18A — April 11 - 24, 2014 — Mid Atlantic Real Estate Journal
P EOPLE ON THE M OVE
HILADELPHIA, PA — Richard Natow , president of Prestige Of the Real Estate Consulting Division Prestige Group appoints Cohen to executive VP & dir. P of our real estate consulting division.
As project manager Hollenbach Construction hires John Maresca
LOOKING AHEAD With the federal budget situation off the table and employment numbers improv- ing, we expect 2014 to be an excellent year for commercial real estate capital markets in New Jersey. Continued im- provement in fundamentals and increased opportunities for investors will keep sales activity moving at a healthy pace. This is especially true for the first half of the year, while in- terest rates remaining stable – if not down slightly since January. Many economists anticipate a moderate increase of 50 to 100 basis points by year end. Sellers are putting their product out earlier, and buyers are working to lock into properties and financing ahead of the curve. This may well result in a surge of spring and summer dealmaking. Hatton has worked in the HVAC industry since 1985 and joined Hutchinson Me- chanical Services in 2001 from Conectiv Services. Hat- ton attended Temple Uni- versity, Lincoln Technical Institute and has numerous credentials in the HVAC service and sales industries. Hatton resides in Erial, NJ. manager. His prior experi- ence includes work with an architectural firm, construc- tion companies and a manu- facturer. John is responsible for project management of new projects and in providing sup- port to other project managers. “We have continued to grow strategically in the past year and we are fortunate to have the opportunity to add another talented teammember to meet the increasing needs of our organization’s growth and to enhance our responsiveness to our clients,” said Tim Little , president of Hollenbach Con- struction, Inc. business, particularly from a business growth and custom- er service perspective,” said Ed Hutchinson , president of Hutchinson Mechanical Services. “Pete’s skill sets and knowledge in the HVAC and energy services industry will be critical as our busi- ness continues to expand into different regions.”
BOYERTOWN, PA — Hol- lenbach Construction, Inc. announced the addition of
tions. Cohen previously spent 10 years as Prestige Group’s senior vice president of the commercial brokerage divi- sion. Under his guidance and direction 185 transactions settled and $350+ million in gross sales were generated. With over a 35 year career, Cohen has a vast real estate background with extensive experience in negotiations, ac- quisition of all investment as- set classes, financing, manage- ment, as well as substantial ownership. These attributes make Cohen uniquely quali- fied to direct the operations rent of $1,131. At the same time, with nearly 24,500 units planned, under construction or recently completed, the state’s impressive multi-fami- ly development pipeline raises questions about how this rap- idly expanding inventory will impact market fundamentals moving forward. So far, ab- sorption seems to be keep- ing up with deliveries. And while we may see an interim slowdown in rent growth, it is widely expected that it will be temporary. Within this context, in- vestor demand for institu- tional-quality apartments in New Jersey remains ex- ceptional. In turn, competi- tion to acquire these assets has brought out sellers and driven down cap rates. Sales volume in 2013 finished at $672 million – $208 million above the 16-year historical Additional PANYNJ repre- sentatives honored were: Deb- orah Gramiccioni , deputy executive director; Stephanie Dawson , acting chief operat- ing officer; and, from Tunnels, Bridges &Terminals: Cedrick T. Fulton , director; Dian- nae Ehler , deputy director; Michael Valletta , assistant director, priority capital pro- grams; James Blackmore , program director, Goethals Bridge Redevelopment Project; $33B of goods passing over the bridge each year, the Goethals crossing is a key link connect- ing several major highways and is essential to moving cargo between airports, sea- ports and regional markets in the NY/NJ metro area.
A consummate professional, Cohen is a leader in the con- sulting field. His tenacity and dedication to helping his clients has always been his number one goal! The consulting division of Prestige Group is dedicated to building wealth for our clients via their real estate situations, whether an owner, tenant, investor, corporation or fist time investor. We are a leading provider of fee for service customized real estate consultation services. Port Authority consultants honored were HNTB Corpo- ration and URS Corpora- tion . Partners honored were the project’s developer, NYNJ LINK Developer LLC ; eq- uity member Macquarie Infrastructure and Real Assets, Inc./Kiewit Devel- opment ; lead contractor Kiewit/Weeks/Massman , a Joint Venture; lead engineer Parsons Transportation Group of NY, Inc .; and lead maintenance Macquarie In- frastructure and Real Assets . Nicole Hunter , project manager, HNTB, chaired the program for PWC. average – and the average per-unit price reached a peak of $316,353. Abundant capital remains available for multifamily. With rents at all-time highs, vacancies near all-time lows and a generational shift to- ward renting, the outlook for this sector is nothing but positive. RETAIL The New Jersey retail mar- ket has rebounded beauti- fully. During 2013, vacancy rates tightened from 5.8 % to 5.4 %, and 184,000 s/f of positive absorption marked a 426% increase from 2012. Well-located centers are re- filling with both traditional and non-traditional tenants, and the construction pipeline remains minimal in this com- petition-constrained market. In turn, capital allocations for retail investment are and Phillip Dinh , program manager, Goethals Bridge Redevelopment Project.
John Mar- e s c a a s project man- ager. John is a gradu- ate of Penn State with a Bachelor of Architec- tural Engi-
Group, Inc. announc ed that Bob Co- hen has been appointed ex- ecutive vice p r e s i d e n t and director. C o h e n comes back
neering degree. He has more than twenty-five (25) years of experience in commercial and institutional construction as a project engineer, project manager and construction John Maresca
to Prestige Group after a five year engagement with Orens Brothers Real Estate, Inc . 4415 Chestnut St, where he was their director of acquisi-
Hutchinson Mechanical Services hires Pete Hatton
PWC honors Goethals Bridge Replacement Project and PANYNJ executive director Foye
growing. Product supply, however, remains limited. Sales volume in 2013, totaling $464 million, was 40 % below the 12-year average of $772 million. Within opportuni- ties that are trading, we are seeing an emphasis on value- add plays and, as always, stabilized, grocery-anchored centers. Lifestyle centers that integrate retail with entertainment and dining are particularly popular with the increasingly influential millennial generation. They are beginning to draw more investor attention as well. Currently, capital for retail investment continues to sig- nificantly outstrip product availability. That said, cap rate compression is begin- ning to flush out sellers. To date in 2014, $223 million in retail sales have closed or are pending. CHERRY HILL, NJ — Hutchinson Mechanical Services has announced the promotion of Pete Hatton to director of commercial services. Previously, Hatton served as director of com- mercial sales and operations. As director of commercial services, Hatton is respon- sible for the overall manage- ment and administration of the daily operations of com- mercial lines of business. He will also oversee implemen- tation of the annual strategic business plan and manage a team of direct reports. “Throughout Pete’s 13-year career with Hutchinson, he has continuously made sig- nificant contributions to the
$1.3 billion, with cap rates 78 basis points below the historical average. Stabilized, institutional-quality product remains the darling of the office sector. That said, dur- ing the past several months we have observed renewed investor interest in suburban office space as a contrarian play. Additionally, value-add opportunities are attracting attention, with product trad- ing at less than $80 per s/f. So far, 2014 is off to a good start for office investment. As of March, $72 million in transactions had closed, with another $324 million in trades under contract. MULTIFAMILY New Jersey’s multi-family rental market remains one of the nation’s strongest, with a 4.1 % overall vacancy rate and a year-end average asking continued from page 2A The GBR project is expected to result in approximately 2030 direct job-years and in direct payroll wages of about $200M. Patrick Foye , execu- tive director, Port Authority of NY & NJ (PANYNJ), was honored along with several key PANYNJ representatives and partnering firms. The event was held at Club 101 in New York City. The GBR project launched in December 2013 with substan- tial construction completion projected for 2017. With over NEWYORK,NY –OnThurs- day, March 27, Professional Women in Construction (PWC) celebrated the $1.5B Goethals Bridge Replacement project (GBR),.
Plenty of capital flowing to New Jersey commercial real estate . . .
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