the most comprehensive source for commercial real estate news R EAL E STATE J OURNAL
Inside: Mid Atlantic ...................................................................1-18 New Jersey .................................................................19-30 Pennsylvania............................................................31-BC Spotlights / Features DelMarVa .......................................................................8-10 2012 Forecast...............................................................8-11 TriState Organization............................................12-13 Calendar of Events.........................................................14 Business Card Directory........................................... 15 SNJ Appraisal Institute....................................... 28-29 ICREW New Jersey.........................................................30 CREW Philadelphia................................................ 40-41 CREW Lehigh Valley.............................................44-IBC Columnist Miles Berger .......................................................................2 Next Issue January 27, 2012 • Mid Atlantic • Green Building featuring 2012 Incentives/Programs • Shopping Centers featuring Mid Atlantic ICSC Conference & D.M. • Owners, Developers & Managers featuring Building Services & Suppliers • Economic Development Spotlight 48 pages Vol. 24, Issue 1 January 13, 2012
New Jersey Department of Transportation Commissioner and NJ TRANSIT board chairman James Simpson and NJ TRANSIT executive director James Weinstein joined local, state and federal officials today to celebrate the completion of a project that returned a portion of Hoboken Terminal to its original design....... 19
EXIT 10
CBC/Bennett Williams has arranged the following transactions: In sales: 3.92 acres of commercial land at 362 N. Main St. located in Loganville.........................31 362 N. Main Street
Inside Cover — January 13 - -26, 2012 — Mid Atlantic Real Estate Journal
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$364,000,000 FOUR SEASONS RESORT ORLANDO AT WALT DISNEY WORLD RESORT ORLANDO, FLORIDA
A 444 room luxury resort to be built at the Walt Disney World Resort Developers
The undersigned arranged construction financing for the above project
51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
REAL ESTATE FINANCING
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Mid Atlantic Real Estate Journal — January 13 - 26, 2012 —
2 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal
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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 Mid Atlantic R EAL E STATE J OURNAL ~ Published Bi-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 1 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
They wrote the policy.
We make sure they write the check.
By Miles Berger NYC Tourism Industry Boosts Newark Hotel Market
M. MILLER & SON Public Adjusters Since 1960
T
he Newark, NJ hotel industry is thriving heading into 2012.
While the continued evolution of the city’s entertainment, cultural and corporate draws can be credited in part for the strong performance, the real catalyst can be found in NYC’s burgeoning tourism industry. According to a January 2011 press release from the office of NYC Mayor Michael Bloom- berg, in 2010: 48.7 million people visited NYC, up 6.8% from 2009. 39 million of these visitors were from the U.S. and 9.7 million from abroad—both records. The hospitality industry added 6,600 jobs across all in- dustry sub-sectors; the industry employs the most people in summer, and July 2010 set an all-time record for total jobs with 323,200. 25.7 million room nights were sold, a new record, ex- ceeding the previous high by 2 million room nights. Average daily room rates
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
rose to $330 in December 2010, an 8.9% increase over 2009. The mayor recently an- nounced that the city’s hotel inventory will reach 90,000 rooms by the end of 2011. This record number represents a 24% increase over the past five years. More than 7,000 additional rooms are in the pipeline. These numbers all translate to an overall upward trend for NYC’s $31 billion tourism industry, according to a re- cent press release from Mayor Bloomberg’s office. It reads: “The City is on track to reach a record number of visitors this year…occupancy remained at close to 85%, the highest in the
continued on page 4 What does this have to do with Newark? Simply put, New Jersey’s largest city is an outstanding cost alternative to Manhattan. Guests staying at four- and five-star hotels in Newark pay about half of what they would to stay in NYC. Yet they can still get there quickly and easily via an outstanding public transportation network. Newark Penn Station offers 15 minute transit to Manhat- tan with trains running 24/7. Newark’s strong transit infra- structure also includes a Light nation.” In short, the city is on pace to meet its goal of attract- ing 50 million annual visitors by 2012.
Recent Financings Arranged By Meridian Capital Group
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
Contact: NEIL A. STEIN (ARVEST $RIVE "LUE "ELL 0! s s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0! Kaplin Stewart A t t o r n e y s a t L aw 2EAL ESTATE LAW FROM THE GROUND UP Experience Counts. Count On Us.
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M ID A TLANTIC R EAL E STATE J OURNAL In multifamily loans in the Tri-State area DeerwoodReal Estate Capital arranges $12.86 million
Applied Bank 601 Delaware Ave • Wilmington, DE 19801 P: 302-326-4200 (Ext. 29512) www.appliedbank.com
E
NGLEWOOD Cliffs, NJ — Deerwood Real Es- tate Capital, a commer-
in Newark. The loan provided the borrower with 75% LTP. The loan came with a 7-year term with a 30-year amortiza- tion and was arranged by Abe Katz and Mark Silbersher. Also secured was a $5.85 million loan for a 98-unit apart- ment building in Eastern PA. The loan provided the borrower with 75% LTV to refinance the existing loan at a very competi- tive rate for a 5-year term with a 30-year amortization. “It cer- tainly feels great when a client states at the closing table that in all of his 50 years in the mul- tifamily business, Deerwood
Real Estate Capital ran the smoothest underwriting pro- cess and achieved the fastest closing,” Russell Kimyagarov noted. The loan was arranged by Russell Kimyagarov and Joe Hercenberg. In Brooklyn, NY, Deerwood arranged financing for a $4.65 million bridge loan for a va- cant loft property that will be converted to a multi-family property. The loan provided the borrower with a very high loan to cost ratio to acquire the asset and reposition it. The deal was arranged by David Rosenberg. ■
Carl Kruelle, SVP Chief Lending Ofßcer carl_kruelle@appliedbank.com
cial mortgage b r o k e r a g e and advisory firm, recently closed on a $2.36 million loan for a 43- unit apart- ment building
Tim Cole, VP Commercial Real Estate Lending timothy_cole@appliedbank.com
Abe Katz
Louis Stackeni, Business Development lou_stackeni@appliedbank.com
LIVINGSTON,NJ — Mark Scott, of Commercial Mortgage Capital announced the closing of two loans for a combined total of $24.8 million. The first loan, $10.8 million in financing was arranged through Provi- dent Bank for the Promenade in Summit. The Promenade is a mixed-use property with 15,700 s/f of retail on the ground level, and 22 luxury apartments above. The second closing for $14 million helped the clients capture a favor- able rate on a self-liquidating loan for their 424 unit garden apartment complex in Morris county New Jersey, through one of CMC’s correspondent lenders. ■ Comm’l. Mortgage Capital announces $24.8m financing Hopkins Sampson & Brown brokers 6,000 s/f lease MORRISTOWN, NJ — Hop- kins Sampson & Brown Real Estate Advisory Services, LLC announced the signing of a lease at 340 Speedwell Ave. Suzanne Kiall Benedetto rep- resented the tenant, The Red Oaks School and the landlord, The Morristown Columbian Club for 6,000 s/f of expansion space for the private school. In other news, Hopkins Sampson & Brown announced the recent approval of a 10,000 s/f church, NJ Family Life, to be located at 6 Emery Ave., in Randolph. Benedetto and Randee Stolar represented the Church. Demo and construction has begun. In a separate transaction, The Washington, DC basedAs- sociation of Flight Attendants - CWA signed a lease to move to 570 Broad St., Newark. Kai Campbell represented the ten- ant in a direct deal with the building’s owners, the Berger Organization. ■
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4 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal
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M ID A TLANTIC R EAL E STATE J OURNAL
ERKELY HEIGHTS, NJ —Avi Oren of New Market Realty Group Park Edge Apartments in Berkely Heights New Market Realty Grp. sells apartments for $90k per unit B
DE Technical Community College Emory Hill’s “Energy House” receives LEED Platinum cert.
(NMRG) has announced the sale of the Park Edge Apart- ments. The 15 year old build- ing contains 32 units consist- ing of studio, one bedroom and two bedroom apartments. The buyers consisting of a partnership of international investors, made a substan- tial cash down payment and financed the balance with a seven year non recourse mortgage. According to Oren, the key to the transaction was to structure a return on PORTLAND, OG — When Dermody Properties - the par- ent company of DP Partners - and the Portland Develop- ment Commission (PDC) col- laborated to develop a 265,000 s/f industrial project at 18201 NE Portal Way, they did so with the belief that “if we build it, employers will come.” Now that the final 45,000 s/f unit in the building is leased by Dermody Properties’ newest client, BWGS (Bloomington Wholesale Garden Supply), that vision is fully realized. This project contributed to Rail line and bus service, as well as Newark Liberty Inter- national Airport. Over the past few years, we have seen an influx of NYC visitors—especially interna- tional travelers—staying at our Best Western Robert Treat Hotel (located at 50 Park Place in Newark). While they may initially have been motivated by a recession-based drive toward savings, the trend has continued to gain momentum as the recovery takes hold. As a result, the Robert Treat Hotel has seen a significant jump in occupancy. Through the end of October, our aver- age occupancy rate was 87.9% for 2011—as compared to 81.4 and 86.1% year-to-date in 2009 and 2010, respectively. The hotel reached 100% occu- pancy during June, July and August 2011, representing re- cord bookings for our property. Additionally, Smith Travel Research reports that, among
The Energy House
NEW CASTLE, DE — The Delaware Technical Commu- nity College “Energy House” constructed by Emory Hill and Company at the Owens Cam- pus in Georgetown, DE has been awarded LEED Platinum Certification by the U.S. Green Building Council. The award, the highest LEED (Leadership in Energy and Environmental Design) recognition given by the Council, was recently an- nounced by Delaware Tech president Orlando J. George Jr. The Energy House is a com- pletely “green constructed” home that serves as a hands-on educational lab and classrooms to teach students about en- ergy-efficient and renewable technology. Delaware Tech is now one of just 71 institutions and one of only 11 community colleges in the U.S. to have a LEED Platinum building on its campus. Emory Hill and Company won several awards for the Delaware Tech Energy House this past year including the Delaware Contractors Asso- ciation (DCA) 2011 Construc- tion Excellence Award and the Associated Builders and Contractors (ABC) of Delaware 2011 Sustainable Design Green COLUMBIA, MD — Sperry Van Ness has recently com- pleted three transactions to- taling 54,553 s/f led by Scott Skogmo, SIOR of Sperry Van Ness/Skogmo Commercial. Metropolitan Equipment Group leased 15,589 s/f at 12104 Indian Creek Ct. in Beltsville. Skogmo represent- ed the tenant, and BrianWatts and Jeff Groves of Transwest- ern represented the land- lord, Cabot III-MD1W01-W03, LLC. Summit Pet Product Dis- tributors leased 22,400 s/f of
Award and Excellence in Con- struction Award. A local, full-service commer- cial real estate and construction firm celebrating its 30th year anniversary of doing business in Delaware, Emory Hill was selected as the construction management team for the proj- ect. While the team’s goal was to strive to build a facility that was aesthetically pleasing as well as structurally sound, it also faced the additional chal- lenges of constructing one that would also be environmentally friendly, technologically supe- rior and the most energy-ef- ficient building of its kind to meet the stringent LEED Plati- num requirements. To achieve these objectives required strict adherence to code and product regulations and installation of the most cutting-edge products and complex systems, including a geothermal heating system, “Green-Certified” siding, roof- ing, flooring and lighting, solar power, a rainwater recycling system and “drought resistant” landscaping. “All of this required the ut- most leadership and strictest construction management and supervision,” said Lew Larson, Emory Hill’s project manager for the Energy House.” ■ distribution space at 4600 Wedgewood Blvd. in Fred- erick. Skogmo represented the tenant and JP Matan of Matan Realty represented the landlord, Butera Properties IV, LLC. Blue Moon Granite, leased 16,564 s/f at 9015 Junction Dr., Annapolis Junction. Blue Moon will sell granite products to commercial and residential customers. Skogmo repre- sented the landlord, Junction Properties, LLC, and Bob Oare of Cassidy Turley represented the tenant. ■
Park Edge Apartments
investment that would appeal to the buyers while provid-
ing the owners an acceptable price. ■
Dermody Props leases remaining space in Portal Way Industrial Project
hotels considered competitors to the Robert Treat in Newark, average occupancies increased from 78.3%, to 81.4% to 82.9%, year to date in 2009, 2010 and 2011, respectively. Further illustrating the strength of the Newark hotel market, Courtyard by Marri- ott broke ground in April for a 150-room hotel—the first new hotel in downtown Newark in 39 years—right outside the Prudential Center Arena. Additionally, Indigo Hotel has proposed a boutique 100- room property just two blocks away. Obviously, some travelers want to stay in New York, and they will continue to do so. However, others are motivated by economics. Newark clearly is a great choice for that popula- tion, and smart hotel operators are working to accommodate its needs. We have intensified our concierge service to offer transportation to the train sta- tion. We have NYC maps and BWGS, which offers a wide array of innovative and earth- friendly products for indoor and outdoor gardening, joins Dermody Properties’ other cus- tomers in the building, includ- ing LaCrosse Footwear/Danner Boots, Vistar Corp./PFG, and Samuel, Son & Co. The large, multi-tenant industrial project, known as the LogistiCenter at Portal Way, is now fully occu- Dermody Properties’ recent ranking as the second larg- est developer in the Portland area by the Portland Business Journal.
brochures available, and we even help guests get tickets to shows and events. Many of NY tourists staying in Newark also are discover- ing that there is a lot to do right here. We have world- class venues like Prudential Center, which serves as home to the NJ Devils hockey and Nets basketball teams, and as a venue for countless concerts and productions. The New Jersey PerformingArts Center, the Newark Museum, parks, universities and fine dining are among many additional highlights. More and more, Newark is becoming a destination. As the Bloomberg administration continues to invest in the NYC tourism industry and initi- ate new programs to attract visitors, the hotel industry here will continue to reap the benefits. Miles Berger is chairman and CEO of The Berger Org. in Newark, NJ. ■ “PDC chose to partner with Dermody Properties based on its experience working with public partners, its history of developing class A projects throughout the nation, and its record of attracting high qual- ity companies to its parks,” said Bruce Allen, senior devel- opment manager at PDC. ■ pied. Dermody Properties has completed the office, electrical, and mechanical improvements for BWGS, which will use the facility as its northwestern regional office and product distribution center.
continued from page 2A NYC Tourism Industry Boosts Newark Hotel . . .
Sperry Van Ness/ Skogmo announces three industrial transactions in Maryland
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D EL M AR V A
ORESTV I LLE , MD — Marcus & Millichap Real Estate Investment Part of a 1031 exchange in Prince George’s County Marcus & Millichap arrange $10.8 million sale F
Meridian Capital Grp. originates transaction BeechStreet Capital provides $9.35m Freddie Mac loan
Services has negotiated the sale of a 19,620 s/f, two-tenant shopping center fully leased by Walgreens and Sherwin-Wil- liams. The center is located in the Washington, D.C. suburb of Forestville in Prince George’s County, within the Baltimore- Washington MSA. The sales price is $10.88 million which equates to $555 psf. Dean Zang and Mark Taylor, senior directors of Marcus & Millichap’s National Retail Group (NRG), along with Der- rick Dougherty and Christo- pher Munley of the Philadel- phia office, represented the seller. Marcus &Millichap also procured the private, out-of- market 1031 exchange buyer. BETHESDA, MD — Stone- bridgeCarras and PNHoffman announced today that they have formed a joint venture with Northwestern Mutual, arranged by HFF, to develop a mixed-use project in the heart of Bethesda’s prime commer- cial district at the corner of Woodmont and Bethesda Av- enues. StonebridgeCarras and PN Hoffman have been work- ing with Montgomery County since 2005 to re-develop the County’s two surface parking lots (commonly referred to as Lots 31 and 31A) into a mixed- use project featuring 250 resi- dential units and 40,000 s/f of street retail above a public parking garage that will ac- commodate 950 cars. With the requisite approvals in place, Northwestern Mutual’s finan- cial strength enables the team to move forward with the $200 million development project. “We are extremely pleased to have been able to bring one of the most successful insti- tutional real estate financial partners into the development of Lot 31,” commented Douglas M. Firstenberg, a principal with StonebridgeCarras. “We look forward to creating a vi- brant mixed-use project that builds on the great success of Bethesda Row.” Residential components of the development include The Darcy, an 88-unit luxury con- dominium, and The Flats, a 162-unit apartment build- ing. “While we anticipated strong interest when opening the Darcy sales center a few
Trantor Place Apartments
BETHESDA, MD — Beech Street Capital, LLC headquar- tered in Bethesda announced that it has provided a $9.35 million Freddie Mac CME loan for the acquisition of Trantor PlaceApartments, a 178- unit, rent stabilized property located in Staten Island, New York. The transaction was origi- nated by Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relation- ship with Meridian. Key to the transaction was the borrower’s plan to invest over $700,000 in capital improvements to the asset after purchase. The improvements, planned over the next two years, will further enhance the rent sta- bilized property which contrib- utes to quality housing in the New York market. “Given the importance of maximizing proceeds, we chose WILMINGTON, DE — The Delaware office of Jackson Cross Partners, LLCannounced nine leases totaling 19,133 s/f. There were five new leases, two lease expansions, and two lease renewals. All of the trans- actions were represented by Jackson Cross Partners’ Pete Davisson, SIOR, CCIM and Cindy Fleming. “As was the case in 2010, this year we have continued to see a good level of leasing activity by smaller tenants in Wilmington and New Castle County,” said Davisson. “As a matter of fact, more than 70% of the new leases signed this year were for less than 4,000 s/f. This indicates relatively strong activity by small business, but also indicates larger firms are still cautious. These recently signed leases are representa- tive of that activity.” The first lease was signed by Brown Advisory, an indepen- dently owned investment firm located in Baltimore, MD. The
to engage Freddie Mac who structured the deal to include the borrower’s cap ex budget along with closing costs,” com- ments Mike Edelman, senior vice president of Beech Street Capital. “Freddie offered us 85% of the cost to purchase, which included the $700,000 in capi- tal enhancement funds that were escrowed at closing.” Barry Lefkowitz, the Meridian mortgage finance advisor on the transaction was pleased. “Although the financial mar- kets remain volatile, Beech continues to beat the compe- tition in rate, structure and service,” said Lefkowitz. Built in 1964-1966, the garden- style apartment complex is comprised of 16 three-story buildings situated on 5.7 acres. The fixed-rate loan has a term of ten years with two years interest-only. ■ Jackson Cross Partners as- sisted with three leases at Larch Corporate Center which is located at Robino Ct. in New- port, DE. The first signed lease was by Bail Bond Agency, Inc. comprising 3,301 s/f, the sec- ond was by Shaddock Benefits Group comprising 1,447 s/f, and the third lease was by a Nurse Training School with 1,812 s/f. Along with the new signed leases, Jackson Cross Partners aided in two lease expansions and two renewals. Casarino Christman Shalk Ransom & Doss, P. A. signed a lease expan- sion at The Renaissance Centre in Wilmington, DE. Also, Col- lection Market Center signed a lease expansion at 300 Water St., Wilmington, DE. ■ office contains 1,722 s/f in Suite 1407 at 1201 North Market St., Wilmington, DE. The next lease was signed by 4th Street Chiropractic & Pain Management, comprising 1,134 s/f and located at Lincoln Square in Wilmington, DE.
7000 and 7008 Marlboro Pike
David Feldman, regional manager of Marcus & Millic- hap’s Washington, D.C. office, was the broker of record in the transaction. “This property provides the new owner with two easily managed, investment-grade
credit tenants, both on long- term leases,” said Taylor. “The financing that was available for this asset supported a low cap rate.” The property is located on 1.8 acres at 7000 and 7008 Marl- boro Pike. ■
StonebridgeCarras and PN Hoffman forms joint venture
Jackson Cross Ptrs. announces nine leases
Lot 31
months ago, the response has exceeded expectations and sales are ahead of schedule,” said Monty Hoffman, CEO of PN Hoffman. “We have agree- ments for more than a third of the Darcy residences and interest continues to grow each week.” “Northwestern Mutual ac- tively invests in high qual- ity mixed-use developments. The development of Lot 31 at the epicenter of downtown Bethesda, adjacent to the walkable Bethesda Row com- munity, represents high qual- ity urban redevelopment and strong long-term value for our policyowners,” said Matthew Ascher, director with North- western Mutual Real Estate
Investments. “We are pleased to venture with StonebridgeCarras and PN Hoffman and look forward to a productive relationship.” “The project represents the largest undeveloped tract of land in downtown Bethesda and one of the region’s most anticipated transactions in 2011,” added Stephen Conley, executive managing director with HFF. The Darcy’s sales are being directed by PN Hoffman Real- ty, LLC and the retail leasing by KNLB Retail. The project has been designed by SK&I Architectural Design Group and the Clark Construction Group is the general contrac- tor for the project. ■
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Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 7
Operating and Managing over 3 Million Square Feet of Industrial and Commercial Real Estate in the Mid Atlantic Region
• +/– 135 Acre Business Park in the City of NewCastle • Minutes away from I-95/I-295, and Routes 9 & 13. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Perfect for Office, Laboratory or Manufacturing / Distribution • Recently completed new access boulevard with signal controlled intersection on Route 9. • Park tenants include:Winterthur Catalog Operations, Hibbert Group,Tire Rack, Speakman Co., Mattress Giant, Schindler Elevator, Philadelphia Gear,Agilent Technologies • 45 Acres of industrial zoned land (HI) located ideally near the Port of Wilmington, the Delaware Memorial Bridge, I-95 and I-295; with great access to entire northeast corridor. • High quality constructed buildings with space as small as +/– 14,500 sq. ft. • 24'–31' clear ceiling height • HI (Heavy Industrial) zoning allows for a wide array of uses • Park tenants include: Iron Mountain, National Roll Kote, DHL, Carlyle Cocoa, Harbour Textile,Waste Management, SKW Hardcore, Freeze, RecyClean • +/- 400,000 Sq. Ft. business park in the town of Newport. • 1/2 mile from I-95/Rt. 141 interchange with immediate access to I-295, I-495 north and south. • Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor. • Park tenants include: AIG, SieckWholesale Florist, First State Paper, Qwest Communications, C-Cert, Apex Piping and Conectiv.
Twin Spans Business Park, City of New Castle, DE
Delaware River Industrial Park
Newport Industrial Park
For more information: Phone (302) 323-9300 Fax (302) 323-4951 29 East Commons Boulevard, Suite 100, New Castle, Delaware 19720
8 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal
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2012 F ORECAST
By Tripp Way, NAI Emory Hill 2012 A New and Better Year in Real Estate!
N
that space is being absorbed and acquired by growing com- panies and savvy investors. There were a number of trans- actions that were completed here in Delaware that in- creased occupancy in many office parks. These included Cigna’s move to Bellevue Cor- porate Center (100,000 square feet); a regional bank’s move to Silverside Carr (30,000 square feet completed by NAI Emory Hill); and the acquisition of the former First Data Center by WR Berkley Corporation (70,000 square feet – also by NAI Emory Hill).
Other signs point to a pre- dicted increase in activity locally for 2012: There are a number of new tenants in the market that are looking for office space. Delaware’s unemployment rate started to slowly decrease throughout the past year. Further, several anticipated redevelopment projects are expected to in- crease lease activity including the University of Delaware’s purchase of the former Chrys- ler site in Newark and plans to turn it into a new R&D and technology campus/busi- ness park to be completed in 2013, and Fisker’s purchase of the GM assembly plant in Newport and plans to begin production this year. The recent trends in slowly rising lease prices suggest the worst may be behind us – and for businesses looking to lease or buy, it’s time to take a look at these trends to decide if now is the best time to make a move. Tripp Way is a partner with NAI Emory Hill. ■ 2012 and beyond . . . Hold on to the wheel and pay at- tention If you’ve made it this far and you’ve still got a boat and a crew ... Bravo ! If you’ve taken on water or even lost your boat, not so good but now’s when you’ve gotta pull yourself onto whatever driftwood you can find and start kicking. There’s still more money out there than deals and deal makers so go make deals (Sorry for the boating analogy, but I became a boater this year). The major storm we made it through was truly the perfect storm in that it involved the banks, the government and the consumer, should now be mostly over. That said, we’ve been spun around and battered and the weather report remains murky and unpredictable. We also still have to watch out for that rouge wave, whether it’s Greek debt, Middle East upris- ing, or good ol’ Mother Nature. Or closer to home things like MF Global which nobody saw coming and took down a lot of legendary sea-worthy cap- tains. Continued in the January 27 issue. Billy Procida is pesident of Procida Funding and Advisors. ■
EW CASTLE, DE — Just as they say on Wall Street to
That is, if you can find space – which in and of itself might be the impetus to the market for which we’ve all been wait- ing. Lease Rate Climb, Space Shortage Will Help Sale and lease prices are slightly lower than last year and may have hit recent lows. But lease rates here, primarily for office space, have shown an increase in the last few months. If this trend continues we could see a positive growth for the first time in more than two years – even as soon as the second or third quarter.
Meanwhile, new construc- tion has remained sluggish, mainly due to new bank loan curtailments. The lack of con- struction on the horizon is expected to help recovery as activity inches upward. The bottom line is that no new space means more competi- tion for the space that exists, or less supply equals more demand. Recent Activity a Good Sign Locally the real estate mar- ket showed signs of life in 2011 – which further indicates the market is starting to turn and
“buy low, sell high,” com- mercial real estate mar- ket forecast experts are recommend- ing to busi- nesses out there need-
Tripp Way
ing space that now is definitely the best time to buy or lease – before prices go up, which they inevitably will, possibly as soon as mid-year.
We’ve Got What You’re Looking for in 2012!
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Jim O’Hara, Jr. | Neil Kilian | Tripp Way 10 Corporate Circle Suite 100, New Castle DE 19720 phone 302.322.9500 | fax 302.322.9518 jimohara@emoryhill.com | neilkilian@emoryhill.com trippway@emoryhill.com | www.emoryhill.com
MARE journal.com
Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 9
2012 F ORECAST
By Pete Davisson, Jackson Cross Partners Jackson Cross reports on the Greater Wilmington Office Market
ahead, we in- dicated that we thought it would be at least the end of the second quar t e r o f 2012 before we s aw a substantive W
ILMINGTON, DE —“Last year at this time, as we looked
the year by slightly less than 59,000 s/f, but that was im- pacted by the addition of the one new 164,000 s/f office building. So, overall, while we did not get healthier, we didn’t really lose much ground”. “Rental rates were steady during the year, with full service class A rates in the CBD averaging $26.68 psf and class A rates in the suburbs at $23.46. These numbers are very close to the 10 year aver- age, and unchanged during the last 12 months. “We have seen a number of positives during 2011. Bloom Energy purchased 50 acres at
the University of Delaware’s Science and Technology Park. Johnson Controls purchased 34 acres in Middletown and recently Amazon.com purchased 76 acres in Middletown for a 1.25 million s/f distribution center,” said Davisson. The industrial side of the Delaware market has also seen modest activity. The vacancy rate in industrial buildings currently stands at approximately 10.5% and the average quoted rental rate is $4.04 per s/f, triple net. Na- tionally the average quoted rental rate is just more than
$5.00 per s/f. As we compare markets the industrial market is faring slightly better than the office component. Among the most notewor- thy industrial transactions in Delaware in 2011 were: a 56,000 s/f lease at 405 East Marsh Lane in Newport to the Tile Market of Delaware; a 60,000 s/f lease by Goodwill of Delaware at Centerpoint Corporate Center; a 60,000 s/f lease by DYK Automotive in Pencader Corporate Center; a 62,000 s/f lease by the State of Delaware at 220 Lisa Drive in New Castle; and, the sale of an 83,600 s/f building at Pencader
Corporate Center in Newark to Tek3. “In the retail market vacan- cies are at a 20 year high, standing near 11%. The lack of new construction is keeping the number from going higher. On the retail side we have seen big box retail stores, and shopping centers, being con- verted to office space, medical services and museums. “In the residential market in Delaware prices have declined in all three counties. In New Castle County the decline has been 13% since 2010. The National Associates of continued on page 10
Pete Davisson
increase in leasing activity,” said Pete Davisson of Jackson Cross Partners at their annual Real Estate Forecast Meet- ing at the Hotel DuPont in Wilmington, Delaware. “Un- fortunately, like so many other things relating to the economy the date of the strengthening in office leasing has continued to slip. “Leasing activity during 2011 has been modest. While the demand from small busi- ness has held up well the Wilmington-NewCastle Coun- ty office market, the demand for new office space by medium sized firms has been weak, and the demand by larger firms was moderate. “To put some specific num- bers on the activity, fully 71% of the leases signed were for under 4,000 s/f. In the market for leases greater than 20,000 s/f, there were only five leases signed during the year. Only 19% of all leases were in the middle segment of the market, leases for between 5,000 and 20,000 s/f. And to make the situation even worse there were no leases above 12,000 s/f in that range,” noted Da- visson. “Total leasing activity in the Wilmington-New Castle County office market totaled 569,000 s/f. The larger por- tion of that total was outside the Central Business District. At the current leasing rate we have a five year supply of available office space. “Thank goodness there was only one new office building delivered this year or the situ- ation would have been worse. The national vacancy rate for all classes of office space is 12.5%. Our overall vacancy rate is 21.2%, virtually the same as it was 12 months ago. “Absorption, the net in- crease or decrease in occupied space, is the true indicator of the health of amarket. On that score we aren’t doing badly. Absorption was negative for
Commercial Real Estate Services
Lou Battagliese, SIOR 610.265.7700 Ext.112 ljb@jacksoncross.com
Pete Davisson, CCIM, SIOR 302.792.1301 Ext. 223 pd@jacksoncross.com
John Morrissey, SIOR 610.265.7700 Ext. 124 jpm@jacksoncross.com
Cate Sennett, Esq. 610.265.7700 Ext. 123 csennett@jacksoncross.com
Advisory • Brokerage • CRE Strategies • Investments • Property Management
10 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal
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2012 F ORECAST By Emanuel Stern, Hartz Mountain Industries Benefits of going green go well beyond good publicity
O ne of our greatest en- vironmental threats is that companies
these initiatives lose their energy? Not if companies tie their sustainability programs to their financial performance. Green is not just the color of the sustainability movement, it’s the color of the money we make from being good stew- ards of the environment. Sustainability programs improve efficiency, which equals significant financial benefits—less garbage and less electrical consumption means it costs less to run your business. For example, since making upgrades to our HVAC operating systems and light-
ing Hartz Mountain has saved nearly $700,000 per year while lowering its energy demand by 4,636,789 kilowatt-hours annually. Solar power has been a great resource as well. Hartz Moun- tain installed solar power panels on 13 of our buildings for energy use by Hartz and our tenants to date. The panels satisfied our social agenda but we wouldn’t have done it if we didn’t think we could make money from the investment – and now solar energy is a significant profit center on our business, allowing us to grow revenues despite the down
economy. In-house success with solar energy led Hartz to create the Hartz Solar HamiltonArray to supply third party companies with solar energy to be used on New Jersey’s power grid. Comprised of over 30,000 solar modules, it is one of the largest solar power systems deliver- ing power in New Jersey and solidifies Hartz Mountain’s position as a leading solar power producer in the state. If we hadn’t seen the finan- cial benefits from the rooftop power panels, we may not have recognized the potential financial gains from the land
array. As energy prices threaten to increase, and environmen- tal concerns continue to rise, demand for alternate energy will also grow. Our decision to stay ahead of the sustain- ability curve will keep our carbon footprint small while our financial gains continue to grow. Emanuel Stern is presi- dent and COO for Hartz Mountain Industries. ■ Jackson Cross reports on Greater Wilmington . . . continued from page 9 REALTORS says home sales are down because of weak consumer confidence and tight lending criteria. “The big question is --- What can we expect to see in 2012? We believe, along with most economists that we follow, that there will not be a double dip recession. We believe that we have seen the bottom and that it is behind us. However, we believe that most people will continue to bide their time and wait until they are sure that we are well on the way to recovery. “We expect business lead- ers will continue to put off their real estate decisions for another 12 months, treading water rather than diving in. With that in mind we believe that mid-year 2012 improve- ments will slide into 2013, after the election, after year end accounting, and the 2013 New Year’s Eve Party. I am hopeful that the first quarter of 2013 will see improve- ments for us all and certainly for the real estate picture in Delaware”. Jackson Cross Partners is a Commercial Real Estate company, focusing on a con- sultative approach to client service. The Jackson Cross team brings extensive experi- ence in Corporate Real Estate, Brokerage, Development and Finance to the property life cycle. With offices in Phila- delphia and King of Prussia, Pennsylvania; Wilmington, Delaware; and, Swedesboro, New Jersey, Jackson Cross provides market coverage throughout the Delaware Valley as well as access to markets throughout the world through its membership in the Society of Industrial and Office Realtors (SIOR). ■
c a n ’ t g e t much press from ‘going green ’ any more. Many sustainabil- ity programs came form a sincere inter- est in evolv-
Emanuel Stern
ing corporate culture to reduce carbon footprints, but the positive exposure from these efforts was equally appealing. With “green” being the norm and not press-worthy, will
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MARE journal.com
Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 11
2012 F ORECAST
By Jean Maddalon, New Jersey Apartment Association Section 8 red tape jeopardizes housing options for many in New Jersey
N
ew Jersey is a state part i cular ly chal - lenged by over-regu-
sive state to professionally build, own and manage rental housing. While the Housing Choice Voucher Program will never fix that problem, it does play an important role in help- ing working families make ends-meet and find a place they can call ‘home.’ Section 8 is broken, but not beyond repair. We need to streamline the system and accelerate the process so it fulfills its objec- tives. Jean Maddalon is execu- tive director of New Jersey Apartment Association. ■
actual move-in date can be de- layed for several days – or even weeks – waiting for the local
compete for available apart- ments with other residents who can apply on-line and
apartments.
lation, but one of the most difficult issues facing our members stems from the ennui around the Federal Section 8 Program, which promises to become more serious the lon- ger it goes unresolved. We have been long advocat- ing for reforms to the Federal Rental Assistance Program, whose wasteful practices ur- gently require correction. Rental housing continues to be the most affordable housing option for more than one mil- lion New Jersey families, yet there are many who struggle to afford even a modest apart- ment without financial sub- sidy. For decades both the White House and Congress took their responsibility to fully-fund HUD and the Sec- tion 8 program seriously – no matter which political party was in control. Today, political wrangling in Washington has led to short-changing voucher programs and creating doubt over the programs continued funding and future rules. In short, the system, and the covenant between the Federal government and working fami- lies, has been broken. Unlike “entitlement” spend- ing, funding for Section 8 program fluctuates from year- to-year and needs continued appropriations. The number – and value – of vouchers the State and local public hous- ing authorities receive varies greatly. This lack of consis- tency and any solid financial backing puts families – and professional rental housing providers – in a catch-22. With no real guarantee, many worry that, come lease renewal, a family utilizing a voucher this year may lose it next year. If those in need lose the government voucher, who will help them make ends-meet? At the local level, bureau- cratic inspection delays put an unnecessary burden on fami- lies as well. With a voucher in-hand and the knowledge of how much rent that voucher will pay, a family begins the process of looking for housing they can afford, just like any other family. Once they select an apartment they like, and are approved to move-in, their
For an individual apartment that has recently passed the mandatory State inspection, or has been subject to a local CO inspection at turnover, delay- ing a family from moving into their new home so the local housing authority can come out for a third inspection is redundant, unnecessary and counterproductive. Study after study shows that New Jersey is an expensive place to live – and an expen-
Section 8 is broken, but not beyond repair. We need to streamline the system and accelerate the process so it fulfills its objectives.
housing authority to make a special trip to the property and conduct a HUD-specific inspection. As families seeking to utilize Section 8 vouchers
move in the next day, voucher holders who must contend with federal bureaucratic delays often find it difficult to compete for the most coveted
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12 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal
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1100 East Hector Street, Suite 393 Conshohocken, PA 19428 Phone/Fax: 610-238-9950 / 610-238-9959 E-Mail: tristate@tristaterca.com Website: www.tristaterca.com
REMEMBERING 2011 TriState thanks its members and supporters for making all 2011 events a success. HAPPY 2012!
TriState Members enjoyed a day of golfing at TriState’s 15th Annual Golf Outing on June 20th at the Green Valley Country Club in Lafayette Hill, PA.
TriState Members were recognized at the Inaugural Member Recognition Luncheon on June 20th at the Green Valley Country Club in Lafayette Hill, PA.
TriState Members joined CIRC, CCIM and SIOR® Members at the Annual Delaware Joint Meeting on November 17th at Harry’s Savoy Grill in Wilmington, DE.
Members mingled at TriState’s Annual Holiday Reception on December 7th at 1200 Liberty Ridge Drive in Wayne, PA.
Photo credit: Staff, TriState REALTORS® Commercial Alliance
FOR UPCOMING EVENTS, PLEASE CHECK PAGE 14
MARE journal.com
Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 13
14 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal
MARE journal.com
C OMMERCIAL R EAL E STATE O RGANIZATIONS ’ E VENTS C ALENDAR JANUARY 23 – CSI PHILADELPHIA
January 10 – TriState REALTORS Commercial Alliance Event: Annual Joint Real Estate Forecast Luncheon Apartment Association of Greater Philadelphia (AAGP) The Building Owners and Managers Association of Philadelphia (BOMA) Institute of Real Estate Management (IREM) Location: The Union League (Lincoln Hall), 140 S.
JANUARY 18 – NAWBO DE Event: New Member & Membership Wine Reception Location: Ryan Wine & Spirits Address/City: Independence Mall, 1601 Concord Pike, Wilmington, DE Cost: Members Free/$5.00 Nonmembers JANUARY 18 – SMPS PHILADELPHIA Event: Core Knowledge Series: The Marketing Plan as a Roadmap to Success Time: 8:00 AM Location: Langan Engineering Address/City: 30 South 17th St., Suite 1300, Philadelphia, PA Cost: $30 Members $35 Nonmembers www.smpsphiladelphia.org E: info@nawbodelaware.org www.nawbodelaware.org Address/City: 140 S. Broad St., Philadelphia, PA Cost: $55 Members $70 Guests/Nonmembers www.crewphiladelphia.org JANUARY 19 – IFMA CENTRAL PA Event: How Social Media can help you as a Facility Manager Time: 11:30 AM – 1:30 PM Location: Central Penn College Conference Center Address/City: 600 Valley Rd., Summerdale, PA Cost: Members Free/$20 Nonmembers P: 717-221-9700 E: gbrinton@facplan.com www.ifmacentralpa.org JANUARY 19 – ICREW NJ Event: Choose NJ! Time: 11:30 AM Location: Hilton Woodbridge Address/City: 120 Wood Ave South, Iselin, NJ Cost: $50 Members $75 Nonmembers P: 609-585-0871 E: icrewnj@icrewnj.org www.icrewnj.org JANUARY 19 – NAIOP PITTSBURGH Event: Chapter Meeting – Finance Update Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 www.naioppittsburgh.com JANUARY 19 – CREW PHILADELPHIA Event: Lunch Event – What to Expect for 2012 Time: 11:30 AM – 1:30 PM Location: Union League
Event: The Responsive Building Envelope: More than Just a Chromic Phenomena Time: 7:00 PM Location: Holiday Inn Address/City: 4th & Arch Sts., Philadelphia, PA Cost: Dinner $40 with Reservation P: 732-348-8877 E: kelley.boyle@grace.com www.csiphila.org JANUARY 24 – ABC NJ Event: Understanding NJ Prevailing Wage & Contrac- tor Registration Time: 12:00 PM – 2:00 PM Location: Flaster/Greenberg PC Address/City: 1810 Chapel Ave. West, Cherry Hill, NJ P: lslomka@njpsi.com www.abcnjc.org JANUARY 24 – NAIOP NJ Event: Annual Meeting & Real Estate Forecast Time: 5:30 PM JANUARY 24 – ULI PHILADELPHIA Event: Urban Retail Planning & Development Time: 12:00 PM – 1:30 PM Location: Aberdeen Asset Management Address/City: 1735 Market St., Philadelphia, PA Cost: $25 per Person P: 800-321-5011 www.philadelphia.uli.org JANUARY 25 – EBC/CIANJ Event: Roundtable Meeting Time: 8:00 AM – 9:30 AM Location: PSE & G Training Center Address/City: 234 Pierson Ave., Edison, NJ P: 201-368-2100 E: dtrimble@cianj.org www.cianj.org JANUARY 25 – NJAA Event: Annual Meeting & Installation Time: 3:30 PM Location: Imperia on Easton Address/City: 1714 Easton Ave., Somerset, NJ E: niambi@njaa.com www.njaa.com JANUARY 27 – ULI PHILADELPHIA Event: Commercial Real Estate Financing Time: 8:00 AM – 10:00 AM Location: Villanova University School of Business Address/City: 800 E. Lancaster Ave., Bartley Hall, Vil- lanova, PA P: 800-321-5011 www.philadelphia.uli.org JANUARY 30 – SIOR/IOREBA Event: Joint Meeting Time: 4:00 PM – 8:00 PM Location: The New York Athletic Club Address/City: 180 Central Park South, New York, NY Cost: $85 IOREBA & SIOR Members $105 Nonmembers www.siornj.com/www.ioreba.com Location: Sheraton Meadowlands Address/City: East Rutherford, NJ Cost: $165 Members $210 Nonmembers P: 732-729-9900 www.naiopnj.org
Broad Street, Philadelphia, PA Cost: $65 for TriState Members
$80 for Non-Members www.tristaterca.com
JANUARY 14 – CREW BALTIMORE Event: 2012: The Road Ahead Time: 11:30 AM – 2:00 PM
Location: Oriole Park at Camden Yards Address/City: 333 West Camden St., 4th Fl., Baltimore, MD Cost: $40 Members $55 Nonmembers P: 785-832-1808 E: crewbaltimore@crewnet working.org www.crewbaltimore.org JANUARY 17 – CIA NJ Event: Manufacturing Roundtable Time: 3:30 PM – 5:00 PM Location: Busch Campus Center, Rutgers University Address/City: New Brunswick, NJ P: 201-368-2100 E: ehallock@cianj.org www.cianj.org
JANUARY 18 – ABC BALTIMORE Event: How to Comply with State & Federal Prevailing Wage Laws
Time: 8:00 AM – 10:00 AM Location: ABC Baltimore Address/City: Baltimore, MD Cost: $25 Members $45 Nonmembers P: 410-821-0351 x-113 E: bjohnson@abcbaltimore.org www.abcbaltimore.org JANUARY 18 – ABC EAST PA Event: Breakfast with Economist Bill Dunkelberg Time: 8:00 AM Location: Crowne Plaza Valley Forge Address/City: 260 Mall Blvd., King of Prussia, PA Cost: $50 Members P: 610-279-6666 E: rkelsh@abceastpa.org www.abceastpa.org JANUARY 18 – CORNET NJ Event: What is CRE’s Role in Job Creation for the NY/NJ Region Time: 4:00 PM – 6:00 PM Location: Eastman Companies-Eisenhower Corp. Campus Address/City: 290 W. Mount Pleasant Ave., Livingston, NJ P: 908-663-2708 E: efriedman@evensonbest.com www.corenetnj.org JANUARY 18 – CREW LEHIGH VALLEY Event: Lunch & Learn – “How Will the New Tax As- sessment Effect You?” Time: 11:30 AM – 1:00 PM Location: Norris McLaughlin & Marcus, 2nd Floor Conference Room Address/City: 1611 Pond Road, Allentown, PA Cost: $15 per Person (Members & Invited Guests of Members Only) www.crewlehighvalley.org
JANUARY 19 – ULI BALTIMORE Event: Content before Cocktails Time: 5:00 PM
Location: The Hotel at Arundel Preserve Address/City: 779 3-AArundel Mills Blvd., Hanover, MD Cost: Members Free/$20 Nonmembers P: 800-321-5011 www.baltimore.uli.org JANUARY 20 – ULI NNJ Event: Advisory Board Meeting Time: 9:30 AM – 11:30 AM Location: Newark Legal Center-Edison Conference Room Address/City: 3rd Fl., 1037 Raymond Blvd, Newark, NJ P: 201-312-8817 E: mara.winokur@uli.org www.nnj.uli.org
FEBRUARY 1 – NJAA Event: ABC’s of Real Estate Tax Appeals in NJ
Time: 8:00 AM – 10:00 AM Location: Brach Eichler Cost: Members Free/$75 Nonmembers E: casey@njaa.com www.njaa.com
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