R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 25 Issue 20 Oct. 25 - Nov. 7, 2013 NAI KLNB brokers office sale for $2m
Tropp of Eastern Union works closely with Ellis of Greystone Greystone closes $15.9 million loan for multifamily property in Whitfield, MD
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A N H AM , MD — Greystone provided $15.9 million in Fannie
needs, we were able to provide Whitfield Towne Apartments with not only a temporary financing solution, but a more permanent one as well,” said Billy Posey , CEO of Fannie Mae and Freddie Mac Lend- ing at Greystone. “We see the success of this transaction as a great example of the team’s ability to help secure short- term funding for our clients while keeping long-term finan- cial objectives in mind.” ZionAvissar, president ofAvis- R Company said, “Greystone was able to understand our plans, vision and underutilized potential of Whitfield Towne Apartments. Our team worked incredibly hard to gut-rehab a large percentage of the units and spruce up the asset in a very short amount of time.” ■
Mae financing for Whitfield Towne Apartments, a 322-unit property located in Lanham, MD. Andrew Ellis , originator in Greystone’s Maryland office, worked closely with the bor- rower to close the loan. This latest deal was the culmination of $34.2 million in funds across three loans in the last 18 months on behalf of Avis-R Company of Rock- ville, MD. For Whitfield Towne Apartments, Greystone refi- nanced a $11.5 million bridge loan, which was closed by Greystone inApril 2012, with a $15.9 million Fannie Mae DUS loan. The Greystone bridge loan enabled the borrower to take control of the property EDISON, NJ — Bussel Realty Corp. (BRC) , a cor- porate and industrial real estate services firm in New Jersey, announced its rep- resented Home City Inc ., a Egyptian linens distributor, in an 80,000 s/f long-term lease at Heller Industrial Park at 180 Mill Road in Edison. Vice president Jor- dan Metz of BRC was re- sponsible for the transaction. Home City will relocate from Linden. “My client, in the high-end
3A
Retail Acquisition, Brokerage Services & Available Retail
Whitfield Towne Apartments
and invest $2.375 million in capital improvements, helping to obtain long-term financ- ing. Greystone worked closely with broker Marc Tropp of
Eastern Union Commercial throughout the loan process. “Through our strong relation- ship with Fannie Mae and un- derstanding of the borrower’s
Metz of BRC represents Home City, Inc. in 80,000 s/f deal at Heller Industrial Park
Executive Women In Business 11-17A
Section C
180 Mill Rd. Edison, NJ - Heller Industrial Park
on the transaction. Heller Industrial was represented in-house. Heller Park, consisting of 8.7 million s/f of industrial space, is currently near full occupancy and located next to Raritan Center, a 13 mil- lion s/f industrial park, which is also nearly 100 percent leased. “While this might be a relatively small sample of the industrial market, it is consistent with and indica- tive that the pendulum has clearly swung in key markets, with demand far outweighing supply for quality industrial product,” said Metz. ■
linens distribution business, needed a facility to accom- modate and consolidate its continued growth, so we went vertical with high ceilings and ESFR sprinklers to maxi- mize cubic storage capacity to give them a home for the long term,” said Metz. “In this competitive market for qual- ity space, we are delighted that the transaction was able to come to fruition.” The facility features 32’ clear ceilings, 10 loading docks, trailer parking, and ESFR sprinklers. Metz rep- resented Home City six years ago during a marketing cam-
paign that he implemented to attract Brooklyn-based companies to move to New Jersey. Since then, Home City expanded from 20,000 s/f to 40,000 s/f in two sepa- rate facilities and now into 80,000 s/f in Heller Industrial Park. “Because the market has gotten so hot, if you’re a tenant in the market, and you have the opportunity to lease or purchase quality in- dustrial space, move on it or someone else will,” said Metz. Senior vice presidents David Blitt and Robert Sager of BRC also worked with Metz
Directory
Shopping Centers ....................... 7-22A Owners, Developers & Managers..Section B Green Buildings ............................ 11-21B Executive Women in Business.... Section C
Upcoming Spotlight November 8, 2013 LENDERS DIRECTORY
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Inside Cover A — October 25 - November 7, 2013 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — October 25 - November 7, 2013 — A
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A — October 25 - November 7, 2013 — Mid Atlantic Real Estate Journal
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American Architectural Window & Door..................... 1B Azarian Group. ........................................................... 13A Bayshore Recycling..................................................... 15C Bennett Williams ........................................................15A Bill Board Directory. .................................................. 27A Brickstone................................................................... 12A Business Card Directory. ........................................... 25A Capitol Aerials............................................................ 10B CBRE NJ....................................................................... 7C CREW NJ.................................................................... 21C CREW Philadelphia............................................... 22-23C Cushman & Wakefield.................................................. 3C Douglas Elliman......................................................... 12C Earth Engineering........................................................ 8A Entech Digital Controls......................................... 12-13B Families in Crisis .........................................................1A Feinberg...................................................................... 11C Fortna Auctioneers & Marketing Grp......................... 5A Fowler.......................................................................... 24B G&C Electronics. .......................................................... 6B Genova Burns Giantomasi Webster............................. 4B Gerard Construction Corp............................................ 8B Gebroe-Hammer Associates....................................... 10C Geyer Auctions.............................................................. 5A Gilbeaux Associates, P.C............................................. 10B Goldstein Group.......................................................... 12A Haftek CWS.................................................................. 2B Hawley......................................................................... 19C Hillman Consulting .................................................. IC-C Hinerfeld..................................................................... 16A Hollenbach Construction.............................................. 3B Hutchinson Mechanical Services............................... 16B IREM........................................................................... 23B Jottan Inc,................................................................. BC-A Kaplin Stewart.............................................................. 5C Katz Properties........................................................... 17A Kline’s.......................................................................... 11B KW James Balliet........................................................11A M. Miller & Son. ......................................................... 17B Meridian Capital........................................................... 1C Mohawk....................................................................... 19B NJ Smart Start Buildings.......................................... 11B P. Cooper Roofing......................................................BC-B PennCap....................................................................BC-C PG Commercial........................................................... 19C Poskanzer Skott Architects.......................................... 7B Progress Realty............................................................. 9C PWC............................................................................... 4B Rational Contracting.................................................. 18B RD Management.................................................... 18-19A Regal Bank.................................................................. 13C Remco Realty.............................................................. 12A Retail Brokerage Directory................................... 20-21A Retail Business Card Directory................................. 25A Singer Financial Corp.. ................................................ 3A Sitar Auctions. .............................................................. 5A Sorce Companies ...................................................... IC-A Specialty Building Systems.......................................... 5B Subway.......................................................................... 9A The Feil Organization ................................................ 14A The Kislak Co................................................................ 8C TTI Environmental, Inc.............................................. 15B Union Center............................................................... 17C Whitesell. ...................................................................... 2B MAREJ A dvertisers D irectory To advertise, call 1-800-584-1062
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Publisher/Senior Account Executive ................................. Elaine Fanning Section Publisher .................................................................... Steve Kelley Section Publisher ...........................................................Janine Hennessey Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Guest Columnists................... Scott R. Saunders, Joshua C. Quinter, Esq. 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 20 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
By Scott R. Saunders DST: A 1031 Exchange Replacement Property Alternative
H
oney, who shrunk the inventory? When an investor sells invest-
ment property and would like to utilize IRC Section 1031 to defer the tax on that sale, the investor may find it challeng- ing in today’s market to locate a suitable replacement prop- erty. One possible solution for certain investors, particularly “accredited investors” (high net worth individuals and certain entities, as defined in Regula- tion D of the Securities Act of 1933) is to acquire an interest in a Delaware Statutory Trust (DST) as replacement property to complete the exchange. A DST is a type of trust formed under Delaware law. Provided that the DST’s governing docu- ments conform to the require- ments of Revenue Ruling 2004- 86, a DST investor’s ownership interest in the DST is treated as a fractional interest in the property owned by the DST. Consequently, if the DST owns like-kind replacement property, an exchanger can acquire a fractional interest in the DST to complete the tax deferred exchange. An ownership interest in a DST, sometimes called a “bene- ficial interest” or “DST units” is an indirect way of owning real estate for deferral income tax purposes. This can be appealing to investors who are interested in acquiring a managed real es- tate investment. The trustee of the DST initially purchases the property and holds title to the
property. A sponsor structures the investment and arranges for the issuance of beneficial interests in the DST. Although interests in the DST are treated as securities under federal se- curities laws, they are treated as ownership of real estate un- der Section 1031. The sponsor generally arranges the bank financing for the purchase of the property, and coordinates the property management. In order to comply with applicable securities laws, the sponsor will generally provide a written doc- ument called a Private Place- ment Memorandum (“PPM”) to the investor. The PPM provides information about the property, area demographics, tenants and leases, financial projec- tions, risks of the investment along with additional informa- tion about the sponsor, and other disclosures. An advantage of DST owner- ship over Tenant-in-Common (TIC) ownership is that a DST is not limited to 35 investors. The ability to spread the cost of the real estate among more
continued on page 3A • As a reliable backup prop- erty on the list of identified properties in the event the pri- mary identified property does not work out, or they have not investors can allow investors with smaller minimum invest- ment amounts to exchange into a DST. Many DST sponsors also have the flexibility to match the amount to be invested into the DST by exchange investors with the net amount received for the relinquished property, so those investors desiring full tax deferral can meet the necessary 1031 exchange requirements. When to Consider a Dst? • When the investor is inter- ested in passive ownership of high grade commercial prop- erty, but the investor lacks the financial wherewithal to purchase the property entirely on their own. • When the investor wants a pre-packaged replacement property where the financing is in place and the sponsor has already performed due diligence.
STATEMENT OF OWNERSHIP MANAGEMENT & CIRCULATION (required by 39 U.S.C.3526)
Title of Publication: Mid Atlantic Real Estate Journal. 2. Publication No. 22-358. 3. Date of Filing: 10/25/2013. 4. Frequency of Issue: Semi-Monthly. 5. No. of Issues Published Annually: 24. 6. Annual Subscription Price: $99.00. 7. Complete mailing address of known office of publication: 312 Market Street, Rockland, MA 02370. 8. Complete mailing address of the headquarters of general business offices of the publisher: Same as above. 9. Full names and complete mailing addresses of publisher, editor and managing editor: Publisher, Linda M. Christman, 19 Sunset Lane, Hingham, MA 02043. Editor: Karen Joy Vachon, 34 Nautical Way, Plymouth, MA. Managing Editor: Joseph A. Christman, 19 Sunset Lane, Hingham, MA 02043. 10. Owner (if the publication is owned by a corporation, give the name and address of the corporation immediately followed by the names and addresses of all stockholders owning or holding 1 percent or more of total amount of stock. If not owned by a corporation, give the names and addresses of the individual owners. If owned by a partnership or other unincorporated firm, give its name and address as well as those of each individual owner. If the publication is published by a nonprofit organization, give its name and address). Linda M. Christman, 19 Sunset Lane, Hingham, MA 02043; 11. Known bondholders, mortgagees and other security holders owning or holding 1 percent or more of total amount of bonds, mortgages or other securities. None. 13. Publication title: Mid Atlantic Real Estate Journal. 14. Issue date for circulation data below: 10/25/2013. 15. Extent and nature of circulation. A. Total no. copies (net press run) 5934, 6680. B. Paid and/or requested circulation. 1. Paid/requested outside-county mail subscriptions; 4279, 5694. 2. Paid in-county subscriptions: 0, 0. 3. Sales through dealers and carriers, street vendors, counter sale, and other non-USPS paid distribution: 0, 0. 4. Other classes mailed through the USPS: 0, 0. C. Total paid and/or requested circulation: 4279, 5694. D. Free distribution by mail: 0, 0. 1. Outside-county: 0, 0. 2. In-county: 0, 0. 3. Other classes mailed through the USPS: 1655, 986. E. Free distribution outside the mail: 0, 0. F. Total free distribution: 1655, 986. G. Total distribution: 5934, 6680. H. Copies not distributed: 33, 25. I. Total: 5967, 6705. J. Percent paid and/or requested circulation 72%, 85%. 16. Publication of Statement of Ownership: 10/26/2012. 17. Signature and title of editor, publisher, business manager or owner: Linda M. Christman, Publisher/CEO.
Mid Atlantic Real Estate Journal — October 25 - November 7, 2013 — A
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M id A tlantic R eal E state J ournal Also procured a new extension of credit for $1.7 million GFCIB restructures self- storage & retail center loan
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u n t i n g d o n Valley,Pa./Fort Lauderdale,Fl — GFCIB and Advisory, LLC a nationally recognized financial real estate advocate and advisory firm for com- mercial real estate owners, developers, builders and mid sized businesses announced that it has once again success- fully restructured a self-stor- age center and retail shopping H NAI KLNB brokers 14,000 s/f office sale for $2 million
center loan for a client located in the suburbs Chicago, IL. The original lender was owed $2.6 million on the real estate. Unfortunately, the asset was underwater and GFCIB was able to establish the true value of the collateral, it’s short term and long term prospects and convinced the bank that it as well as the client would be bet- ter off if it provided a sizable discount to the existing note to avoid taking the asset into real estate owned or prolong- ing the process by a Chapter 11 Bankruptcy filing.
GFCIB’s also procured a new extension of credit for $1.7 million, thought a discounted note purchase financing for the client enabling the client to retain the asset,payoff the bank and feel confident that the cash flow associated with the asset in the future will be more than enough able to cover the new debt. This win/win scenario for both the lender and the client is what GFCIB strive for each and every day. In fact not only were we thanked my our cli- ent, but the bank as well. n
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350 South Washington St.
used all of the proceeds from the relinquished property and they wish to reinvest those funds to achieve full tax deferral. Scott R. Saunders is sr. VP of Asset Preservation, Inc. n continued from page 2A DST: A 1031 Exchange replacement . . . “This acquisition falls into the ‘timing is everything’ cat- egory,” said Simon. “Due to sus- tained growth of the company and the increased popularity of auction houses, Quinn’s Auc- tion Galleries initiated a search for expanded office, showroom and storage space to house its growing operations. Instead of moving its headquarters to a new location, the company was able to satisfy its immediate requirement by acquiring the adjacent property. n Falls Church, VA — NAI KLNB has brokered the sale of 350 South Washington St., a three-story 14,070 s/f commercial office building lo- cated in Falls Church to Quinn’s Auction Galleries for $2 million. Josh Simon and Marc Tasker of NAI KLNB represented the seller, NHP Foundation in this transaction. The building will be utilized by Quinn’s Auction Galleries to support the full-service auction and estate services company’s continued growth and expan- sion.
A — October 25 - November 7, 2013 — Mid Atlantic Real Estate Journal
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M id A tlantic R eal E state J ournal A uctions J. Gregory Ellis, CCIM and Rich Dudek orchestrate sale Patterson-Woods/CORFAC International sells Wilmington office building totaling $1.7 million
W
i lmi ngton , DE — Patterson- Woods Commer-
property investment and management firm. The buyer was 913 Market LLC, an
and Pennsylvania for over 40 years. Patterson-Woods Commercial Properties is a
cialProper- t ies /COR- FAC Inter- n a t i o n a l p r e s i d e n t D u n c a n Patterson, CCIM , an- nounced that his company has sold a 12- story, down- town Wilm- ington office building for slightlymore t han $ 1 . 7 million that was co-listed na t i ona l l y with Auction.com.
“This is a value-add opportunity for the buyer and a fair market-rate transaction for all parties involved,” said Rich Dudek.
entity of Sky Management Services, LLC. The sale was originated through Auction.com, one of the nation’s leading online marketplace for commer- cial and residential building sales, with Ellis and Dudek managing regional market- ing duties and processing the sale. The property sold in a 24-hour period using the Internet auction process with electronic bids. “This is a value-add op- portunity for the buyer and a fair market-rate transaction for all parties involved,” said Rich Dudek. Patterson-Woods Commer- cial Properties / CORFAC International a commercial real estate services firm spe- cializing in the Mid-Atlantic commercial property mar- kets. We have been providing the most complete selection of commercial real estate services to the communi- ties of Delaware, Maryland
second generation company well known for facilitating solutions to the needs of the business community and de- velopers of real property. CORFAC International (Corporate FacilityAdvisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multi- family property acquisitions and dispositions, property management and corporate services. In association with FIABCI (the International Real Es- tate Federation) and global affiliates, CORFAC Interna- tional offers commercial real estate services with market reach in 65 countries world- wide. In recent years, COR- FAC firms have averaged over 9600 completed transac- tions annually totaling more than 513 million s/f worth an excess of $5.95 billion for their customers. n
J. Gregory Ellis
Rich Dudek
Patterson-Woods’ J. Greg- ory Ellis, CCIM and Rich Dudek were the only bro- kers involved in the sale of 913 North Market St. in Wilmington. The building is approximately 81,828 (gross) feet of which about 72,000 s/f is rentable. Built in 1983, approximately 60 percent of the office space was occupied at the time of sale. The seller was Delaware Offices, a Wilmington-based
913 North Market St.
Richard G. Warner, President NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710 Website: www.WarnerRealtors.com
P lace your B usiness C ard in our A uction D irectory T oday ! C ompanies S pecializing in C ommercial /I ndustrial R eal E state C an P romote T heir C ompany and its S ervices in our T wice monthly D irectory E mail lchristman @ marejournal . com
Mid Atlantic Real Estate Journal — October 25 - November 7, 2013 — 5A M id A tlAntic R eAl e stAte J ouRnAl A uctions
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PUBLIC REAL ESTATE AUCTION 40,000 s/f - 4 Floor Building Luzerne County, PA
212-213-9770 www.sheldongood.com/jerseycity.php
Public Utilities Garage Sprinkler System
Off-Street Parking Full Basement 3 Elevators
©2008 Sheldon Good & Co. Auctions NE, LLC
AUCTIONS NE, LLC
5th_floor • CLIENTS • S-CLIENT • Sheldon Good • 18000 Jobs 18448 Sheldon Good_New York • 18448 SG-3x2_MAREJ Mid Atlantic Real Estate Journal / business card 3 x 2 (28 lines) • Proof 1 • 5/1/08 • Debbie
Tuesday November 12th @ 11:00 A.M. 249-257 S. Main Street, Wilkes-Barre, PA Property to be offered Free & Clear ! As is & Where is. Terms : 15% Non-refundable Deposit, Balance upon closing within 45 Days. Time being of the essence! Buyers Premium 6% , Well motivated seller, residing out of state desires to sell. Subject to approval!
www.fortnaauctioneers.com 1-855-831-4242 Offices in: PA, DE, NJ, MD & Ft. Lauderdale, FL
Col. Steve Sitar & Co. (570) 586-1397 PA Lic# AU2124-L
sitarauctions.com
200 W Marshall Street Norristown, PA 19409 The Historic Simpson Grist Mill - The Olde Mill 3 Floor Restaurant, Bar, Reception Hall **Located in Norristown Enterprise Zone** Auction November 16, 2013 Starting at 11:00 AM Preview Nov. 4 from 11 - 1
Auction November 16, 2013 Starting at 2:00 PM 2 Prime Building Lots Lot 1 - 3.1 Acres, Zoned R4 Lot 2 - 3 Acres, Zoned R2 Preview Nov. 4 from 4-6
M ark Akins, President 647 Congo Road • Gilbertsville, PA 19525 Toll Free (800) 554-5005 • Fax (610) 754-9480 Phone (610) 754-9450 www.GeyerAuctions.com AY-000243-L
LOT #2 3 ACRES
• 2 Parking Lots for 40 Cars • Total Capacity 441 People • Bar • Fireplace • Offices • Gas Heat • 3 A/C Units • Glycol Tap System • 3-Phase Electric • Walk-In Cooler & Freezer • All Original Mill Equipment • Rest Rooms • Loading Dock • Includes all Equipment, Dishes, Tables, Chairs The Norristown Enterprise Zone can make it easier by providing priority access to state liquor licenses.
LOT #1 3.1 ACRES
Lot 1 - Zoned R4 Lot 2 - Zoned R2 Public Sewer
600, 690 Swinehart Rd, Boyertown, PA Douglass Township Montgomery County
AUCTION TERMS: 6% Buyer’s Premium, 15% Down, Settlement within 45 days.
A — October 25 - November 7, 2013 — Mid Atlantic Real Estate Journal
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P eople on the M ove
The Asian RE Professional Association hosts event in NY
Experience in replacement property strategies Edmund&WheeleraddsBrown as an exchange specialist
F
ranconia, NH — Edmund & Wheel- er, Inc. announced
consulting & replacement property strategies to its core services of being a Qualified Intermediary for Section 1031 Exchanges. Brown has over 16 years of entrepreneurial real estate investment, development and advisory experience. This in- cludes ownership of a niche New England real estate ad- visory firm specializing in §1031 exchange replacement property solutions and private equity real estate ventures. Michael Coyle , owner of Edmund & Wheeler, Inc. and CenterPoint Business Advi- sors states; “ We are so happy to have Chris join our team. more about plans, expectations and business opportunities sur- rounding the 2014 Super Bowl. Hasenbalg also will discuss how the Super Bowl coming to New Jersey in 2014 will impact business and tourism efforts throughout the state, as well as new NJSEA projects and initiatives. “IOREBAis thrilled to host our kick-off event in the Mead- owlands—the home of the 2014 Super Bowl,” said Marc Graham , 2013-2014 president
Our expanded service model requires us to have strong consulting, communication, coordination, and financial analysis skills. Chris’ back- ground brings to us a broader range of experience in re- placement property strategies. Chris has been working with real estate investors in design- ing and implementing complex replacement property strate- gies uniquely matched to their needs. Our expanded service model requires us to provide training and consulting to our clients and their advisors. Chris brings excellent com- munication and collaboration skills to these tasks. n of IOREBA and senior director of Cushman & Wakefield of NJ. “This is an exciting time for New Jersey, and we look forward to Hasenbalg’s insight into the opportunities for busi- nesses across the state,” he added. IOREBA’s kick-off event will be held from 5:00 p.m. to 8:00 p.m. and will feature a cocktail and network hour, followed by dinner and the presentation. There will be an open bar for the entire evening. n
that Chris Brown has j o i ned our t e am . Ed - m u n d & W h e e l e r , Inc. provides capital gains tax deferral services for
Mack-Cali organizes Economic Symposium at Harborside Shown from left: Lou Perlmutter - GCP Capital Group, LLC; Tony Huang - The Heights Real Estate Company; CandiceWang - Evans Real Estate Investments; David Chen - Situs Partners, LLC; Christina Ying - Herrick, Feinstein LLP; Daniel Tang - Situs Partners, LLC; Patrick Yu - The Yu Law Firm, P.C).
Chris Brown
owners who sell and replace like kind real and personal property under Section 1031 of the IRS tax code. In the past year Edmund & Wheeler has expanded its service model to include expanded training,
IOREBA to host 2013 Kick-Off Event “The Super Bowl’s Impact & Its Opportunities for NJ”
East Rutherford, NJ — The Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA) will host its 2013 Kick-Off Event, The SuperBowl’s Impact & Its Opportunities for New Jersey, on Monday October 28 at the Sheraton Meadow- lands Hotel in East Rutherford. Join featured speaker Wayne Hasenbalg, president & CEO of the NJ Sports & Exposition Authority (NJSEA), to learn Washington, DC — The Greysteel Company served as principal sponsor of the 13th Annual Lawyers Pitch In charity softball tournament to combat homelessness. Amajor fundraising initiative of The Washington Legal Clinic for the Homeless, the tourna- ment has raised hundreds of thousands of dollars to support TWLCH’s work and advocacy BALTIMORE, MD — The Esophageal Cancer Action Network (ECAN) has appoint- ed Francine Moreland to a three-year term on its board of directors. “It is alarming and sad how many people are affected by esophageal cancer,” Moreland said. “Increasing awareness of the link between heartburn and esophageal cancer may prevent someone from suffer- ing with this terrible cancer.” She added, “As someone who has dealt with heartburn
Shown from left: Moderators Mitchell E. Hersh, president and chief executive officer, Mack-Cali; and Carl Goldberg, co-president, Rose- land; and panelists: Tim Lizura, president and chief operating officer, New Jersey Economic Development Authority; Jay Biggins, executive managing director, Biggins Lacy Shapiro &Co.; and Philip McGovern,
The Greysteel Co. sponsors charity softball tournament in the fight against homeless- ness. “We are personally and professionally committed to this cause and are proud to support The Washington Legal Clinic for the Homeless in its mission to create a community in which safe and affordable housing is a human right,” said Matt Schwartz , Greysteel’s CEO. One of the most active multifamily advisors and in- Francine Moreland joins ECAN Board of Directors and acid reflux over the past 15 years, I am very excited to have the opportunity to work with ECAN to increase aware- ness to the public.” such as building a children’s playground, bike riding for cancer research and sending care packages to military serv- ing overseas.
partner, Connell Foley. termediaries with respect to both affordable and market rate multifamily assets in the region, Greysteel is also a major supporter of SOME’s (So Others Might Eat) Affordable Housing Development Initiative, and represented the organization in connection with its success- ful acquisition of Washington, D.C.’s Benning Road Station mixed use development site. n
Edison, New Jersey — Mack-Cali Realty Cor- poration hosted a breakfast symposium for members of the NJ and NYC commercial real estate brokerage community at its Harborside property on the Jersey CityWaterfront. The event was organized to inform the audience about the signed New Jersey Economic Opportu- nity Act of 2013. Over 100 brokers gathered to hear an esteemed group of professionals discuss the provi- sions of the Act and its impact on their collective efforts to retain and attract businesses to New Jersey. The event was moderated by Mitchell E. Hersh , presi- dent and CEO of Mack-Cali Realty Corp. and chairman and chief executive officer of its Roseland subsidiary, and Carl Goldberg , co-president of Roseland. The panelists in- cluded Tim Lizura , president and CEO of the New Jersey
Economic Development Authority (NJEDA) , Jay Biggins , executive manag- ing director of Biggins Lacy Shapiro & Company , and Philip F. McGovern , partner of Connell Foley . Lizura of the NJEDA began by explaining, “Everyone is fa- miliar with our BEIP, BRRAG, Urban Transit Hub Tax Credit (UTHTC), ERG, and Grow NJ programs… well this new Act simplifies, streamlines, and synthesizes these into just two – ERG and Grow NJ.” Hersh of Mack-Cali said, “I’m delighted that we were able to gather this impressive group of professionals to inform the audience in a very topical way, on Tuesday the Board of the New Jersey Economic Develop- mentAuthority awarded Mack- Cali and our partner Ironstate Development a $33 million tax credit so we can now begin our Harborside URL multi-family residential project.” n
A 20-year industry veteran, Moreland is the chief op- erating officer at Colliers International|Baltimore . In addition to overseeing the operations of the manage- ment company, she chairs its Community Action Team, which promotes local food, blood and clothing drives, and participates in service projects
She also has provided pro bono accounting support to Camp Puh’ Tok, a non-profit camp for boys and girls. Moreland earned both a bachelor’s degree in technol- ogy and management and a master’s degree in business management from the Univer- sity of Maryland. She resides in Spring Grove, PA. n
S hopping C enters
www.marejournal.com Mid Atlantic Real Estate Journal — Shopping Centers — 7A Marcus & Millichap, D.C. sells $938,000 asset, a 44,867 s/f retail property in Waldorf, MD Marcus & Millichap, NJ arranges $2.125 million sale of Woodland Park Plaza in New Jersey
W
ALDORF, MD , — Marcus & Millic- hap Real Estate
Investment Services , the nation’s largest real estate investment services firm, has announced the sale of Waldorf BP Retail Corner, a 44,867 s/f retail property located in Waldorf, MD, according to Bryn Merrey , regional man- ager of the firm’s Washington, D.C. office. The asset sold for $938,000. NathanPealer , investment specialist in Marcus & Millic- HI-LIGHTS Oct. 25 - Nov. 7, 2013
Woodland Park Plaza
Waldorf Retail Corner
hap’s Washington, D.C. office, had the listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured and repre- sented by Pealer. The Waldorf BP Retail Cor- ner is located at 2050 Crain Highway. The operational gas station and C-Store is locat- ed prominently in Waldorf, Charles County. Property con- sists of 1,872 s/f of building and is located on a 44,867 s/f lot. This station enjoys excel- lent access and visibility with a corner lot at a signalized intersection along the main
retail corridor of 301, also known as Crain Highway. At the time of sale, the property was operating as British Petro- leum (BP) gas station with 12 pumps (6 MPDs) and C-Store operations. The property was delivered vacant and free of encumbrances; allowing an operator of gas stations to take over operations seamlessly, branded or unbranded. WOODLAND PARK, NJ , — Marcus & Millichap Real Estate Investment Services, has announced the sale of a 7,872 s/f retail property located inWoodland Park, NJ, accord- ing to Ryan Nee , regional
manager of the firm’s New Jersey office. The asset sold for $2.125 million. Julienne Pape , an invest- ment specialist in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Michael Lombardi , a senior associate in Marcus & Millichap’s New Jersey office. Woodland Park Plaza is a recently built 7,872 s/f retail center located in Woodland Park, midway between Route 46 and Interstate 80. This pris-
tine four-tenant strip center is 100% occupied with two na- tional tenants, U. S. Army and Subway and two local ones that include an insurance company and a nail salon. All tenants have occupied the space since the center was built in 2006. Woodland Park Plaza offered the investor the opportunity to acquire a well-positioned retail asset with substantial stabil- ity through NNN leases and established tenants. The marketing process pro- duced multiple offers above the listing price resulting in a closing price $100,000 over asking price. n
SPOTLIGHT
Retail Acquisition, Brokerage Services & Available Retail
11-21A
13,640 s/f Petco opens at Levin- managed Hamilton Plaza
Metro Commercial completes +/-34,097 s/f lease for Ashley Furniture in Toms River, New Jersey
TOMS RIVER, NJ — As part of its leasing of Seacourt
P a v i l i o n , Metro Com- mercial an- n o u n c e d that it has brokered a n ew l e a s e transaction with Ashley Furniture. A s h l e y
8A WP Realty announces grand opening in 625,000 s/f plaza
Pete Nicholson
Furniture has leased +/-34,097 s/f at the 248,000 s/f Seacourt Pavilion. Metro Commercial’s Pete Nicholson represented the landlord, SP Acquisition As- sociates, LLC in the lease transaction, while Ashley Furniture was represented by
9A
Seacourt Pavilion
www.marejournal.com ALSO INSIDE: People on the Move.....10A
Julius M. Feinblum Real Estate, Inc. “We’re striving to provide the most comprehensive level of service available in the
region,” said Nicholson. “Ash- ley Furniture will be a fine complement to the center where they are leasing all of the space between LA Fitness
and Loews Theaters.” This is the third anchor Met- ro Commercial has brought to the center bringing the occu- pancy to 96%. n
8A — October 25 - November 7, 2013 — Shopping Centers — Mid Atlantic Real Estate Journal
www.marejournal.com
s hoPPing c enteRs
Think you can beat the competition?
AMIlTON TwP., NJ — Petco, the nation’s leading pet supply re- H Schuster with Ripco served as the tenant’s broker 13,640 s/f Petcoopens at levin- managed Hamilton Plaza
tailer, has celebrated the grand opening of its newest store, oc- cupying 13,640 s/f at Hamilton Plaza in Hamilton Twp. levin Management is the 175,515 s/f property’s managing and leasing agent. Petco, withmore than 1,150 stores nationwide, offers more than 10,000 pet- related products for dogs, cats, fish, reptiles, amphibians, birds and small animals, with a focus on delivering a high level of customer service and a fun and family-oriented shop- ping environment. Levin was represented by Michael Cohen , vice presi- dent of leasing, and Brian Schuster with Ripco served as the tenant’s broker in the transaction. “The Mercer County area has a growing and diverse population of students, fami- lies, retirees and profession- als,” said Cohen. “With its central location in this market, Hamilton Plaza is a perfect fit for Petco’s further expansion in this market.” “Big box specialty pet stores offer both a broad selection of premium pet products and affordable price points,” said Matthew Harding , Levin’s
5 th
Architects, Engineers, General Contractors & Owners/Developers
Enter your project in this year’s annual
Call or email today to be added to the list to receive your 2013 Retail Design Competition Entry Form Elaine Fanning 1-800-584-1062 ext. 212 efanning@marejournal.com Deadline : December 2, 2013 • Issue Date: December 20, 2013
Hamilton Plaza
president. “Petco’s unique and proven business model caters to the pet-friendly nature of local shoppers, and further enhances the retail offerings of this center.” The Petco grand opening follows additional openings this year by Rainbow, which occupies 7,590 s/f, and Let’s YO!, 2,530 s/f. Anchored by ShopRite, which recently ex- panded from 53,000 s/f to 86,000 s/f, and a 20,400 s/f A.C. Moore store, Hamilton Plaza also features such retailers as Sleepy’s, Dollar Tree, Hall- mark, New Wave Wireless, Moe’s Southwest Grill and
Texas Roadhouse. “The recent tenant openings leave Hamilton Plaza with just one in-line vacancy of 4,456 s/ f,” said leasing representative GloriaMercado . “We are also marketing a pad opportunity of 3,075 s/f, a new development deal that includes a double drive-through. We are seeing a great deal of interest in these opportunities and expect to have additional announce- ments shortly.” Having celebrated its 60th year in 2012, Levin Manage- ment is one of the nation’s leading retail real estate ser- vices firms. n
Celebrating over 20 years of Engineering Excellence!
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Subsurface Investigations • Construction Inspection and Testing Geotechnical Design & Analysis • Environmental Site Assessments and Remediation • Clean Fill Testing • Carbonate Site Assessments Stormwater Infiltration Testing • Laboratory Soils Testing www.earthengineering.com Corporate Headquarters: 610-277-0880 • Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 • South Jersey: 856-768-1001
Mid Atlantic Real Estate Journal — Shopping Centers — October 25 - November 7, 2013 — 9A
www.marejournal.com
s hoPPing c enteRs
What type of parking lot sweeping service do you have?
Ollie’s Bargain Outlet expands into Ohio wP Realty announces grand opening in 625,000 s/f plaza
One that spends just the amount of time you can afford? or One that stays until the job is done?
Y
OUNGSTOwN, OH — wP Realty announced the grand opening of
Propane Fueled – Cost Effective & Environmentally Friendly Only One Engine - Less Noise GPS IVR Based Web Portal - See Our Trucks Working at Night via Google Maps Start Time & Finished Time at Site Reduced Slip and Falls & Improved Curb Appeal Dare’s Speedy Service
the new Ollie’s Bargain Out- let at Boardman Plaza on October 9th, 2013. The center is located in Youngstown on Boardman-Canfield Rd. Ollie’s Bargain Outlet is one of America’s largest retailers of closeouts, excess inventory, and salvage merchandise. The Boardman Plaza store marks the 148th location for the company. “We are excited to expand in the great state of Ohio”, said Mark Butler, president and CEO of Ollie’s Bargain Outlet. “With deals on flooring, books, housewares, toys, hardware, furniture, and more, we’re thrilled to offer Boardman area shoppers a wide variety of name brand merchandise at up to 70% off the fancy store prices”. WPRealty purchased Board- man Plaza at the end of 2007, seeing the potential of the well-located property in its busy retail corridor along Route 224. The property has benefited from WP Realty’s entrepreneurial management and expert leasing strategies to fill vacant anchor spaces and small shops. Boardman Plaza is a 625,000 s/f center that is also home to a mix of national, regional and local tenants including Bur- lington Coat Factory, Hobby Lobby, Save A Lot, Planet Fit- ness, Michaels, Giant Eagle and Rite Aid. n Hamilton of lMS brokers 850 s/f lease
What’s good about dirty sidewalks, dirty curbs & loose trash? Nothing! - Doug & Scott Dare
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RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1 Ollie’s Bargain Outlet in Boardman Plaza
We’re looking for sites in PA End Cap, In-line, Free Standing Flexible Space Requirements Retail Opportunities Needed Consistently Ranked #1 Franchise - 45+ Y ear T rack Record
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Local Contacts:
Eastern PA — 610-366-8120 x 24, Cheryl Green green_c@sdepa.com Philadelphia PA — 610-768-8990, Rawley Shelton rawleyshelton@gmail.com
BEdFORd, PA — Jer- emiah Hamilton of lMS Commercial Real Estate , a privately owned real estate company based in Lancaster, has recently arranged the 850 s/f lease with Edward Jones, located at 10161 Lin- coln Highway East, Bedford. Hamilton represented the landlord. n 10161 Lincoln Highway East
realestate.subway.com www.subway.com
facebook.com/SDEPA1
10A — October 25 - November 7, 2013 — Shopping Centers — Mid Atlantic Real Estate Journal
www.marejournal.com
P eople on the M ove
At the 2013 Real Estate Award Breakfast March of Dimes honors National Realty&Development
YORK, PA — Karen Neiderer , a PAlicensed Real- tor, joins Bennett Williams A Pennsylvania licensed realtor BennettWilliamsRealty welcomes Neiderer of York & Adams Counties (RAYAC).
P
URCHASE, NY —The March of Dimes Great- er NY Chapter and
a year and a half ago,” he said. “I’m thrilled to have her on the team. She has a lot of great clients and connections.” Christman knows several of Arrow’s sales agents and they have shared with her “all of the opportunities that are available here. Believe me, I understand that camaraderie and coopera- tion are important to success. There’s an opportunity for a national network here. That’s very inviting to me.” Christman has spent consid- erable time in the development process as a project manager in residential development. That has put her in charge of every- thing from budgeting, hiring subcontractors, overseeing the construction manager, getting zoning approval for projects and going to settlement with clients. That type of diverse back- ground can only enhance her ability to serve the needs of her clients. As someone who’s owned, operated and managed retail businesses in the Philadelphia Tri-State area for more than 20 years, Robbie Betesh has developed an expertise that places fellow retailers in suc- “This year, March of Dimes is celebrating its 75thAnniver- sary. As a tribute to the amaz- ing work this organization has done over the past several de- cades, our goal is to make the 2013 Westchester Real Estate Breakfast a record breaking year. I firmly believe in the im- portant work March of Dimes is doing, and for this reason, I have agreed to serve as Chair for the event,” said Real Estate Award Breakfast Chairperson Patricia Valenti , Managing director, Newmark Grubb Knight Frank . “I am privileged to co-Chair the Real Estate Award Break- in the United States. NRDC’s portfolio is comprised of over 22 million s/f, consisting of retail power centers, grocery- anchored community shop- ping centers, and corporate/ industrial business parks. “Our entire team at NRDC would like to thank the March of Dimes for this recognition. We are proud to be a supporter of the March of Dimes and we are grateful for all of their dedication and commitment to infants in need,” said John G. Orrico , president, NRDC.
cessful situations. Betesh, who joined Arrow Real Estate Services in 2013, specializes in retail site selec- tion and lease negotiations, and has a keen ability to assist business owners in developing their targeted market expan- sion strategies. Russ Menk , a principal part- ner at Arrow, recruited Betesh to the team after they shared several business dealings, and was aware of his diverse busi- ness experience, interpersonal skills, local market knowledge and passion for the industry. Menk told Betesh about the incredible growth taking place at Arrow, and the married fa- ther of three girls from Bucks County jumped on board. “Rob- bie knows business and has real upside potential,” Menk said of his recruit. “It’s a great firm,” Betesh said of Arrow, which has more than 30 agents in eight states, with approximately 2 million s/f of listings, as well as a growing stable of retail clients. “They’re an incredible group of profes- sionals. The way everybody works together should be an inspiration for other companies to follow.” n The March of Dimes Real Estate Award Breakfast is one of the largest real estate events in the Tri-State area and is attended each year by approximately 500 real estate professionals. Past honorees include Alfred and Alan Weissman, Alfred Weiss- man Real Estate; Raymond Quartararo, Jones Lang LaSalle; Normandy Real Estate Partners, Avalon- Bay Communities, Louis Cappelli & Cappelli En- terprises, Jason Friedland and Shleppers Moving & Storage, Heyman Proper- ties, EastRidge Properties, GHP Office Realty, Ivy Eq- uities, Mack-Cali Realty Corporation and Mark We- ingarten, Esq. n fast on this, the 75th An- niversary of the March of Dimes. November is Prema- turity Awareness Month and the breakfast is the largest event in our area to both com- memorate the anniversary and raise awareness about the important work of the March of Dimes,” said Jim Hurley , president, Pavarini North East Construction .
Neiderer specializes in commercial real estate in the Central PA Region. Her commercial knowledge base continues to grow with her already expansive listing portfolio and client list. In addition to commercial real estate, Neiderer en- joys serving the community through volunteer and phi- lanthropy work. She has most recently worked with the Eas- ter Seals, St. Jude Children’s Hospital, and the Baltimore Rotary Club. n
Realty, Inc. with over 30 years com- mercial sales experience. While she is fairly new to the com- mercial real estate field,
the Real Es- tate Award B r e a k f a s t Commi t tee are pleased to announce N a t i o n a l R e a l t y & D e v e l o p - ment Corp.
Karen Neiderer
John G. Orrico
she has already completed courses with the Institute of Real Estate Studies and become an active member of the Realtors Association
Bala Cynwyd, PA — Jackie Christman is the lat- est sales agent to join Arrow Real Estate Services , one of the nation’s fastest growing commercial real estate firms. Christman, 52, of Chester County, has been in commercial real estate for 13 years, special- izing in the retail portion of the business, including landlord and tenant representation, hospitality and central business districts. She has known Sean Sab- losky , Arrow’s co-founder, for more than 10 years and the two have formed something of a mutual admiration society. “I’ve known Sean probably from the beginning of my career, and he’s a straight forward, standup person,” Christman said. “I respect Sean and know him as a person, and that had a lot to do with why I’m here. I know the kind of business he would structure, and I knowAr- row offers greater opportunities for success.” Sablosky described Christ- man as a “tremendous person” and “among the leaders in her field.” “I’ve been trying to get her here since we started this about Headquartered in Purchase, NewYork, NRDC was founded more than 50 years ago and has built a reputation as one of the leading privately-held commercial real estate owner- ship and development firms (NRDC) as the 2013 Real Estate Award recipient. This year marks the 26th annual Real Estate Award Breakfast as well as the 75th Anniver- sary of the March of Dimes. The breakfast will be held on Thursday, November 14, 2013 at the Renaissance Westches- ter Hotel in White Plains and each year honors outstanding individuals and companies whose commercial real estate activities have significantly enhanced the community.
PARAMUS, NJ — Chuck Lanyard , president of The Goldstein Group , one of Paret joins The Goldstein Group larly proud of the very talented team of professionals that make up our firm and look for- ward to the contributions Roy will bring to our continuously growing list of clientele.”
New Jersey’s leading retail real estate b r o k e r a g e f i rms , an - nounced that Roy Paret has j o ined the company. With over 20
Paret recently joined The Goldstein Group and has sales experience throughout amulti- tude of industries. Having ob- tained his Bachelor’s in Busi- ness Economics from Rutgers University, Paret started his career selling to retail stores in the Telecommunications industry. He has also worked at Ursillo Realty in their com- mercial, industrial and land division. Most recently he was Director of Sales as a pharma- ceutical representative in the medical field. n matched,” she said. “I especially like that the company is in a growth mode, which provides a great opportunity for me to establish longevity here.” Mer- cado holds a New Jersey real estate license. Minton has been involved in real estate for more than 15 years, with seven years of ex- perience in the shopping center sector. Her market knowledge spans NJ and Pennsylvania, as well as Texas, Oklahoma and Mississippi. For Minton, the quality of Levin Management’s portfolio was key in her decision to pursue a position there. “Levin has an outstanding reputation for upholding and enhancing its clients’ proper- ties,” she said. “As a leasing representative, this makes my job easier because tenants are naturally attracted to well- located shopping centers that look good and offer responsive management.” n
Roy Paret
years of marketing and sales experience, Roy will be an integral part in the expansion of the firm. “We are pleased to welcome Roy as part of the on-going expansion of our sales and leasing team.” said Chuck Lanyard. “We are particu- NORTH PLAINFIELD, NJ — In response to rebound- ing regional retail market activity, Levin Management has grown its team with two additional, seasoned leasing representatives, announced MatthewHarding , president. Gloria Mercado and Marcia Minton are involved in tenant transactions within the retail real estate services firm’s 90- property, 12.5 million s/f shop- ping center portfolio. Mercado, who brings more than 25 years of experience in retail real estate sales, leasing, tenant representation and site selection to her new position, is deeply familiar with the Northeast and Mid-Atlantic marketplace, where Levin’s portfolio is centered. She was drawn by the company’s history and current momentum. “Levin has been active in this region for more than 60 years, and its level of success is un-
Arrow Real Estate Services hires Christman and Betesh
Levin Management adds Mercado & Minton as leasing representatives
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