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Mid Atlantic Real Estate Journal — New Jersey — July 12 - 25, 2013 — B
www.marejournal.com
Vice president at WCRE, led the effort Wcre secures new lease for South Jersey Legal Services At 1300 Atlantic Ave., Atlantic City
A
tlantic City, NJ — WCRE represented South Jersey Legal
able to successfully meet their budget and goals on time,” WCRE’s Hemo said. In yet another sign that the Southern New Jersey CRE market is emerging from the havoc caused by the Great Recession, Wolf Commercial Real Estate reports in its latest quarterly analysis that there were approximately 540,000 sf of new lease deals and renew- als executed during the second quarter. About 35 percent, or some 185,000 sf of the total, comprised new deals. The jump in deal activity was one of several positive developments noted in WCRE’s quarterly Southern New Jersey Office and Retail Market Update, which is now in its second year. “Several of the fundamentals needed for a sustained return to growth are either steadily gain- ing strength or are already in place,” said JasonWolf, founder and principal of WCRE. “How- ever, this market still must absorb much more of its vacant space.” The report notes that
the stock market closed Q2 up 12 percent on the year – its best first half of a year since 1999 – and that unemployment rates both in New Jersey and na- tionwide continue to fall, while office space rental rates have stabilized and continue to rise, and retail space rental rates were rising for the first time in five years. Still, according to WCRE vacancy rates in the office market for Class A and B product remain in the range of 18-19 percent. Amid all the good news, the report finds a possible indica- tor that inflation may be on the horizon, noting the sharp rise in the 10-Year Treasury yield through May and June and the effect that could have on interest rates. “If interest rates go up, our borrowing costs go up, which will have an effect on pricing and cap rates,” the report says. WCRE’s research includes snapshots of the office and retail markets and details on the major deals being consum- mated or planned. n Scott Mertz, SIOR , princi- pal at NAI Mertz, the location of the property was very im- portant because of the nature of how the employees get to work on public transporta- tion, or van pooled vehicles. Mertz and Ting worked closely with the Board of Bestwork to provide criti- cal market information to ensure the financing needed to acquire the building. They were able to acquire 50.000 s/f of the 65,000 s/f building. NAI Mertz is also repre- senting them on the sale of their existing location at 801 Clements Bridge Road in Runnemede, Camden County. This 25,000 SF building is well suited for office, retail or manufacturing. n
S e r v i c e s , LLC, in its leasing of ap- proximately 3,500 s/f of office space at 1300 At- lantic Ave- nue inAtlan- tic City, New
Leor Hemo
Jersey. The property is conve- niently located on the corner of Atlantic and South Carolina Avenues and within walking distance to the Atlantic Coun- ty Court House. Leor Hemo , executive vice president at WCRE, led the effort. South Jersey Legal Services is a prominent non-profit legal firm with Southern New Jer- sey roots. The firm presented WCRE with a specific set of space criteria, time con- straints, and financial goals to fulfill. “As always, WCRE’s diligence and professionalism helped South Jersey Legal Services meet our specific
8 King Road in Rockleigh
need. Thank you Leor Hemo and JasonWolf for going above and beyond to get us the per- fect offices in Atlantic City,” said Douglas Gershuny, Esq., executive director of SJLS.
“We are thrilled that our client now has a great office location within walking dis- tance from the court house, with advantageous terms and great ownership. And we were
Ting and Mertz at Nai Mertz handle negotiations for Bestwork Industries and Cherry Hill Business Park
Cherry Hill, NJ — NAI Mertz ,realtor, has announced the sale of a 50,000 s/f build-
ing in the Cherry Hill B u s i n e s s Park at 1940 Olney Ave. i n Che r r y Hill, Cam- den County. Be s t wo r k Indus t r i es is the new o w n e r , a c o m p a n y that provides employment for sight im- paired indi- viduals. Ac-
Rebecca Ting
Scott Mertz
cording to Rebecca Ting, SIOR , VP at NAI Mertz, and
Cherry Hill Business Park
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