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First Capital and affiliated entities contributed 28 assets to the REIT First Capital Real Estate acquires New York advisory firm in $175 million deal N EW YORK, NY — First Capital Real Estate Investments, and were made public via SEC Form 8K filing under United Realty Trust Incorporated.
ISSUE HIGHLIGHTS Volume 27 Issue 19 Oct. 16 - 29, 2015 FINANCIAL DIGEST Featuring... Title/Insurance
and United Realty Advisors, LP. Javier Vande Steeg and J. Tim Pruban were named as independent direc- tors and Anthony Arostegui of Downey Brand LLP was named general counsel. “This is a new and excit- ing chapter for First Capital, United Realty and the inves- tors we serve,” said Singal, “We look forward to sharing further exciting details in the coming months as we continue to broaden and expand our platform for the investment community.” n
First Capital and its affili- ates entered into an Asset Contribution Agreement with URTI pursuant to which First Capital and affiliated entities contributed 28 assets to the REIT, including 18 hotels, five retail and self-storage proper- ties, various residential and commercial land for develop- ment, and contract rights to acquire 13 additional hotels and more than 1,000 multi- family units. The contributed assets exceed $175 million in value. Both transactions closed on September 15, 2015
“We are tremendously ex- cited about the acquisition of United Realty,” said Suneet Singal , CEO and chairman of First Capital, “We believe this transaction allows First Capital to expand our platform capabilities through the acqui- sition of a firm which shares our value-add and opportu- nistic investment philosophy.” As a result of the transaction, Singal was named CEO and chairman of the board of URTI
LLC (“First Capital”) , a Sacramento based real estate investment and finance firm, announced that it closed on the acquisition of United Realty Advisors, LP , the external advisor to United Realty Trust Incorporated (“URTI”) , a SEC-registered public non-traded REIT, and other affiliated entities (col- lectively, “United Realty”). Immediately prior to its ac- quisition of United Realty, PHILADELPHIA, PA — RittenhouseRealtyAdvisors announced the sale of the Hill House Apartments in the Chestnut Hill neighborhood in Philadelphia. The prop- erty consists of 188 apartment units and sold at a 4.1% T-12 CAP Rate and a price north of $40 million. The buyer, Equus Partners out of Philadelphia, plans a major renovation proj- ect that will include unit reno- vations along with extensive work to common areas. The property attracted an enormous amount of interest from both local private capital buyers as well as institutional buyers from across the coun- try. “We conducted over fifty property tours and more than twenty offers were submitted on the property,” said Corey Lawns by Yorkshire, Inc. Lew Corporation Liberty Paper & Janitorial Supply Co. Lockman, Inc. Luce, Schwab, & Kase, Inc. McCabe Environmental Services, LLC Metro Fire & Safety Equipment Co. Inc. Modern Group Monroe Infrared Technology, Inc. National Association of Power Engineers (NAPE) NAPE Educational Foundation (NAPEEF) National Water Main Cleaning Co. Palmer Asphalt Company Precision Work, Inc. Quality 1st Contracting Reliance Detection Technologies/ FloodMaster Safety Supplies Unlimited Sander Mechanical Service Security Resources, Inc. SERVPRO of Paramus Sherwin‐Williams Spartan Surfaces Surface Solutions Taurus International Corp. Tecogen, Inc. Universal EMS Wallico Maintenance Wascomat WCR, Inc. W stern Pest Services
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Rittenhouse Realty Advisors inks sale of Hill House Apartments in Philadelphia, PA for $40m
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post renovations. Its excel- lent location provides tenants with easy access to the shops and restaurants of Chestnut Hill, along with easy access to SEPTA bus and train routes that allows for easy access to Center City, Philadelphia. Rittenhouse Realty Advi- sors has closed on north of $300 million in multi-family transactions since it opened in 2013. They focus on the sale of market rate apartments, student housing along with developable land with a multi- family component. n
Lonberger , a managing part- ner at Rittenhouse Realty Advisors who represented the property for the seller. The seller is based in Aus- tin, Texas. Through RRA’s marketing process they were able to generate interest from potential buyers from across the country and well as inter- nationally. “We had buyers as far west as California, as far south as Florida and even had a few pension funds interna- tionally that showed serious interest in the asset,” said Ken Wellar , also a managing part-
ner at RRA. Mark Duszak , director of RRA, added, “RRA’s unique marketing process al- lowed us to target the top three multi-family buyer types: in- stitutions, hybrid-capital and private capital. This resulted in a tremendous amount of interest, tours and offers.” Hill House is a trophy high- rise asset that rarely comes for sale in Philadelphia, let alone in Chestnut Hill, a well- established neighborhood with few high rise developments. It presented excellent upside potential for the new buyer
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C ommercial R eal E state O rganizations ’ E vents C alendar
OCTOBER 18 – AIA PHILADELPHIA Event: Women on the Golf Course Time: 2:00 PM – 4:00 PM Location: Cobbs Creek Golf Course Address/City: 7400 Lansdowne Ave., Philadelphia, PA Cost: $30 (Women on Course Members are $20) P: 215-569-3186 www.aiaphiladelphia.org OCTOBER 20 – CIANJ Event: Women of Influence: All in the Family! Time: 5:30 PM – 7:00 PM Location: Bergen Community College Address/City: 400 Paramus Rd., Paramus, NJ
OCTOBER 22 – USGBC-CENTRAL PA Event: Forever Green Awards Gala Time: 5:30 PM – 8:30 PM Location: The Bond Address/City: 134 E. King St., York, PA Cost: $70 Members $85 Guests P: 717-903-9818 www.usgbc-centralpa.org
OCTOBER 30 – USGBC NJ Event: 13th Annual Emerald Awards Masquerade Ball
Time: 5:00 PM – 9:30 PM & Beyond Location: Montclair Conference Center Address/City: Montclair, NJ www.usgbcnj.org
NOVEMBER 4 – CREW RICHMOND Event: 25th Anniversary Celebration Honoring Top 25 Women to Watch in Richmond Real Estate Time: 5:00 PM – 7:30 PM Location: Richmond Hilton Address/City: 501 East Broad St., Richmond, VA Cost: $50 Members $75 Nonmembers www.crewrichmond.org
OCTOBER 23 – CIANJ Event: Manufacturing Summit: Growing New Jersey’s Manufacturing Sector Time: 8:00 AM – 3:00 PM Location: Anheuser-Busch Address/City: 200 US Highway 1&9, Newark, NJ Cost: $125 Members $175 Nonmembers www.cianj.org OCTOBER 27 – CREW LEHIGH VALLEY Legacy Summit: We Dare You: The Rewards of Risk Taking Time: 8:00 AM – 1:00 PM Location: Renaissance Hotel
P: 201-368-2100 E: nharencak@cianj.org Cost: $20 Members $30 Nonmembers www.cianj.org
NOVEMBER 5 – BPAC Event: Reception Honoring Carl J. Goldberg Time: 6:00 PM – 8:30 PM Location: The Rathskeller at Vail Mansion Address/City: 110 South St., Morristown, NJ P: 609-570-2155 E: diane@njba.org www.njba.org/bpac
OCTOBER 20 – CIANJ Event: Real Property Roundtable-Repurposing Commercial Real Estate: New Life for Old Spaces Time: 8:00 AM – 9:30 AM Location: Hilton Hotel Hasbrouck Heights Address/City: 650 Terrace Ave., Hasbrouck Heights, NJ
Address/City: 12 N. 7th St., Allentown, PA Cost: $75 Members $100 Nonmembers www.crewlehighvalley.org
Cost: $55 Members $85 Nonmembers P: 201-368-2100 E: nharencak@cianj.org www.cianj.org OCTOBER 20 – SMPS CPSM Event: EPSM Mentoring & More 2015-2016 Time: 11:30 AM – 1:00 PM
NOVEMBER 5 – ULI PHILADELPHIA Event: The Importance of Women in Real Estate: A Con- versation with Toby Bozzuto & Julie Smith Time: 12:00 PM – 2:00 PM Location: Estia Address/City: 1405-07 Locust Street, Philadelphia, PA Cost: $45 Members $80 Nonmembers www.philadelphia.uli.org NOVEMBER 10 – CREW LEHIGH VALLEY Event: 11th Annual Meeting Time: 11:30 AM – 1:00 PM Location: Blue Event Center Address/City: 4431 Easton Ave., Bethlehem, PA Cost: $35 per Person www.crewlehighvalley.org NOVEMBER 12 – PLANSMART NJ Event: 47th Annual Dinner Time: 5:30 PM – 9:00 PM Location: The Westin Princeton at Forrestal Village Address/City: 201 Village Blvd., Princeton, NJ E: info@plansmartnj.org www.plansmartnj.org NOVEMBER 17 – SIOR NJ Event: Membership Meeting Time: 5:00 PM – 8:00 PM Location: The Spanish Tavern Address/City: 103 McWhorter St., Newark, NJ Cost: Free-Members only www.siornj.com NOVEMBER 19 – IREM DELAWARE VALLEY Chapter Awards Night and Installation of 2016 Officers Time: 5:30 PM – 8:30 PM Location: Tendenza Address/City: 969 N. 2nd St., Philadelphia, PA P: 856-786-9260 E: admin@irem3.org www.irem3.org
OCTOBER 27 – ULI PHILADELPHIA Event: America in 2015: The Next Great Neighborhood
Time: 4:00 PM – 7:00 PM Location: WHYY Studios Address/City: 105 N. 6th St., Philadelphia, PA www.philadelphia.uli.org
Location: Kinsley Education Center Address/City: 350 Hill St., York, PA www.smpscentralpa.org
OCTOBER 21 – IOREBA Kick Off Event: Technology “Disruption” of Commercial RE Time: 5:00 PM – 8:00 PM Location: Renaissance Woodbridge Hotel Address/City: 515 US 1, Iselin, NJ Cost: $80 Members $110 Nonmembers E: info@ioreba.com www.ioreba.com OCTOBER 22 – MID ATLANTIC REAL ESTATE JOURNAL Event: New Jersey Real Estate Capital Markets Summit Time: 7:15 AM – 12:00 PM Location: Sheraton Parsippany Hotel Address/City: 199 Smith Rd., Parsippany, NJ P: 781-871-5298 www.marejournal.com OCTOBER 22 – ABC NJ Event: Northern Council Meeting Time: 4:00 PM – 6:00 PM Location: Hampton Inn in Fairfield Address/City: 118 U.S. Highway 46 East, Fairfield, NJ
OCTOBER 28-30 – AIA PHILADELPHIA Event: Design on the Delaware Location: Pennsylvania Convention Center & Center for Architecture Address/City: Philadelphia, PA P: 215-569-3186 www.designonthedelaware.com OCTOBER 28 – BOMA NJ Event: The Outstanding Building of the Year Awards Dinner Location: Brooklake Country Club Address/City: Florham Park, NJ P: 973-696-2914 E: Boma-NJ@optimum.net www.bomanj.org OCTOBER 29 – ABC NJ Event: Excellence in Construction Awards Dinner! Time: 5:00 PM – 9:00 PM Location: Hyatt Regency New Brunswick Address/City: 2 Albany St., New Brunswick, NJ E: sschlags@njpsi.com www.abcnj.org OCTOBER 29 – NJAA 22nd Annual Garden State Awards & Recognition Dinner Location: Hilton East Brunswick Hotel Address: 3 Tower Center Blvd., East Brunswick, NJ 08816 P: 732-992-0600 www.njaa.com OCTOBER 30 – CIANJ Event: 88th Annual Luncheon Time: 11:30 AM – 2:00 PM Location: Hilton Woodcliff Lake Address/City: 200 Tice Blvd., Woodcliff Lake, NJ P: 201-368-2108 www.cianj.org
P: 509-989-9110 www.abcnjc.org
OCTOBER 22 – CREW PITTSBURGH Event: Connect With CREW
Time: 5:30 PM – 8:00 PM Location: James Gallery
Address/City: 413 South Main St., Pittsburgh, PA P: 412-512-1330 E: jjarosz@century-realty.com www.crewpittsburgh.org OCTOBER 22 – MBA/NAIOP PITTSBURGH Event: Multi-Family Development in the Region Time: 7:30 AM | Location: Omni William Penn Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: $25 MBA/NAIOP Members $45 Nonmembers P: 412-928-8303 E: info@naioppittsburgh.com www.naioppittsburgh.com
NOVEMBER 20 – ULI PHILADELPHIA Event: Real Estate Forecast 2016 Time: 7:30 AM – 11:00 AM Location: The Union League Address/City: 140 Broad St., Philadelphia, PA www.philadelphia.uli.org
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MAREJ A dvertising D irectory Advantage Engineers........................................6B, 11B Alpha Funding Solutions........................................ 12A ARD Appraisal............................................................1A Barley Snyder Attorneys at Law...............................4C Barry Issett...........................................................IBC-C Bayshore. ....................................................................5B Berger Organization...................................................1B Berkadia................................................................. BC-A Bloomfield Capital................................................... 16A Brasler Properties. .....................................................9C Bussel Realty Corp................................................. 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BC-B Mid Atlantic Valuation. .......................................... 15C Monroe Infrared. ........................................................9B Moonstone.............................................................IBC-C Murray Construction Co., Inc................................. 24B NAI Keystone Commercial & Ind..............................9C NorthMarq Capital.....................................................8C PennCap................................................................IBC-C PHFA........................................................................ 12C Poskanzer Skott Architects........................................2B Premier Compaction Systems....................................8B R.S. 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Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Section Publisher .................................................................... Steve Kelley Associate Publisher .............................................................Alissa Aronson Associate Publisher ..........................................................Barbara Holyoke Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Guest Columnist ..........................Michael Kruklinski, Siemens Real Estate Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 27 Issue 19 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Mid Atlantic Real Estate Journal
From the Top Down: As Workspaces Shrink, CEOs Lead By Example Michael Kruklinski T he trend of the shrink- ing workspace is well established. The aver- age amount of space per office worker in North America dropped from 225 s/f in 2010 to 176 in 2012, according to CoreNet Global , the commercial real estate as- sociation. When a company institutes a reduction in in- dividual workspaces, more often than not the CEO is the exception. This doesn’t exactly help foster a sense of shared commitment to this new way of working. Michael Bloomberg famous- ly subscribed to an open office “bullpen” configuration both in his business and during his tenure as mayor of New York City. Encouragingly, more CEOs are starting to lead by example. Here at Siemens Real Estate , we are seeing a number of C- suite executives throughout Siemens shrink their own workspaces as we roll out our New Way of Working (New- Wow) office configuration, which emphasizes open office environments and shared workspaces. Some of these executives have even decided to go a step further and forgo assigned offices, a decision that often makes a great deal of finan- cial sense. This is especially true for executives who travel frequently. In a traditional of- fice environment, their spaces would go unused when they are out of the office. Instead, these executives maximize real estate efficiency and help
set the tone for the rest of the company. Executives who give up the big corner office demonstrate that it is not just okay, but advantageous to do so. The elimination of the designated office opens up the space, both literally and figuratively, making it more inviting for employees at all levels to get together when necessary to collaborate on tasks, and easier to find a private place to complete a project solo. For example, Siemens Foundation CEO David Etzwiler successfully man- ages his Foundation team remotely with personnel in DC, NY, Atlanta and New Jersey. In his case, a dedi- cated office is unnecessary given his and the team’s ex- tensive travel commitments. The team takes full advan- tage of current technology for team “virtual check-ins,” individual one-to-one meet- ings, and daily interactions to stay in touch and ensure a close and coordinated work- ing environment. At Siemens Canada, all of the divisional CEOs and CFOs have relinquished their assigned offices. In fact, when the sectors changed to divi- sions within Siemens, the ex-
ecutive team decided to follow a progressive path and change all sector offices to “think tank” conference rooms that anyone can use. In my own case, I have a non-dedicated office at our Orlando headquarters. The style is that of a conference room and is open to others. So when I am not present, it is available for use by other employees. I’ve also commit- ted to being paper-free so I can seamlessly work from anywhere in the world. Since I am not in Orlando everyday of the month, this is clearly the appropriate choice. By 2017, over 150,000 Sie- mens employees around the world will work in an open office environment. CEOs that lead by example and partici- pate in shared workspace envi- ronments help set the tone for successful rollouts of open of- fice configurations and ensure buy-in by employees across the company. Time will tell if this becomes a widespread practice. I, for one, hope others will follow their lead. Michael Kruklinski is head of Siemens Real Es- tate, Region Americas, overseeing all operations for Siemens Real Estate within the Americas. n
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M id A tlantic R eal E state J ournal Bortz and Jonas represent parties in the transaction Kislak completes $5m sale of Vassar Garden Apartments P OUGHKEEPSIE, NY — The Kislak Com- pany, Inc. announced
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the recent sale of Vassar Gar- den Apartments, a complex with 60 residential units in Poughkeepsie, for $5.05 mil- lion. The sale price per unit was among the highest in the local market at $84,000. Vice presidents Janet Bortz and Andrew Jonas represented the parties in the transaction. Vassar Garden Apartments is a 60-unit, two-story gar- den style apartment complex located in the Township of Poughkeepsie. The property includes 24 three-bedroom units, 20 two-bedroom units and 16 one-bedroom units, totaling 53,800 rentable s/f. For a decade, the Hudson Valley has been a popular alternative for New York- ers looking to escape high rents in the city’s competitive environment. While single family homes are prevalent in the local market, there is also a strong demand for apartments. Investors are also increasingly aware of and desirous of owning in the strengthening market. Bortz sold the property ten years ago and led Kislak’s re- cent efforts to market and sell
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it on an exclusive basis. Her long-term involvement and success in the market enabled her to provide the current purchaser with comprehensive market information, compa- rable sales and the property’s history. According to Bortz, the ac- tive market in the area meant that price was not a point of contention. "The property sold very close to the listing price, which demonstrates the strength of the market,” she said. “The buyer has an up- side with rental increases and possible repositioning. The property has historically been close to full occupancy over the seller’s 10-year ownership. " An important feature of the
transaction was that it was a part of an Internal Revenue Code Section 1031 tax-de- ferred exchange, which allows for deferment on the payment of capital gains taxes when the proceeds from a qualifying property sale are reinvested in the purchase of another simi- lar property. The new owner has plans for improvements on the 60-unit complex, which is just a few blocks from Vassar College in Poughkeepsie. "The buyer and seller worked together to make the transac- tion as stress-free as possible for everyone,” said Jonas. “The buyer plans to significantly upgrade the property inside and out.” n
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INVESTMENT DEVELOPMENT MANAGEMENT
M id A tlantic R eal E state J ournal $200 million development of Lighthouse Point Hollister named construction manager by Triangle Equities N EW YORK, NY — Hollister Construc- tion Services was
engaged by Triangle Equities , a New York-based developer, to build Lighthouse Point, a his- toric mixed-use, transit-orient- ed development project located on Staten Island’s St. George Waterfront. The company is preparing to break ground on the project later this year. Lighthouse Point will create a gateway to and from Staten Island: a transit-oriented, resi- dential, retail and hospitality destination making direct con- nections to the Staten Island Ferry parking and pedestrian systems. The $200 million, public-private project includes restoration and stimulation of the currently vacant U.S. Lighthouse Depot Complex, a federally registered National Historic Site. BrendanMurray , vice pres- ident, with Hollister Construc- tion Services will personally serve as the executive for Hol- lister, with Vincent Solano , vice president, leading precon- struction efforts. The architects for the mixed-use project are Cooper Carry in conjunction
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housing units, will be built di- rectly above the retail building. In addition, a 300-car parking garage will be built into the hill- side, providing ample parking to residents and visitors. Phase II of the project will happen along the waterfront esplanade – the four historic buildings of the U.S. Light- house Depot Complex will be rehabilitated. The repurposed buildings will house more than 23,000 s/f of restaurant, office and hospitality space, and link to a new 145,000 s/f, 180-room hotel tower with up to 15,000 s/f of event space. n
with Garrison Architects . “We have seen first-hand the positive impact that develop- ments like Lighthouse Point can have on communities,” said Chris Johnson , CEO & founder of Hollister. “We are very excited about the changes this project will bring to the dis- trict of St. George, and Staten Island as a whole.” Anchoring the development will be 65,000 s/f of retail and office space on the corner of Bay St. and Borough Place. A residential tower with approxi- mately 116 rental apartments, 20% of which will be affordable
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BPG celebrates opening of 608&627MKT inWilmington
A 30,361 s/f office building sold in all-cash transaction Cascade Realty acquires VA office building for $4.8million RLINGTON, VA — Ca s c a d e Re a l t y Partners has acquired
a 30,361 s/f office building strategically located at the corner of Columbia Pike and Glebe Rd. in Arlington, for $4.8 million in an all-cash transaction. Situated on a 1.5 acre site and 75% leased to Bank of America, 3401 Columbia Pike has future de- velopment potential within a rapidly transforming corridor. The property was marketed by Cushman & Wakefield . This is the first acquisi- tion for the newly formed Bethesda, MD-based partner- ship of Matt Clinebell and Adam Roffman , who both previously worked at Avison Young. “What we find so com- pelling about this deal is the combination of an incredibly strong national credit tenant in a part of Arlington that’s undergoing a major transi- tion,” said Roffman. “While the office building is fairly small, it sits on a 65,000 square parcel on the corner of two of Arling- ton’s busiest roads. For now, we plan to lease the remaining vacancy; over the long term, we think the area provides tremendous opportunities.” Known as Arlington’s “Main Street” and the busiest bus corridor in Virginia, Columbia Pike traverses the entire coun- ty fromArlington Cemetery in STERLING, VA — Two companies have signed leases cumulatively representing nearly 20,000 s/f of space with St. John Properties at Loudoun Tech Center, a busi- ness community located near VA Routes 7 and 28 in the Dulles Airport/Route 28 North sub-market of Sterling. St. John Properties’ buildings in Loudoun Tech Center include 127,000 s/f of R&D/office/flex buildings at the intersection of Ridgetop Circle and Nokes Blvd. Danny Severn of St. John Properties represented the landlord in both transac- tions. Envise signed a lease for
Canopy by Hilton and Hyatt House rendering
MKT 627
WILMINGTON, DE — Wilmington-based developer, The Buccini/Pollin Group, Inc. (BPG) , and BPGS Con- struction announced the grand opening and ribbon cutting celebration for MKT 627 and 608, two apartment buildings consisting of 74 units located on Market St. The new units are more than doubling the portfolio of the existing MKT apartments, making the new unit total 114. MKT 608 marks a pivotal moment for the city, as it is the first ground-up apartment community on Market St. in over 50 years. MKT 627 took over a space that was formerly vacant and once Delaware State University’s Wilmington Campus. The two new buildings will be managed by BPG’s residential operations arm, ResideBPG . While BPG’s goal is to continue the revi- talization of Wilmington’s downtown by bringing more residents to live, work and play there, ResideBPG’s mis- sion is to provide professional management services and amenities to the residents that will allow them to live the exciting concierge-style, urban living lifestyle that residing downtown can offer. ResideBPG’ residents benefit from perks such as commu- nity-wide events, discounts to local shops, restaurants and entertainment venues, and complimentary Delaware Sports League memberships. The MKT community un- der the ResideBPG umbrella was previously named The Residences at LOMA. With the new apartments coming
3401 Columbia Pike
cial space by 2040. 3401 Columbia Pike is lo- cated just minutes from down- town Washington and major transportation routes I-395, I-66, Rte. 50, and Rte. 7. “This was our first deal, and it was more competitive than we initially thought it would be, with an all-cash quick close,” said Clinebell. “This acquisition taught us exactly what we need to do to be competitive, and we’re looking forward to doubling our portfolio. We’re going to continue scouring the market for interesting opportuni- ties across product types, including deals that might be less conventional but provide greater upside.” n
the east to the Fairfax County border in the west. In the late 1990s, Arlington County es- tablished the Columbia Pike Revitalization Organization to plan revitalization of three key portions of the corridor, using a new FormBased Code that streamlines rezoning. The Form Based Code has catalyzed extensive public and private investment in the corridor, including a new 303- unit apartment project with street-level retail space just across the street from 3401 Columbia Pike. Already home to more than 17% of Arling- ton’s population, Columbia Pike is expected to add 7,300 new residents, 7,000 jobs, and 2.2 million s/f of new commer-
MKT 608
on board and many other establishments utilizing the LOMA brand, BPG decided it was time for a fresh, new look to go along with the loft-style apartments. The additional MKT communities are walk-up style along Mar- ket St. above the commercial businesses and each contains unique historical features. The apartment count is as follows: 421 MKT -12 units, 837 MKT-6 units, 811 MKT- 11 units, 823 MKT-6 units, 815 MKT-3 units, 831 MKT-2 units, 608 MKT-28 units, 627 MKT-46 units. The commu- nity offers a variety of studio, one and two bedroom floor plans. With floor to ceiling views of Market St., quartz counter- tops, exposed elements and stainless-steel appliances the two new buildings have been well received by the commu- nity, 608 MKT has been leas- ing for 2 months and is already 61% occupied while 627 MKT opened its doors October 1st and is already 13% pre-leased. Residents are enjoying the walkable lifestyle and conve- nient location. n
St. John Properties signs two leases totaling nearly 20,000 s/f at Loudoun Tech Center
Loudoun Tech Center
8,333 s/f of space at 21670 Ridgetop Circle, a 32,801 s/f R&D building. Adam Schindler of Serten Advi- sors represented the tenant in this transaction. Aut i sm Outreach, Inc .
leased 11,028 s/f of space at 21680 Ridgetop Circle, a 35,558 s/f R&D building. Kevin Fitzpatrick and Allen McBride of KWCommercial represented the tenant in this transaction. n
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27-acre property on the Wicomico River purchased by Center Point Terminal Company SVN-Miller Advisors sell blackwater terminal facility to petroleum fuel terminal operator S distribution facility.
ALISBURY, MD — Sperry Van Ness - Miller Commercial Real Estate Advisors’ Chris Peek, CCIM and Rick Tilgh- man, CCIM recently sold the Blackwater Maryland Termi- nal Storage & Distribution Facility in Salisbury. The 27 acre property fronts on the Wicomico River and was pur- chased by Center Point Ter- minal Company, LLC, which was represented by Randy Bendler of Bendler Realty . Center Point plans to take over the Blackwater Services and continue to be an oil/fuel
“When our company decided to sell our industrial site in Salisbury, Maryland, we want- ed a team of industrial real estate professionals that had local market expertise, along with the ability to extend our reach into a regional market- ing plan,” said Frank Mar- rocco, vice president of Black- water Midstream. “Chris Peek and Rick Tilghman at Sperry Van Ness worked tirelessly to find the right buyer for our site and assisted in all aspects of the deal from the start all the way through to a successful
Blackwater Maryland Terminal Storage & Distribution Facility
closing. My company was very satisfied with the results that Sperry Van Ness provided and would highly recommend their professional industrial real estate services.” n DeGourse joins Wilhelm Comm’l Builders as VP, project executive ANNAPOLIS JUNCTION, MD — WilhelmCommercial Builders announced that
ABSOLUTE AUCTION Commercial Real Estate HOSPITAL/MEDICAL FACILITY Sells Regardless of Price, No Minimums, No Reserves! Formerly Nanticoke State Hospital
M a t t h e w DeGour s e has j o i ned the firm as v i ce pres i - d e n t a n d pro j ec t ex - ecutive. In this role, De- Gourse will
provide senior leadership to the firm’s project teams while developing and maintaining client relationships in support of the company’s long-term growth. DeGourse is an expert in commercial construction operations, staff development, project management, and esti- mating. He comes to Wilhelm Commercial Builders from Tischman/AECOM, where he served as project director in the firm’s Arlington, VA office. Previously, DeGourse was a senior project manager for Skanska Building USA in Rockville, MD and operations manager at Harvey-Cleary Builders in Gaithersburg, MD. DeGourse earned a bach- elor’s degree in economics from the University of Maryland, College Park. He is a LEED Accredited Professional and has completed the Construc- tion Quality Management for Contractors program through the US Army Corps of Engineers. n Matt DeGourse
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Visit www.FortnaAuctioneers.com for info & photos! Inspection: Monday, October 26 @ 11AM & 1PM Sharp!
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Commercial-Industrial Realty Council Great CRE Events...Cont. Education...Speakers...Networking www.CircDelaware.org
Schedule of Events MEMBERSHIP LUNCHEONS
Joint Dinner: SIOR|CCIM|TriSate|CIRC November 19 | 5:15-8:30 | Harry's Savoy S teve Collins from St. Louis based Commer-
2 0 1 5 B oard of d irectors o fficers President Bert Root Harvey Hanna & Associates Vice President Donald Robitzer The Commonwealth Group Treasurer Timothy Cole Parke Bank Secretary Bayard J. Snyder, Esq. Bayard & Associates d irectors / c ommittees Past President Education Chair Marvin Sachs Bellevue Realty Co. Legislative Affairs Chair: J. Gregory Ellis Patterson-Woods Associates Membership Chair James Manna BrightFields, Inc. Program Chair Donald Robitzer The Commonwealth Group Jeremy Abelson MidCoast Community Bank Benjamin J. Berger, Esq. John Birmingham Cushman & Wakefield Berger Harris, LLC Jim O’Hara, Jr. NAI Emory Hill-Retail Div. Rachael Justice ATAPCO Christiana Cynthia Fleming Jones Lang LaSalle e x -o fficio m emBers C. S. Kidner & Associates Economic Dev. Liaisons New Castle County Chamber Bob Chadwick David Archer DEDO NCCo. Rep. City of Wilmington Jeff Flynn Office of Economic Dev. Contact Us www.circdelaware.org (302) 633-1705 janet@circdelaware.org NCC Ec. Dev. Council State of Delaware Business Manager Janet S. Pippert CIRC / Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner
October 14, 2015 (Wed.) Clarion Belle Speaker/topic: Bernice Whaley, Delaware New Delaware Economic Development Of- fice Director [and Alex Rittberg, DNREC, on Clean up Liability Assoicated with USTs] 11:30 - 1:30 p.m / Cost: $35 M/$45 NM Nov. 19, 2015 (Thurs.) Harry's Savoy Joint Dinner: SIOR, CCIM, TriState, CCIM Speaker/topic: Steve Collins, Commercial Development Company, Inc., First State Crossing Redevelopment at Claymont Steel 5:15 - 8:30 p.m / Cost: $65 M/$75 NM Dec. 9, 2015 (Wed.) Univ. & Whist Club Festive Holiday Networking Luncheon 11:30 - 1:30 p.m / Cost: $45 M/$55 NM CONTINUING EDUCATION* Clarion Hotel-The Belle October 14, 2015 (Wed) * Mod. 5 / Legislative Issues: Agency DE/PA/MD Mod. 4 / Office/Risk Management DE/PA/MD/NJ January 13, 2016 (Wed) * Mod. 7 / Commercial R.E. Hotbuttons DE/PA/MD/NJ Mod. 3 / Contracts & Contract Documents DE/PA/MD March 9, 2016 (Wed) * Mod. 4 / Foreclosure Prevention & Loan Modification DE/PA/MD/NJ Mod. 7 / Short Sales Done Right DE/PA/MD * Visit us on the web: CircDelaware.org for more information on our Continuing Education offerings, the course provider, and accrreditation in DE*MD*PA*NJ: circdelaware.org/education/schedule.cfm
cial Development Com- pany and Environmental Liability Transfer will discuss the company's unique strategy for re- developing some of our nation's dirtiest former industrial sites, beginning with a com- plete environmental site clean up. This is now oc-
curing at the former Claymont Steel (Evraz) Plant, with the concept plan, called "First State Crossing," now underway. Steve will also present rede- velopment projects in New Jersey -- all sure to be of interest to the bro- kerage and development community! Register directly with your SIOR, CCIM, TriState RCA, or CIRC organization, and consider becoming a spon- sor for great exposure! A ttend CIRC's NEXT Membership Meeting on Wed., October 14 at The Belle. Hear from Bernice Whaley, new Director of Delaware Economic Development Office. DNREC's Alex Rittberg will also be on hand to discuss Changes in Cleanup Liability Associated with USTs (effec- tive January 1, 2016). The State's Brownfield Program will now extend to commercial properties with USTs, with a special residential program. S eptember meeting featured Brian DiSabatino speaking about the new development of the Town of Whitehall, and CIRC presenting the its Golf Outing charitable donation of $2,745 to the Delaware KIDS Fund.
Good Times… Great Reasons to Join!
F inancial D igest F eaturing T itle /I nsurance
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10-year fixed-rate loans for two adjacent, 126-room, select-service hotels HFF arranges $36.19 million financing for two select-service hotels in Washington, DC W ASHINGTON, DC — Holliday Feno- glio Fowler, LP
red line is two miles from the hotel and accessible via a complimentary hotel shuttle, which also takes guests to the Washington Convention Center and other points of interest in Washington, DC. The HFF debt placement team representing the bor- rower was led by managing director Mark Remington . “This was a win-win be- tween borrower and lender,” Remington said. “The lender was able to keep and increase an existing loan to a long-time and valued client, and the bor- rower was able to right-size and improve its loan terms to reflect the competitive state of the lending market.” n
& Suites and the Fairfield Inn & Suites are both five- story hotels with a combina- tion of standard rooms and suites. Each hotel features a breakfast area, lobby, fitness center, swimming pool, busi- ness center and between 600 and 800 s/f of meeting space. The Holiday Inn Express & Suites, 1917 Bladensburg Rd., and the Fairfield Inn & Suites, 2305 New York Ave. NE, share 251 parking spaces on 3.6 acres at the intersection of Bladensburg Rd. NE and New York Ave. NE (U.S. Rte. 50), which is a direct artery to downtown Washington. The New York Ave.-NoMa station on Metro’s
(HFF) announced that it has arranged two loans totaling $36.19 million for the Holiday Inn Express & Suites and Fairfield Inn & Suites, two ad- jacent, 126-room, select-service hotels in Washington, DC. HFFworked on behalf of the borrower, Rocks Engineer- ing Co., to secure the $19.3 million loan for Holiday Inn Express & Suites and the $16.89 million loan for Fair- field inn & Suites with Burke & Herbert Bank. The fixed- rate loans each have a term of 10 years. The Holiday Inn Express
1917 Bladensburg Rd.
MMCC announces $11.781m in financing for The Factory sports complex in NC
Denholtz Associates completes $5.5 million refinancing in PA
7036 Snowdrift Rd.
is ideally located beside the Lehigh Valley International Airport, near the intersection of Airport Rd. and US 22 and boasts a distinctive façade, abundant tailboard loading facilities, and bay spacing in the warehouse sections of the building. Along with close proximity to retail, restau- rants, banks, and hotels, the facility is also near I-78 and PA 33 & 309. “Our reputation for integrity, innovation and commitment to our tenants and capital part- ners has earned us affiliations with some of the nation’s most prominent financial institu- tions, including TDBank,” said Stephen Cassidy , president of Denholtz Associates. “We’ve owned the buildings since 2002 and the properties are more than 90% leased, showcasing our expertise with multitenant industrial properties.” n
ALLENTOWN, PA — Den- holtz Associates , a privately held, fully integrated real es- tate development, investment and management company, has completed a $5.5 million refinancing with TD Bank of its two flex-industrial build- ings, 7036 Snowdrift Rd. and 969 Postal Rd., located in the heart of the Lehigh Valley in- dustrial market. Ari Klein of TD Bank negotiated the 7-year fixed-rate refinance. 7036 Snowdrift Rd., a 98,191 s/f flex-industrial building lo- cated on 8.47-acres in Upper Macungie Twp. features ample tailboard loading facilities, and optimally designed bay spacing in the warehouse portions of the building. The property pro- vides immediate access to I-78 as well as nearby PA 33 & 309. 969 Postal Rd., a 65,205 s/f flex-industrial building located on 5.9-acres in Allentown,
The Factory
balance sheet lenders,” said Cassidy. “We structured the loan around the unique facets of the property, its operations, and the important require- ments of the buyers, who are based in New York.” The seller, Ammons Build- ing Corp. , owned the property for 12 years, during which time they repurposed the building from a street-sweeper manu- facturing plant. Though Am- mons Building Corp. president Jeff Ammons will no longer be a part of the project, prop- erty manager Emma Bennett
will continue to manage The Factory. “The buyers want to keep ev- erything the same and bring in more family-oriented tenants,” said Greenspon. “The new owners support the phenom- enal job Jeff has done at The Factory and want to build on the existing synergies there.” At 187,695 s/f, The Factory is one of the largest sports complexes in the country. The Factory is 99.8% leased. The complex, built in 1964 and renovated in 2004, consists of five buildings. n
WAKE FOREST, NC — Marcus &Millichap Capital Corp. (MMCC) has arranged the financing of The Factory, a retail and sports complex in Wake Forest, NC. Jared Cassidy , a director inMMCC’s Washington, DC office, secured the financing. Matt Green- spon , vice president invest- ments in Marcus &Millichap’s Raleigh office, consulted on the buy side. The property sold for $17.85 million with an MMCC loan of $11.781 million. “MMCC secured the debt through one of our national
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