R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
Mark Glagola and Joe Friedman of Transwestern represent the seller Finmarc Management acquires office portfolio for $15.75m in Columbia, MD
ISSUE HIGHLIGHTS Volume 27 Issue 16 August 28 - Sep. 10, 2015
OLUMBIA, MD — Finmarc Manage- ment, Inc. , a Bethes- da, MD-based commercial real estate firm has announced the acquisition of a four-building flex/office portfolio compris- ing approximately 135,000 s/f of space for $15.75 million. Located at Rumsey Rd. in the Columbia section of Howard County, and formerly owned by First Potomac Realty Trus t, the project is nearly 100% leased. Mark Glagola and Joe Friedman of Tran- swestern represented the seller in this transaction. Constructed in 1980 with an all-brick exterior, the single- story buildings consist of 9150 to 9180 Rumsey Rd. The cur- rent tenant roster is primar- ily comprised of “service flex/ office” uses that are attracted C KING OF PRUSSIA, PA — Roseview-PMRG Fund I, LLC (the Fund) , a $250 million discretionary fund formed by PMRealty Group (PMRG) and The Roseview Group , has acquired a single- story, 102,204 s/f class A office building located at 211 South Gulph Rd. in King of Prussia for $21 million. This is the first acquisition in the greater Philadelphia market for the Fund which was formed to acquire and reposition office
ly-low vacancy rates, makes this an extremely strong long- term addition to our portfolio,” said Marc Solomon , princi- pal of Finmarc Management. “The portfolio remains in ex- cellent physical condition and features a stable and diverse tenant base that creates a steady income stream. We in- tend to invest in various main- tenance projects to assure the functionality and aesthetics of the four buildings.” The Rumsey Rd. portfolio is positioned within immedi- ate access to I-95 and Mary- land Routes 100 and 29, with close proximity to significant employment centers including Fort George Meade, the School of Education at Johns Hopkins University and the central busi- ness district of downtown Co- lumbia, as well as BWI airport. n the Fund’s primary aim is to roll existing leases to market rates with extended terms. According to Angelo Lo- bosco , executive vice presi- dent, PMRG "we are confident that we will be able to back fill any upcoming vacancy space as King of Prussia benefits from continued tightening in Main Line and Conshohocken submarkets which currently have class A vacancy of 3.7% and 10%, respectively as well as rental growth of 35.98% and 36.08% during the past five years.” Developed in 1960 and situ- ated on 9.31 acres, 211 South Gulph Rd. is located one-half mile south of the King of Prussia Mall; four miles from the most affluent Main Line towns including Wayne and Radnor, PA; and 17 miles from downtown Philadelphia. The building has frontage and prominent signage on the Schuylkill Expressway (I-76), the Metro region’s busiest highway. Access to the Inter- state is available one half mile north or two miles south and access to the property is via a signalized intersection. n
SPOTLIGHT Commercial Real Estate Law 15-20A PA/NJ/DE ICSC Conference &Deal Making
Rumsey Road
Section C
to the proximity of a mature highway network, strong labor market and flexible, open floor plans. “The numerous barriers to
entry that exist in the Howard County marketplace, includ- ing the absence of new inven- tory over the past ten years, combined with the historical-
NJ Apartment & Multifamily Conference 5-14A
Roseview-PMRG Fund I procures 102,204 s/f office building for $21m in King of Prussia, PA
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211 South Gulph Road
properties across the United States. The Roseview/PMRG partnership also owns proper- ties in Atlanta, Houston and Massachusetts. The seller, a joint venture between O’Neil Properties and The Arsenal Fund, acquired the property in February 2007. Under the Fund’s new ownership, an additional $1.1 million of capital improve- ments will be made including upgrading exterior amenities and signage; updating the building’s façade to enhance
its presence; and system im- provement. "This acquisition was stra- tegic for the Fund because it is a value-add opportunity that is well located within an in-fill market near downtown Phila- delphia,” said Steve Corri- dan , partner of The Roseview Group. “The area offers all the fundamentals we are seeking which include recent growth in both commercial and resi- dential sectors." With the building 100% oc- cupied at the close of escrow,
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C ommercial R eal E state O rganizations ’ E vents C alendar
SEPTEMBER 9 – CIRC DE Event: Monthly Membership Luncheon Time: 11:30 AM - 1:30 PM Location: Clarion Hotel-The Belle Address/City: 1612 N. DuPont Hwy. Cost: $35 Members $45 Nonmembers P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org SEPTEMBER 9 – CREW PITTSBURGH Event: Property Tour – Revitalizing Pittsburgh Time: 12:30 PM Location: PNC Park Hall of Fame Club E: admin@crewpittsburgh.org www.crewpittsburgh.org SEPTEMBER 9-10 – ICSC Event: PA/NJ/DE Conference & Deal Making Location: Pennsylvania Convention Center Address/City: 1101 Arch St., Philadelphia, PA P: 646-728-3641 E: wtaylor@icsc.org www.icsc.org SEPTEMBER 9 – POA Event: “Disaster-What You Don’t Know Can Hurt You” Time: 6:30 PM Location: Wilshire Grand Address: 350 Pleasant Valley Way, West Orange, NJ Cost: Members Free/$35 Nonmembers P: 732-780-1966 E: info@poanj.org www.poanj.org SEPTEMBER 10 – BOMA PITTSBURGH Event: Lunch with Henry Chamberlain Time: 11:30 AM Location: Fairmont Pittsburgh Address/City: 510 Market St., Pittsburgh, PA P: 412-261-2328 www.bomapittsburgh.org SEPTEMBER 10 – CREW BALTIMORE Event: Baltimore Industrial Market Luncheon Time: 11:30 AM – 2:00 PM Location: Hotel Monaco Baltimore Address/City: 2 North Charles St., Baltimore, MD Cost: $60 Members $75 Nonmembers www.crewbaltimore.org
SEPTEMBER 10 – MID ATLANTIC RE JOURNAL 2nd Annual NJ Apartment/Multifamily Conference Time: 8:00 AM – 12:00 PM Location: Sheraton Parsippany Hotel Address/City: 199 Smith Rd., Parsippany, NJ
SEPTEMBER 17 – NAIOP PITTSBURGH Event: Chapter Meeting 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 E: info@naioppittsburgh.com www.naioppittsburgh.com
P: 781-871-5298 or 952-405-7780 E: lchristman@marejournal.com or jjohnson@rejournals.com www.marejournal.com
SEPTEMBER 21 – NAIOP NJ Event: NAIOP NJ Golf Classic Time: 10:00 AM – 7:00 PM Location: Trump National Golf Club Address/City: Bedminster, NJ www.naiopnj.org
SEPTEMBER 15 – CIANJ Event: PENPAC Beefsteak and Silent Auction Time: 6:00 PM – 9:00 PM Location: The Brownstone Address/City: 351 W. Broadway, Paterson, NJ Cost: $135 P: 201-368-2100 E: ehallock@cianj.org www.cianj.org SEPTEMBER 15 - NJ IFMA Event: Tour of Lighting Application Center Time: 4:00 – 6:00 Location: Philips North America Address: 200 Franklin Square Drive Somerset, NJ 08875 www.njifma.com SEPTEMBER 16 – BOMA NJ Event: Monthly Dinner Meeting Time: The Metropolitan Room Location: Newark, NJ P: 973-696-2914 E: boma.nj@optimum.net www.bomanj.org SEPTEMBER 16 – CORENET GLOBAL Event: RealShare NJ Time: 7:30 AM – 12:30 PM Location: The Hilton Meadowlands Address: 2 Meadowlands Plaza, East Rutherford, NJ P: 973-771-5201 E: newjersey@corenetglobal.org www.corenetglobal.org SEPTEMBER 16 – CREW LEHIGH VALLEY Event: 2015 Putt-Putt Golf Tournament to Benefit CREW Foundation Time: 4:30 PM Location: Lucky Strokes Golf Address/City: 7200 Airport Rd., Allentown, PA Cost: $35 per Person www.crewlehighvalley.org
SEPTEMBER 24 – ABC NJ Event: Annual Crabfest Time: 4:00 PM – 8:00 PM
Location: Woodstown Moose Lodge #932 Address/City: 1 Bypass Rd., Woodstown, NJ P: 609-989-9110 E: sschlags@njpsi.co www.abcnjc.org SEPTEMBER 24 – CREW LEHIGH VALLEY Event: NCCC’S New Northeast PA Campus - Pre- sentation & Tour Time: 4:00 PM – 6:00 PM Location: NCCC NEPA Campus Address/City: 2411 Route 715, Tannersville, PA www.crewlehighvalley.org SEPTEMBER 24 – IREM MD Event: Chapter 16 Annual Meeting & Crab Feast Time: 4:00 PM – 7:00 PM Location: Nick’s Fish House Address/City: 2600 Insulator Dr., Balitmore, MD P: 443-322-1115 E: lcrook@irem16.org www.irem16.org SEPTEMBER 28 – IREM DELAWARE VALLEY Event: 2015 Annual Golf Outing Sponsored by
Friends of IREM Time: 10:00 AM
Location: Commonwealth National Golf Club Address/City: 250 Babylon Rd., Horsham, PA P: 856-786-9260 E: admin@irem3.org www.irem3.org
SEPTEMBER 10 – DVGBC Event: Policy Agenda Meeting
SEPTEMBER 29 – ICSC Event: VRN Fall Outlet Convention
Time: 4:00 PM – 6:00 PM Location: 2401 Walnut St. Address/City: Suite 103, Philadelphia, PA
Location: Meadowlands Exposition Center Address/City: 335 Plaza Dr., Secaucus, NJ Cost: $315 Member $445 Nonmember P: 646-728-3647 E: evivona@icsc.org www.icsc.org OCTOBER 12 - NJ IFMA Event: NJ IFMA & ISPE NJ 2015 Golf Outing Time: 11:00 am Location: The Knoll Country Club West Course,
P: 215-399-5790 www.dvgbc.org
SEPTEMBER 17 – CIANJ Event: Best Practices Conference Time: 8:30 AM – 12:30 PM Location: Nanina’s in the Park Address/City: 540 Mill St., Belleville, NJ Cost: $100 P: 201-368-2100 E: ehallock@cianj.org www.cianj.org
SEPTEMBER 10 – IREM NJ Event: Heritage Night Dinner Time: 6:00 PM – 9:00 PM Location: The Palace at Somerset Park Address/City: 333 Davidson Ave., Somerset, NJ P: 856-303-0190 www.irem1@comcast.net
Address: 990 Greenbank Dr. Boonton Township, NJ 07005 www.njifma.com
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Alpha Funding........................................................19A American Architectural Window & Door.................1B Arrow Steel Inc........................................................10B Azarian Realty Co.. .................................................15C Barley Snyder..........................................................16A Bayshore Recycling. ................................................20B Bennett Williams.......................................................3C BlueGate Partners...................................................14A Bohler Engineering. ..................................................9C Brach Eichler...........................................................13A Canariis Corporation...............................................11B Capitol Aerials.........................................................19B Castle Lanterra Properties.....................................12A Chiesa Shahinian & Giantomasi PC......................10A Crystal Window & Door............................................8B E.B Cohen..................................................................7B Earth Engineering...................................................19C Elliott-Lewis. .............................................................3B EPGP........................................................................17A Fowler Companies...................................................23B Gerard Construction Corp.. ......................................2C GM Realty............................................................IBC-A Greystar.....................................................................8A HFF............................................................................6A Hillcrest Paving & Excavating...........................IBC-A Hollenbach Construction...........................................3B Hutchinson Mechanical...........................................19B Integrated Business Systems. ..................................5B Integrity Graphics.....................................................7B Investors Real Estate Agency.............................IBC-A IREM.................................................................. 24-25B Jardim Meisner & Susser PC.................................20A Jeffery Realty ............................................................7C Jewel Electric Supply Co...........................................6B Kaplin Stewart. .......................................................18A Kay Realty. ..........................................................IBC-A Keast & Hood.............................................................3A KSS Architects...........................................................2B Landmark Science & Engineering..........................21B Levin Management............................................ 10-11C LEW Corporation. ...................................................19B M. Miller & Son.........................................................6B Manekin...............................................................IBC-A Marcus & Millichap..................................IBC-A, BC-A Martin Architectural...............................................20C Meridian Capital Group..........................................11A Metro Commercial...................................................16C Murray Associates Architects.................................14B NAI Summit................................................ IBC-A, 13C National Realty & Development Corp................. BC-C NJAA........................................................................23B NorthMarq Capital....................................................3A P. Cooper Roofing. ................................................ BC-B PipeBurst Pro. ...........................................................9B Poskanzer Skott Architects.......................................4B Premier Compaction Systems.................................18B Prime Sites Realty ..................................................18C R D Mechanical Corp.. ..............................................2B RD Management LLC....................................... IFC-1C Rhino Realty Group.................................................17C Silbert Realty & Management Company.................8C Specialty Building Systems. ................................. IC-B Stark & Stark............................................................4C Subway.....................................................................12C Target Building Construction...................................6C Total Cleaning Associates, Ltd.................................4B Traiman. ....................................................................4A USGBC.....................................................................22B Warner Real Estate & Auction.................................4A Weil Pump Co., Inc..................................................12B WithumSmith + Brown...........................................13B World Business Lenders. ..........................................5C MAREJ A dvertisers D irectory
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M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Section Publisher .........................................................Steve Kelley Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant ........................................................ Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Office Manager .........................................................Joanne Gavaza Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 27 Issue 16 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
A HR Managers Strive to Be Flexible, Cost-Conscious in Managing Relocation Jennifer Connell midst tougher compe- tition for the best and brightest employees, 60 percent of companies say that relocation policy benefits are critical to recruiting tal- ent. Yet an alarming major- ity of companies still pursue outdated workforce mobility practices that put them at risk of losing the very talent they’re investing in. These were some of the key findings of the latest survey by Weichert Workforce Mobil- ity Inc., a global leader in the deployment and management of mobile talent. Multidimen- sional Views on Workforce Mobility is Weichert’s ninth annual survey to identify the top relocation challenges and trends, with this year’s results based on the input of 170 North American corporate relocation managers. Results show companies balancing the need to provide the benefits necessary to at- tract and retain top talent with an unrelenting pressure to control costs. Forty percent of companies expect their relocation volume to increase over the next 12 months, underscoring its importance to business growth, while reducing cost was the most
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
commonly cited influencer of the changes companies make to their relocation programs. In fact, “controlling reloca- tion spend” was the number one reason cited for the wider adoption of flexible reloca- tion programs, which include temporary, rotational and commuter assignments, lump sums and extended business travel. “When it comes to workforce mobility, the mantra is, ‘be flexible, but be cost-conscious, too,’” said Jennifer Connell , North American Practice Leader for Weichert’s Advisory Services group and architect of the survey. “When managed right, flexible programs allow companies to be both, making relocation appealing to a wider range of employees and keep- ing talent more readily deploy-
able as opportunities arise.” Unfortunately, some com- panies’ efforts to balance flex- ibility and cost control miss the mark. Seventy percent of respondents said they pro- vide lump sums to entry-level employees, a practice Connell finds ill-advised. “This places responsibility for the move on the demo- graphic that is often least experienced with managing their own funds, which ends up costing more in the long run while literally risking your future leaders,” said Connell. “It’s very telling that despite the widespread usage of lump sums, only 50 percent of com- panies thought they met the needs of their employees and only 33 percent thought lump sums helped drive their talent management strategy.” n
Bussel Realty Corp. leases 15,808 s/f at 1026 West Elizabeth Avenue in Linden, New Jersey
LINDEN, NJ — Bus- sel Realty Corp. (BRC) , a leading corporate and in-
dustrial real estate ser- vices firm in New Jersey, announc ed Accu Refer- ence Medi- c a l L a b has l eased 15,808 s/f at
Jordan Metz
1026 West Elizabeth Ave. in Linden, a 78,888 s/f industrial property. BRC vice president JordanMetz was responsible for the transaction and repre- sented Accu Reference Medi- cal Lab. JLL represented the owner, Prologis . “Accu Reference Medical Lab was expanding their laboratory services in the New Jersey area,” said Metz.
1026 West Elizabeth Ave
“The property’s location near Elizabeth, Rahway, Linden and the Goethals Bridge to Staten Island and Brooklyn provided a great location to reach its clients in these markets.” 1026 West Elizabeth Ave. is in close proximity to Rte.
1-9, the New Jersey Turnpike, Port Newark/Elizabeth and Newark Liberty Airport. The property offers 18-foot ceiling heights, 36-foot by 23-foot col- umn spacing, 15 tailboards, one drive-in, 1600 amps of electric power, wet sprinklers, and is situated on four acres. n
To advertise, call 1-800-584-1062
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M id A tlantic R eal E state J ournal Handled by Jim Panczykowski of Binswanger Binswanger brokers sale of 75,080 s/f facility for $10.2m
Our Capital Connections Deliver the Right Results
ANOTHER SUCCESSFUL TRANSACTION $16,500,000 New Jersey Health Care Center SIZE: 94,556 SF CITY: ORADELL, NJ LENDER: LIFE COMPANY
ALLENTOWN, PA — Patterson-Woods Com- mercial Properties/COR- FAC Internat ional , a full-service commercial real estate provider serving the Mid-Atlantic market, an- nounced the sale of a nurs- ing home facility, Liberty Nursing & Rehabilitation Center, located in Allentown, PA. The four-story property measures 43,420 s/f. The property was sold by Liberty Allen Square, LLC to Owl’s Next Properties, LLC, a 1031 exchange-triple net investor with investments in the greater Wilmington, DE area, for $4.65 million. Chris Moore , a sales and leasing agent with Patter- son-Woods, represented the buyer in this transaction. The buyer was referred to Moore by John Osborn of Patterson-Osborn Ex- change Services . Fein- berg Real Estate Advi- CHERRY HILL, NJ — Kaplin Stewart Meloff Reiter & Stein, PC is pleased to announce that we are relocating to THE COMMERCE CENTER, 1800 Chapel Ave., W., Suite 320, Cherry Hill, NJ 08002. Phone: 856-675-1550. Our HI LADELPHI A , PA — Binswanger represented Aramark in the $10.2 million sale of a Bronx, NY facility. The Bronx property located at 850 East 138th St. in the Bronx will house the con- solidated operations of The Department of Parks & Rec- reation Five-Borough shops. Built in 1988, the two-story building was initially used as a commercial laundry operation with second-story warehousing. Key features include open floor plates, at- tractive ceiling heights and a gated parking lot. Located in the Port Mor- ris section of the Bronx, the former Aramark facility has excellent access to the Bruck- ner Expressway as well as the Willis Avenue Bridge. One of the premier indus- trial areas of the immediate P
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New York City metro-area, the South Bronx is a highly desirable location for NYC- centric operations because of its accessibility to and from Manhattan as well as Queens, lower Westchester County, New York and lower Fairfield County, Connecti- cut. The recent sale was han-
dled by JimPanczykowski of Binswanger’s New Haven, Connecticut office. Headquartered in Phila- delphia, PA, Binswanger is an international full-service real estate organization with offices worldwide throughout the United States, Canada, Latin America, Europe, the Middle East, and Asia. n
STRUCTURAL ENGINEERS
www.keasthood.com Philadelphia | Washington
Patterson-Woods/CORFAC Int’l facilitates $4.65 million sale
Serving building owners, developers, real estate professionals, and architects since 1953.
Liberty Nursing & Rehabilitation Center
Renovations & Additions
New Construction
floor into a specialized care unit. “This Allentown, PA in- vestment fit nicely with the desire of our client to move his investment dollars from his intensive, self-managed properties, to a lower im- pact real estate investment, backed by a well executed 20+ year lease with a high quality tenant,” saidMoore. n
sors, LLC represented the seller. The facility, built in 1969, will continue to be leased by Health Care and Retirement Corp. of America, a division of Manor Care. This pur- pose-built facility has gone through several rounds of upgrades, including interior remodeling, HVAC replace- ment, and conversion of one phone number and email addresses will remain un- changed. We were fortunate to find such an attractive space so close to our current office. We wanted to limit the impact that a relocation could have on our clients and our employees. Our new lo-
cation will help us continue to grow and evolve to keep up with our client’s needs, allowing us to provide ex- ceptional value and superior service. We look forward to working with current cli- ents, as well as welcoming new clients and referrals. n Kaplin Stewart announces NJ relocation
Condition Assessments
Due Diligence
400 Market Street, Suite 1250 Philadelphia, PA 19106 215.625.0099 1350 Connecticut Avenue NW, Suite 412 Washington, DC 20036 202.223.1941
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M id A tlantic R eal E state J ournal Plymouth Woods Office Center offers 188,360 s/f Beacon Comm’l & Cushman & Wakefield announce sale P
A B S O L U T E 10,000± SF Office Bldg. Floor plan suitable for single or multiple tenants AUCTION To highest bidder Sale on Premises Wednesday, October 14 th , 2:00 PM 8101 Castor Avenue — Rhawnhurst Section
LYMOUTH MEET- ING, PA — Cushman & Wakef ield and Beacon Commercial Real Estate LLC announced the sale of the Plymouth Woods Office Center located at 521- 531 Plymouth Rd. in Plymouth Meeting. Robert Yoshimura , Jo- seph Hill and R. Eric Matt- son, Jr. with Cushman & Wakefield and Gene McHale and Colin McHale with Bea- con Commercial Real Estate, LLC represented the seller, GPX Plymouth Woods Office Properties, LP in the transac- tion. The buyer was Exeter
Philadelphia, PA 19152 Vacant • Well maintained Move-in Condition • Includes furniture
Plymouth Woods Office Center
Property Group headquar- tered in Plymouth Meeting. PlymouthWoods Office Cen- ter offers 188,360 s/f of com- mercial office space. There are five, one-story buildings offering tenants suites of all sizes along with common area
conference rooms. Exeter Property Group is planning a major upgrade to the exterior of the building as well as the lobbies, restrooms and com- mon areas in order to reposi- tion this asset in a very strong office market. n Richardson Comm’l. Realtors welcomes Marusky HAMILTON, NJ — Rich- ardson Commercial Re- altors has announced that
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estate industry and a proven track record of successfully completing office, industrial, retail, investment property and land transactions. Marusky is currently a li- censed real estate broker in New Jersey and Pennsylva- nia and a licensed real estate salesperson in Florida. He holds the GRI or Graduate of the Real Estate Institute des- ignation and the prestigious CCIM designation from the Commercial Investment Real Estate Institute . Prior to joining Richardson Commercial Realtors,Marusky was the director of commercial properties at a multi office brokerage in Pennington, NJ where he hired and trained commercial real estate agents and was involved in the sale and leasing of commercial properties. Richardson Commercial Realtors prides itself in com- bining education, marketing savvy, seasoned counsel and an in-depth knowledge of the Central Jersey market The Richardson Commercial umbrella also includes the Richardson Management Group and Lexington Ap- praisal Group . n
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2015 NJ A partment /M ulti F amily C onference 5 Park Lane is approved for a 37-story condominium building Sale of two residential development sites on the Hudson River waterfront closed by HFF J
ERSEY CITY, NJ — Hol l iday Fenogl io Fowler, L.P. (HFF) announced that it has closed the sale of 75 Park Lane and 2 Shore Dr. North, two residential development sites totaling 1.85 acres along the Hudson River waterfront in Jersey City. HFF marketed the sites on behalf of the seller. Strategic Capital purchased both prop- erties. Shearman & Sterling LLP provided legal counsel to Strategic Capital during the transaction. The development sites are
75 Park Lane and 2 Shore Dr.
located in the Newport sec- tion of Jersey City directly across the Hudson River from lower Manhattan. This loca- tion is steps from the Hudson River Waterfront Walkway providing access to Hoboken and is close to the Newport PATH station providing train service to Midtown, theWorld Trade Center and Newark Penn Station. 75 Park Lane is approved for a 37-story condo- minium building. Shore Lofts is approved for a seven-story condominium building. Com- bined, the two will bring a to- tal of approximately 608,000 s/f of residential space and 24,000 s/f of retail space to Newport. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , manag- ing director Kevin O’Hearn , and senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios and associate director Stephen Simonelli . “Jersey City has become known as the ‘Sixth Borough’ or ‘Wall Street West’ and is widely regarded as one of the best condominium develop- ment sites in the region,” said Cruz. “Continued low inter- est rates, scarcity of for-sale product and attractive con- dominium prices compared to Manhattan will ensure that 75 Park Lane and Shore Lofts are well-received in the market.” HFF and HFFS (HFF Se- curities LP) are owned by HFF, Inc. HFF operates out of 22 offices nationwide and is a leading provider of com- mercial real estate and capi- tal markets services to the U.S. commercial real estate industry. n
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PROGRAM AGENDA
7:55 AM Welcome & Introduction
8:00 AM 2015 New Jersey Apartment Market Overview Moderator: Mitchell S. Berkey, Co-Chair, Real Estate Group, Chiesa Shahinian & Giantomasi PC Speakers: Jose R. Cruz, Senior Managing Director, HFF | New Jersey Arthur Rosenberg, CEO and Co-Founder, Azure Partners Russell Tepper. Senior Managing Director – NY, NJ and CT, Mill Creek Residential Brian M. Stolar - Founder, President, and CEO, The Pinnacle Companies Debra Tantleff, TANTUM Real Estate 9:00 AM Capital's Comeback: The evolution of apartment financing Moderator: Ronald M. Shapiro, Ex Director of the Rutgers Business School’s Center for RE Studies Speakers: Mark M. Scott, Founder and Principal, Commercial Mortgage Capital Corp. John Motzel , Senior Vice President of originations for Berkadia Commercial Mortgage Paul Heilmann, Senior Vice President, Columbia Bank 10:00 AM Break 10:10 AM 2015 New Jersey Multifamily Investment Update and Opportunities Moderator: Brian Whitmer, CCIM, Sr. Director | Capital Markets Group, Cushman & Wakefield of NJ Speakers: Timothy Touhey, CRE Team Leader at Investors Bank Alan R. Hammer, Partner in the Roseland, New Jersey law firm of Brach Eichler L.L.C Joni Sweetwood, Senior Vice President, The Kislak Company, Inc. Elie Rieder, CEO and Founder, Castle Lanterra Properties Doug Root, Senior Managing Director, Greystar Mark DeLillo, Managing Partner, BlueGate Partners 11:10 AM Building a Successful Project from start to finish - Development Trends Moderator: Thomas McConnell, Managing Partner, Redwood Realty Advisors Speakers: Len Nitti, CPA, MST, Principal, Wilkin & Guttenplan, PC Kieran Flanagan, President & Co-Founder, Hollister Construction Services, LLC 12:00 PM Adjourn and Networking
Anthony L. Marchetta, Executive Director, NJ Housing and Mortgage Finance Agency (HMFA) Nat Gambuzza, VP of Investments, Dir. of the National Multi Housing Group of Marcus and Millichap
8A — August 28 - September 10, 2015 — M id A tlantic
Real Estate Journal
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2015 NJ A partment /M ulti F amily C onference
World-class service in the multifamily real estate industry Greystar: Company overview
G
service. We’re constantly ex- ploring and implementing innovative ideas and new tech- nologies to serve our residents and clients. A Trusted Partner for Performance Success Greystar has experience in all multifamily property types and strategies combined with comprehensive support servic- es and our revenue-enhancing Advantage Solutions platform. With our focus on leveraging opportunities that lead to asset growth for clients, we under- stand the challenges a property owner can face, and are proud
to offer a wealth of services to make the management of your community smooth and efficient. Local Expertise Backed by an International Platform In over 140 markets, manag- ing nearly 400,000 units glob- ally, our 10,000+ team mem- bers support client needs by tailoring solutions with the goal of maximizing asset value. At Greystar, we understand that effective property management requires in-depth local-market knowledge and the ability to respond swiftly as conditions change.
This commitment to local ex- pertise is strengthened by the support, revenue-generating services, and economies of scale provided by our national orga- nization. Overall, our clients experience positive impact in efficient operations, increased revenue, and reduced cost, re- sulting in elevated asset value. “From the very beginning, we have focused on being an ‘ever- green’ company. We know that real estate is cyclical, so our bal- anced focus on both the service side and the principal side of the business gives us opportunities to help clients grow at any stage
r ey s t a r p r o v i d e s world-class service in the multifamily real
of the cycle,” said Bob Faith , founder, chairman, and CEO Doing Things the Right Way Our mission at Greystar is to enrich the lives we touch by doing things the right way. We are committed to integrity, to our team members, to our customers, to performance, to quality, and to the future. We maintain a constant focus on our Pillars of Excellence, which are the foundation of ev- erything we do – from corporate decision-making to resident relations. These measureable standards of success are part of how we are Redefining Ex- cellence in Apartment Living. Our success is also based on our strict adherence to the Core Values that make up the back- bone of Greystar. Together, these pillars and values provide a roadmap for our decisions and a benchmark for our actions. Property Management With nearly 400,000 units under management, our reach spans 40 states, as well as the U.K., the Netherlands, and Mexico, supported by local experts in 36 city offices. Ef- fective property management requires precise local market knowledge and the ability to respond swiftly as local condi- tions change. Our multifamily experts are local to the markets they serve, and possess strong industry experience with prov- en track records. Investment Management Greys tar Inves tment Management is focused on the goal of generating attrac- tive risk-adjusted returns on behalf of institutional partners through the acquisition of mul- tifamily properties throughout the United States and interna- tionally. Development and Construction Management Greystar has led the sponsor- ship of more than 75 multifamily development projects containing over 23,000 units, with a total capitalization of $4.7 billion. With development experience in all product types, we are able to identify and execute projects with the goal of providing the highest risk-adjusted returns. Our top priorities are client and resident satisfaction – that’s what drives us to develop and build top-quality living environ- ments. From on-site construction experts to the highest levels of leadership, our devotion to quality and your complete sat- isfaction emanates throughout our organization. n
estate industry. Our business model fully integrates the management, investment, and development disciplines of the multifamily industry on inter- national, national, regional, and local levels. Our dedica- tion to Redefining Excellence in Apartment Living begins by building authentic part- nerships with our clients and taking the time to understand the depth and complexity of their needs to provide custom- ized, performance-enhancing
National Platform with Local Expertise With nearly 400,000 units under management in more than 140 markets nationwide, Greystar ® is the largest apartment manager in the United States. By combining local expertise and broad experience with the scale, consistency, and benefits of an international platform, Greystar delivers outstanding results to our clients and investors. Our vertically integrated business model provides turnkey solutions and seamless execution for all facets of multifamily services.
Property Management | Investment Management | Development and Construction Management Services
Call today to learn how Greystar can help you.
Kevin Sheehan Senior Managing Director 703.677.9110 ksheehan@greystar.com
Figures are as of August 20, 2015.
Real Estate Journal — August 28 - September 10, 2015 — 9A
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2015 NJ A partment /M ulti F amily C onference Meet some of our speakers & moderators
Jose Cruz, Senior Managing Director — HFF Jose Cruz is a Senior Managing Director in the New Jersey office of HFF with over 21 years of experience in commercial real estate. He specializes in investment sales in New Jersey, New York State and Connecticut. Over the course of his career, Jose has been involved in over $18.4 billion of office, industrial, retail, multi-housing and land sales. Jose joined the firm in March 2010. Mark M. Scott, Founder/Principal — Commercial Mortgage Capital Corp. (CMC) | Mark M. Scott established Commercial Mortgage Capital Corp. (CMC) in 1996. Since then he has arranged over $6.1 billion dollars of debt and equity for his clients. His focus over a 25-year career has been multifamily finance. Scott continues to expand CMC’s strong commercial lending platform in New Jersey and the Tri-State Region. In April 2009, Mark appeared on Bloom- berg TV as a guest speaker regarding commercial real estate finance. Timothy Touhey, CRE Team Leader — Investors Bank Timothy Touhey is a CRE Team Leader at Investors Bank, in charge of expanding the Bank’s Commercial Real Estate Finance Group into the Southern and Central New Jersey, Philadelphia and Delaware markets. Tim brings to Investors broad expertise in financial services, construction, housing and urban development, government affairs, and relationship building across many industry sectors. Alan R. Hammer, Partner — Brach Eichler LLC Alan Hammer joined Brach Eichler, LLC immediately after gradua- tion in 1971. He is former Managing Partner and a member of the Executive Committee and Real Estate Practice Group. He has concen- trated his practice in the areas of investment real estate transactions and tax appeals. He has been personally active in the acquisition, own- ership, management and operation of investment properties, primar- ily apartment complexes, throughout NJ and Eastern Pennsylvania. Mitchell Berkey, Co-Chair, Real Estate Group — Chiesa, Shahinian & Giantomasi | Mitchell Berkey is co-chair of the firm’s Real Estate, Development and Land Use Group. He concentrates on all aspects of real estate ventures and transactions, including acquisi- tions, sales, financing, development, leasing, management, loan work- outs, ownership restructuring and resolution of intra-ownership dis- putes. His extensive background spans all asset types, including office, retail, industrial, hospitality and mixed-use properties. Brian J. Whitmer, CCIM, Senior Director | Capital Markets Group —Cushman &Wakefield of NJ | Brian Whitmer serves as Senior Director of the Metropolitan Area Capital Markets Group in C&W’s East Rutherford, New Jersey office. Part of a 13-member team, Whitmer is responsible for managing, underwriting, and marketing investment properties for sale and arranging joint ventures in the sub- urban markets surrounding New York City. While he handles all asset types, his focus is on multifamily transactions. Paul Heilmann, Senior Vice President — Columbia Bank Paul Heilmann is Senior Vice President of Commercial Real Estate Lending and Commercial Construction Lending at Columbia Bank, one of New Jersey’s leading community banks with Total Assets of $4.3 Billion and 44 Branches. Paul is a member of the Bank’s Com- mercial Loan Committee and Senior Loan Committee. Prior to join- ing Columbia in 2004, he was the SVP of Commercial Lending at Penn Federal, a Newark, NJ based bank for 10 years. Brian Stolar, CEO/Founder/President —The Pinnacle Cos. Brian M. Stolar is the Founder, President, and Chief Executive Offi- cer of The Pinnacle Companies and he has led the upscale builder/ developer’s growth from a start-up in 1984 to its present position with 50 full-time professionals operating in New Jersey, New York, Florida, and Connecticut. Brian’s steadfast focus on technology, design, qual- ity, and cost control has greatly contributed to the company’s contin- ued expansion in the marketplace. Debra Tantleff, Founding Principal — TANTUM Real Estate Debra Tantleff operates a certifiedWomen’s Business Enterprise focus- ing on creating boutique multi-family and mixed-use communities in the New Jersey region. Prior to founding TANTUM, Debra was a Vice President of Development at Roseland, a Mack-Cali Company, where she established a highly acclaimed reputation for delivering exception- al mixed-use developments, with a portfolio consisting of more than 3,500 residential units and 175,000 s/f of retail space. Thomas McConnell, Managing Partner — Redwood Realty Advisors | As Managing Partner of Redwood Realty Advi- sors, Thomas McConnell, CCIM is responsible for the growth and strategic oversight of the firm. He also oversees all multifamily ad- visory and brokerage activity in New Jersey and New York. Tom has more than 15 years of real estate experience and is frequently called upon to share his professional insight.
Joni Sweetwood, Senior Vice President —The Kislak Co., Inc. Joni Sweetwood joined The Kislak Company, Inc. in 1996. As both a senior vice president and sales associate, she is a leading producer, manages client relationships and transactions and has managed and mentored sales trainees.Throughout her career, Joni has represented clients in multiple industries throughout New Jersey, including real estate, accounting and finance. John Motzel, Senior Vice President of Originations — Berkadia Commercial Mortgage | Based in New York City and Shrewsbury, New Jersey, John Motzel is actively involved in origina- tions of multifamily and commercial real estate financing through- out the United States. Berkadia Commercial Mortgage is a leading principal and intermediary providing debt and equity solutions for multifamily and commercial real estate nationwide. Ronald M. Shapiro, Executive Director — Rutgers Busi- ness School’s Center for Real Estate Studies | Ron Shapiro is Executive Director of the Rutgers Business School’s Center for Real Estate Studies (“CRES”). As Executive Director, Ron has re- sponsibility for developing the strategic vision and long term plan- ning for CRES. He has full oversight and management of all out- reach activities including creating executive education programs in real estate. Elie Rieder, CEO/Founder — Castle Lanterra Properties Elie Rieder is the Founder and Chief Executive Officer of Castle Lan- terra Equity and Castle Lanterra Properties. An active real estate in- vestor, owner and manager since 1998, Elie has been directly involved in acquiring in excess of 10,000 multifamily units and has invested across the real estate spectrum in residential, office, hospitality, retail and parking. Elie Rieder specializes in value-add acquisitions. Mark DeLillo, Managing Partner — BlueGate Partners Mark DeLillo has 17 years of institutional real estate and finance experi- ence, and has contributed to the successful completion of more than $9 billion in multifamily, retail, office and land development investment sales, financing, joint venture and acquisition assignments. Prior to co- founding BlueGate Partners, he was a Managing Director & Partner of DTZ Rockwood, an international property advisory firm, where he worked for 11 years. Len Nitti, CPA, MST, Principal —Wilkin & Guttenplan, PC Len Nitti joined the firm in 1999. Len has a broad range of clientele including closely-held businesses, real estate entities, high net-worth individuals, professional athletes, officers of major corporations and not-for-profit organizations. Len’s knowledge in Federal and State taxation encompasses planning, research and audits. Major areas of taxation include partnership, state and local, green energy incentives and low income housing tax credit projects. Doug Root, Senior Managing Director — Greystar Doug Root is a Senior Director of Investments on the East Coast. He is primarily responsible for acquisitions and dispositions for the Mid- Atlantic and the Northeast. Previously Root was an Acquisitions As- sociate with Invesco Real Estate. During Doug’s tenure at Invesco he assisted with sourcing, underwriting, and closing over $2 Billion of acquisitions. Prior to Invesco, he competed on the ATP professional tennis tour for 3 years. Arthur Rosenberg, CEO/Co-Founder —Azure Partners Arthur Rosenberg is the CEO and Co-Founder of Azure. Prior to forming Azure, Arthur was a Director at Marathon Asset Manage- ment’s Real Estate Opportunity Fund. Marathon is a $12 billion global investment management firm with over $3 billion invested in real es- tate debt and equity. At Marathon, Rosenberg was primarily respon- sible for North American investment opportunities. Russell Tepper, Senior Managing Director —Mill Creek Residential | Russell Tepper serves as Senior Managing Direc- tor with overall responsibility for all development activities in Mill Creek’s Northeast Region, including NY, NJ, and CT. From 1993 – 2013, Russell’s management responsibilities had grown extensively, culminating in the development of Matrix Development Group’s ur- ban redevelopment portfolio and mixed-use investments throughout NJ and Philadelphia. Kieran Flanagan, President & Co-Founder — Hollister Construction Services | Kieran D. Flanagan, a partner of the firm, has over 20 years of experience in commercial construction. Since 2004, he has overseen construction and operations for Hollister Con- struction Services and has been instrumental to the company’s success and growth. Specializing in client consultation for design/build proj- ects and value engineering, he monitors the project planning, schedul- ing, budgets, and construction progress.
For speaking and Sponsorship information please contact: Linda Christman
10A — August 28 - September 10, 2015 — M id A tlantic
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2015 NJ A partment /M ulti F amily C onference
Real Estate Journal — August 28 - September 10, 2015 — 11A
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2015 NJ A partment /M ulti F amily C onference
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