LIFTON HEIGHTS, PA — Representing the owner, M.C. Et al,

CBRE Inc. (CBRE) recently sold a 50,000 s/f industrial building and site at 415 S. Penn Street in Clifton Heights, PA. CBRE’s senior vice president Steve Ital-iano successfully negotiated the $875,000 deal for the seller. The building will soon be home to new manufacturing occupants, DCI Products, who were rep-resented in Sale negotiations by Ben Jacobson Real Estate Brokers and Henderson Real Estate, LP.

The purchaser of the prop-erty, Henderson Real Estate, LP will lease the entire build-ing and site to roofi ng products manufacturer DCI Products. DCI Products, founded in 1990, specializes in the manufactur-ing of Innovative Residential and Light Commercial Building Products. These products are distributed nationally as well as throughout Canada and satisfy Green Building Standards.

Company vice president Steve Henderson states, “We are very excited about the op-portunity to locate our company in Clifton Heights and to retain all of our 18 well trained and ex-ceptional personnel which helps the DELCO economy.” At DCI Products the focus is on ‘green technology’ and how to apply that concept to everyday living in homes and businesses. ■

C

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Call Bud Hackett at 610 366 1709 x 242www.ohainc.com


PENNSYLVANIA

ORTHAMPTON, PA — Ann E. Kline, vice president in Colliers

I n t e r n a -tional’s Of-fi ce Division – Allentown - concluded three trans-ac t ions in Northamp-ton County, N o r t h a m p -ton, PA as follows:

SOLD: 8,634 s/f retail space located at 21st and Main Streets in Northampton, the main thoroughfare through the city. The space is currently occupied by Dollar General, a

Kline was the sole broker in transaction

Colliers International facilitates $600k retail sale

long term lease tenant. Dol-lar General operates more than 9,200 stores in 35 states, including more than 400 in Pennsylvania.

The buyer was Providence Property, LLC, with a pur-chase price of $600,000. Ann Kline was the sole broker in this transaction.

LEASED: 5,386 s/f mixed-use space located at Courtney III, a 42,000 s/f property situ-ated on 2550 Broadhead Road, Bethlehem, Northampton County, PA. This space was leased to Lancaster Regional Medical Center – opening an offi ce location for their busi-ness operations.

Colliers’ broker Ann Kline represented the lessor; Lori Campbell of Coldwell Banker represented Lancaster Re-gional Medical Center.

LEASED: 4,994 s/f office/warehouse space located at Courtney II, a 98,000 s/f prop-erty situated at 3894 Court-ney Street near the Route 512 & Route 22 Interchange. The space was leased by RB Associates of Bethlehem, PA to Beauty Blender of Beth-lehem.

Colliers’ broker Ann Kline represented RB Associates; Bob Dandi of ReMAX Central represented the Lessee, Beau-ty Blender of Bethlehem. ■

N

PENNSYLVANIA

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NORRISTOWN, PA – Taylor Young of Beacon Commercial Real Estate, LLC represented the landlord, 2621 Van Buren, L.P., in the long-term renewal of a 57,638 s/f flex space to Megger at 2621 Van Buren Avenue, Norristown, Pennsyl-vania.

Megger is a worldwide com-pany and has been in busi-ness for over a hundred years. Megger provides electric test equipment along with measur-ing instruments for electrical power and telecommunications applications.

The 251,751 s/f building has

Young of Beacon reps landlord in 57,638 s/f lease renewal

2621 Van Buren Avenue

thirty-six foot clear heights along with fi ve loading docks.

The building also has a four-teen percent office build out

and was built in 1969. Eric Wahlers of Gola Corpo-

rate Real Estate represented Megger in this transaction. ■

FOUR RADNOR CORPORATE CENTER100 MATSONFORD ROAD, SUITE 220 RADNOR, PA 19087

PHONE: 610.828.0100 FAX: 610.828.3873

CONGRATULATIONS!We would like to congratulate the following Beacon

brokers for their achievements in brokerage...! Largest Office Sale

Gene McHale, Mike Flynn, Colin McHale

Top Leasing BrokersGene McHale

Largest Investment Taylor Young

Also congratulations for honorable mentions in: Largest Office Lease

Gene McHale, Colin McHale Largest Industrial Sale

John Greenwald, Taylor Young Largest Industrial Lease

Gene McHale, Mike Flynn, Colin McHale

www.marejournal.com Mid Atlantic Real Estate Journal — Central Pennsylvania Spotlight — March 16 - 29, 2012 — 5B

PENNSYLVANIA SPOTLIGHTCENTRAL PA

arket View LP has purchased the apart-ment building located

at 11 S. 3rd St., Harrisburg. Seymour Barget and Drew Bobincheck, CCIM of Land-mark Commercial Realty, Inc./ONCOR International repre-sented both the buyer and the seller, Joseph Kowalczyk in the $180,000 transaction.

McKenzie Sports Products Inc. has recently signed a long term lease for 70,000 s/f of ware-house space at 460 Sterling St., Camp Hill. Jason Grace, CCIM, SIOR and VP of Landmark Com-mercial Realty, Inc./ONCOR International represented the landlord and Adam Campbell of Campbell Commercial Real Estate represented the tenant.

Advantage Sales & Market-ing, LLC has leased 26,670 s/f of offi ce space at 4250 Crums Mill Rd., Harrisburg. Thomas T. Posavec, SIOR and Roy H.

Grace of Landmark negotiates 100,000 s/f in 3 warehouse leases

Landmark Commercial’s Barget & Bobincheck rep buyer and seller in $180,000 transaction

Brenner of Landmark Com-mercial Realty, Inc./ONCOR International represented the landlord.

Jason Grace, CCIM, SIOR and VP of Landmark Commer-cial Realty, Inc./ONCOR Inter-national has recently leased 18,000 s/f of warehouse space located at 801 Spangler Rd., Camp Hill, on behalf of the ten-ant and landlord.

D.L. Spitler Lumber Company has leased 14,400 s/f of indus-trial space at 1890 Old Crooked Hill Rd., Harrisburg, PA. Roy H. Brenner of Landmark Com-mercial Realty, Inc./ONCOR In-ternational negotiated the lease on behalf of the landlord and Denise Cass of High Associates represented the tenant.

Jason Grace, CCIM, SIOR and VP at Landmark Com-

M

COMMERCIAL REAL ESTATE

FORMER BORDERS3515 Gettysburg Rd.Camp Hill, PA

23,875 S.F. RETAIL SPACE AVAILABLE FOR LEASE

Rare opportunity to lease a high pro le retail building in close proximity to the Capital City Mall, Camp Hill Shopping Center,

PA Route 581, and US Route 11/15

“proposed”

Coldwell Banker Commercial Bennett Williams110 N. George Street-4 Floor

York, PA 17701www.bennett williams.com

Contact: Chad Sti ne or Bradley Rohrbaugh

717-843-5555

mercial Realty, Inc./ONCOR International represented the tenant who signed a long term lease for 12,000 s/f of warehouse space at 7917 Derry St., Har-risburg. Julie Trogner of Jones Lang LaSalle represented the landlord, DP Partners Derry Street 1 LLC.

Andrew Kohr and Thomas Posavec, SIOR of Landmark Commercial Realty, Inc./ON-COR International leased 3,750 s/f of space at 99 November Drive, Camp Hill, represented the landlord. Daniel Alderman of NAI CIR represented the ten-ant in the transaction.

Excellerator Fitness has leased 2,000 s/f located at 304-314 Market St., Lemoyne. An-drew Kohr of Landmark Com-mercial Realty, Inc./ONCOR International represented both the landlord and tenant.

Roy H. Brenner of Landmark Commercial Realty, Inc./ON-

COR International has negoti-ated a 2,800 s/f lease of com-mercial space at 26-30 Market St., Mechanicsburg, on behalf of the tenant and Andrew Lick of RSR Realtors represented the landlord.

TreCom Systems Group, Inc. has leased 2,050 s/f of office space at 99 November Dr., Camp Hill. Andrew Kohr and Thomas Posavec, SIOR of Landmark Commercial Realty, Inc./ON-COR International represented the landlord and Vincent Jolly, Jr. of CVA Commercial repre-sented the tenant.

Autumn Avenue LLC has purchased a 1,400 s/f commer-cial building located at 1230 E. Chocolate Ave., PA. Roy H. Brenner of Landmark Commer-cial Realty, Inc./ONCOR Inter-national represented the buyer and John Tice of Jack Gaughen Realtor, ERA represented the seller. ■


460 Sterling Street — Camp Hill, PA

Bradley Swidler

Craig Rahn

Daniel Alderman

Erik Gainor

Fahd Malik

Harold Leibenson

Ida McMurray, CCIM

Jack Shepley, SIOR

James Ross

William Gladstone, CCIM, SIOR

Central PA’s Leading Commercial Industrial Real Estate Firm*

Our Agents:

*Based on Central Penn Business Journal Report of Commercial Real Estate Firms 2008-2010

David Rudy

Jason Sourbeer

Joseph Bedard, SIOR

Justin Shoemaker

Mark Santanna

M. Richard Kleiman

Nathan Kranz

Nik Sgagias

Peter Gemora

Robin Zellers, SIOR, COO

magine yourself, as a real estate broker, in the following scenario:

W h a t d o y o u d o t o m a t c h a buyer with a 6 2 , 0 0 0 square foot former man-ufactur ing building in d o w n t o w n setting that has limited park-ing, has been mainly vacant, and missed the bubble of op-portunity for conversion into residential living spaces?

You hope to get lucky.

By Russell J. Bardolf, Jr., CCIM, SIOR, ROCK Commercial

What does it take to bring a property back to life?

IThe 62,000 s/f building at

210-236 York Street in the City of York in Pennsylvania dates back to the early 1940’s with various ownership and uses. This list includes a publishing and typesetting company, a youth center that didn’t come to fruition, then changed into the hands of a residential developer, and fi nally landed with local inves-tors that bought the building in 2008. These investors were able to rent some of the space in the building and searched, with the help of ROCK Com-mercial Real Estate, for more potential tenant and buyer

opportunities. The key to the recent sale of

this particular building and its future redevelopment was found outside of the normal marketing efforts. Creative thinking, an interest in their hometown, and the ability to invest substantial money in the building were the in-gredients that Think Loud Development, made up of former “Live” band members and current “The Gracious Few” band members, brought to this project. It is the home-town investor’s connections; along with input, motivation and vision that will bring this

CENTRAL PA


York Street property back to life.

The times are a changing and companies from across the country may be buying the building right down the street. Investors that have a larger fi eld of vision can see redevelopment on a scale at which we are not accustomed to seeing at a local level. Think Loud Investments used their global connections to make this project a reality for their vision and the City of York.

The lesson learned is that the professional real estate broker of today is fi rmly con-nected to the immediate area

it serves and at the same time is able and willing to use all the dynamic technology and marketing tools available to reach a borderless market of buyers and tenants. Some-times you create your own good luck.

Russell J. Bardolf Jr., CCIM, SIOR is director of sales at ROCK Commercial Real Estate. Russ special-izes in offi ce and invest-ment real estate sales. He has over 30 years experi-ence working in several positions in the real estate and the development in-dustry. ■

Russell Bardolf

RELYONROCK

ROCK Commercial Real Estate, LLC, Susquehanna Commerce Center West221 West Philadelphia St. Suite 19, York, PA 17401-2992

717-854-5357 Fax: 717-854-5367 www.rockrealestate.net

The Power of Team. For in-depth market research. For fast service that saves time and money. For timely and accurate information. For a unique team-based approach to

commercial real estate

CENTRAL, PA — ROCK Commercial Real Estate, LLC leased 7,394 s/f to fi t location and space needs for a local HVAC and Plumbing company, insurance agent, and orthopedic and spine specialist. Please see the detailed transaction infor-mation below.

Axel Mechanical, LLC. leased 3,230 s/f of light man-ufacturing space at 1569 West King St. in York, in West York Borough. ROCK Commercial Real Estate, LLC represented the land-lord and the tenant in this transaction. ASK

State Farm agent Damon Garon leased 2,154 s/f of of-fi ce space at 2139 Industrial Highway in York, in Sprin-gettsbury Township. ROCK Commercial Real Estate, LLC represented both the landlord and the tenant in this transaction.

Orthopaedic & Spine Spe-cialists, P.C. leased 2,010 s/f of medical offi ce space at Hillside Medical Center at 250 Fame Ave., Suite 204 in Hanover, in Penn Township. ROCK Commercial Real Estate, LLC represented the landlord in this transac-tion. ■

ROCK leased 7,394 s/f in 3 transactions

250 Fame Avenue


CENTRAL PA

f the fi rst quarter of 2012 is an indicator of what lies ahead for Central Penn-

s y l v a n i a multi-family owners, it is shaping up to be a prof-itable year for operators who are well positioned. Likewise, op-portunities to make new in-vestments continue to surface for those investors who know where to look.

At this time last year, multi-family investors were cau-tiously optimistic having just weathered the storm of “The Great Recession.” It is appar-ent that, although challenges remain in the economy, we are unlikely to slip back into re-cession. Operators a year ago were reporting a signifi cant decrease in concessions being offered to maintain stable oc-cupancy rates and some were even boasting a modicum of rent growth. Employment numbers have begun to slowly improve despite election year mudslinging, and those opera-tors who raised the sail last year have found that there is a full on tail wind for multi-family operations, with rising rents and occupancies.

Now that the dazzling light of new homeownership has been eclipsed by the reality of the worst foreclosure market in history, the rental market has once again emerged as a cost effective and convenient housing solution for all so-cial demographics. Many of the apartments in Central Pennsylvania were built be-tween 1960 and 1975. In this category there is an array of options for potential renters across all income levels. Some of these complexes remain outdated and appeal to a lower income class while others have undergone significant renovations and are achieving the higher end of mid-market rents. The highest end of the market is being dictated by new construction projects that boast a full amenity package and offer luxuries that would be expected at a five star resort. Still, all of these op-tions has seen an increase in renter activity over the past six months and there are quite a few new projects expected to break ground in Central Penn-sylvania markets in 2012. Due

By Zachary Pierce, Marcus & Millichap Taylor-Zang

For Central PA’s multi-family owners, it’s shaping up to be a profi table year!

I

Zachary Pierce

to lower cost of land and less expensive construction costs, Central Pennsylvania is see-ing more development that other markets including the immediate suburbs outside of Philadelphia

The improvements in multi-family fundamentals in com-bination with historically low interest rates have led to an increase in transactional ve-locity. Government sponsored enterprises (GSE’s) or agency lenders including Freddie Mac and Fannie Mae are currently offering interest rates in the 4 percent range with attractive terms. Local commercial banks have typically offered loans

approximately 50 basis points higher. This has led to a com-pression of capitalization rates and an increase in achievable sale prices for apartment as-sets. Many investors that felt they missed the opportunity to achieve the higher sale prices of 2006 and 2007 are now realizing this opportunity has returned. Combined with a surplus of capital and pent up buyer demand, 2012 is proving to be a fruitful year for buyers and sellers alike.

The investors that are poised to capitalize on the opportuni-ties of an improving market are those that are the most prepared and educated about

trends in their marketplace. Investment brokers are report-ing a rapid increase in property evaluations. Investors want to know what their properties are worth and how they are positioned in the competitive marketplace. They want to know how much equity they have tied up in their proper-ties. They want to see oppor-tunities and be poised to take advantage of them. The biggest risk to any investor is not hav-ing a strategy. Whether inves-tors have strategy of growth, value add strategy or disposi-tion strategy, it is imperative that they know the current value of their assets and how

they sit in the competitive set. Far too many investors don’t understand their own assets. Many more see great oppor-tunities that they aren’t in a position to take advantage of. The key today is to understand your asset(s), understand your marketplace, have a strategy, and be prepared to act quickly when the right opportunity presents itself.

Zachary Pierce is an as-sociate director of Mar-cus & Millichap’s National Multi-Housing Group and specializes in the sale of apartments in Philadelphia Metro and Central Pennsyl-vania markets. ■

Search more than 300 available properties at:

www.highassociates.com/propertysearchemail: [email protected]

Lancaster, PA600-acre, Master-planned Business Campus

Industrial & Flex Space 5K-55K SF Class-A & Class-B Office Space 1K-25K SF + Acres Available for Built-to-Suit

Harrisburg, PA RegionPA Turnpike I-76/Route 15

Industrial & Flex Space 12K-14K SF Class-A & Class-B Office Space 1K-4,600 SF On-site Hotels & Restaurants

Chester County, PA200-acre, Master-planned Business Campus

Industrial & Flex Space 4K-63K SF Class-A & Class-B Office Space 800-6,500 SF Easy Access/Highway Frontage

SPACE AVAILABLE

Brokers, David Nicholson. He is joined by a dynamic team of commercial experts including Joe Spagnola, Blake Gross, Travis Riley, Jeremiah Hamil-ton, and Ryan Myers. Together this team represents many of the regions most distinguished commercial properties and ten-

CENTRAL PA


ORK, PA — LMS Com-mercial Real Estate an-nounced it has expanded

its presence in York County by opening a new offi ce for its Brokerage Division at 1200 Greensprings Drive, York. The office is part of the Gabriel Brothers Plaza which is strate-gically located along Interstate 83 at the Mount Rose Exit in Springettsbury Township. LMS’s Brokerage Division had previously been located in the Queensgate Towne Center in York Township, however con-tinued success and growth has created a need for more space.

The York offi ce is lead by one of the regions most successful

LMS Commercial Real Estate announces its new York Offi ce

Hummel awarded CIPS; Myers, Hamilton, Wilson & Bunting to join sales team

Y

Ryan A. MyersTed Hummel

ants, including: Starbucks, Ann Taylor, Ruby Tuesday’s, Qdoba, White House Black Market, Soma, Pet Valu, Shoe Carnival, Hair Cuttery, The Fresh Mar-ket, Firestone, Family Dollar, Aaron’s Rent To Own, Mattress Warehouse, Meadows Frozen Custard, Denny’s, Bruster ’s

Ice Cream, Amelia’s Grocery Outlet, Verizon Wireless, Royal Farms, Gino’s, Firebirds, Pier 1 Imports, Patient First and many others.

Ted Hummel of LMS Commer-cial Real Estate was awarded the esteemed Certified Inter-national Property Specialist (CIPS) designation and joins a worldwide network of elite global real estate practitioners with expertise in working with international clients as well as serving the growing multicul-tural population in the United States. The CIPS Designation is awarded by the National As-sociation of REALTORS®, the world’s largest trade association

representing over 1,000,000 REALTORS® in the United States.

LMS Commercial Real Es-tate of Manheim Township, Lancaster is also pleased to an-nounce the following addition to its sales team.

Ryan A. Myers joined the team of LMS Commercial Real Estate on February 13th, 2012. Prior to joining LMS, Ryan worked for ROCK Commercial Real Estate, where he started in 2001. He has a B.A. in Business Administration and Marketing from Shippensburg University.

He is affiliated with Inter-national Council of Shopping Centers, Inc. (ICSC) and is a Certified Commercial Invest-ment Member (CCIM). He is a member of the Hanover Rotary, Main Street Hanover, Keystone Core Services Steering Board of Directors and the Hanover Area Chamber of Commerce Board of Directors.

Ryan actively represents Royal Farms, Gino’s and Patient First.

Jeremiah Hamilton began 2012 by joining the team of LMS Commercial Real Estate in the brokerage division as a commercial agent. Prior to joining LMS, Jeremiah worked as a retail specialist for Bennett Williams Realty. While there, he completed over 500,000 s/f in real estate transactions, in-cluding receiving “Rookie of the Year” honors in 2006.

Jeremiah currently repre-sents 540,000 s/f of available commercial/retail space and actively represents Verizon Wireless and Little Caesars from Pittsburgh to Philadelphia with a special concentration on the Central PA Region.

Jillian Bunting officially joined LMS Commercial Real Estate in January 2012, previ-ously interning with LMS for five years in various aspects of the business. As an intern, Jillian gained experience with designing postcards and ads as well as maintaining monthly sales reports for current ten-ants and performing various administrative duties.

Sarah Wilson joined LMS Commercial Real Estate in January 2012 as a Leasing Assistant for the York office. Previously, Sarah spent 6 and half years as the Marketing Co-ordinator for Bennett Williams Realty where she designed ads, brochures, aerials and many other forms of marketing for various Commercial Real Estate projects. ■

Sarah WilsonJeremiah Hamilton

Creating Value for our Clients Through Experience for Over 20 years.

Did you know...

ww

w.L

MS-

PMA

.com

Call Joseph R. Deerin, Donna Deerin Ward or David Nicholson Today!717.569.9373

L c c120 N. Pointe Blvd.Suite 301Lancaster, PA 17601

or ce1200 Greensprings Dr.York, PA 17402 Leasing Management Sales Development Construction Acquisition

We speciali e in enan and landlord represen a ion, rocery s ores, edical o ces, nei h orhood cen ers, po er cen ers, pro essional o ces and shoppin cen ers.

LMS has developed over 6 Million square feet of commercial space

and 700 Apartments & Townhomes.

LMS manages and leases over 100 properties and including more than 6.5 Million square

feet and over 1,400 leases.

Keystone Arms Center Rt. 11 @ Post Road Carlisle, PA Join Dollar General & Subway! Inline Retail

Space & (5) Pad Sites Available for sale/lease.

South Hanover Shopping Center 793-851 Baltimore Pike

Hanover, PA

Join Giant! +/- 970 - 1,800 SF & (2) Pad Sites Available

The Shoppes at Landis ValleyRt. 272 & Landis Valley Road

Lancaster, PA

Join CVS, Giant-to-Go & Susquehanna Bank! +/- 1,500 - 5,089 SF Available

Overlook Town CenterFruitville Pike Near Rt. 30

Lancaster, PA

Construction to start in Spring of 2013Pad Sites Available

Millersville CommonsRt. 741 & Wabank Rd.

Millersville, PA

Join Sheetz! +/- 1,600 - 15,000 SF & Bank Pad Site Available

Queensgate Towne Center2081 Springwood Rd. York, PA

+/- 674 - 2,150 SF Inline Space, 1,200 SF Annex & 4,700 SF Pad Site Available. Join Chipotle!


CENTRAL PA

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CENTRAL PA

ECHANICSBURG, PA — Caulderon Tex-tiles, an Indianapolis

based textile company, is open-ing a new location in 35,000 s/f of space it has leased at 302 Mulberry Dr., Mechanicsburg. Caulderon Textiles services the hospitality, healthcare, and retail markets by provid-ing high quality and cost ef-fective hospitality linens. Ida McMurray of NAI CIR repre-sented Caulderon Textiles, and Bradley Swidler of NAI CIR represented the landlord.

The Central Pennsylvania Blood Bank has leased 11,800 s/f of warehouse space at 8176 Presidents Dr., Swatara Twp. Ida McMurray and Daniel J. Alderman, both of NAI CIR, handled the transaction.

United Flooring has leased 10,000 s/f of warehouse space at 1003 Maclay St., Harris-burg. Fahd Malik of the Bill Gladstone Group of NAI CIR represented United Flooring, and Beau Brown of Bennett Williams represented the land-lord.

Visual Sound, Inc. is re-

locating its regional offi ce to 6,063 s/f of space it has leased at 4700 Westport Dr., Lower Allen Twp. David Rudy of the Bill Gladstone Group of NAI CIR represented the landlord, Lower Allen Business Center, LP, and Mike Curran of CBRE represented Visual Sound.

Helping Hands Medical Sup-ply, LLC has leased 4,815 s/f of space at 681 Knight Road, West Hanover Twp. The space will be used for an additional

Brown of Bennett Williams reps landlord in 10k s/f lease

McMurray and Swidler of NAI CIR lease 35,000 s/f

YORK, PA — Coldwell Banker Commercial Bennett Williams has arranged the lease of the following transac-tions:

Leases: 1,223 s/f of retail space at York Marketplace at 2415 E. Market St. in York. Smoothie King leased the space for ten years from Ce-dar Realty Trust Partnership LP. Chad Stine and Brad Rohrbaugh of Bennett Wil-liams represented the tenant in the transaction.

390 s/f of retail space at Vil-lage Square Shops at 26 N. Main St. in Jacobus. Danielle Wood leased the space for one year from Ethel Smith Realty LLC. Chad Stine and Brad Rohrbaugh of Bennett Wil-liams represented both the landlord and the tenant in the transaction.

950 s/f of retail space at State Street Plaza at 829 State Street in Lemoyne. Dream Cadillac Studio d.b.a Mary Kay leased the space for one year from State Street Plaza Associates. Chad Stine, Brad Rohrbaugh, and Adam Hager-man of Bennett Williams rep-

resented the landlord in the transaction.

1,020 s/f of retail space at State Street Plaza at 829 State Street in Lemoyne. Tastemak-ers, LLC leased the space for fi ve years from State Street Plaza Associates. Chad Stine, Brad Rohrbaugh, and Adam Hagerman of Bennett Wil-liams represented both the landlord and the tenant in the transaction.

1,600 s/f of retail space at 530 N. Progress Ave. in Harrisburg. Raylon Corporation leased the space for fi ve years from Progress Elmerton, LP. Chad Stine and Brad Rohrbaugh of Bennett Williams represented both the landlord and the ten-ant in the transaction.

Sales: 7.24 acre, 66,200 s/f shopping center at Kings-ton Square at 2504 East-ern Blvd. located in York. Kingston Square Associates LLC purchased the property from Kingston Fixed Income LP. Chad Stine and Brad Rohrbaugh of Bennett Wil-liams represented both the buyer and the seller in the transaction. ■

M

Stine & Rohrbaugh rep both in 66,200 s/f sale

CBC Bennett Williams brokers 5,183 s/f of leases

offi ce and shop location. Craig Rahn of NAI CIR represented both Helping Hands and the landlord, JAD Development.

Erie Construction is opening an additional location in 3,400 s/f of warehouse space it has leased at 5340 Jaycee Ave., Lower Paxton Twp. Fahd Ma-lik of the Bill Gladstone Group of NAI CIR represented the landlord, Triple Crown Corp., and Mike Curran of CBRE rep-resented Erie Construction. ■

302 Mulberry Drive

530 N. Progress Avenue

Carlisle, PA – Rose Metal Sys-tems, Inc. a full-service, com-prehensive building specialist has been recently awarded the following contracts throughout the Central PA region.

Rose Metal Systems, Inc of Carlisle, PA has been awarded three contracts to furnish and erect metal building support fa-cilities for Chesapeake in Sayre.The buildings will feature four 20 ton top running cranes and provide offi ce space. Construc-tion is underway.

Rose Metal Systems, Inc of Carlisle has been awarded a contract to furnish and erect a new metal building facility for Chesapeake in Towanda, PA. The buildings will house com-pressor operations. Construc-tion is underway.

Rose Metal Systems, Inc. of Carlisle has been awarded a contract to erect a metal building addition to the FedEx Ground Facility in Auburn, PA. Construction will occur this spring.

Rose Metal Systems, Inc. of Carlisle has been awarded a contract to furnish and erect a galvanized metal building for North Londonderry Township Waste Water Treatment Plant. Construction will occur this spring.

Rose Metal Systems, Inc. of

Carlisle, PA has been awarded a contract to furnish and erect a new manufacturing facility for Rex Heat Treat in Bedford. The 26,000 s/f facility features four top running cranes and a custom composite standing seam roof with mineral wool for high temperature manufacturing. Construction is underway.

Rose Metal Systems, Inc. of Carlisle, PA has been awarded a contract to furnish and install a new metal roof overlay for Strickler Insurance Agency in Carlisle. The 8,250 s/f roof has multiple hips and skylights. Construction is underway.

Rose Metal Systems, Inc. of Carlisle, PA has been awarded a contract to furnish and erect a metal building addition to the Covenant Christian Academy in Harrisburg. The addition is to include a Gymnasium, Locker Rooms and additional Class-room areas. Construction will occur this spring.

Rose Metal Systems, Inc. of Carlisle, has been awarded a contract to furnish and erect a 54,000 s/f self-storage facility including a two story climate controlled structure for Trindle Self Storage. Construction will occur this summer. ■

Rose Metal Systems to erect 54,000 s/f facility

Rex Heat Treat - Bedford, PA LEBANON, PA — High Associates Ltd. announces recent real estate transac-tion:

Lebanon Warehouse P a r t n e r s Inc., based in Lebanon County, PA, h a s p u r -c h a s e d a 190,000-s/f industrial building at 1800 Lehman Street in West Leba-non Township from American La France of Summerville, SC. Denise Cass of High Associates Ltd. handled the transaction for the buyer and

seller.Charles Lambiasi has

leased 1,200 s/f of space at Plaza 5000 on Linglestown Road in Low-e r P a x t o n To w n s h i p from build-ing owners Nick and An-gela Loxas. L a m b i a s i

will open an office for his aquarium services business. Denise Cass of High Associ-ates Ltd. represented the tenant and Andy Kohr of Landmark represented the landlords. ■

Denise Cass Andrew Kohr

Cass of High Assoc. reps tenant & Kohr of Landmark reps landlord in 1,200 s/f lease


CENTRAL PAARCHITECTURE/ENGINEERING/ENVIRONMENTAL


CIVIL ENGINEERS

CREATIVITY QUALITY EXPERT ISE

800.301.3077www.blcompanies.com

Pennsylvania | Maryland | New York | Connecticut

For Sale/Lease

1550 Commerce DriveLancaster PA 17601 - $2,950,000 • New Car Dealership on 5.22+/- Acres• 19,269 SF building area, including 5,923 SF office/showroom and 13 service bays, parts storage and fenced parking area • Parking for 150+ vehicles

40 Citation Lane, Lititz PA 17543First class industrial building in attractive business park setting. Great Manheim Township location with easy access to Route 30 and Route 283. Includes a two (2) story building with approximately 29,000 square feet of finished office space and 23,420 square feet of large open areas, suitable for technical assembly, R&D or light manufacturing. Building is fully air-conditioned, sprinklered and has 190 on-site parking spaces. SALE PRICE: $3,750,000.00 LEASE RATE: $6.75/SF NNN

1530 Commerce Drive Lancaster PA 17601 - $1,800,000 • Tour Bus Facility on 2.81+/- Acres • 8,888 SF Offi ce Building• 7,950 SF Shop, includes 100’ wash bay and 10,000 gal. registered diesel tank • Parking for 84 vehicles, 19 buses

High profile location with outstanding visibility and pylon signage on Rt 283 (58,000 vehicles per day) 1 Mile 3 Miles 5 MilesPopulation 5,181 54,767 160,783 Median HH Income $54,528 $64,976 $56,071 Number of Households 2,377 21,678 63,629

For Sale

15

30

15

50

Daniel Berger CCIM, SIOR [email protected] tel 717 283 0600 fax 717 283 0609 www.naicpi.com

Thomas M. McDermottCCIM, SIOR [email protected] 717 283 0600 fax 717 283 0609 www.naicpi.com


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

Brokers Protected

Physical Characteristics•Size: 120 Acres (sub-dividable)•Location: In Lebanon County, PA•Topography: Generally flat with elevation between 450.0-510.0 ft.•Zoning: Industrial and Office

Utilities•Water: City of Lebanon Water Authority, 12" line•Sewage: City of Lebanon Water Authority, 18" line•Gas: UGI utilities, 6" line•Electricity: Met-Ed, A FirstEnergy Company, 69KV

Transportation•Rail: Norfolk Southern Railway•Highway: I-76, I-78 & I-81 are located 9 miles from site•Air: Harrisburg International, 20 miles

ENKINS, PA — Mericle Commercial Real Estate Services, the developer of

the fast-growing CenterPoint Commerce & Trade Park in Jenkins and Pittston Town-ships, has begun constructing a 120,416 s/f speculative fl ex building in the park.

Work is well underway on the project site, a 22.78 acre parcel located at 501-575 Keystone Avenue in Jenkins Township. Steel will arrive on the site in April.

The new building will be the fi rst constructed by Mericle in CenterPoint East’s new Phase IIC section. Like Mericle’s other fl ex buildings, the facility has been designed to accommodate manufacturing, distribution, offi ce, and medical fi rms. How-ever, this building will be the most visible built in the park to date.

“The building will be located a stone’s throw from I-81 and I-476 and will be seen from both highways,” said Mericle Vice

President Bob Besecker. “This one will really get your attention as you drive by.”

Besecker estimates that the building will house four to eight tenants and more than 100 jobs when fully occupied.

The facility will be able to be subdivided as small as 12,083 s/f and will have an attractive masonry and glass façade. Fea-tures include abundant parking, energy efficient heating and

J

20th building addition will total 5.5m s/f constructed

Mericle announces 120,416 s/f CenterPoint Spec Bldg.

lighting, 13 loading doors and a ceiling clear height from 30’1” to 34’3”.

Besecker said the building will be ready for tenants in late summer, 2012.

The building will be the 20th developed by Mericle in Cen-terPoint since 2005 and will grow the total s/f constructed in the park to 5.5 million. Close to 3,000 people work in Center-Point. ■

• Project Management

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LANDCOREconsulting.com

PHILADELPHIA METRO OFFICE:8614 Montgomery Avenue

Wyndmoor, PA 19038215-836-2510

LANCASTER OFFICE:1853 William Penn Way, P.O. Box 10368

Lancaster, PA 17605-0368717-672-0614

NEW JERSEY OFFICE:100 Overlook Center, Suite 200

Princeton, NJ 08540609-920-0268

PITTSBURGH OFFICE:201 Penn Center Boulevard, Suite 400

Pittsburgh, PA 15235412-253-6569


PROJECT NEWS

501-575 Keystone Avenue

PHILADELPHIA, PA — Tishman Construction Cor-poration (TCC), an AECOM company, is managing the construction of a new, $160-million, 14-story, 510,000 s/f Philadelphia Family Court-house for the Pennsylvania De-partment of General Services

(DGS) at the northwest corner of 15th and Arch streets. With excavation almost complete and foundations having be-gun, the building is planned to be completed by the Spring of 2014.

The Family Courthouse proj-ect is the largest construction

project in Philadelphia since the Pennsylvania Convention Center expansion and the renovation of the former 30th Street Post Offi ce for the IRS. Tishman successfully deliv-ered the convention center three months early as part of a joint venture. ■

TCC to build Philadelphia Family Courthouse

P H I L A D E L P H I A , PA — The Franklin Institute, Pennsylvania’s most-visited museum, has selected Skan-ska USA to construct its ambitious new building addi-tion, the Nicholas and Athena Karabots Pavilion. The build-ing has been designed by SaylorGregg Architects and will apply for LEED Silver

certifi cation. Total design, construction and fi t-out for the building addition will generate 150,000 hours of work and 125 jobs in con-struction, design and consult-ing in Philadelphia, as well as 20 additional full-time or full-time equivalent jobs at The Franklin Institute.

Last fall, The Franklin In-

stitute received a transforma-tive $10 million contribution from Nicholas and Athena Karabots for the addition. The gift marks the largest in-dividual contribution ever to the science museum, and al-lows Skanska to break ground in spring 2012 with a goal of opening the addition in sum-mer 2014. ■

Skanska USA to construct Nicholas & Athena Karabots Pavilion

Bruce W. Kranz | Senior Vice President6000 Freedom Square Drive Suite 400 | Cleveland, OH 44131

| P: 216-674-2443 | C: 216-906-8898

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CREW Lehigh Valley thanks its 2012 corporate sponsors:Annual Partner/Main Sponsor: Fitzpatrick Lentz & Bubba, Liberty Property Trust, Tallman Hudders & Sorrentino

Contributor: Langan Engineering, Lafayette Ambassador Bank, NAI Summit, MKSD ArchitectsFriend: Barry Isett & Associates, Berks Economic Partnership, HMK Insurance, KNBT - A Division of National Penn Bank,

JG Petrucci, Inc., North Star/Polaris, The Dietrick Group, LLC

bout 25 members and guests of CREW LV attended a fast-paced

“Lunch and Learn” on regula-tory changes and their potential impact on projects. Held on February 22 in the conference room of Principal Investments in the Frederick Group Build-ing, Allentown, PA the program attracted professionals involved in design, fi nancing, construc-tion, leasing, property manage-ment and appraisal, eager to know about the Pennsylvania Department of Environmental Protections’ new manual of regu-lations and the Pennsylvania Department of Transportation’s e-permitting process. Attorneys with Fitzpatrick Lentz & Bubba, PC, of Center Valley, PA and engineers from Barry Isett & Associates, Allentown partnered in the presentation. ■

Lehigh Valley Chapterwww.crewlehighvalley.org

Commercial Real Estate Women


During February Session

Regulatory Trip-Ups that could derail your project explored

Upcoming Events Peeps Goes Green – Just Born’s Confection Connection

Thursday, March 22, 2012OHL Building 4000 Township Line Road, LVIP V, Bethlehem Township, 18020

Noon – 1:30 Lunch, presentation & tours$15 CREW Members; $30 guests

Wear your walking shoes as Just Born and its partners present their LEED © Gold Project, the renovated 600,000 s/ftemperature-controlled Confection Connection™ warehouse/distribution center.

For membership information, please contact Karen Duerholtz, Boyle Construction, Inc., [email protected]

A

Catherine Durso, Esq., a Fitzpatrick Lentz & Bubba

shareholder and Secretary of CREW LV spoke about the Permit

Extension Act and NPDES permits, citing a Lancaster County

court case that could provide future direction. Kate’s practice

areas are Land Use Development and Zoning, Real Estate and Tax

Assessment matters.

Erich J. Schock, Esq., a shareholder of Fitzpatrick Lentz & Bubba and chair

of the fi rm’s Real Estate & Land Development Group discussed new infi ltrations

requirements in stormwater management. Erich’s practice areas are zoning and land use and

real estate.

Robert Cox, PE, PLS, a shareholder of Barry Isett &

Associates & senior civil engineer demonstrated the developmental restrictions imposed by riparian buffer

regulations. Earth disturbance is prohibited within 150 feet of the banks of waterways classifi ed by

the PA DEP as High Quality or of Exceptional Value.

Bob also prepared a Lehigh Valley map showing High Quality

and Exceptional Value waterways. Bob sits on the

Greater Lehigh Valley Chamber of Commerce’s Environmental

Committee.

Ryan Kern, PE , a shareholder of Barry Isett & Associates and senior traffi c engineer discussed

Highway Occupancy Permits and the new e-permitting system

instituted by PennDOT.

Tina Kisela, president of CREW LV and general manager of the Promenade Shops of Saucon Valley,

introduced the program.

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 INSURANCE (HMK)

SECRETARY

CATHERINE (KATE) DURSO

FITZPATRICK LENTZ & BUBBA, P.C.

TREASURER

CYNTHIA MERRITT, CPABUCKNO LISICKY

& COMPANY

CORRESPONDING SECRETARY

PAM MORRIS

LIBERTY PROPERTY TRUST

DIRECTORS-AT-LARGE

CHRISTA DUELBERG- KRAFTICIAN, AIA

SPILLMAN FARMER ARCHITECTS

JESSICA GENTILE

NORTH STAR CONSTRUCTION MANAGEMENT, INC.

POLARIS PROPERTIES, INC.

2012 COMMITTEE CHAIRS

SPONSORSHIP COMMITTEE

FRANCEE FULLER

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BOYLE CONSTRUCTION INC.

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ELIZABETH “MOLLY’ GRAVER, ESQ.

PLUNKETT & GRAVER, P.C.

610-398-4000

FITZPATRICK LENTZ & BUBBA, P.C.IS PROUD TO SUPPORT

fitzpatrick Lentz & Bubbaattorneys at law

Celebrating more than 20 yearsas the Valley’s law firm of choice.

CREWLehigh Valley

4001 Schoolhouse Lane • Stabler Corporate Center • Center Valley, PA610-797-9000 • info@flblaw • www.FLBLaw.com

BEST PLACESPAto work in

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BARRY ISETT & ASSOCIATES, INC.

Consulting Engineers & Surveyorswww.barryisett.com

Helping Clients Reach Real EstateDevelopment Goals Since 1977

Environmental Assessments • Condition Assessments

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Full - Service EngineersPA • NJ • MD

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

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Pam Richetta, General Manager

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A Pennsylvania Real Estate Investment Trust Property®

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COMMERCIAL VALUATION 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!!!


& Consulti ng

A LV E R N , PA — Liberty Property Trust announced the

promotion of vice presi-dent Brian C o h e n t o c i t y m a n -ager of the company ’s Philadelphia portfolio. In this role, Co-hen will manage development and oversee the leasing and property management of Liberty’s properties located in the City of Philadelphia (including Center City Phila-delphia and the Philadelphia Navy Yard), where he has been involved in some Phil-adelphia’s most environmen-tally responsible commercial developments.

“Brian has made signifi cant contributions to the growth

and success of Liberty in our hometown during the past seven years,” said John Gat-tuso, senior vice president and regional director for Liberty’s urban portfolio. “His energy, drive and team leadership have resulted in the success-ful implementation of some of our most exciting develop-ment projects, such as the Philadelphia Navy Yard, the Penn Health at Washington Square offi ce tower, and the Tasty Baking Production fa-cility, among others. Just as important, Brian has helped to create an outstanding Liberty team to serve our growing ten-ant base and to seek out new opportunities for growth.”

Currently, Cohen is respon-sible for overseeing the devel-opment of fi ve buildings in the City of Philadelphia totaling approximately 515,000 s/f and representing approximately

$160 million in investment in-cluding: a 205,000 s/f LEED® Platinum offi ce building for GlaxoSmithKline, a 56,000 s/f LEED® Gold offi ce building for Iroko Pharmaceuticals, two 50,000 s/f LEED® Certi-fied flex buildings and the aforementioned 150,000 s/f LEED® medical offi ce build-ing for Penn Health.

Recently completed devel-opment projects for which Cohen has been responsible include One Crescent Drive, the nation’s first developer owned LEED Platinum build-ing, Three Crescent Drive, a LEED Gold offi ce building and the development of the 345,500 square foot LEED Silver bakery facility for Tasty Baking Company, all in the Philadelphia Navy Yard.

Cohen joined Liberty Prop-erty Trust in 2001 as the Di-rector of Market Research. ■

Liberty Property Trust promotes vice president

Cohen named city manager of the Philadelphia Region

PITTSBURGH, PA — Na-than Brindle is an associate within CBRE’s Offi ce Broker-age Group, with a pri-mary focus on leasing offi ce space in the Central Busi-ness District. C u r r e n t l y, B r i n d l e i s hard at work representing over 1 million s/f of offi ce space for lease. While primarily engaged in landlord representation, Nathan also works with corporations and sellers to meet their real estate related needs.

Brindle graduated in May 2011 from Ohio University where he earned his B.A in from

the Scripps College of Commu-nications.

Prior to joining CBRE, Brindle was employed at Pennsylva-nia Commer-cial where his primary focus was general commercial brokerage.

As c l ient services spe-

cialist for the Offi ce Brokerage Services Group, Jamie No-votnak provides brokers and staff with creatively designed marketing materials such as brochures, proposals and print advertising, as part of her over-all duties supporting the owners of over 10 million square feet of offi ce buildings in this region.

CBRE’s Offi ce Brokerage Group hires Brindle & Novotnak

M

Harrisburg, PA — J. Marc Kurowski, Principal of K&W Engineers and Consultants in Dauphin C o u n t y , r e c e n t l y earned the MS Leader-ship Award f r o m t h e N a t i o n a l M u l t i p l e S c l e r o s i s Society of Central Pennsylva-nia. This award honors ex-ecutives for their outstanding contributions to the civic, busi-ness and cultural betterment of the Central Pennsylvania area. A proud supporter of MS research, Marc also raised close to $8,000 as part of the organization’s overall fundrais-ing goals.

The National Multiple Scle-rosis Society is dedicated to ending the devastating effects of MS. They simultaneously fund research for a cure while also helping people who cur-rently live with MS lead more fulfi lling lives.

Kurowski & Wilson of K&W recognized

Talented team assembled

8 new comm’l. realtors to join Frederick Group

Brian Cohen

Jamie is responsible for the execution of tasks including: development of property pre-sentation books and brochures; print ad copy writing, design and production; PowerPoint presentations; publishing of team, personal and property pages through cbre.com; and public relations including press release writing and distribu-tion.

Prior to joining CRE, Jamie has worked as a Graphic De-signer/Marketing Coordinator. Her experience in the creative fi eld covers a wide variety of marketing and advertising materials including advertise-ments, brochures, newsletters, event invitations, direct mail-ers, website, blog and email marketing. ■

Nathan Brindle Jamie Novotnak

PHILADELPHIA, PA — EwingCole announced that principal Natalie Miovski has received her Evidence-based Design Accreditation and Certifi ca-tion (EDAC) f r o m t h e Center f o r Health De-sign (CHD).

“Natalie recognizes the ef-fects of planning and design on patient stress, patient and staff safety, staff effectiveness and quality,” said EwingCole’s President S. Mark Hebden,

AIA, LEED AP. “She develops evidence-based planning and design solutions to achieve the best possible patient, staff and operational outcomes.”

Launched in 2008, the EDAC program was the fi rst attempt to standardize the practice and process of evidence-based design, and qualify an indi-vidual’s knowledge of that process. The CHD’s mission is to develop a community of certifi ed industry profession-als through education and as-sessment of an evidence-based design process.

Miovski has special expertise in planning for the full range

of healthcare functions, from outpatient clinics to complex inpatient environments, and has completed projects at the Geisinger Medical Center, Uni-versity of Pennsylvania Health System, St. Christopher’s Hos-pital for Children and Hospital for Special Surgery. As part of her commitment to evidence-based design, Miovski, regu-larly performs post-occupancy evaluations and shares her findings at national confer-ences including Healthcare De-sign, the Healthcare Facilities Symposium & Expo and the American Society of Healthcare Engineering. ■

Natalie Miovski

Miovski of EwingCole receives her EDAC

ALLENTOWN, PA — Ken-neth Palumbo has joined The Frederick Group to offer his services spe-cializing in commercial real estate leasing and sales.

He relocat-ed to Lower M a c u n g i e Township in 1990 from New York City to work at Rodale Press in a Management position.

Kenneth received his Real Estate license in 2003 and has since worked at Coldwell Banker Heritage and Legend Properties.

In addition, Ron Eichen-berg, managing director com-mercial sales & development, announced 7 commercial Realtors have selected The Frederick Group to further their commercial real estate

careers. They are Kevin Yar-nall, Elias Aoun, Hal Vas-vari, Barry Miller, Connie Miller, Brandon Reed and Michael Klingener. Kevin Yarnall, who is a member of the LVAR board of directors, coordinated the transition of the commercial agents to The Frederick Group and states; “As I looked for a real estate company to be affi liated, my goals for that Company were to have an established com-mercial presence in the Le-high Valley, more especially a company with a recognized reputation of integrity and of serving their clients well.”

Doug Frederick, Broker/Owner, said, “We are proud this talented assembly of com-mercial Realtors has decided to associate with our notable commercial team. They share our core values of market knowledge and client service,” concludes Frederick. ■

Ken Palumbo

Thomas P. Wilson, PE, Prin-cipal at K&W Engineers and Consultants, recently accepted

a position on the American Heart Associ-ation Capital Region Heart Walk Execu-tive Leader-ship Team. Tom will be helping to

lead a healthy movement in the Capital Region, raising aware-ness of cardiovascular disease and encouraging people to un-derstand the link between their overall health and their risk of heart disease and stroke.

The American Heart Asso-ciation is a national volunteer agency dedicated to creating healthier lives free of cardiovas-cular disease and stroke. The Heart Walk is part of a larger American Heart Association, My Heart. My Life. healthy liv-ing initiative, designed to help Americans understand what it means to be healthy, and to take action. ■

L A N C A S T E R , P A — RETTEW, an Engineering News-Record top 500 design firm providing engineering, transportation, environmen-tal consulting, planning and surveying services, recently welcomed Robbin L. Gregory, ASLA, as director of land devel-opment.

As director of land develop-

ment, Gregory is responsible for maintaining extensive client contacts on all phases of proj-ects, growing and sustaining land development operations throughout RETTEW’s regional offices and providing quality assurance/quality control. Addi-tionally, Gregory is tasked with business development/market-ing and client retention. ■

RETTEW welcomes Gregory as director

PEOPLE ON THE MOVE


J. Marc Kurowski Thomas P. Wilson

www.marejournal.com Mid Atlantic Real Estate Journal — Pennsylvania — March 16 - 29, 2012 — Inside Back Cover B

SSEEKING RETAIL PROPERTIES ON THE EAST COAST

Glen Burnie, MDGlen Burnie, MD September 2009September 2009

Canandaigua, NYCanandaigua, NY March 2010March 2010

Enfield, CTEnfield, CT March 2009March 2009

Southampton, PASouthampton, PA July 2010July 2010

Derry, NHDerry, NH February 2011February 2011

Chili, NYChili, NY April 2011April 2011

Reading, PAReading, PA August 2011August 2011

Daniel Katz 212.710.9362

[email protected]

Eric Wolf 267.528.3113

[email protected]

$14.1M ACQUISITION

CLOSED

DECEMBER 20, 2011

Hannaford PlazaHannaford Plaza Utica, NYUtica, NY

B Back Cover — March 16 - 29, 2012 — Pennsylvania — Mid Atlantic Real Estate Journal www.marejournal.com

6.35 Acres 57,600 SF Designed

177 1 3 esearc rive Parcel 0 ndustrial and o ce users

CenterPoint East IIA, Jenkins Twp. 10 1 esearc rive Parcel ndustrial users


CenterPoint East IIA, Jenkins Twp.


eystone venue Parcel 1 ce co ercial edical users

CenterPoint East IIC, Jenkins Twp.


3 nter rise ay Parcel 7 ce industrial edical users

CenterPoint West, Pittston Twp.


nter rise ay Parcel ndustrial users

CenterPoint West, Pittston Twp.

127.72 Acres 1,485,600 SF Designed

00 0 ak id e d. Parcels 1 ndustrial users

Humboldt Industrial Park, Hazle Twp.

6.6 Acres42,000 SF Designed

11 ast Mtn. lvd Parcel ce and edical users

Corp Ctr. at East Mtn, Plains Twp.


l eri i rive Parcel 8 ce industrial edical users

Jessup Small Bus. Ctr, Jessup Boro.

Mericle’s Design and Excavation teams are transforming the economic landscape of Northeastern Pennsylvania.

They are hard at work turning 1,700 acres from Scranton to Hazleton into Ready to Go sites for more than 12.8 million square feet of new space. That’s enough room for 12,000 jobs!

Our Ready to Go sites are in nine local business parks. They are fully improved, fully approved, and all set for the immediate construction of new industrial, flex, office, and medical buildings. In fact, our sites are so Ready to Go that we guarantee we’ll finish your new building to your exact specifications faster than any other developer in the market.

Much faster.

Soon, we will announce our plans to construct speculative facilities on several of these sites. Over the past 25 years, our speculative building program has helped create thousands of local jobs. In fact, more than 12,000 people work in buildings we’ve developed locally.

That’s 12,000 jobs down and 12,000 to go.

So when you’re ready to grow your business, please call Mericle at 570.823.1100. We’ll have a Ready to Go site just for you.

Mericle is turning 1,700 acres into Ready to Go sites for 12.8 million square feet and 12,000 jobs.

Developing Pennsylvania’s I-81 Corridor for 26 Years.

M E R I C L E ’ S R E A D Y T O G O S I T E S

Sorry, but we just couldn’t fit information about all of our Ready to Go sites in this ad! If you don’t see a parcel that’s the right size for you, just dial 570.823.1100 and ask for Bob Besecker, Jim Hilsher, Bill Jones, or Dan Walsh. They’ll match you to a Mericle lot and a building design that fits your needs exactly.

can or ore details a out Mericle’s

Ready to Go sites!

o esecker i ils erill ones an als

570.823.1100

About the Mid Atlantic Real Estate Journals “Best of 2011” spotlight: This was a juried competition of

submissions and nominations from our readership. Winners were selected based on the size of the deal or

project submitted. Within each category, a large, mid and small size company was honored. To qualify,

projects or fi rms must be located in the Mid-Atlantic region, specifi cally the states of New Jersey, Penn-

sylvania, Delaware, Virginia and Maryland. The Mid Atlantic Real Estate Journal is not responsible for

inaccurate submissions. If you have questions on a submission or would like to be included in next year’s

spotlight, please contact Michael Campisi at [email protected].

March 16- 29, 2012 Section C

BESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTBESTOF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011OF 2011

THETHETHETHETHE

C Inside Cover — March 16 - 29, 2012 — The Best of 2011 — Mid Atlantic Real Estate Journal www.marejournal.com

CELEBRATING OUR 106TH YEAR

Investment Real Estate Brokerage.

www.kislakrealty.com732 750 3000

The Kislak Company, Inc.

multifamily. retail. office.

Congratulations toJoni Sweetwood, Jonathan Greenberg,

Barry Waisbrod, Jacob Friedman & our entire sales team

on their 2011 sales accomplishments!

Their hard work, dedication to clients, and integrity exemplify why Kislak has been

so successful for over 106 years.

www.marejournal.com Mid AtlanticRealEstateJournal—TheBestof2011—March16-29,2012—1C

Congratulations to Russell B. Bershad, Co-Chair of the Real Property & Environmental Department of Gibbons P.C. for

being named a “Best Attorney” by Mid Atlantic Real Estate Journal

Mr. Bershad concentrates his practice on sophisticated financing, leasing, and conveyancing transactions. He has

written on real estate matters and has also been an Adjunct Professor of Law at Seton Hall University, where he has

taught a course in real estate financing. In addition to his recognition by Mid Atlantic Real Estate Journal, Mr. Bershad has

been recognized as a member of the American College of Real Estate Lawyers; is listed in the “Real Estate” category of

the most recent editions of New Jersey Super Lawyers, Chambers USA Guide to America’s Leading Business Lawyers, and

Best Lawyers; and has been highlighted for the past two years in the annual “Meet the Lawyers” feature in Real Estate

New Jersey, which profiles the state’s most prominent practitioners.

Gibbons is headquarteredat One Gateway CenterNewark, New Jersey 07102973-596-4500

www.gibbonslaw.comNewark New York Trenton Philadelphia Wilmington

gibb_congrt_Bershad_f:ffd_gibb_concpt_C.2.qxd 3/8/12 12:07 PM Page 1

2C—March16-29,2012—TheBestof2011—Mid AtlanticRealEstateJournal www.marejournal.com

Studley, Inc.400 7th St SW

— 640,000 SF —

Cushman & Wakefield30 Independence &

180 Washington Valley — 385,870 SF —

Perseus Realty LLCRedland Corporate Center II

— 97,910 SF —

Name of property: Verizon Wireless

Broker(s): Robert Donnelly, Marc Rosenberg

Leases at two buildings total 385,870 s/f – 30

Independence in Warren, NJ, and 180 Washington

Valley Road in Bedminster, NJ.

The LaRgeSt OFFICe LeaSe of 2011

City, State: Rockville, MD Broker(s):Greg Lubar, Jim Cahill of Jones Lang LaSalle represented the tenant. Larry Thau, Dave Machlin, Jim Cahill of CB Richard Ellis represented the landlord.In March 2011 ICF Consulting Group, Inc. signed a 100,000 s/f lease at Redland Corporate Center II. The building, totaling 210,000 s/f, is just off I-270 and sits on a 27 acre campus setting, half of which is preserved forest. The campus includes three office buildings, two of which are owned in a JV between First Potomac Realty Trust and Perseus Realty. The two buildings were built in 2009 and have a tenant list that includes BAE Systems, DRS Defense Solu-tions, and Bialek Environments.

City, State: Washington, DCBroker(s): OCC was represented in the transaction by Studley’s Neil Levy and David Lipson Studley represented the OCC in its lease of 640,000 s/f at 400 7th St SW in Washington, DC. ***According to CoStar, this was the largest recorded lease in Washington, DC in 2011.*** As a side note, Studley represented 5 of the 10 larg-est deals in Washington DC in 2011 – including all of the non-renewal deals in the top 10. In MD, the firm represented 3 of the top 10 and the largest new deals.

Office of the Comptroller of the Currency

30 Independence in Warren, NJ

180 Washington Valley Rd. in Bedminster, NJ

Redland Corporate Center II

Greg Lubar and Jim Cahill of Jones Lang LaSalle represented the tenant. Jim Cahill, Dave Machlin and Larry Thau of CBRE represented the Landlord.

www.redlandcorporatecenter.com

Please call 301.215.4112 for leasing information

Perseus Realty, LLC & First Potomac Realty Trust announce the 100,000 SF lease of ICF Consulting Group, Inc. at Redland Corporate Center II

www.marejournal.com Mid AtlanticRealEstateJournal—TheBestof2011—March16-29,2012—�C

The LaRgeSt OFFICe SaLe of 2011Cushman & Wakefield70 & 90 Hudson Street

— $310 Million —

Beacon Commercial15 Kings grant

— $3.69 Million —

Studley, Inc.740 15th St NW (ABA Building)

— $69.25 Million —

City, State: Washington, DCSize (square footage/acreage): 173,000 s/fBroker(s): ABA was represented in the transaction by John Goodman, Vernon Knarr, Parker Langeand Art GreenbergStudley assisted the American Bar Association with selling its historic building at 740 15th St., N.W.—a block from the White House—to an entity controlled by the John Buck Company. The ABA retained the flexibility to lease back its current premises through Aug. 31, 2013, which allows the Association time to complete a relocation.

City, State: Bala Cynwyd, PASize (square footage/acreage): 53,920 s/f Gene McHale, Mike Flynn, Colin McHalewere the brokers for both parties in the sale of 53,920 s/f three-story office building. Keystone Property Group acquired the property from Liberty Mutual Insurance.

Size (square footage/acreage): 827,318 s/f

Broker(s): Andrew J. Merin, David W. Bernhaut,

Gary Gabriel, Brian J. Whitmer

Cushman & Wakefield, Inc.’s Metropolitan Area Capi-

tal Markets Group has orchestrated the trade of 70 and

90 Hudson Street in Jersey City. CBREI acquired the

trophy-quality office assets from Hartz Mountain In-

dustries for $310 million. Completed in 2000 and 1999,

respectively, they total 827,318 square feet and are fully

leased to several large financial services firms.

Metropolitan AreaCapital Markets Group

Andrew J. Merin, Vice Chairman 201-460-3358David W. Bernhaut, Vice Chairman 201-460-3356

H. Gary Gabriel, Exec. Vice President 201-460-3352Brian J. Whitmer, Senior Director 201-508-5209

10 ExchangE PlacE

748,000 SF

SalE oF TroPhy WaTErFronT

oFFicE Building

JErSEy ciTy, nJ

2 Journal SquarE

325,000 SF

SalE oF TranSiT-oriEnTEd

oFFicE ToWEr

JErSEy ciTy, nJ

1600 STEWarT avEnuE

223,000 SF

SalE oF claSS a

oFFicE Building

gardEn ciTy, ny

695 E. Main STrEET

568,000 SF

SalE oF claSS a

cBd oFFicE ToWEr

STaMFord, cT

70 & 90 hudSon STrEET

827,000 SF

SalE oF TWo Bldg. TroPhy oFFicE

PorTFolio

JErSEy ciTy, nJ

BErnardS 78

202,000 SF

SalE oF claSS a

oFFicE Building

BErnardS ToWnShiP, nJ


The LaRgeSt InduStRIaL LeaSe of 2011Cushman & Wakefi eld

201 South Middlesex Blvd— 600,000 SF —

dermody PropertiesPJP Corporate Hq & dist. Ctr.

— 255,336 SF —

naI James e. Hanson180 Kost Road

— 324,016 SF —

City, State: South Brunswick, NJSize (square footage/acreage): 600,000 s/f Broker(s): Stan Danzig, Jules Nissim

SYNNEX Corporation signed a 600,000 s/f, full-build-ing lease at Middlesex Center, 201 South Middlesex Blvd. in South Brunswick

Broker(s): Stephen Marzullo, Patrick Green,and Michael Mullen of CB Richard EllisIn 2011, Dermody Properties completed the largest industrial build-to-suit corporate headquarters/distribu-tion center for Penn Jersey (PJP) in the city of Philadel-phia. The LEED Silver Certifi ed facility was delivered to PJP in April 2011. The facility, located in northeast Philadelphia, allowed PJP to keep their headquarters strategically located within city limits, retaining 250 jobs in the city and creating 230 construction jobs that benefi ted the regional economy. PJP signed a 15-year lease for the facility.

Northeast Philadelphia

Size (square footage/acreage): 324,016 s/fBroker(s): Michael G. Walters, Hal B. Messer

180 Kost Road in Carlisle, Pa

201 South Middlesex Blvd.

Dermody Properties is proud to have worked with Penn Jersey to develop their USGBC LEED Silver Certified Corporate Headquarters and Distribution Center. Thanks to all of our partners who helped make this project so successful.

Dermody.com

The ‘LEED Certification Mark’ is a registered trademark owned by the U.S. Green Building Council and is used with permission.

www.marejournal.com Mid AtlanticRealEstateJournal—TheBestof2011—March16-29,2012—�C

The LaRgeSt InduStRIaL SaLe of 2011naI James e. Hanson

200 Central avenue— $14 Million —

ROCK Commercial Real estate515 Zarfoss drive

— $8.075 Million —

Cushman & WakefieldiPort 12 International trade

& Logistics Center— $57 Million —

Carteret, nJSize (square footage/acreage) : 1,264,733 s/f Broker(s): Andrew Merin, Paul Torosian,Gary Gabriel, and David BernhautThe Cushman & Wakefield Metropolitan Area Capital Markets Group sold iPort 12 Interna-tional Trade & Logistics Center from Panatoni to KTR. It is the most significant industrial development in Northern New Jersey in over 10 years. Construction was completed on this trophy project in the fourth quarter of 2007 and consists of two buildings of 1,064,515 and 200,218 square feet. It is located on 70 acres (net of wetlands) in Carteret, NJ.

Size (square footage/acreage):309,900 s/f

26.81 acres

Broker(s): David Bode, CCIM

Building amenities include: 50x50 column spacing, 28

docks w/ insulated seals & electric-hydraulic self level-

ing loading ramps, emergency generator & more.

NAI James E. Hanson announced the sale of 125 and 200 Central Avenue, a 210,009 s/f industrial complex in Teterboro, NJ.Sitex Realty Group, LLC purchased the site.A 104,213 s/f, 125 Central Avenue has 9,640 s/f allocated for office space, a 42-foot ceil-ing height and 19 loading docks. A 105,796 s/f facility, 200 Central Avenue has 4,418 s/f of office space and 25 loading docks.NAI Hanson senior VPGary Sauerborn and VPs Jeffrey DeMagistris and Thomas Vet-ter represented the owner, John Landers, ESQ, of the Marschall Warehouse Co., in this transaction.

200 Central Avenue in Teterboro, NJ

RelyonRock

ROCK Commercial Real Estate, LLC, Susquehanna Commerce Center West221 West Philadelphia St. Suite 19, York, PA 17401-2992

717-854-5357 Fax: 717-854-5367 www.rockrealestate.net

The Power of Team. For in-depth market research. For fast service that saves time and money. For timely and accurate information. For a unique team-based approach to

commercial real estate

515 Zarfoss Drive in York, PA

Metropolitan AreaCapital Markets Group

Andrew J. Merin, Vice Chairman 201-460-3358David W. Bernhaut, Vice Chairman 201-460-3356

H. Gary Gabriel, Exec. Vice President 201-460-3352Brian J. Whitmer, Senior Director 201-508-5209

Exit 8A Portfolio

1,000,000 Sf

SAlES of Six Building

induStriAl Portfolio

CrAnBury & MonroE, nJ

60 induStriAl PArk dr.

719,000 Sf

SAlE of SinglE-tEnAnt

diStriBution fACility

Milton, PA

111 BAuEr drivE

121,000 Sf

SAlE of flEx

WArEhouSE Building

oAklAnd, nJ

Mid-AtlAntiC i-95 Portfolio

951,000 Sf

SAlE of nEt lEASEd

induStriAl Portfolio

MArylAnd & nEW JErSEy

670 BEllEvillE turnPikE

211,000 Sf

SAlE of SinglE-tEnAnt

diStriBution fACility

kEArny, nJ

fAir lAWn tECh CEntEr

90,000 Sf

notE SAlE of flEx

WArEhouSE Building

fAir lAWn, nJ


The tOP LeaSe BROKeR of 2011#1 Broker (tie) #3 Broker (tie) #4 Broker (tie)

Bob SchwengerJBG Rosenfeld Retail

#5 Broker

#6 Broker

dan BricknerMetro Commercial

#7 Broker #8 Broker #9 Broker (tie)

gene McHaleBeacon Commercial

#10 Broker

Shown from left: Robert donnelly, Robert donnelly Jr.,

Marc RosenbergCushman & Wakefield

E. Rutherford

#2 Broker (tie)

Shown from left: andrew Siemsen, Marc Petrella,

Melissa PenaCushman & Wakefield

E. Rutherford

John MitchellJBG Rosenfeld Retail

The tOP SaLeS BROKeR of 2011#1 Broker (tie)

dave nachison & alan davisHolliday Fenoglio Fowler

#3 Broker (tie) #4 Broker (tie) #5 Broker (tie)

Shown from left: Stephen Conley, Jose Cruz, andrew Scandalios

Holliday Fenoglio Fowler

Mark taylor & dean ZangMarcus & Millichap

Conshohocken

Shown from left: andrew Merin, david Bernhaut,

gary gabrielCushman & Wakefield

E. Rutherford

#2 Broker(tie)

#7 Broker

david JarvisGebroe Hammer

Christopher MunleyMarcus & Millichap

Conshohocken

#8 Broker (tie) #9 Broker #10 Broker

Brad nathansonMarcus & Millichap

Conshohocken

nat gambuzza &Lauren FedergreenMarcus & MillichapElmwood Park, NJ

#6 Broker

Robert Fahey & Michael Hines

Michael Blunt & Lizann McgowanCBRE-Philadelphia

Shown from left: Bart anderson, Michael Hess,

Patrick LaffertyCBRE-Philadelphia

Stan danzig & Jules nissimCushman & Wakefield

E. Rutherford

Frank Caccavo & Jason goldman

Shown from left: Michael Walters, thomas Vetter,

Jeffrey deMagistrisNAI James E Hanson Mike adams

NAI Summit

Joseph BrecherGebroe Hammer


The BEsT of 2011

This is such a big “Thank you” iT covers 39,060 square feeT.

Managed healThcare associaTes, inc.’s expansion and renewal aT 25 a vreeland road in florhaM park

congraTulaTions To Managed healThcare associaTes, inc.and eric ladden of cornersTone real esTaTe group

on Their deal being naMed one of The “besT of 2011”.

s

www.bergmanrealty.com

SPACE AVAILABLE RANGING FROM 2,000 sq. ft. UP TO 77,000 sq. ft. OF CONTIGUOUS CLASS A OFFICE SPACE.For Leasing Information, Please Contact: John Osborne, Executive Director, Leasing, 732-855-8600 x115 Kelly Ziegenfuss, Assistant Director, Leasing + Marketing, 732-855-8600 x109

Rankings from Mid Atlantic RE Journal survey.

Congratulations

NEW JERSEY 200 Campus Drive, Suite 410

Florham Park, NJ 07932t (973) 549-2000

WASHINGTON, D.C.1627 I Street NW, 12th Floor

Washington, D.C. 20006t (202) 533-2500

www.hfflp.com

2011 Mid AtlAntic region rAnkings

#1 and #3 Top Sales Brokers in 2011

Largest Multi-housing Sale in 2011AIG Multi-housing Portfolio - New Jersey

Largest Mixed-use Project in 2011Lot 31 - Maryland

Largest Financial Deal in 2011America’s Square - Washington, D.C.

The Mid Atlantic Real Estate Journal

would like to personallyCongratulate this years winners

of “The Best of 2011”

To guarantee your company is considerednext year, please email:

Michael [email protected] call 1-800-584-1062 x 208

�C—March16-29,2012—TheBestof2011—Mid AtlanticRealEstateJournal www.marejournal.com

The LaRgeSt Land LeaSe of 2011Bennett Williams Realty, Inc.

gateway Center, Chambersburg, Pa — 1.29 Acres —

ROCK Commercial Real estate, LLC1170 Loucks Road, York, Pa

— 0.89 Acres —

Broker(s): Chad A. Stine & Bradley A. RohrbaughThis 1.29 acre land lease in Chambersburg, PA was part of the landmark Gateway Shopping Center. The pad site is highly visible along Walker Road, which sees a daily traffic count of 52,000 CPD and is in close proximity to the new Target power center. Gateway Shopping Center has historically maintained a high oc-cupancy rate and is bolstered by nationally recognized tenants such as Fuddruck-ers, Sprint, Quizno’s Subs, Moe’s Southwest Grill, and Wolf Furniture. Currently, there are leasing opportunities from 2,155 SF to 4,435 s/f.

Broker(s): Ryan Myers, CCIM Highly visible, corner location on a Route 30 lighted intersection. Heavy traffic area near York, Pennsylvania’s central retail and business hub.

The LaRgeSt Land SaLe of 2011naI James e. Hanson

Palisades & Washington Ave., Weehawken, NJ— $11 Million —

ROCK Commercial Real estate, LLCtrinity Road at Woodberry Rd., York, Pa

— $750,000 —

Size (square footage/acreage): 14.54 AcresBroker(s): Andrew Somple, Gregory James Sale of 14.54 water reservoir site which will be transformed into a passive public park, enhanced with a walking and running trail. Portions of the reservoir will continue to function as a water storage facility.

Size (square footage/acreage):100 acres Broker(s): Ted Turnbull, CCIM Located on the Southeast Quadrant of Rt. 30 and Rt. 616 with 1,200 feet fronting on Rt. 30. Professional office zoning allows for medical, banks, nursing, retire-ment homes, daycare, funeral homes and churches. Six additional residential lots


The BEsT deVeLOPeR of 2011Woodmont Properties

Woodmont Place at Palmer— $26 Million —

toll Brotherstoll Brothers City Living

— $56 Million —

Prism Capital Partnersthe Parkway Lofts— $60 Million —

toll Brothers, developers of the Hudson Tea Complex in Hoboken, continue to work their magic in what is often called the sixth borough. Their 1450 Washington building is more than 50 percent sold even though the sales office has only been open since October and the building isn’t even complete yet. The building features more than 30 attractive floor plans, 24-hour concierge, gorgeous rooftop living space, fitness center and a children’s playroom complete with a real boat. With amenities like these, it’s no wonder that prices are rising, allowing the early buyers to see appreciated profit before even moving in - a dynamic not seen since 2006.

Prism Capital Partners, LLC, has broken ground for Phase I at The Parkway Lofts, a high-profile, multi-family adaptive reuse in Bloomfield and East Orange. The mile-stone marks the launch of a signature redevelopment for the State of NJ. Located with high visibility on the Garden State Parkway,

the master-planned project initially includes the conversion of a 114-year-old, 365,000-square-foot, six-story warehouse building into 361 loft-style apartments, and the creation of a three-level parking facility. At build out, the 14.5-acre site will be transformed into a distinctive, high-density residential village also featuring 150 for-sale townhomes, a clubhouse and other lifestyle amenities to be built as part of Phase II.

Woodmont Place at Palmer

100 Woodmont Circle

easton, Pennsylvania

16.25 acres

Woodmont Properties purchased the land and is devel-

oping 216 apartment units in 9 buildings. The leasing office

opened at the end of April 2011 to strong leasing activity and

velocity has continued throughout the year with an average

of 15 leases per month. Woodmont expects the project to

reach stabilization by early summer 2012

1450 Washington in Hoboken, NJ

The Parkway Lofts

1970 Brunswick Avenue, Suite 100, Lawrenceville, NJ 08648 609.298.2229 www.ciSnj.com

opening doors | building communities | changing lives

Heritage Village at Seabreeze, Lacey Twp., NJ Heritage Village at Elizabeth, Elizabeth, NJ

Neighborhood RevitalizationResidential Property Acquisition & PreservationAffordable & Special Needs Housing Development

Public & Private Financing & Subsidy Programs Residential Property Management & ComplianceMultifamily Construction, Redevelopment & Rehabilitation


The LaRgeSt RetaIL LeaSe of 2011Metro Commercial Real estate

Willow grove Park— 129,000 SF —

Legend Properties, Inc. Raymour & Flanigan

— 43,328 SF —

JC Penney is under construction at Willow Grove Park in Suburban Philadelphia and is expected to open in the fall of 2012. The 129,000 s/f depart-ment store, along with Nordstrom Rack, Forever 21 and Bravo Cucina, will join Cheesecake Factory in 190,000 s/f of anchor space formerly occupied by Strawbridge’s.JC Penney will occupy space on first and second floors of the mall. Metro Commercial Real Estate’s Dan Brickner represented JC Penney in the transaction.

Raymour & Flanigan, Whitehall, PA Broker(s): Maria Rita Aristone &Dennis CampbellLegend Properties obtained the exclusive listing on the Whitehall Mall and signed a lease with Raymour & Flanigan to take over the space for-mally occupied by Borders Books, Famous Foot-wear and Twitter. Legend principal, Maria Rita Aristone and vice president, Dennis Campbell represented the Landlord, Simon Property Group in the transaction. Whitehall Mall is a 592,498 s/f regional mall anchored by Sears, Bed, Bath & Beyond, Michaels and Kohl’s.

JC Penney

Raymour & Flanigan

Levin Management CorporationFairlane Village Mall

— 57,860 SF —

Kohl’s Department Store – 57,860 s/fFairlane Village Mall, “Where Schuylkill County shops…for value,” is a small market mall that had lost an anchor (Value City) to bankruptcy early in the economic downturn. Levin targeted Kohl’s, known for combining value and style, as the perfect replacement. Levin also continued to build their community marketing efforts for the property, which, for two years in a row, has been named Best Shopping Center in the county in a consumer poll run by a leading area maga-zine. Michaels Stores has also recently leased space here, joining Harbor Freight Tools, Dollar Tree, and Super Shoes, other retailers targeted by Levin.

Fairlane Village Mall in Pottsville, PA

The LaRgeSt RetaIL SaLe of 2011WP Realty

Festival at exton— $24 Million —

Marcus & Millichap Conshohockenashbridge Square

— $51.75 Million —

Legend Properties, Inc.Former Bryner Chevrolet

— $2.2 Million —

Size (square footage/acreage) 388,813 s/fSale price required $51,750,000Broker(s): Mark Taylor & Dean ZangAshbridge Square, is a 386,016 s/f shopping center anchored by The Home Depot, Best Buy and Bottom Dollar (Food Lion guarantee), is situated in East Caln

Broker(s):Jerry Ward & Dennis Campbell Legend Properties obtained the listing on the former Bryner Chevrolet to sell the existing 65,000 s/f former new car dealership and repair shop, which is situated on +/- 3 acres. The property is located just north of the intersection of Old York Rd (Rt. 611) & Township Line Rd. (Route 73).

ashbridge Square

WP Realty sold Festival at Exton to Paramount Realty Services of Lakewood, New Jersey. WP Realty purchased the property in December 2005, with an occupancy rate of only 50%, including a vacant Clemens Supermarket box comprising 40,000 s/f. Upon acquisition, WP Realty utilized its strong relationships and expertise in leasing, development and management to reposition Festival at Exton into a center that boasts 94% occupancy and includes strong national and regional tenants such as Marshalls/HomeGoods, Bonefish Grill, and Dollar Tree.

Festival at exton

Former Bryner Chevrolet in abington, Pa


The BEsT of 2011

Correspondent and Servicing Agentfor Institutional Investors

$1.9 Billion servicing portfolio and growing

New Jersey's oldest & largestprivately owned Real Estate Banker

Feel right at home with a bankerwho services your loan rather than a rm who originates and ships the

servicing 1,000 miles away

Commercial Real Estate Loans 10 to 25-year Terms Available

$5M & UPBest Pricing and In-House

Servicing available for Long-term, Permanent Loans

on Stabilized Properties

Full-Leverage Financing(Down to 1.05x DSCR, or I/Oor a 35-Year amortization) for

multifamily and other select assets

[email protected]

WANTED


The LaRgeSt RetaIL aCquISItIOn of 2011WP Realty

Carlisle Crossing— $17.9 Million —

Katz PropertiesKenhorst Plaza

— $16.15 Million—

WP Realty acquired Carlisle Crossing, a 368,000 s/f power center anchored by Kohl’s, Target, Michael’s, Old Navy and Aldi. The center, constructed in 2006, is located in the heart of the area’s retail corridor and features superior visibility from one of Pennsylva-nia’s most traveled highways, Interstate 81. Since acquiring a 154,000 s/f portion of the property in June 2011, WP Realty has been successful in adding occupancy and is confident that the quality and loca-tion of the asset will allow the leasing momentum to continue well into and beyond 2012.

Kenhorst Plaza shopping center in Shillington, PA was purchased for $16,150,000. The 162,000 square foot supermarket anchored shopping center, built in 1990 and situated on 19.2 acres, is located at 1895 New Holland Road just three miles south of down-town Reading, PA. Kenhorst Plaza is currently 89% occupied by twenty tenants including a high volume Redner’s Warehouse Market. National retailers located in the center are Dollar Tree, Fashion Bug, General Nutrition Center, H&R Block, Sears Hardware and a US Post Office. The outparcel tenants at the center are Dairy Queen and Susquehanna Bank.

Carlisle Crossing Kenhorst Plaza

City, State: Clinton, MD Sale Price (required): $14 millionSize (square footage/acreage): 38,222 s/f Shopping Center Broker(s): Hal B. Messer, Associate VPShopping Center tenanted by Walgreens, TD Bank & Office Depot

naI Hanson9001 Woody Terrace

— $14 Million —

9001 Woody terrace

AcquisitionsJoseph R. Staugaard, III, [email protected]

LeasingCharter Realty & Development Corp.203-227-2922chartweb.com

Corporate Headquarters940 Haverford RoadBryn Mawr, PA 19010610-552-6000wprealty.com

TURNING VISION INTO VALUE

ACQUISITION, RENOVATION, AND DEVELOPMENT ENCOMPASSING45 SHOPPING CENTERS, 10 MILLION SF OF RETAIL IN 10 STATES

WP REALTY is proud to have received The Mid-Atlantic Real Estate Journal's “Best of 2011”

top honors in two categories for mid-sized firms: Largest Retail Acquisition and Largest Retail Sale.

2012-MAREJ-best-of_Layout 1 3/5/12 11:14 AM Page 1

www.marejournal.com Mid AtlanticRealEstateJournal—TheBestof2011—March16-29,2012—1�C

The BEsT auCtIOneeR of 2011

Philadelphia Housing AuthorityType of Property: Single Family Homes, Lots

Address Throughout City of Philadelphia, City, State Philadelphia, PASize: 500 Properties

Total Sale Price: $11,000,000.00Max Spann Real Estate & Auction Co. sold 400 properties in a matter of hours for the Philadelphia Housing Authority. Nearly 700 bidders,

including both large and small investors, turned out the auction on Nov. 16 to bid on town homes, building lots and multiunit buildings.Due to the popularity of the auction, Max Spann held a second auction on Dec. 7, where it sold another 100 properties.

Both auctions generated $11 million for the cash-strapped public housing agency. The properties are now in the hands of investorsand homeowners who can return them to productive use, helping to rejuvenate blighted neighborhoods.

By Order of thePhiladelphia Housing Authority

Wednesday, November 16th 1 PM888-299-1438 / maxspann.com

Philadelphia PropertiesAttention Individuals, Builders, and Investors.Renovation and Rebuild Opportunities!400+

Max Spann is pleased to announce the Auction Sale of 400+ properties throughout Philadelphia. This offering includes: Townhomes, Lots, and Multi-unit buildings. The properties are being auctioned in groups of one to twenty-five. The property list and map of the lots are available on maxspann.com.

Max Spann Real estate & auction Co.Philadelphia Housing authority

— $11 Million —

U P C O M I N G A U C T I O NSU P C O M I N G A U C T I O NS

Call Max Spann Real Estate Co. for details: 888-299-1438 www.maxspann.com

AUCTIONS APRIL 19DELAWARE TWP., HUNTERDON COUNTY, NJ

162+/-Acres Rich Fertile Preserved FarmStone Manor House on quiet country road

7 Bedrooms, 3 BathsNJDOT Approved Grass Airstrip

UPPER BLACK EDDY(NOCKAMIXON TWP), BUCKS COUNTY, PA

Historic Farmstead on 48+/- AcresCountry home ready for renovation.

Bank Barn and smoke house.

AUCTION APRIL 15PHOENIXVILLE, PA

Byrne Lofts – The Ultimate Metropolitan Lifestyle32 One & Two Bedroom LoftsMinimum Bids from $65,000

AUCTION APRIL 22PHILADELPHIA, PA

Builder Close Out Pine West7 One and Two Bedroom Condos

Minimum Bids $85,000 Spacious residences with 9’ ceilings

and open floor plan.

AUCTION MAY 12 CHESAPEAKE CITY, MARYLAND Minimum Bid $1.2MSt. Augustine Manor Maryland’s Eastern Shore

Magnificent formal brick Georgian Home approximately 12,000 SFSituated on approximately 58+/- gently rolling acres

Home features 6 bedrooms and 7 full baths Separate guest and staff accommodations

Robert L. Dann Auctioneer Lic #AU005609


The LaRgeSt MuLtIFaMILY SaLe of 2011Beech Street Capital, LLC

Christiana Meadows— $32 Million —

HFFaIg Multi-Housing Portfolio

— $241.5 Million —

gebroe-Hammer associatesMetropolitan Plaza— $86 Million —

Broker(s): Jose Cruz, Andrew ScandaliosHFF closed the sale of a six-property, 2,185-unit multi-housing portfolio in central New Jersey. HFF marketed the offering on behalf of the seller, AIG Global Investment Group. Angelo, Gordon & Company and Vantage Proper-ties, LLC purchased the portfolio for $241.5 million. This sale included the assumption of $150 million of existing debt. The portfolio is 91.6 percent occupied overall and properties are located within Monmouth and Middlesex counties. Quail Ridge Apartments, Plainsboro 1,032 UnitsPheasant Hollow Apartments, Plainsboro 440 UnitsJumping Brook Apartments, Neptune 308 UnitsMarine Gardens, Long Branch 24 UnitsLong Brook Apartments, Matawan 241 UnitsLeonardine Gardens, South River 140 Units

Size (square footage/acreage): 648-unit, garden-style apartment complex Broker(s): Originated by Brian Sykes, vice president based out of the Boston, MA office Beech Street provided a $32 million Fannie Mae structured adjustable rate mortgage (ARM) to refinance Christiana Meadows, which enabled the owner to approximate the net cash flow made possible by its tax-exempt floating rate bonds. The structured ARM, par-ticularly its initial pay rate, provided a better alternative than a fixed-rate loan or turning to a new LIBOR-based floating rate mortgage in hopes that rates would remain low. To further enhance the net cash flow, Beech Street provided four years of interest-only on the 10-year loan, since the monthly amortization payments are less under the structured ARM than a floating-rate note.

Name of property: Metropolitan Plaza, Atlantic City, NJSize : 201 unitsBroker(s): David Jarvis and Joseph BrecherGebroe-Hammer Associates represented the seller and identified the buyer, a long-time client of the firm, in the $86 million sale of Metropolitan Plaza, a 201-unit high-rise multi-family complex at 145 S. Rhode Island Ave. in Atlantic City, N.J.’s Pacific/Rhode Island district. The privately-owned income- and age-restricted property, completed in 1988, is distinguished by its post-modern ex-terior design and extensive on-site amenities. The 14-story elevator building is one block from Atlantic City’s famed boardwalk, near both bus and rail transit, close to shops and restaurants, all of which generate high foot-traffic and support the building’s traditionally high occupancy rate.

Pheasant Hollow Apartments, Plainsboro, NJMetropolitan Plaza, atlantic City, nJ

Christiana Meadows, Bear, DE

Gebroe-Hammer Associates proudly congratulatesJoseph Brecher and David Jarvis for

"Largest Multi-Family Sale" Metropolitan Plaza in Atlantic Cityand our Best of 2011

Visit us on the web at www.gebroehammer.comEmail: [email protected]

2 West Northfield Road, Livingston, NJ 07039Tel: (973) 994-4500 Fax (973) 994-9752

“Best Place to Work"

#9

Honorable Mention

Top Broker – SalesNicholas Nicolaou #22

Joseph Brecher #6 David Jarvis #7

Top 10 Brokers - Sales

INVESTMENT REAL ESTATE

www.marejournal.com Mid AtlanticRealEstateJournal—TheBestof2011—March16-29,2012—1�C

The LaRgeSt MIxed uSe of 2011HFF

Lot 31— $200 Million —

new Brunswick development Corp.gateway transit Village

— $135.6 Million —

Type of mixed-use - Multi-housing, Retail and ParkingSize (square footage/acreage) - 250 Units, 40,000 s/f Retail, 950 parking spaces Sale price $200 million development project, sales price is confidentialBroker(s): Stephen Conley, Alan DavisStonebridgeCarras, PN Hoffman join with Northwestern Mutual in JV arranged by HFF to undertake new mixed-use development in Bethesda, Maryland StonebridgeCarras and PN Hoffman have formed a joint venture with Northwestern Mutual, arranged by HFF, to develop a mixed-use project. StonebridgeCarras and PN Hoffman have been working with Montgomery County since 2005 to re-develop the County’s two surface parking lots (commonly referred to as Lots 31 and 31A) into a vibrant mixed-use project.

Type of mixed-use: Residential – Retail – Commercial – ParkingSize (square footage/acreage): 635,000 s/f/1.6 acres Located in downtown New Brunswick adjacent to the train station and across from the main campus of Rutgers University, the 24-story facility is bringing renewed life to a previously underutilized site with 192 new residential units, life-style retail, including a Barnes & Noble bookstore and a destination restaurant, Class-A commercial space with expansive views of the Raritan River, structured parking for 700 vehicles, and a direct, park-like pedestrian walkway from Rutgers’ main campus to the Northeast corridor train platform. Construction for Gateway Transit Village, a pub-lic-private partnership, was recently completed.

Lot 31 in Bethesda, MDGateway Transit Village in New Brunswick, NJ

Herring Properties23 Orchard Road

— 70 Acres —

Category of project: Residential, Commercial, Smart Growth, Solar Array, and Green Building DesignCivil Engineer: Van Cleef Engineering AssociatesIntensity of the project: Originally a 70 acre site subdivided into two lots (5.01 and 5.02)Solar Array: A six acre array will provide 40% of the power to the office building.Power to the office building was intermittent causing mul-tiple outages and voltage drops during high peak times. The solar array provided the opportunity for consistent power during the high demand times such as summer days when the sun and heat are strong.Montgomery Township was quick to grasp the need to have power stability at the office building to maintain its major tenant, Johnson and Johnson, who occupy over 160,000 s/f of the building.The most significant challenge came in the location of the array. The roof was too small to provide sufficient power and the parking lot would require complete reconfiguration.

23 Orchard Road, Skillman, NJ

RightSPACE2,000 to12,000 SF

RightPRICEstartingbelow$20.00 PSF

RightNOWpre-built &furnishedunits available

A premier office setting and a rare opportunity… first-class office facility with best-in-class amenities including a full building atrium, café and fitness center located in a highly attractive campus with stunning interiors and a Blue Chip tenant roster.

23 Orchard Road | Princeton, New Jersey23.orchard.com

Owned & Managed bywww.herringproperties.com

HERRING PROPERTIES

HP

Leasing bywww.cassidyturley.com

23 Orchard Road is owned by JER Partners and Herring Management. The owners specialize in multi-tenant buildings and have earmarked $3 million to renovate and upgrade the building. “This is a true headquarters- quality facility, as well as the finest value in a large block of space in the Princeton market,” states owner Jamie Herring.

16C — March 16 - 29, 2012 — The Best of 2011 — Mid Atlantic Real Estate Journal www.marejournal.com

The Top Financial DealS of 2011Meridian capital Group

430 West 14th St., new York— $55 Million —

Meridian Capital Group, LLC negotiated a $55 million financing package for a mixed-use office and retail build-ing located at 430 West 14th Street in New York, NY. The three-year acquisition financing is composed of a $45 mil-lion senior loan provided by Citigroup Global Markets Inc., as well as a $10 million mezzanine loan provided by SL Green. Meridian managing director, Cary Pollack, based in the company’s New York City headquarters, negotiated the transaction. The five-story, 61,000 s/f mixed-use property is located at 430 West 14th Street. It comprises 18,000 s/f of retail space and 43,000 s/f of office space. Located in heart of the trendy Meatpacking District, the property features a full block front of prime retail space along Washington Street stretching from West 13th Street to West 14th Street. The property is currently occupied by a variety of fashion, technology and new media tenants.

HFFamerica’s Square— $250 Million —

Institution – Dweck Properties (borrower)Financier MetLife (first mortgage loan) and First Potomac Realty (mezzanine loan)HFF arranged $250 million in financing for America’s Square, a 461,484 s/f, trophy office complex in the Capitol Hill area of Washington, D.C.HFF worked on behalf of the borrower, Dweck Properties, to secure a $220 million first mortgage loan from MetLife and a $30 million mezzanine loan from First Potomac Realty, both with fiveyear terms.America’s Square is currently 93% leased to tenants such as Jones Day, Siemens, Comcast, and Carr Workplaces. The property encompasses an entire city block within the Capitol Hill area of Washington, D.C., located blocks from the U.S. Capitol and Union Station, as well as numerous lodging, dining and shopping amenities.The HFF team representing Dweck Properties included se-nior managing directors Bob Donhauser and Bill Asbill and managing director Cary Abod.

progress Realty advisors, llcWorkstage

— $35 Million —

Size (square footage/acreage): 305,000 sfInstitution: Sovereign BankFinancier: Bruce Dashevsky, vice president Address: 108 Leigus RoadCity, State: Wallingford, ConnecticutProgress Realty Advisors arranged a $35 million credit facil-ity for Workstage, LLC which is owned by Stan Gale of Gale International. The funds were used to develop a 305,000 s/f high performance class A office building offering state-of-the-art operating systems. The loan required the collaboration of the lender and broker to structure. $8 million was used to retire an existing loan and had to be accomplished quickly to take advantage of a discount. The balance of the $27 million for construction, closed several months later with a competitive Libor based floating interest rate. The property is pre-leased to WellPoint and Steelcase, Inc.


The BEsT of 2011

485 Route 1 South, Iselin, NJ 08830 | 732.301.3200 | www.meridiancapital.com

Relationship Driven.Execution Focused.Only Meridian Capital Group’s powerful financing relationships can consistently achieve the unparalleled results our clients require.

Meridian Capital Group, LLC proudly advised on financing for the following transaction:

The Gateway TowersPhiladelphia, PASix-Story Multifamily Building

$22,500,000

1�C—March16-29,2012—TheBestof2011—Mid AtlanticRealEstateJournal www.marejournal.com

The BEsT OWneR of 2011JBg urban & Capri Capital Partners

north Bethesda Market — 200,000 SF —

the Berger Organizationthe Military Park building

— 250,000 SF —

Prism Capital PartnersBroadAcres Office Park

— 380,000 SF —T h e B e r g e r

Organization’s

Mil i t a ry Pa rk

Building sits in

the heart of New-

ark’s CBD, over-

looking Military

Park, near mass

transit, entertain-

ment and cultural

attractions. The

21-story office

tower underwent

a comprehensive

refurbishment in

2001. That project

included mechani-

cal upgrades, new

windows and exterior restoration of the 85-year-old property.

As owner/manager, Berger recently completed another major

update that upgraded the lobby, core building and elevators,

and introduced a fitness center and conference room for ten-

ants. The firm also established street-level retail that can be

accessed from both outside and within the building.

Prism acquired this four-building class A campus in 2006.

As owner/manager, the firm has created an inviting outdoor

courtyard and patio area, and completed full lobby updates

at 300 and 400 BroadAcres Drive. Tenants also enjoy avail-

able conference space and upscale, specialty sit-down food

service and on-site catering on the ground floor of 200

BroadAcres Drive. The property’s location between Garden

State Parkway exits 151 and 153, near the interchanges of

routes 3 and 46, provides unparalleled access to Northern

and Central New Jersey, with excellent access to Manhattan

as well. Striking building façades complement the 20-acre,

park-like setting.

North Bethesda Market is a new mixed-use community located on Rockville Pike featuring 200,000 s/f of retail and 435 luxury residential units. It’s anchored by Whole Foods Market and home to other great tenants like LA Fitness, Arhaus, Season 52 and Brio. The captivating Market East tower is the tallest residential tower in Montgomery County. The Market West midrise offers both exciting retail and four stories of residences. With elegant apartments, unique shopping, exciting entertainment and a location just minutes from bustling Bethesda, MD and Downtown DC, this new neighborhood has it all.

60 Park Place, Newark, NJ

BroadAcres Dr, Bloomfield, NJ

Woodglen dr, north Bethesda, Md

200 Broadacres DriveBloomfield, NJ 07003

201.567.2711973.562.9580

REAL ESTATE INVESTMENT

Asset Management

DEVELOPMENT and REDEVELOPMENT

CONSTRUCTION MANAGEMENT

PROPERTY MANAGEMENT

LEASING AND MARKETING


The BEsT of 2011

For more information contact: Brendan Berger at:

Providing premier office space in Newark’s finest business districts.

Serving the business community for over 35 years.

The Berger OrganizationLeading the way in Newark, New Jersey

Berger Organizationwww.bergerorg.com

Military Park Building Robert Treat Center Fireman’s Insurance Company Building

570 Broad

20C — March 16 - 29, 2012 — The Best of 2011 — Mid Atlantic Real Estate Journal www.marejournal.com www.marejournal.com Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 21C

ARCHITECTURAL FIRM

ARCHITECTURAL AND INTERIOR DESIGN

777 Terrace AvenueHasbrouck Heights, NJ 07604

Phone: 201-288-2600www.dmrarchitects.com

Architecture • Planning • Engineering • Interiors • Consulting

Celebrating 20 years of design excellence!

specializing in

Municipal Education Healthcare Corporate

PROJECT MANAGEMENT AND ARCHITECTURAL ASSISTANCE

The BEST GREEN PROJECT of 2011Hartz Mountain Ben Franklin Tech Partners

Hartz Mountain Ind. Solar Farm, Hamilton NJThis project, combined with rooftop solar arrays on 13 of their commercial

and retail buildings, brings Hartz’s total solar generating capacity to 17 MW -- providing clean electricity to their tenants and to NJ’s energy grid. Good for the environment, good for business, and good for New Jersey.

Ben Franklin TechVentures is an award-winning technology-based incuba-tor owned and managed by the Ben Franklin Technology Partners

of Northeastern Pennsylvania on Lehigh University’s campus.The recently-opened expansion, TechVentures2, added 47,000 s/f. and will

create up to 200 sustainable, highly paid technology jobs and retain 100 more at new companies in its fi rst three years. The architect was Spillman Farmer Architects and the construction manager was Allied Building Corporation.

TechVentures2 is registered to be LEED Gold-certifi ed.

Avidan Management

In April 2011, Avidan Management unveiled a 17-acre, rooftop-mounted solar panel installation at its Edison, NJ based facility, 145 Talmadge is comprised of 17,745 solar panels, it was the largest

installation of its kind to have been completed in the entire country at the time. In the fi rst month of installation, the system reduced the building’s electrical costs by 50 percent and is projected to produce 5 million kilowatt hours annually — enough energy to service half of the power needs of the building’s multiple tenants, which

utilize the facility as offi ce space and for storage of dry goods and refrigerated and frozen foods. The total cost of the installation was roughly $22 million, and approximately

120 jobs were created during the construction process.

The Walters Group

The Walters Group, developer of Stafford Park, has broken ground on Stafford Preserve, a luxury rental com-munity, consisting of 18 three-story buildings, totaling 216 units. The energy-effi cient complex will provide

one- and two-bedroom garden-style apartments and two-bedroom townhouses. Each apartment will include a washer and dryer, fully equipped kitchen, window coverings and ceiling fans in the

master bedroom. Some units will have lofts. Services and facilities onsite will include a community clubhouse with state-of-the-art fi tness center, resort-style pool, children’s playroom, tot-lot playground,

tennis and basketball courts, picnic pavilion, and barbeque area.

This project consists of a complete renovation of former warehouse and production space into a new corpo-rate headquarters. A portion of the building will be jacked up to accommodate a second fl oor. Project is being staged to allow for the building to be fully functional throughout the renovation process. The building is seek-ing to earn a LEED Silver certifi cation. As part of the LEED process, a variety of HVAC system approaches were modeled and subjected to a life-cycle cost analysis to determine the best approach for the new building. An Integrated Automation System will monitor and control the HVAC, lighting, and security/access control systems. M&E Engineers has been working very closely with NK Architects on this extraordinary project.

M&E Engineers

Emory Hill

Emory Hill constructed the Delaware Tech Energy House, a teaching facil-ity built entirely with the latest “green” technologies, products and energy-

effi cient systems, which was recently awarded LEED Platinum Certifi cation. The facility houses classrooms and a lab to give students the opportunity to

learn fi rst-hand how to develop or implement various green technologies and be better prepared to fi nd employment in this fi eld.

DMR Architects

DMR provided architectural and engineering design and construction administration services for a new academic building to serve Middlesex County College’s nearly 13,000 students. The building contains 13

general purpose classrooms, a 1,500 square foot offi ce for the Division of Corporate and Community Educa-tion, four computer labs, one culinary demonstration lab, two conference rooms, a student lounge, three

meeting rooms and administrative spaces. Sustainable factors include occupancy sensors in each room, day lighting, drought resistant plantings and high tech air conditioning units and boiler. 97% of all construction

waste was recycled and 100% of materials were manufactured locally.

To feature your company, project, or services please contact: Mike Campisi

800-584-1062 x 208email: [email protected]

To feature your company, project, or services

The MAREJ’S GREEN Building Section

Providing the latest methods, services, products and best practice scenerios

facing the commercialreal estate industry in green building today.

22A — March 16 - 29, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com www.marejournal.com Mid Atlantic Real Estate Journal — March 16 - 29, 2012 — 23A

THE MID ATLANTIC REAL ESTATE JOURNAL

The Mid Atlanti c Real Estate Journal is celebrati ng ten years in print! We know that the success of our business today has been built upon our valuable relati onship with YOU – and we’d like to thank our loyal adverti sers and readers with a special anniversary issue in May. This issue will highlight the top headlines and projects from the past decade. If 2012 marks an anniversary for your companycontact Michael Campisi: [email protected] or call 800-584-1062 x 208 to fi nd out how to parti cipate in this feature. Ten years is just the beginning. We’re looking forward to tomorrow.Deadline: April 27, 2012 Issue Date: May 11, 2012

The Mid Atlantic Real Estate Journal will

be celebrating our 10 Year Anniversary!

Years of Coverage!10

CEL

EBRATING


The Best Manager of 2011Hartz Mountain

Harmon Meadow— 500 acres —

Harmon Meadow - Mixed Use Development

400 Plaza Drive, Secaucus, nJ

500 acres

Hartz Mountain Industries created more than just a mall at

their Harmon Meadow mixed-use development—it’s more

like a 500-acre destination for shopping, dining and enter-

tainment. The spacious campus-like environment boasts 15

restaurants, seven hotels (with one more that broke ground in

2011), well-known shopping and entertainment, and a fitness

center that can be easily accessed from the NJ Turnpike and

Route 3, as well as via New Jersey Transit through free shuttle

transportation from the Secaucus Junction train station.

FMS ManagementSchuylkill Mall— 730,000 SF—

route 61, Frackville, Pa

Schuylkill Mall is conveniently located at the intersection

of I-81 and SR 61. It is the largest mall in its trade area, with

major retail anchors including Sears, K-Mart, Bon Ton, and

other national retailers including Victoria’s Secret, Gap and

Bath and Body Works.

In 2011, Dunham Sports, one of the largest full-line sporting

goods chains in the U.S. with over 150 locations in 12 states

executed a new lease for 58,000 sf and expects to open and

be operating by the second quarter, 2012.

Harborside Financial Center

Harborside Financial Center is the Jersey City Waterfront’s

premier “city within a city” featuring five state-of-the-art

class A office buildings, retail shops, restaurants, a full-

service Hyatt Regency hotel, luxury apartments, and un-

beatable views of the Manhattan skyline. This world-class

business location also offers excellent transportation access,

a wealth of economic incentives, and impressive corporate

neighbors.

Mack-Cali realty Corp.Harborside Financial Center

— 3,932,220 SF —

www.marejournal.com Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — 23C

The Best of 2011

AXIOM CommunicationsClient: Hartz Mountain Industries

10.25” x 13.25” trim sizeContact: Matt Brown 201-348-8998

PRESENTS

300 LIGHTING WAY

SECAUCUS, NJ

AVAILABLE FOR LEASE

5,000 - 140,000 SF

Harmon MeadowJoin NBA Entertainment, Ernst & Young, Children’s Place and many Fortune 100 Companies at

convention center, 15+ restaurants, over Secaucus Junction – direct service to

midtown Manhattan

please contact our leasing department:

[email protected]

[email protected]

Hartz Mountain Industries, Inc. Leasing Dept.

hartzad 1025x1325 030411 300LW 4c.indd 1 3/4/11 4:04 PM


K&W engineers & ConsultantsPSeCU

— new Corporate HQ —

M&e engineers, Inc.Verizon - Chiller Plant replacement

— HVaC renovation —

Development of this new corporate headquarters campus included acquisition of land from the Commonwealth of Pennsylvania, addressing an existing abandoned landfill area within the property, and securing of a zoning variance from the local municipality prior to initia-tion of design. Proposed improvements include substantial offsite roadway improvements (i.e. two new traffic signals, addition of turn lanes, road widening), multiple stormwater management facilities, parking facilities for approximately 770 vehicles, significant offsite sewer and water utility extensions, a campus-wide pedestrian walking path, and extensive landscaping / hardscape areas.The sheer magnitude of this project and the associated scope of required improvements make this a signature project in the K&W portfolio. We provided all of the design, analysis, permitting, approvals, and construction documentation services required for every aspect of the project’s site development. Among other things, the extensive coordination efforts undertaken with governmental and regulatory agencies at all levels, the need to significantly extend public utilities and provide major roadway improvements to serve this previously undeveloped site, and the incorporation of varied and innovative features in pursuit of a LEED Gold certification all combined to yield a truly challenging and rewarding experi-ence. It was a genuine pleasure to be part of the design team led by Crabtree Rohrbaugh & Associates Architects and to work with PSECU’s outstanding and visionary leadership in making this project become a reality.

M&e engineers performed MEP engineering services for the replacement of three complete chiller plants totaling 1,750 tons at Verizon’s New Brunswick Tele-phone Switch Central Office and Data Center. Project was designed and prequalified in conjunction with NJ Smart Start energy rebate program. Project work included: survey and documentation of existing conditions, design of two 500 ton N+1 water cooled chiller plants, design of one 125 ton N+1 air cooled chiller plant with full chilled water economizer capabilities, and associated sup-porting power equipment (MCC with integral VFD capability). It also included an up-grade of BAS systems including all AHU control valves, damper controls and chiller optimization system. M&E designed the three plants with a construction logistics plan that allowed them to all be re-placed without shutting down this mission critical facility. Project challenges included: 1) Providing cooling through the use of air side economizer to all temperature sensitive spaces while demolishing existing chiller plants and erecting new; 2) Controlled shut down of 7th floor data center during modification of existing chilled water piping; and 3) Meeting an aggressive schedule (5.5 months from bidding to plant completion). This was a $5m project and we secured $125k in energy rebates for Verizon.

The FaVorIte/MoSt UnUSUal engIneerIng ProJeCt of 2011

Chiller

Cooling Tower

HVAC Lighting & Power Energy Modeling Solar & Renewable Energy Geothermal Systems “Smart Start” Rebates Pay for Performance

Energy Audits LEED® Certification CommissioningBuilding Automation Combined Heat & Power Full Service M/E/P Design & Engineering

www.MEengineers.com

26 West High Street - Somerville, NJ 08876 Phone: 908-526-5700

ENGINEERS, INC.


Falcon engineering, architecture & energy ConsultantsCamelot Condominium association— exterior Façade restoration —

Falcon was hired to design, bid & provide construction management services for this 19-story luxury highrise building. The entire original exterior façade required reconstruc-tion due to original construction defects. Original estimates through litigation included displacement of all residents and removal & replacement of exterior panel wall assemblies with estimated cost >$10M. Falcon was able to design a program to achieve the work while allowing all residents to remain in the apartments with minimal disturbance, saving over $5M on project cost & allowing building to garner monies from NJBPU Pay for Performance Program to assist in paying for the energy related upgrades.

Falcon chose to bid this project because of the combination of energy savings, increas-ing curb appeal and the nuts and bolts engineering problems and the recladding and structural repair work that was necessary fit perfectly into our business model. The challenges of reducing the budget and allowing residents to remain in their apartments while achieving and exceeding the goals of the original project plan were appealing. Falcon internally has multi-disciplined engineers, architects, energy specialists and code experts that specialize in existing facilities and retrofits, making the Camelot project a perfect fit for the firm.

nave newell, Inc.Valley Forge Casino resort

— redevelopment —

Nave Newell provided land development services for the redevelopment of the Valley Forge Convention Center into a new casino resort. Site renovations consisted of alterations to the circulation, main driveway, and parking lot layout and associated re-grading as well as modi-fications to the stormwater and sanitary sewer conveyance systems servicing the site. Nave Newell updated the topography plan, performed sewer capacity calculations, designed the stormwater collection system, improved the site layout and circulation to provide parking for 2,300 vehicles and provided landscape, lighting and signage improvements. This project is currently under construction and plans to be open spring 2012.Since starting this project in 2007, we have faced much design, legislative and funding hurdles, but it is very exciting to see it taking shape as a highly anticipated regional entertainment/resort destination. Working on a redevelopment project of this caliber involves many challenges, particularly maintaining an operational facility during construction, as well as successfully handling unforeseen underground constraints while maintaining the very tight timeline for opening. Despite the complexities of this project, construction is currently moving along at a rapid pace and is on target for an early spring opening.

The FaVorIte/MoSt UnUSUal engIneerIng ProJeCt of 2011

Falcon Energy Consultants, LLC

A Division of The Falcon Group

682 Highway 202/206Bridgewater, NJ 08807Phone: 908-595-0050

Fax: 908-595-0012

www.falconengineering.com [email protected]

Trusted Advisor ServicesIntegrated delivery framework for building operations, energy efficiency (EE), and renewable energy (RE) projects.

Guide Clients through complex, pivotal decisionsEE/RE programs on scheduleWithin budgetVerified savings on target

Master PlanningResearch and DevelopmentPrototyping, Testing and TroubleshootingField Survey HVAC ControlsBenchmarkingEnergy AuditsEnergy ModelingEnergy MeteringRenewable Energy StudiesEnergy RebatesEnergy Financing

Our energy expertise includes mechanical engineering, architecture, design, and construction management. Our experience spans commercial, industrial, government and residential projects. Our experts are innovative, practical and detail-oriented, yet they simplify issues with clear language and reports to clearly present project benefits and decisions.

Enhance Building Performance.Conserve Resources.Protect your Investment.

®

Experience our commitment.

Professional Services Include:Energy Information SystemsEnergy DashboardsMEP Analysis and DesignSolar Energy DesignLife Cycle AssessmentDesign and Construction ServicesOperations and MaintenanceMonitoring and VerificationGreen Buildings Claims AvoidanceTesting, Adjusting and BalancingCommissioningTraining and Documentation


The FaVorIte/MoSt UnUSUal engIneerIng ProJeCt of 2011Bohler engineering, Inc.einstein Medical Center

— Hospital Facility and Medical Office Building —

Albert Einstein Healthcare Network is building a 224-bed, regional medical center on an 83 acre site, which was previously the home of Wood’s Golf Center, in East Norriton Township. The project includes a 380,000 s/f, five-story hospital facility, a 75,000 s/f, two-story medical office building, structured parking and 1,200 parking spaces. The design also includes a helipad to support the proposed trauma center.Bohler Engineering obtained all the required municipal and outside agency approvals for the project, and performed a significant stormwater analysis, incorporating vegetated swales and rain gardens where possible to handle run-off. In addition, the project requires an off-site water and sewer extension.LEED design and administration are required, as Einstein is seeking certification from the USGBC. The project received preliminary approval in December 2008 and final approval was received in May 2009. Construction commenced in the Summer of 2010, and the Grand Opening is scheduled for September 2012.Why was this particular job your favorite/most unusual? Einstein Medical Center Mont-gomery will be the first completely new hospital to be built in PA in more than 10 years. AEHN is seeking LEED Silver Certification for the facility (and has been preliminarily approved), and as such required extensive and creative stormwater management design both on and off-site.

Bohler engineering is proud tobe a part of Aehn’s Development Teamfor the new einstein Medical Center.

Civil Engineering, Permitting & Surveying

ArchitectureLandscape & Lighting

, Structural Design, MEP

, Wetlands Consultant, Owner’s Representative

Transactional Counsel

, Construction Manager,

, Geotechnical Consultant, Sewer Consultant, Aviation Consultant

, Low-Voltage Utility Design, Acoustical Design

Land Use Counsel

Rendering courtesy of Perkins + Will

www.dischellbartle.com


The Best of 2011

For more information contact Anthony Naccarato, PE, SECB

215.925.3788 | O -N.COM

Geotechnical Engineers & Geologists

EARTH

Corporate Headquarters: 610.277.0880

www.earthengineering.com

Environmental Site Assessments and Remediation

Construction Inspection & Testing

Subsurface Investigations

Stormwater Infiltration Testing

Retaining Wall Design

Laboratory Soils Testing

Clean Fill Testing

South Jersey: 856.768.1001 Central PA: 717.697.5701

Lehigh Valley: 610.967.4540

ENGINEERINGINCORPORATED

Carbonate Site Assessments

WANT TO SEE MORE?To view the Best of 2011 online

and other MAREJ issues visit www.marejournal.com & click on

DIGITAL EDITION!


Hance Constructionnew Station Park recreation Complex

— new Construction and renovation —

Hance Construction has completed construction and renovation of the New Station Park Recreation Complex, a 12,150 s/f, multi-building facility located at 38 Station Road, Sparta, NJ adjacent to the historic Sparta Train Station. The Sparta Police Athletic League has signed a long-term lease with property owner Dermody Associates, Inc. for two of the buildings in the four-structure, 10-acre complex, a former industrial site that had been dormant for over 20 years. The New Station Park Recreation Complex features two new Butler Manufacturing metal buildings and two renovated buildings with Butler walls and roofs as well as The Simple Saver System, an insulation product that can reduce energy costs by as much as 50 percent during a building’s lifetime. “We worked with the Dermody team to make sure the facility met their needs and the end result is a highly sustainable, environment-friendly facility,” said Art Hance, President of Hance Construction. “The Station Road project is a good example of the fact that metal roofs and walls offer an unbeatable level of environmental performance and aesthetic appeal. Metal buildings today are sustainable, have low impact on the environment, reduce solid waste in construction, help reduce energy usage in all climates, and improve the air quality and water effi ciency in buildings and their surroundings.”For more information visit pages 20-21a in this issue of the nJ section.

The FaVorIte/MoSt UnUSUal general ContraCtIng ProJeCt of 2011

In 2011, Stanker & galetto, a Vineland general contracting fi rm, was hand-picked to build the largest industrial construction project in southern New Jersey in 2011 – the Schar USA gluten-free food manufacturing facility in Gloucester County. The Italian company’s 50,000 s/f building was built on eight acres and is the company’s fi rst U.S. manufacturing facility. Schar USA invested more than $15 million into the operation and is expected to create 50 jobs in the area. Stanker & Galetto was instrumental in bringing Schar to the USA: “This is a watershed moment in the history of economic development in South Jersey,” said Peter Galetto, president of Stanker & Galetto.Stanker & Galetto pursued the $15 million, Schar USA project knowing that it would be the largest construction project in New Jersey in 2011, and would provide an economic boost to the state. The project was planned at 50,000 square feet, but Schar USA’s belief in the state as a place of opportunity led them to allow for an upcoming expansion to 80,000 square feet based on projected company growth. “Schar could have chosen any number of locations for this facility, but they chose South Jersey because of the opportunities for company growth, labor development and proximity to transportation,” said Peter Galetto, President of Stanker & Galetto.

Stanker and galettoSchar USa Project

— Industrial —

Schar USA gluten-free food manufacturing facility in Gloucester County, NJ38 Station Road, Sparta, NJ


Hance Construction would like to thank the Mid-Atlantic Real Estate Journal for selecting the New Station Park Recreation Complex project for “Favorite/Most Unusual General Con-tracting Project.” We would particularly like to thank property owner Dermody Associates, Inc. and our team, including architect Keith Chambers and Hance Construction staffers Arvid Blendermann, Dorman Perine, and Rob and Kevin Stephenson for helping make this innovative project a reality.

Creating Sustainable,Award Winning Projects

An Authorized Butler Builder®, Hance Construction offers: Turnkey construction services for conventional and

pre-engineered structures Lightning fast assembly by experienced, highly trained crews Virtually unlimited design options Innovative approaches to expansion and renovation Building systems that dramatically reduce waste Comprehensive inspection, maintenance and repair services

Hance Construction, Inc.www.hanceconstruction.com

2171 Route 57Washington, NJ 07882

908.835.3501

P.O. Box 265Wysox, PA 18854-0265

570.265.6565

The Best of 2011


NEW YORK | NEW JERSEY | FLORIDA | ILLINOIS

201.865.4666

www.mcgowanbuilders.com

Is proud to be the recipient of

The Mid Atlantic Real Estate Journals

“Best of 2011” in the categories

“Favorite/Most Unusual Project” for

The Dream Downtown and

“Best Places to Work”

allied Building CorporationBen Franklin techVentures2

— Incubator Facility for Start-Up Cos. —

The new four-story TechVentures2 building is linked to the original Ben Franklin TechVen-tures facility and provides additional wet lab, offi ce and meeting space. The building, which is targeting LEED Gold certifi cation and ENERGY STAR designation, features a high effi ciency curtain wall system, precast façade panels, a central pyramid-shaped solarium allowing sunlight to fl ow into the fourth fl oor and down through a portion of glass fl ooring into the third fl oor, rooftop photovoltaic panels as well as other sun harvesting technology to supplement electrical requirements, numerous energy-saving devices, two elevators, advanced audio/visual systems and state-of-the-art conference center.There were many diffi cult and diverse challenges: managing a project for a 501(c)3 client that received signifi cant federal and state funding; severe space limitations with construction occurring at the main entrance of a major college campus; complex fl ash coordination of underground utilities was required; a two-phase approach was needed with phase one being the construction of a separate parking deck prior to starting the phase two TechVentures 2 building; providing uninterrupted operations at the original TechVentures facility including the subsequent tie-in to the new building; incorporating state-of-the-art green building and energy conservation measures; and managing the LEED Gold certifi cation and ENERGY STAR designation efforts.

Lehigh University Mountaintop Campus, 116 Research Dr. in Bethlehem, PA

Mc gowan Builders, Inc.the Dream Downtown, new york

— redevelopment —

The project scope included the removal of the entire curtain wall, demolition of a building section, creation of a courtyard and separation of the structure into two buildings, demoli-tion of all interiors, expansion of the North Tower by one fl oor and expansion of the South Tower by four fl oors. the Mc gowan Builders team installed a new curtain wall with custom, round windows and constructed a suspended pool above the restaurant space with a transparent acrylic bottom. In addition to the complete interior build out with luxury fi nishes, the construction required all new MEP and building systems. 100 word description of why you chose this project: This project was chosen because of its originality. Dream Downtown’s modernist façade houses loft inspired guestrooms and suites, a landscaped outdoor terrace with heated pool and innovative concept dining. The hotel also features a beach club and an expansive destination rooftop lounge offering dramatic views of the resplendent New York City Skyline. The Dream Downtown has become a hot spot for numerous celebrities.

The FaVorIte/MoSt UnUSUal general ContraCtIng ProJeCt of 2011

“BEST OF 2011” WINNERFavorite / Most Unusual Project for:

General ContractorGreen Project

Ben Franklin TechVentures2

General Contracting

574 Main StreetSuite 200

Bethlehem, PA 18018p. 484-898-1111f. 484-898-1110

www.alliedbuildingcorp.com


Sloan Street advisors / Itra global Stop Child abuse now

— Community Service —Sloan Street Advisors / ITRA Global has been a dedicated supporter of Stop Child Abuse Now (www.scanva.org) for sev-eral years. In addition to financial support by the company, president and CEO Debra Stracke Anderson serves on the SCAN board of directors and financial development committee. Corporate support is vital to insure that SCAN has the resources to continue its crucial work in preventing child abuse and neglect in our region. SCAN is the only organization that also provides parent training to help improve parent-child relations and provides advocacy directly for the children in the courts via its Court Appointed Special Advocate (CASA) program. The CASA Program provides trained volunteers appointed by the court to serve as a direct voice for children in the juvenile court system.

The Best new Category of 2011

Beacon Commercial real estate311 W Stiegel St., Manheim, Pa

— largest Investment Category —

Sale Price (required): $1,733,325Size (square footage/acreage): 76,129 SF, 3.81 acresBroker(s): Taylor YoungA 76,129 s/f building situated on 2.2 acres. The property also includes 411 West Stiegel St. which has forty-eight surface parking spaces on .64 acres and 106 South Penn St.consisting of .97 acres and forty-three parking spaces.The seller was The Arbee Realty Trust.

Taylor Young

the acres agencyPublic relations

— Best new Company on the Horizon —

The Acres Agency is gearing up to be a full-service public relations firm dedicated solely to clients in the architecture, engineering, construction and real estate sectors. Consisting of current and former industry pro-fessionals, their staff truly understands media place-ment for firms involved with the built environment. Stay tuned on news about this exciting venture.

FP+a, Inc.alouette Cheese Production Facility

— Best Facility Consultant —This project entailed the development of a 7 year plan to ultimately construct a new cheese processing plant across the street from the existing plant. This plan required planning for the relocation and upgrade of a wastewater treatment facility, expansion of the storm water system, interim additions to the exist-ing facility, creation of a utility and conveyor bridge over a street, and various renovations to the existing facility in order to maintain USDA compliance until the replacement facility is constructed. Achievement of this plan requires integration of multiple design disciplines and coordination with multiple agencies in multiple municipalities, all while not affecting production output and quality.

West Jackson St., New Holland, PA

Profitability Is Your Priority. . .

Reducing Your Occupancy Costs

Is Ours.

Exclusively Representing

Corporate Tenants and Buyers

of Commercial Real Estate in

Greater Washington, D.C.

Our Difference Is Your Advantage.+1 703.758.7479

www.sloanstreetadvisors.com


The Favorite/Most UnUsUal arCHIteCtUre ProJeCt of 2011Studio 5 Partnership

24 Hour Fitness— Fitness Center —

DMr architectsriver Barge Park

— new Building —

Jarmel Kizel architects & engineersroof-Mounted Solar Photovoltaic

— Design —

DMr provided professional services for the New Jersey Meadowlands Commission (NJMC) at River Barge Park, a park and marina located on 5 acres of the shore of the Hack-ensack River. The site contains three buildings for storage of the NJMC boat fl eet, crew shells, canoes and kayaks, a sub-station for the NJ State Marine Police, and an open-air park educational pavilion structure.

The completion of the project at River Barge Park fulfi lled a long-term goal of the Meadowlands Commission to pre-serve open space and provide public access to the Hackensack River for recreation and environmental education. The DMR team worked hard to create a beautiful space that highlights the park’s landscape and encourages residents throughout the state to enjoy the natural beauty of the outdoors. Designed to LEED guidelines, DMR is proud to have helped the Mead-owlands Commission achieve such an important goal and promote the beauty of our environment.

Jarmel Kizel’s team of architects and engineers de-signed a solar photovoltaic (PV) system for The New Jersey Institute of Technology (NJIT) at its Oak Hall residence located at 155 Summit St. For this project, Jarmel Kizel’s Energy Solutions studio was led by Mat-thew B. Jarmel, AIA, MBA. Jarmel Kizel also provided mechanical, electrical and plumbing engineering services and Structural Engineering services. Jarmel Kizel Energy Solutions design studio assists

and educates our clients on energy upgrades that help make buildings and spaces more energy effi cient and also reduce costs. This project will ultimately reduce energy costs by over 50 percent. This project is in keep-ing with the renewable energy portfolio standard, which mandates that 20 percent of the power sold in the NJ must come from clean, renewable energy sources by the year 2020.

Full service fi tness center including a swimming pool, sauna and spa, Racquetball Courts, Cardio and weight rooms, cycling, full court basketball court, Pro Shop and Kid’s Club.

The fi tness center was retrofi tted into the shell of an old tenplex movie theater. The original 1966 Loews was a single screen, 2000 Seat Theater with a massive balcony. Over the years the main room had been divided up with smaller the-aters attached around it. Studio 5 Partnership provided core and shell design for the building and worked with 24 Hour Fitness’s interior architect on the conversion. There’s now a pool in theater 5 and the original 2000 seat theater is open again, but this time with cardio machines on the balcony overlooking a basketball court in the orchestra below.

260 Outwater Lane in Carlstadt, New Jersey

Oak Hall Residence, NJIT in Newark, New JerseyRte. 14, Paramus NJ

The Mid Atlantic Real Estate Journal will be

celebrating our 10 Year Anniversary!

The Mid Atlantic Real Estate Journal is celebrating ten years in print! We know that the success of our business today has been built upon our valuable relationship with YOU – and we’d like to thank our loyal advertisers and readers with a special anniversary issue in May. This issue will highlight the top headlines and projects from the past decade. If 2012 marks an anniversary for your companycontact Michael Campisi: [email protected] or call 800-584-1062 x 208 to find out how to participate in this feature. Ten years is just the beginning. We’re looking forward to tomorrow.Deadline: April 27, 2012 Issue Date: May 11, 2012

Years of Coverage!

Celebrating

10


Enhancing LifeThrough

Innovative Architecture

596 Anderson Avenue, Suite 202 Cliffside Park, NJ 07010

P: 201-941-3040 | F: 201-941-5426www.rscarchitects.com

The Favorite/Most UnUsUal arCHIteCtUre ProJeCt of 2011rSC architects

Hudson County Community College— Higher education – new Construction —

aztec architectsPearson

— Corporate Office Interiors —

Pearson is the leading educational publishing firm in the world. Aztec provided them with the interior architectural and relocation services. The scope was to help them down size and right size their space. The project was completed in three separate phases. The result was a contemporary open environment that allows collaboration and interaction while providing a soothing color pallett of blues and greens. Aztec also created shared huddle rooms, open collaboration area’s as well as a small meeting center and a breakout area. The overall result was an open attractive collaboration.This was a very challenging project as the construction had to be done in three phases while the premises were occupied. There were many interim moves to help keep the process going as well as to allow Pearson to keep doing business without interruption. The old space was very traditional office space with offices ringing the perimeter window and 65” high workstations in the center. The colors where also dark giving the entire space a closed feeling. Aztec lightened the color and opened up all the window line for everyone to enjoy. We created a new workstation standard to allow collaboration and light into the space as well as significantly reducing the amount of offices. All the offices are placed in the interior. The transformation is a whole new look and feel that Pearson will enjoy for years to come.

The new seven-story satellite campus of Hudson County Community College houses classrooms, administrative offices, student commons, media center, science labs, campus store, and a fitness center. A soaring, three-story lobby welcomes students and visitors into the building, and an outdoor courtyard provides a quiet space away from the public. Other exterior features are a six-story curved curtain wall system and a 100-foot-tall clock tower. The unique design incorporates several sustainable elements, including solar panels, rainwater harvesting tanks, daylight and occupancy sensors, recycled materials, low flow fixtures, light shelves, and high-efficiency mechanical equipment. Accordingly, the facility is slated to receive LEED certification.The project is unique in many ways, especially given how many features were fit into such a small footprint. The site was specifically selected due to its location next to an existing NJ Transit bus depot and the Bergenline Avenue Station of the Hudson-Bergen Light Rail. A glass-enclosed pedestrian bridge spans across the bus lanes and connects the campus with the transit hub via a new stair tower with elevator. This transit village concept ties into the surrounding community, and allows students arriving by mass transit to conveniently access the building through a separate secured entrance. Furthermore, this portion of the project was funded entirely by Hudson County.

NEVER COMPROMISE YOUR ENVIRONMENT.

AZTEC. COMPLETE PROJECT MANAGEMENT.

From clients to employees, your environment has an effect on everyone. It’s often the first…and last

impression they see. Can your image afford to let those opportunities pass without making the most

of them? “Total Architecture” is our mantra at Aztec. Let it make a difference for you.

Call 732.636.8989 or visit www.aztec-architects.com

Base Building Architecture I Interior Architectural Design I Facility Master Planning

Complete Project Management I Relocation Execution Management

On-Going Facilities Management I Construction Execution Management

SM

Woodbridge Place, 517 Route One South, Iselin, NJ 08830

TheBESTof 2011

i i i ii i i iW i i i iW i i i iW i i i i

REAL ESTATE JOURNAL’s

Most Unusual Project: 3 Bala Plaza


gibbons P.C.russell B. Bershad

riker Danzig Scherer Hyland & Perretti llP nicholas racioppi, Jr.

greenbaum roweSmith & Davis llP

Jack Fersko

Number of attorney’s in office: 152Type of field attorney specializes in: Real Estate2011 major accomplishment: Riker Danzig, led by partner Nicholas Racioppi, Jr., head of the Firm’s Real Estate Group, represented the Rockefeller Group Development Corp., owners of the land, in several real estate related matters including complex lease agreements, in a major real estate transaction named “Creative Office Deal of the Year” in New Jersey by NAIOP on May 12, 2011. The 325,000 s/f building, scheduled for completion in 2012, will anchor The Green at Florham

Park, a world-class 268 acre master-planned sustainable mixed-use development, home to the New York Jets Atlantic Health Training Facility. When completed, the development will also include hotel, residential and retail space. Nicholas Racioppi, Jr. has considerable commercial real estate experience, particularly in the acquisition, development, zoning and planning, leasing and sale of commercial and industrial properties.He represents lenders in all types of real estate financings and has extensive experience in complex real estate workouts and foreclosures.

Serving as a lead real estate attorney for several of the largest, most significant and complex transactions currently ongoing in New Jersey, including (1) the state’s sale of the Meadowlands and Monmouth Park racetracks; and (2) Bayer HealthCare’s purchase of the former Alcatel-Lucent campus in Hanover, left vacant in 2009.

The significance of these two matters to our region is vast. The racetrack sales are headline news as part of NJ’s focus on reducing

budget gaps; they involve complex corporate, finance, tax, real estate, environmental, labor, and permitting issues and, if consummated, would result in the continuation of the state’s horse racing industry. The Bayer relocation involves 2,500 New Jersey employees and significant office, warehouse, and R&D facilities, and it also assists the state in retaining its considerable pharmaceutical capability.

Bayer, the German-based global pharmaceutical maker, is buying 95 acres of the 194-acre site and renovating and reconstructing several buildings.

2011 major accomplishment: Jack Fersko represented Avidan Energy Solutions in association with the company’s devel-opment, financing and construction of a massive 4.26 megawatt solar energy system in Edison, NJ. To date, the project is the largest roof-mounted solar energy installation to be completed in the United States.

In addition to this high profile project, Fersko has played a key advising role in numerous solar projects on behalf of a diverse range of clients, including developers, property own-ers and landlords, transportation and warehousing entities, and construction firms.

The Best attorney of 2011

Fitzpatrick lentz& Bubba, P.C.

Joseph A. Fitzpatrick

Famecoreal estate, lPJonathan rome

Number of Attorneys in your office: 28Type of field Attorney specializes in: Real Estate/Land Use/zoningJoseph A. Fitzpatrick is one of the founders of Fitzpatrick Lentz & Bubba, P.C., and is well known for his work in real estate development in Pennsylvania. Notable clients include Stabler Cor-porate Center IDS Real Estate Group,

Trader Joe’s, Liberty Property Trust, Promenade Shoppes at Saucon Valley, Wegman’s Markets, Wawa Food Markets and the Allentown Phantoms hockey team. In addition to his law practice, Fitzpatrick serves as Vice Chairman on the Board of Directors of Sacred Heart Hospital in Allentown.

Number of Attorney’s in your office: 1Type of field Attorney specializes in: Retail Real Estate Jonathan Rome serves as Fameco’s in-house counsel and is responsible for a broad range of legal matters related to the organization as a whole as well as its brokerage activities. Aside from his first class legal mind which we would

argue is second to none, what makes Jonathan such a valu-able asset to Fameco is his welcoming demeanor, willing-ness to assist, his undying patience with his constituents and his ability to keep us all within the letter of the law. Jonathan is one of those people that you don’t see sweat.


The Best of 2011

Joseph A. Fitzpatrick, Jr. is the founder of a Lehigh Valley-based law firm of Fitzpatrick Lentz & Bubba, P.C., located in Center Valley, PA. His practice focuses on real estate, land use, project development, zoning and subdivision, eminent domain, assessment appeals and business transactions. During his 30-year career, he has represented, negotiated and obtained approvals for many major projects in Eastern Pennsylvania, including the Stabler Center and corporate park; retail uses; The Promenade Shops at Saucon Valley; office and employment centers; communications and energy projects; national distribution facilities; and dozens of residential communities. Mr. Fitzpatrick represents the Lehigh Valley Phantoms AHL hockey team. Mr. Fitzpatrick has been selected for inclusion in SuperLawyers Pennsylvania edition each year since 2004, was the 2010 recipient of the March of Dimes Commercial and Industrial Real Estate Award and is AV rated by Martindale Hubbell.

fitzpatrick Lentz & Bubbaattorneys at law

Lehigh Valley l FLBLaw.com

CongratulationsMID-ATLANTIC REAL ESTATE JOURNAL

BEST OF 2011 - BEST ATTORNEY

JOSEPH A. FITZPATRICK, JR.

99 Wood Avenue South 75 Livingston Avenue Woodbridge, NJ 07095 Roseland, NJ 07068 732.549.5600 973.535.1600

www.greenbaumlaw.com

Jack Fersko “Best Real Estate Attorney For Solar Development Projects”

Mid Atlantic Real Estate Journal —Best of 2011—

When It Comes To Solar, Our Experience Shines Through

A Solar Sound Bite: The planning, financing, construction and operation of solar energy initiatives can often give rise to complex transactional issues which call for comprehensive knowledge and hands-on experience.

Our clients with interests in the solar energy arena include developers, property owners, landlords, solar design and installation firms, and companies in the construction, transportation and warehousing industries.

We prepare and negotiate agreements and leases in solar installations to protect our client’s business interests. We coordinate and oversee the process of obtaining project financing through both public and private incentives and grants, as well as traditional debt financing, and advise on the appropriate use of insurance to address potential risks. In short, we do it all.

Call us today to learn more about our client services.


The Best PlaCe to WorK of 2011

New Castle, DEEmory Hill Companies is the best place to work because, from the ownership down, its people really care – about their clients, their community and each other. The company is made up of five independent divisions: commercial real estate brokerage, construction, property management, main-tenance and residential real estate – but all five divisions work together as a team to provide local real estate solutions. The company as a whole has integrity, a positive attitude, and an innovative, progressive, creative approach to solving its customers’ needs.What some of the firm’s most attractive benefits? Employees are rewarded and motivated by various incentive programs (ie., for ideas and leads) and are supported with training, edu-cational and networking opportunities such as trade meetings, conventions and motivational seminars. We are also encour-aged to give back to the community and, from the top down, employees make sizeable contributions in money, time and talent to a large list of various charitable organizations.

555 13th St NW, Ste. 420E in DCIn the Washington metropolitan area, Studley is the leading commercial real estate tenant-rep firm representing Washing-ton’s top law firms, associations, government contractors and government entities for all of their real estate needs. As one of the four firms selected to serve as the General Services Administration’s national brokers, Studley continues to build on its strong federal practice in addition to its other tenant representation activities. With two offices in the metropolitan area, Studley broadly serves the tenants throughout Washing-ton, DC, Northern Virginia and Suburban Maryland. Unlike traditional brokerage firms, Studley has unusually high retention rate. The Washington DC regional offices of Studley have brokers and staff who have been with the com-pany for 15, 20, 25 and even 30 years. This can be attributed to many things – our corporate culture, compensation, perks, and opportunity.

160 E. Union Ave., East Rutherford, NJMc Gowan Builders is run by brothers Patrick and Martin Mc Gowan and is a very family oriented business. Everyone who works for Mc Gowan feels like they apart of the Mc Gowan family.

What are some of the company’s most attractive benefits?Retirement Plan, Health Insurance, Profit Sharing, Stock Options, Performance Based Reviews, Employee Training, Maternity/Paternity Leave, Tuition Reimbursement and Special perks such as, Free Parking, Childcare, Subsidized Transportation.

Retirement Plan, Health Insurance, Profit Sharing, Stock Options, Performance Based Reviews, Employee Training, Maternity/Paternity Leave, Tuition Reimbursement, Free Parking, Dog Care, In House Chef.

Mt. Laurel, NJ Metro is celebrating its 25th anniversary in 2012 and many of the employees have been here for almost the entire 25 years. Metro is like a family – we seek to provide the best work location, benefits, salaries and other perks for our employees.

At CBRE, the commitment and dedication of our employees forms the foundation of our business and is what enables us to deliver superior service to our clients. Because we under-stand this, we embrace and foster a culture built on respect and recognition that promotes integrity and breeds excel-lence. Our philosophy is simple – recruit the best and treat them well. The same holds true for Greater Philadelphia. We make it a priority to endorse initiatives and activities that are employee-centric – introducing new avenues for learning, improving the way we recognize and support our employees and encouraging their community involvement. Employees are now more directly involved in developing each other and driving processes for change. We’re also dedicated to supporting the CBRE Cares philanthropic efforts – our local team supports several charitable events including those in which our employees are directly involved and/or affected. What some of the firm’s most attractive benefits? CBRE offers a competitive compensation package includ-ing medical/dental, short- and long-term disability, life and AD&D insurance, 401K retirement program, paid holidays,

4445 Willard AvenueCity, State: Chevy Chase, MarylandJBG Rosenfeld Retail offers great opportunities. The company is growing rapidly due to the many development projects underway in the mid-Atlantic region.

What are some of the company’s most attractive benefits?Retirement Plan, Health Insurance, Profit Sharing, Perfor-mance Based Reviews, Maternity/Paternity Leave, Tuition Reimbursement, and special perks such as free parking or paid metro, catered lunch every Friday, and half day Fridays during the summer months.

It seldom happens that Fameco employees depart, but in the rare instance that it does, it serves as a good reminder of what great place Fameco is to work. During a recent exit interview, an employee said, “The Partners at Fameco care. They really listen to the employees.” This same employee said that in the past few years when times were tight, Fameco continually tried to provide its employees with extra perks in an effort to boost morale and keep the company motivated. It’s true. Fameco has worked very hard to maintain a workplace that is upbeat, provides motivation for its salespeople and employ-ees, and is a place where its people don’t mind spending time. At Fameco, there are lots of big things that make Fameco a great place to work like the fact that Fameco continues to grow. In mid 2011, we opened an office in Center City Philadelphia. That office boasts a tremendous portfolio of listings and tenant rep as-signments. We’ve invested time and capital in a new proprietary database to assist our sales team in managing their business, we systematically upgrade our technology to provide state of the art computers and graphics capabilities and continually offer a very generous benefits package.

Gebroe-Hammer’s founders, the late Messrs. Mel Gebroe and Morris Hammer, instilled a sense of family in the firm, one that remains committed to the principles and standards of that iconic pair. The firm’s continued success owes to a core of professionals who, combined, have more than 150 years of experience. Indeed, half of the company’s staff of 24 brokers and administration personnel have been with the firm for more than 16 years. The resulting continuity harking back to the principles of the firm’s founders provides the very basis for its continued growth and status within the commercial real estate business, both as a brokerage firm and as a place to work. What are some of the firm’s most attractive benefits? Gebroe-Hammer’s mantra is that success lies not only with its experienced core of professionals, but also with the next generation. With a solid commitment to teaching the next generation the importance not only of how to structure deals, but also the art of building relationships and fully knowing and understanding one’s market, the firm has continued to cultivate the highest professional morals and expertise. Ongoing training includes everything from weekly educational programs and management/supervisor meetings.

There are not too many people that can say they enjoy go-ing to work every day, and while some days are better than others, M&E’s work environment is unsurpassed by few firms in the industry. M&E consists of a close-knit design team that works very efficiently. Employee benefits include a generous health benefits package, 401k match, annual bonus, profit sharing, and continual training. Other perks include casual dress, flex time, free breakfast on Fridays, and your favorite desert on your birthday. Our core values of Teamwork, Respect and Integrity help create enduring relationships that deliver exceptional results.M&E has become a recognized leader for progressive and sustainable design and energy management solutions, and working here really makes you feel like you are making a difference in the world. The M&E office has an Energy Star rating of 84 and is seeking LEED certification.


The Best FaSteSt groWIng CoMPany of 2011enviroSure, Inc.

43% employee IncreaseWoodmont Properties

Hires 12 new employees in 2011

the Kislak Co.200% Sales Increase

Studley99.1% revenue Increase

Address: 103 South High Street, Suite 1City, State: West Chester, PAPercentage of revenue increase from 2010 to 2011: 152%Percentage of employment increase from 2010 to 2011: 43%EnviroSure, Inc. supports commercial and industrial real estate transac-tions through environmental services: Phase I and II environmental site assessments, soil and groundwater investigations and remediation, and underground storage tank closures.

One Main Street, Chatham, NJ

Woodmont hired 12 new employees in 2011, increasing the number of employees from 29 to 41.

1000 U.S. Highway 9 NorthWoodbridge, NJPercentage of revenue increase from 2010 to 2011: 200%Percentage of employment increase from 2010 to 2011: 3%Kislak is consistently recognized as the region’s dominant investment sales company serving the multifamily and retail markets. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partner-ships, fi nancial institutions, and REITs. The fi rm’s 25 sales professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.

Address: Studley has two locations in the DC area—Washington, DC and McLean, VAPercentage of revenue increase from 2010 to 2011: Studley had its best year ever in 2011, recording a 99.1% revenue increase. Percentage of employment increase from 2010 to 2011: no increase

The Best People Make anAward-Winning Company!2011 Mid-Atlantic Real Estate Journal*

BEST PLACE TO WORK!BEST “GREEN” PROJECT: LEED PLATINUM Delaware Technical & Community College “Energy House”, Georgetown, DE

BEST BROKERS: Tripp Way, Edd ConnorBEST LEASES: Largest Office Lease, Tripp Way,

409 Silverside Rd., Wilmington, DEand Steve Dobraniecki,30 Blue Hen Drive, Newark, DE

Largest Industrial Lease, Edd Connor, 400 Centerpoint Blvd., New Castle, DE

Largest Retail Lease,Tripp Way,College Square Shopping Center, Newark, DE

BEST SALES: Largest Land Sale, Dave Morrison,

3322 Silverside Rd., Wilmington, DELargest Industrial Sale, Jim O’Hara, Jr.,

11 Southgate Blvd., New Castle, DE

Committed to Delaware. Connected to the World.

10 Corporate Circle, New Castle DE 19702 | 302.322.9500 | www.emoryhill.com

Commercial Brokerage, Construction, Property ManagementMaintenance and Residential Real Estate

Celebrating our 30th Anniversaryas Delaware’s Real Estate Provider

*2nd Place, Best Place to Work and Best Green Project; Honorable Mentions in other categories


Best Developer CoMpANY NAMe oF propertY loCAtIoN s/F CostCIS Waters Edge Elizabeth, NJ 80,000 sf $21,470,489SSH Real Estate The Commonwealth Philadelphia, PA 101,000 s/f $17,000,000CIS Heritage Village Forked River NJ 101,000 s/f $16,100,00 WP Realty Devon Village Expansion Devon, PA 12,800 s/f $7,500,000Harvey Hanna Newport Industrial Park Newport, DE 15,000 s/f $2,200,000 Best MANAger CoMpANY NAMe oF propertY loCAtIoN s/F UNIts Mack-Cali Realty Mack-Cali Business Campus Parsippany, NJ 2,398,800 s/f CBRE - Philadelphia 1700 Market St. Philadelphia, PA 841,172 s/f Hartz Mountain The Monaco, 475 Washington Blvd, Jersey City, NJ 523 units FMS Management Upland Square, Route 100, West Pottsgrove, PA 680,000 s/f Levin Mgmt Elizabeth Center Elizabeth NJ 635,000 s/f W P Realty Chesterfield Marketplace Midlothian, VA 428,576 s/f Levin Mgmt Blue Star Watchung, NJ 419,073 s/f Bennett Williams Gateway Ventures Plaza Chambersburg, PA 108,000 s/f Bennett Williams HACC Satellite York Campus York, PA 125,000 s/f lArgest oFFICe sAle CoMpANY BroKer NAMe oF propertY s/F sAle prICeHolliday Fenoglio Fowler Stephen Conley/Jim Meisel/Dek Potts/Andrew Weir 3 Bethesda Metro Center, Bethesda, MD 368,400 s/f $150,100,000 Emory Hill Tripp Way 101 Bellevue Pkwy, Wilmington, DE 70,000 s/f $9,500,000Landmark Commercial Jason Grace/David Remmel 2150 Herr St., Harrisburg, PA 44,000 s/f $2,895,000 NAI Summit Matt Dorman 4635 Crackersport Rd, Allentown, PA 23,000 s/f $2,650,000 Kislak Joni Sweetwood Verona, NJ 22,800 s/f $2,300,000Rock Commercial R E David Bode 1399 S Queen St. York, PA 11,953 s/f $1,150,000 Gordon Kauffman (CBC Bennett Williams) lArgest oFFICe leAse CoMpANY BroKer NAMe oF propertY s/F CBRE-Philadelphia Steven Cousart/Stephen Gersbach/Nora Brady Atwater Corp Center, Malvern, PA 300,000 s/f Mack-Cali Realty Fred Smith/Curtis Foster of Cushman Wakefield Harborside Financial Center Plaza 3 137,076 s/f Jersey City, NJ Bergman Real Estate Grp Eric Ladden 25A Vreeland Rd, Florham Park, NJ 39,850 s/f Emory Hill Tripp Way 409 Silverside Rd., Wilmington, DE 30,000 s/f Beacon Commercial Gene McHale/Colin McHale 475 Virginia Dr, Fort Washington, PA 25,517 s/f Emory Hill Steve Dobraniecki 30 Blue Hen Dr., Newark, DE 23,500 s/f NAI Summit John L. Crampsie, SIOR Penn Corp Center, Bethlehem, PA 19,919 s/f Landmark Commercial Tom Posavec 4250 Crums Mill Rd., Harrisburg, PA 17,500 s/f Weichert Commercial Peter E. Ricker Jr. 804 Broadway, West Long Branch, NJ 14,042 s/f & 8,000 s/f Rock Commercial R E Ryan Myers, CCIM 261 North Franklin St., Hanover, PA 8,930 s/f Bennett Williams Thomas Troccoli 1595 S. Mt. Joy St., Elizabethtown, PA 3,520 s/f lArgest INDUstrIAl sAle CoMpANY BroKer NAMe oF propertY s/F sAle prICeCBRE-Philadelphia Bill Wolf/Sean Bleiler/Phil Schenkel 3041 Schoeneck Rd, Lwr Macungie, PA 580,000 s/f $22,000,000 Binswanger Jim Panczykowski Former Bush Industries Facility 1,112,390 s/f $19,000,000Beacon Commercial John Greenwald/Taylor Young 1340 Enterprise Drive, West Chester, PA 75,655 s/f $3,700,000 Landmark Commercial W Jason Grace 3201 Fulling Mill Rd, Middletown, PA 92,000 s/f $2,860,000 Emory Hill Jim O’Hara, Jr. 11 Southgate Blvd, New Castle, DE 23,000 s/f $750,000 Bennett Williams Beau Brown 527 Gritts Run Rd, Hanover, PA 13,800 s/f $525,000 lArgest INDUstrIAl leAse CoMpANY BroKer NAMe oF propertY s/F First Potomac Realty Trust Mike Roden/John Wilhide/Ben Meisels Matt Larraway/Mike Elardo 7458 Candlewood Rd, Hanover, MD 139,690 s/f Beacon Commercial Gene McHale/Mike Flynn/Colin McHale 10 Industrial Hghwy-B Complex, Lester, PA 125,959 s/f Rock Commercial RE Kevin Hodge/David Bode/Ted Turnbull Patriot Tech Center, York, PA 116,000 s/f Weichert Comm Anthony Baseil 400 Saw Mill Rd., Edison, NJ 111,628 s/f Nai Summit Mike Adams 5001 Crackersport Rd., Allentown, PA 104,400 s/f Levin Joshua Levin-Levin Mgmnt Iron Run Corp Center, Allentown, PA 101,250 s/f Weichert Comm Anthony Baseil 1050 Edward St., Linden, NJ 98,976 s/f & Mike Treacy-BinswangerLandmark Commercial W. Jason Grace 665 Independence Ave, Mechanicsburg, PA 64,970 s/f Emory Hill Edd Connor 400 Centerpoint Blvd, New Castle, DE 60,760 s/f Bennett Williams Robert Behler Jr 75 Acco Dr, York, PA 38,400 s/f lArgest lAND sAle CoMpANY BroKers NAMe oF propertY sIZe sAle prICeEmory Hill Dave Morrison 3322 Silverside Rd., Wilmington, DE 5.8 acres $2,075,000 Bennett Williams Chad A. Stine/Bradley A. Rohrbaugh 362 N. Main St., Loganville, PA 3.92 acres $1,750,000 NAI Summit Jay Haines Route 100 & Penn Dr., Allentown, PA 4.36 acres $1,350,000

HonoraBle Mentions of 2011


lArgest retAIl sAle CoMpANY BroKer NAMe oF propertY s/F sAle prICeCushman & Wakefi ed Andrew Merin/David Bernhaut/Gary Gabriel Colonial Commons, Harrisburg, PA 486,634 s/f $49,100,000East Rutherford Karen Iman/John PlowerNAI Summit John L. Crampsie, SIOR 501 Cetronia Rd, Allentown, PA 107,770 s/f $6,430,000Kislak Joni Sweetwood Citibank Building, Westfi eld, NJ 11,400 s/f $4,300,000Rock Commercial RE David Bode/Benjamin Chiaro/John Birkeland The Roosevelt Tavern, York, PA 7,866 s/f $755,000Bennett Williams Chad A Stine/Bradley A Rohrbaugh 2701 S. Queen St., York, PA 2,604 s/f $710,000Fameco Adam Kohler/Jon Kieserman Whitehall, PA 181,437 s/f lArgest retAIl leAse CoMpANY BroKer NAMe oF propertY s/F Vanguard Realty Greg Klein Heritage Hunt, Gainesville, VA 46,500 s/f W P Realty Charter Realty & Devel and Legend Properties Valmont Plaza, Hazelton, PA 18,972 s/f Emory Hill Tripp Way College Square SC, Newark, DE 15,000 s/f Rock Commercial R E Ryan Myers/Dave Nicholson/Lauren McDermott Gateway Hanover SC, Hanover, PA 12,176 s/f Bennett Williams Chad A. Stine/Bradley A. Rohrbaugh Shoppes at Silver Spring, Mechanicsburg, PA 11,946 s/f lArgest MUltI FAMIlY CoMpANY BroKers NAMe oF propertY sIZe sAle prICe Cushman & Wakefi eld Andrew Merin/David Bernhaut/ 800 Madison, Hoboken, NJ 217 units $96,500,000 East Rutherford Gary Gabriel/Brian WhitmerNorthMarq Joe Verdejo/Jim Sheehan Student Housing Community, Kutztown, PA 184 units $30,000,000 Marcus & Millichap Mark Thomson/Zac Pierce School House Lane, Philadelphia, PA 338,546 s/f Kislak Jacob Friedman Empirian Luxury Towers, Philadelphia, PA 569 units $27,300,000 Landmark Commercial Chuck Heller/Drew Bobincheck Warrior Run Portfolio 75 units $5,450,000 lArgest MIXeD Use CoMpANY BroKers NAMe oF propertY tYpe oF MIXeD-Use sIZe sAle prICe Rock Commercial Ryan Meyers 118 Carlisle St., Hanover, PA Retail and Offi ce 23,836 s/f $300,000 top FINANCIAl CoMpANY NAMe oF DeAl INstItUtIoN FINANCIer loAN $ s/FHFF 800 Scudders Sovereign Bank(Santander)/Wells Fargo $234,000,000 770,000 s/fNorthMarq n/a John Hancock Life Insurance $46,400,000 774 unitsNorthMarq n/a Fannie Mae/AmeriSphere $41,174,000 757 unitsMarcus & Millichap Capital Corporation,Erbe Apratment Complex, Greystone Servicing Greystone/A Fannie Mae Bus Lender $21,000,000 formerly NAI Bluestone Real Estate Capital Real Estate Capital Piazza at SchmidtsCronheim Shoppes at Windsor Green Aviva life Insurance Andrew Stewart $20,000,000 157,201 s/fMortgageProgress Hillside, Hillside, NJ Financial Resources Bruce Dashevsky $5,200,000 207,000 s/fRealty Advisors Federal Credit Union

HonoraBle Mentions of 2011

northmarq.com

Capital Markets

$46,400,000Multifamily Portfolio

4 PROPERTIES | BALTIMORE AREALENDER: LIFE COMPANY

DEBT EQUITY INVESTMENT SALES| |

PHILADELPHIA215.496.3000

$41,174,000Terrace View Apartments1,580 BEDS | STUDENT HOUSING

LENDER: FANNIE MAE/AMERISPHERE

$30,000,000Student Housing

SALE | 552 BEDSKUTZTOWN, PA

Delivering Capital Market Solutions with Star Power

BALTIMORE410.296.6565

WASHINGTON, DC301.654.2400

ROCHESTER585.262.2100


HonoraBle Mentions of 2011top BroKer sAles CoMpANY rANK BroKer NAMe BIggest DeAl ‘11 Marcus & Millichap-Conshohocken 11 Ridge Maclaren Willow Ridge Village, NJ Kislak 12 Jonathan Greenberg 350+ unit multifamily in central NJ Marcus& Millichap-Conshohocken 13 Matt Gorman BJ’s Wholesale Club Kislak 14 Joni Sweetwood Robert Towers, East Orange, NJ Metro Commercial 15 Paul Rumley Kenhorst Plaza, Reading PA NAI James E Hanson 16 Hal B Messer Clinton, MD SC Kislak 17 Barry Waisbrod Kensington Manor, Middletown, NYMarcus& Millichap-Elmwood Park, NJ 18 David Thurston Walgreens portfolio in Chicago Emory Hill 19 Tripp Way 101 Bellevue Pkwy, Wilmington, DE Beacon Comm’l. 20 Gene McHale/Mike Flynn 15 Kings Grant Dr, Bala Cynwyd Metro Comm’l 21 Dan Brickner Brinton Lake SC Concordville, PA Gebroe Hammer 22 Nicholas Nicolaou 171-181 Erie St., Jersey City Landmark Commercial 23 W Jason Grace Investment Sale of a 44,000 s/f office buildingLandmark Commercial 24 Chuck Heller Portfolio sale of 75 luxury apartmentsMetro Commercial 25 Steve Niggeman South Hills Mall, Bethel Park, PA Beacon Commercial 26 Taylor Young 1340 Enterprise Dr NAI Summit 27 John L. Crampsie, SIOR 501 Cetronia Rd Bennett Williams 28 Chad A Stine, Bradley A Rohrbaugh 362 Main St., Loganville, PANAI Summit 29 Matt Dorman 4635 Crackersport Rd., Allentown, PA NAI Summit 30 Jay Haines Route 100 & Penn Dr., Allentown, PA Bennett Williams 31 Adam Hagerman 1201 Manor St., Columbia, PA top BroKer leAse CoMpANY rANK BroKer NAMe BIggest DeAl ‘11 Metro Commercial 11 Joseph Dougherty Big Lots Lease, Devon, PA Fameco 12 Adam Kohler Hobby Lobby @ Cumberland Crossing Landmark Commercial 13 W Jason Grace Liberty Distribution, Mechanicsburg, PALandmark Commercial 14 Thomas Posavec Metro Commercial 15 Brent Barbehenn Avalon Carpet & Tile, King of Prussia, PA Beacon Commercial 16 Colin McHale 475 Virginia Drive Bennett Williams 17 Chad A. Stine, Bradley A. Rohrbaugh Pad site at Walker Rd., Chambersburg, PABeacon Commercial 18 Mike Flynn 10 Industrial Highway Landmark Commercial 19 Roy H Brenner AgChoice, FLCA Emory Hill 20 Tripp Way 409 Silverside Rd., Wilmington DE Emory Hill 21 Edd Connor 400 Centerpoint Blvd, New Castle, DELevin 22 Joshua Levin, CCIM SunOpta NAI Summit 23 John L. Crampsie, SIOR 966 Postal Rd., Allentown, PA NAI Summit 24 Matt Dorman 901 Evans St., Bethlehem, PA

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www.marejournal.com Mid Atlantic Real Estate Journal — The Best of 2011 — March 16 - 29, 2012 — Inside Back Cover C

Offices Nationwide www.MarcusMillichap.com

Mid-AtlAntic reAl estAte journAl MArch 2012 10.25”w x 13.25”h BW

To Access the Investment Market, Contact the Market Leader.

BrooklynJohn Horowitz

Regional Manager(718) 475-4345

[email protected]

Manhattan J.D. Parker

Vice President/Regional Manager(212) 430-5150

[email protected]

New JerseyMichael J. Fasano


[email protected]

Washington D.C.David FeldmanRegional Manager(202) 536-3750

[email protected]

PhiladelphiaSpencer I. Yablon


[email protected]

Bristol, VAShopping Regional

165,337 sfRequest for Offer

Owings Mills, MD7-Eleven Condo

Net Leased Auto Service2,800 sf

$1,284,000

Avenel, NJShopping Strip

9,120 sf$1,550,000

Fairfield, NJIndustrial Office Warehouse

44,672 sf$4,000,000

Cobleskill, NYGreen Bridge Apartments

50 Units$3,300,000

Pompton Lakes, NJMixed Use79,062 sf

$6,250,000

Lynchburg, VAShopping Regional

202,605 sfRequest for Offer

Columbia, NCNet Leased Grocery Store

28,853 sf$3,400,000

Nottingham, MDT-Mobile

Net Leased Electronics3,080 sf

$1,521,882

Multi-StateNational Industrial Portfolio

390,958 sf$21,653,000

Aston, PANet Leased Gas and Convience Store

77,201 sf$1,414,000

West New York, NJApartments

30 Units$7,445,000

Exposure Expertise Results

Below is a sampling of our Current exClusive listings

Wilmington, DEShopping Neighborhood

4.23 Acres$10,250,000

PA & MD Multifamily 4-Property Portfolio

484 Units$35,950,000

Willow Grove, PANet Leased Grocery Store

123,397 sf$24,603,317

C Back Cover — March 16 - 29, 2012 — The Best of 2011 — Mid Atlantic Real Estate Journal MAREjournal.com

LARGEST INDUSTRIAL LEASE

180 Kost RoadCarlisle, PA324,016 sq. ft.

Michael G. Walters, SIOR & Hal B. Messer, MSRE

We are a part of NAI Global, a managed

network of:

5,000 professionals

350 55 countries

LARGEST INDUSTRIAL SALE

200 Central AvenueTeterboro, NJ210,009 sq. ft.Gary P. Sauerborn, Thomas A. Vetter & Jeffrey W. DeMagistris

LARGEST LAND SALE

Weehawken Reservoir - 14.0 acresPalisades & Washington AvenuesWeehawken/Union City, NJ

Andrew Somple, SIORGregory M. James

201 488 5800 | Parsippany 973 463 1011 | Clark 732 827 0100 | www.naihanson.com

LARGEST RETAIL ACQUISITION

9001 Woody Terrace, Clinton, MD38,222 sq. ft.

Hal B. Messer, MSRE

Congratulations to our Associatesfor these Memorable Deals of 2011

Hal B. Messer

Michael G. Walters

Gary P. Sauerborn Thomas A. Vetter Jeffrey W. DeMagistris Andrew Somple

Gregory James

3-16-12

Documents

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offi ce property

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cassidy turley