4 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal
MARE journal.com
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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