5-10-13

ISSUE HIGHLIGHTS Volume 25 Issue 9 May 10 - 23, 2013 Cushman & Wakefield inks $71m office sale

Financing completes sale of 232,000 s/f flex building in Orangeburg, NY New Jersey based Silver Arch Capital originates $8m loan to Ramland Holdings

ackensack, NJ — The vacant 232,000 s/f flex office/warehouse

the 3rd quarter of 2012 when this user’s operations at the Property were consolidated to another larger facility. The sellerMcKessonwas rep- resented by first vice president Marc Rampulla of CBRE Investment Properties . CBRE’s Ralph Haught and Jay O’Donnell collaborated with Rampulla in representing the seller in the transaction. Endurance had been pursu- ing this deal for close to a year and was ultimately able to acquire the property at a very attractive price, significantly below replacement value and not far above land value, re- flective of the company’s ag- gressive pursuit of functional assets offering value-add op- portunities in primary and secondary industrial markets. Endurance is investing capital up front to enlarge the loading docks, install new dock doors with full packages, replace the parking lot, revamp the office space and upgrade the landscaping. n Wolfer. “Just 25 miles from Manhattan, it is located in ‘the donut,’ a 30-70 kilometer circle around New York defined as the hottest location for data centers serving Wall Street. The property’s location and proposed redevelopment as a data center made this financing opportunity particularly compelling.” Situated on 33 acres, the 232,000 s/f, 1 Ramland Rd. was constructed in 1999 and renovated in 2004. The site has an abundance of power with a three-year plan to upgrade Orange & Rockland Utilities’ power grid, as well as an abun- dance of fiber. One of Verizon’s data centers is situated less than a mile away. “All of these factors sup- port Ramland Holdings’ goal of successfully repositioning the property as a multi-tenant data center,” said Wolfer. n

building at 1 Ramland Rd. i n Orange - b u r g , N Y with a trou- bled history that included f o r e c l osur e by or i g inal lender M&T

Jeffrey Wolfer

1 Ramland Rd. in Orangeburg, NY

specializing in providing bridge loans outside of traditional sources. Says Silver Arch presi- dent and CEO Jeffrey Wolfer , “We saw the merit of the deal immediately based on the prop- erty condition, location and the resumes of the principals.” For 1 Ramland Rd., the fu- ture is rebirth as a data center – Ramland Holdings, LLC was formed to capitalize on tenant- driven data center opportuni-

bank and subsequent acquisi- tion by Chesapeake Associates, has recently sold. The buyer in the latest $12.25 million sale, Ramland Holdings, LLC, was formed by The Martin Grp., a national data center construc- tion firm, to take advantage of just such opportunities. To complete the purchase, Ramland Holdings turned to Silver Arch Capital Part- ners of Hackensack,, a lender

ties. With extensive industry relationships, its founding executives are able to focus on acquisition, development, and redevelopment projects in areas where data center users are most active in driving com- mercial real estate demand. “This property has excel- lent proximity within the New York metro market, situated just nine miles from the NYSE data center, for example,” said

Hawley Realty Inc. sells office for $2.325 million

CBRE Investment Properties negotiates 120,200 s/f transaction Endurance affiliate announces warehouse, distribution acquisition totaling $4.15 million

Landover, MD — An affiliate of Endurance Real Estate Group, LLC , (“En- durance”) announced the acquisition of 7721 Polk St., a 120,200 s/f warehouse/distri- bution building. The currently vacant property was acquired for $4.15 million or $34.52 psf. Situated in the Ardmore- Ardwick Business Park, one of the premier industrial parks

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Section D

Directory

Upcoming Spotlight Industrial/Distribution Centers Auctions........................................ 4-5A DelMarVa.................................... 7-10A Financial. .................................. 13-15A Central NJ Spotlight..................... 5-12B PA Project/Bldg. Services Spotlight. 5-11C

7721 Polk St. in Landover, MD

in Suburban Maryland, the Property is one of only a few vacant spaces offering greater than 100,000 s/f in the highly sought-after, infill DCMetro in- dustrial market. The property is situated just minutes from Washington, DC and ½ mile from the interchange of Inter- state 495 (the Capital Beltway) and Route 50, two of the most heavily traveled thoroughfares in the region. The Property

also offers convenient access to Interstate 95, the primary north/south distribution route for the eastern United States, as well as Interstate 295, a ma- jor north/south thoroughfare connecting theWashington, DC and Baltimore markets. The Property was construct- ed in two phases, in 1972 and 1988, and was continuously occupied by McKesson phar- maceutical since 1992 through

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Inside Cover A — May 10 - 23, 2013 — Mid Atlantic Real Estate Journal

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Getty Realty Corp. Directs Immediate Sale

6 GASOLINE STATIONS

New Jersey (21) Pennsylvania (14)

Delaware (2) Maryland (1) Additional Sites Available In Connecticut (4) Illinois (1) Massachusetts (16) New Hampshire (1) New York (42) North Carolina (3) Rhode Island (4) Vermont (1)

32 COMMERCIAL AND RETAIL PROPERTIES Sites from 9,890 sf to 1.8 ac. Kiosks and buildings up to 5,000 sf. Sites also available for lease.

SEALED BID DEADLINE: JULY 10

Minimum Bids Up to 50% Off the Original Asking Prices

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NRC.com/1304 800.747.3342 x1304 Sale is conducted in conjunction with the following state-licensed brokers: NJ - NRC Realty Advisors of New Jersey, License #0897521, PA - Joseph J. Locke of Rental Max Realty, LLC, License #RM422251, DE - Continental Real Estate Group, Inc., License #RB-0003013, MD - Continental Real Estate Group, Inc., License #611425

2A — May 10 - 23, 2013 — Mid Atlantic Real Estate Journal MAREJ a dvertisers d ireCtorY A&S Boiler & Burner...................................... 17D AmeriBid ........................................................... 5A American Architectural Window & Door ......... 1D American Boiler Co. .......................................... 7D Arrow Steel, Inc. ............................................. 11D Benchmark Construction Co. ........................... 9C Bergman ............................................................ 1B BL Companies ................................................... 6C Bohler Engineering........................................... 7C Brasler Props..................................................... 1C Bussel Realty Corp......................................... IC B Central Wholesalers ....................................... 15D Commercial Real Estate Organization .......... 16A Commercial-Industrial Realty Council .......... 10A Cooper-Horowitz, inc....................................... 15A Corbett Exterminating ................................... 16D CREW Lehigh Valley, PA................................ 13C CREW NJ ........................................................ 16B Cushman & Wakefield ...................................... 3B Deerwood Real Estate Capital ....................... 14A Earth Engineering ............................................ 6C Elias B. Cohen & Associates........................... 12D Fortuna Auctioneers & Marketing Group ....... 4A Gebroe-Hammer.............................................. 10B Greater Reading Economic Partnership........ 10C Hawley Realty, Inc. ........................................... 2C Heller Industrial Parks .................................. 11B Hinerfeld Commercial RE ............................. IC-C Jewel Electric Supply Co. ................................. 5D Kaplin Stewart .................................................. 2A Keast & Hood Co. .............................................. 9C Kislak ................................................................ 8B Law Offices Ehrlich, Petriello, Gudin & Plaza.. 3D LEW Corp. ....................................................... 16D M. Miller & Son............................................... 18D MAC•Gray ...................................................... 21D Max Spann Real Estate & Auction Co. ............ 4A Mericle Commercial RE Services .................BC-C Meridian Capital Group, LLC ......................BC-B Metro Commercial ........................................ BC A Montecalvo ........................................................ 6A NAI Summit ...................................................... 3C NCR Realty & Capital Advisors ....................... 1A NJAA............................................................ 6, 12A Northmarq..................................................... 6, 8A Penn’s Northeast ............................................... 4C Poskanzer Skott Architects ............................ 13B Progress Capitol Advisors................................. 8D Property Solutions International .................BC-D Provident Bank ...............................................IC A Real Property Capital, Inc................................ 3A Regal Bank ........................................................ 3B Rose Metal Systems .......................................... 6C Sebco .................................................................. 2B Sela .................................................................... 6B Sheldon Gross Realty.................................... 2, 7B Sign-A-Rama ................................................... 16D Specialty Building Solutions .......................... 14D The Berger Organization.................................. 4B The Residences.................................................. 9A TriState............................................................ 20A Value Companies................................. 19-IBC-DD Vandemark & Lynch ......................................IC-D VFW Post 3020 Samuel T. Lambert.............B BC Warner Real Estate & Auction Company, Inc. ...4A Whitesell............................................................ 9B Wolf Commercial Real Estate......................... 15B WS&B .............................................................. 13D Zamir Equities .................................................. 6A

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Mid Atlantic Real Estate Journal

Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Publisher ...............................................................................Joe Christman Section Publisher ................................................................Elaine Fanning Section Publisher ....................................................................Steve Kelley Senior Editor/Graphic Artist ................................................ Karen Vachon Office Manager ...................................................................Joanne Gavaza Guest Columnist ....................................................................... Paul LeJoy 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. 25 Issue 9 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

By Paul LeJoy 8 Essential Elements for Success

merica continues to be the world’s largest economy and boasts

the lion share of global bil- lionaires. In fact, there were reportedly 442 billionaires in America in2012—thenational- ity majority of the record 1,426 people who have earned this laudable distinction around the world. When considering the staggering success only an elite few attain in business, it begs the question “what do these billionaires know that the rest of us don’t?” And, as importantly, “how can we avoid failure as we aspire to achieve career success of any measure?” “To achieve a notable amount of success at anything and certainly a notable measure of wealth, you must become a specialist at what you do. And, you must ‘do what you do‘ better than anyone else,” notes international business mogul Paul LeJoy, who himself has built a 50 million dollar real estate business in just 7 years

after immigrating to America. “You must become indispens- able—the go-to person because your results are superior. In working towards this objective it is important employ a spe- cific combination of essential elements that, combined, will make you a force to be reck- oned with.” With this in mind, LeJoy of- fers the achievement-minded these 8 wealth strategies to assist the proverbial 99% in their quest for success in any industry: 1) Vision: Every success- ful person at some point in their lives had a vision for what “could be,” and set out

in relentless pursuit of their dream. From Thomas Edison to Steve Jobs and countless success stories in between, visionaries are filled with a passion and purpose that Dr.s them every day. Those who are short-sighted and unmindful of future consequences of their efforts, both the good and the bad, are more likely to fail than those who are thought- ful and perceptive in their approach. 2) Action: Have a vision or a goal? The first step is to write down along with objectives and action steps related thereto. Now you’ve taken initiative,

continued on page A

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M id A tlantic R eal E state J ournal For a value of $800,000 in Philadelphia Sidney E. Gable Associates facilitates 50,000 s/f ind. sale P hiladelphia, PA — Sidney E. Gable Associates completed

Recently Closed Loans

a five year lease extension for 50,000 sq.ft. at 10195 N.E. Ave. for a value of $800,000. The modern one-story ware- house facility is well located in Northeast Phila. near US 1 and Roosevelt Blvd. The tenant, Compass Industries of New York City, is a whole- sale distributor of hardware items. Sidney E. Gable Associates reports the sale of 133 W. Hunting Park Ave. to CLJ, LLC from the Estate of Leon- ard Bleiman for $1,100,000.00. Marvin Baron of Sidney E. Gable Associates, Inc. repre- sented CLJ, LLC while M.S. Fox Associates represented the sellers. After a complete renovation and retrofitting by CLJ the property is to utilized by La Fortaleza Inc. as their main location for a Physical Therapy Lab and Fitness Center. Other portions of the building were leased by Gable and Baron to Temple Physi- cians and Smith Pharmacy. n CINCINNATI, OH — Phil- lips Edison–ARC Shopping Center REIT Inc. announced the acquisition of Hartville Centre, a 108,412 s/f shop- ping center anchored by a Giant Eagle grocery store and located in the Greater Akron, Ohio Metropolitan Area. The acquisition of Hartville Centre brings the Company’s total portfolio to 40 properties with 14 leading grocers in 16 states, with a portfolio aggregate pur- chase price of $493.6 million. The company is a public non- traded REIT focused on the acquisition and management of well-occupied grocery-an- chored neighborhood shopping centers throughout the United States. Hartville Centre is anchored by a 64,475 s/f Giant Eagle grocery store, which is on a long-term lease through April 2020. Giant Eagle is the No. 1 grocer by market share in the Akronmarket.When combined with the Giant Eagle lease, 88 percent of the rents within the shopping center come from national tenants. n Phillips Edison– ARC SC REIT Inc. acquires 40th Shopping Center

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A — May 10 - 23, 2013 — Mid Atlantic Real Estate Journal www.marejournal.com M id A tlantic R eal E state J ournal A uctions In 12 Northeastern and Mid-atlantic States through Nrc Realty & Capital Advisors Getty Realty Corp. to conduct sealed bid sale of 108 commercial properties & gasoline stations C hicago, IL — NRC Realty&CapitalAd- visors, LLC (NRC)

ground storage tanks will be removed prior to closing. The properties are being sold without gas brand or fuel supply. Most of the 68 commercial and retail properties are improved with operating or closed gasoline stations. Original asking prices for the properties range from $75,000 to $1,000,000; how- ever, properties are being offered in the sealed bid sale at minimum bids of up to 50% off the original asking prices. Getty will also consider leas- ing properties to qualified tenants. The properties will be sold using NRC’s well-known “buy one, some or all” sealed bid sale process. Property Spe- cific Packages (due diligence packages) are expected to be available in May, with a bid deadline of July 10, 2013. Interested parties may view a complete site list and reg- ister online for sale updates

at website. “These sites are very attrac- tive for a variety of gasoline, automotive, retail and com- mercial uses,” said Evan Gladstone , NRC’s executive managing director. “The ma- jority are located on high- traffic corners in mature neighborhoods and in small towns. Investors will also be interested in bidding onmany of the locations which have license agreements with op- erators,” added Gladstone. NRC will be coordinating property viewings on sites without tenants on sched- uled viewing dates, currently anticipated for May. Dates and times will be listed on the NRC website. Sites with licensees are open during normal business hours, and prospective bidders may view these sites as long as they do not disturb the users. Broker cooperation is encouraged, and a 3% broker co-op com- mission is being offered. n

announced that it has been retained again by Getty Realty Corp. to coordinate the divestiture of 40 gasoline stations and 68 commercial and retail properties formerly used as gas stations in Con- necticut (4), Delaware (2), Illinois (1), Maryland (1), Massachusetts (16), New Hampshire (1), New Jersey (21), New York (40), North Carolina (3), Pennsylvania (14), Rhode Island (4) and Vermont (1). Many of the sites are currently being operated by licensees under month-to- month license agreements. The 40 gasoline stations are located in a variety of urban and suburban markets in nine states. All are fee owned properties and the sale in- cludes the improvements on the underlying real estate, except for certain sites with respect to which the under-

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Mid Atlantic Real Estate Journal, 1/4 pg, May 10

Mid Atlantic Real Estate Journal — May 10 - 23, 2013 — A M id A tlantic R eal E state J ournal A uctions

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REAM RIDGE, NJ —Amajestic southern Colonial manor and Horse farm and trophy home on 128 preserved acres Max Spann to hold auction for Equestrian estate in Monmouth County, New Jersey C

comprising 40 acres (with room for an additional 40 acres) and a bridle path lead- ing to a half-mile racetrack complete the estate. “This is a rare opportunity in the Garden State,” Spann said. “Anyone looking at this property will be stunned by the long, winding driveway passing by the picturesque barns, the pastoral pond and the breathtaking views of this equestrian estate.” For more information about this and other Max Spann auctions, visit their website. n

working thoroughbred horse farm located in one of the most desirable locations in New Jersey will be sold this spring — just in time for a new owner to settle in for the warm weather. Max Spann Real Estate and Auction Co. will hold the onsite auction on June 12, 2013 at 2 p.m. at 36 Emleys Hill Road in the CreamRidge section of Freehold Twp. On- site property previews will take place fromnoon to 2 p.m. on Sunday, May 19, from 4 to 6 p.m. onWednesday, May 29 and from noon to 2 p.m. on Sunday, June 2. Low Meadow Farm, a pure horse farm and trophy home on 128 preserved acres, fea- tures lush pastures and ma- ture woods — all within driving distance to shopping, NJTransit, the Jersey Shore and other regional ameni- ties. “The secluded southern plantation feel is warm and inviting to friends and fam- ily,” said Max Spann, Jr., president and CEO of the firm. The four-bedroom manor house features a grand foyer, red oak flooring throughout, a formal dining room and living room. The master bed- room features a fireplace, a separate dressing room, and a master bathroomwith step- up whirlpool tub. A finished basement includes a den with bar, sauna, and exercise room. “This is the perfect house for hosting both intimate and larger functions,” Spann said. “The spacious farm kitchen with modern appliances, oversized cabinets, an island, loads of counter space and a breakfast area will not only functionally provide for you and your family, but also for your guests.” However, “the house is just the beginning,” Spann said. Step outside and find bucolic Monmouth County at its very best. In addition to the vast acreage, Low Meadow Farm boasts an impressive eques- trian estate that includes 24 horse stalls with a cypress sided horse barn and matted stalls, a feed room, office, and an apartment with an indoor 37-foot by 47-foot exercise area. Six, large paddocks

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6A — May 10 - 23, 2013 — Mid Atlantic Real Estate Journal

www.marejournal.com M id A tlAntic R eAl e stAte J ouRnAl providing well-located ind.properties near int’l. ports hartz Mountain industries leases 1.5 million s/f in 1st qtr. S ECAuCuS,NJ — hartz Mountain industries’ first quarter of 2013 leas-

ing report boasts more than 1.5 million s/f of industrial, office and retail properties leased. A bulk of these leases was in Hartz’s warehouse asset class, with 14 leases signed to date in 2013. Six of those were to new tenants totaling more than 344,419 s/f, including 126,086 s/f to US Display Group and 70,542 to Full Throttle Films in Secaucus and 58,775 s/f to Atlantic Health System, Inc. in Whippany. Renewals were also strong with Pier One Imports renew- ing 634,000 s/f in Baltimore, MD and Preferred Display re- newing 84,645 s/f in Clifton. “Our outstanding first quar- ter can be attributed to our ability to provide well-located industrial properties near EASToN, pA — New East- wood Care & Rehabilitation Center has become the latest addition to Tryko partners, llC’s skilled nursing portfolio. The private equity real estate group purchased the facility from Signature HealthCARE for $6.3 million. Located at 2125 Fairview Ave., the two-story nursing home includes 97 beds. “New Eastwood benefits from a su- perb location with limited com- petition in the immediate area,” said uri Kahanow , Tryko Part- ners’ director of acquisitions. “It also is right in our backyard, just an hour away from both our corporate headquarters and our Kearsley Rehabilitation and Nursing Center facility in Philadelphia.” The Private Bank provided Tryko Partners with financing for the New Eastwood acqui-

We’ve got the capital connections to deliver the right results.

Hartz Mountain’s Harmon Cove Industrial Development in Secaucus Is more than 20 million s/f.

international ports in Newark and Elizabeth in New Jersey and Baltimore in Maryland, creating logistical advantages

and reducing fuel costs,” said Emanuel Stern , president and COO for Hartz Mountain Industries. n

R E C E N T N O R T H M A R Q T R A N S A C T I O N S

Tryko partners adds new Eastwood to skilled nursing portfolio

Lakeside 81,470 SF TYPE: RETAIL/OFFICE CITY: COLUMBIA, MD LENDER: LIFE COMPANY

Bestgate Road 118,201 SF TYPE: CLASS “A” OFFICE CITY: ANNAPOLIS, MD LENDER: CMBS

Red Branch Rd 90,000 SF TYPE: INDUSTRIAL CITY: COLUMBIA, MD LENDER: LIFE COMPANY

Real Estate Capital

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Baltimore Office JOE BURKE NANCY FERRELL BILL LIBERCCI TIM GREISMAN 410.296.6565

2125 Fairview Ave.

sition. Sam dendrinos and laura Santillanes managed the transaction. “This is the second time we have worked with Sam and Laura, who also helped us with our acquisi- tion of the Kearsley campus in

2011,” said Chad Buchanan, Tryko Partners’ chief invest- ment officer. “Their customer- focused approach enabled us to work in a tight timeframe. We moved from contract to closing in just 60 days.” n

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Mid Atlantic Real Estate Journal — May 10 - 23, 2013 — A

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Alliance Real Estate Professionals assit in 27,000 s/f lease in New Castle, DE Cushman & Wakefield sells 775,000 s/f distribution ctr. on 60 acres in Baltimore-Washington Corridor

ALTIMORE, MD — Cushman & Wake- field has sold 7600 As-

sateague Dr. in the Maryland Wholesale Food Center in Jes- sup to a joint venture between New York Life, on behalf of institutional investors, and Mosaic Realty Partners . The property encompasses 775,000 s/f on 60 acres. Cushman & Wakefield’s capital markets team of Cris Abramson , Brian Kruger and Nick Signor , in conjunc- tion with the industrial team of Michael Elardo, Jared Ross and Michael Kimmel , coordinated the disposition of 7600Assateague Dr. on behalf of the seller. “We are extremely pleased with the result,” saidAbramson. “This price rewards the seller for a very well-located facility, and equally allows new owner- ship to be competitive going forward in transforming the WASHINGTON, DC — HFF has secured $130 mil- lion in financing for two office buildings, 1400 Crystal Dr. and Jefferson Plaza, totaling 578,372 s/f in Arlington. HFF worked on behalf of an affiliate of Lowe Enter- prises Investors to place the renovation and bridge loan with Wells Fargo and M&T Bank . Proceeds will be used to perform an extensive rede- velopment of 1400 Crystal Dr. into a state-of the-art, trophy quality office building, and to pay for renovation and leas- ing costs at Jefferson Plaza. Lowe Enterprises Investors acquired the properties on behalf of an investment client in early 2008. Affiliate Lowe Enterprises serves as property and development manager for the buildings. The properties are located in the heart of Crystal City and feature expansive views of Washington, D.C. The redevel- oped space at 1400 Crystal Dr.

600 Ships Landing Way

Pretter released the following statement: “We are pleased with the acquisition and the cooperation shown by all par- ties to complete the transac- tion. This is a unique asset and leasing opportunity. The part- nership is hitting the ground running with planned property upgrades to further capitalize on the strong level of interest in the asset.” NEWCASTLE, DE —Cush- man & Wakefield, Inc. has ar- ranged a lease of 27,000 s/f for CAD Import Inc. at 600 Ships Landing Way. The signing, for a

three-year term, was arranged for CAD by Ernie Felici, Jr. and John Birmingham, III of Cushman & Wakefield’s Wilmington office, along with Bob Wheatley of Alliance Real Estate Professionals . The landlord, Gedric DE LLC, was represented by Mitch Berkowitz and Sean McCue of Deaton McCue and Com- pany . Located within Twin Spans Business Park, the 600 Ships Landing Way is the second location in Delaware (Seaford) for CAD. n Originally constructed in 1986, the property has received nearly $3 million in capital improvements during the past five years, including interior unit renovations as well as significant improvements to the common area amenities and building systems. The 94 percent leased property in- cludes one- and two-bedroom units averaging 864 s/f each. The HFF team representing Waterton Associates was led by senior managing directors David Nachison and Alan Davis and director Brenden Flood . “Aston Woods has seen the successful implementation of a renovation program that still provides room to increase rents through modest additional up- grades, and its appeal has been improved by major area road improvements in the region including the Intercounty Con- nector that now links the I-270 corridor with the I-95 corridor,” Nachison said. n

7600 Assateague Dr.

building into an income-produc- ing asset.”

Mosaic Realty Partners prin- cipals Eron Sodie and Isaac

HFF secures $130 million financing for two office buildings and closes $40.75 million sale of 261 unit apartment in MD & VA

Aston Woods

in Silver Spring, MD. HFF marketed the property on behalf of the seller, Water- ton Associates, LLC. Azure Partners LLC purchased the asset for $40.75 million free and clear of existing debt on the property. Aston Woods is located at 3411 Gateshead Manor Way near major transportation routes including the Inter- county Connector, Interstate 95 and Interstate 270, which provide access to the entire Washington, D.C. and Bal- timore metropolitan areas.

1400 Crystal Dr.

and renovated Jefferson Plaza will offer the highest quality space available in the amenity- rich Crystal City submarket. 1400 Crystal Dr. is undergo- ing an extensive slab-to-slab reconstruction designed to achieve LEED Gold certifica- tion, which is scheduled for

completion in May 2013. The HFF team was led by managing director CaryAbod and associate director Jordan Lex . In a separate transaction, HFF has closed the sale of As- ton Woods, a 261-unit, garden- stylemulti-housing community

A — May 10 - 23, 2013 — Mid Atlantic Real Estate Journal

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D el M ar V a

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8,000 s/f parcel in Washington DC area Marcus & Millichap sells apt. development site for $2.4m

ASHI NGTON , DC, — Marcus & Millichap Real

Estate Investment Servic- es , one of the nation’s larg- est real estate investment services firm, has announced the sale of an 8,000 s/f de- velopment parcel located in Washington, DC, according to Bryn Merrey , vice presi- dent/regional manager of the firm’s Washington, D.C. office. The asset commanded a sales price of $2,408,500. Peggy Brooks Smith , associate vice president of

The source for commercial real estate news in the Mid Atlantic Area. R EAL E STATE J OURNAL

Mid Atlantic Real Estate Journal Linda Christman, Publisher/CEO 800-584-1062 or 781-871-5298 • fax 781-871-5299 www.marejournal.com — Call or fax today for a FREE SAMPLE COPY! —

Washington DC

Investments, in Marcus & Millichap’s Washington, D.C. office, represented the buyer. Payton Banks , broker, as- sisted in closing this trans- action. Located in the Kalorama submarket of Washington, DC, the planned “Calistoga” at 2225 California St., NW, will include nine two and three-bedroom units and ten parking spaces. The individ- ual condos will range in size from 1,300 to 1,800 s/f. n Vinton, VA — Brixmor Property Group has re- cently negotiated the follow- ing transactions in the Mid Atlantic Region. Lake Drive Plaza, located on Hardy Rd. at Clearview Drive in Vinton, announced a 6,400 s/f foot Shoe Show recently opened. Brixmor is the owner of Lake Drive Pla- za and was represented by Jason Fox with Brixmor. Also at Lake Drive Plaza a 1,993 s/f Bloop FrozenYogurt recently opened. Brixmor was represented Fox. Ridgeview Centre, located off of Orby Cantrell Highway at the intersection of Norton Rd. and Ridgeview Rd. in Wise announced a 9,000 s/f Dollar Tree recently opened. Richard Bushey of Dy- namic Commercial Real Estate represented Dollar Tree. Brixmor is the owner of Ridgeview Centre and was represented by Michael Moss with Brixmor. n Brixmor Property Group executes VA retail transacations

Mid Atlantic Real Estate Journal — May 10 - 23, 2013 — 9A

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d el M AR V A

THE NEW STANDARD IN LUXURY LIVING AT DEWEY BEACH

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10A — May 10 - 23, 2013 — Mid Atlantic Real Estate Journal

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Commercial-industrial Realty Council

www.circdelaware.org

2013 Board of directors president J. Gregory Ellis Patterson-Woods Associates Vice president of Delaware Treasurer Katherine l. Silicato, CpA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates Committees / directors Education Chair: dan lesher Patterson-Woods Associates legislative Chair: J. Gregory Ellis Patterson-Woods Associates program Chair: John Birmingham Cushman & Wakefield MidCoast Community Bank Benjamin J. Berger, Esq. Berger Harris, LLC Jim o’hara NAI Emory Hill-Retail Div. donald Robitzer The Commonwealth Group Bert Root, V Harvey Hanna & Associates Marvin Sachs Bellevue Realty Co. Science & Engineering legislative lobbyist C. Scott Kidner C. S. Kidner & Associates New Castle County Economic dev. liaison (open) New Castle County Chamber liaison Bob Chadwick, director NCC Economic Dev. Council State of delaware Economic dev. liaison Jeff Stone State of Delaware, DEDO City of Wilmington Economic development liaison Jeff Flynn Mayor’s Office of Economic Development Ex-officio directors Business Manager Janet S. pippert CIRC / Landmark John Birmingham Cushman & Wakefield of Delaware Membership Chair: James Manna BrightFields, Inc. directors Jeremy Abelson

$*3$"OOVBM(PMG0VUJOHt4DSBNCMF June 10, 2013 (MON) tOPPO4IPUHVO4UBSU DuPont Country Club, 1001 Rockland Road, Wilmington, DE 19803 Register Online: www.circdelaware.org / janet@circdelaware.org

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Mid Atlantic Real Estate Journal — May 10 - 23, 2013 — 11A

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12A — May 10 - 23, 2013 — Mid Atlantic Real Estate Journal

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Join Us for the 24th Annual NJAA Conference & Expo May 21 -23, 2013 :: Atlantic City Convention Center

The ultimate industry showcase for New Jersey’s multi-family housing professionals to network and build connections. Don’t miss out on your opportunity to network, learn, and have a great time at the NJAA Conference & Expo! The 2013 Conference & Expo will include: -More than 1,400 New Jersey apartment industry professionals -Informative & relevant seminars such as Fair Housing, Marketing, Safety, Disaster Preparation, & more! -And a Charitable Golf Outing & After Hours Party! For more information and to register now, visit us at njaa.com/annual-conference-and-expo-2013

2013 Keynote Speakers:

WEDNESDAY from 10:00am – 11:30am Janine Driver You Say More Than You Think: How to Use “The New Body Language” to Communicate Effectively and Get What You Want

TUESDAY, MAY 21 8:00am - 2:00 pm Golf Outing Ballamor Country Club 6:00pm - 7:30pm Diamond Reception- Borgata 7:30pm - 9:30pm President’s Reception - Borgata WEDNESDAY, MAY 22 8:30am to 10:00am Networking Breakfast 10:00am to 11:30am KeynoteAddress&LegislativeAwards 11:30am to 3:00pm Expo Floor Open (includes lunch) 3:00pm to 5:15pm Education Sessions (below) You Say More Than You Think Forecasting State Street 2013 Minimize Your Maintenance to Maximize Your Savings! Fair Housing for Management/Leasing Winning the Gold Takes A Team Storm Preparedness, Protect Yourself How to Find, Keep, & Maintain an Excellent Service Team You Can’t Lie to Me Dealing with Difficult People THURSDAY, MAY 23 8:30am to 10:00am Networking Breakfast 10:00am to 11:00am Keynote Address 11:00am to 2:30pm Expo Floor Open (includes lunch) 2:30pm to 4:45pm Education Sessions (below)

THURSDAY from 10:00am – 11:00am Vince Papale Born to Be Invincible: A Playbook for Reaching Your Full Potential

Legislative Awards Presentation Wednesday 10:00am:

Legislator of the Year Senator Thomas H. Kean, Jr. Senate Republican Leader (R-Union)

Housing Champion Senator James Beach (D-Camden)

Housing Champion Assemblyman Jason ’Donnell (D-Hudson)

Gain instant access to all the NJAA Conference & Expo details on your smartphone using the QR code below

Born to Be Invincible Lead with Vision....Succeed with Action Disaster Implementation Planning Grassroots Marketing at It’s Finest Safety for Maintenance Employees Don’t Do What You Expect,

They Do What You Inspect Running With the Top Dogs: Getting Out of the Multifamily Housing Bubble Fair Housing for Maintenance

Or visit the mobile web application at: http://codu.co/6ce0c4

East Orange, NJ — Beech Street Capital, LLC an- E Abe Shonfeld of Meridian Capital Group, LLC, was financed by Beech Street Capital Beech Street Capital closes a $20.0 million Freddie Mac loan to refinance NJ apartment F inancial D igest www.marejournal.com Mid Atlantic Real Estate Journal — May 10 - 23, 2013 — 13A

nounced today that it closed a $20.0 million Freddie Mac loan to refinance Norman Towers, a 406-unit property in East Orange. Norman Towers is a 100 percent Section 8 Housing Assistance Payment (HAP) property and is also restricted to tenants who are 62 years old and older or disabled. The transaction, originated by Abe Shonfeld of Meridian Capi- tal Group, LLC , was financed by Beech Street Capital as part of its correspondent relation- ship with Meridian. The borrower developed the property in 1980 and has owned and operated it since that time. The property is currently subject to a 20-year HAP contract that runs until 2030. In refinancing the apart- ment, the borrower desired to take advantage of historic low interest rates as well as cash out some of its equity in the property. “The entire transac- tion proceeded smoothly,” says John Cicchino , the borrow- Alexandria, VA — With the $78 million acquisition of Hunting Point, a 530-unit apartment complex on Potomac River in Alexandria, Lubert- Adler of Philadelphia, PA has amassed a multifamily portfo- lio valued at approximately $2 billion for its domestic institu- tional investors. The company’s Fund VI, VI-A and VI-B co-investment pool, launched in January of 2010 with over $1 billion in eq- uity, has now acquired, among several asset classes, some 70 multifamily properties total- ing over 20,000 units, valued at over $2 billion. Most of the assets were acquired in the last 18 months. “In 2010, we made a strategic decision based on the belief that multifamily rental apartments provide one of the best oppor- tunities to create risk-adjusted

Norman Towers

Pyramid Pines

er’s managing member. “Beech Street was very responsive to our needs and is committed, as we are, to providing safe and accessible housing for New Jersey seniors.” The borrower, who also man- ages the property, has kept it in excellent condition. Common area amenities include a base- ment that houses a community

kitchen and common room for gatherings and activities, as well as a commissary store. There is also a commercial- quality laundry room available for tenant use on the ground floor. The building is monitored 24 hours/day by front desk per- sonnel. Unit amenities include full kitchens and emergency pull cords in bedrooms and

bathrooms. The fixed-rate loan has a 10-year term, two years of interest only, with 30 years of amortization, payable on an actual/360 basis. SaratogaSprings,NY — Beech Street closed a $6.0 million Fannie Mae DUS loan to refinance the Pyramid Pines MHC, a 339-site “all-age” man-

ufactured housing community located in Saratoga Springs. Kristen Croxton and Greg Reed , executive vice presi- dents in Beech Street’s office in Newport Beach, California, originated the transaction. The transaction was brought to Beech Street by Michael Malik of Broadway Capital Partners . n

Lubert-Adler amasses $2 billion multifamily portfolio, 70 multifamily properties totaling over 20,000 units

focusing on transactions that are too large for local opera- tors but smaller than those that would interest the very large funds,” Adler went on. “Our goal was to buy assets opportunistically, preferably from sellers who are not in the everyday business of improving real estate, and then work with our local partners to increase current yield by renovating and repositioning the assets. Now that we have achieved our initial goal, we plan to continue this value-add program into the future.” The company’s acquisition of Hunting Point illustrates its strategy, Adler pointed out. In partnership with The Laramar Group, Lubert-Adler purchased this 530-unit com- plex just south of Old Town Alexandria for $78 million, or about $147,000 per unit,

from the Virginia Department of Transportation (VDOT). VDOT acquired the property via eminent domain in 2002 to allow for construction of the new Woodrow Wilson Bridge, which required demolition of one of the three towers. Despite its superior location, unit interiors and amenities have been untouched for years, and rents are 30-40 percent below market rate. “This was a flat tire that we can trans- form into a Class A apartment community,” remarked Adler. “There is a sentiment in the market that multifamily prop- erties are overpriced and there are no longer opportunities to generate attractive profits. We have a contrary view: stabilized assets may be overpriced, but value-add assets are on the rise because of the overleveraged environment since 2008. n

Hunting Point

superior returns, because a substantial portion of the over- all return is in the form of cur- rent yield,” explained Dean Adler , CEO and co-founder, Lubert-Adler Partners, L.P. “We aimed for overall returns

of 17-20 percent, with10-12 percent of that target coming from current yield.” “In order to execute that strategy, we sought out one-off middle-market acquisitions through local entrepreneurs,

14A — May 10 - 23, 2013 — Mid Atlantic Real Estate Journal

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F inAnciAl d igest

Recent projects include: Riverwood Chase, 200 new townhomes in Toms River, NJ procida Funding & Advisors, llC’s 100 Mile Fund announced 14% return to investors

N G l E W o o d CliFFS, NJ — proci- da Funding & Advi-

of non-performing loans, as well as the origination of con- struction and bridge loans throughout NewYork and New Jersey. The fund distributes all of its realized gains so investors receive a cash distribution of $14,800 for every $100,000 investment unit. The 100 Mile Fund is able to make their returns through the purchase of b-notes and junior participation’s in bridge and construction loans. Procida typically originates the loan and sells off the senior piece to a bank or insurance com-

pany and the fund retains the junior participation or the “b” piece. The 100 Mile Fund has invested in most asset classes throughout the tri-state area. “We simply fill the void; every deal has some bankable component. We do the rest. So for a borrower who needs a quick closing or has a complex deal we will typically take it down ourselves then sell off a senior piece after we’ve reduced the risk,” said Billy procida , president & CEO of Procida Funding. Some recent projects for Procida and The 100 Mile

Fund include; Riverwood Chase, 200 new townhomes in Toms River, NJ with Ryan Homes, the completion of Free- hold Commons office building in Freehold, NJ, and a new Habitat for Humanity ReStore

in Randolph, NJ. The 100 Mile Fund is cur- rently open to accredited inves- tors and anticipates the fund will complete $100,000,000 of loans and investments in 2013. n

sors, llC , t h e f u n d manager of the 100 Mile F u n d a n - nounced that it achieved a 14.39% re- turn to its investors in

hARRiSBuRG, pA —Com- mercial mortgage brokerage firm Eastern union Fund- ing announced that it has arranged approximately $25 million in financing for com- Eastern union arranges $25 million in pA financing mercial real estate properties in Pennsylvania. Select transactions in- clude:

Billy Procida

2012. The 100 Mile Fund, which launched in October of 2011, had a solid opening year having participated in the purchase of over $100,000,000

• $14.2 million for the refi- nance a 324-unit multi-family property in Harrisburg, PA, on a 5 year term, at 3.875 percent, and a 30 year amor- tization. ShayaAckerman of Eastern Union arranged the transaction. • $4.6 million for the refi- nance a 143-unit mixed-use property in Wilkes-Barre, PA, on a 10 year term, at 3.875 percent, and a 30 year amor- tization. Michael Muller of Eastern Union arranged the transaction. • $4.5 million for the refi- nance a 114-unit multi-family property in Harrisburg, PA, on a 5 year term, at 3.38 percent, and a 30 year amortization. Ackerman arranged the trans- action. n MANhATTAN, NY — da- vid Turley and Janet pro- scia of Cronheim Mort- gage secured $20.6 million in acquisition financing for an eight-building, 229-unit, multifamily portfolio located in the Manhattan neighbor- hoods of Washington Heights and Inwood. The funding was sourced from two banks, each of which financed four build- ings for $10.6 million and $10 million, respectively, on a non- recourse, non-crossed basis. The combined facility provided 79% loan-to-cost financing for the $26 million purchase. The weighted average rate was fixed at 4.01%, which included a six-month forward rate lock, for a 10 year loan term on a 30 year amortization schedule for each loan. The Properties are all five- story walk-up, rent stabilized apartment buildings ranging in size from 18 to 68 units. n Cronheim Mortgage secures $20.6m for multi- family portfolio

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