7-31-15

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

HFF represents Mack-Cali Realty Corporation in sale of 203,506 s/f building HFF closes $81.4m sale of Parsippany, New Jersey class A office building

ISSUE HIGHLIGHTS Volume 27 Issue 14 July 31 - August 13, 2015

ARSIPPANY, NJ — Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of 14 Sylvan Way, a 203,506 s/f, class A trophy office building in Parsippany. HFF represented the seller, Mack-Cali Realty Corpo- ration , in the transaction. The buyer, Griffin Capital Essential Asset REIT II, Inc. (“GCEAR II”), a non-traded REIT sponsored by Griffin Capital Corporation (“Griffin Capital”) purchased 14 Sylvan Way for $81.4 million. In addi- tion to the sales price, GCEAR II is assuming responsibility for additional tenant improve- ment allowance obligations. 14 SylvanWay was complet- ed in 2013 as a build-to-suit for the corporate headquarters of Wyndham Worldwide Opera- P NORTH PLAINFIELD, NJ — Meridian Capital Group arranged $52.8 million in acquisition f i n a n c i n g for the pur- chase of the Greenbrook Gardens mul- tifamily prop- erty located in North Plain- field, NJ on behalf of SDK Apartments. The $52.8 million loan, pro- Judah Hammer

ties including a cafe, training center, employee lounge and a resort-style courtyard. 14 Sylvan Way is situated on a 23.15-acre site within the Mack-Cali Business Campus adjacent to 22 Sylvan Way, which is the second half of the tenant’s headquarters campus purchased by another non-traded REIT sponsored by Griffin Capital in 2014. This location provides easy access to I-287 and Rte. 10 in north- ern New Jersey. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , managing director Kevin O’Hearn , se- nior analyst Marc Duval and supported by senior managing director Andrew Scandalios and associate director Ste- phen Simonelli . n

SPOTLIGHT Commercial Brokerage Directory Section C Architects & Engineers

14 Sylvan Way

tions, a subsidiary of Wynd- ham Worldwide Corporation, which leases the entire facil- ity. The three-story property has received LEED Gold des-

ignation in Commercial Inte- riors. The common areas were designed to match those of a five-star Wyndham resort and tenants have access to ameni-

8-20B

Meridian Capital Group arranges $52.8m in acquisition financing for GreenbrookGardens

For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com SEPTEMBER 10, 2015 NJ Apt./ Multifamily Conference OCTOBER 16, 2015 NJ Capital Markets Summit UPCOMING CONFERENCES 2015 SCHEDULE:

vided by a regional balance sheet lender, features a com- petitive fixed-rate of 3.50%, two years of interest-only payments and a seven-year term with a five-year option. This transac- tion was negotiated byMeridian vice president, Judah Ham- mer and managing director, ZevKarpel , who are both based in the Company’s NewYorkCity headquarters. Greenbrook Gardens, a 35-building, 407-unit multi- family community, is located in Somerset County at 1275 Rock Ave. in North Plainfield. The property features a swimming pool, tennis court and on-site laundry facilities as well as ac- cess to Route 22, I-287 and I-78. “In such a rapidly moving interest rate environment, Me- ridian was able to capitalize on our relationship with the lender and a drop in treasuries to lock this seven-year loan at the bot- tom of the market and then hold the rate until the acquisition closed,” said Hammer. “Addi- tionally, we achieved a loan-to- cost above 75% with a regional balance sheet lender based on the strength of the sponsor and equity going in,” addedKarpel. n

Directory

Shopping Centers................................. 3-11A Business Cards/Billboards.....................IBC-A Owners, Developers & Managers ..... Section B Green Buildings .............................. 29-33B

Upcoming Spotlight August 14, 2015 MULTIFAMILY FINANCING

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Greenbrook Apartments

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C ommercial R eal E state O rganizations ’ E vents C alendar

AUGUST 19 – ULI PHILADELPHIA Event: Sneak Peak at Easton’s New Intermodal Transportation Center & Happy Hour Time: 3:00 PM – 6:00 PM Location: City Council Chambers Address/City: 1 S. 3rd Street, 6th Floor, Easton, PA

JULY 31 – CREW LEHIGH VALLEY Event: 2015 CREW Fun Night at the Iron Pigs! Time: 6:05 PM Location: Coca Cola Park Address/City: 1050 Iron Pigs Way, Allentown, PA

AUGUST 9 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Ivanhoe Time: 11:00 AM – 6:00 PM Location: The Ivanhoe Address/City: 130 Overlook Ave, Hackensack, NJ P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com AUGUST 12 – CIANJ Event: Summer Networking Reception Address/City: 179 Godwin Ave., Wyckoff, NJ P: 201-368-2100 E: nharencak@cianj.org www.cianj.org AUGUST 12 – NJBA Event: Officers Golf Outing Location: Forsgate Country Club Address: 375 Forsgate Dr., Monroe Township, NJ P: 609-587-5577 www.njba.org AUGUST 12 – ULI PHILADELPHIA Event: Summer Happy Hour & Tour of Market St. & Wilmington’s new Creative District Time: 4:30 PM – 7:00 PM Location: Chris White Gallery at the Shipley Artist Lofts Address/City: 701 N. Shipley St., Wilmington, DE E: philadelphia@uli.org www.philadelphia.uli.org AUGUST 13 – ULI BALTIMORE & MBIA AT MACO Event: Golf Outing & Reception Time: 9:00 AM – Golf; Reception 5:30 – 7:00 PM Location: Man O War at Glenriddle Address/City: Berlin, MD Reception at Seacrets Address/City: 49th St., Ocean City, MD www.marylandbuilders.org/Maco AUGUST 17 – IREM 16 Event: Annual Charity Golf Tournament Time: 8:00 AM Location: Hillendale Country Club Address/City: 13700 Blenheim Rd., Phoenix, MD P: 443-322-1115 E: lcrook@irem16.org www.irem16.org AUGUST 18 – ABC BALTIMORE Event: ABC Summer Network Time: 5:30 PM – 7:30 PM Location: Oregon Ridge Park, Arts & Sciences Pavilion Address: 13401 Beaver Dam Rd., Cockeysville, MD Cost: $35 Members $55 Nonmembers www.abcbaltimore.org AUGUST 19 – CREW PHILADELPHIA Event: Helping Happy Hour, Benefiting the Career Wardrobe Time: 5:30 PM – 7:30 PM Location: Joan Shepp Boutique Address/City: 1811 Chestnut St, Philadelphia, PA www.crewphiladelphia.org AUGUST 19 – IREM 1 Event: Tour and Networking Reception Time: 3:00 PM – 8:00 PM Location: Bell Works Address: 101 Crawfords Corner Rd., Holmdel, NJ P: 856-303-0190 E: irem1@comcast.net www.irem1.org Time: 6:00 PM – 8:00 PM Location: The Brick House

Cost: $40 Members Only www.crewlehighvalley.org AUGUST 3 – BOMA NJ Event: 30th Annual Golf Outing Location: Fiddler’s Elbow Country Club Address/City: Bedminster, NJ www.bomanj.org AUGUST 4 – NJAA

E: philadelphia@uli.org www.philadelphia.uli.org AUGUST 20 – CREW PITTSBURGH Event: Connect With CREW

Time: 5:00 PM – 7:00 PM Location: Six Penn Kitchen

Address/City: 146 6th Street, Pittsburgh, PA P: 412-512-1330 E: jjarosz@century-realty.com www.crewpittsburgh.org AUGUST 20 – NAIOP PITTSBURGH Event: Chapter Meeting Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 E: info@naioppittsburgh.com www.naioppittsburgh.com AUGUST 20 – NJAA Event: Fair Housing for Maintenance Professionals South Time: 10:00 AM – 12:00 PM Location: AFR Address/City: 720 Hylton Rd., Pennsauken, NJ Cost: Members Free/$75 Nonmembers www.njaa.com AUGUST 20 – ULI PHILADELPHIA Event: Let It and Forget It: Economics & Trends in Self-Storage Investment Time: 12:00 PM – 1:30 PM Location: Offices of Blank Rome Address: One Logan Sq., 130 N. 18th St., Phila., PA E: philadelphia@uli.org www.philadelphia.uli.org AUGUST 21 – BOMA PITTSBURGH Event: BOMA Family Day at Kennywood!! Time: 11:30 AM Location: Kennywood Address/City: West Mifflin Cost: Adults $50 Children $35 Children under 2 $0 (Includes Lunch @ the Picnic Pavilion) P: 412-261-2328 www.bomapittsburgh.org AUGUST 22 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Nottingham Manor Time: Noon – 6:00 PM Location: Nottingham Manor Address/City: 1-186 Nottingham Court, Montvale P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com AUGUST 23 – ALFRED SANZARI ENTERPRISES Event: Summer Open House at the Ivanhoe Time: 11:00 AM – 6:00 PM Location: The Ivanhoe Address/City: 130 Overlook Ave, Hackensack P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com SEPTEMBER 9 – CIRC DE Event: Monthly Membership Luncheon Time: 11:30 AM - 1:30 PM Location: Clarion Hotel-The Belle Address/City: 1612 N. DuPont Hwy. Cost: $35 Members $45 Nonmembers P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org

Event: Supplier Success Time: 9:30 AM – 5:00 PM Location: NJAA Headquarters Address/City: 104 Interchange Plaza, Ste. 201, Mon- roe Township, NJ Cost: $129 Members $175 Nonmembers E: jeffrey@njaa.com | www.njaa.com AUGUST 5 – CREW NJ Event: Mugshots & Muffins – Members Only Time: 8:00 AM – 10:00 AM Location: CBRE Address: Park 80 West Plaza II, 250 Pehle Ave., Saddle Brook, NJ Cost: $25 Members www.crewnj.org AUGUST 6 – ABC VA Networking-Penninsula Beach Party w/ HRUHCA Time: 4:00 PM – 7:00 PM Location: Paradise Ocean Beach Club Address/City: 490 Fenwick Rd., Fort Monroe, VA Cost: $40 Members $50 Nonmembers P: 757-855-8220 www.abcva.org AUG. 6 – CREWBALTIMORE/CREWMD SUBURBAN Event: Joint Golf Clinic Time: 3:30 PM – 6:30 PM Location: Montgomery Country Club Address: 20908 Golf View Dr., Laytonville, MD Cost: $45 Members, Non Profits & Gov’t. Officials $55 Nonmembers P: 785-832-1808 E: registrationmd@crewnetwork.org www.crewbaltimore.org AUGUST 6 – NAWBO DE Event: First Friday: Synergy Event-Garden Tour, Mint Tea & Wine Address/City: Hockessin, DE E: info@nawbodelaware.org www.nawbodelaware.org AUGUST 6 – ULI PHILADELPHIA Event: Party at Atlantic City’s New ‘Playground’ Time: 5:30 PM – 7:00 PM Location: T Street at the Playground Address: One Atlantic Ocean, Atlantic City, NJ Time: 5:30 PM – 8:30 PM Location: 37 Trimble Turn AUGUST 8 – ALFRED SANZARI ENTERPRISES Summer Open House at the Nottingham Manor Time: Noon – 6:00 PM Location: Nottingham Manor Address: 1-186 Nottingham Court, Montvale, NJ P: 201-741-2333 E: shadrinalockhart@sanzari.com www.sanzari.com E: philadelphia@uli.org www.philadelphia.uli.org

Real Estate Journal — July 31 - August 13, 2015 — 1A

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Advantage Engineers..............................................11B Alpha Funding Solutions..........................................8C American Architectural Window & Door.................1B ARD Appraisal.........................................................11A Arrow Steel Inc........................................................23B Beacon Commercial RE...........................................10C Berkadia Commercial........................................... BC-A Bernardon................................................................15B BH Security. ..............................................................8B Bohler Engineering. ................................................17B Canariis Corporation...............................................22B Capitol Aerials.........................................................30B CenterPoint Properties. ......................................IBC-C CORFAC International......................................... IC-C Crystal Window & Door Systems.............................2B Cushman & Wakefield. .............................................1C Distinct Engineering Solutions, Inc.......................14B E.B. Cohen.................................................................6B Earth Engineering, Inc.. .........................................18B Ehrlich, Petriello, Gudin & Plaza.............................7B Elliott-Lewis. .............................................................5B Fowler Companies...................................................34B Heller Industrial Parks.............................................7C Hillcrest Paving & Excavating...............................17A Hollenbach Construction, Inc.................................16B Integrated Business Systems. ..................................3B Investors Real Estate Agency.................................17A IREM.................................................................. 36-37B Jewel Electric Supply Co.........................................30B Keast & Hood...........................................................16A Landmark Science & Engineering..........................19B Lee & Associates........................................................3C LEW Corporation. ...................................................30B M. Miller & Son.........................................................4B Manekin...................................................................17A Manko Gold Katcher Fox LLP................................33B Marcus & Millichap............................... 17A, 6C, BC-C Meridian Capital Group..........................................11C Mission Capital..........................................................1A Murray Associates Architects, P.C.........................10B NAI Emory Hill. ......................................................12C NAI Mertz................................................................15C NAI Summit...................................................... 17A, 5C Newmark Grubb Knight Frank..............................13C NJ IFMA..................................................................25B NJAA........................................................................34B P. Cooper Roofing. ................................................ BC-B Poskanzer Skott Architects.....................................12B Premier Compaction Systems, LLC. .............. 13B,31B RD Management.................................................... 4-5A Real Property Capital..............................................16A Rittenhouse Realty Advisors. ...................................4C SESI Consulting Engineers....................................17A Site Drainer.............................................................26B SORCE Companies..................................................14C Specialty Building Systems. ................................. IC-B Subway.......................................................................6A The Kislak Co.. ..........................................................2C Total Cleaning Associates LTD. ...............................2B USGBC.....................................................................32B VandeMark & Lynch, Inc........................................20B Veraxia CRES............................................................9C Weil Pump Co..........................................................27B Williams & Williams...............................................16A WithumSmith + Brown, PC....................................35B MAREJ A dvertisers D irectory

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M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Section Publisher .........................................................Steve Kelley Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant ........................................................ Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Office Manager .........................................................Joanne Gavaza Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 27 Issue 14 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

C U.S. Industrial Sees Fa- vorable Conditions with Strong Market Demand John Morris HICAGO, IL — With 74.5 million s/f of oc- cupancy gains at mid- year, the U.S. industrial mar- ket is seeing highly favorable conditions in the face of a continuing – though narrow- ing – demand/supply imbal- ance, according to Cushman & Wakefield. The commercial real estate services firm re- leased its mid-year 2015 re- search findings today. “Strong industrial funda- mentals can be found across the nation, with e-commerce retailers and logistics com- panies propelling our sector’s progress,” said John Mor- ris , leader of Cushman & Wakefield’s Industrial Services Group. “As demand recovery has matured, it has become more diversified by size and market.” Thirty five of the 38 in- dustrial markets tracked by Cushman & Wakefield posted positive absorption during the second quarter. The Inland Empire leads the nation with 12.5 million s/f of occupancy gains year to date, followed by Dallas/Fort Worth with 11.1 million s/f. Atlanta, which has benefitted significantly from increased trade volume

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

at Georgia’s ports, posted net absorption of 6.8 million s/f at mid-year. Additionally, overall vacancy continued to trend down dur- ing the past three months, to a rate of 6.6%. This is 60 basis points lower than one year ago and the lowest level since first quarter 2001. Within this context, 17 U.S. industrial markets boast rates lower than the national average. The lead- ers, all California markets, in- clude San Francisco Peninsula (2.4%), Greater Los Angeles (3.0%) and Orange County (3.5%). “The significant space ab- sorption during the first six months of the year, coupled with historically low supply, is driving strong rent growth in most major industrial hubs,”

Morris noted. “U.S. warehouse rents, at a weighted average of $5.17 per s/f, are up 3.7 % year- over-year. They are projected to grow five % by year-end and by more than 10 % over the next three years.” New industrial construction completions so far this year totaled 55.8 million s/f, which is 30.2 % higher than the same period in 2014; specula- tive construction accounted for 61.8 % of this volume. The amount of space under construction has increased as well, rising from 103.6 mil- lion s/f in the first quarter to 105.7 million s/f today. The Inland Empire is leading the way in new development, with 18.8 million s/f currently under construction, followed continued on page 12A

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S hopping C enters Marcus & Millichap arranges the $5.8 million sale of a 35,000 s/f retail property $19.6 million sale of five net-leased childcare centers arranged by Marcus & Millichap G www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers — 3A AMBRILLS , MD — Marcus & Milli- chap has arranged

the sale of five net-leased childcare properties to five separate buyers. The aggre- gate sales price for the assets is $19,680,271. Four of the properties are KinderCare Learning Cen- ters and one is a Knowledge Beginnings Child Develop- ment Center. The KinderCare Learning Centers are located in Florida, Illinois and Mary- land. The Knowledge Begin- nings asset is in Colorado. Dean Zang , first vice presi- dent investments, and Chris- topher Phillips, associate, both in Marcus & Millichap’s Washington, DC office, and Mark Taylor , first vice presi- dent investments in the firm’s Philadelphia office, repre- sented the seller, a California- based real estate investment fund. Zang, Phillips and Tay- lor, along with Tammy Saia , vice president investments in Marcus &Millichap’s Chicago Oak Brook office, and Steven Siegel and Michael Kook in

Harbor Freight Center

KinderCare Learning Center; Gambrills, MD

the firm’s Manhattan office, procured the buyers. Sharone Sabar , first vice president capital markets with Marcus & Millichap Capital Corp. in Encino, ar- ranged financing for the pur- chase of the KinderCare in Orlando, FL. “In 2014, we represented the buyer in the acquisition of these assets as a portfolio purchase,” said Zang. “Upon completion of that transac- tion, the purchaser immedi-

ately engaged our services to resell the properties on a one-off basis. We completed the assignment in less than 10 months and achieved a return that eclipsed our client’s best case pro forma scenario.” The properties are: •Knowledge Beginnings, 11,400 s/f, Denver, CO •KinderCare, 10,340 s/f, Orlando, FL. •KinderCare, 10,340 s/f, Wesley Chapel, FL. •KinderCare, 9,600 s/f,

Huntley, IL. •KinderCare, 9,728 s/f, Gambrills, MD. n CLIFTON, NJ — Marcus & Millichap , a leading com- mercial real estate invest- ment services firmwith offices throughout the United States and Canada, announced the sale of Harbor Freight Center, a 35,000 s/f retail property located in Clifton, NJ, accord- ing to Brian Hosey , regional manager of the firm’s New

Jersey office. The asset sold for $5.8 million. Kevin Taub and Michael Lombardi , investment spe- cialists in Marcus & Millic- hap’s New Jersey office, had the listing to market the prop- erty on behalf of the seller, a private investor. The buyer, also a private investor, was secured and represented by Michael Lombardi. Harbor Freight Center is located at 1016 Main Ave.in Clifton, NJ. n

Robert Ranieri of NorthMarq Capital finalizes $16m refinance of Wallington Plaza inWallington, New Jersey represents the property’s major tenant.

WALLINGTON, NJ — Robert W. Ranieri , senior vice president/managing

“The bank delivered an excellent quote based on a 25 year ground lease to a newly opened Shoprite,” said Ranieri. NorthMarq Capital pro- vides debt , equi ty and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relation- ships with life companies, CMBS platforms and lo- cal, regional and national banks and has a long track record of multi-family loan origination through Freddie Mac Program Plus, the Fan- nie Mae DUS program and through FHA, resulting in more than $13 billion in an- nual production volume and a loan portfolio of more than $45 billion. n

director of N o r t h - Marq Capi- tal ’s Great- e r W e s t - chester NY/ CT b a s e d r e g i o n a l o f f i c e a r - ranged the

Robert Ranieri

$16 million refinance of Wallington Plaza, a 92,823 s/f retail property located at 375 Paterson Ave. in Wal- lington, New Jersey. The transaction was structured with a 7-year term and 30- year amortization sched- ule. NorthMarq arranged ground-lease financing for the borrower through its relationship with a regional bank. Shoprite Supermarket

Wallington Plaza

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S hopping C enters

Totaling 7,700 s/f on a 34,023 s/f lot contiguous to Bergen Town Center NAI Hanson arranges the $2.75m sale of two retail buildings in Paramus, New Jersey

ARAMUS, NJ — NAI James E. Hanson , a leading New Jersey- based commercial real estate firm, announced it has ar- ranged the sale of 144 and 148 Rte. 4 East located in Paramus. Totaling 7,700 s/f and sitting on a 34,023 s/f lot contiguous to Bergen Town Center, the properties are both highly visible retail locations. Dominic Fittizzi , associate vice president of NAI Hanson represented the seller, Meyn Trust and the buyer, Urban Edge Properties in the sale. The buyer plans to use the building as a short-term in- P

vestment. Both buildings are currently fully leased- Cleopatra Tile & Bath occupies the 3,175 s/f building located at 144 Rte. 4 East, while Paramus Furni- ture and Dinettes occupies the 4,526 s/f building located at 148 Rte. 4 East. The property is also located near Rte. 17, Rte. 208 and the Garden State Parkway. Dominic Fittizzi said, “The properties offered a unique opportunity for investors. Both retail buildings are highly vis- ible and located in one of the busiest retail corridors in New Jersey with easy access to the

144-148 Rte. 4 East

RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1

main highways in the area.” NAI Hanson provides com- prehensive value-added ser- vices such as office, industrial and retail brokerage, invest- ment sales, land sales, man- agement, government services and financing expertise. n Welco Realty signs lease for a 21,500 s/f Michael’s

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

SECAUCUS, NJ — Mi- chael’s is North America’s largest specialty retailer of arts, crafts, framing, home decor & seasonal products for hobbyists and DIY decora- tors. As of May 2, 2015, the Company owns and operates 1,177 Michael’s stores in 49 states and Canada and 118 Aaron Brothers stores. Welco leased 21,500 s/f to Michael’s at 400 Mill Creek Dr. in Se- caucus, New Secaucus, New Jersey which was the former A.C.Moore space. Jerry Welkis , a principal of Welco Realty represented the landlord, Hartz Mountain Industries . The tenant was represented by Jamie Sack- eim of The Dartmouth Com- pany. Other tenants in the center are PetSmart and Mar- shall’s/Home Goods. Adjacent tenants are Bob’s Furniture, Sports Authority, T.J.Maxx, Toys / Babies R Us, Kohl’s to name a few. The target opening date for Michael’s is Spring 2016. n

Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports

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

realestate.subway.com www.subway.com

facebook.com/SDEPA1

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40,100 s/f includes 19 buildings with 316 self-storage units Investment Real Estate announces the $1.79m sale of Stor Mor Self Storage in Carlisle, PA

C

ARLISLE, PA — In- vestment Real Es- tate, LLC announces the sale of Stor Mor Self Stor- age in Carlisle, PA for $1.79 million to a private invest- ment group. Stor Mor Self Storage is located in Carlisle, Cumberland County, Penn- sylvania, which is located ap- proximately 14 miles west of Harrisburg, PA. The facility consists of 19 buildings, both single story and over/under two story, and boasts 40,100 s/f. The property has 316 self storage units and 15 outside parking spaces, with room to expand on exist- ing land and adjoining parcels. The sale included a 3-year land lease to a national truck driving school that IRE helped solidify as part of the sale. The property enjoys excellent vis- ibility and high traffic counts from Trindle Rd. (Rte. 641) and I-81. The facility opened in 1986 and was over 85% oc- cupied at the time of the sale. Situated on almost 8 acres of commercial zoned land, Stor Mor Self Storage fea- tures a fully fenced and gated property with metal roofs, exterior lighting, paved and gravel driveways, Morton metal buildings and an on-site rental office. Investment Real Estate received the first offer on Stor Mor Self Storage within 35 days of listing the property for sale. After marketing the property for 90 days IRE pro- cured multiple competitive offers for the ownership group to consider, but the accepted offer ultimately had the few- est concessions as part of the agreement. John Gilliland from Investment Real Estate said, “Our firm has had a long standing relationship with both the seller and the buyer of Stor Mor Self Storage, and we were happy to bring both parties together to complete the sale of this facility.” Since its inception in 1998, Investment Real Estate, LLC has specialized solely in the self storage industry, including brokerage, construction, man- agement and development. They travel thousands of miles each year, meeting and getting to know clients in the markets they serve, networking at vari- ous industry associations and functions, while developing their reputation as the go-to source for information in the self storage industry. n

Stor Mor Self Storage

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HILADELPHIA, PA — CBRE, Inc . has brokered the sale of Premier co-working provider to open first Philadelphia location CBRE brokers sale of 256,969 s/f Penrose Plaza in PA to Abrams Realty and Onyx Equities P

property and represents one of the region’s most significant transactions this year. This outstanding supermarket- anchored redevelopment op- portunity was highly sought after by the investment mar- ket. Penrose Plaza is located in one of the most densely populated markets, with more than 14,400 households within a 1.5 mile radius,” said Mc- Clernon, senior vice president with CBRE’s investment prop- erties division. “In addition to its high visibility, there is also limited retail competition, helping to ensure the ongoing

success of the tenants and thus contributing to the center’s ongoing occupancy levels. All of this made this property an exciting investment opportu- nity.” Penrose Plaza is located near the southwestern sub- urbs of Philadelphia, just on the cusp of Delaware County. The retail competition remains limited due to land constraints created by the U.S. Postal Service Processing and Dis- tribution Center, Philadelphia International Airport runway clearances, The John Heinz National Wildlife Preserve, I-95, and the Delaware River. In addition to its high quality tenant lineup, the center is complemented by generous parking in an urban setting. n Kushner Cos. leases 30,000 s/f PHILADELPHIA, PA — Kushner Companies that WeWork, one of the nation’s premier co-working space providers, has signed a lease for more than 30,000 s/f at The Piazza in Northern Liber- ties section of Philadelphia. The new lease marks another step in the company’s ongoing transformation of The Piazza into a vibrant live/work com- munity. Acquired by the Kushner Companies and Oaktree Capi- tal Management in 2013, the Piazza consists of 430 apart- ments, 100,000 s/f of com- mercial space and an 80,000 s/f plaza on a portion of the former Schmidt’s Brewery site. “WeWork is an amazing company that offers lifestyle, aesthetic and community,” said Jared Kushner , CEO of the Kushner Companies. “They have been searching for the right location to enter the Philadelphia market for several years, and the fact that they chose Northern Lib- erties shows they understand who their customers are, and that the Piazza is a location where they can draw the right population.” The Kushner Companies and their partners are in the middle of a multi-million dol- lar transformation of the Piaz- za that includes renovation of the apartments, construction of a new parking deck and the conversion of more than half of the existing commercial space for office use. n

Penrose Plaza, a 255,969 s/f, ShopRite-anchored shop- ping center in Southwest Philadelphia located at Is- land Ave.and Lindbergh Blvd. CBRE’s Kevin McClernon and George Schmitt repre- sented the seller, Eastwick JV IV and V. A joint venture involving Abrams Realty & Development of Elkins Park and Onyx Equities of Woodbridge, NJ, purchased the property. “This was a highly attractive

Penrose Plaza

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Edelman joins Meridian Capital Group as a senior managing director

With 28 years of CRE leadership experience NAI Mertz names Grove as chief operating officer

NEW YORK, NY — Me- ridian Capital Group an- nounced that Mike Edelman

ventory to help satisfy demand led to a 43.0% increase in leasing year over year. Other key markets with double-digit leasing volume gains included Stockton/Tracy, Calif. (58.8%), Phoenix (51.5%), Philadelphia (49.2%), Greater Los Angeles (17.9%), San Diego (16.1%) and Miami (13.1%). “Looking ahead, the addition of new warehouse supply will be readily met by growing e- commerce-driven demand for quality distribution product,” Morris said. “Through the re- mainder of 2015 and beyond we expect the current trajecto- ry to drive down vacancy rates even further while pushing up rents accordingly.” n man worked for Beech Street Capital, which was acquired by Capital One in 2013. Edel- man joined Beech Street after 15 years at Freddie Mac where he was a managing regional director for northeast produc- tion and sales. Edelman joins Meridian at a pivotal point in its strate- gic growth plan. After clos- ing more than $30 billion in financing in 2014, Meridian launched a premium property sales and marketing platform to better service its clients. Edelman will assist in the origination and placement of certain debt assignments generated by this group. “Having known the Merid- ian executive team and many of the firm’s talented brokers for years, stemming from my experience at Freddie Mac and more recently at Beech Street and Capital One, this role is a natural and exciting fit. It affords me a unique opportu- nity to build on the enormous accomplishments of Merid- ian in both the debt capital markets space as well as the investment sales arena,” said Edelman. n tore has joined KarMar,” said Justin M. Soss , executive vice president and COO of KarMar Realty Group. “Em- ily has more than 14 years of experience in both com- mercial and residential real estate. Pastore is a licensed real estate sales person in Penn- sylvania and holds a BBA in Financial Economics from James Madison University. n

M

both JLL and Trammell Crow Company, Grove has held executive leadership positions with oversight for areas rang- ing from strategic advisory services, to occupancy plan- ning, to project management and investments. He has man- aged Fortune 500 real estate portfolios, both in-house and as a service provider, for firms that include Unisys, Cigna, Glaxo Smith Kline, University of Pennsylvania, and ACE In- surance. “NAI Mertz has been provid- ing premier real estate services to southern New Jersey and greater Philadelphia for over 30 years. Along with the NAI Mertz of PA office in Northeast- ern Pennsylvania, the firm has the ideal territory to capitalize on emerging demand from big box warehouse users or energy services firms,” said Grove. “I’m excited to join a firmwhose position as a market leader is well established and is poised for growth,” he added. n Founded in 2015, Exis was created to provide tenants and other end users of real estate with a passionate advocate at the negotiating table wherever their busi- ness operations take them. With partners based in 23 cities across four continents and growing, the organi- zational structure of Exis allows each member firm to maintain its independence and business agility while offering consistent quality of service internationally. Exis member firms rep- resent many of the largest and most respected compa- nies around the world, in- cluding numerous Fortune 500 companies as well as small, medium and large organizations in the fields of healthcare, legal, life science, technology, de- fense, higher education and professional services industries. Currently, Exis members are located in key markets throughout North America, Europe, Asia and Australia. n corporate goals rather than client services, leading ten- ant representatives world- wide have united through the creation of Exis.

team and support staff to bol- ster existing marketing initia- tives and internal processes. “Dave’s diverse background in commercial real estate cov- ers all product categories and his experience has given him perspective on both the bro- kerage end and in-house real estate operations – and his track record of success is un- deniable,” said Barry Mertz, CEO of NAI Mertz. “I’m confi- dent that Dave will strengthen our business development efforts and help us to build on our momentum of the past few years.” With 28 years of commer- cial real estate leadership experience, Grove has a sig- nificant background in large and complex transactions and has closed over $1 billion in lease, structured finance and purchase/sale deals in an array of products including office, industrial, retail, ground, in- stitutional and specialty/niche real estate. As a veteran of to be the best. We carefully vetted, and will continue to vet, each partner firm, because we are more inter- ested in having the right partners than having the most dots on a map. We want to be able to serve our clients with the qual- ity of care they get locally, wherever they require our service.” Ezra finished by stating, “We are proud to collaborate with some of the most re- spected, like-minded tenant focused firms in commercial real estate from around the globe in an industry where, frankly, landlords often hold greater sway with broker- age firms, because landlords represent a majority of full- service brokerage firm busi- ness. Partnering with Exis gives us greater insight into key markets, and strength in negotiation through working with partners of the highest integrity and greatest abil- ity from all corners of the world.” Driven by rapid consolida- tion in the brokerage indus- try, resulting in fewer firms limiting their services to tenant representation and an overall increased focus on

OUNT LAUREL, NJ — NAI Mertz , a full- service commercial

j o i ned t he Company as a senior man- aging direc- tor, report- ing to Ralph H e r z k a , Me r i d i an ’ s c h a i r m a n and CEO.

real estate f i rm s e r v - ing southern New Jersey and greater Philadelphia, ann o un c e d that David Grove has j o i n e d t h e firm as the chief operating officer. As COO, Grove will over- see the daily operations for NAI Mertz’s offices serving southern New Jersey, Bucks County, Pennsylvania, and greater Philadelphia, as well as the NAI Mertz of PA office serving northeastern Pennsyl- vania. He will be responsible for developing and executing corporate strategy focused on strengthening existing client relationships, generating new business opportunities, and working with the brokerage David Grove

Mike Edelman

by Atlanta with 17.4 million s/f and Dallas/Ft. Worth with 13.1 million s/f. “Market-level supply pipe- lines are growing but remain below the pace of demand in most markets,” Morris said. “The resulting shortage of quality space is putting a damper on leasing activity.” Year-to-date U.S. industrial leasing totals 178.9 million s/f, down from 184.3 million at mid-year 2014, with less than half of Cushman & Wakefield- tracked markets posting in- creased leasing volume. Notable exceptions include the Inland Empire, where a significant supply of new in- continued from page 2A I n c . a n - n o u n c e d t h a t Em - ily Pastore has joined the firm as a vice presi- dent. “We a r e pleased to announce that Emily Pas- Emily Pastore Edelman will be respon- sible for originating new debt opportunities, augmenting existing client relationships, and providing leadership of Meridian’s national agency business. He will also play a central role in sourcing and placing loans generated by Meridian’s newly-formed in- vestment sales platform. Edelman joins Meridian from Capital One Multifam- ily Finance where he was a senior vice president respon- sible for northeast region agency production, managing several regional production teams and overseeing the company’s Freddie Mac rela- tionship. Prior to Capital One and beginning in 2011, Edel-

The Ezra Company Joins Exis Global Commercial Real Estate Organization

Pastore joins KarMar Realty WEST CHESTER, PA — KarMar Realty Group,

WASHINGTON, DC — The Ezra Company , a com- mercial real estate company

exclusively represent - ing business owners and c o r p o r a t e real estate d e c i s i o n makers, has joined forces with 16 oth-

Mark Ezra

er leading commercial real estate firms across the globe as an Exis member firm. According to Mark Ezra , an Exis board member and chief operating officer of The Washington, DC-based Ezra Company, which has ad- ditional offices in Bethesda and McLean, “The Ezra Company is always looking for innovative ways to pro- vide additional services to our clients. By joining Exis as a member firm, The Ezra Company has significantly expanded our global reach. Through our membership in Exis, we show our clients that we are there for them, wherever their real estate needs take them.” Continuing Ezra said, “We formed Exis, not to be the largest brokerage firm, but

U.S. industrial sees favorable conditions with strong market demand

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Coming Soon

Fall Preview

Issue Date: September 25th

We are inviting top executives to write an expert article about the current state of their respective marketplace and where they see it progressing in 2016. These experts will enlighten our readers on their industry and give a general overview of the marketplace in their field. Editorial Requirements: 300-500 word article with author’s headshot

Call/Email: Alissa Aronson 781.871.5298 x 211 aaronson@marejournal.com

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SPEAKERS INCLUDE: Jose R. Cruz, Senior Managing Director, HFF | New Jersey MarkM. Scott, Founder and Principal, Commercial Mortgage Capital Corp. (CMC) Timothy Touhey, CRE Team Leader at Investors Bank Alan R. Hammer, Partner in the Roseland, New Jersey law firm of Brach Eichler L.L.C Mitchell Berkey, Co-Chair, Real Estate Group, Chiesa, Shahinian & Giantomasi Brian J. Whitmer, CCIM, Senior Director | Capital Markets Group, Cushman & Wakefield of NJ Paul Heilmann, Senior Vice President, Columbia Bank Joni Sweetwood, Senior Vice President, The Kislak Company, Inc. John Motzel , Senior Vice President of originations for Berkadia Commercial Mortgage Ronald M. Shapiro is Executive Director of the Rutgers Business School’s Center for Real Estate Studies

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2015 New Jersey Apartment Market Overview:

Capital’s Comeback: The evolution of apartment financing

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Industrial Real Estate Summit

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For information on Speaking/ Sponsoring our events contact:

Linda Christman, Publisher/CEO | Mid Atlantic Real Estate Journal 312 Market St | Rockland, MA 02370 781-871-5298 | 800-584-1062 lchristman@marejournal.com | www.marejournal.com

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M id A tlantic R eal E state J ournal Proceeds topayoff existingmortgage&secureafirst lien Kennedy Funding Financial closes $3.41 million loan

Recently Closed Loans

F

builder Foremost Industries, Inc. The lender was Foremost Realty Lender, LLC, and the funding will be serviced by KFF. “The borrower recently ac- quired the company owning the collateral for $5.5 million, paying $2.9 million in cash to the seller and assuming the existing Susquehanna First Mortgage of $2.6 million,” said Wolfer. “Our loan will pay off that mortgage, and the borrower also pledged a 6,700 s/f office building in Greencastle, PA. “This type of asset, espe- cially when owner-occupied, is challenging and difficult ry, 18-unit apartment building, which sold for $2.35 million, is centrally situated in the Watc- hung Putnam neighborhood. The team of Triarsi, Zwei- bel and senior vice president Nicholas Nicolaou also ar- ranged the $2.07 million trade of 39 units at 607-611 Madison Ave., between W. 6th and W. 7th Streets. The four-story Van Wyck Brooks district property is within walking distance of local shopping, restaurants, schools, bus stops and parks.

to get loans placed for,” said Wolfer. “However, based on the strength of the borrower and the value of the collateral, we were able to get the loan closed.” The collateral consists of a 260,000 s/f, three-building industrial property on 52.68 acres at 6100 Buchanan Trail West in Montgomery and Peters Townships, Franklin County. Constructed in 2005, the property includes a com- bination of lumber storage, a modular plant utilized for the assemblage of components for modular homes, and an office component of approximately 4,500 s/f. n Gebroe-Hammer represented the seller, Core Partners 2012 LLC, and the unnamed buyer in the transaction. Additionally, the Triarsi/ Zweibel team closed two sepa- rate sales involving 37 units at 703-713 Plainfield Ave. and 12 units at 204 E. 9th St., sold for $2.1 million and $1.2 million, respectively. Triarsi repre- sented the seller, 703 Plainfield LLC, in the disposition of these two properties as well as the Kensington Ave.property. n

RANKLIN COUNTY, PA — Kennedy Fund- ing Financial LLC

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announced Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lend- er. The two-year, interest only-loan was secured by Foremost Realty Holdings, LLC, an affiliate of home-

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Central NJ multi-family sales pick up pace with four trades arranged by Gebroe-Hammer

STRUCTURAL ENGINEERS

PLAINFIELD, NJ — Cen- tral New Jersey’s multi-family trading pace is quickening at the mid-year mark, with four transactions involving a total of 106 units in Plainfield recently arranged by Gebroe-Hammer Associates . The properties were located throughout the Union County city. At 701-711 Kensington Ave., the brokerage team of Gehane Triarsi and Adam Zweibel represented the seller and pro- cured the buyer. The three-sto-

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