R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 17 September 14 - 27, 2012 Commercial Real Estate Law
A 257-unit luxury apartment project located in Arlington, VA Cassidy Turley secures $92m on behalf of the Penrose Group
RL INGTON , VA — Cassidy Turley announced that it has secured $92 million of equity and debt financing on behalf of The Penrose Group for the construction of Pike 3400, a 257-unit luxury apartment project located in Arlington, VA. David Webb, senior managing director, and Jamie Butler, associate vice president, arranged the financing on behalf of The Penrose Group. Delivering in April 2014, Pike 3400 will offer tenants a prime location at the intersection of Colum- bia Pike and Glebe Road in Arlington, VA, as well as unique amenities including 15,000 s/f of ground floor retail, a resort style pool, rooftop entertainment space and dog park, and numerous innovative Green systems and designs. In addition to the apartment building, The Penrose Group will also con- struct 44 finished townhome lots on the southern portion of the site, which have been pre-sold to a national home- builder. n A
13-17A
WP Realty secures Oak Park Commons
6B
Central PA
Pike 3400
In downtown Washington, D.C. First Potomac sells stake in 1200 17th Street, NW for $43.7 million
announced the sale of its 95% interest in 1200 17th St., NW for $43.7 million. “This sale allows us to achieve our previously stated goals of monetizing an investment after we have added value, signifi- cantly strengthening our bal- ance sheet, and decreasing risk in our portfolio” said Douglas Donatelli, chairman and CEO. “While we know 1200 17th Street will be a very success- ful project, we could not pass up the opportunity to sell our position at a significant profit. We wish our friends at Akridge great success as they move for- ward with 1200 17th Street and we hope to have the opportunity to team up with them again in the future.”
WASHINGTON, DC — First Potomac Realty Trust
5-12C
Directory
Upcoming Spotlight Fall Preview — September 28 th Auction Directory.......................... 4-6A Financial. .................................... 7-12A DelMarVa.................................... 19-26A TriState Organization................. 28-29A Calendar of Events. ........................ 32A New Jersey............................. Section B Pennsylvania.......................... Section C
1200 17th Street, NW Photo Credit: CoStar
First Potomac acquired 1200 17th Street, NW in late 2011 in a joint venture with Akridge for $39.6 million, in which First
Potomac provided 95% of the equity. Akridge will continue to own its portion of the project and will remain the developer. n
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Inside Cover A — September 14 - 27, 2012 — Mid Atlantic Real Estate Journal
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Real estate financing experts are easy to find...
$25,000,000 Multi-Family Rental Lancaster, PA
$27,000,000 Mixed-Use Building Jersey City, NJ
$2,000,000 Childcare Facility New Brunswick, NJ
$18,000,000 Office Building Woodbridge, NJ
$26,000,000 Multi-Family Rental Howell, NJ
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Mid Atlantic Real Estate Journal — September 14 - 27, 2012 — 1A
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2A — September 14 - 27, 2012 — Mid Atlantic Real Estate Journal MAREJ A DVERTISERS D IRECTORY Alfred’s Auctions ............................................................... 5A Atlantic Asset Management Group.................................. 4A B.R. Kreider & Son, Inc .................................................... 9C Barry Isett & Associates, Inc.......................................... 14C Bennett Williams ....................................................... 7C, 8C Berger Organization ......................................................... 1B Bergman Real Estate Group ............................................ 9B BL Companies ................................................................... 8C Brahney Paving................................................................. 6B Brasler Properties ....................................................... IFC-C Business Card Directory................................................. 27A Bussel Realty Corp.........................................................IC-B CBRE Auction ................................................................... 5A CBC Bennett Williams.................................................... 31A Cenova ......................................................................... IBC-C Cervelli Management Corporation................................. 11B Columbia Bank.................................................................. 8A Conewago Enterprises, Inc............................................... 8C Cooper-Horowitz ............................................................. 12A Earth Engineering Incorporated...................................... 4C EWMA.............................................................................. 16A Fitzpatrick Lentz & Bubba, PC.............................. 15A,14C GA Keen Realty................................................................. 3A Griffin Land....................................................................... 2C Hartz Mountain ............................................................BC-B Harvey Hanna & Associates...................................... 21,26A Hawley Realty, Inc. ......................................................... 11C Heller Industrial Parks .................................................... 4B High Associates ................................................................. 6C Hinerfeld Commercial Real Estate ......................... 31A, 1C Kaplin | Stewart......................................................... 2, 17A Katz Properties .............................................................FC-C Keast & Hood Co............................................................. 15C Landcore Engineering Consultants, P.C.......................... 5C Landmark Commercial Realty Inc................................... 5C Lebanon Valley Economic Development Corporation ..... 8C Liberty Property Trust...................................................... 9C LMS Commercial Real Estate .......................................... 9C M. Miller & Son................................................................. 3A Max Spann ........................................................................ 4A Marcus & Millichap Taylor Zang ..................................... 2C Mericle Comm’l. Real Estate ........................................BC-C Meridian Capital Group .............................................. 3,16A NAI CIR........................................................................... 11C NAI Summit ...................................................................... 3C NJ Paving .......................................................................... 3B NJ SmartStart .................................................................. 1A NorthMarq..........................................................20A, 8B, 4C Ondra-Huyett Associates, Inc......................................... 15C Patterson Woods Commercial Properties ...................... 23A Penn’s Northeast............................................................... 2C Poskanzer Skott Architects .............................................. 5B ProExpos...................................................................... IBC-A Provident Bank .............................................................. IC-A Regal Bank ....................................................................BC-A Riker Danzig ............................................................ 14A, 2B ROCK Commercial Real Estate .............................. 4C, 10C Rose Metal Systems .......................................................... 8C SEBCO Laundry Systems ................................................ 2B Sheldon Gross Realty........................................................ 2B Sitar Auctions.................................................................... 5A SNJ Appraisal Institute................................................. 15B Springwood Commercial Realty ....................................... 4C Subway ............................................................................ 31A The Kislak Co.................................................................... 3B Thesing ............................................................................ 31A Tighe & Cottrell, P.A....................................................... 23A Transportation Resource Group, Inc................................ 9C TriState Realtors Commercial Alliance ......................... 29A Warfel Construction .......................................................... 9C Warner Real Estate & Auction Co.................................... 5A WCRE ................................................................................ 2B
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Mid Atlantic Real Estate Journal
Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist ................................................. James H. “Skip” Dawson Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 17 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
By James H. “Skip” Dawson The Benefits of the Casual Business Get-Together
O
ne of the earliest les- sons I learned about business lunches is to
always keep an extra shirt in the office. I learned this the hard way when several years ago a client accidently spilled a large amount of ketchup all over me during our first lunch meeting. She was horrified, and feared that slip would cost her my business. But ac- tually the incident helped establish a relationship and the client remains with us to this day. Goes to show you what an unorthodox business lunch can lead to. Before the Great Recession, it seems the lunch meeting was only something to do to get out of the office. But since, many professionals have found “doing lunch” – or breakfast or drinks with clients, vendors or brokers – are once again play- ing a strategic role in the total deal making process. So what are the benefits
of taking a casual business meeting? Strengthening Existing Re- lationships Many real estate profes- sionals have been trying to fill in the gaps of time normally spent running after transac- tions. Lately, I’m out of the office on average two times a week for lunch, breakfast or drinks and approximately once a week at an industry meeting, 75% are with people I already know or with whom I’m already doing business. If there aren’t many deals to be had, focused on keeping re- lationships you have on track
while solidifying your reputa- tion with these companies. Industry meetings are be- coming more casual to fit this trend. And recently, I’ve noticed that attendance has been up at these types of events. Attending is a great opportunity to check in with your vendors and associates. It’s also necessary to be where your clients are so they know you’re on top of current market conditions that could affect their business. Charitable functions, while a bit more formal, are also of tremendous value to the continued on page 30A
Experience Counts. Count on us.
Kaplin Stewart ! T T O R N E Y S A T , A W 2EAL ESTATE LAW FROM THE GROUND UP
Contact: NEIL A. STEIN 910 Harvest Drive, Blue Bell, PA 19422-0765 s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0!
To advertise, call 1-800-584-1062
Mid Atlantic Real Estate Journal — September 14 - 27, 2012 — 3A
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M ID A TLANTIC R EAL E STATE J OURNAL In financing for multifamily and office properties MeridianCapital Group, LLC negotiates $52.8 million
They wrote the policy.
We make sure they write the check.
I
SELIN, NJ — Meridian Capital Group, LLC an- nounced the following transactions: A new mortgage of $2 mil- lion was placed by Meridian on University Commons, a 48-unit multifamily property located in Philadelphia, PA. The loan features a rate of 3.10% and a five-year term. This transac- tion was negotiated by Emil DePasquale. Meridian negotiated a new mortgage in the amount of $29.1 million on the 375-unit LaSalle ParkApartments locat- ed in Hyattsville, MD. The loan features a rate of 3.80% and a 10-year term. This transaction was negotiated by Shimshie Tepper and Barry Lefkowitz A new mortgage of $7.5 mil- lion was placed by Meridian on an 11-story, 125-unit multifam- ily property on Henry Hudson Parkway in Riverdale, NY. The loan features a rate of 3.25% and a five-year term. This transaction was negotiated by Israel Schubert. Meridian negotiated a new mortgage in the amount of $6.5 million on the 158-unit Townhomes of Regency Place multifamily property located
M. MILLER & SON Public Adjusters Since 1960
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
Recent Financings Arranged By Meridian Capital Group
LaSalle Park Apartments
in Philadelphia, PA. The loan features a rate of 3.63% and a five-year term. This transac- tion was negotiated by Steven Halpert. A new mortgage of $5 mil- lion was arranged by Meridian to refinance a five-property, 37,000 s/f medical office port- folio located in Northern New Jersey. The loan features a rate of 4.25% and a seven-year
term. This transaction was negotiated by Jay Jacobovitch and Barry Lefkowitz. Meridian negotiated a new mortgage in the amount of $2.7 million on two multifamily properties totaling 60 units in Teaneck and Fort Lee, NJ. The loan features a rate of 4.25% and a 15-year term. This trans- action was negotiated by Elliot Treitel. ■
Walnut Street 375 Units $51,000,000 Philadelphia, PA
Berkshire at the Shipyard 93 Units $32,900,000 Hoboken, NJ
OFFER DEADLINE: OCTOBER 5, 2012 6 Waterfront Industrial Properties * Florida * New Jersey * Maryland Act Now! BANKRUPTCY SALE Subject to Bankruptcy Court Approval
LaSalle Park Apartments 354 Units $29,100,000 Hyattsville, MD
Millville, NJ 234,013 Sq. Ft. on 19.20 Acres
Salisbury, MD 10 & 20 Acres of Industrial Land
Hidden Creek Apartments 236 Units $23,500,000 Bayville, NJ
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s larJest FoPPerFial real estate ðnanFe and adYisor\ ðrPs :orNinJ Zith a Eroad arra\ of Fapital proYiders, Meridian arranJes ðnanFinJ for transaFtions of all si]es and propert\ t\pes inFludinJ ÷ MultifaPil\
Excellent Boat Manufacturing Real Estate Opportunities with Major Redevelopment Potential! GA Keen Realty Advisors P: 646-381-9222 www.greatamerican.com/keen
÷ 6enior +ousinJ ÷ 6elf6toraJe ÷ ConstruFtion
÷ 5etail ÷ Mi[ed8se ÷ ,ndustrial
÷ +ospitalit\ ÷ +ealthFare ÷ 6tudent +ousinJ
÷ Co2p ÷ 2ffiFe
3lease FontaFt ,srael 6FhuEert at 1 to learn Pore aEout Meridian’s uniTue approaFh and to disFuss \our ðnanFinJ needs
517 Route 1 South, Suite 4000 Iselin, NJ 08830 | www.meridiancapital.com
A — September 14 - 27, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com M id A tlantic R eal E state J ournal A uctions Also auctions two waterfront estates and six home lots in North East, MD Max Spann to auction four luxury townhomes with direct ocean views in Seaside Heights, NJ
S
EASIDE HEIGHTS, NJ —Four newly construct- ed luxury townhomes with direct ocean views are to be auctioned in September with bids starting at $190,000 on townhomes that originally listed for $749,000. Max Spann Real Estate & Auction Co. has scheduled the auction for 1 p.m. on Sept. 30 at the Holiday Inn Toms River, 290 Highway 37 East, Toms River. The four-story Vista del Mar, with private elevators, is located at 28 Sampson Av- enue, less than a block from the beach. Max Spann has scheduled property previews from noon to 2 p.m. on Sunday, Sept. 16 and Saturday, Sept. 22. With their open floor plans complete with gourmet kitch- ens, the townhomes are per- fect for entertaining family and friends. Each 3,500 s/f townhome has four bedrooms, three and a half baths, a pri- vate elevator, hardwood floors throughout, fireplaces and
A five-acre property contains a 4,300 s/f custom home, a 175-foot bulkhead with deep water access. A 16-acre estate is perfect for a dream home or possible subdivision. Both properties have a minimum
bid of $450,000. The six home sites are fully approved and ready to build. The first two home sites are to be auctioned absolute, mean- ing they will be sold regardless of price. n
Diliberto Real Estate Services hires Shiels and Garcia
Chicago, IL—Diliberto Real Estate Services, LLC, one of the nation’s leading
Estate Services of Florida, Alex Garcia is focusing on evaluation and advisory
auctioneers, announced that two vet- eran real es- tate profes- sionals have j o ined the firm, specifi- cally to over- see regional markets.
services, as well as new business de- ve l opment among Flori- da’s local/in- ternational community and visiting foreign buy-
Seaside Heights, NJ
two under building parking spaces. Master suites feature sitting room, fire place, mas- ter bath with jetted tub, and private balconies. A private rooftop deck offers incredible ocean views. NORTH EAST, MD — Two waterfront estates and six wooded water-view home sites in North East at the tip of
the Chesapeake Bay are to be auctioned. Max Spann has scheduled the auction for Friday, Sep- tember 21, 2012 at 1 p.m. on site at 995 Turkey Point Rd., North East. The waterfront estate prop- erties with 500 feet of water frontage can be purchased separately or as a package.
Dan Shiels
Alex Garcia
ers/sellers.
Fromhis base in Charlotte, NC, Dan Shiels, who joins as director, will lead the south and southeast residential and builder markets. Based in Miami, FL as a manager of Diliberto Real
Although both Shiels and Garcia will be based in the southeastern U.S., DRES will tap their respective experience in all markets nationally. n
AUCTIONS
TRUSTEE FORECLOSURE AUCTION
September 15 Villa by the Sea Ventnor, New Jersey x Spacious 9,800+/- Sq. Ft. Beachfront home x Expansive half acre lot, spanning September 21 North East, Maryland x 2 Waterfront Estates 5+/- Acres w/ house; 16+/- acres x 6 Wooded Lots September 30 Vista Del Mar, Seaside Heights, New Jersey x 4 New Townhome x Private elevator x Private Rooftop Deck with incredible ocean views October 4 Multi Parcel Auction New Jersey x By Order of the City of Summit, 6,462+/-sf Commercial Building on Major Signalized Intersection, Summit, x Bulk Bid on 44 Residential Lots in the 285+/- Acre High Point Country Club Development, High Point x Absolute Auction Former Bank Branch 2,285+/-sf, Vineland October 10 41 Philadelphia Townhomes Sold Separately x Income Producing Rental Properties—35 Leased
17.238 Acres, 3 Bldgs with Total ± 350,000 SF
Auction : Wednesday, October 3rd at 12:30 PM Previews : 9/12, 9/26 & 10/2 - 10 AM-1 P M
• 89 Year Old “Custom Steel Fabrication Business” Closes Doors • 17.238 Acres, 3 Bldgs w/Total Gross Bldg Area-GBA ± 349,105 SF • Lgst. Industrial Track of Land in City of Norfolk, Zoning I-3 • Strategic Transportation Links to Port Terminals • Norfolk Southern Rail Spur on Site, New Amtrak Line Next to Site • Qualified for Enterprise Zone Incentives
Summit
Appraised at $6,300,000
The sale is subject to the terms of the deed of trust and applicable law. The trustee, secured lender and Atlantic make no representations, express or implied, regarding the property being sold. All property is being sold as is and where is. W.J. Summs, CEO VAF #359 F or f u ll d e t a il s: a tl a nticR Emarketing.com
CACA CALL FOR DETAILS 888-299-1438 maxspann.com
Robert L. Dann Auctioneer Lic #AU005609
Mid Atlantic Real Estate Journal — September 14 - 27, 2012 — A M id A tlantic R eal E state J ournal A uctions
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CBRE Auctions
MInIMUM BID aUCtIOn Sold to The Highest Bidder at or Above $14/Sf
Calvert Center
Commercial Property in Cherry Hill, NJ 08034 4000 +/- s/f 1 story brick & block building Property frontage is 125 feet by 300 feet deep Front office w/bathroom, bathroom w/shower in work area 2 Bay doors, Central Air, Gas Heat, Fully Insulated Close to NJ Turnpike and Route 295 AUCTION: SEPTEMBER 22, 2012 AT 1PM OPEN HOUSE: SEPTEMBER 8, 2012 FROM 9AM TO 3PM Call 609-448- SOLD (7653) www.alfredsauctionsinc.com 650 Deer Rd, Cherry Hill, NJ 08034
Auction :: octoBER 11
Calvert Center ±411,730-SF 17-Story High Rise Office Building
UÊAdjacent to major medical campus, City Hall and Circuit Court of Baltimore UÊIncludes 329 covered parking spaces UÊFormer Bank of America Operations Center UÊAlternative uses may include school, multi-housing, condominium, hotel, medical office, parking garage or storage UÊCurrent occupancy less than 10% - tremendous value-add opportunity
225 N. Calvert Street Baltimore, Maryland (Downtown Baltimore)
800.815.1038 Scan to view auction listings on our website: www.cbre.com/auctionservices Follow us on twitter: @cbreAuctions
Broker Participation Invited | Broker: CBRE, Inc.
Bank Ordered Auction Three Bank Owned Properties $XFWLRQ+HOG )ULGD\2FW SP Residence Inn Atlantic City, 900 Mays Landing Road, Somers Point, NJ 08244 Property #1: Bayfront Building Lot Property #2: Two-Story 2IÀFH%XLOGLQJ Property #3: 8± Acres with 7 Lots
Owner Retiring! (80 Year Old) PRIME COMMERCIAL REAL ESTATE! AUCTION
5,000 S/F BUILDING (2009) ON 4.8 ACRES, OPERATING CONVENIENCE/DELI STORE WITh LIQUOR LICENSE, ON SITE PARKING! TUESDAY OCTOBER 9Th @11:00 A.M. 1110 Edella Rd., Clarks Summit, PA 18411 (Corner of Fairview Road) This property is surrounded by 250 Apartments, 50 Town Houses and numerous Single Family Homes in an affluent area. This is an opportunity to invest into your future. The property has the potential for various profitable ventures. Details: Col. Steve Sitar & Co. (570) 586-1397 PaLic AU2124-L www.sitarauctions.com
(Offered as a Package)
5105 Winchester Ave, Ventnor City, NJ 08406
1742 Mays Landing-Somers Point Road, Egg Harbor Twp, NJ 08234
9th Ave. & Garden Ave, Rio Grande, NJ 08210
PROPERTY INSPECTIONS HELD Sunday, September 23, 12:00-2:00pm – Properties 1 & 2 Wednesday, September 26, 12:00-2:00pm - Property 3
856-769-4111 www. WarnerRealtors .com
Mid Atlantic Real Estate Journal, 1/4 pg, Sept. 14
6A — September 14 - 27, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS The largest industrial tract in the city of Norfolk, VA Atlantic Asset Management Group to auction former Globe Iron Industrial Facility, Oct. 3, 2012
N
ORFOLK, VA — A tract of commercial industrial property –
the largest in all of Hampton Rds. will be sold at auction Wednesday, Oct. 3, at 12:30 p.m. (EDT). The trustee fore- closure will be a live on-site auction, to be held in the main building of the prop- erty, at 1401 MaltbyAve. It is the former home of now-de- funct Globe Iron which, after nearly 90 years, has officially closed its doors. The tract is comprised of three buildings, each with its own address (1401-1405 Maltby Ave., 1416 Cary Ave. and 1525 Saint Julian Ave.), all situated on 17-plus acres. The three buildings have a to- tal gross building area of just under 350,000 s/f , consisting of an office building (8,400 s/f), a fabrication/manufacturing building (301,540 s/f) and a blast/paint building (39,165 s/ f). They are cleared and ready for a new occupant. “This property not only enjoys spectacular proximity to rail, interstates and one of the largest water ports in the world, it is in Norfolk’s highest advantage enterprise zone, eligible for city and state incentives and federal grant money,” said William Summs, chief executive officer ofAtlan- tic Asset Management Group, the Virginia Beach-based firm conducting the sale. Proximity is expected to be one of the property’s strongest selling points come auction day, Summs said. “It is literal- ly five minutes, without inter- ference, to I-264, which rings Norfolk and is the hub going to Interstates 64 and 464. It’s also within 20 minutes by car to seven cities: Virginia Beach, Portsmouth, Newport News, Suffolk, Hampton, Nor- folk and Williamsburg.” And, Summs said, with a direct rail spur to the port of Norfolk, “freight could literal- ly go straight from the build- ing and out into the world.” He also pointed out that there is a new Amtrak line under construction along the property that is expected to be completed in December. Accessibility by water is also seen as a big plus for the tract. Hampton Roads (the name for both a body of wa- ter and the Norfolk-Virginia Beach metropolitan area, in southeastern Virginia) is
The property is in Norfolk’s highest advantage enterprise zone, making it eligible for city and state incentives and federal grant money.
The property enjoys spectacular proximity to rail (shown), interstates and one of the largest water ports in the world.
The property is just five minutes, without interference, to I-264 (which rings Norfolk), and within 20 minutes by car to seven cities.
The ceiling spans in the buildings are a phenomenal 40-60 feet. Nine industrial overhead cranes will be included in the property offering.
The tract is huge, comprising three buildings, each with its own address and with a total gross building area of just under 350,000 s/f .
home to one of the largest port facilities in the world. That the property could be so near to a major port and shipyard repair center makes it a strategic location for many industries. The rail lines pro- vide direct access to the three major Port Terminals: NIT (7 miles), PMT (6 miles) and APM (8 miles). The property has a current appraised value of $6.2 mil- lion, although it was nearly twice that five years ago, when the business and real estate were operational. Although the majority of Globe’s fixtures, furnishings and equipment have been previously liquidated, nine industrial overhead cranes remain on site. These will be included in the property offering. “The overhead cranes are
another huge plus for a buyer, because the ceiling spans in these buildings are phe- nomenal – about 40-60 feet,” Summs said. He said each of the 30-50 ton cranes is worth around $250,000. “That’s about $1 million worth of equipment that a new owner won’t have to worry about.” Summs said the facility would be perfect for shipyard use, for an industrial manu- facturer or as a distribution center. “Another million s/f of space could be added, if need be,” he said, “up to 1.8 million s/f total. We anticipate keen interest frombuyer-investors, who could lease the property or relocate part or all of their operations there. The labor pool is great.” Globe Iron tapped into that labor pool from its founding in 1923 until the recession
hit with brute force and ulti- mately forced the firm’s clos- ing. The company was run by the Mednick family, which en- joyed a reputation in Norfolk and the surrounding area for being philanthropic, with deep roots in the community. In its heyday, Globe Iron provided structural steel for an array of major projects, both locally and around the world. In the mid-Atlantic re- gion, those projects included Nauticus in Norfolk, the Ford Assembly Plant, the National Museum of the American In- dian in Washington, D.C., the expansion of Virginia Tech’s Lane Stadium in Blacksburg and nearly all high-rise build- ings in Hampton Roads. Now, after nearly 90 years, it is closed for good. Previews for the auction will be held on Wednesday,
Sept. 26, from 10 a.m. to 1 p.m; on Tuesday, Oct. 2, also from 10-1; and on auction day, Oct. 3, when the preview and registration will begin at 10 a.m. The auction will begin promptly at 12:30 p.m (EDT). Qualified phone bids will be taken on auction day and registered real estate brokers qualify for commissions. Atlantic Asset Manage- ment Group is a full-service auction firm specializing in the sale of commercial and residential real estate, commercial and retail busi- nesses, machinery, heavy equipment, surplus vehicles, commercial and pleasure marine craft, and furnish- ings, fixtures and equipment. Bonded and licensed since 1979, the group special- izes in assets of substantial value. ■
F INANCIAL D IGEST
Mid Atlantic Real Estate Journal — September 14 - 27, 2012 — 7A
www.marejournal.com
Rosen leads $9.9 million loan closing Beech Street originates $23.1m for Meridian
Greenbaum, Rowe, Smith and Davis rep seller in portfolio sale HFF arranges $200 million Jersey City tower refinancing
J ERSEYCITY, NJ—HFF has completed the follow- ing transactions: HFF has arranged a $200 million refinancing for New- port Tower, a 1.1 million s/f, class A office tower in Jersey City. HFF worked on behalf of MEPTNewport Tower LLC, a subsidiary of Multi-Employer Property Trust and advised by Bentall Kennedy, to secure the seven-year, 3.5 percent fixed-rate loan through Pru- dential Mortgage Capital Company. The HFF team represent- ing the borrower was led by managing director Cary Abod and senior managing directors Whit Wilcox, Mike Tepedino and Tom Didio. In Florham Park, NJ, HFF has closed the sale of a nine- building industrial portfolio comprised of approximately 2.6 million s/f of primarily warehouse and office space in port-centric locations in northern New Jersey. HFFmarketed the portfolio on behalf of the seller, affili- ates of Avidan Management LLC. An affiliate of Cohen Asset Management, Inc., an industrial and commercial real estate investment firm, purchased the portfolio for an undisclosed amount. The portfolio includes a mix of bulk distribution, light industrial space, cold storage and office space, and is 98 percent leased to a diverse base of tenants. The prop- erties are located in South Brunswick, Edison, Eliza- beth and Bayonne, NJ. The HFF investment sales team representing the seller was led by managing di- rector Michael Nachamkin along with senior managing directors Jose Cruz, Andrew Scandalios and Jon Mikula, managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver. The lawfirmof Greenbaum, Rowe, Smith and Davis, LLP represented the seller. The legal team was led by Jack
Avidan industrial portfolio
Highland Park, Karl Place Apartments in Garfield and Stephens Street Apartments in Belleville, New Jersey. The HFF team represent- ing AIG was led by senior managing directors Jose Cruz andAndrew Scandalios along with managing directors Kevin O’Hearn and Jeff Ju- lien and associate director Michael Oliver. This is the fourth multi-housing portfo- lio HFF has closed for AIG, which now totals approxi- mately 2,600 units in an 18- month period. “This transaction is the sec- ond group of assets fromAIG that Vantage has purchased and the firm has performed exceptionally well during the process. Vantage has contin- ued to show their ability to consummate transactions in a difficult economic environ- ment,” said Cruz. In Washington, DC, HFF has closed the leasehold sale of Carroll Square, a 178,000 s/f, class A office property in the East End submarket. HFFmarketed the property on behalf of the seller, Seaton Benkowski & Partners. GLL Partners purchased Carroll Square for $121.4 million and assumed an existing loan on the property. Carroll Square is a 10-story building comprised of both new construction and seven late 19th century commercial townhomes. The HFF team represent- ing the seller was led by exec- utive managing director Ste- phen Conley and senior man- aging directors Jim Meisel, Dek Potts and Andrew Weir. Additional support was pro- vided by real estate analysts Matt Nicholson and Jessica Dickinson. ■
Four-property portfolio
BETHESDA, MD — Beech Street Capital, LLC provided $23.1 million in Fannie Mae conventional loans to refinance a four-property portfolio, to- taling 770 units, located in Tucson, Arizona, San Antonio, Texas and Sussex, NJ. David Cohen and Israel Shubert originated the transaction for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its cor- respondent relationship with Meridian. The borrower, new to Beech Street, was motivated to reduce the interest rate on the portfolio, despite the pre- payment costs on the current loans. Beech Street was able to deliver an attractive rate, along with interest-only peri- ods for each of the loans. Sunrise Ridge Apartments and Van Buren Apartments are located in Tucson, Arizona and consist of 340 units and 70 units respectively. Wellington EstatesApartments consists of 228 units and is located in San Antonio, Texas. Alpine Village Apartments consists of 132 units and is located in Sussex, NJ. The fixed-rate loans have NEWARK, DE — Joseph Sweeney, senior vice presi- dent and managing director of NorthMarq’s Philadelphia regional office, arranged first mortgage refinancing of $7.1 million for Southgate Apart- ments (shown right). Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Southgate RealtyAssociates, by
10-year and seven-year terms, all of which have some inter- est-only components. Beech Street has provided a $9.9millionHUD232/223(a)(7) loan to refinance Sterling Healthcare and Rehabilita- tion Center, a 164-bed skilled nursing facility in Media, PA. The transaction was originated by Joshua Rosen, executive vice president of Beech Street Capital. Working from Beech Street’s Chicago office, Rosen leads the company’s nation- wide healthcare efforts. Beech Street proposed a financing structure that will allow the borrower to take advantage of tremendous debt- service savings. “The pack- age held up wonderfully dur- ing HUD processing,” states Rosen. “The Beech Street team was able to issue a com- mitment quickly, speeding up the entire process for the bor- rower.” Beech Street provided a 31.5-year term with a very attractive interest rate, allow- ing the borrower to keep the same term and amortization period as the existing loan,” Rosen adds. ■
Newport Tower
Fersko, Esq. along with Re- gina Schneller, Esq. and Ken Bills, Esq. In addition, James C. McDonald of CFC Advisors acted as business consultant to Avidan Man- agement LLC. “This transaction repre- sents one of the largest sales of industrial property in northern New Jersey in the past several years. The land- constrained, infill locations have a long history of steady tenant demand including port driven exporters and importers requiring key loca- tions in close proximity to the Port of NewYork/New Jersey in Elizabeth, Newark and Bayonne. HFF is extremely pleased to have been a part of such a significant industrial transaction,” said Nacham- kin. In a separate NJ transac- tion, HFF has closed the sale of a three-property, 89-unit multi-housing portfolio. HFF marketed the prop- erties on behalf of the sell- er, AIG Global Investment Group. Vantage Properties, LLC’s affiliate, Candlebrook Properties purchased the of- fering for $12.4 million. The properties average 95 percent occupancy overall and are located withinMiddlesex, Bergen and Essex Counties. The individual properties are Highland Gardens in
NorthMarq arranges $7.1m mortgage for Newark, DE apts.
NorthMarq through its seller- servicer relationship with Fred- die Mac. ■
8A — September 14 - 27, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com
F INANCIAL D IGEST
By Bruce Coin, Bruce Coin Consulting, Inc. The current commercial mortgage market
N
otwithstanding sub- dued economic times or recessions, from
end” to close the books and not need to carry the asset, bookkeeping and taxes into another year. Buyers like to close so that they are off to a fresh start with a new asset and new budget as they start the subsequent year but also to obtain some tax benefits in the “short” acquisition year. Lenders often delay commit- ting as many loan dollars as they should during the first eight months of the year be- cause they think conditions and interest rates may be bet- ter by year end. By Septem- ber, whenmost have returned
from summer vacations, they usually wind up recognizing that they have under com- mitted to meet their calendar year target, have more funds to invest at this time than anticipated and so the rush is on to commit and close more deals during the last four months than at any other time during the year. The question is; will that be true again this year? Current evidence suggests that these last four months should see a decent amount of sales and financings. The recent NREI/Marcus
and Millichap Investor Sen- timent Survey showed that “investor confidence has once again surged forward”. The index hit a high of 166-the highest since the index began in 2004. Interest rates remain very low and with assurances from Fed Chairman Bernanke that the Fed will keep rates low through 2014 and that the Fed is looking to take other measures to stimulate economic growth. The out- look should remain positive. His comments from the late August meeting in Jackson
Hole, WY came too late to be included in this column. Best guess here is that “more of the same” will be discussed but with some better indica- tion of the additional steps the Fed will take over the next few months to help expand the economy. Watch for the comments and react accordingly. The benchmark 10 year U.S. Treasury rate, while often overly reactive to the news “dou jour”, has re- mained below 1.68 since spik- ing up from this year’s low of 1.38 percent on July 24th to 1.84 percent on August 15th. These low rates bode well for sellers, buyers and borrowers capable of satisfying current underwriting standards to re-finance. Continued 14 percent of- fice vacancy rates in most markets continues to restrict new construction. While the economy continues to grow at a snail’s pace, office va- cancy has been declining and should continue to decline, perhaps by as much as 1 per- cent during 2013. The lack of new construction that often would oversupply markets will allow existing facilities to improve their occupancy levels and possibly increase rents. As office buyers and lenders have focused atten- tion on class A facilities the abundance of capital now available combined with the better yields available from Class B properties and those located in other than major CBD locations should cause increased activity among that asset class. Apartments continue to be the asset class of choice with vacancy rates of most proper- ties expected to drop to that favored benchmark of 5 per- cent. Unfortunately, apart- ment cap rates are beginning to stabilize as purchasers and lenders seek better yields than those available with mortgage rate requests at rates as low as 3.5 percent and equity dividend yields of 6 percent or less. Sellers seeking the possibility to sell at a simple overall cap rate of between 5.5 and 6.5 percent would be wise to sell and not wait too long. The Presidential election will take place at the begin- ning of November. Historical- ly, no matter what party wins, continued on next page
my experi- ence the pe- riod between t h e w e e k after Labor Day and De- cember 15th of each year has histori- ca l l y been
Bruce Coin
one of the best times to buy, sell or finance income prop- erty. Sellers like to complete transactions before “year-
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Mid Atlantic Real Estate Journal — September 14 - 27, 2012 — 9A
www.marejournal.com
F INANCIAL D IGEST
Cronheim organizes acquisition financing of $6.2m
20 properties at Temple University and UPenn MMCC arranges $6.9m loan for student housing portfolio
OKLAHOMA CITY, OK — Dev Morris and Andrew Stew- art have arranged acquisition financing of $6.2 million for a new, build-to-suit distribution facility owned by Monmouth Real Estate Investment Cor- poration (MREIC). The 12-year fixed-rate loan was placed with American United Life Insur- ance Co., whom Cronheim represents as correspondent and servicing agent. The interest rate was locked in December 2011 for a forward commitment to fund the loan upon completion of the build- ing and the tenant taking oc- cupancy and paying rent. The subject is a newly con- structed 119,912 s/f facility with 6,587 s/f designated as
office space. The tenant will utilize this facility as an au- tomated warehouse and sort- ing/distribution hub for small packages. According to Dev Morris, “Through one of our correspon- dent lenders, we were pleased to be able to provide a forward commitment at an attractive fixed rate, allowing the client to place the property under contract well before completion of the building, which not only eliminated interest rate risk in a volatile market but also pro- vided certainty of execution for the merchant developer. This is the second financing that Cron- heim has secured on behalf of MREIC within 6 months, total- ing $16.1 million.” ■
P
HILADELPHIA, PA — Marcus &Millichap Cap- ital Corporation (MMCC)
a portfolio of student housing at Temple listed by Marcus & Millichap Real Estate Invest- ment Services’ agents Ken Wellar and Cory Longberger,” adds Wood. “Once we determined the cash equity needed to acquire the Temple properties and added the refinance of proper- ties already owned by the bor- rower at UPenn, we knew who the right lenders would be. The two lenders we ultimately chose provided the equity needed for the purchase of the properties through cash out in the refi- nance,” said Wood. ■
there is usually a “spike” in confidence and optimism im- mediately thereafter until normalacy returns. The conditions appear right for the last four months of this year to see increased ac- tivity. While the activity will not be anywhere near earlier year’s volumes, it could be a very good time to act as the period could see more sales and financings than at any other time during this year. Carpe diem! Bruce J. Coin is director of Bruce Coin Consulting, Inc. ■ continued from page 8A By Bruce Coin . . . Procida Funding’s invest- ments all of which have been successful include the Gull’s Cove condominiums in Jersey City, an office building in Free- hold known as Freehold Com- mons, a new rental building in Union City, the Union Park and Habitat for Humanity’s newRe- Store in Randolph. The Fix and Flip 1-to-4 family program has financed the acquisition and renovation of 44 1-to-4 family homes. ■ MANHATTAN, NY — Proci- da Funding’s 100 Mile Fund provided a loan-on-loan to RE- DEV Group for the acquisition of a $6.5 million construction loan. The loan is secured by a partially constructed 114-unit townhouse development known as Kerry’s Arbor in Franklin Township. This bedroom com- munity for Manhattan was identified by Money Magazine in 2008 on the list of “Top 100 Best Places to Live.” It is the tenth such transaction where Procida has provided the capi- tal to both buy the debt and finish construction. ProcidaFunding’s 100 Mi le Fund closes on another “half-built” John Banas and Kris Wood, directors in MMCC’s Philadel- phia’s office, arranged the loan for the Temple and UPenn assets. “The borrower was acquiring has arranged a $6.9 million loan for a portfolio of 20 student housing properties at Temple University and the University of Pennsylvania.
A half day seminar offered by IREM ® Delaware Valley Chapter 3 and Southern New Jersey Chapter 101 ARM ® Committees on October 23rd, 2012.
Speaker Salvatore Dragone, CCIM, CPM ® , ARM ® , VP/Director of Property Management, Rubenstein Partners, LP will discuss why great leaders succeed and how you can lead your teams to greater opportunities and alternately greater rewards. With over two decades of experience in property/asset management, development, marketing, leasing, customer service and team leadership, Dragone shares his knowledge on how to edge out the competition, increase efficiency within your organization, provide your team with tools to excel in the field of property management and leasing and train your employment base to think “new business.”
When: Tuesday, October 23rd, 2012 Where: Village of Pennbrook, Levittown, PA. Time: 1:00pm – 3:30 pm Cost: Member $25/ Non-Member $35 (Light refreshments provided)
Reservations and payment no later than October 17th, 2012.
Fax to: 856-786-3894 or register online: www.IREM101.org or www.IREM3.org For more information call 856-786-9260
10A — September 14 - 27, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com
MAREJ M ONTHLY S ALES AND L EASE R E PORT As Reported In The Mid-Atlantic R EAL E STATE J OURNAL ~ A UGUST 17 - S EPTEMBER 13, 2012
SELLER/ OWNER/ LESSOR / /
REP. OF SELLER/ LESSOR . /
BUYER/ TENANT/ LESSEE / /
REP. OF TENANT/ BUYER . /
PROPERTY
PRICE I
SIZE
S/L PG
NAME
ADDRESS
SIZE
DESC. S/L PG
Boulavard Apts
Hasbrouck Heights, NJ Skyline & Boulavard Assoc Weiss Realty
Kushner Cos
$57.5m $30.5m
338 unit
Apt Off
S S S S S L L S L L L L L L L L L L L L S S L S S S L S L L L L L L S S L L L L L L L L L L S S S S L L S S S S L S S
FC-A FC-A
900 2nd St
Washington, DC
Potomac Dev Corp
115,394 SF
Tri-State Logistics Ctr.
Suffern, NY
Dress Barn
JLL
Raymour & Flanigan Brian Court Assoc
Team Resources SBWE
900,000 SF Dist
3A 6A 6A
Brian Court Apts 125 Phyllis Dr
Ridley Park, PA
Apt Ind Off Ind Apt Off Off Off Off Off Off Off Off Off Off Off Off
Bristol, PA
Joe JD
Roddy
Zampell
Roddy
$1.425m
23,000 SF
4550 New Linden Hill Rd Pike Creek, DE
The Commonwealth Grp
NAI Emory Hill
Wheeler, Wolfenden & Dwares Linden Resources Street Partners Chadwick, Washington, Moriarty, Elmore & Bunn PC A J Dwoskin & Assoc
8215 SF
19A 19A 19A 19A 19A 19A 19A 20A 20A 20A 20A 20A 20A 20A 20A 26A 26A 26A
Redskin Dr Street SE
Herndon, VA
OTR
Cushman & Wakefield
CBRE
50,664 SF
Washington, DC
Goldsten Bros RE
Greysteel Co
$1.85m
Three Flint Hill
Oakton, VA
First Potomac Realty Trust
17,640 SF
Three Flint Hill Three Flint Hill Three Flint Hill
Oakton, VA Oakton, VA Oakton, VA
First Potomac Realty Trust First Potomac Realty Trust First Potomac Realty Trust
14,300 SF 14,312 SF
Stratford University Ameriprise Financial
3056 SF
Golden Triangle 1 Patriot Business Pk Huntwood Plaza
Greenbelt, MD Greenbelt, MD Alexandria, VA
WPC WPC WPC
Global Science & Tech JLL
17,606 SF
The Walker Grp
The Walker Grp
7930 SF 2792 SF
Schlesinger, Arkwright &
Garvey WPC
WPC WPC
Potomac Fdn Sutton Assoc
1942 SF 3289 SF 9334 SF 4399 SF
Edge Commercial
University of North America
Green Valley Realty
Edge Comm’l, WPC
U OF MD BioPark 7556 Teague Rd 165 W 127th St
Baltimore, MD Hanover, MD Manhattan, NY Lexington, KY Hanover, NJ Jersey City, NJ
Wexford Science & Tech
Cassidy Turley
FPA Radiation Oncology Colliers Int’l
FPI Pedatrics
Colliers Int’l
Treetop Dev
52 Unit/612,000 SF Apt/Retail
McAllen, TX
FD Stonewater Denholtz Assoc Hartz Mountain
US Gov
Off
Lexington Business Ctr 110 Algonquin Pkwy
Coleman Grp Colliers Int’l. De Ruggiero
CHFS
49,275 SF 114,265 SF
Griffin Capital
Colliers Int’l.
$13m
Ind
FC-B FC-B
353 Grove St
$4.65m
18 unit 32 unit
Comm’l.
65-69 Howe Ave, 70-72 Grove St 80 Park Plaza The Heritage Glenpointe Ctr 274 S Salem St
Passic, NJ
CBRE
CBRE
$2.6m
Apt
2B
Newark, NJ Lyndhurst, NJ Teaneck, NJ Randolph, NJ
Wells REIT, JLL
Wells REIT
PSEG
Off
3B 4B 5B 5B 6B 6B 6B
AREA, Priderock Capital
160 unit
Apt/Retail
Alfred Sanzari
Cushman & Wakefield
Animal Health Org
Krupat Grp NAI Hanson
44,000 SF 33,500 SF
Off
Morris Habitat
Off/Retail
Florham Park Corp Ctr Florham Park Corp Ctr Cedar Knolls Corp Ctr
Florham Park, NJ Florham Park, NJ Cedar Knolls, NJ
Bergman RE, Strategic Capital Colliers Int’l. Bergman RE, Strategic Capital Colliers Int’l.
Comverge
Newmark Knight Frank
6600 SF 2245 SF
Off Off Off Off
Florham Park Wealth Advisors Newmark Associates
Cushman & Wakefield Cushman & Wakefield,
MBI
Colliers Int’l
118,000 SF 17,212 SF
333 Thornall St
Edison, NJ
TA Realty
12B
Kwartler
3685 Quakerbridge Rd Windsor Hights SC
Hamilton, Twp., NJ D,D Graziano
Richardson Comm’l
Gateway Funding
3842± SF
Off
12B 13B
East Windsor, NJ
JV Partnership
Advance Realty
Advance Realty,
Advance Realty
132,733 SF Retail
Structure Tone Equities
200 Inman Ave
Avenel, NJ
FFE Transportation
NAI Hanson
Gold Coast Freightways Prism, The Davis Cos
14,790 SF
Off
13B 16B 16B 16B 16B 16B 16B 16B 16B 16B
41 Slater Dr
Elmwood Park, NJ
Studley
Studley
180,000 SF Ind
Robert Treat Ctr
Newark, NJ
Berger
AGT
2500 SF
Off Off
6 Dumont Pl
Morristown, NJ
Homeless Solutions Furnishing Solutions The Chadler Grp Woodmont Props
Cresa Cresa NGKF
21,000 SF combined 12,100 SF 12,000 SF
Powder Mill Plaza West Parsippany, NJ
Retail
Greenbrook Exec Ctr Greenbrook Exec Ctr Greenbrook Exec Ctr Greenbrook Exec Ctr Greenbrook Exec Ctr
Fairfield, NJ Fairfield, NJ Fairfield, NJ Fairfield, NJ Fairfield, NJ
Accordia Realty Accordia Realty Accordia Realty Accordia Realty Accordia Realty
Off Off Off Off Off
Associated Realty
Quadrant Capital Mgmt Colliers Int’l Synergy Professional Assn Realty Execs Bleakley, Scwartz, Cooney & Cushman & Wakefield
4700 SF 6200 SF
25,000 SF
Finney
Greenbrook Exec Ctr
Fairfield, NJ
Accordia Realty
Strategic Family Wealth Counselors Schultz Org
6800 SF
Off
16B
Sylvan Way
Edison, NJ
Mack-Cali
Triumph Realty
Wegmans
140,000 SF Retail
16B 16B
141 Commercial Ave.
Moonachie, NJ
Paradisio Rosen
Team Resources SBWE
32,000 SF 25,000 SF 98,000 SF 42,500 SF 28,000 SF 16,554 SF
Ind Off Ind Ind
7002 Butler Pike Ambler Ambler, PA
7 East Skippack Assoc Davisville Investors
NKFSM NKFSM
Liberty Luthern
$3m
FC-C FC-C FC-C FC-C FC-C
601 Davisville Rd 210 George St
Willow Grove, PA Muhlenberg Twp, PA
The Premier Office Solutions
$2.705m $1.15m
Muhlenberg Township
NAI Keystone NAI Keystone
330 N Wyomissing Ave
Shillington, PA Wyomissing, PA
Goodwill Keystone
NAI Keystone
Flex
2101 State Hill Rd
Reading Hosp & Medical Ctr NAI Keystone
Retail
400-450 CenterPOint Blvd Jenkins Twp, PA Valley Forge Commons East Schuylkill, PA 110 Thousand Oaks Blvd Morgantown, PA
Mericle
Mericle, CBRE
Neiman Marcus Grp
198,400 SF Ind
2C
Christian Evans
Continentle Realty
Valley Forge Associates Aptcor Consolidated Graphics JLL
$117 psf
Off S 2C
The Hampshire Cos
Grubb & Ellis
110,000 SF 19.99 acre 37.68 acre
Ind
3C 4C 4C 4C
Leo Lane
York, PA York, PA
ROCK ROCK ROCK
First Industrial First Industrial EMZ Metals
Cushman & Wakefield Cushman & Wakefield
Ind Land Ind Land Ind Land
3755 Bear Rd 500 Industrial Dr
Glen Rock, PA
ROCK
12 acre
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