Located on the roof of RIDC’s Mill 19 development RIDC contracts Scalo Solar Solutions to install solar array in Western PA
SPOTLIGHTS INSURANCE/TITLE ISSUE HIGHLIGHTS Volume 31, Issue 19 October 11 - 24, 2019 7-12A MC REAL ESTATE PARTNERS ACQUIRES EXECUTIVE PLAZA
FRISCO, TX & ROCK- VILLE, MD — InvenTrust Properties Corp. (Inven- Trust, IVT) announced the acquisition of Eldorado Mar- ketplace, a 186,068 s/f center anchored by Market Street in Frisco, TX, a suburb of Dallas, for $71 million and the ac- quisition of Travilah Square, a 56,220 s/f shopping center anchored by Trader Joe’s in Rockville, MD, a suburb of ITTSBURGH, PA — Regional Industrial Development Cor - poration of Southwestern Pennsylvania (RIDC) has contracted with Scalo Solar Solutions to install what is thought to be one of the larg- est solar arrays in Western Pennsylvania on the roof of RIDC’s Mill 19 development. Installation begins this week. The array, which will include more than 110,000 s/f of high- powered solar panels and pro- duce over two million kilowatt hours (kWh) per year will also be one of the largest single- surface, sloped roof solar arrays in the country. Mill 19 is a former steel mill located on a 178-acre site formerly owned by J&L Steel Hazelwood Works, then LTV Steel. It is the anchor development of what is now known as the Hazelwood Green P
acquisitions for InvenTrust. “This property benefits from the Rockville area’s key demo- graphics, including a growing population and an increasing average household income. The property also provides considerable lease up opportu- nity with the recent opening of the newly built Trader Joe’s.” Travilah Square is strategi- cally located in Rockville area. In addition to Trader Joe’s, the shopping center features national tenants such as TI- TLE Boxing and Flower Child, and several new tenants, including Tropical Smoothie and The Joint. Christy David , executive VP for InvenTrust and head of transactions added, “Inven- Trust has now acquired over $400 million of high quality grocery-anchored centers in key growth markets year-to- date. IVT remains on track to hit the company’s acquisi- tion goals for 2019 and these acquisitions both support our strategy of investing in the right assets in the right markets.” renaissance.” Phase A of Mill 19, the first building, now houses Manu- facturing USA’s Advanced Robotics for Manufacturing (ARM) Institute, and is soon to be followed by Carnegie Mellon University’s Manufacturing Futures Initiative and Catalyst Connection. Phase B, the sec- ond building, will house a cor- porate R&D center for a global technology company. These two buildings will be net-zero energy as a result of the offset energy the solar array produces on site. It is expected to be com- pletely installed and operating sometime next summer. “This solar array will produce an energy offset equivalent to 773 tons of coal every year, which is enough to power 169 homes every year for 25 years,” said Michael Carnahan , Scalo Solar Solutions general manager.
RIDC’s Mill 19 development Solar array renderings
site, the last large riverfront brownfield within city limits. Featuring a building within a building design concept, the mill’s metal walls and roof have been stripped away, intention- ally revealing its underlaying steel superstructure. Inside the mill’s exoskeleton, there will be a 264,000 s/f high-tech complex separated into three new build- ings with light industrial, R&D,
office space and outdoor public amenities. “Mill 19 is not just a symbol of Pittsburgh’s prosperous in- dustrial past,” RIDC president Donald Smith said. “It is also a symbol of our present and future economy. The rooftop solar array is a part of an eco- friendly and sustainable design that is a hallmark of our city’s environmental and economic
InvenTrust Properties acquires two premier grocery-anchored centers totaling $120million
October 22, 2019 6 th Annual Healthcare & Medical Conference November 1, 2019 5 th Annual NJ CRE Leadership Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or email@example.com
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Trader Joe’s in Rockville, MD
Washington, DC., for $52 million. “The acquisition of Eldo- rado Marketplace expands our footprint in the attractive Frisco market and provides significant opportunities for future revenue growth,” said Stephen Snodgrass , VP of transactions for InvenTrust. “Frisco is home to a number of large corporate headquarters including the PGA and Keurig Dr. Pepper, and this property benefits from a prime, high- traffic location in this high-
income and rapidly growing market. Eldorado Marketplace has a stable tenant base featur- ing a top performing Market Street in the region as well as nationally recognized retail- ers and restaurants such as AT&T, JerseyMike’s, Re/Max, PetSmart and UPS. “We are excited to expand our footprint in the active Washington, DC. submarket with the addition of a core asset like Travilah Square,” said Nicole Horne , VP of
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UPCOMING features SPOTLIGHTS
Mid Atlantic Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist ......................................Karen Vachon Office Manager ............................................... Kerrin Devine Contributing Columnist ..................................Doug Haines Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 18 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 781-740-2900 | Fax: 781-740-2929 www.marej.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
OCTOBER 25 ..........................................DEADLINE: OCT. 16 ROP (FRONT SECTION) .......................................................... SHOPPING CENTERS .................................. RETAIL DESIGN ODM ...................................................... SUB CONTRACTORS SPOTLIGHT ..................... WOMEN IN BUSINESS NOVEMBER 8 ..........................................DEADLINE: OCT. 25 ROP (FRONT SECTION) ........................................................... DEL/MAR/VA .............................................................. VIRGINIA NEW JERSEY....................................................... CENTRAL NJ PENNSYLVANIA ........................... CENTRAL & WESTERN PA SPOTLIGHT ........................... LENDERS DIRECTORY 781.740.2900 Special Advertising Rates to All Participating Firms! Contact Joe Christman or your Account Rep Jchristman@marejournal.com
Can the Ramming-Vehicle Threat be Defeated in an Aesthetically Pleasing Way? T Doug Haines he short answer is, “YES”! There are two rea- sons vehicles run over people. One unintentional, such as, a drunk driver or someone not paying attention and running up onto a sidewalk, and the other, a little more sinister – purposeful. In this case, someone uses the vehicle as a killing machine. Both are criminal activity and while we will never be able to stop it completely there is something we can do. People will con- tinue to drive drunk and those with ill-intent will use what- ever they can find as weapons. Unfortunately, there are just too many forms of criminal activity that a dedicated bad- actor can take and too many soft targets or victims. Over the course of the last few years, terrorist tactics have evolved to the point that low sophistication attacks are prevalent and have become the “norm”. The events in Nice,
London, Stockholm, Berlin, and Edmonton are just the beginning. There will be oth- ers unless we start thinking about high occupancy built-up spaces in a different way. So with that in mind, I sug- gest we concentrate our efforts on reducing the effects of this type of criminal activity. If we concentrate on reducing the effects instead of the why, we might actually be able to achieve some level of victory. This next statement will cause a little controversy but I’m okay with that. Terror- ist attacks by a single culprit wielding a knife is okay by me as we will never be able to control all of the knives in the world. Admittedly, one injury
or death is one too many, but in the context of risk manage- ment, I suggest instead, we focus on preventing mass casu- alties, by starting with spaces that are frequented or used by large numbers of people. First we must establish ef- fective perimeters. We can do this by using shallow-mount “street furniture”, barriers that look innocuous to the in- dividuals using the space but in reality are effective barrier systems. After Barcelona, jersey bar- riers started popping up in pedestrian zones and near sidewalk cafes. This use of concrete barriers systems is extremely unsightly and only continued on page 3A
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M id A tlantic R eal E state J ournal
ARREN, NJ — Lee & Associates New Jersey , a New Jer- Newmark Knight Frank’s Drummond, Perrotti and Reider represent KRE Group Lee&Associates' LynchSIOR&RasmussonCCIM of Lee & Associates NJ arranges 35,312 s/f lease W tional visibility for building signage along Rte. 78.
tenant. Newmark Knight Frank’s Jamie Drummond, Andrew Perrotti and Dan Reider represented KRE Group . “Our recent acquisition of the HyCo business assets unit from Linde required us to find a larger space,” said Stephen Stroud, executive vice presi- dent and general counsel at Matheson Tri-Gas. “While we were offered many attractive proposals, 3 Mountainview Rd. addressed all of our needs at the best price.” The class A 105,000 s/f three-story building features high ceilings, underground covered parking and excep-
“We are thrilled to com- mence our re-tenanting ef- forts of 3 Mountainview with Matheson Tri-Gas’ lease of the entire top floor,” said Justin Gingeleskie , director of leas- ing for KRE Group. Mr. Gin- geleskie also noted that the improvements to the common areas and grounds are expect- ed to be completed by year end and include a complete reno- vation of the building’s lobby, cafeteria, and the addition of a 75-person common conference facility as well as a new fitness center. The landlord is also expanding on-site parking.
sey based full-service indepen- dent commercial real estate firm, announced it has bro- kered a 35,313 s/f long-term lease agreement on behalf of Matheson Tri-Gas for the top floor at 3 Mountainview Rd., Warren. The new building, which sits alongside Rte. 78, was most re- cently occupied in its entirety by Chubb Corp. The owner of the property, KRE Group, is planning major renovations to the property as part of its plan to attract multiple office limitedly effective. Instead of using barriers that worsen the quality of the space, we should think about the quality of space we are protecting and in- tegrate aesthetically pleasing barriers into the environment that actually blend in and keep it picturesque – compli- menting instead of spoiling. Remember, no one wants se- curity to be a tax, even if it’s only a visual burden. Having ugly concrete jersey barriers right next to you while sipping your Brunello di Montalcino at an outdoor café table doesn’t project the atmosphere we are trying to achieve; however, flower planters, benches, light poles, bicycle racks, trash bins and the like that have been crash tested and proven effec- tive against vehicle-ramming threats can enhance the atmo- sphere instead of hindering it. Recently, Stefano Boeri, Architect was cited by Dezeen Magazine as saying, “Cities should be redesigned to in- clude trees with bulky plant- ers rather than concrete barri- ers to prevent vehicle attack”. He went on to say, “A big pot of soil has the same resistance as a Jersey (modular concrete barrier), but it can host a tree – a living being that offers shade; absorbs dust, CO2 and other subtle pollutants; and provides oxygen and a home for birds”. We agree. Additionally, a different mindset is needed for spaces were pedestrians and “au- thorized vehicles” circulate. Besides having effective pe- rimeters that control access to “authorized” vehicles we need to go beyond the secured continued from page 2A Can the ramming- vehicle threat . . . continued on page 18A
3 Mountainview Rd
tenants. Matheson Tri-Gas is a major domestic and inter- national supplier of industrial gases.
Brian Lynch SIOR and Peter Rasmusson CCIM from Lee & Associates New Jersey represented the
$2.03 Billion 15,814 Units Connecticut • Kentucky • Michigan • New Jersey • New York North Carolina • Ohio • Pennsylvania • South Carolina • Virginia Recent transactions totaling more than
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Hipp of Calkain represents seller of 7136 Montevideo Road in Elkridge, Maryland Wenig leads Avison Young’s Net Lease Investment Sales group in the finalization of $4.1 million sale
LKRIDGE, MD — The Net Lease Investment Sales Group for Avison Young announced the $4.1 million sale of a single-tenant net-leased property currently under development at 7136 Montevideo Rd. in Elkridge. Royal Farms, a popular Mid- Atlantic chain of convenience stores, has signed a 20-year lease at the location that in- cludes four, five-year renewal options. The buyer was represented by Avison Young’s Net Lease Investment Sales Group led by senior director Asher Wenig . E
Elkridge and Jessup, which have a high density of sales, finance, business and of- fice professionals, and have experienced steady popula- tion growth since 2000. The property also sits adjacent to the Ryan Homes at Howard Square multi-family complex that is currently under devel- opment and will feature 1,057 new apartment units. “The 20-plus-year lease recently executed by Royal Farms signals a tremendous long-term opportunity for the client given the area’s rapid growth and the proven suc-
cess of other nearby retail and convenience stores,” said Wenig. “Our client required a team that would understand and manage the transaction through a 1031 Exchange process from start to finish. Our valuation process and knowledge of the net-lease market put the client at ease, and they commended us on our hands-on approach during the due diligence process. We were thrilled to have participated in closing the deal.” Located near multiple major highways and roads, the prop- erty is just eight miles from Columbia and 14 miles from Baltimore. In addition to the high number of business pro- fessionals, the area is home to many warehouse delivery fa- cilities as well as the Maryland Food Center, which includes the Maryland Produce Market and the Maryland Seafood Market. Royal Farms has over 205 locations throughout the Mid-Atlantic, and more than 100 are in the company’s home state of Maryland. Lima One Capital expands into new markets with new business dev. representatives WASHINGTON, DC — Lima One Capital added a business development rep- resentative to better serve the metro Washington, D.C. region. Mark Schriber joins the company in the role of business development representative. He has more than 20 years of experience in the mortgage in- dustry in wholesale and retail origination, including Quali- fied Mortgage (QM) loans and Non-QualifiedMortgage (Non- QM) platforms. Schriber holds a Bachelor’s degree from St. Mary’s College of Maryland. “We’re excited to expand our market coverage in these strategically important mar- kets. We’re thrilled to have such quality mortgage sales managers join our growing sales team and welcome them to Lima One family,” said Jeff Tennyson , Lima One chief executive officer. “These addi- tions to our team continue to support the large loan demand we are receiving from real es- tate investors across America for Lima One products, and they will continue to propel our growth.”
Royal Farms rendering
The seller, a local developer, was represented by Calkain led by president Jonathan
Hipp . The brand-new construction project borders the towns of
A LEGACY OF INNOVAT ION A FUTURE OF FIRSTS Uni ver s i t y of Mary land Medi cal Center – Labor & Del i very
Real Estate Journal — Insurance/Title — October 11 - 24, 2019 — 7A
M id A tlantic
I nsurance /T itle
By Jonathan J. Cohen, CLU, E.B. Cohen Insurance & Risk Management Protect Yourself- The art of buying insurance
ers want the best value for their money, which is not necessarily the cheapest. The smart- est way to do this is to find an insurance W
This should be done at a time other than at renewal time. • What is the broker’s policy
hen it comes to buying insurance, most business own-
management agendas and meetings, and claims analysis that they have done for others.
staff participate in? • What is their policy on insurance companies rated
a proper certificate should look like? Will they agree to periodi- cally review these and monitor their activity? • Will they agree to review renewal specifications at least three months prior to renewal? Contact E.B. Cohen Insur- ance & Risk Management today to learn more. Our goal is to achieve a long-term re- lationship focused on helping you protect what you care about most. Jonathan J. Cohen, CLU is president of E.B. Cohen Insurance & Risk Management.
In the long run, you get what you pay for. You want your broker to be enthusiastic about working for you, 365 days a year, 24/7.
of advising you of potential renewal premiums and terms? Will you have ample time to contemplate alternatives? Two weeks is the minimum and one month is the target. • Ask for actual samples of engagement letters, risk
• How much Errors and Omissions insurance does the broker carry (should be a minimum of $2,000,000) and what claims have they had in the last three years? • How much primary and continuing education does the
less than A- in A.M. Best and C- in Weiss? • Will they agree to set up a procedure for you for the col- lection of proper certificates of insurance? Will they instruct and educate you concerning why this is important and what
Jonathan J. Cohen
broker (one who represents you to many insurance com- panies), rather than using an insurance agent (who usually represents one or a limited number of insurance com- panies). After all, you want someone on your side, not on the side of the insurance com- panies. In the short run, good advice is not cheap. In the long run, it is priceless. Find a Competent Insurance Broker to Represent You Establish a five year or lon- ger cost measurement which includes premiums paid by you and claims paid by the insurance companies. Here are some rules and evaluation points: • Does the broker always give information and propos- als in writing? • Will the broker give you an engagement letter detail- ing its services specifically tailored to you? Accountants do this all the time and it’s one of the signs of a competent professional. • What is their commitment to evaluating your needs in- dependent from what you are now insured for? • Does the broker dem- onstrate some familiarity with your industry or the professional ability to com- prehend the nuances of your business? • Determine who at the agency will deal with you on an ongoing basis and their availability. • Confirm that there is a synergy and confidence with this person. You do not want to be just another client. • Find out how they handle their claims. After all, this is when you need insurance. Are they available 24/7? Will they refer you to a public adjuster or will they truly be your in- surance professional? • How often will they have a risk management review, then send you a proposed agenda, which is followed up by minutes of the meeting?
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8A — October 11 - 24, 2019 — Insurance/Title — M id A tlantic
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I nsurance /T itle
By Paula M. Zwiren, JD, MBA, CTP, Zwiren Title Agency, Inc. Negotiating a Title Insurance Policy
sey, there is more nego- tiation of the terms of the policy hap- pening than one mi ght think at first blush. The first step is W
guarantee as to the condition of title. As with other insur- ance, the general concept is that there must be a loss experienced for there to be coverage. In additional, title insurance covers defense costs for the covered risks not excepted or excluded. The title insurance docu- ments contain two main sec- tions – standard terms con- tained on the pre-printed Com- mitment Cover Letter and the Policy Jacket and the transac- tion specific details on the Com- mitment and Policy Schedules. Standard terms can be negoti-
hile the title policy price may not be ne- gotiable in New Jer-
ated utilizing select Endorse- ments. Transaction specific insurance can be negotiated through requests for Amend- ment to the title Commitment Exceptions and Requirements. Main Title Insurance Documents: - Commitment Cover Letter • Definitions • Terms, rights and re- sponsibilities of the proposed Insured and the Company - allows the Company to add Exceptions after the date and issuance of the title Commit- ment; clarifies the items that appear after the date of the Commitment but before all
of the Requirements set forth in the Commitment have been met can also be added as Ex- ceptions. - Commitment Schedules • Declaration Page – ie, amount of insurance, pro- posed insured, type of interest insured • Legal Description • Requirements to be met for the Company to provide insurance • Exceptions specific to the property and/or transaction which will not be covered. - Amendments to the Schedules
• Varies and requested based on changes to the proposed transaction. Two examples: changing the pro- posed insured because the individual buyer decided to take title under an LLC name and removing a Re- quirement because proofs have been provided. • Negotiating examples include changing coverage language. Two examples: re- quest to change an Exception from rights of parties in pos- session to rights of tenants, as tenants only, and adding language to an easement to reflect the words as shown on the Survey. - Endorsements • Standard State-wide forms filed with DOBI • Extensive offerings avail- able for the both the Owner’s and Loan Policy, including: limited coverage regarding encroachments, spreading the liability across multiple policies, zoning coverage, subdivision coverage. - Policy Jacket • Covered Risks • Exclusions – includes excluding loss resulting from many areas covered under police power and risks known to the insured and not dis- closed • Conditions – definitions, claim filing requirements and procedures, defense terms • Exceptions – includes the changes reflected in the amendments made prior to closing and often notes the Endorsements added to the policy that are attached. • For a loan policy – Sched- ule B II Subordinate Interests The best way to negotiate a title policy is to understand how the contract works and ask for changes desired. The Company is accustomed to change requests and will educate you regarding what is available and the require- ments for the coverage re- quested. If you are working with a title agent, the title agent will be able to negoti- ate with different insurance carriers for you to find one with the appetite to provide coverage to your specifica- tions. Paula M. Zwiren is President of Zwiren Title Agency, Inc. - Policy Schedules • Declaration Page • Legal Description
Paula M. Zwiren
to understand the parts of the contract that can be ne- gotiated. Title insurance is a con- tract of indemnity. It is not a
TITLE INSURANCE & SETTLEMENT SERVICES
www.ZwirenTitle.com 855-994-7365 Paula@ZwirenTitle.com
Real Estate Journal — Insurance/Title — October 11 - 24, 2019 — 9A
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By Jeremy Yohe, American Land Title Association Survey: Less than 60% of title companies have cyber insurance
title company owners. FBI da t a s h ow that in 2018, 11,300 vic- tims across America lost nearly $150 million due to real estate W
insurance, it’s important to verify whether the coverage is occurrence-based versus a
ire transfer fraud and cyberattacks are top of mind for most
liability (CGL) insurance is written on an occurrence form. Meanwhile, claims-made poli-
ria for coverage to apply. “Most companies have a bundle of insurances and you want to make sure coverages are consistent and integrated,” said Bill Burding NTP, gen- eral counsel and executive vice president of Orange Coast Title Co. “Simply having an E&O policy isn’t enough these days. While it may be the only requirement for some under- writers, title agencies should bundle various policies to get complete protection.” BREAKOUT BOX
Earlier this year, ALTA launched the Coalition to Co- alition to Stop Real Estate Transfer Fraud to raise aware- ness about the dangers of mortgage closing scams and wire transfer fraud. You can join the effort. • Join at stopwirefraud.org. • Use the content to protect your customers and your busi- ness. • Submit videos to share your story. Jeremy Yohe is vice presi- dent of communications for the American Land Title Association.
Cyber insurance can’t protect a business from cybercrime, but the right policy can provide a financial backstop in the event of a breach or email compromise.
claims-made policy. Occurrence policies cover claims arising out of damage or injury that took place during the policy period, regardless of when claims are made. Most commercial general
cies cover incidents that you report during the active policy period—or an extended report- ing period—and occur after a policy’s retroactive start date. Claims through this form of coverage must meet both crite-
wire fraud—that’s a 166% in- crease in the total money lost compared to 2017. This is only the tip of the iceberg. The FBI estimates that only 12-15% of this fraud is reported. While the losses mount, only 58% of title companies nationwide have cy- ber liability insurance policies, according to a nationally rep- resentative survey conducted last year by the American Land Title Association (ALTA). The survey of over 650 ti- tle agents nationwide asked agents about their experience with different insurance cov- erages, including errors and omissions (E&O), fidelity bonds and cyber insurances. Coverage for cyber attacks is in stark contrast to the number of agen- cies that have E&O insurance. More than 95% of title compa- nies have this type of coverage, according to a separate ALTA survey. Cyber insurance can’t protect a business from cybercrime, but the right policy can provide a financial backstop in the event of a breach or email compro- mise. Cyber liability insurance protects the insured agent from damages arising from a data breach and exposure of non-public personal informa- tion by cyber theft and other cybercrimes. This coverage often includes managing the response to a breach, such as notifying regulatory agencies and affected consumers. When it comes to protecting a business from wire transfer fraud, coverage becomes less common. Only 25% of agents nationally have a social engi- neering endorsement or specific funds transfer fraud coverage, the survey found. Purchase of this coverage rises above 50% for agents with over $7 million in gross revenue or more than 50 employees. Cyber coverages continue to change on a yearly basis. It can be valuable to discuss new options with your broker prior to your policy renewal. When looking at different kinds of
Help Stop Wire Transfer Fraud
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First Bergen Title Agency, LLC Court Plaza North, Suite 101, 25 Main Street, P.O. Box 526, Hackensack, NJ 07601 Phone 201.343.3121 • Fax 201.343.1663 firstname.lastname@example.org • www.firstbergentitle.com
10A — October 11 - 24, 2019 — Multifamily Financing — M id A tlantic
Real Estate Journal
By Bill Parker, Esq., Conestoga Title Insurance Co. Be Invested in How It’s Vested
now may avoid unintended consequences down the road. Homebuyers should be made aware that there are several op- tions, and the best one depends on the facts, circumstances and goals of the buyers. You, as the title agent, should make the homebuyer aware that there are various titling options. Attorney agents should discuss the clients’ reasons for buying and what the fu- ture may hold for them. For example, a common scenario is a young couple buying real property BEFORE they are married. Assuming that they
do get married will they need a change in the title? What hap- pens to the interest of each in the event the marriage does not take place? Answers to these questions and more depend on the method of taking title. Here are the basics: What is a title? A property title is the bundle of rights that dictates who has legal or equitable interest in the property. What are the different ways to hold a title? Although title rules vary from state to state, generally all states recognize the follow-
ing most common forms of title: Sole ownership As the name suggests, sole ownership property is titled in the name of only one person. Joint tenancy with the right of survivorship Where two or more individu- als are purchasing property together, each person owns an equal portion of the property and each has an equal right to possess the property. Under joint tenancy, if one person dies, the other owner or owners generally acquire decedent’s interest in the property without the need for probate.
he average homebuyer has little understand- ing of the consequences
Tenancy in common Under this method, as with a joint tenancy, multiple people may hold title to the prop- erty together, but unlike a joint tenancy, each is able to independently sell her interest, or pass it on to beneficiaries of her choosing after she passes away. You should make the client aware that if she owns a property as a tenant in com- mon and does not have a Will, her share of the property will be distributed based on state probate law. Tenants by entirety Some states allow married couples (and only married cou- ples) to own property via this title method. This method also allows joint ownership of prop- erty, but unlike other methods of joint ownership, tenancy by the entirety gives each spouse an undivided interest in 100% of the property. From a debtor/ creditor standpoint, the marital unit owns the property (not the individual spouses), and therefore creditors can’t lay claim to the property if they’re pursuing a debt that is owed by only one of the spouses. In the event one spouse dies, the other receives full ownership of the property without the need for probate (similar to joint tenancy and unlike tenancy in common). The caveat with this method of holding title, and a difference between it and a joint tenancy, is that one spouse cannot sell his share of the property without consent from the other spouse. In a living trust A trust is an estate planning vehicle that allows passage of one’s property at death to beneficiaries without the need for probate. What to know: if clients mention the desire to title prop- erty in the name of a trust, ad- vise them to seek out a lawyer qualified to draw up the trust. In the event a trust already ex- ists, please review it carefully (or send to your underwriter for review) to ensure that the trust language is adequate and appropriate to accomplish the needs of your clients. These principles are very general and the facts of each case may vary. If you as the title agent have any questions or concerns please contact your underwriter. William J. Parker Esq. is VP of both claims and un- derwriting for Conestoga Title Insurance Co.
of choosing one vesting method over a n o t h e r . Thus, it is i mp o r t a n t for you as the title agent to take a vested interest (pun
intended) in how the purchase will be titled. Granted, it is not as exciting as designing their new space or going furniture shopping, but the right choice
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Real Estate Journal — Insurance/Title — October 11 - 24, 2019 — 11A
M id A tlantic
JUNE 1-3, 2020 | MINNEAPOLIS, MN | THE CANOPY HOTEL
1 Four Big Reasons to Attend Networking: Finding other people who work solely in the commercial market can be difficult at other events, but it's 2 Access: ALTA Commercial Network presents an intimate setting in which to ask questions and provide feedback
to industry experts. Ever wonder about the thinking behind certain policy forms or endorsements? This is your chance to give feedback.
easy at ALTA Commercial Network! No other meeting provides a simple, effective opportunity to identify title resources and referrals.
3 Big-picture strategy: National economists and financing experts will be on hand to provide a big-picture look at trends directly impacting the commerical market.
4 Regional action: Sit in on ALTA Commercial Network roundtable discussions and learn about regional title practices from your peers.
12A — October 11 - 24, 2019 — Multifamily Financing — M id A tlantic
Real Estate Journal
Insurance/Title M id A tlAntic
Real Estate Journal — The Best of 2018 — March 29 - April 11, 2019 — Inside Back Cover C
W W W . T H E J O R D A N G R O U P. N E T
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Real Estate Journal — October 11 - 24, 2019 — 13A
M id A tlantic
Meisel & Nicholson of JLL represent seller MC Real Estate Partners acquires Executive Plaza
Marcus & Millichap handles sale of 2 Urgentcare facilites
OCKV I LLE , MD — MC Re a l Es - tate Partners LLC (MCRE) and an institutional partner have acquired Execu- tive Plaza, in Rockville. This is the second office acquisition for the recently formed company founded by Andy Nathan and Steve Grant as the succes- sor to their predecessor firms Meritage Properties and Clear- Rock Properties. The 327,000 s/f property, which has been significantly renovated over the past several years, sits a short walk from the dynamic Pike and Rose mixed use de- velopment and the White Flint Metro station. “MCRE is thrilled to have made our first DC area acqui- sition so soon after our forma- tion. Steve and I have each been active locally for over 20 years and see Executive Plaza R NORFOLK, VA — The Rai- lyard at Lambert’s Point has been approved by Norfolk City Council and the Norfolk Planning Commission with the support of the Lambert’s Point Civic League. The adap- tive re-use development by Meredith Construction is now on track to bring an inspir- ing vision of repurposed historic buildings and new construction to Norfolk. When complete, it will include a mix of retail, of- fice, entertainment and dining in the Lambert’s Point neigh- borhood along Hampton Blvd. The 8.8-acre parcel is located between Norfolk Naval Base, Old Dominion University, Chil- dren’s Hospital of the King’s Daughters, Eastern Virginia Medical School, Sentara and downtown Norfolk. Meredith Construction has partnered with CCB Rail- yard, LLC , a subsidiary of the Charlotte-based Clear Creek Brothers, LLC (CCB) , a real estate investment group on the much anticipated mixed-use development. “We are committed to revital- izing this area of Norfolk,” said Rich Meredith , who heads the development division of
Adventist Health Care Urgent Care facilities
were guaranteed by Adventist Healthcare, Inc. Josh Ein , first vice presi- dent investments, in Marcus & Millichap’s Washington, DCoffice and Dean Zang , senior managing director in- vestments, in Marcus & Mil- lichap’s Washington, D.C. of- fice, represented the buyer, a Washington, D.C. area based 1031 exchange buyer which the team has transacted with on several properties this year. Bryn Merrey, broker of record, assisted in closing this transaction. ed, “I applaud all stakeholders involved, and special kudos to United Way of Central Mary- land, for coming together to help these 18 families in need.” Franklyn Baker , president and CEO of United Way of Cen- tral Maryland, said, “United Way works every day to keep people in their homes and out of shelters—because the success of our communities is directly tied to the financial stability of our neighbors. We are proud to partner with the Maryland Multi-Housing Association on the Rental Connections pro- gram to assist families in ur- gent need of rental assistance.” “Leasing professionals made personal calls on a monthly ba- sis to residents with unpaid rent and referred them to United Way’s 211 phoneline for help,” said Kathie Dzbinski , director of training and leasing for A&G Management Company. “This programworked—our residents received the assistance they needed and now we will con- tinue to refer future residents who are struggling to the 211 helpline,” Dzbinski added.
ROCKVILLE AND GER- MANTOWN, MD — Marcus & Millichap announced the sale of a portfolio of two Adven- tist Health Care Urgent Care facilities located in Rockville and Germantown, MD, accord- ing to Bryn Merrey , division manager of the firm’s Wash- ington, DC office. The proper- ties sold for $12,669,947. The properties, constructed in 2015 and 2016, had more than 10 years remaining on absolute triple net leases. The leases featured two per- cent annual escalations and CENTRAL MARYLAND — The Maryland Multi-Hous- ing Association (MMHA) and the United Way of Central Maryland (UWCM) success- fully completed a four-month pilot program, Rental Con- nections, which prevented 18 families from eviction. Created by MMHA member companies A&G Management Com- pany, Inc., Hendersen-Webb, Inc, Quest Management Group, LLC, Rachuba Man- agement, and Regional Man- agement Inc., along with UnitedWay, Rental Connec- tions pooled shared resources and expended nearly $7,500 to assist residents struggling to pay their rent. MMHA members identified residents late on rent and re- ferred them to United Way’s 211 helpline. United Way ap- proved and qualified residents and granted emergency rental funds sent directly to the man- agement companies. “We all have an interest in keeping families in their homes,” said MMHA president Stephen Margerum . He add-
as an ideal addition to our portfolio. The property has all a tenant could ask for – out- standing amenities, great light throughout and flexible floor- plates – ideally located near highways, mass transit, retail and housing. Angelo Gordon and Monument did a wonder- ful job repositioning Executive Plaza and we look forward to guiding the asset through its next level transformation,”
said Andy Nathan, managing principal of MCRE. MCRE has retained The Polinger Company to provide on-site propertymanagement services. JimMeisel and Matt Nich- olson of Jones Lang LaSalle (JLL) represented the seller and sourced the buyer for this transaction with mortgage brokerage services provided by JLL’s Sue Carras and Chris Hew.
The Railyard at Lambert’s Point receives approval by City Council & Norfolk Planning Commission
MMHA&UWCM’s Rental Connections Pro- gram prevents 18 families from eviction
The Railyard at Lambert’s Point has been approved by Norfolk
Meredith Construction. “The Railyard at Lamberts Point represents an investment of al- most $40 million with a poten- tial for 350 jobs and 100,000 s/f of new and redeveloped space. Meredith and CCB are invest- ing with a long-term vision and are excited to see this project completed next year.” Meredith and CCB have awarded contracts to the fol- lowing members of the develop- ment team: • Work Program Architects (site planning, master planning and design concepts) • Timmons Engineering (site plan design, landscape archi- tecture and traffic engineering) • Commonwealth Preserva- tion Group (historic research
and visualization) • Compo Construction (site development and vertical con- struction) • PACE Collaborative (me- chanical, electrical, plumbing engineering) • Speight, Marshall & Fran- cis, P.C. (structural engineer- ing) The Meredith family owns four of the five historic build- ings that were built between 1920 and 1940. CCB is acquir- ing, rehabilitating and devel- oping the parcels surround- ing Meredith’s buildings. The manufacturing, warehouse and depo buildings will be restored to retain much of their historic nature and repurposed for mod- ern users.
14A — October 11 - 24, 2019 — M id A tlantic
Real Estate Journal
D el M ar V a Company acquires Engineering Solutions &Products, LLC Prince William County congratulates Sev1Tech, LLC
IT modernization, cybersecu- rity, engineering, and program optimization support to the Department of Homeland Se- curity, Department of Defense, Federal agencies as well as commercial customers. ESP’s portfolio integration now in- cludes C4ISR-focused solutions supporting the U.S. Army’s vital warfare priorities in the areas of systems engineering and integration, logistics and supply chain management, mission and program support, training and readiness. As well as ensuring ESP’s legacy as one of the top-performing contractors on the Responsive Strategic Sourcing for Services (RS3) vehicle. Houlihan Lokey served as the exclusive financial advisor to ESP and Sev1Tech is backed by DFW Capital and recently added private equity firm, Enlightenment Capital. “DFW Capital and I are so excited to have Enlightenment Capital as part of the Sev1Tech team,” added Lohfeld. “They bring additional depth and knowl- edge in our space as well as a track record of building the best mid-tier company in the marketplace.”
RINCE WILLIAM COUNTY , VA — P r i n c e W i l l i am
County Department of Economic Development congratulates Sev1Tech, a pro- vider in IT modernization, cy- bersecurity and cloud services on its successful completion of the acquisition of Engineering Solutions and Products (ESP). The acquisition of ESP is part of Sev1Tech’s growth strategy that has now doubled its portfolio of service offerings and expanded its Woodbridge- based headquarters geographi- cal footprint into more than 38 U.S. states and international locations. “Enhancing Sev1Tech’s Enterprise Core IT capabili- ties with ESP’s long legacy of C4ISR and tactical field expe- rience will allow us to offer a broader range of moderniza- tion services to our DHS and DOD customers,” said Bob Lohfeld, CEO of Sev1Tech. “As part of our mid-tier strat- egy, this transaction provides Sev1Tech with unique field and tactical capabilities. We are excited to demonstrate our commitment to customer service and introduce our
enhanced IT capabilities to the U.S. Army.” “We are delighted to con- gratulate Sev1Tech in the successful acquisition of ESP, a well-established and recog- nized company that will grow the business, services and brand reputation and most importantly increase highly skilled jobs in Prince William County,” said Christina Winn, Executive Director, Prince William County Department of Economic Development. “We are passionate about support- ing our businesses’ success and providing a climate for growth.” Sev1Tech has experienced steady growth over the past 10 years by focusing on providing Shown from left: Doug Fouser, former ESP CEO and Bob Lo- hfeld, CEO of Sev1Tech.
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Real Estate Journal — October 11 - 24, 2019 — 15A
M id A tlantic
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