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ISSUE HIGHLIGHTS Volume 26 Issue 19 Oct. 10 - 23, 2014 Insurance/Title Spotlight
Former hospital grounds offer redevelopment opportunities Max Spann to auction recently closed hospital in Trenton, NJ on Nov. 20th T RENTON — A re- cently closed hospital in Trenton could get a s/f school of nursing building at 450 Bellevue Ave. and a 200-space parking lot across from the main campus.
SECAUCUS, NJ — Com- mercial real estate services firm Cushman & Wakefield has been awarded the leasing agency for 300 Lighting Way, a 303,000 s/f, seven-story of- fice building in Secaucus. The firm’s executive vice president Curtis Foster and sales asso- ciate Jerry Shifrin are han- dling the assignment on behalf of owner Rugby Realty . The asset was acquired re- Max Spann Real Estate & Auction Co. , a national real estate auction house, has scheduled the auction for 1 p.m. on November 20 on the site of the hospital at 446 Bel- levue Ave. Property previews are available by appointment. “This property has potential as assisted living facility, a nursing home, a surgical center, adult day care, profes- sional offices, or many other repurposed uses,” said Max Spann , the president for the firm. Max Spann is offering the new lease on life as its current owners put it on the auction block in November with the hopes of attracting a buyer to redevelop the sprawling medical campus.
and amazing architectural presence,” said Robert Ades , principal and chief operating officer of Rugby Realty, ref- erencing the building’s green glass structure. “But it lacked the modern amenities that many of the best office build- ings in this market have. “We are embarking on a multi-million-dollar improve- ment package that will add a full-service café, fitness center, and a shared-building confer- ence center on the first floor,” Ades said. “We will also be remodeling the lobby, elevator cabs and elevator landings to create a 2015 look that will attract all types of tenants.” 300 Lighting Way marks Rugby Realty’s second office acquisition in New Jersey in the past eight months, with both properties in the Mead- owlands submarket. In late 2013, the company acquired Cityview Corporate Center, a 135,418 s/f class A building at 160 Chubb Ave. in Lynd- hurst. Cushman & Wakefield also has the agency for that property. n The third parcel, which will be sold absolute regardless of price, is an 8,010 s/f office building on .96 acres at the signalized intersection of Bel- levue Ave. and Prospect St. The final parcel, which also will be sold absolute regard- less of price, is a 23,315 s/f office building on .92 acres with a 280 foot by 40 foot fully enclosed garage. About 12,000 s/f of the building is currently used as a call cen- ter for Mercer County EMS personnel. n The second parcel, which has a starting minimum bid of $300,000 is a 38,540 s/f in- come-producing medical office building at 416 Bellevue Ave. that is nearly 65% leased.
12-16A
NorthMarq Capital arranges $192m loan
Mercer Medical Campus in Trenton, NJ
property as four separate parcels, the largest of which is the main hospital and school of nursing buildings set on 9.2 acres. With a minimum starting bid of $950,000, the winning bidder will purchase a 491,140 s/f, 8-story hospital
that includes 30,000 s/f of lab space, 10,000 s/f of radiology space, an emergency room ready to be used as an out- patient treatment center as well as a pharmacy, cafeteria and food preparation area. Also included are a 29,240
Foster & Shifrin of Cushman & Wakefield awarded agency for 303,000 s/f office building
FC-B
Gebroe-Hammer represents seller in $15.7m sale
FC-C
Directory
DelMarVa.................................................................5-9A Financial Digest....................................................11-17A New Jersey....................................................... Section B Southern New Jersey. ............................................7-14B Pennsylvania.................................................... Section C Eastern PA.............................................................. 5-10C
300 Lighting Way
cently by Rugby Realty, a privately owned, New Ro- chelle, NY-based firm with 6.5 million s/f of property in New York, New Jersey, Con- necticut, Pittsburgh, Atlanta and South Florida. “Rugby is a value-add buyer—all of its acquisitions have had a value- add component,” said Foster. “They saw the opportunity to acquire 300 Lighting Way at a good price and are in the
process of re-investing in the property and re-introducing it to the market, bringing this class A building to a whole new level.” Constructed in 1988, 300 Lighting Way is situated in the Meadowlands at the in- tersection of the New Jersey Turnpike and Rte. 3 within Harmon Meadow, a 175-acre mixed-use community. “It has a fantastic location
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New England Fine Properties
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HINGHAM, MASSACHUSETTS ... On Hingham Harbor with 223 feet of direct waterfront is this 15 room, 5 bedroom, 3.5 bathroom residence. Extensive details include bay windows, French doors, window seats, and custom-built cabinetry. A covered walkway leads to a three story, studio/ guest house with 1.5 bathrooms, a loft, and workshop. ... $4,685,000
HINGHAM, MASSACHUSETTS ... A 4 bedroom residence set amid birches and cedars with rock outcroppings that slopes to the water. The house has been expanded, updated, and well maintained by the present owners. There are fireplaces in the living room, family room, and lower level playroom. Set on .62 acres, it also includes a dock. ... $2,000,000
HINGHAM, MASSACHUSETTS ... This 10 room, 3 bedroom, 4 bath- room 2010 built Shingle-style residence has a captivating waterfront location. The thoughtfully designed residence has walls of glass and an open floor plan that affords direct ocean access for swimming, boating, and numerous nautical endeavors. ... $2,475,000
Joe Christman Cell: 617.962.6690 • jchristman@HammondRE.com • www.HammondRE.com
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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 Guest Columnist.......................................................Dawn M. Tancredi, Esq. 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 19 Subscription rates: $99 - one year, $198 - two years, $4 - single copy
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Philadelphia’s demolition regulations: one year later
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
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Army Thrift Store on Market St. that killed six people, and so it is timely to review the impact of the City’s changes to demolition regulations. The time and expense of obtain- ing a demolition permit has increased because there are more required documents and detailed plans that must be submitted along with an ap- plication, and there are more people involved in obtaining all the required information. Is there room for improvement? A demolition application now requires: • The qualifications of the demolition contractor which include documentation about experience, insurance and tax clearance • A site safety demolition plan which describes the meth- od in which the building will be demolished. If a site is above three stories, a professional engineer is required to pro-
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
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vide the report about adjacent property protection; otherwise, a “competent person” may pre- pare the site safety demolition plan • A site plan which shows the extent of the demolition and the site in relationship to adjacent properties and structures • Proof of the submission to the Department of Streets of a fence permit • Demolition schedule de- tailing the start and comple- tion dates along with a daily work schedule • Water Department ap- proval is required if a site is
continued on page 4C To get an idea of how many people may actually be in- volved prior to the issuance of a demolition permit, we may review the demolition of a over 15,000 s/f • Historical Commission ap- proval is required for buildings on the historical registry or in an historic district • The Air Management Ser- vices Division of the Health Department must approve a dust control plan if a building is more than six stories • An asbestos report is re- quired if a building was con- structed before 1981
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COMMERCIAL REAL ESTATE Auctions 4 INDUSTRIAL MFG PROPERTIES Sealed BIDS DUE Friday November 21, 2014 Across from Shippensburg University, PA 17257
See Website for Bid Forms-Terms-& Details Matthew Hurley AU-003413 Phone 717-597-9100 * 301-733-3330 * 866-424-3337 www.HurleyAuctions.com TRACT 3-300 N. FAYETTE ST : : 17.41 ACRES zoned Light Manufacturing M-1 TRACT 4-N. SENCA ST PARKING LOT: 57+-Space newly paved parking lot across from Tract 2 on 0.44+- ACRES zoned NC (neighborhood commercial) Offered in Tracts-Combination(s) of Tracts-& as a Whole Representative Onsite: Friday Nov 7: 10am-4pm in front office of Tract 1 TRACT 1-35 SPRINGHOUSE RD : 192,650 SF building on 8.24+- ACRES previously used as a textile manufacturing facility, zoned Heavy Manufacturing M-2. Includes 28,800 SF 2-story corporate office, 4 loading dock doors, 20ft clearspan, 3,000 amps 480 volt, special air handling used in the fabric mfg plant, private parking, public utilities, sprinklered, & more! TRACT 2-120 N. SENECA ST: 93,648 SF building previously used in textile mfg, sits on 2+- ACRES zoned M-2 Outstanding Investment Opportunity! Land & large multi-purpose office/warehouses in a great location across from Shippensburg University. Near Interstate-81. 35 Min to Harrisburg, PA / 1 Hr 45 Min to DC - Baltimore - N.VA
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LAND AUCTION 25+-PRIME COMMERCIAL ACRES Offered In Tracts-Combination(s) of Tracts & as a Whole WEDNESDAY NOVEMBER 19, 2014 – 1PM
Lutz Ave-Martinsburg, WV 25404 Off of Interstate-81 Exit 16
Excellent Investment Property! Prime commercial land located in the center of an established commercial district with restaurants, office space, and shopping. Prime location in the city of Martinsburg, off of Interstate-81, & convenient to DC, Northern Virginia, and Baltimore Metropolitans. Zoned Planned Business in the TIF District of Martinsburg allows for commercial, industrial, residential, & much more. The possibilities are endless including: retail pad sites, restaurants, office/business use, hotels, multifamily dwellings, etc. TRACT 1: 6.82+- ACRES on Lutz Ave, public utilities . TRACT 2: 3.49+- ACRES on Lutz Ave, public utilities . TRACT 3: 14.52+- ACRES on Lutz Ave & Meridian Pkwy, public utilities .
See Webstite for Terms & Details Matthew Hurley Auctioneer-WV1830 Jay Lawyer Auction Manager WV2158A 717-597-9100 * 301-733-3330 * 866-424-3337 Matthew S. Hurley Lic.AU-003413-L AUCTIONZIP ID#1023
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C Located at 4600 West Ox Road in Fairfax, VA Manekin Construction finalizes $7.6 million reno. OLUMBIA, MD — Manekin Construc- tion, LLC has com-
Dannenfelser & Kousouris broker deal Collierscompletes$5.5m SC sale in Bel Air, MD
pleted comprehensive renova- tion and improvements on the Fairfax County Fire and Rescue Department Academy, located at 4600 West Ox Road in Fairfax, VA. The $7.6 mil- lion construction project was designed by Dewberry . The scope of the work in- cluded adding a 27,000 s/f two-story structure to the ex- isting facility, as well as the complete renovation of 4,000 s/f of existing space. The new space provides the space for new offices to be used for Emer- gency Medical Services (EMS) training; driver and field train- ing classrooms, apartment and ambulance simulation rooms; two 11,000 s/f recruit classrooms; male and female recruit locker room facilities; a state-of-the-art fitness center; gear storage and wash down areas; lunchroom; and space for operations simulation training. A new surface parking lot was also constructed adjacent to the facility. Customized design features integrated into the design of the Fairfax County Fire and Rescue Department Academy to meet LEED-certified stan- dards included the use of high albido/high solar reflective ma- terials on the roof; a building envelope that provides a 26% TYSONS, VA — Beacon Capital Partners has leased 82,758 s/f to Alarm.com at Tysons Metro Center III, lo- cated at 8281 Greensboro Dr. in Tysons. Tysons Metro Center III will become Alarm.com’s new headquarters as they relocate within the Tysons market. Beacon Capital Partners, through an affiliate, is the owner of Tysons Metro Center (TMC). TMC is a four-building, 768,000 s/f urban office des- tination adjacent to the new Greensboro Station on the METRO Silver Line. The
Fairfax County Fire and Rescue Department Academy
designed new space and the more generic administrative support functions were back filled into the existing building. The resultant design trans- formed the current educational facility into a state of the art Fire Rescue training academy while fully leveraging the as- sets of the pre-existing campus. “The state-of-the-art facil- ity, equipped with modern equipment and technology, is designed to service the needs of Fairfax County residents and businesses for the fore- seeable future,” said Craig Wess , president of Manekin Construction. “The surrounding region continues to expand and was in need of a high-quality and ful- ly-functional facility that sup- ports the day-to-day life-saving and emergency response efforts of early responders. This build- ing enables firefighters and EMS personnel to perform at their highest levels.” n Virginia workforces via mass transit. As the leasing agent, Cassidy Turley has done an exceptional job showcasing the opportunities this prop- erty and market have to offer innovative technology compa- nies like Alarm.com. ” Cassidy Turley was engaged by Beacon Capital Partners as the leasing agent on the property. The Cassidy Turley team on this project includ- ed Spencer Stouffer, Tim Summers, Todd Brinkman, Scott Goldberg , and Shaun Collins . Alarm.com was represented by Bill Evans of DTZ . n
energy savings; water efficient plumbing fixtures that reduces water consumption by 35% and rooftop exhaust fans for locker room, toilet and janitor exhaust. Dewberry Architects was challenged with expanding the highly-specialized fire and res- cue training functions required for the continued viable use of the current facility. Given a very tight site in which to ac- commodate the program, the designers utilized a two-story structure addition to the exist- ing one-story classroom and ad- ministration building to house the new classroom, training functions and specialty spaces of the training facility. They then reapportioned the existing space in the current building to provide additional administra- tive support for the facility. In this manner, the new and highly function-driven components of the training facility were housed in custom- property is within walking distance to the area’s premier retail and lifestyle destina- tion, Tysons Galleria mall, plus over 30 restaurants and Five hotels. “It is a pleasure to welcome Alarm.com to the vibrant Tysons Metro Center,” said Jeffrey Kovach , managing director of Beacon Capital Partners. “Given TMC’s direct access to the newly opened METRO station and our trans- formation of the property, we are seeing significant demand from growing, innovation- based companies eager to tap the highly-educated DC and
Thomas Run Station
BEL AIR, MD — Colliers International in Baltimore- was the sole broker in the sale of Thomas Run Station for $5.5 million. Thomas Run Station consists of three retail buildings totalling 28,500 s/f at 2217, 2219 and 2225 Church- ville Rd. in Bel Air. “The continued growth of Bel Air and Harford County as a whole made Thomas Run Sta- tion an attractive investment, in addition to the shopping center’s high visibility and ASHLAND, VA —Ashland’s landmark Henry Clay Inn building, with thirteen guest rooms, 12,000 s/f with exercise area and business center, to be auctioned by Tranzon Pre- mier Properties . The historic reproduction inn located in the heart of Ashland, Virginia will be sold at auction in early Fall 2014. The current inn building recently appraised at $1,100,000 and has had a long and vibrant history with the town. The current structure will be marketed as a building with a clean slate, not as a going concern. The Henry Clay Inn will close to guests after the
proximity to Harford Commu- nity College across the street,” said Dave Dannenfelser , managing director and prin- cipal for Colliers. Dannenfelser brokered the deal with Lou Kousouris , president and principal for Col- liers. They represented Lamb- din Development Co., which sold the property to investor Sidhu Management. Dannen- felser previously represented Lambdin Development in leas- ing the shopping center. n Thanksgiving weekend. Some spaces on the first and third floor are currently leased to businesses, offering ongoing cash flow. At this writing, downtown Ashland is propos- ing a new “B-1D” zoning, for the historic district. This zon- ing encourages retail space on the first level. The Henry Clay Inn property is excluded and will remain zoned B-1, regard- less of the change. The auction will be held in Oc- tober; previews are by appoint- ment only to qualified buyers. Full details of the property and auction will soon be posted to the Premier Properties section of www.tranzon.com. n
Tranzon Premier Properties to auctionHenry Clay Inn in VA
Beacon Capital Partners leases 82,758 s/f at Tysons Metro Center III to Alarm.com
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November 14, 2014 Spotlight:
Largest technical assessment company in the U.S EMG and Quality Project Management merge
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DELMARVA deadline: october 31, 2014 Call Kendall Petta to reserve space 781-871-5298 ext. 211 Kendall@marejournal.com
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UNT VALLEY, MD — EMG , a Maryland- based engineering,
environmental, and capital planning consulting compa- ny, has merged with Quality Project Management, LLC (“QPM”) to become the largest technical assessment and proj- ect management company in the United States. Both EMG and Arizona-based QPM are privately-owned companies that provide a broad range of services to real estate owners, retailers, commercial lenders, institutional owners and gov- ernment entities nationwide. Effective September 2, 2014, the transaction will enable both EMG and QPM to provide more national coverage, technical resources, and services to as- sist clients in managing their real estate assets throughout the life cycle. Claude Limoges , CEO of EMG, said, “The decision to merge evolved over a three year period as both companies recog- nized the value a merger would bring to our clients. The trans- action’s synergies enable us to serve our clients at every stage of the real estate lifecycle, from the acquisition of portfolios and asset management to planned
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EMG and QPM celebrate their merger. (L to R): Ken Sliter, senior project manager, QPM; Nestor Benavides, president, EMG; Ronald Stupi, principal, QPM.
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ity, consistency, and service delivery; and an unwavering commitment with singular accountability to get the work right for our clients. Together, we are very excited about the value that we bring to our clients, the opportunity this creates for our employees, and our company’s bright future.” Each entity will maintain its headquarters, leadership, and personnel. EMG will retain its name while QPM will operate as QPM: A Division of EMG. The merged company will em- ploy approximately 450 people located in 37 states, serving the entire U.S., Canada, and Puerto Rico. n
capital improvements and the disposition of properties.” Ronald Stupi , a principal of QPM, said, “We can now of- fer more geographic coverage and subject-matter expertise as well as serve a more diverse group of clients together than as individual organizations. Both companies share the same core values of reliabil- ity, accuracy, timeliness, and experience.” “The essence of both compa- nies is the same,” said Nestor Benavides , president of EMG. “We each have a nationwide network of dedicated techni- cal resources; a centralized infrastructure ensuring qual-
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D el M ar V a ’ s C ommercial R eal E state B rokers
Robert Manekin Title: Managing Director & Principal Company: Colliers International | Baltimore Type of brokerage firm: Full Service Your specialty representation: Tenant Representation & Corporate Services Education: University of North Carolina at Chapel Hill (BA); University of Maryland School of Law (JD) About your company : Colliers International is a global com- mercial real estate services firm with nearly 15,000 professionals operating in 445 offices in 62 countries. Revenues exceed $2 Billion. About your team: I work with an incredibly talented and committed group of young professionals. Colliers VP Nadia Kahler is our team’s transaction manager. Special- ists include Ryan Miller, Tyler Boykin, Mike Ruocco, and Colin Penoyar. We recently added a former leasing representative from Corporate Office Properties Trust (COPT) to expand our listing activities – Vice President Jon Manekin. Current overview of 2014 real estate market: The 2014 office real estate market in Baltimore City has experienced significant growth and positive absorption of space this year. While the overall downtown Baltimore vacancy rate is in the mid-teens, the Pratt Street, Harbor East, Canton and Locust Point submarkets have vacancy rates below10%. Brief forecast on 2015 commercial real estate market in your region: The office leasing market in our region is tied to specific economic conditions in the re- gion’s various submarkets. Office leasing in the Baltimore Washington Corridor will remain strong. Owings Mills and Baltimore County West remain healthy. The I-83 Corridor has some challenges, particularly in Towson. However there is good activ- ity and absorption in Hunt Valley and even White Marsh. Harford County is dealing with excess capacity due to the lack of BRAC activity and jobs. Downtown Baltimore will have to sort out the impact of the relocation of Exelon to Harbor East (Scheduled for 2016 and impacting on 250,000 s/f) and the M&T Bank decision to stay at 25 S. Charles or relocate. Both situations are impacting on tenants in the market and caus- ing significant pre-leasing in a market that does not pre-lease space. Most notable deals/sales or lease transaction of 2014: Colliers represented the Maryland Automobile Insurance Fund (65,000 s/f / 15 year term) and brokered the sale of 8601 Robert Fulton Drive in Columbia. Other notable deals include Pandora’s 10 year headquarters lease at 250 W. Pratt (JLL and C&W). Key to your success in 2014: Creative structuring of transactions, client centric problem solving, and great teamwork. Robert Manekin
Keith May Title: Broker / Owner Company: Cottonwood Commercial Location: Harrisonburg, VA Type of brokerage firm: Fully Comprehensive Commercial Brokerage Your specialty representation: We represent all types of commercial clients. Education: B.S. Virginia Tech
Keith May
About your company and team: Cottonwood Commercial is one of western Vir- ginia’s most comprehensive commercial real estate resources. From its founding in Harrisonburg, Virginia in 1970, Cottonwood Commercial has been guided by the belief that it is not successful unless its clients are successful. Our goal is to build value for our customers by approaching our work with integrity, knowledge, and lots of good ideas. Over the years, our focus has broadened from being the predominant commercial real estate brokerage in the Harrisonburg-Rockingham County area to the broader Shenandoah Valley and beyond. Cottonwood Commercial’s agents bring a diverse set of backgrounds and skills to their work. We are able to provide services across the board in commercial real estate. Our areas of assistance include: Shop- ping center leasing; Property Management; Site finding and brokering, Leasing of and brokering of office properties; Site selection for national retailers; Landlord and tenant representation; Investment real estate, including Triple net leases and 1031 exchanges; Multi-family brokering; Sale and purchases of farm acreage; Sale and purchase of convenience stores and gas stations; Leasing and sale of warehouse and industrial facilities. We at Cottonwood Commercial Realty welcome your interest and your inquiries as you consider buying, selling, or leasing commercial property along Virginia’s growing I-81 corridor or into Central Virginia. Current overview of 2014 real estate market: Very brisk and on the upswing. Brief forecast on 2015 commercial real estate market in your region: Strong retail growth, other sectors solid and growing. Key to your success in 2014: 12 Fantastic brokers covering Western and Central VA
COTTONWOOD C O M M E R C I A L
( 540 ) 434-9922 1958 Evelyn ByrdAve. Harrisonburg, VA 22801
www. cottonwood .com
Be Tran, CCIM Associate Broker (540) 560-1449
Tim Reamer Site Aquisition Spec. (540) 271-7525
Ken Kline Associate Broker (540) 476-0411
Jason Song Multifamily Spec. (540) 383-6692
Keith A. May Broker / Owner (540) 820-7008
COTTONWOOD C O M M E R C I A L
Colliers International | Baltimore Colliers International is a leader in global real estate services, defined by our spirit of enterprise. Through a culture of service excellence and a shared sense of initiative, we integrate the resources of real estate specialists worldwide to accelerate the success of our partners—our clients, professionals and communities. We offer a complete range of services to owners, investors and occupiers on a local, regional, national and international basis. The foundation of our service is the strength and depth of our local specialists. www.colliers.com/greaterbaltimore
Greg Keeler Farms & Land (540) 478-5232
Butch Strawderman Commercial Realtor (540) 246-5959
Rodney Eagle Commerical Realtor (540) 810-9999
Tim Peters Auction Spec. (540) 271-3613
Megan Reichart Auction Spec. (540) 437-9501
100 North Charles St. Suite 1710 Baltimore, MD 21201 8601 Robert Fulton Dr. Suite 220 Columbia, MD 21046 main +1 443 297 9000
• LAND • OFFICE
• INDUSTRIAL • MULTIFAMILY • FARMS
Ray Ressler Gas Station Spec. (540) 820-9900
Eric Ottinger Commercial Realtor (540) 246-1524
Bob Jacob Commerical Realtor (540) 246-5253
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Commercial-Industrial Realty Council Great Real Estate Events...Great Speakers ...Great Networking 3 GREAT REASONS TO JOIN CIRC!!! www.circdelaware.org
Next Meeting: Annual Joint Dinner
Schedule of Upcoming Events Dec. 10, 2014 (Wed.) Annual Holiday Luncheon University & Whist Club Jan. 14, 2015 (Wed.) Monthly Lunch Meeting
November 20, 2014 (Thursday) Annual Joint Dinner CIRC * SIOR * CCIM * TriSTate REALTORS Great Networking, Sponsorships, Food, Keynote Happy Hour: 5:15-6:30 Dinner/Program: 6:30-8:30 Harry’s Savoy Grill & Ballroom 2020 Naaman’s Road, Wilmington, DE Buffet: Harry’s Award Winning Prime Rib, Atlantic Salmon, Breast of Chicken and more! Cost: $60 member / $70 non-member More Info & CIRC Registration: circdelaware.org/meetings/nextMeeting.cfm
2013 Board of Directors President John Birmingham Cushman & Wakefield Vice President Bert Root Harvey Hanna & Associates Treasurer Katherine L. Silicato, CPA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates Directors /Committee Education Chair: Dan Lesher Patterson Woods Associates Legislative Chair: J. Gregory Ellis Patterson-Woods Associates Program Chair: Donald Robitzer The Commonwealth Group Membership Chair: James Manna MidCoast Community Bank Benjamin J. Berger, Esq. Berger Harris, LLC Jim O’Hara, Jr. NAI Emory Hill-Retail Div. Rachael Justice ATAPCO Christiana Marvin Sachs Bellevue Realty Co. BrightFields, Inc. Jeremy Abelson C. S. Kidner & Associates Economic Dev. Liaisons New Castle County Chamber Bob Chadwick NCC Ec. Dev. Council State of Delaware David Archer DEDO NCCo. Rep. City of Wilmington Jeff Flynn Office of Economic Dev. Contact Us www.circdelaware.org (302) 633-1705 janet@circdelaware.org Ex-Officio Members Business Manager Janet S. Pippert CIRC / Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner
Clarion Hotel-The Belle Jan. 14, 2015 (Wed.) R.E. Continuing Education * Mod. 2 / Ethics in Real Estate Mod. 3 / Contracts/Contract Law Mar. 11, 2015 (Wed.)
R.E. Continuing Education * Mod. 1 / Fairhoursing/Agency/Ethics Mod. 6 / R.E. Investment Fundamentals * Visit us on the web for more information on provider and credits for DE*MD*PA*NJ: circdelaware.org/education/schedule.cfm
Bill Hankowsky, President, Chairman & CEO of Liberty Property Trust to offer Joint Dinner keynote speech
At CIRC’s September luncheon Gene Bailey, of the Port of Wilmington and Diamond State Port Corp., shared interesting Port trivia...or maybe NOT so trivial infor- mation at that! Did you know the Port (POW) is: #1 banana port in North America (Dole/Chiquita) #1 in East Coast cattle export #1 US gateway for imports of fresh fruit What do Bananas, Clementines, Cattle, and Ro-Ro have in common? POW TRIVIA: FACTS & FIGURES • 400 ships & 5M tons annually • Niche port: perishables, autos, dry & liquid bulk, project/wind energy • Landlord, terminal & warehouse operator, and direct employer • 308-acre site in Wilmington • Economic impact: Chilean winter fruit, Moroccan clementines, Argentin- ean apples & pears, New Zealand, kiwifruit & apples, and Brazilian & Peruvian grapes) Cargo distributed as far as California oh, and, lastly, what is a Ro-Ro ? weill, that would be Vehicles and “ Roll-on-Roll offs .” • 5,300 family sustainimg regional jobs • $400M in annual business revenue • $37M in regional annual tax revenue
CIRC President John Birmingham welcomes Gene Bailey from the Port of Wilmington
Bill Lower accepts CIRC’s $3,785 donation for Delaware KIDS Fund from Janet Pippert & John Birmingham
Lorraine Sheldon& Emily Drake, of NAI Emory Hill, assist with event registration
Janet Killian, Entrepreneurial Woman of the Year awardee by NCC Chamber, with Pat Forester
Alan Spiro, with The Belle and Diversified Properties, & Marjorie Rothberg, Architect
Photos courtesty of Sonitrol Security of Delaware Valley. View more photos at: www.sonitrolde.com (select “News & Alerts” then select “CIRC/DE” for monthly events photographed by Marketing Coordinator Pat Forester)
CIRC thanks golf: • Sponsors • Golfers • Volunteers for another terrific Golf Outing at Hartefeld National on June 30!
Real Estate Journal — October 10 - 23, 2014 — 9A
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10A — October 10 - 23, 2014 — M id A tlantic
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M id A tlantic R eal E state J ournal Draws attendees from 45 CORFAC firms CORFAC Internat iona l holds Fall Conference
Recently Closed Loans
C
HICAGO, IL — The CORFAC Interna- tional Fall Confer-
ence was held in Chicago Sept. 3-6 drew attendees from 45 CORFAC firms including representation from dozens of U.S. states and eight interna- tional markets – Canada (four Provinces), Mexico, Colombia, England, Ireland, Germany, India and Russia. The conference theme was Revitalization and Reurban- ization. There were many highlights from the three-day event, including the introduc- tion of new member-firms from Austin, TX, Mexico and
$5,662,000
$2,100,000 $9,600,000
216-unit Multi-Family Portfolio 10-Unit Mixed Used Portfolio
57,000 SF Office Building
Tulsa, OK Philadelphia, PA Dover, DE 75% LTV 10/30 loan 4.63% non-recourse 75% LTV 5/30 loan 4.25% 75% LTV 10/30 loan 4.83% non-recourse
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com. FOR MORE INFORMATION: R. Brenner Green, President 75 East Butler Avenue • Ambler, PA 19002 • 610-456-9644 • bgreen@realpropertycapital.com
Shown from left: Greg Ellis, Brian Coakley, Robert Tillsley, Bart Mackey, Cliff Porter, Mike Lewis, Kevin Cox and Michael Bartolacci.
Colombia, plus the Friday evening Standards of Excel- lence Awards dinner in which CORFAC firms were recog- nized for exceptional opera- tional, branding and business practices. CORFAC International is a network association of inde- pendent and entrepreneurial commercial real estate firms with service in over 60 mar- kets worldwide. CORFAC is based in Falls Church, VA. n
Hollenbach Construction receives two ABC awards
BOYERTOWN, PA — As- sociated Builders and Con- tractors (ABC) recognized Hollenbach Construction, Inc. with two awards at its re- cent Achievement Dinner. Hol- lenbach Construction received an award for its long standing membership and support of ABC for the past 40 years. In addition, Hollenbach received the STEP SILVER award for its safety program. Glenn Ebersole , strategic vice president, Business De- velopment/Marketing accepted both awards on behalf of Hol- lenbach Construction. After the dinner Ebersole said, “Hollen- bach Construction appreciates the dedication and support of the entire ABC, Eastern, PA Chapter organization and is pleased to have been a mem- ber for 40 years. We sincerely thank ABC for the recognition this evening.” n
F inancial D igest F eaturing I nsurance /T itle
Real Estate Journal — October 10 - 23, 2014 — 11A
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An eight-story, 104-unit multifamily property with 10,900 s/f of retail space Meridian Capital Group arranges $31.5m in acquisition financing for The Sansom P and senior vice president, Alan Blank , who are both based in the company’s New York City headquarters. six weeks of signing the term sheet,” he said.
HILADELPHIA, PA — Meridian Capi- tal Group, LLC , a national commercial real estate finance and advisory firm, arranged a $31.5 mil- lion loan for the purchase of The Sansom, a multifamily property located in Phila- delphia, PA, on behalf of Pantzer Properties. The five-year loan, pro- vided by a regional balance sheet lender, features a com- petitive fixed-rate of 3.13% and two-years of interest- only payments followed by a 30-year amortization sched- ule. This transaction was ne- gotiated by Meridian Capital Group senior managing di- rector, Drew Anderman , HARRISON, NJ — First Niagara’s Commercial Real Estate Group has closed on a $16.9 million loan with The Hampshire Companies for the construction of a 104-unit market rate apartment com- plex on the site of the former David’s Cookies Factory in Harrison. The loan will fi- nance the construction of two, four-story buildings. Under the direction of Ber- FLORHAM PARK, NJ — HFF has secured $14.5 million in financing for Metro Park South, a 132,721 s/f, class A office building in Ma- tawan, New Jersey. HFF worked on behalf of the borrower, Denholtz As- sociates, to secure the three- year, floating-rate bridge loan with The Bancorp Bank. Loan proceeds will be used to pay off existing debt, execute a capital expenditure program that includes upgrades to the building’s lobby and common areas, and cover upcoming tenant improvements and leasing commissions needed to stabilize the property. Metro Park South is part of a three-building cluster of
of commercial real estate who is based in Plymouth Meeting, PA, and is manag- ing the transaction for the Bank commented, “First Niagara is committed to providing financing for proj- ects intended to revitalize neighborhoods throughout the region. We are pleased to work with The Hampshire Companies to move this project to completion.” n Founded in 1991, Merid- ian Capital Group, LLC is one of the nation’s largest commercial real estate fi- nance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illi- nois, Florida and California. Working with a broad array of capital providers, Merid- ian arranges financing for transactions ranging from $1 million to more than $500 million for multifam- ily, co-op, office, retail, ho- tel, mixed-use, industrial, healthcare, student housing, self-storage and construc- tion properties. n able to close in approximately 30 days, which helped the borrower meet their upcom- ing loan maturity.” Denholtz Associates is a privately-held development, investment and management company active in office, industrial, flex and retail real estate. Denholtz targets value-added real estate, al- lowing its combined sub- stantial in-house capabilities and financial resources to capitalize on opportunities that exist in the marketplace. Headquartered in Matawan, NJ, Denholtz Associates has 100 employees and maintains offices in Atlanta, Chicago and throughout Florida and New Jersey. n
gen Street Urban Renew- al, LLC , a joint venture of CrownPoint Group, LLC and The Hampshire Compa- nies, the project is expected to be completed in July 2015. The site, which is located at 400 S. Second Street in Harrison, N.J., is part of the Harrison Waterfront Redevelopment Plan. With the planned $256 million renovation of the Har- rison Path Station designed “Meridian negotiated a fixed-rate loan with a highly competitive interest rate, which enhances the spon- sor’s ability to execute their business plan,” said Ander- man. “By effectively coordi- nating with all of the parties involved to streamline the process, we successfully closed this financing within The Sansom is an eight- story, 104-unit multifamily property with 10,900 s/f of retail space. The property, is located at 1605 Sansom St., between 16th and 17th Streets.
First Niagara finances $16.9 million construction project at former David’s Cookies Factory in Harrison, New Jersey
to transform Harrison into a transit-oriented, residential location, residents of this new apartment development will have a 10-minute walk to the Harrison Path Station, for an easy commute to Jersey City, Hoboken and Manhattan. “The Hampshire Companies are dedicated to the revitaliza- tion of the Harrison Water- front and with First Niagara’s similar commitment, we have
taken a profound step for- ward in the realization of our shared vision,” said Norman Feinstein, Vice Chairman of The Hampshire Companies. “The development of this proj- ect will have a tremendous impact on the community of Harrison and is a critical step in the city’s growth and renaissance.” Yvonne Ulrich , First Niagara’s vice president tor Michael Lachs . “The borrower was seeking a loan that would provide them with the capital need- ed to refresh the building’s image in the market,” said Klein. “Upgrades to the lobby and common areas as well as the building’s exterior will help draw small and mid- size tenants that want to be located south of the Driscoll Bridge to an already tight submarket.” Bancorp quickly understood the borrower’s needs and was able to provide a non-recourse loan structure that will en- able Denholtz Associates to execute its business plan,” added Mikula. “Their process was seamless and they were
HFF secures $14.5 million financing for class A office property in Matawan, NJ
high-quality office assets lo- cated at 100 Matawan Rd. at Exit 120 of the Garden State Parkway and within minutes of the New Jersey Turnpike, Routes 1 and 9 and Inter- state 287. Amenities at the four-story building include an atrium lobby, 100 covered
executive parking spaces, on-site café and abundant parking. The HFF debt placement team representing the bor- rower was led by director Michael Klein along with senior managing director Jon Mikula and associate direc-
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