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Land sourced by Bansbach, Casey and Houston of Cassidy Turley Goodman Birtcher receives approval for a $350 million logistics center L
ISSUE HIGHLIGHTS Volume 26 Issue 13 July 11 - 24, 2014 Facility Management Spotlight
program, targeting logistics locations across the U.S at the right time to take advantage of the recovery in U.S invest- ment demand drivers and the limited supply of class A big box warehouse space.” Mayor Richard Gerbounka said: “I’ve been working with Goodman Birtcher for more than 12 months and am very pleased that such a high qual- ity developer intends to under- take the redevelopment of this site in Linden. This redevel- opment project will not only serve as an economic benefit to Linden and Union County, but Goodman Birtcher has also proven to be a corporate partner that will work closely with my administration to improve our residents’ quality of life. I am glad to be working with Goodman Birtcher and look forward to continuing the positive relationship we’ve established.” n
INDEN, NJ — Good- man Group (Good- man or Group), Austra- lia’s largest listed industrial property group, with a global network spanning 33 cities and $24.5 billion of assets un- der management, announced that its wholly owned North American subsidiary, Good- man Birtcher has received entitlement approvals for the development of a proposed $350 million logistics center in Linden. The City of Linden’s entitle- ment approval is an important milestone towards Goodman Birtcher’s proposed redevelop- ment of a prime 143 acre site in Linden, New Jersey into a major logistics center. The proposed development will offer a combined total of over 2.8 million s/f of logistics space across five high grade distribu- tion warehouses, which are to be delivered in three phases.
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Meridian arranges $18m in permanent financing in Newark
Goodman Logistics Center Linden rendering
The proposed logistics cen- ter, to be named Goodman Logistics Center Linden, will be strategically located in close proximity to major road, air and sea infrastructure, including direct access to the New Jersey Turnpike and just seven miles to Newark International Airport and the Port of Newark. The land was sourced through Doug Bansbach , Larry Casey and
AndrewHouston of Cassidy Turley . Brandon Birtcher , chief executive officer of Goodman Birtcher said, “We are very pleased to announce the City of Linden’s entitlement ap- proval for this significant redevelopment project in New Jersey, which will be our first in the Northeast. It builds fur- ther momentum in the rollout of our $1.4 billion development
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Property being marketed by Cushman and Wakefield of PA, Inc. Dermody Properties and Granite REIT to begin construction on 750,000 s/f facility
NAI CIR represents property owner in sale of 35,000 s/f for $2.3m
ment of predominantly indus- trial and logistics properties in North America and Europe, will start construction on a new industrial development in Bethel Township later this month. The building will be a 750,000 s/f state-of-the-art industrial warehousing and distribution facility located at 41 Martha Dr. in Berks Park 78. “This location allows compa- nies to reach the northeastern population base effectively and efficiently, and our facility will feature 36’ clear height and ample parking, making it ideal for modern warehousing and distribution operations,” said Gene Preston , partner, Dermody Properties East Re- gion Office. Berks Park 78 is a 323-acre industrial business park lo- cated directly off I-78. It offers an excellent labor supply for distribution and warehouse operations.
BETHELTWP., PA — Der- mody Properties , a national industrial development firm headquartered in Reno, NV, and Granite Real Estate In- vestment Trust (“Granite”) , a Canadian based real estate investment trust engaged in the ownership and manage-
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Directory
41 Martha Drive rendering
Dermody Properties is serv- ing as the developer and oper- ating partner, and Granite is serving as the majority equity partner on the project. “Our relationship with Der- mody continues to grow and we are excited to commence this new project at Berks Park 78. Granite is most selective in choosing both new devel- opments it undertakes and operating partners it works with. In the case of Dermody and Berks 78, we believe we have the best of both,” said
TomHeslip , CEO of Granite. The property is being mar- keted to prospective tenants by Gerry Blinebury , Pat McBride and Adam Camp- bell of Cushman and Wake- field of Pennsylvania, Inc. “The development of Berks Park 78 is consistent with our strategy of providing Class A distribution buildings in key markets with excellent demand drivers and barriers to new supply,” said Douglas Kiersey, Jr. , president of Dermody Properties. n
Upcoming Spotlights July 25, 2014 Commercial Brokerage Directory DelMarVa.................................................................3-4A Financial Digest........................................................5-6A TriState Organization.................................................26A Pennsylvania..........................................................7-21A Eastern PA............................................................11-19A New Jersey....................................................... Section B Southern New Jersey. ............................................5-11B
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Thursday, September 18th, 2014 Brooklake Country Club, Florham Park, NJ Registration: 7:15 AM Program: 8:00 AM - 12:00 PM Apartment and Multifamily Summit Event
9:45 AM—What is theFutureofApartment Investments? • Where is the apartment market heading and Why • 2013 & 2014 Investment Sales Recap: Was it a record year and what will 2015 bring • How to turn misfortune into fortune in apartments • How does the New Jersey market compare to the rest of the US • How do you underwrite and evaluating properties in today’s marketplace • What type of yields should you expect and What are the fun- damentals today • How is today’s economy and the housing market affecting the Apartment Industry • Growing trends and what can we expect in the next 1 to 2 years 10:30 AM — How to Operate Your Apartment Building for Success • Current Market Vacancy & Absorption Rates • Tenant Expectations: Which types of services are new tenants demanding from owners • Emerging trends in the Apartment marketplace • Property Management tools to improve the bottom line • Local Market Outlook and Market Predictions for the Next 1 to 2 years 11:15 AM — Building a Successful Project from Start to Finish • Where is the biggest potential for growth in New Jersey • What new projects have been completed recently and what is currently under construction • Case studies of projects that have been developed and built right • The importance of building a strong partnership with a municipality • Leveraging historic tax credits to get deals done • Future Prediction on Apartment Development and Construc- tion in New Jersey
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7:30 AM — Continental Breakfast
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8:00 AM — 2014 New Jersey Apartment Market Overview: • With vacancies at record lows how does New Jersey stack up compared to the rest of the U.S. • What is driving the Apartment Market and where is it driving it • What are the outside influences that are creating momentum in the Apartment Market • How are apartment brokers getting deals done today • The changing fundamentals of Apartments • New Development vs. Existing: Where are the opportunities and why • Downtown vs. Suburban: Where is the activity and why 8:45 AM — Capital’s Comeback: The Evolution of Apartment Financing • What type of deals are Fannie & Freddie looking to target today • How has underwriting changed • What is the future for the agency lenders • What is the outlook for 2014 and beyond for lenders, buyers, sellers, developers and investors • Who is lending, and what are some alternative sources of capital • Which deals are more likely to get done and what are the capital requirements • What changes should we expect in underwriting criteria and how can we get deals done • What types of governmental programs are available and how do I access them
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$5,250,000 55 EAST 59 TH STREET NEW YORK, NY Office/Condominium $28,500,000 450 MaMaroneck avenue Harrison, nY Class A Office Building
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COOPER-HOROWITZ , inc. REAL ESTATE FINANCING
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Mid Atlantic R eal E state J ournal Publisher.............................................................................. Linda Christman Publisher................................................................................. Joe Christman Publisher/Senior Account Executive...................................... Elaine Fanning Section Publisher....................................................................... Steve Kelley Senior Editor/Graphic Artist.....................................................Karen Vachon Production Assistant.......................................................................Julie King Office Manager..................................................................... Joanne Gavaza Contributing Columnist.......................................................... Annaliese Cole 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. Rockland, MA 02370 USPS #22-358 | Vol. 26 Issue 13 Subscription rates: $99 - one year, $198 - two years, $4 - single copy
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The Martin Architectural Group designs main streets for people, not just cars Annaliese Cole
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hile planning Mel- ford Village, the Martin Architec-
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
tural Group used an arsenal of strategies to limit the impact of cars on the TND community. The 2500-unit, high-density project sits at the intersection of Routes 50 and 301 in Prince Georges County, MD, and will be home to residential, retail, hotel, office, and assisted living uses. Steered from the begin- ning to encourage pedestrian traffic and limit the vehicular kind, Martin’s diverse portfolio of building types, as well as proven traffic calming mea- sures, were employed. Specific site design strategies were incorporated to enhance the pedestrian experience and encourage walking within the neighborhoods. Wide sidewalks
line all primary and secondary roads and are buffered by a gen- erous, tree-lined planting strip offering shade and visually softening the neighborhoods while shielding walkers from nearby traffic. All sidewalks lead to the central Village Plaza as well as retail area located conveniently at the entrance to the community. No building is more than a five-minute walk from the Plaza, encouraging Committed to Your Goals continued on page 24A
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$70 Million acquisition and redevelopment of 131-unit Connecticut Avenue Building NewDC Partnership acquires historic South Cathedral Mansions Apartments
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associations based on honesty, transparency, and flexibility,” said Brad Gilchrist , manag- ing principal of Commonwealth Residential. “The tenants who have chosen to continue renting here will benefit from a highly innovative profit-participation plan.” Beginning in November, the building will undergo an extensive two-year renovation to provide modern amenities while preserving and enhanc- ing its historic character. The project will provide all-new unit interiors, central HVAC, upgraded common areas, a state-of-the-art fitness center, unique community space with- in the original carriage house, and other improvements. By reconfiguring the apartment layouts and incorporating pre- viously unutilized attic space, Commonwealth Cooperative will add 29 new apartments, 17 of which will feature 20-30 foot
ceiling heights. “Upon completion of these extensive renovations, South Cathedral Mansions will com- pete with class A properties along Connecticut Avenue and in other sought-after neigh- borhoods of Washington,” said Kevin Riegler , principal of CAS Riegler. “We have an in- depth understanding of the way these buildings were built, how to preserve them, and how to ensure that they last into future generations.” South Cathedral Mansions, located at 2900 Connecticut Avenue, NW, is included in both the National Register of Historic Places and the D.C. Inventory of Historic Sites. When originally developed by Wardman as part of a three- building complex totaling 492 apartments. The seller was represented by HFF in today’s sale to Com- monwealth Cooperative. n and management company, says that his firm may put some renovations into the fully leased building, whose tenants include Starbucks and UPS. “We are extremely pleased to have acquired 5185 MacAr- thur Blvd., NW,” he said. “This property is a diversified income transaction that had more at- tractive income characteristics than deals taking place further downtown.” Rock Creek’s sale of 5185 MacArthur Blvd., NW comes just two weeks after the firm and its joint venture partner, Cornerstone Development Group, paid $4.525 million for 646-654 H St., NE, a prime development site in the District of Columbia consisting of about 7,000 s/f of land and 8,000 s/f of commercial properties in five separate structures. Plans for 646-654 H St., NE are to develop a first-class, mixed-use, 30-plus-unit resi- dential condominium project with approximately 6,000 s/f of ground-floor retail space. n
ashington, DC — South Cathe - dral Mansions has
changed hands for only the fourth time since it was de- signed and developed in 1922 by the iconic team of Harry Wardman and Mihran Mes- robian. Located one block from the Woodley Park/Ad- ams Morgan Metro station and directly across from the National Zoo, the 131-apart- ment property was acquired by Commonwealth Coopera- tive , a recently formed group of Washington, DC multifamily industry veterans. While this is Commonwealth Cooperative’s first acquisition, the team members have ex- tensive experience in the city’s multifamily market, particular- ly in the acquisition and reno- vation of historic apartment buildings. The joint venture is led by Commonwealth Resi- dential and CAS Riegler , Washington, DC — RockCreekPropertyGroup announced that it has sold 5185 MacArthur Blvd., NW in DC to Lakritz Adler Real Es- tate Investments for $14.925 million or roughly $347 psf, in a transaction that closed on June 13, 2014. DC-based Rock Creek owned the three-story, 43,000 s/f office building with ground- floor retail near the District of Columbia-Maryland border for nine years, according to Gary Schlager, a partner with the commercial real estate invest- ment company. “We are very happy with the outcome and can say with con- fidence that the buyer acquired one of the best mixed-use assets in the Uptown submar- ket, and the best property in the Palisades,” he said. “We congratulate Lakritz Adler on making this purchase.” Josh Adler , a principal and managing partner with DC- based Lakritz Adler , a real es- tate investment, development
South Cathedral Mansions
with property management provided by Oculus Realty and construction services pro- vided by Snead Construc- tion . Commonwealth Coopera- tive’s collaborative approach with the tenants, via TOPA (Tenant Opportunity to Pur-
chase Act), coupled with their commitment to historic renova- tion, provided the framework for a partnership with the South Cathedral Mansions Tenant Association to rede- velop the property. “We are bringing a new ap- proach to working with tenants’
RockCreekPropertyGroup sells 43,000 s/f office building to Lakritz Adler Real Estate Investments for $14.925m
5185 MacArthur Blvd., NW
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D el M ar V a
www.marejournal.com F inancial D igest F eaturing C reative F inancing H Company also, advises on the equity and debt capitalization totaling $39.4 million in DC HFF secures $80 million refinancing in Hoboken, New Jersey and $16.6m construction loan in Raleigh oboken, NJ — HFF has secured an $80 million refinancing for M id A tlantic Real Estate Journal — July 11 - 24, 2014 — 5A
North Independence at The Shipyard, a 185-unit luxury multi-housing community in Hoboken. Working on behalf of Iron- state Development, HFF placed the 12-year, fixed-rate loan with a life insurance company. Loan proceeds were used to pay off an existing mortgage. The HFF debt placement team representing the borrower was led by senior managing di- rector Thomas Didio and asso- ciate director Samuel Seiden . Raleigh, NC — HFF has secured a $16.6 million con- struction loan for the develop- ment of the 135-room Aloft Raleigh. Working on behalf of a part- nership between The Bernstein Companies, TME Investments and Michael Sandman, HFF Chadds Ford, PA — KarMar Realty Group, Inc. consulted on a transaction to arrange $34 million in financ- ing for three class “A” office buildings in the Philadelphia suburban marketplace. “KarMar has a business relationship with an SEC- registered New York City- based institution that invests in properties or loans backed by commercial real estate,” NEWYORK,NY — Eastern Consolidated has arranged the sale of a vacant corner lot in Harlem for $13 million. HAP Investment Management purchased the site, located at 2211-2217 Third Avenue and 214-216 East 121st Street from Tahl Propp Equities. Eastern Consolidated senior director MatthewSparks represented both sides in the transaction on an exclusive basis. Situated on the southeast corner of 121 Street and Third Avenue, the 17,661-square-foot site includes 100 linear feet of Third Avenue retail, and is zoned for 91,600 residential buildable square feet, as of
Wingate Apartments,
lion from CIH principals, and $1.5 million from a CIH private syndicate. The HFF team represent- ing the borrower was led by director J . Brenden Flood , managing director Cary Abod , senior managing directors Alan Davis and Dave Nachison and associate director Bret Thompson . n
DC. HFF, working on behalf of the borrower, CIH Ventures, Inc., which took assignment of the tenants’ rights through the District’s Tenant Opportunity to Purchase Act, placed a $27.6 million, 10-year loan with M&T Bank (Fannie Mae) along with $8.5 million in equity through The Zitelman Group, $1.8 mil-
The Aloft Raleigh
placed the five-year construc- tion loan with First Tennessee Bank. The HFF team representing the borrower was led by manag- ing director Mark Remington . WASHINGTON, DC —HFF
has advised on the equity and debt capitalization totaling $39.4 million for the acquisition of Wingate Apartments, a 714- unit high-rise and garden-style multi-family housing commu- nity in southwest Washington, or owned by banks, non-banks, enterprises and individuals.” This is the second transac- tion of this type that KarMar Realty Group, Inc. has assist- ed with in the past six months. The first transaction involved retail shopping centers in sub- urban Philadelphia and had a financing value of $5.9 mil- lion. Given the private nature of the transactions all parties requested anonymity. n Founded in 1981, Manhat- tan-based Eastern Consoli- dated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled ex- pertise in the greater New York marketplace to an im- pressive worldwide roster of institutional and private investor clients. The 60-per- son team of brokers, who, combined, offer fluency in 15 languages, come from a wide diversity of entrepreneur- ial and professional back- grounds. n Levy, of Tahl Propp. The sell- ers’ attorney was Adrian Zuck- erman of Seyfarth Shaw.
Karmar assists with $39.9million financing said KarMar president, Mar- shall Soss .
NorthMarq arranges $3.5m refinancefor175HighlandAve.
“The investor is well-capital- ized and, depending upon the quality and speed of the avail- able information, can move very quickly to consummate a transaction in a discreet and professional manner. The in- vestor will also consider situ- ations involving other quality assets, that is C&I, consumer, etc., with credit outstanding to right. “There’s huge demand for new residential and retail development in Harlem along the Third Avenue corridor,” said Sparks, who has arranged multiple Harlem real estate transactions, with several others in the pipeline. “The neighborhood has exploded over the past several years, with new rental and condo properties, retail, and other ancillary projects that support the area. This large corner site at East 121 Street is ideal for additional new construction.” The buyers’ attorneys were Brian Beller, Esq. of Phillips Nizer, and Neda Barzideh-
Eastern Consolidated secures $13million
175 Highland Ave.
borrower, Winhall Realty, LLC through its relationship with a correspondent life company. Major tenants on the property include Practical Computer Applications, Foodtec Solution Inc. and Heifetz Rose LP. “In a very competitive mar- ket the loan closed smoothly due to the expertise and the ex- perience of both the borrower and life company lender,” said Hegenbart. n
Needham, MA — Joseph Hegenbart , and Ryan De- madis , producers in North- Marq Capital’s Boston based regional office arranged the $3.5 million refinancing for 175 Highland Ave., a 39,640 s/f office building located in Needham. The transaction was structured with a 10 year term and 25 year amor- tization schedule. NorthMarq arranged financing for the
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F inancial D igest Procida closes three transactions totaling over $10m Procida Funding closes $3.8m bridge construction
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and begin leasing on five retail property spaces in northern New Jersey. The $3.8 million first mort- gage bridge construction loan to AMG Elton LLC will enable the construction completion of a seven-story plus cellar, 56-key hotel located at 681 Elton Dr., Bronx, NY. Once stabilized, the property was given an appraisal by CushmanandWakefield of $8 million. The $2.6 million bridge loan with JCM Investors 1012 LLC, will allow for the completion of construction and renovation of ten properties located in Pat-
erson, NJ. This is not the first collaboration of its kind between JCM Investors 1012 LLC and 100 Mile Fund; the duo already has a successful track record with past refinance/construction projects in the Paterson area. Finally, the $3.725 million bridge loan to Alliance Hand and Physical Therapy et al. will permit the completion of con- struction and eventual leasing of five properties in the towns of Hackensack, Hawthorne, Lodi, and Ramsey, NJ. The properties, once stabilized, have an appraisal of just under $5.4 million. n Eastern Union orchestrates $3.44m financing WASHINGTON,DC —Local developer Community Three Development is renovating 17 one-bedroomapartments inFox- hall Village, a coveted neighbor- hood in the greater Washington DC area. With its tree-lined streets and Tudor homes, sand- wiched between Georgetown and Palisades, the housing market in the neighborhood is known for its low turnover rate and long-termresidents, driving demand for the housing units once renovation is complete. Marc Tropp and Shai Romirowsky of Eastern Union Funding negotiated a $3.44 million loan to purchase and renovate the premier—yet predominantly vacant—apart- ment building. The purchase price was $3 million. “We are fortunate to have found this apartment complex largely vacant, allowing us to bring much value to the prop- erty,” said Daniel Kaplan , acquisitions director at Commu- nity Three Development. “Shai approached us about financing options at a very opportune mo- ment, and positively changed the economics of the deal. The structure that Eastern provided was extremely attractive and made the decision to move for- ward even easier.” Tropp and Romirowsky re- cently formed a partnership to manage all deal flow, which provides clients with double the attention and value. “We’re es- sentially bringing clients twice the manpower, and playing to both our strengths” Tropp said. “We work extremely well to- gether and this recent example at Foxhall Villagehighlights our value proposition.” n
EW YORK / NEW JERSEY — Procida Funding’s 100 Mile
Fund , real estate investment vehicle specializing in $2-$25 million positions, has an- nounced its own triple crown this week – the recent closings on three major deals totaling over $10 million. The closings include a $3.8 million bridge construction loan to complete a seven-story hotel in the Bronx, NY, a $2.6 million bridge loan to renovate a ten- property portfolio in Paterson, NJ and a $3.725 million bridge loan to complete construction
P ennsylvania
S hopping C enters
Real Estate Journal — Pennsylvania — 7A
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The Bill Gladstone Group of NAI CIR negotiates $250,000 warehouse sale Alderman of NAI CIR represents property owner in sale of 35,000 s/f retail/whse. space for $2.3m S watara Twp., PA – Skywater-Harrisburg, LLC, has purchased an
additional 35,000 s/f of retail/ warehouse space for $2.3 mil- lion at 421 Amity Rd., Swatara Twp. Daniel Alderman of NAI CIR represented the property owner. Bass Pallets Realty, Inc., a pallet recycling operation, has purchased 29,280 s/f of ware- house space for $250,000 at 700 Angenese St., Harrisburg. The Bill Gladstone Group of NAI CIR represented the property owner, and Andy
HI-LIGHTS July 11 - 24, 2014
421 Amity Road, Swatara Twp.
700 Angenese St.
Kohr of Landmark Commer- cial Realty represented Bass Pallets Realty, Inc. Penn Holding Group has purchased 3,325 s/f of office and
storage unit space for $245,000 at 5 Radam St., Enola. Ida McMurray represented Penn Holding Group and Curt Trogner and Derek Bicksler
of RSR represented the prop- erty owner. Triple K Fleet Service, Inc., a truck repair facility, has leased 3,000 s/f of warehouse
space at 1779 W. Trindle Rd., S. Middleton Twp. The Bill Gladstone Group of NAI CIR handled the transac- tion. n
Eastern Pennsylvania
JLL reps tenant in whse./dist. lease at Woodmont Industrial Partners property Blinebury, McBride, Campbell, Balerno & Connell of Cushman & Wakefield ink 180,000 s/f ind. lease
SPOTLIGHT
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Gladstone Commercial Corp. acquires dist. warehouse for $39m
tinues to grow, it continues to assess its ongoing warehousing and distribution space require- ments in the region,” said Blinebury. “This lease marks an expansion of that presence. “34 Dauphin Dr. is located in a very successful pocket of the market – the neighboring property at 40 Dauphin Dr. was recently fully occupied by Chewy.com,” he said. n
NEW KINGSTOWN, PA — Commercial real estate ser- vices firm Cushman &Wake- field has completed a 180,000 s/f industrial lease with Allen Distribution at 34 Dauphin Dr. in New Kingstown. The firm’s Harrisburg-based team of Gerry Blinebury, Patrick McBride and Adam Camp- bell , along with Philadelphia- based Leah Balerno and Marie Connell, represented building owner Woodmont In- dustrial Partners, an affiliate of Woodmont Properties. JLL represented the tenant. Woodmont had acquired the vacant building in 2012 and completed a major renovation in 2013. “The improvements included an upgraded sprin- kler system, new loading doors, new dock levelers and the re- furbishment or replacement of existing dock levelers, and the entire facility was repainted,” said Blinebury. “As a result, 34 Dauphin Dr. was very well positioned to accept a new tenant.” “As Allen Distribution con-
11A
SSH Real Estate’s Gillespie represents Zencorr in $31.5m
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For Sale-Beautiful Stabilized 24 Unit Garden Apartment Complex
• 24 one to two bedroom apartments. • 7 buildings • Includes approvals for 8 more units • Just outside Hamlin and only 15 minutes to Downtown Scranton via I84, I 81 • Includes 16 acres development parcel for a single home. • Built in 2001 through 2008 251 Stanet Rd. Salem Township, Wayne County, PA
Contact: Steve Carroll scarroll@hinerfeldcommercial.com
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P ennsylvania
Esposito of CBRE represents PTV Aliquippa PantoniofColliersInternational| Pittsburgh executes $ 355,000 sale
ittsburgh, PA — Colliers Interna- tional | Pittsburgh represented MV Holdings in the execution of a sale with PTV Aliquippa LLC. Anthony Pantoni , VP of Industrial Bro- kerage of Colliers Internation- al | Pittsburgh represented MV Holdings and Steve Es- posito of CBRE represented PTV Aliquippa. The 2.1 acre development site sold for $355,000. In a separate transaction, ElectroMechanical Engineer- ing (EME) Associates, Inc. acquired the 8,550 s/f combined office andmanufacturing build- ing located at 150 Seco Rd. in Monroeville Business Park. John Bilyak , principal, and Jessica Jarosz , VP of tenant advisory services at Colliers International | Pittsburgh, represented the buyer. EME Associates purchased the property from 221 Allegh- eny Avenue Partnership rep- resented by PRC Commercial. “Working with Colliers In- ternational | Pittsburgh, EME established its present home in Forest Hills which has served EME for the past 7 years, and now our new home in Monro- P
The 2.1 acre development site on Pleasant Dr.
150 Seco Rd.
eville which will serve our ex- panding office and manufactur-
ing needs,” said Alan Spisak, owner of EME Associates. n
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P ennsylvania S potlight E astern PA
Real Estate Journal — Pennsylvania — July 11 - 24, 2014 — 11A
www.marejournal.com
M id A tlantic
CBRE Capital Markets reps. seller of 955,935 s/f prop. Gladstone Commercial Corp. acquires dist. warehouse for $39m
A 350 Unit Complex in Doylestown, PA SSHReal Estate’sGillespie reps. Zencorr in $31.5m
aylor, PA — Glad- stone Commercial Corporat ion pur - chased a 955,935 s/f bulk dis- tribution warehouse located in the Northeastern PA sub- market of the I-81 distribu- tion corridor for $39 million. The property is occupied by a regional third-party logistics company under a ten-year absolute net lease. “This acquisition is consistent with our strategic decision to focus our acquisition efforts on high-quality, functional prop- erties in primary and strong secondary markets” said Matt Tucker , managing director of Gladstone Commercial. “The property is a high-quality front- loading distribution building, with 35-foot clear heights and 169 dock doors. We believe that T
Center Square Towers
Doylestown, PA —The investment services division of SSH Real Estate repre- sented Zencorr Properties in the purchase of Center Square Towers, a 350 unit apartment complex in Doylestown. The complex was formerly owned by AIMCO. Zencorr Properties is based in Doylestown, Pennsylvania and is headed by Piero Cor- rado, Christopher Zentgraf
and Sandro Corrado. At a sales price of $31.5 million, this pur- chase represents the largest transaction to date for the trio. Adam Gillespie, senior vice president of investment real estate brokerage at SSH Real Estate, represented Zencorr in the transaction. Gillespie sought out the purchase op- portunity for Zencorr, which purchased the asset with 1031 funds. n
Northeastern PA submarket of the I-81 distribution corridor
the I-81 distribution corridor has a very strong primary dis- tribution market, will provide stable long-term accretive re- turns to our shareholders.” Michael Hines, Brian
Celebrating over 20 years of Engineering Excellence Fiumara and Brad Ruppel of CBRE Capital Markets, National Partners along with Bill Wolf of CBRE Industrial Properties represented the sellers. n
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12A — July 11 - 24, 2014 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
E astern PA
Will be constructed on Mericle ReadyToGo! sites Mericle to build two spec buildings for CenterPoint - 134,400 s/f flex building and 22,601 s/f office building
ast , Jenk i ns Twp., PA — Mer- icle Commercial Real Estate Services will construct two buildings on speculation in CenterPoint Commerce & Trade Park - a 134,400 s/f flex building and a 22,601 s/f office building. The 134,400 s/f flex build- ing at 425 Keystone Ave. in CenterPoint East, Jenkins Township, will accommo- date up to six tenants and has been designed to fit the needs of manufacturing, dis- tribution, office, and medical companies. The property will E
have six entrances and 20 loading doors and can be eas- ily subdivided into smaller customized spaces. Steel will arrive in early July and Mericle expects the building to be ready for ten- ants by year’s end. The 22,601 s/f office build- ing at 150 Enterprise Way in CenterPoint West, Pittston Township, will accommodate up to eight tenants and is expected to be attractive to medical and financial ser- vices firms. Steel will arrive on site this fall and the build- ing will be available for lease early in 2015.
Mericle vice president of marketing Jim Cummings said the company is con- structing the buildings to keep pace with market de- mand and to make sure there is a variety of space available to accommodate all types of companies, especially those that need space quickly. Cummings used the re- cently announced Maximus and C3i projects to illustrate the importance of having modern space available the moment a company needs it. “Maximus and C3i won con- tracts that required them to move into customized office space with abundant parking very quickly,” he said. “Both had very challenging dead- lines. Fortunately, because we had recently finished construction on a speculative flex building in CenterPoint, we were able to fast track their projects and meet their deadlines.” Together, Maximus and C3i will create up to 950 jobs in CenterPoint over the next three years. The two new buildings will be constructed on Mericle ReadyToGo! Sites and will be easily accessible from Interstate 81 and Interstate 476. Mericle’s ReadyToGo! Sites are cleared, graded and compacted and have all permits and approvals in place. Mericle is developing more than 90 such sites in 11 Northeastern Pennsylvania business parks. Mericle’s excavation divi- sion is putting the finishing touches on a 10.09 acre Rea- dyToGo! Site in CenterPoint East, for which the developer has designed a 90,000 s/f, class A office building. The site is located along Keystone Ave. across the street from the flex building housing Maximus and C3i. “This may be the most visible site in our entire portfolio,” said Cum- mings. “Thousands of cars drive right by the site every day. We are hopeful that the property will be attractive to a major office company that needs a high-profile location.” The new spec buildings be the 24th and 25th buildings constructed in CenterPoint since 2006. The park is home to 39 tenants and approxi- mately 4,500 employees. n
Mericle has begun constructing the footers and foundations for a 134,400 s/f speculative flex building in CenterPoint Commerce and Trade Park East, Jenkins Township. The new building will be ready for tenants by year’s end.
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12_0671 GREP Ad_MetalsYourWay_8x8.25 Pub: MAREJ
Real Estate Journal — Pennsylvania — July 11 - 24, 2014 — 13A
www.marejournal.com
M id A tlantic
E astern PA
John Gilliland and John Barry handle transaction Investment Real Estate closes deal on 105,000 s/f
16 units under contract in seven days RRA sells Phoenixville apartment complex
Phoenixville, PA — Rittenhouse Realty Advi- sors (RRA) sold the Maison Ridge Apartments in Phoenix- ville (shown right). The sixteen unit property went under con- tract in just seven days. The building is made up of six, two- bedroom/one-bath units and ten, one-bedroom/one-bath units. The property has his- torically remained 95% occu- pied or better. Steve Miceli , an associate with RRA said, “Chester County continues to attract high demand frommul- tifamily investors, creating a highly competitive purchase environment. The current market conditions present
P
h i l a d e l p h i a , PA — Investment Real Estate, LLC an-
nounced the sale of Lim- e r i c k S e l f St orage i n the suburban Philadelphia Metro Area. L ime r i c k Self Storage i s a t h r e e story, climate c o n t r o l l e d facility en- compassing 105,000 s/f. The class A facility has surveillance cameras, ele- vators, retail
an opportunity for sellers to evaluate a list of buyers and choose the one with the best price and terms.” Steve, along with RRA managing partner Corey Lonberger , arranged the transaction. Corey added, “Historically low interest rates and limited product on the market are creating an enor- mous amount of demand for apartment properties through- out the Philadelphia MSA. n
John Gilliland
Limerick Self Storage
John Barry
moving supplies and a U-Haul truck rental business. The property includes 800 storage units and 35 outside parking spaces. John Gilliland and John Barry of York based Invest- ment Real Estate handled the transaction. According to Gilli- land, “This sale was a win-win for both the buyer and seller. At 71% occupancy, the seller received a value based upon the trailing 6 months cash flow while the property has oc- cupancy upside along with the benefits of tenant insurance. We continue to see strong pric- ing on well located facilities in desirable markets.” n KING OF PRUSSIA, PA — Binswanger’s Suburban Philadelphia team has leased over 92,000 s/f in combined transactions in the Philadel- phia suburbs. The team led by Scott Gabrielsen , presi- dent – commercial, works with some of the most prestigious corporate clients in the region for both tenant and landlord representation assignments. A sampling of recent trans- actions include the repre- sentation of P-One Athletics – 54,000 s/f lease at the Syms Building, 1340 Swedesford Rd. in Berwyn; 10,537 s/f lease at 380 Lapp Rd. in Malvern; Vector Biolabs – long term, 7,200 s/f lease at 293 Great Valley Parkway in Malvern; Group Dynamics – 6,650 s/f lease at 555 City Ave. in Bala Cynwyd; InstaMed – 5,426 s/f lease at 1880 JFK Blvd. n Binswanger leases 92,000 s/f of space in Phila. in May/June
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14A — July 11 - 24, 2014 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
E astern PA
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