R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 25 Issue 2 Feb. 22 - March 14, 2013
1.15m s/f Central NJ facility sold to CenterPoint Properties Cushman & Wakefield arranges $83m sale of Barnes & Noble distribution ctr.
M
Contributing Columnist Anthony J. Nitti - CPA, MST
ONROE TWP., NJ — Commercial real estate services firm
Cushman & Wakefield, Inc. has orchestrated the $83 million sale of bookseller Barnes & Noble’s primary distribution center, a class A industrial facility totaling 1,145,000 s/f in Monroe Twp., NJ. The seller, a pension fund advisory firm, was rep- resented by Andrew Merin , Gary Gabriel , David Ber- nhaut and Brian Whitmer of Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The buyer, CenterPoint Properties , was also procured by Cush- man & Wakefield. “This was a unique opportu- nity that drew solid interest,” said Gabriel. “The transaction evidences the fact that inves- tors are willing to accept large single-asset/tenant exposure to industrial in New Jersey. While the typical “one-off” industrial sale is in the $8-25 million range, it is far more
2A
Barnes & Noble’s primary distribution center, Monroe Twp., NJ
efficient to take down a single asset of this size to increase allocations to the sector. “The result, in this instance, is the largest leased industrial property sale in New Jersey, in at least a dozen years,” he said. Situated on 73 acres at Exit 8A of the New Jersey Turnpike (I-95), the Barnes & Noble Distribution Center was constructed in 2005. Lo-
cated approximately 35 min- utes from the Port of Newark/ Elizabeth, the property can accommodate an expansion of up to 100,800 s/f. “The tenant, whose lease runs through 2020, invested approximately $100 million into the building,” Merin added. “With its high ceilings, amenities and infrastructure, it is fully configured for e- commerce fulfillment, which
the seller. “There was tremendous investor interest in this as- set because of the location, the opportunity to add value through a capital improve- ment program and the po- tential to increase rents,” says Wellar. “The transaction involved the assumption of an exist- ing CMBS loan, which made buyer selection critical,” adds Lonberger. “The investor is a well-established local owner with experience assuming complex mortgages. The new owner sees terrific upside in repositioning the property,” continues Lonberger. “The sale was an exercise in patience- and trust-build- ing between the buyer and seller,” Lonberger concludes. “It didn’t happen overnight, as the assumption took some time, but both parties worked steadily towards successful settlement.” ■ is what the world is looking for today.” From the site, Barnes & Noble distributes books, elec- tronics, toys and games to more than 700 stores nation- wide, and to e-commerce cus- tomers internationally. Fully air-conditioned, it features 39- foot clear ceilings, 115 loading doors, a full-service cafeteria, and a fitness center for the 800 on-site employees. ■
Shopping Centers Spotlight
13-26A
Wellar & Lonberger of Marcus & Millichap arranges $9.7m multifamily sale
Commercial Office Spotlight featuring:
PHILADELPHIA, PA — Marcus & Millichap Real Estate Investment Servic- es , the nation’s largest real estate investment services firm, has announced the sale of 7400 Roosevelt Boulevard, a 196-unit apartment prop- erty located near the inter-
Section B
Directory
Owners, Developers & Managers.... 5-11A Shopping Centers ..................... 13-26A Green Buildings ........................ 27-31A Calendar of Events......................... 36A Comm’l. Office Props. Spotlight ....Section B
7400 Roosevelt Boulevard, Philadelphia, PA
section of Cottman Avenue and Roosevelt Boulevard in northeast Philadelphia, ac- cording to Spencer Yablon , vice president and regional manager of the firm’s Phila- delphia office. The asset commanded a sales price of $9,704,500 which translates
to $49,513 per unit. Ken Wellar and Corey Lonberger , investment specialists in Marcus & Mil- lichap’s Philadelphia office, had the exclusive listing to market the property for sale. Wellar and Lonberger also procured and represented
www.marejournal.com Upcoming Spotlight 1031 EXCHANGE
10th Annual Special Edition March 29th spotlighting . . . The
BEST of 2012
Deadline is March 1, 2013 You are invited to participate in MAREJ’S “BEST of 2012” MID ATLANTIC REAL ESTATE JOURNAL will be hosting a “Best of the Best,” a “Who’s Who” of owners, brokers, developers, architects and financial institutions within the commercial real estate community. MAREJ will be compiling information and selecting the: Largest office, Industrial & Retail Transactions of the Year Best Shopping Center Development of the Year • Best Developer of the Year Best Financial Institution • Largest Financial Transaction of the Year Top Brokers List • Top Owners List Most Innovative Architect • Best Renovation Project
Help us select the Best of 2012! Call or email to receive your nomination form Ph: 800-584-1062 • Email: lchristman@marejournal.com
MAREJ’s Best of 2012 is a juried competition based on submissions and nominations from MAREJ’s commercial real estate community. Winners will be selected based on company size (# of employees) and size of the deal/transaction. Top brokers will be selected based on largest deal for 2012. Submissions from mid-Atlantic states outside of NJ, PA, DE, MD & VA will be judged in separate categories. All are welcome to participat
What is EXPO? EXPO offers a unique business opportunity for companies to showcase their products and services to the exclusive membership of the
Property Owners Association. POA presents this annual exposition of the newest and latest techniques available to the multi-family rental property industry. Last year’s EXPO attracted 60 exhibitors and more than 450 attendees. This year’s event, THE WALTER R. COHN, ESQ. EXPO, promises to be better than ever.
800-584-1062 | lchristman@marejournal.com | www.marejournal.com Submit EXPERT ARTICLES in your area of expertise Profiles on CURRENT PROJECTS, Company PROMOTIONS, & ANNOUNCEMENTS
Issue Date: March 29 Deadline for Spotlight is March 15th
Inside Cover A — February 22 - March 14, 2013 — Mid Atlantic Real Estate Journal
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SEALED BID SALE Getty Realty Corp. directs
6 REDEVELOPMENT & INDUSTRIAL SITES 2.3 AC to 15.5 AC
$BUTLJMM /:t1PSU&XFO /:t3IJOFCFDL /: #SPOY.U7FSOPO /:t-POH*TMBOE$JUZ /:t/FXBSL /+
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Mid Atlantic Real Estate Journal — February 22 - March 14, 2013 — 1A
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2A — February 22 - March 14, 2013 — Mid Atlantic Real Estate Journal
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Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Section Publisher ................................................................Elaine Fanning Section Publisher ..................................................................Andrew Hicks Section Publisher ....................................................................Steve Kelley Senior Editor/Graphic Artist ................................................ Karen Vachon Graphic Artist/Social Media Specialist ............................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Contributing Columnists ................................Anthony J. Nitti - CPA, MST Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 4 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Mid Atlantic Real Estate Journal
Real Estate Capital
By Anthony J. Nitti - CPA, MST Secrets of the Fiscal Cliff
Innovative solutions and deep expertise for all of your commercial real estate financing needs.
P
rominent Congressio- nal documents often hold hidden secrets.
What follows is a list of some of the tax aspects of the fiscal cliff deal that may not have made headlines, but are just as important as those that did: 1. Your taxes are going up. According to the Tax Policy Center, even though the Bush tax cuts have been extended for 98% of taxpayers, 77% of Americans will pay higher taxes in 2013. Why? Because on December 31, 2012, the temporary 2% reduction in an employees’ share of the Social Security tax expired, and this provision was not extended as part of the fiscal cliff negotia- tions. As a result, if you earn wages, you can expect your paychecks to be 2% lighter in 2013 than they were in 2012, at least on the first $113,700 of income. 2. If you earn between
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$250,000 and $450,000, you may not have received the reprieve you think you did. At your income level, you will find that the alternative minimum tax (AMT) exemption – which was permanently patched as part of the deal, a move that will save an additional 28 million taxpayers from falling victim to the AMT – does you no good, as you are completely phased-out from using the ex- emption by virtue of your high income. Making matters worse,
your four personal exemptions and sizeable state tax deduction are not permitted in computing your income subject to the AMT. Lastly, because the AMT is subject to a flat 26% rate on income up to $175,000 and 28% thereafter, you do not get any benefit from the continua- tion of the lower marginal tax rates in computing your AMT liability. As a result, you may well find that the raising of the barrier of where the 39.6% tax continued on page 12A
Wolf Commercial Real Estate, LLC DYmj]dGYc;gjhgjYl];]fl]jA)()(@Y\\gfÕ]d\%:]jdafJgY\AKmal],(,ANggj`]]k$FB(0(,+ H0-.0-/%.+((A>0-.*0+%+1-( www.wolfcre.com /DQGORUG5HSUHVHQWDWLRQ 5HDO(VWDWH,QYHVWPHQWV 5HVHDUFK 0DUNHW,QIRUPDWLRQ 7HQDQW5HSUHVHQWDWLRQ @go[Yf`]dhqgm7 >gddgoMk2 ¡*()+O;J=9ddJa_`lkJ]k]jn]\ “Building Successful Relationships” is our Mission. Full Service Real Estate Brokerage and Advisory Firm WCRE LVDIXOOVHUYLFHFRPPHUFLDOUHDOHVWDWHEURNHUDJHDQGDGYLVRU\¿UPVSHFLDOL]LQJLQRI¿FH UHWDLOLQGXVWULDODQGLQYHVWPHQWSURSHUWLHVLQ6RXWKHUQ1HZ-HUVH\DQGWKH3KLODGHOSKLDUHJLRQ :HYDOXHUHODWLRQVKLSVPRUHWKDQDQ\RWKHUDVSHFWRIRXUEXVLQHVV:H¶UHFRQQHFWRUVZLWKWKH SHRSOHUHVRXUFHVSURSHUWLHVDQGSDUWQHUVWKDW\RXUFRPSDQ\QHHGVWRDFKLHYHLWVJRDOV $SSUDLVDO $GYLVRU\(YDOXDWLRQ Construction Services &RUSRUDWH5HDO(VWDWH3RUWIROLR0DQDJHPHQW
Mid Atlantic Real Estate Journal — February 22 - March 14, 2013 — A
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M id A tlantic R eal E state J ournal By Tim McEntyre RonaldSchmidt&Assocs.welcomes new year as 32 nd in business
They wrote the policy.
We make sure they write the check.
W
hile the nation con- tinues to endure the worst economic de-
county, and state entities. Throughout three decades of operations, Ronald Schmidt & Associates, has successfully completed a host of award-win- ning projects acclaimed by third parties of impressive architectural pedigree. One recent example is the $100 Mil- lion, 200,000 s/f John Theurer Cancer Center for Hackensack University Medical Center, Hackensack, NJ, named by U.S. News & World Report Magazine, as one of the Top 50 Healthcare Projects in the Nation, and was the only New Jersey cancer unit so honored. The American Institute of
Architects (AIA) has praised the Hackensack (NJ) hospital innovation as the finest ar- chitecturally designed cancer facility in the state. In addition, the New Jersey Business & Industry Association (NJBIA), New Jersey’s largest business advocate with 23,000 company members, picked the Theurer Center for its prestigious 2012 New Good Neighbor Award, conferred for the state’s Top 10 Building Projects. “We always welcome kind words of appreciation about our work,” Schmidt noted. “But, it’s really something special when continued on page 12A
c l ine s ince t h e G r e a t Depress i on of the 1930’s, Englewood, New Jersey- based Ron- ald Schmidt & Associates, P.A., (RSA),
M. MILLER & SON Public Adjusters Since 1960
Ronald Schmidt
the prominent Architectural and Interior Design firm, cel- ebrates 2013 as RSA’s 32nd successful year in business, the anniversary of its founding by Ronald H. Schmidt, AIA, Presi- dent & CEO. Celebrating in the world of architecture is a rarity these days, where unemployment has ravaged the professional segment, vaulting levels to an unthinkable 35%; where one historic New Jersey design leader shuttered their doors after 104 years in business, and scores of other firms have writ- ten their obituaries or suffered major cutbacks; where the cre- ation of office buildings, which has been the ‘foundation’ of real estate development for de- cades, has all but disappeared from the project vocabulary; where healthcare reimburse- ment uncertainty has caused a ‘pause’ in hospital construc- tion projects; and where hotel design, another RSA area of expertise, has also dramatically declined. Celebrate, how so? “We’re grateful,” declares Schmidt, “we are extremely busy. Our long list of past, present, and new clients, continue to call upon us for important work, sustaining and growing their organizations. Many other firms have faced critical losses, while we have maintained our profitability and our staff, throughout this extremely dif- ficult economic downturn.” The Ronald Schmidt & As- sociates blueprint for success includes Planning and Project Management in addition to Ar- chitecture and Interior Design, and while headquartered in the Garden State, its seal of qual- ity and expertise is stamped on various types of projects in 22 states which include;, Health Care Institutions, Colleges and Universities, K-12 Public and Private Schools, Hotels, Corpo- rate Offices and Headquarters; and, a host of Federal Build- ings, including the U.S. Postal Service and Coast Guard, as well as projects for municipal,
1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com
A — February 22 - March 14, 2013 — Mid Atlantic Real Estate Journal www.marejournal.com M id A tlantic R eal E state J ournal A uctions Honoring Pennsylvania’s top professional auction companies Fortna Auctioneers receives award at 2013 Paa Convention for marketing expertise H arrisburg, PA — FortnaAuction- eers & Marketing
Central Pennsylvania did very well again, as Fortna Auctioneers & Marketing Group walked off with three top awards: • Best Commerical / Indus- trial Personal Property, • Best Commerical / Indus- trial Real Estate, and • Best Real Estate Auction Website “This is not the first time we’ve done well in this impor- tant peer competition,” said Fortna founder and president Michael Fortna ,” but it never gets old! Recognition like this shows the industry that we continue to, as our slogan states, “Driving the Real Estate Auction Revolu- tion”. We are honored to have the Fortna Team recognized by our own industry peers”. “The award that means the most to me is the Best Website,” said Fortna’s Bill Bering Jr. , “when you talk auction revolution, it begins with the growing importance of the website as a marketing tool. The immediacy of the medium keeps our clients and prospects completely up to date on what we are do- ing, but it also allows people to bid for properties on-line as well as through the tra- ditional live auction method. In fact, when you do them simultaneously, the dynam- ics of the process are taken to a new level. It is truly a revolution.” FortnaAuctioneers &Mar- keting Group has been rap- idly expanding beyond Penn- sylvania’s borders. “We are actively dealing with sales in New Jersey, Maryland, Delaware and the mid-At- lantic Region. And we have a dynamic presence in Florida,” said Bob Bering. “ Michael Fortna has finalized an af- filiation with Atlantic Prop- erties International, a real estate company with over 30 years in the South Florida market.” “We have a bright future in store for Florida,” saidMichael Fortna, ”this affiliation mar- ries the traditional real estate method of selling with our Auction Selling techniques, which we have developed over the last 30 years. It is a win- win business partnership.” The principals of FortnaAuc- tioneers & Marketing Group areMichael Fortna, Bill Bering, Jr. and Bob Bering. n
“This is not the first time we’ve done well in this impor- tant peer competition,” said Fortna founder and president Michael Fortna,” but it never gets old! Recognition like this shows the industry that we continue to, as our slogan states, “Driving the Real Estate Auction Revolution”. We are honored to have the Fortna Team recognized by our own industry peers”.
Group wins top honors for their marketing expertise at the 2013 Pennsylvania Auc- tioneer’s Association (PAA) Convention. The Pennsylvania Auction Association (PAA) gathered this month for the Annual AwardsMeeting at the Shera- ton Harrisburg. The occasion was to honor the state’s top professional auction compa- nies for a number of market- ing related categories.
WednesdAy, MArch 27 th • 2 pm held at the Marriott hotel, newark Airport, 1 hotel road, newark, nJ A U C T I O N Commercial • Mixed Use/Income Producers • Development Land • Farms
MIDDLETOWN, Monmouth County BANK ORDERED - Minimum bid $250,000 • 7,800+/- Sq. Ft. Residential Office Building LIBERTY TWP, Warren County BANK ORDERED • 33.29+/- Acre Farm w/House WEsT NEW YORk, Hudson County BANK ORDERED • Income Producer- Mixed Use LIBERTY TWP, Warren County BANK ORDERED • 2 Bedroom Cape BLAIRsTOWN, Warren County BANK ORDERED • 4,200+/- Sq. Ft. Commercial Building IRVINGTON, Essex County BANK ORDERED • Former Day Care/Mixed Use Income Producer FRANkLIN, sussex County ABSOLUTE AUCTION - BANK ORDERED • 3,542+/- sq. ft. main street office building Property Previews March 5 & 14 - 11 am to 1 pm
MT. OLIVE, Morris County ABSOLUTE AUCTION - BANK ORDERED • 1,649+/- SF Professional Building BETHLEHEM TWP., Hunterdon County BANK ORDERED • 2,059+/- Sq. Ft. New Office Building Property Previews March 5 & 14 - 2 pm to 4 pm
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ROXBURY, Morris County Minimum Bid $250,000 • 62.18+/- Acres • Site plan approved for 100,000+/- SF Building & Restaurant pad site. • Interchange of I-80 & 206 HOLLAND TWP, Hunterdon County Previous Ask $395,000 - Minimum Bid $150,000 • 49+/- Acre Farm • Ideal for small farm or country home with potential to subdivide.
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www.marejournal.com Mid Atlantic Real Estate Journal — February 22 - March 14, 2013 — A O wners , D evelopers & M anagers F eaturing R enovation /R estoration Holland, Weilheimer and Keenan handle sale on behalf of the seller & procures buyer The Kislak Company brokers $19.6m sale of Ashley Club and Arbor Club Apartments W The properties are located five miles apart in suburban Pensacola. OODBRIDGE , NJ — The real e s t a t e b r oke r -
age firm Kislak Company, Inc. , announces the $19.6 million sale of Ashley Club Apartments and Arbor Club Apartments, two properties with a total of 392 units in Pensacola, FL. President Robert Holland , senior vice president Matt Weilheimer and sales associate Joseph Keenan handled the sale on behalf of the seller and pro- cured the purchaser through Kislak’s Florida brokerage affiliate. The seller was a partnership that owned the properties for more than 20 years and the purchaser was a large national owner and operator of multifamily properties. Ashley Club Apartments is a 224-unit property located at 2101 Scenic Highway and Arbor Club Apartments is a 168-unit property located at 700 East College Blvd. LIVINGSTON, NJ— Multi- family trading remains strong throughout the entire Dela- ware Valley region, including Southern New Jersey and Philadelphia, according to Gebroe-Hammer Associ- ates . The Livingston based firm recently completed four separate transactions totaling more than $14 million in this metro area. “Durable rent growth in this marketplace has made multi-family investments even more profitable in recent years – a condition that continues to lure veteran and first-time investors to the area,’’ said Joseph Brecher , manag- ing director. “The increase in sales activity and the number of properties currently under contract confirm that buyer confidence in multi-family in- vestments is surging through- out the region.” In the Borough of Linden- wold, Brecher and executive
“Pensacola, with its grow- ing population, expanding regional airport, strong local economy and pristine beach- es, garnered the attention of regional, national and Cana- dian investors,” said Keenan. “Our team did an excellent job marketing the properties and extolling the benefits of the local market,” said Hol- land. “The purchaser was looking to expand into the Pensacola market and these properties were a perfect fit,” said Weilheimer. The seller was represented by John Kuhn, Esq. , of Bilzin Sumberg and the purchaser was represented by in-house counsel. At the time of closing, Ashley Club Apartments was approxi- mately 96 percent occupied and Arbor Club Apartments was approximately 95 per- cent occupied. n In nearby northwest Phila- delphia, PA, Rosen secured a $2.85 million portfolio note sale from a prominent lending institution totaling 87 units in the city’s Fern Rock section. The six separate properties feature a mix of one- and two- bedroom layouts near Spencer Street and the neighborhood’s vibrant commercial district, just minutes from Center City. “The buyer plans to reposi- tion these distressed properties by implementing a compre- hensive renovation program,’’ said Rosen. “New commuting patterns from Pennsylvania to New York, New Jersey and Maryland also have made this area more attractive to rent- ers seeking affordability and lifestyle conveniences.” The Philadelphia market special- ist also arranged the $435,000 trade of 17 units at 4827 N. 6th St., in the city’s Olney neigh- borhood. n
Arbor Club Apartments
Gebroe-Hammer Associates arranges four multi-family sales netting $14+ million in Southern NJ And Philadelphia
ized property is situated in a quiet, residential area within a short distance of Route 295 as well as Route 42, I-130 and the Atlantic City Express- way, making it a popular tenant/commuter hub,’’ said Schwartz.
VP Joel Schwartz orches- trated the $7.75 million sale of Birchwood Gardens/Quail Run Apartments, a 216-unit garden-apartment complex located at 105 Blackwood Clementon Rd. Schwartz, along with senior
VP Eli Rosen , also repre- sented the seller and identified the buyer in the $3.25 million trade of 68 garden apartment- style units at Bell LakeApart- ments in the City of Woodbury, in Gloucester County. “This well-located, modern-
6A — February 22 - March 14, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelOpers & M anagers To oversee property/project management for 327,140 s/f Majormanagement assignment for Cushman & Wakefield
Celebrating over 20 years of Engineering Excellence!
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B
ALTIMORE, MD — Cushman & Wake- field announced it has
its trophy asset, 120 East Baltimore St., and welcome the addition of such a talented staff to our growing ranks of asset management profession- als in the Baltimore area,” said David Baird , senior manag- ing director and market leader for Cushman & Wakefield in Baltimore. The on-site team is overseen by Clifton Bond, RPA , senior portfolio manager with Cush- man & Wakefield. “120 East Baltimore St. is a beautiful building in pristine condition, and we are very ex- cited to add it to our growing portfolio of managed proper- ties in Baltimore’s CBD,” said Bond. The area surrounding the tower has plans for redevel- opment which will include new retail and streetscape improvements on Baltimore Street and the Metro Park. n intern architect. • Ben Poulin joins as an intern architect. • Becker Raab joins as an intern architect. • Anastasia Stepanova joins as an architect. • Mounir Tawadrous, LEED AP , joins KSS as a project ar- chitect. n
been selected to oversee the property management and project management at 120 East Baltimore St. by the owner and landlord, Franklin Street Properties Corp. 120 East Baltimore St. is a 25-story, 327,140 s/f, class A office building in Baltimore’s City Center. As part of the assignment, nine building employees will join Cushman & Wakefield’s Corporate Occupier & In- vestor Services (CIS) group, including Kim Hogan , the property manager who has overseen the building’s opera- tions for nearly six years. 120 East Baltimore St. is Cush- man & Wakefield’s largest managed asset in downtown Baltimore. “We are delighted to have
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Mid Atlantic Real Estate Journal — Owners, Developers & Managers — February 22 - March 14, 2013 — 7A
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Coming in March Multifamily Spotlight featuring POA EXPO
O WNERS , D EVELOPERS & M ANAGERS Developed by Trammell Crow at the Atwater business pk. IMC leverages technology to complete 320,000 s/f HQ
M
ALVERN, PA — IMC Construction announced substan-
tial completion of the Endo Health Solutions’ World Head- quarters. The project broke ground with Governor Corbett on January 16, 2012 and the fast track schedule allowed Endo to move in twelve months later. The 320,000 s/f facility, de- veloped by Trammell Crow Co. at the Atwater business park was designed by L2 Par- tridge . It includes two, new, 5-story buildings overlooking Quarry Lake with a 2-story connecting link and a 1-story parking deck for 420 cars. Trammell Crow hired IMC and the designer to jointly fast track both the core and shell and tenant fit out which was expedited in preconstruction with IMC’s Virtual Design and Construction Department (VDC). Using Building Infor- mation Modeling BIM), IMC developed quantitative take- offs of preliminary drawings to aid with estimates and budget- ing. BIM allowed site and foun- dation construction to begin while the building was still be- ing designed. These computer models were also used for clash detection of system conflicts re- solving constructability before construction, ultimately saving Endo time and money. “We would like to thank our client, Trammell Crow and Chambers Street Properties, their tenant Endo and the architect L2 Partridge for the support they provided over the last year to make this project a success”, said Robert Cot- tone , CEO/president of IMC Construction. The Atwater development sits on the former Cedar Hol-
What is EXPO? EXPO offers a unique business opportunity for companies to showcase their products and services to the exclusive membership of the Property Owners Association. POA presents this annual exposition of the newest and latest techniques available to the multi-family rental property industry. Last year’s EXPO attracted 60 exhibitors and more than 450 attendees. This year’s event, THE WALTER R. COHN, ESQ. EXPO, promises to be better than ever.
March 29th Issue of
Submit EXPERT ARTICLES in your area of expertise Profiles on CURRENT PROJECTS
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low Limestone Quarry which was established in 1855. Since then the mine has become an 80 acre scenic lake which will afford Endo panoramic views. Due to the close proximity to
the lake, a unique geo-thermal HVAC system was installed that utilizes a lake water cool- ing loop. The project is also LEED registered with a certi- fication goal of Silver. ■
For information on our free services available to you and our advertising rates, call or e-mail Andrew.
8A — February 22 - March 14, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelOpers & M anagers Washington D.C. office wins award SkanskaUSAtoconstruct the U.S. Army’s AWG complex F ORT MEADE, MD — Skanska USA an- nounced that its build-
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ing business unit has signed a $30.8 million contract with the U.S. Army Corps of Engineers to construct a complex for the United States Army’s Asym- metric Warfare Group in Fort Meade. The project includes the demolition and construction of three new buildings lo- cated within the current AWG complex: the new 75,000 s/ f headquarters building, a 2,700 s/f visitor control center (VCC) and a 7,000 s/f vehicle
Laurel Corporate Center Mt. Laurel, New Jersey
Shown from left: Garrison Commander Col. Edward Rothstein; Col. Patrick J. Mahaney Jr., commander of the AsymmetricWarfare Group; Lt. Col. Brad Endres, deputy commander of Baltimore District Army Corps of Engineers; and Joe Tierney, project executive with Skanska USA Building
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maintenance and fabrication facility. In addition, the U.S. Army has the option to select Skanska to construct a fourth building, a 15,000 s/f facility for the Department of Public Works (DPW), situated on a site approximately one mile away. “At Skanska, we have ex- tensive experience construct- ing military buildings and facilities, and are thrilled to be working with the U.S. Army to deliver a new state-of-the-art complex that will assist them in defending and protecting our nation,” said Bill Bren- nan , co-chief operating officer for Skanska USA Building’s Greater Washington D.C. of- fice. The project is currently underway, and is scheduled for completion in December 2015. In other news, the Fair- fax County Department of Public Works and Environ- mental Services , the North- ern Virginia Soil andWater Conservation Distric t and the Fairfax Tree Commis- sion honored Skanska USA’s Washington D.C. office with the 2012 Land Conservation Award for Small Commercial Project in a ceremony held at the Fairfax County Govern- ment Center. The awards honor develop- ers, designers, site superinten- dents and contractors whose projects best demonstrate excellence in erosion and sedi- ment control design and imple- mentation; or a commitment to tree preservation and re- placement in Fairfax County. Skanska was recognized for its work and the measures it took to prevent excessive erosion and environmental damage during the construction of Phase 1 of the INOVA Lorton Healthplex in Lorton, VA. n
Mid Atlantic Real Estate Journal — Owners, Developers & Managers — February 22 - March 14, 2013 — A R enovation /R estoration
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10A — February 22 - March 14, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
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R enovation /R estoration Bath Saver Commercial, LLC Save time and money on bath renovations
athroom maintenance and remodeling issues prov ide an endl ess source of frustration for today’s property managers. • Worn and stained tubs are unattractive to current and pro- spective tenants. • Tiles with endless grout issues are a maintenance night- mare. • Fiberglass fades chips and cracks, causing hidden and costly water damage. When these and other similar issues arise, several options are available to renovate bathtubs, showers and bath walls. The first option is to refinish the bathtub and tile. Also called B
Before
After
re-glazing, this method gener- ally involves a spray-like finish applied onsite. Unfortunately,
oppressive fumes from toxic chemicals often linger days past the treatment, signaling tenants
to call with complaints. This quick fix is just that: a temporary solution. The process must be
Continued on page 11A •Acrylic replacement tubs and shower bases come in a variety repeated every few years with diminishing results, producing a badly worn tub with layers of peeling, unattractive and often caustic paint. A second option is a complete replacement of the bath or show- er unit. As one might expect, this is a daunting task even for expe- rienced in-house maintenance teams and often inconveniences tenants for a week or longer. Ad- ditionally, the new tub or shower may not have the same footprint as the removed unit, leaving ex- posed subfloor and necessitating the expense of adding a new floor to the renovation list. Because home improvement store replacement bathtub and wall surround kits are often fabricated with thin, weak ma- terials, leaking is inevitable. Although a one piece fiberglass unit may seem a viable solution, these units are often less sturdy than in years prior and will not fit through a bathroom door without major demolition and additional expense. Frustrated with these costly and temporary solutions, numer- ous property managers choose acrylic wall systems that are matched to replacement bath- tubs, tub liners and shower systems. • Acrylic one piece bath walls are installed right over unsightly ceramic and extend to the ceil- ing to lock out all moisture that causes mold, mildew and wall damage. Acrylic finishes are non-porous mak- ing them extremely easy to clean and virtually maintenance free. • Custom acrylic tub liners are specifically made to fit any model of tub and fit perfectly. When properly installed with a matching one piece wall, these units will look and perform well for decades—even under chal- lenging rental conditions.
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Mid Atlantic Real Estate Journal — Owners, Developers & Managers — February 22 - March 14, 2013 — 11A r enOvatiOn /r estOratiOn
www.marejournal.com
Corbett Exterminating Bed bug management: Technology update
ed bugs have replaced cockroaches and ants as the number one pest in multi-family housing. Their reach extends beyond our cities well into suburban and rural apartment complexes. Most housing managers have already dealt with them and the problems they bring. Con- trary to what some people still believe bed bugs do not come from a “dirty house” and they are not invisible. Adult bed bugs are about the size and shape of an apple seed and as flat as a piece of paper when they have not fed. Most feeding occurs at night while people are asleep. Bed bugs return to their hid- ing places soon after feeding. Like mosquitoes, they puncture the skin and feed on blood but unlike mosquitoes there is no evidence that they transmit diseases. Like cockroaches, bed bugs have an aggregation pheromone that makes them want to cluster together. This would help the control effort if they all did what they are supposed to, but rogue females leave the group for a variety of reasons to stay alone - possibly B
pesticides to penetrate. Bed bug biology and habits work against us and in favor of the bed bug. So what can be done to eliminate bed bugs? Do they have an Achilles’ heel? They certainly do. The control method that overcomes all of these ob- stacles is heat, bed bugs have poor tolerance for it. Adults and nymphs die at temperatures above 113°F and eggs die above 122°F. To create and distribute the heat inside an apartment, Corbett Exterminating has incorporated the Thermal Re- mediation equipment by Tem- pAir into our B.I.T.E. Back! ™ system. Our Bed Bug Intensive Thermal Elimination (B.I.T.E.) program uses stand up heaters to create hot air which we pre- cisely direct throughout each room with large fans. Bed bugs die anywhere and everywhere we can get the hot air to blow through. This program takes more of the responsibilities and stress off the resident through dramatically decreased prepa- ration requirements, quicker reentry times (usually an hour or less after completion) and decreased pesticide usage. The
heat also kills a variety of other insects including all flying in- sects and cockroaches. Actual heating time ranges from four to six hours in each apartment with temperatures maintained between 125°F and 135°F. Bed bugs exposed to these tem- peratures die in less than a minute. Our proactive approach is unique, thorough and three dimensional using very little pesticide material. Corbett Exterminating is GreenPro Certified through the National Pest Management A ssociation, application, giving the same longevity as the aforementioned custom made tub liners. • Converting a tub to a shower is a perfect upgrade for those ten- ants that no longer need or want a tub. Built-in showers provide much improved access for aging tenants, with wheelchair acces- sible units provided to meet ADA standards. Bathtub and shower renova- tors such as Bath Fitter provide highly trained employee install- Continued from page 10A Save time and money . . . sizes to fit nearly any
the world leader in promoting green pest management. The treatment takes place in one day and there are two follow up inspections included during the first 45 days after the treatment. Apartments directly adjacent to the problem unit are monitored for bed bug activity before, dur- ing and after the treatment. It is important to note that we do not rely solely on the heaters to kill bed bugs; this is not a passive program. Our pest management professionals perform other pest control functions. n ers to quickly and professionally complete any job. Tub liners and walls can be installed in a single day in occupied units, minimiz- ing tenant inconvenience. Con- versions and bathtub or shower replacements take only half a day longer. A full line of colors, styles and accessories are avail- able to complete the job. Bath Fitter has received the award for Top Performer in bath- room remodeling from Qualified Remodeler for 11 years in a row. Check our reputation with your local BBB and Angie’s List. n
behind a picture in the hallway, under the jacket of a book or in- side the telephone for example. Traditional chemical treat- ments may be effective but the problem must be successfully micromanaged to work properly. Quite often, the stray individual bed bugs must be found and eliminated. To complicate the issue, many bed bug groups have developed a resistance to pesticides, making them much harder to kill with these materials. Bed bugs also have internal defense mechanisms for detoxification and a thicker exoskeleton that is harder for Corbett technician setting up Thermal Remediation equipment, part of the B.I.T.E Back! Bed Bug treatment
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12A — February 22 - March 14, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal By Tim McEntyre Ronald Schmidt & Associates welcomes new year as 32 nd in business
a job wins recognition from respected authori- ties in design, business, and medical worlds simultane- ously!” Actually, AIA, the architec- tural profession’s guiding force, has focused on RSA for its high- est honor, the Architectural Design Award, an amazing 29 times. That record has been achieved by only three firms in the New Jersey region, inAIA’s 155-year history. In recent years, RSAhas received numer- ous tributes for outstanding design in colleges, universities, and K-12 schools. In 2012, the Schmidt design team faced the interesting challenge to contemporize the learning environment of the century-old, exclusive, all-girls The Chapin School, across the Hudson River from New Jersey on Manhattan’s Upper East Side, with technological advancements while preserving the authentic character of the original structure. Since its founding in 1901, by suffragette Maria Bowen Chap- in, who urged young women to speak up andmake a difference, The Chapin School has accom- plished an astounding track re- cord of sending graduates to the finest colleges and universities. In the media idiom that ‘names make news’, notable alumnae reveals such personalities as Jacqueline Bouvier Kennedy, Anne Morrow Lindbergh, Lily Pulitzer, Amanda Hearst, Lake Bell, Ivanka Trump, and former two-termNew Jersey Governor Christine Todd Whitman, to mention just a few. Interior Design Magazine has consistently ranked Ronald Schmidt & Associates, P.A., as one of the 50 largest architec- ture firms in the nation. Amost telling third-party endorse- ment of top job performance is praise from a design firm’s most important public – its client base. In the past 30 years, RSA has not only ever lost a single client, but its leadership, direct- ing a highly-experienced staff of 40 professional architects and high-pedigree technicians, has achieved the highest client return rate in the industry. Despite the longtime weak of- fice market, where downsizing and consolidation of space and multi-user work stations are more prevalent in the facilities management plan, than are im- posing high-windowed corner offices, company buildings and ont. from page 3A C
corporate interiors are still a main focus of RSA. Because of its air, rail and highway transportation access, in conjunction with its geo- graphic proximity to the world’s financial capitol just across the river, as well as high-educa- tion IQ and experience-driven expertise of its executive work- force, New Jersey still remains the most desirable hunting ground for corporate headquar- ters, division main offices, and Turnpike-accessible warehouse distribution space. Historically, RSA has dem- onstrated a skilled hand in designing new offices from the ground up and redefining outdated corporate interiors. Their challenge on every proj- ect, large or small, Ron Schmidt relates is “to provide the high quality design one would ex- pect from a boutique design firm while producing projects that effectively address the real world issues of product quality, construction cost, time to market, and sustainable construction practices.” While RSA’s home field, Ber- gen County, still reigns as the state’s corporate headquarters leader, Morris County has closed the gap as a contender for the title, one recent head- quarters assignment by RSA was for a $16 Million 45,000 s/f Corporate Headquarters & Training Facility, in Whippany, New Jersey. That site was to host Red Bull New York, the celebrated energy beverage maker and professional sports sponsor. Red Bull also signed on Schmidt as planner and archi- tect for its $16Million 44,000 s/f Training Facility and Campus, in Kearny, Hudson County, New Jersey, for its major league soccer team. Another impressive structure bearing the RSA signature of expertise is the stylish 200,000 s/f National Headquarters in North Bergen, also Hudson County, NJ, for Liz Claiborne. When reflecting on images, and that ‘names make news’, what name is bigger than Mercedes, the quintessential dream car? When Mercedes was inspired to put a new face on its U.S. Headquarters, in Montvale, NJ, they enlisted RSA to redesign the lobby and landmark showroom. Mercedes is just one of many big names on its ongoing client roster. In addition to top health care institutions, corporate offices,
public buildings, hotels, and entertainment/cultural venues, higher education is a familiar word mentioned in the Schmidt project vocabulary. Close to home, the Paramus, NJ-based Bergen Community College, has recently won two awards in successive years for RSA-designed buildings, con- ferred by the New York State, LIC of the American Institute of Architects and the New Jersey Business & Industry Association (NJBIA), for the Top 10 Building Projects in the State of New Jersey. One of those awards was bestowed upon the $15 million 60,000 s/f West Hall Commu- nications Arts Building, which included five television studios, multiple radio and visual arts rooms, all outfitted to train, educate and prepare students for communication careers in both the corporate and broad- cast worlds. West Hall had an encore performance, appearing in scenes of the critically-ac- claimed HBO movie, “Taking Chance” – starring Kevin Ba- con. Another award was for the Bergen Community College, $13 million new College Sci- ence Wing was also singled out for an NJBIA award, again for being one of the top ten building projects in the Garden State. The project, with 18 laborato- ries focused on critical sciences, including chemistry, physics and biology, and was applauded for helping meet the demand for expert technical leadership in the industrial and biomedi- cal workplaces. The Schmidt design team has crafted a number of award-wor- thy designs in the university district of New Jersey’s largest city, Newark. One is the $15 million Gradu- ate School of Management, a 3-story office and classroom building unveiled by a striking atrium hallmarking the gate- way to the campus of Rutgers University there. At its own Englewood, New Jersey headquarters, RSA benefits its own team and the profession in general, by hosting regular credit-earning continuing education seminars, maximizing its own expertise with the assistance of proven outside experts. These sessions educate participants on a broad range of subjects affecting the quality of architectural services and sound business practices in the field. Staff members, former
staff members, and client rep- resentatives, are all eager to attend these classes. While RSA has devoted its lifetime to diagramming new landmarks, it has very impor- tantly fulfilled a sincere passion to preserving the past. This is clearly evidenced by its consis- tent dedication to restoration. Perhaps the most prominent example was the 167,000 s/f historic New Jersey State Capi- tol Complex project in Trenton, New Jersey, that ranged from fitting storage facilities for a venerable treasure trove of his- toric documents and artifacts, to meeting critical demand for a 1,100 car-parking structure with a landscaped rooftop plaza enjoyed by employees and visi- tors. Most recently, the RSA team restored a masterpiece, the 1926 Benjamin Hotel in Man- hattan, NY, adjacent to the world-famous Waldorf Astoria. The social elite from movies, literature, and real life enjoyed cocktail parties, fine dining and entertainment at the Benjamin in its early heyday. A particular test was wel- comed by RSA’s professional team. The challenge was to revive the original limestone facade, bronze entrance doors, and canopy of the famed ho- tel. Ron Schmidt, who learned restorative craftsmanship working alongside his father, a sixth-generation church in- terior designer, personally led his team to meet these chal- lenges. Schmidt and his father upgraded decorative interiors of many great churches, includ- ing one in Hyannis, MA, where President John F. Kennedy and his family worshipped.
RSA is repeatedly recognized by the AIA as one of the “Top 50” designers of hotels and hospitality facilities in the na- tion. Mr. Schmidt is also proud to point out that his organiza- tion was named as one of the Top 50 HealthcareArchitects in the nation for 2012, by Interior Design Magazine, the presti- gious McGraw-Hill publication. “Finally, a 21st Century way to handle your healthcare archi- tecture quickly, efficiently, and inexpensively, that is who we are,” added Schmidt. Homeland Security have also become watchwords of America, since the nightmare of 9/11 awakened the nation’s worst fears of domestic terror- ism, defying the myth that it could never happen here. Since that fateful day, RSA has been actively involved in the design of public safety and emergency centers in 8 cities and towns, one of the more prominently known, another award winner, is the $5 mil- lion 60,000 s/f, 3-story Fire and Emergency Command Center for the City of Elizabeth, New Jersey. Over a six-year period, RSA was also busy at work on more than 50 different projects for the U.S. Coast Guard. That commitment continues in New Jersey and around the nation. Schmidt explained in closing, “We take every project seri- ously, but there seems to be an added resolve when it comes to projects that safeguard our communities and nation. This especially hits home by elevat- ing the responsibilities we have to do our best work, each and every day, lives depend on it.” TimMcEntyre is a partner at McEntyre Associates. n back to $500,000 for 2012 and 2013. Similarly, the amount of qualifying assets that can be placed in service before a re- duction in the limitation is re- quired has been increased from $500,000 in 2012 and $200,000 in 2013 to $2,000,000 in both years. Furthermore, the defini- tion of “qualifying assets” will continue to include computer software in 2013, as the new legislation extended this piece of Section 179 for one year. Anthony J. Nitti - CPA, MST is a tax partner based in WithumSmith+Brown’s Aspen, CO office and is a cer- tified public accountant in the states of NJ and CO. n
Secrets of the Fiscal Cliff . . . rate kicks in from $250,000 to $450,000 is inconsequential, as you would have been subject to the same AMT liability under either scenario. continued from page 2A
3. Section 179 is back. Fi- nally, some good news. Sec- tion 179, which provides for the immediate expensing of qualifying assets, was sched- uled for a precipitous drop in usefulness in 2012 and beyond. The provision allowed for the immediate write-off of up to $500,000 in assets in 2011, but only $125,000 in 2012 and $25,000 in 2013. The fiscal cliff deal changed all of that, however, increasing the limit
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