R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 26 Issue 3 March 14 - 27 , 2014 Hawley Realty’s closes $2.662 million
Combs of KLNB represents owner in 1,130 s/f lease WPC closes $35.5 million loan for 8757 Georgia Ave. in Silver Spring, MD S ilver Spring, MD — Washington Prop- ertyCompany (WPC)
ant. A ten year lease of 1,955 s/f of retail space at 100 Water St., Red Bank by Jersey Mike’s Subs from City Centre Plaza, LLC. Edward Hughes and JanTausch represented the tenant. A three year lease of 11,776 s/f of office space at 2100 Route 35, Sea Girt by Roof Diagnos- tics Solar from Sea Girt Center, LLC. Schrader Jr. represented the tenant, and Gregg Nowell and Helena Loelius repre- sented the landlord. A five year lease of 12,500 s/f of office space at 200 Helen St., South Plainfield by G&W Laboratories from Nakash 200 Helen St., LLC. Sitar Jr. and Thomas Monte represented the landlord. A three year lease of 9,105 s/f of office space at 1 Evertrust Plaza by the Highway Toll Authority from Prestige Hospi- tality Service. Robert Giordano and Sitar Jr. represented the tenant. n Real Estate Services rep- resented the tenant. Tim Jaeger and Todd Bosley of CBRE and Joshua Gur- land of WPC represented the owner. 6900 Wi s cons in Ave . , Bethesda, MD – 1,336 s/f Howard Insurance expand- ed by leasing 1,336 s/f. Joshua Gurland of WPC represented the owner. Bethesda Corner, 4719 Hampden Lane, Bethesda, MD – 2,424 s/f KBRKitchen&Bath leased 1,294 s/f. Joshua Gurland of WPC and Matt Skalet of KLNB Retail represented the owner. EmbroidMe leased 1,130 s/f Marathon Property Solu- tions represented the tenant. Joshua Gurland of WPC and Steve Combs of KLNB rep- resented the owner. Patriot Business Park, 7850 Walker Dr., Greenbelt, MD – 4,691 s/f. n
Edison, NJ — Sitar Re- alty Company announced the following real estate transac- tions: The sale of a 332,000 s/f in- dustrial building at 45 Bruns- wickAve. in Edison fromNJND Brunswick Ave., LLC to 45 Brunswick Ave., LLC. The sales prices was $22,444,000. Thomas Monte and William has closed $35.5 million in permanent financing for its 242,000 s/f office building at 8757 GeorgiaAve. in the heart of Silver Spring,MD. USBank provided the loan. Walker & Dunlop represented WPC in the transaction. Originally built in the 1970s, 8757 Georgia Ave. was acquired WPC in 2001 following completion of a $20 million renovation. Current tenants include Social & Sci- entific Systems, Inc., Corin- thian Colleges, and Synergy Enterprises. During the last half of 2014, WPC leased 18,186 s/f of of- fice, retail, and medical space in its MD and VA properties: 8757 Georgia Ave, Silver Spring, MD – 3,226 s/f National Council for the Traditional Arts leased 3,226 s/f. Tom Long of Donohoe
NorthMarq secures $17m refinancing 7A
FC-B
1031 Exchange Spotlight
8757 Georgia Ave.
Sitar Realty Company’sMonte and Sitar Jr. brokers $22.444 million industrial building sale in NJ
Section C
Directory
45 Brunswick Avenue in Edison, NJ
DelMarVa..........................................................7-8A Pennsylvania................................................... 7-21A TriState Organization.......................................... 22A New Jersey.................................................Section B Northern New Jersey. ..................................... 5-12B Financial Digest..........................................Section C
Sitar Jr. represented the buyer. The sale of a 25,900 s/f lot, zoned light industrial, at 201 Memorial Dr., Asbury Park from 917 Cookman, LLC to Asbury Park Developers. The sales price was $550,000. Mar- garet Harvey represented the seller. Afive year lease of 7,984 s/f of office space at 2109 Heck Ave., Neptune by SBH Oceanfront from JLRZ Holdings, LLC. Brian Schrader and Ronald
Schrader Jr. represented the landlord. A five year lease of 5,099 s/f of office space at 90Woodbridge Center Dr., Woodbridge by Modis Inc. from Cenwood As- sociates. Robert Giordano represented the tenant. A five year lease of 6,000 s/f of office space at 1715 Route 34, Wall Township by WaWa, Inc. from Third Ave. Realty, LLC. Robert JanTausch and Douglas Sitar represented both the landlord and the ten-
Upcoming Spotlights March 28, 2014 Best of 2013
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MAREJ A DVERTISERS D IRECTORY 2A — March 1 - 27, 201 — Mid Atlantic Real Estate Journal All-Rite Construction ...................................... BC-B Asset Preservation ...............................................7C Bayshore Recycling ..............................................4B BL Companies ....................................................15A Bussel .............................................................. IC-B Capital & Venture Resources, Ltd. .....................3C CBRE Griffin Land ............................................19A Cooper-Horowitz .............................................. IC-C CREW Lehigh Valley .........................................20A Cushman & Wakefield .........................................3B DEERWOOD ........................................................2C Earth Engineering .............................................21A Exchange Solutions..............................................6C Exchange Strategies Corp. ............................. BC-C Gebroe-Hammer.................................................13B GFCIB...................................................................1C Hawley Realty ....................................................18A Heller Industrial ..................................................4B Hinerfeld...............................................................9A IPX1031 ................................................................9C Keast & Hood .....................................................17A Kennedy Funding.................................................7B Landcore .............................................................13A Landmark ...........................................................13A Lee & Associates ..................................................1B LVEDC................................................................ 11A Madison Exchange .............................................12C Marcus & Millichap ......................................8&15B Mericle ................................................................14A Meridian ...............................................................9B Mick & Associates, P.C., LLO ............................10C NAI CIR..............................................................16A NorthMarq............................................................6B PA DCED ............................................................12A Poskanzer Skott .................................................10B PWC ....................................................................21A Rational Contracting ...........................................2B REISA .................................................................13C Rittenhouse Realty Advisors .............................10A RPC.......................................................................2C Sheldon Gross.......................................................2B Singer Financial Corp..........................................4C The Kislak Co. ....................................................14B TPD.....................................................................17A Value Companies................................................11B WCRE .................................................................15B www.1031tax.com.................................................8C
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Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Publisher/Senior Account Executive ................................. Elaine Fanning Section Publisher .................................................................... Steve Kelley Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ...................................................................Julie King Office Manager ................................................................... Joanne Gavaza Contributing Columnist .......................................................Debra Stracke 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. 26 Issue 5 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 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Mid Atlantic Real Estate Journal
Debra Stracke
ITRAGlobal Warns Commercial Tenants of Operating Expense Increases
W
A S H I N G T O N , DC — According to Debra Stracke An-
derson , president and CEO of Sloan Street Advisors / ITRA Global , who specializes in com- mercial tenant representation, most tenants have received their 2013 expense reconcili- ation statements of operating expenses and taxes from their landlords. Typically, tenants have 30-60 days after receiving these statements to give notice to the landlord if they wish to perform an audit. If a company is leasing office space, industrial space, warehouse or other com- mercial real estate, now is the time to determine if the landlord is over-charging for expenses by performing a lease audit. For many commercial real estate tenants, rent is the second largest operating expense after personnel costs. Auditing the landlord’s expenses provides confidence that these costs are being properly billed. Not all tenants need to audit lease ex- penses annually, but here are a
few examples of situations that could trigger an audit: 1. If a gross-leasewas executed in 2013, the tenant will have only one opportunity to audit the base year (2013) expenses. If a ten- ant waives this right, he may be overbilled for all ensuing years due to a landlord understating the base year expenses. Even a tenant with a net-lease signed in 2013, while these don’t typically have a base year dollar amount, should consider an audit to verify they are only being charged for permitted expenses. 2. Landlords of mixed-use properties routinely overcharge tenants for operating expenses
and real estate taxes, because the landlord allocates expenses to the various components of the complex using methods which don’t reflect the actual usage of services by each component. Substantial operating expense increases often signal that a landlord has improperly cal- culated the expenses. A tenant should look at specific line items of expense when reviewing the year-to-year increases. 3. Buildings in which land- lords have expendedmajor capi- tal on building systems, exteri- ors or common areas certainly should be considered as an audit continued on page 3A
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M id A tlAntic R eAl e stAte J ouRnAl T Tenafly’s 9-unit complex trades for +$21,000 per unit Gebroe-Hammer inks $10. million Apartment sale ENAFlY, NJ — Ge- broe-Hammer As- sociates has orches- buildings feature slate roofs and original windows “in ex- cellent condition,” according to Pine.
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trated the $10.5 million sale of Stonegarth Apartments, a 49-unit, four-building garden complex at 30 Engle St. The firm’s executive vice president David Jarvis and senior vice president Greg Pine repre- sented the seller and identified the buyer, a long-time Gebroe- Hammer client, in the transac- tion, which factors out to more than $214,000 per unit. “While we have seen higher per-unit sales for new con- struction, the sale price is ex- traordinary for a garden-style Prestige Grp. appoints Cohen to exec. VP & dir. of RE consulting target. The lease should dictate if such capital expenditures are permissible. 4. The gross-up of expenses is addressed in most leases and if applied properly, is fair to both the tenant and the land- lord. When a building has high vacancy, a landlord can make significant errors when applying this gross-up adjustment, which negatively impacts a tenant’s share of the annual operating expenses, resulting in the tenant paying too much. Paul Stevens, a lease audit specialist said, “Tenants should protect themselves by hiring a professional lease auditor to review their lease and operating expenses to determine if they are being fairly charged. Many tenants have found, by being proactive, they have been able to save thousands of dollars over the term of their lease.” n continued from page 2A ITRAGlobal warns commercial . . . Cohen comes back to Pres- tige Group after a five year en- gagement withOrens Brothers Real Estate, Inc. where he was their director of acquisitions. Cohen previously spent 10 years as Prestige Group’s se- nior vice president of the com- mercial brokerage division. n DEVON, PA — Richard Natow , president of Prestige Group, Inc. announced that Bob Cohen has been appoint- ed executive VP and director of the real estate consulting division.
“This is a rare gem to come on the market,” said Pine. “The pricing was very aggres- sive, and the sale was not con- tingent on financing. The fact that this property did become available was based on the owner capitalizing on the cur- rent multifamily investment market demand, especially for desirable Bergen County properties. There still exists, however, a tremendous sup- ply/demand imbalance.” n
Bryn Merrey Washington, D.C. (202) 536-3700 J.D. Parker Manhattan (212) 430-5100
Spencer Yablon Philadelphia (215) 531-7000 Ryan Nee New Jersey (201) 582-1000
David Jarvis
Greg Pine
property originally construct- ed in the 1930s,” said Pine. “With its park-like setting – Stonegarth occupies just 20 percent of its well-landscaped and partially forested site – it is one of the nicest complexes in Bergen County.” Stonegarth’s four brick
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A — March 14 - 27, 2014 — Mid Atlantic Real Estate Journal www.marejournal.com M id A tlantic R eal E state J ournal A uctions SEALED BID REAL ESTATE AUCTION 60+- ACRES ZONED INDUSTRIAL SEALED BIDS DUE FRIDAY MARCH 21, 2014 @ 12PM
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W Zupancic & Smith, DC multi-family investment specialists had the listing Marcus & Millichap arranges the sale of a boutique apartment building totaling $875,000 ASHINGTON, DC — M arcus &Milli- chap Real Estate
written offers. The asset ul- timately went under contract with a local real estate inves- tor for $1,000,000. However, the tenants formed a tenant association, exercised their TOPA rights, and eventually closed on the transaction on the last legal day that the TOPA statute provided for, over a year later. The property is located just east of 16th St. and south of Piney Branch Park, a tributary of the larger Rock Creek Park. The building is adjacent to the Pershing House (3701 16th St NW), a 59-unit apartment building purchased by Van Metre Companies in August 2011 for $4,712,000 (or $79,864 per unit), and across the St. fromThe Fitzgerald (3625 16th St. NW), a 23-unit apartment building that has undergone extensive renovations under the ownership of the partner- ing CAS Riegler, JCR, and SNEAD Construction compa- Arlington, VA — Fed- eral Capital Partners (FCP) and RESI Management have signed Marymount University to an 87,000 s/f lease at 4040 N. FairfaxDr., a ten-story, 184,213 s/f office building in the heart of the Ballston submarket of Arlington. FCP, in partnership with the McMullin family, re- cently completed a significant renovation and repositioning of 4040 N. Fairfax. ”Marymount University is a vital and integral part of the Arlington community and we are thrilled to welcome them to 4040 N. Fairfax,” said FCP managing partner, Tom Carr . FCP and McMullin took the opportunity in January 2013, as part of the Base Realign- ment and Closure (BRAC) initiative, to do an extensive renovation of 4040 N. Fair- fax that allows the building to compete with new class A buildings at a discount to com- petitor pricing. 4040 N. Fairfax renovations
nies. The Fitzgerald was origi- nally planned to be a condo- minium conversion project af- ter its purchase in December of 2012 for $1,800,000 (or $78,261 per unit), but the owning entity has chosen to keep the asset as a rental building accord- ing to CAS Riegler’s website. Also in December of 2012, the apartment building located at 1575 Spring Place NW traded for $1,200,000 (or $75,000 per unit). When commenting on this abundance of recent trans- actions in the North Columbia Heights neighborhood, Marty Zupancic pointed out, “1445 Spring Rd. NW is the fourth small multifamily deal to trade in this pocket of North Colum- bia Heights in the last couple of years. The location next to a tributary of Rock Creek Park, the proximity to 16th St., and strong rent growth in this submarket, all contributed to the strong level of interest in this asset.” n
Investment Services has an- nounced the sale of a 13-unit boutique apartment build- ing in the Columbia Heights neighborhood of D.C.’s North- west quadrant, according to Bryn Merrey , regional man- ager of the firm’s Washington, D.C. office. Marty Zupancic and Peg- gy Brooks Smith , DC Multi- Family investment specialists inMarcus &Millichap’s Wash- ington, D.C. office, had the listing to market 1445 Spring Rd. NW. The building was listed for $875,000 (or $67,308 per unit) and sold on Febru- ary 10, 2014 for $1,000,000 (or $76,923 per unit), which was 12.5% above the asking price. The property consists of ten one-bedroom units, two two-bedroom units, and one efficiency. At approximately 12,888 gross s/f, the 13-unit
1445 Spring Road NW
building was owned by the Quick family for fifty-two years, and was originally built by Morris Cafritz, patriarch of the powerful Cafritz real
estate family, in 1923. Marcus & Millichap extensively mar- keted the building, running over twenty-five tours and eventually receiving over ten
Patterson-Woods/CORFAC Int’l. sells brownfield site for $850,000
Federal Capital Partners signs 87,000 s/f in Virginia
Wilmington, DE — Pat- terson-Woods Commercial Properties/CORFAC In-
and make way for a new retail development on the land. According to Latina, the buyer has entered the property into the DNREC Brownfields Development Program as a first step toward cleaning the site for redevelopment. DN- REC is an abbreviation for The Delaware Department of Natural Resources and Environmental Control and the state entity that oversees brownfield-site redevelop- ment. “The buyer paid a premium for the land on a per-square- foot basis (the equivalent of slightly over $2.4 million per acre) but given the strong de-
mand for class A retail along the Concord Pike corridor, and the lack of available opportuni- ties, I am confident that they will be able to redevelop the property and demand a strong enough rent get to a good return on their investment,” said Latina. It is the second investment property sale on the Concord Pike corridor completed by Patterson-Woods/CORFAC International this year. Last month Tom Ryan (with Pat- terson-Woods) sold a retail property located at 2702 Con- cord Pike that is occupied by Delaware Gold Exchange and Casapulla’s Subs. n a smoothly run operation,” said Eddie Goldmeier , senior managing director for NGKF, who represented Mariner in the transaction and represents the company in its retail leases around the country.” n
ternational p r e s i d e n t D u n c a n Patterson, CCIM , an- nounced that Joe Latina represented Ac e Pe t r o - leum Inc. in
Joe Latina
an investment property sale located at 2801 Concord Pike in Wilmington. The buyer, HP Concord LLC paid $850,000 for .35 of an acre and a 1,296 s/f garage build- ing that it plans to demolish
4040 N. Fairfax
began with the demolition of the entire interior to shell con- dition, including the removal of partitions, ceilings and flooring, allowing maximum flexibility for full floor or multi- tenant layouts. FCP extends its apprecia- tion to Josh Peyton, Peter Berk and Dave Millard of Avi- son Young, who represented Marymount and Rob Walters, Mike Shuler and Nate Krill, also of Avison Young, who represented the ownership in the lease transaction. n
Nottingham, Md — Mariner Finance is ex- panding and relocating its corporate headquarters to 8211 Town Center Dr., ac- cording to Newmark Grubb Knight Frank (NGKF) . The consumer-loan com- Newmark Grubb Knight Frank negotiates 69,401 s/f pany will occupy the former William Scottsman building, for a total of 69,401 s/f. “Mariner Finance is on track to more than double in size by the end of next year due to its growth from
6A — March 1 - 27, 201 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Pennsylvania — 7A
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Weiss & Satkovich of Hawley Realty represent buyer & seller in $900K sale of 11,500 s/f Hawley Realty’s associate broker Paul Weiss closes $2.662 million in 4 transactions L EHIGH VALLEY, PA – Hawley Realty, Inc . announced that Paul
PITTSTON TOWNSHIP, PA — Greiner Packaging In- ternational, one of the leading companies in the European packaging industry, will open a manufacturing plant at 225 Enterprise Way in Center- Point Commerce &Trade Park West, Pittston Township. The company expects to create more than 100 full-time jobs at the facility within three years. The company has leased 113,871 s/f in a 223,387 s/f in- dustrial building constructed by Mericle Commercial Real Estate Services on speculation in 2013. Mericle developed the building as part of its ReadyToGo Program. Mericle’s construction crews are busy getting the front half of the building ready for the company. Greiner Packag- ing International will begin installing its manufacturing systems in the building in April and anticipates an Oc- tober grand opening. Mericle vice president Dan Walsh coordinated the real estate transaction. Greiner Packaging International was represented by Brandon Podolski, JD and Adam the east. Weiss and Pat Sat- kovich , sale associate with Hawley Realty, teamed up to complete this in-house trans- action value of $900,000 rep- resenting the buyer & seller. Weiss sold a 10,000 s/f com- mercial building for $510,000 in Palmer Twp. The former Moose Club on Fox Hill Rd. was sold as an investment is being offered for lease or resale. Weiss represented the buyer and Gary Roberts of Remax 440 represented the Moose organization. Weiss also sold a 28,362 s/f industrial building for $637,000 with 12.74 acres to ASGCO Manufacturing Co. Weiss represented the
Weiss , associate broker with Hawley Realty Inc., of Allen- town, recently sold four com- mercial/industrial buildings in the Lehigh Valley region. Stained Glass, LLC pur- chased an 11,500+ s/f com- mercial building inWhitehall. The building is a freestanding building with excellent high- way visibility to US Route 22 and immediately neighbors the Lehigh Valley Mall to
603 8th St., Whitehall, PA
s/f former food distribution building with 2+acres to ICS Systems for $615,000 on Fox Hill Road, Palmer Twp. This
building was acquired by Flowers Foods of Georgia. Weiss represented Flower Foods in the transaction. n
buyer and James Barbour of Keller Williams Commer- cial represented the seller. Weiss also sold a 23,000
March 14 - 27, 2014
HI-LIGHTS
Podolski, Burgess & Marshall of Cresa represented the tenant Walsh of Mericle Commercial coordinates 113,871 s/f industrial transaction in Pittston Twp.
Central PA
SPOTLIGHT
11-16A
Rittenhouse Realty Advisors celebrates 1 year anniversary
Grant Street Associates subleases 11,200 s/f 10A
Greiner Packaging Facility Interior Greiner Packaging Interna- tional required,” said Walsh. “Our design and construction teams are doing a great job customizing the building to the company’s exact needs.” Walsh said Greiner Packag- ing International was intro- duced to the area by the Office of International Business Development of the Penn-
sylvania Department of Community and Economic Development . He said incen- tives offered by DCED and Lu- zerne County’s Office of Com- munity Development and site selection assistance provided by the Greater Pittston Cham- ber of Commerce helped bring the company to Northeastern Pennsylvania. n
Burgess of the Southfield, Michigan office of real estate consulting firm Plante Mo- ran CRESA and by Matt Marshal l of the real estate brokerage firm CRESAPhila- delphia . “Our building in Center- Point West is less than one mile from I-81 and I-476 and has the expansion capabilities
18A
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Excellent crane-served warehouse building totaling 378,148 sq. ft. on 24.79 acres in B ensalem , P ennsylvania
3RZHUVXSSOLHGE\3HFR(QHUJ\ H[WHULRUWUDQVIRUPHUZLWK SULPDU\GHOWDDQG< VHFRQGDU\ < $SSUR[LPDWHO\VTIW of office space 1LQHRYHUKHDGGRRUVLQFOXGLQJ VHYHQGULYHLQDQGWZRWDLOJDWHV WKUHHGULYHWKUXORDGLQJODQHV Located just south of the Woodhaven 5RDGLQWHUFKDQJHRI, WKHSURSHUW\ SURYLGHVYLUWXDOO\LPPHGLDWH access to DOOPDMRUKLJKZD\VDVZHOODVEULGJHV WR1HZ-HUVH\ PLOHVWR&HQWHU &LW\3KLODGHOSKLDPLOHVWR 3KLODGHOSKLD,QWHUQDWLRQDO$LUSRUW
Plant/Warehouse 335,934 sq. ft. Office 35,314 sq. ft. Main Building 371,248 sq. ft. Maintenance 6,900 sq. ft. Total 378,148 sq. ft. 8" reinforced concrete floor 6WDLQOHVVVWHHOH[WHULRUZDOOV 6WHHO´,µEHDPVRQ FHQWHUV VSDFHG [ (3'0UXEEHUPHPEUDQHURRI &HLOLQJKHLJKWVXSWR FOHDU FUDQHVIURPWRWRQV )OXRUHVFHQWOLJKWLQJLQRIILFH 7 KLJKED\OLJKWLQJDQGKLJKSUHVVXUH VRGLXPIL[WXUHVLQZDUHKRXVH 'XDOKHDWV\VWHPLQRIILFHV KRWZDWHUUDGLDQWV\VWHPZLWKQDWXUDO JDVIRUFHGDLURYHUKHDG RIILFH FRROLQJE\FHQWUDOIRUFHGDLUZLWK VXSSOHPHQWDU\URRIWRSXQLWV ZDUHKRXVH KHDWLQJSURYLGHGE\FHLOLQJPRXQWHG infrared radiant natural gas units
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10A — March 14 - 27, 2014 — Pennsylvania — Mid Atlantic Real Estate Journal
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Why TAB Industries is all wrapped up with Greater Reading.
Celebrating 1 year anniversary Rittenhouse Realty Advisors moves and hires new brokers
P
ing. The new suite includes 6,500 s/f of office space to ac- commodate the notable growth
Recent additions include Vincent Tagliente , who brings 20+ years of experience in the Philadelphia multi-fam- ily market. Chris Egan , who has a background in invest- ment and development sales, moved to Rittenhouse Re- alty over the summer. Avishy Peled , who joined the team in October, has over a decade of experience in sales and multi-family leasing. Luke DeLuca , a recent graduate of the University of Pennsylva- nia, was brought on in October as well to work out of the firm’s Manhattan office on multi- family and mixed-use projects throughout the five boroughs. Robert Marzullo , who spent the past year doing financial underwriting for RRA, is now a licensed real estate agent in Pennsylvania and focusing on the Montgomery County multi-familymarket. Stepping into the marketing and finan- cial analyst role is Shaun Pudles . Ken Weller and Lonberger founded the company last Feb- ruary. “We are thankful to all of our clients that made this success possible and are ex- cited for RRA’s future growth and expansion into new mar- kets,” said Wellar, managing partner. n a section of the Mid Atlantic Real Estate Journal 312 Market St., Rockland, MA 02370 781-871-5298 • 800-584-1062 fax 781-871-5299 www.marejournal.com Pennsylvania Real Estate Journal
HILADELPHIA, PA — Rittenhouse Real- ty Advisors celebrates
the team has experienced. Th e R i t - t e n h o u s e Realty team has doubled s i n c e t h e company’s in- ception. “We have a great
one year in b u s i n e s s , having closed twenty-five transactions and repre - sented over $250,000,000 in listings for their clients
TAB Industries discovered more in Greater Reading than just an affordable, strategic location in southeastern Pennsylvania. They found easy access—to a labor pool with a strong work ethic, desirable transportation routes and an abundance of valuable, competent fabrication providers. In Greater Reading, TAB Industries found a dynamic community where they can expand and achieve great things.
mix of young talent as well as experienced agents that make RRA a great thing to be a part of,” said Corey Lonberger , managing partner. Ken Wellar
Corey Lonberger
in their first twelve months. The company recently moved from the 13th floor in 8 Penn Center to a larger suite on the second floor in the same build-
Be something greater.
Discover greater possibilities. Visit GreaterReading.com.
GreaterReading.com s (610)376.4237
Senior Account Manager/ Section Publisher Elaine Fanning efanning@marejournal.com
Section Editor Julie King jking@marejournal.com
www.marejournal.com P ennsylvania S potlight C entral By Susan Eberly, Lebanon Valley Economic Development Corporation Creating a competitive edge; a step in the right direction E conomic Development Corporations playamain role in attraction, re-
Mid Atlantic Real Estate Journal — Pennsylvania — March 14 - 27, 2014 — 11A
ment approvals and access to low interest financing has been important in creating a competi- tive edge for the County. Proven Partnerships The key to success is having partners that arewilling to align their visions so that everyone is walking in the right direction. InLebanonCounty, the LVEDC often acts as a conduit between real estate developers and the County, City and local officials. Proactivelyseekinganddevelop- ing relationships that create an environment of camaraderiehas helped to ensure that real estate development transactions occur with ease. This strong sense of teamwork by local officials, utility repre- sentatives and others recently helped to land a nice develop- ment project inLebanonCounty.
The company was experiencing some infrastructure, permitting and zoning issueswithseveral of the key sites in the region that they were exploring for their newbusiness venture. Theyhad an aggressive time table and wanted to move quickly. The LVEDC was instrumental in bringing their county partners to the table to find solutions for their concerns. The company was impressed with the coop- erationand timely response that occurred within the community. They noted that this was one of the main reasons that they moved forward with the project in Lebanon. Access to incentives One of the first steps the partners addressed in working together was to examine incen- tive programs and determine
how they fit into the develop- ment plan. Establishing new zones and implementing incen- tive programs does not happen overnight, it takes a lot of coop- erationand coordination. Strong established relationships are helpful whendiscussingand im- plementing incentive programs. Knowing that competition for companies is great, officialshave determined that incentives such as; Local Economic Revitaliza- tionTaxAssistanceAct (LERTA) andKeystoneOpportunityZone (KOZ) designations must be considered. These incentives are used to lure capital invest- ment into the area. The Local EconomicRevitalizationTaxAs- sistanceAct (LERTA) whichhas beenon the state books since the 1970’shas seensome resurgence inLebanonCounty. Several des-
ignations have beenapproved in the last year as a means to spur interest in real estate develop- ment and improvements in the County. Beingwilling to forego a portion of taxes initially in order to gain the long termadvantage, takes foresight. Knowing that taxes are ahuge factor for a lot of companies and that KOZ sites in the City of Lebanon were set to expire at the end of 2013, theCity, County, Township and School officials took a close look at the advan- tages of extending and creating new zones. They determined that it would be beneficial to extend the time frame onseveral designated sites and approved three new parcels to the KOZ program. This incentive already has helped to spur some recent continued on page 13A
tention and e x p a n s i o n projects. They are an excel- lent aide in coordinating resources to ensure that projects flow smoothly. As
Susan Eberly
a major land owner and conduit of resources the Lebanon Valley Economic Development Cor- poration (LVEDC) has played a lead role in the real estate market. They recognize that definingkey areas of importance in the real estate arena such as; partnerships, access to incen- tives, established parks, timely permitting and land develop-
12A — March 14 - 27, 2014 — Pennsylvania — Mid Atlantic Real Estate Journal
www.marejournal.com
In one day, Pennsylvania businesses can access 40% of the U.S. population and 6 of the 10 largest markets.
Pennsylvania has the location and access your business needs. We’re strategically located in the heart of the Northeast, and we have a lower cost of living than New York and D.C. It’s one of the reasons why we’re home to 2,000 century companies and 21 Fortune 500 companies. Thinking of relocating? Our experienced economic development team can help your business find the right location, skilled workforce and shovel-ready site to meet your needs. So, if you want your business to be at the center of it all, work with Pennsylvania.
Tom Corbett, Governor newPA.com/advance
Mid Atlantic Real Estate Journal — Pennsylvania — March 14 - 27, 2014 — 13A
www.marejournal.com
C entral PA Also leasing an additional 2,875 s/f of retail space Deerin, Deerin & Nicholson of LMS Commercial rep. landlord in 6,895 s/f lease H ANOVER, PA — LMS Commercial Real Estate , a pri- by Donna Deerin Ward , Joseph Deerin and David Nicholson of LMS Commer- cial Real Estate.
Riley , of LMS Commercial Real Estate. Additionally KCKP Nails has leased 1,875 s/f at Spring Forge Shoppes, 570 North Main St., Spring Grove. The landlord and tenant was rep- resented by Ryan Myers , Blake Gross and Jeremiah Hamilton , of LMS Commer- cial Real Estate. n and Equipment Loan and Tax Exempt Financing have been used for many of the projects that have occurred within the County. These State grant and low interest funds have helped to reduce costs significantly. Overall, remember utilizing your area Economic Develop- ment Corporation can help you to step forward in the right direction. We are proud that we have taken definitive steps in real estate development. These strides taken byLebanon County partners have helped to enhance the competitive edge! n
vately owned real estate company based in Lancaster, have recently arranged a 6,895 s/f lease to Advance Auto Parts at South Ha- nover Shopping Center, 849 Baltimore St., Hanover. The landlord was represented
In York, LMS Commercial Real Estate recently arranged the 1,000 s/f lease to Constel- lation at Gabriel Brothers Plaza, 1262 Greensprings Drive, York. The landlord was represented by Travis alleviate long waiting periods. Financing Adding the availability and easy access of low interest finding options has aided de- velopment. As the Area Loan Organization the LVEDC is the conduit for low interest financ- ing programs. Access to these programs is another great tool for real estate development. The State offers an array of low interest financing programs that help to spur development. The many programs such as; Infrastructure Development Program (IDP) funds, Small Business First, Machinery
South Hanover Shopping Center
Creating a Competitive Edge; a step in the right direction... continued from page 11A activityonanewly added vacant parcel. With slim budgets and competition, business owners are always looking for ways to remain profitable. Having tax incentives means a great deal to them. Established Parks the Governor’s Action Team and many others in the real estate arena. They assist in marketing all the industrial sites in the County and keep an updated database of County in- dustrial sites readily available. Showcasing the whole array of industrial parks that are easily accessible and developmentally ready has proven to be an ef- fective step in helping to lure development into the area. Regulations with Ease slowed down because of restric- tive and extended timelines. Lebanon County officials have taken steps to ensure that the permitting process is done with ease. Lebanon County Plan- ning Department has done an excellent job in streamlining this process and has been in- strumental in helping to make projects occur in the County, because of the short permitting process. Many of the Township supervisors are pro-business and understand the benefits of helping real estate transactions occur in a timely manner. They have set standards that help to Lebanon County is fortunate to have an abundance of indus- trial parks with infrastructure capacity to meet the demands of development.As amajor land owner/developer the LVEDC understands the importance of close working relationships with realtors, site developers, Another step was to take a close look at the permitting and land development process. Real estate transactions can often be
C ommercial R eal E state
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Representing clients in the Central Pennsylvania region of: tHarrisburg tCarlisle tYork tLebanon tLancaster tHershey
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PHILADELPHIA METRO OFFICE: 8614 Montgomery Avenue Wyndmoor, PA 19038 215-836-2510 LANCASTER OFFICE: 1853 William Penn Way, P.O. Box 10368 Lancaster, PA 17605-0368 717-672-0614
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NEW JERSEY OFFICE: 100 Overlook Center, Suite 200 Princeton, NJ 08540 609-920-0268
20 Erford Road, Lemoyne, PA 17043 I 717-731-1990 I www.landmarkcr.com
LANDCOREconsulting.com
14A — March 14 - 27, 2014 — Pennsylvania — Mid Atlantic Real Estate Journal
www.marejournal.com
C entral PA
6 Years-80 Companies -7100 Jobs
Since the start of the recession in 2008, Mericle is proud to have provided commercial real estate solutions to 80 companies that are occupying 6.5 million square feet and are creating and retaining more than 7,000 local jobs. We congratulate these companies for deciding to move forward during these difficult economic times and we thank all of our commercial real estate, economic development, education, and commu- nity partners for helping to make these projects possible.
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63 Green Mountain Road Humboldt Industrial Park Hazleton, PA • 145,600 SF to 582,400 SF available • 50.96 acres • ¶´WR¶´FHLOLQJFOHDUKHLJKW • FURVVGRFNHGORDGLQJGRRUV • SDYHGWUDLOHUVWRUDJHVSDFHV • SDUNLQJVSDFHVDYDLODEOH • 5RRPRQVLWHIRUWUDLOHUVSDFHV • Close to I-81 and I-80 1200 E. Lackawanna Ave. Mid Valley Industrial Park Olyphant, PA •6) H[SDQGDEOHWR6) • 38.12 acres •´UHLQIRUFHGFRQFUHWHÀRRUV
1110 Hanover Street Hanover Industrial Estates Hanover Township, PA
100-144 CenterPoint Blvd. CenterPoint East Jenkins Township, PA • 20,289 SF available • 12.61 acres • 30’1” to 34’3” ceilings ,QFOXGHV6)RIRI¿FHVSDFH • 2 loading doors, 1 drive-in ´UHLQIRUFHGFRQFUHWHÀRRU VSULQNOHUFRYHUDJH(6)5FDSDEOH • Close to I-81 and I-476 1 Alberigi Drive Jessup Small Business Center Jessup, PA • 77,941 SF available • 10.02 acres • Can be subdivided in 6,020 SF increments • 30’6” to 33’6” ceilings • 14 loading doors, 1 drive-in door (QHUJ\HI¿FLHQW7ED\OLJKWLQJ • State, local taxes abated • 10,046 SF to 133,000 SF available :LOOFRPELQHDQGRUVXEGLYLGHWRVXLW • Includes 2,340 Sq. Ft., 6,703 Sq. Ft., 6T)WDQG 6T)WRI¿FHV • 28,130 Sq. Ft. former disaster UHFRYHU\FHQWHU • 30’ to 33’6” ceilings • 20 loading doors, 1 drive-in door
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400 Stewart Road Hanover Industrial Estates Hanover Township, PA • 53,040 SF available 6)RIRI¿FHVSDFH 6)RIZDUHKRXVHVSDFH ¶FHLOLQJVLQZDUHKRXVH • 2 loading doors 6WURQJSRZHUDQGWHOHFRPVHUYLFHV $EXQGDQWSDUNLQJZURRPIRUH[SDQVLRQ *UHDWORFDWLRQIRU&DOO&HQWHU'DWD&HQWHU
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200 Technology Drive CenterPoint East Jenkins Twp, PA
19 Bert Collins Dr. Keystone Industrial Park Throop, PA • 20,000 SF DYDLODEOH3OXJ1¶3OD\ :LGHRSHQVSDFH
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• 4 conference rooms • Large training room
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Mericle, a Butler Builder™, is proud to be part of a network of building professionals dedicated to providing you the best construction for your needs.
(DVW0RXQWDLQ&RUSRUDWH&HQWHU %DOWLPRUH'ULYH :LONHV%DUUH3$ Developing Northeastern Pennsylvania’s I-81 Corridor Since 1985
Mid Atlantic Real Estate Journal — Pennsylvania — March 14 - 27, 2014 — 15A
www.marejournal.com
C entral PA
Announcing Wade, Pakishan, and Kline as new hires Benchmark Construction wins National Pyramid Award of Excellence
enchmark Construc- tion was honored on Tuesday, February 11th with a National Pyramid Award of Excellence at the B In other news... Benchmark Construction Company has hired Jameson Wade as an assistant proj-
National Excellence in Con- struction Awards Gala held in Maui, HI, hosted by the Associated Builders and Contractors (ABC) . ABC’s Awards of Excellence Program is the premiere competition within the construction in- dustry that recognizes out- standing construction projects across the nation. Benchmark Construction won the National Pyramid Award of Excellence for the addition and renovations com- pleted at the LancasterHis- tory.org, Campus of History. The new Campus of History
project features renovations to the existing Lancaster County Historical Society’s headquarters and a 19,000 s/f addition. This expansion allows LancasterHistory.org to expand on its programming, research facilities, archival library and collection storage areas, exhibition galleries, learning centers, and a multi- use auditorium, as well as site changes to make the Campus more visitor-friendly. The project was overseen by Bob Brandt III , project manager, and Bill Lastinger , project superintendent. n
ect manager. Wade will be responsible for assisting project man- agers with oversee ing the daily op- erations of select proj- ects. His du- ties include coordinating field and ad- ministrative activities. B e n c h - mark Con- s t r u c t i o n h a s h i r e d S ama n e h Pak i shan as pr o j e c t e s t ima t o r. Pakishan’s responsibili- ties include d e t a i l e d takeoffs for projects be-
LancasterHistory.org
Jameson Wade
EMPLOYEE OWNED. CL I ENT DR IVEN.
Sam Pakishan
Stephanie Kline
ing bid by the Estimating De- partment, as well as posting labor costs to these projects and soliciting subcontractors for bids. Benchmark Construction has hired Stephanie Kline as a preconstruction coordina- tor. Kline will be responsible for the coordination and or- ganization of preconstruction information, contracts, pre- sentations and proposals. Benchmark Construction announced that Michelle
New York New Jersey Connecticut Massachusetts Pennsylvania Ohio Maryland Texas
Miller , project estimator, and Barry Higgins , MEP coordi- nator, have earned their Cer- tified Healthcare Constructor (CHC) credentials from the American Society for Health- care Engineering (ASHE). n Barry Higgins Michelle Miller
www.blcompanies.com
An Employee-Owned Company
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