R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
On behalf of Brookfield Real Estate Financial Partners HFF closes $400m refinancing for five-property 2,600-unit portfolio
ISSUE HIGHLIGHTS Volume 24 Issue 6 March 30 - April 12, 2012
Vanguard Energy Partners
W
ASHINGTON, D.C. –HFFhas arranged a $400 million refi-
nancing for a five-property, 2,600-unit multi-housing portfolio located in Washing- ton, D.C. and Hoboken, NJ. HFF worked on behalf of Brookfield Real Estate Financial Partners to se- cure the floating-rate loan through M&T (FNMA). The properties average 98 percent occupancy overall and are located within the Washington, D.C. and New York City metropolitan sta- tistical areas. The HFF team represent- ing Brookfield Real Estate Financial Partners was led by senior managing direc- tors Bob Donhauser and Bill Asbill. ■
19A
S HOPPING C ENTERS S POTLIGHT RETAIL EXPERTS
Edgemoore Apartment Homes in Washington, D.C.
33A-43A
On behalf of an affiliate of Beacon Capital Partners Jones Lang LaSalle Capital Markets arranges $32 million in permanent financing
Mid Atlantic R EAL E STATE J OURNAL ’ S A NNUAL C OMMERCIAL
WARREN, NJ — The Jones Lang LaSalle Capital Markets firm has arranged $32 million in permanent financing for 30 Independence Boulevard on behalf of an affiliate of Beacon Capital Partners. The 210,524 s/f class A of- fice building is 100 percent leased to Verizon Wireless.
O FFICE Spotlight
Section B
Owners, Developers & Managers... 7-18 Green Buildings ............................19-25 S hopping Centers ......................... 27-46 Commercial Office Spotlight ... Section B Directory Upcoming Spotlights Creative Financing
Warren, New Jersey
The property is less than a half mile from I-78 and 2.5 miles from I-287, and nearly seven miles from the VerizonWireless
headquarters. Managing director Wes Boat- wright, executive VPs Jon Gold- stein and Mike Yavinksy, and
senior VP Dustin Stolly led the Jones Lang LaSalle team on the financing, securing the loan with Sovereign Bank. ■
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Inside Cover A — March 30 - April, 12 2012— Mid Atlantic Real Estate Journal
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AUCTION-FORECLOSURE
3BR/1BA, 2-STORY HOME 1,577± SF, 0.17± AC LYNCHBURG, VA
4BR/1BA, CAPE COD HOME 1,503± SF, 0.36± AC MARTINSVILLE, VA
ON-SITE SALE: 3210MARYLAND AVE, LYNCHBURG, VA 24501
ON-SITE SALE: 209 GREYSON ST, MARTINSVILLE, VA 24112
THURS, APRIL 5 @ 11 AM
THURS, APRIL 5 @ 2 PM
1
2
5,125± SF MULTI-TENANT OFFICE BUILDING, 0.42± AC SANDSTON, VA
2BR/1.5BA TOWNHOME IN WOODSCAPE, 1,178± SF VIRGINIA BEACH, VA
STARTING BID - ONLY $200K
ON-SITE SALE: 103 E. WILLIAMSBURG RD, SANDSTON, VA 23150
ON-SITE SALE: 1413 RAMSHORNWAY, VIRGINIA BEACH, VA 23462
TUES, APRIL 10 @ 2 PM
THURS, APRIL 12 @ 11 AM
3
4
2BR/2.5BA CONDO IN RIVERFRONT COMMUNITY, 1,154± SF – SUFFOLK, VA
3BR/2BA RANCH HOME 1,045± SF, 0.3± AC NEWPORT NEWS, VA
ON-SITE SALE: 1006 LAKESIDE COURT, SUFFOLK, VA 23435
ON-SITE SALE: 7108WICKHAMAVE, NEWPORT NEWS, VA 23605
THURS, APRIL 12 @ 1 PM
THURS, APRIL 12 @ 3 PM
5
6
71,422± SF IND. BLDG. ON 18± AC & CONCRETE SLAB EQUIP – KING GEORGE, VA
193 UNITS - CONDOS & APARTMENTS – HENRICO & RICHMOND, VA INCOME PRODUCING
SOLD IN 4 TRACTS SEPARATELY OR AS AN ENTIRETY
61$0.*/("6$5*0/t.05-&:4$0.'03*/'0 SALE HELD: MOTLEY’S GALLERIES, 4402 W. BROAD ST., RICHMOND, VA 23230 2. JACKSON POINTE CONDOS/APARTMENTS 817 WALES DRIVE, HIGHLAND SPRINGS, VA 23075 (33) Condos & (1) 14-Unit Apt. Bldg. on 10.6± AC. Community Swimming Pool. Property to be Offered as an Entirety. 3. HIGHLAND POINTE CONDOS 1105 W. NINE MILE RD., HIGHLAND SPRINGS, VA 23075 (30) 2BR/1BA Condos on 2.35± AC. Community Swimming Pool. Condos Offered Separately or as an Entirety. 7 1. DUTCH VILLAGE APT. COMPLEX 3835 GUILDER LANE, RICHMOND, VA 23234 (116) 1, 2 & 3 BR 2-Story Apartments on 12.8± AC. Complex Offered as an Entirety.
1. 71,422± SF INDUSTRIAL BUILDING ON 18.17± AC 2. 2007 SPANCRETE® GT240 3-BED HOLLOWCORE PRECAST PROD. LINE 3. 2008 VOELLER TWIN CYCLO BATCH MIXING SYSTEM 4. 2008 MID ATLANTIC 25-TON TRDG BRIDGE CRANE
SUPPORT EQUIPMENT ONLINE ONLY AUCTION: 4/10 - 4/26
BIDS BEGIN CLOSING: THURS., 4/26 @ 2PM
Support, Production, Quality Control, Maintenance and Office Equipment
ON-SITE SALE: 11023 DENNISW. KERNS PARKWAY, KING GEORGE, VA 22485
TUES, APRIL 24 @ 2 PM
8
Call us if you are interested in consigning your property or if you would like to inquire about having your own auction.
Another Trustee Sale by Fortis –We Sell Foreclosures!
Mid Atlantic Real Estate Journal — March 30 - April 12, 2012 — 1A
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Physical Characteristics •Size:
120 Acres (sub-dividable)
•Location: In Lebanon County, PA •Topography: Generally flat with elevation between 450.0-510.0 ft. •Zoning: Industrial and Office
Utilities •Water: •Sewage:
City of Lebanon Water Authority, 12" line City of Lebanon Water Authority, 18" line
•Gas:
UGI utilities, 6" line
•Electricity:
Met-Ed, A FirstEnergy Company, 69KV
Transportation •Rail:
Norfolk Southern Railway
•Highway:
I-76, I-78 & I-81 are located 9 miles from site
•Air:
Harrisburg International, 20 miles
Brokers Protected
16 Lebanon Valley Parkway • Lebanon, PA 17042 phone (717).274.3180 • fax (717).274.1367 www.lvedc.org
2A — March 30 - April 12, 2012 — Mid Atlantic Real Estate Journal ABC......................................................................... 17A Aldo Design Group ................................................. 10A All-Rite Construction ............................................. 30A American Boiler Company..................................... 21A Auctioneers Directory .............................................. 6A B.R. Kreider & Son, Inc. ........................................ 31A Beacon Commercial RE ........................................... 6B Belfor Property Restoration .................................. 13A BL Companies ........................................................ 41A Bohler Engineering................................................ 33A Capitol Aerials........................................................ 20A CBC Bennett Williams........................................... 31A CBC Bennett Williams........................................... 37A Cooper Roofing INC. ................................................ 8A Delmarpa Janitorial Services................................ 12A Delran Builders...................................................... 17A Dietrick Group ....................................................... 19B Earth Engineering ................................................. 38A Expert Publishers, Inc. .......................................... 26A Fix Asphalt ..............................................................11A Fowler ..................................................................... 18A Franchise World ..................................................... 32A Gerber/Somma Associates .................................... IC-B Gilbeaux Associates, P.C. ....................................... 20A Grant Street Associates ........................................... 4B Green Power Developers........................................ 23A Hafteck CWS .......................................................... 12A Harkins Builders.................................................... 17A High Associates ........................................................ 3B Hutchinson ............................................................. 20A Hylant Environmental........................................... 33A IREM ...................................................................... 15A Kaplin|Stewart........................................................ 2B Kay Realty Services ............................................... 30A KW Commercial The James Balliet Comm.’l ....... 27A Landcore Engineering ........................................... 36A Landmark JCM...................................................... 18A Lebanon Valley......................................................... 1A M. Miller & Son........................................................ 3A Marcus & Millichap ............................................... 35A Meridian Capital Group .......................................... 3A Metro NJ................................................................... 5A Motleys Auctioneers.............................................. IC-A NAI CIR.................................................................. 30A NAI DiLeo-Bram & Co........................................... 11B NAI Emory Hill ........................................................ 9B NAI Fennelly .......................................................... 10B NAI Global.............................................................. 14B NAI Keystone Commercial ...................................... 8B NAI KLNB.............................................................. 13B NJ USDA ................................................................ 10A PennCap Properties .............................................BC-B Poskanzer Skott Architects ..................................... 9A Ray Angelini, Inc.................................................... 22A RD Management LLC.....................................28A-29A RE/MAX of Reading ................................................. 3A Remco Realty Grp. ................................................. 30A ROCK Commercial................................................. 31A Sheldon Gross Realty............................................... 1B Target Building ..................................................... 39A Taylor Long Properties .......................................... 31A The Frederick Group.............................................. 19B Vanguard Energy Partners, LLC .......................IBC-A Vantage Landscaping........................................9A,10A Wohlsen Construction............................................ 17A MAREJ A DVERTISERS D IRECTORY
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Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist ..................................................................Darrell Kratzer Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 6 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
Mid Atlantic Real Estate Journal
By Darrell Kratzer Re-Imagining, Repurposing, and Revenue: Lessons in Strategic Space Optimization
M
any building owners and facility manag- ers are faced with the
daunting task of maximizing productivity within existing space where budgets aren’t available for new construction or major renovation. Philadel- phia architecture firm Buell Kratzer Powell has developed a program for strategic space optimization guided by “Three Rs” – re-imagining, repurpos- ing, and revenue. The Three Rs strategy for existing facilities is guided by positive, informed, and finan- cially sound choices. Spaces are re-imagined with an eye to institutional or organiza- tion identity, the visitor/staff experience, and a connection to workplace trends. Repurposing involves maximizing underuti- lized spaces and developing alterations that make these spaces active, vibrant build- ing components. Ultimately, the process uses revenue as its guide. The owner’s financial objectives are on equal footing with spatial decision-making, and a thorough understanding of revenue generation shapes designs. At its most basic, the design process evaluates space use and distribution, assesses current conditions, determines short- and long-term future needs, evaluates alternatives, and identifies a program for phased improvements. But the process does not occur in a vacuum; qualitative and quantitative research shapes every decision. Electronic surveys, interviews, and focus groups supplement
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
traditional architecture meth- ods such as space allocation studies and programming. A recent institutional project illustrates the process in prac- tice. A dental school embarked on a master plan to define op- timal investments in its labs, clinics, and administrative space over 10 years. The study examined the condition and function of existing facilities plus demand for new space, while anticipating changes in dental education, introduction of new technologies, and a need to increase student enrollment by 20 percent over the plan’s timeline. The collaborative, five-month study included participation by all users, from facility manage- ment to faculty, staff, students, and patients who visit the school’s public clinic. From feedback gained through elec- tronic surveys and interviews, the study defined a series of test-fits for clinic, research, and teaching spaces. Designs sup- port faculty and student recruit- ment, improve patient care, and enhance the ability of the school to generate revenue. While revenue was consid-
ered at the macro level in terms of issues such as enrollment and capital expenditures, revenue also was distilled to an integral component of the dental school’s finances – the individual dental chair. Revenue per s/f was cal- culated based on the number of clinical operatories, both in terms of patient visits and stu- dents who work with patients at each chair. The study mapped invest- ments in a sequence of projects to be constructed using swing space identified during the space assessment study. Unde- rutilized spaces included those allocated to paper filing before digital record-keeping became the norm, or those encompass- ing clinical facilities that were outdated or not in regular use. By translating space to dollars, the goal of maximizing opera- tory facilities motivated other spatial decision-making. The study culminated with a 10-year plan with five phases of improvements. Phases one through three could be com- pleted in sequence, with swing space defined at each step. As each phase is completed, the continued on page 3A
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Mid Atlantic Real Estate Journal — March 30 - April 12, 2012 — 3A
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M ID A TLANTIC R EAL E STATE J OURNAL Birnbaum & Levine negotiate the 1.264m s/f transaction Meridian Capital arranges $127 million in financing N EW YORK , NY — Meridian Capi- tal Group, LLC, a
They wrote the policy.
We make sure they write the check.
chase and features a highly competitive Interest rate. The proceeds of the loan were used to refinance the property’s existing CMBS financing. Meridian execu- tive vice president, Aaron Birnbaum, and managing director, Ronnie Levine, both based in the company’s New York City headquar- ters, negotiated the trans- action. The 45-story, 1,264,000 s/f office tower is located in downtown cleveland at 200 Public Square, where it occupies the full block be- tween superior and euclid avenues at Fifth Street. The property spans 2.75 Acres and features an eight-story atrium and 757-space adjacent parking Facility. ■
commercial real estate finance and a d v i s o r y firm, nego- tiated $127 million in mo r t g a g e f i nanc i ng On behalf of harbor group inter- national for its class-a office build- ing located at 200 pub- lic Square in Cl eve - land, Ohio.
M. MILLER & SON Public Adjusters Since 1960
Aaron Birnbaum
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
Ronnie Levine
The 10-year cmbs loan was provided by j.P. Morgan
Recent Financings Arranged By Meridian Capital Group
200 Public Square
Re-Imagining, Repurposing, and Revenue . . .
number of dental chairs in- creases, thereby offering more revenue to fund additional phases. Phases four and five include projects that can fol- low any sequence as funding becomes available. At the end continued from page 2A
of ten years, the number of chairs will have increased by 26 percent. The added chairs make it possible to meet the school’s ultimate goal of increasing stu- dent enrollment by 20 percent. Darrell Kratzer,AIA, LEED
APBD+C, is an architect and principal with Buell Kratzer Powell Architects. He and the firmbalance pragmatism with creativity to design ar- chitecture that is both use- ful and timeless. ■
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres
1
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
For More Information Please Contact:
3801 Penn Ave Sinking Spring, PA
The subject property located in Sinking Spring PA (just minutes from Reading, PA) is 33 acres of land and is pre-approved for a three story, 55+, independent living facility with 130 units and 20 more in the future, and 80 townhouse units. Ready to develop. Public Water & sewer.
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Eddy Peng, CCIM, CIPS RE/MAX of Reading Office: (610) 670-2770 x3078 Cell: (610) 223-0567 Email: EddyPeng2@verizon.net
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4A — March 30 - April 12, 2012 — Mid Atlantic Real Estate Journal
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C OMMERCIAL R EAL E STATE O RGANIZATIONS ’ E VENTS C ALENDAR
APRIL 10 – PLAN SMART NJ Event: 2012 NJ Regional Planning Summit Time: 8:00 AM – 4:30 PM Location: War Memorial Address/City: Trenton, NJ Cost: $65 Members $110 Nonmembers $25 Students P: 609-393-9434 www.plansmartnj.org APRIL 10 – SMPS Philadelphia Event: SMPSNational The Basics of Business Development in the A/E/C Marketplace Time: 8:00 AM – 4:30 PM Location: The Down Town Club Address/City: 600 S Chestnut Street, Philadelphia, PA 19106 Cost: Members: $395 Nonmembers: $545 www.smpsphiladelphia.org APRIL 11 – IFMA CENTRAL PA Event: Board of Directors Meeting Time: 8:00 AM – 10:00 AM Location: TE Connectivity Address/City: 2801 Fulling Mill Road, Middletown, PA 17057 Building 106 Conference Room #1 P: 717-986-7394 www.ifmacentralpa.org APRIL 12 – NAIOP Event: Insurance Market Outlook: What Owners & Developers need to know Time: 4:30 PM – 6:00 PM Location: The Philadelphia Country Club Address/City: 1601 Spring Mill Road, Gladwyne, PA 19035 Cost: Free to members & non-members, Registration begins at 4:00 PM Phone: 215.219.2663 www.naiop.org APRIL 12 – TRISTATE Event: Office Specialty Meeting Location: Norriton Business Campus Address/City: 2000 Campus Lane, E. Nor- riton, PA Cost: Members Free/$10 Nonmembers www.tristaterca.com APRIL 12 – CREW DC Event: Cocktails & Conversation Recruiting Event for Industry Leaders P: 785-832-1808 E: crewdc@crewnetwork.org www.crewdc.org APRIL 12 – EIRC & NJASA Event: Proficient to Advanced SMART Board Skills Time: 8:30 AM – 1:30 PM Address/City: 107 Gilbreth Pkwy, Suite 200, Mullica Hill, NJ Cost: $120 P: 609-330-9218 www.eirc.org APRIL 14 -18 – IREM NJ Event: IREM National Meeting – IREM Leadership Summit Time: 12:00 AM Location: JW Marriott Hotel Address/City: Washington, DC P: 856-303-0190 E: irem1@comcast.net www.irem1.org APRIL 17 – NAIOP PITTSBURGH Event: Continuing Education Designed for Commercial Brokers & Agents Time: 8:00 AM – NOON/ 1:00 PM – 4:45 PM Location: Omni William Penn Hotel Cost: Members: $75/ Non-members: $95 P: 412-928-8363 www.naioppittsburgh.com
APRIL 18 - 20 – BOMA PHILADELPHIA Event: Regional MiddleAtlantic Conference (MAC) Address/City: Pittsburgh, PA P: 215-567-1775 www.bomaphila.com APRIL 18 – ABC EPA Event: 50th Anniversary Gala Time: 5:00 PM Location: Radisson Hotel – Waterford Ball- room Address/City: 1160 First Ave., King of Prussia, PA P: 610-279-6666 E: jtoman@abceastpa.org
APRIL 3 – ULI PHILADELPHIA Event: Commercial Leasing Mini-Workshop Time: 4:00 PM – 6:00 PM Location: Langan Engineering & Environmental Services, Inc. Address/City: 30 S 17th St. 13th Floor, Philadelphia, PA P: 800-321-5011 www.philadelphia.uli.org April 3 – CIANJ Event: “Women of Influence in New Jersey” Time: 5:30 PM – 7:00 PM Location: William Paterson University Address/City: 1600 Valley Road, Wayne, NJ 07470 Cost: Members: $20 Non-members: $30 P: 201-368-2100 E: nharencak@cianj.org www.cianj.org APRIL 3 – CREW LEHIGH VALLEY Event: “Coffee & CREW” Time: 8:00 AM – 9:00 AM Location: Wegmans Address/City: Allentown, PA 2nd Floor www.crewlehighvalley.org APRIL 3 – DVGBC Event : DVGBC Forum-Phi lade lphia Branch Time: 5:30 PM – 7:30 PM Location: Conversation Hall-Room 201 Address/City: Philadelphia City Hall, Phila- delphia, PA Cost: Free P: 215-399-5790 www.dvgbc.org APRIL 3 – ULI PHILADELPHIA Event: Commercial Leasing Mini-Workshop Time: 4:00 PM – 6:00 PM Location: Langan Engineering & Environ- mental Services Address/City: 30 S. 17th St., 13th Fl., Phila- delphia, PA P: 800-321-5011 www.philadelphia.uli.org APRIL 4 – ABC NJ Event: Membership & Events
www.abceastpa.org APRIL 18-22 – BOMA
Event: MAC Regional Conference Location: Omni William Penn Hotel Address/City: Pittsburg, PA P: 973-696-2914 E: bomanj@ix.netcom.com
www.bomanj.com APRIL 18 – POA Event: POA Expo 2012
Location: Wilshire Grand Hotel Address/City: West Orange, NJ P: 732-780-1966
E: poanj@verizon.net
www.poanj.org APRIL 18 – SIOR
Event: Members/Sponsor Meeting Location: Tomato Pie of Morristown Address/City: Morristown, NJ Cost: Free – Members Only www.siornj.com APRIM 18 – SMPS PITTSBURGH Event: Luncheon Program-Secretary of Transportation Time: 11:30 AM – 1:30 PM Cost: $40 Members $65 Nonmembers www.smpspittsburgh.org APRIL 19 – NAIOP MD Event: Awards of Excellence 2012 Time: 5:30 PM – 9:30 PM Location: Hyatt Regency Baltimore Address/City: Baltimore, MD www.naiopmd.org APRIL 19 – ICSC Event: PA/NJ/DE Next Generation Developers Showcase Time: 5:30 PM-8:00 PM Location: Hyatt at Bellevue Address/City: 200 South Broad Street, Philadelphia PA Cost: Member: $25 advance, $40 on-site/ Non-member: advance $40, $55 on-site P: 1-646-728-3648 E: msilsbe@icsc.org www.icsc.org APRIL 24 – CREW PITTSBURGH Event: Lunch Program: CREW Pittsburgh 2nd Annual Energy Sector Update Time: 11:30 AM – 1:30 PM Location: The Rivers Club Address/City: 301 Grant St., Pittsburgh, PA www.crewpittsburgh.org APRIL 24 – CIANJ Event: Financing Your Business During These Difficult Times Time: 8:00 AM – 11:30 AM Location: Crowne Plaza Address/City: 690 Route 46 East, Fairfield, NJ 07004 P: 201-368-2100 E: nharencak@cianj.org www.cianj.org
Time: 8:30 AM Location: PSI Address/City: 414 River View Plaza, Trenton, NJ E: lslomka@njpsi.com www.abcnjc.org APRIL 4 – NAIOP NJ Event: Real World Ethics for Commercial Real Estate Brokers Time: 12:00 PM – 1:30 PM Address/City: 56 Livingston Ave., Roseland NJ Cost: Free P: 732-729-9900 www.naiopnj.org APRIL 5 – ABC EPA Event: Apprenticeship Graduation Time: 5:00 PM – 7:00 PM Location: ABC Training Center Address/City: 1500 Gehman Road, Harleysville, PA 19438 Cost: Student/Graduate: $0.00
Member: $15.00 P: 610-279-6666 www.abceastpa.org APRIL 6 – NAWBO DE Event: Power Tools for Women Time: 9:00 AM – 10:00 AM Location: Bella Vista Trattoria Address/City: Riverfront Market, 3 South Orange Street, Wilmington, DE 19801 P: 302-652-1010 E: info@nawbodelaware.org www.nawbodelaware.org
APRIL 27- APRIL 28 – NAWBO DE Event: Delaware’s Exclusive Women Business Owner Retreat Time: 9:00 AM APRIL 27 – 5:00 PM
Mid Atlantic Real Estate Journal — March 30 - April 12, 2012 — 5A
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The Metro New Jersey Chapter of the Appraisal Institute 76th Annual Princeton Conference April 26, 2012-Marriott Hotel & Conference Center, 100 College Rd. East, Princeton, NJ
CONFERENCE SCHEDULE 8:00 am
Continental Breakfast & Registration
8:30 am Session I
State of the Appraisal Industry/Appraisal Institute
State of Commercial Real Estate and Capital Markets Office, Industrial and retail experts will provide their State of the Market Addresses, discussing current market conditions, key transactions, key metrics and buyer/seller motivations and forecasts for the future. The discussion will include valuation issues, pricing strategies, vacancy levels, rent levels and financing options available in today’s market. 8:45 am Featuring: •Gualberto “Gil” Medina, Executive Managing Director, Cushman & Wakefield of New Jersey, Inc.
•Michael S. Klein, Director, Holliday Fenoglio Fowler, L.P. •Ronald DeLuca, Vice President, Brunelli & Company •H. Gary Gabriel, Executive Vice President, Cushman & Wakefield of New Jersey, Inc.
Session II State of the New Jersey and National Economies – The Positive Prognostication Patrick O’Keefe, Chief Economic Strategist at J.H. Cohn will discuss the economic drivers affect- ing the real estate market in New Jersey, and nationally. As we emerge from this prolonged recession, what are the key drivers of the economy to affect asset sectors within New Jersey? What national drivers will bode well for New Jersey, and what is New Jersey doing right to fuel a positive economic future? 10:45 am Featuring: Patrick O’ Keefe, Director, J.H. Cohn, LLP Session III Public Utilities – the Next Great Wave of Takings Public utilities are facing growing pains across the United States as infrastructure needs require new utilities in developing areas and expanded service in older developed areas. This discussion will focus on the challenges facing public utilities and state and local government agencies as they plan for, regulate construct and operate right of way projects for electric, gas, water and other utilities. Panel will discuss the valuation considerations and the impacts upon the property rights of affected owners. 1:15 pm Featuring: Anthony F. Della Pelle, Esq., McKirdy & Riskin, P.A. Session IV State of the Home Builder/Land Market The future of homebuilding in New Jersey has been often maligned in recent years. Chris Gaffney, group President for Toll Brothers overseeing $800 Million in current homebuilding activity in New Jersey will speak about the developer’s perspective on homebuilding demand, buyer preferences, key consumer segments, and opportunities in New Jersey generally. Mr. Gaffney will present his outlook on the near-term and long-term future of homebuilding in New Jersey, and its effect on specific markets and land demand within the state. 2:15 pm Featuring: Chris Gaffney, Group President, Toll Brothers, Inc. Session V Environmental Appraisal Issues Two of the state’s leading attorneys in environmental and redevelopment law will discuss recent changes in environmental regulation and litigation, and property valuation issues involving environmental contamination issues. Key concepts will include the “value” of a No Further Action (NFA) determination, various alternate processes for obtaining insurance and indemnification, highest and best use as impacted by contamination, and key issues for an appraiser to consider in valuation of properties subject to environmental claims. 3:30 pm Featuring: •Andrew M. Brewer, Esq., Partner, Maraziti, Falcon & Healey, LLP •Albert I. Telsey, Esq., Partner, Meyner Landis, LLP Session VI Portfolio Level Analytics using Commercial Valuation Data Altus Group Ltd. has pioneered the mining of commercial valuation data to deliver portfolio level analytics to institutional investors. Mr. Lee will discuss the use of commercial valuation data to develop portfolio-level analytics and benchmarking tools in comparison to traditional appraiser surveys and other metrics historically used in DCF modeling. Mr. Lee will demonstrate current valuation management systems and overview new technologies and processes under development today. 4:15 pm Featuring: •Sung Lee, MAI, CRE, FRICS, Executive Vice President, Altus Group 5:00 pm Conclusion of Conference
Return to: Metro New Jersey Chapter of the Appraisal Institute, P.O. Box 2000, Edison, NJ 08818 Registration Fee: $195 Appraisal Institute Members; $215 all others (please make check payable to Appraisal Institute) REGISTRATION FORM for the 76th Annual Princeton Conference
Name_______________________________________________Designation________________________________________
Appraisal Institute Member? ______Yes ______No Chapter___________________________________________
Send Confirmation to:__________________________________Phone Number with Area Code________________________ (E-Mail Address) Address:_____________________________________________E-mail Address_____________________________________ Sorry - No refunds after April 23rd 2012 - Business Attire required
6A — March 30 - April 12, 2012 — Mid Atlantic Real Estate Journal
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Auctioneers Directory
4 Bank Owned Commercial Properties – Prime Retail Sites! OFFERED INDIVIDUALLY
N EW J ERSEY
AL30712B Langhorne, PA • 2635 East Lincoln Highway • 25,283± sf on 2.81± Acres
AL30712A Montgomeryville, PA • 753 Bethlehem Pike • 34,920± sf on 3.83± Acres
Richard G. Warner, President NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph ( )
AL30712C Woodbury, NJ • 1420 Almonesson Road • 25,320± sf on 2.17± Acres
AL30712D Wilmington, DE • 4130 Concord Pike • 33,315± sf on 2.95± Acres
M ARYLAND
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Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 7A
www.marejournal.com
MacLaren, Townsend, Talone procure buyer, Tryko Ptrs. Marcus & Millichap Phila. brokers $10.3m apartment
Morris & Stewart arrange 10 year financing Cronheim Mortgage finances apts. for $9.4m
MORRISTOWN, NJ — Cron- heim Mortgage has arranged financing totaling $9,400,000 on the Lindsley Arms apartments, located at the corner of Whip- pany Road and Lindsley Drive in Morristown. Dev Morris and Andrew Stewart arranged the 10 year financing withAviva In- vestors whom they represent as both a correspondent and loan servicer. The rate was locked on the loan four months prior to closing with no additional cost or spread premium. The subject, built in 1962, consists of 116 1 bedroom units; the balance are equally split between 2 and 3 bedroom units, all of which are generously sized relative to the average unit s/f in competing properties. Lindsley Arms is
located adjacent to the Mor- ristown Westin Hotel; it is also near the historic Ford Mansion (Washington’s Headquarters), one mile from the Morristown train station (with direct access to Midtown Manhattan), and two miles west of the Morris- town Municipal Airport. Accord- ing to Dev Morris, Principal of Cronheim, “This was a very low loan to value and the borrower had numerous options. He chose to work with us and Aviva due to our ability to lock in an inter- est rate early, provide competi- tive pricing and terms, as well as a simple closing process. Cronheim acting as a portfolio servicer is another benefit the borrower pointed to when mak- ing a decision.” ■
A
BERDEEN, MD — Marcus & Millichap Real Estate Investment
Services brokered the sale of Perrywood Garden, a 184- unit, 137,081 s/f apartment complex located in Aberdeen, part of the Baltimore-Towson metropolitan statistical area. The sales price of $10,337,000 equates to $56,179 per unit or $75 psf. The property is subject to a project-based Housing As- sistance Payment Contract for 100 percent of the units. Donald “Ridge” MacLaren, first vice president invest- ments, Andrew Townsend, senior associate and Clarke Talone, associate, all based in Marcus & Millichap’s Phila- delphia office, represented the seller, Perrywood Garden Associates LP. MacLaren, Townsend and Talone procured the buyer, Tryko Partners LLC. David Feldman, regional manager of the firm’s Washing-
Perrywood Garden
ton, D.C. office, was the broker of record. “Perrywood Garden is cen- trally located between Balti- more andWilmington and is in close proximity to the United States Army’s Aberdeen Prov- ing Ground,” says MacLaren.
“The property has an in-place Housing Assistance Payment Contract and the new owner has a tremendous upside in re- ducing operating expenses and receiving yearly rent increases as theAberdeen rental market continues to thrive.” ■
Gebroe-Hammer records seven North Jersey multi-family sales
Marcus &Millichap New Jersey’s McConnell & McCrann coordinate $4.87 million sale
HACKENSACK, NJ— Mar- cus & Millichap Real Estate Investment Services, the na-
tion’s largest Real Estate Investment S e r v i c e s firm, has an- nounced the sale of Frank- lin Garden Apartments, a 4 5 - u n i t apa r tmen t p r o p e r t y l o c a t ed i n Hackensack, NJ, according to Michael J. Fasano, Vice Pr e s i den t / R e g i o n a l Manager of
10 South Grove St. in East Orange, NJ
LIVINGSTON, NJ—Gebroe- Hammer Associates’ brokerage professionals have recently recorded seven separate trans- actions, involving a total of 138 units sold for $8.34 million, in Bergen, Essex, Hudson and Union counties. In the northernmost County of Bergen, Greg Pine, senior vice president, completed the $1.985 million sale of Phelps- Ivy, a 14 unit complex located at 17 East Ivy Lane in Engle- wood. Executive VP David Oropeza completed the $1.175 million sale of 10 South Grove St., in East Orange. Additionally, Oropeza, along with executive VPs Joseph Brecher and David Jarvis, arranged the trade of 32 units in Orange for $1.275 million. Sales associates Gehane Tri-
arsi represented the seller and procured the buyer in the $1.2 million sale of 612 Ziegler Ave., an 18-unit garden apartment complex situated in one of the city’s residential neighbor- hoods, and Nicholas Nicolaou orchestrated a 21-unit trade for $1.4 million at 34 Clifton Place, respectively. In Union City, the brokerage team of Uranowitz; VP Scott Callahan; executive VP David Jarvis and Nicolaou completed the trade of 19 residential units and a ground-floor retail unit for $825,000. Addition- ally, Uranowitz and sales as- sociate Stephen Tragash also arranged the $480,000 note sale of six commercial and two multi-family units in Elizabeth. The Elmora Avenue property is located in the city’s central business district. ■
Thomas McConnell
Kevin McCrann
the firm’s New Jersey office. The asset commanded a sales price of $4,870,000. Thomas McConnell, CCIM and KevinMcCrann, Associate Directors of the National Multi Housing Group in Marcus & Millichap’s New Jersey office, had the listing to market the
Franklin Garden
property on behalf of the seller, Franklin Apartments, LLC. McConnell and McCrann also secured the buyer, Hacken- sack Associates, LP. “The sale price at a 6 Cap Rate, is a testament that the
demand for multifamily in northern NJ remains strong. Both the buyers and sellers are reaping the awards of our low interest rate environ- ment.” McConnell said. ■
8A — March 30 - April 12, 2012— Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com
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Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 9A
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O WNERS , D EVELOPERS & M ANAGERS By Amy Nazdrowicz, LandmarkJCM What you need to knowabout surveying for the endangered Bog Turtle T he Bog Turtle is a small (7.5-9 cmin length), wet- land-inhabiting turtle
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If you already own the prop- erty, you can be proactive and have a Phase I Survey con- ducted or you can wait to see if agencies raise a concern dur- ing the plan review process. If you decide not to be proac- tive and the Bog Turtle issue comes up any time after mid- May, you will have to wait until the following year to conduct a Phase II Bog Turtle Survey, if one is required. DON’T DELAY! Contact your environmental consultant TODAY to see if a Bog Turtle Survey is needed now! Amy Nazdrowicz is an environmental scientist with LandmarkJCM. ■
search areas and man-hours of search effort will be approved), it is highly recommended that you speak with a qualified environmental consulting pro- fessional as soon as possible to allow adequate planning before “Bog Turtle season” (April 15 to June 15). Do Your Due Diligence. It is not uncommon for Bog Turtle surveys to be requested or required by county, state, and federal agencies during the plan review process. Under the best case sce- nario, you should have a Phase I Bog Turtle Survey conducted during the due diligence pe- riod prior to purchasing a property.
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as “endangered” by the states of Delaware, New Jersey, and the Commonwealth of Pennsyl- vania. Under State and Feder- al regulations, it is unlawful to sell, trade, barter, possess, im- port, export, catch, take, or kill Bog Turtles. State and Federal regulations also outline strict, seasonal methods associated with the required surveying of project sites for Bog Turtles and their habitat. Unique planning challenges are presented by Bog Turtles because their secretive na- ture and seasonal activeness restricts the time of year that Phase II Bog Turtle Surveys can be executed to just April 15 through June 15. Luckily, the Bog Turtle’s habitat requirements are spe- cific enough that a property can be surveyed for the presence of potential bog turtle habitat with minimal seasonal restric- tions. This “Phase I Bog Turtle Survey,” is designed to identify the presence or absence of suit- able Bog Turtle habitat on a site, and may be conducted by a “Recognized Qualified Bog Turtle Surveyor” at any time of the year that the ground is not frozen or covered by snow. APhase II Bog Turtle Survey will be required if potential Bog Turtle habitat is found within wetlands on a property during a Phase I survey, and those wetlands cannot be provided with a 300-foot buffer from proposed development. Land development projects could be delayed until the Phase II Survey is completed. The Phase II Survey—which must be conducted between April 15 and June 15 by a team of environmental scientists led by a Recognized Qualified Bog Turtle Surveyor— involves ac- tually searching for the turtles within wetlands identified as potential Bog Turtle habitat. It consists of four (4) separate site searches, and at least two (2) MUST be conducted in May. Because agency coordination is required prior to the execu- tion of Phase II Surveys (in or- der to ensure that the proposed
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10A — March 30 - April 12, 2012— Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelopers & M anagers Hance Construction president MBCEA elects Hance to a two-year term as president W ASHINGTON, NJ —Hance Construc- tion president Art
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for advancing our industry. Art was invaluable in helping the MBCEA to develop the first federally recognized ap- prenticeship program in the country devoted exclusively to the metal building industry.” Hance said his immediate goals for his term as presi- dent are to strengthen the chapter’s financial position to ensure long-term subsidized training for members; develop strategic partnerships with other organizations in order to expand training opportuni- ties; and to promote the goals of MBCEA. Hance has long been a thought leader in sustainable design. He co-founded and sponsors Green-by-Design, a workshop series for architects and engineers started in 2004 that offers American Institute of Architects (AIA) credits to participants for a variety of sustainable building prac- is providing a main connector road of approximately one mile in length for the site. Cory Ernst is Schlouch’s site coordinator and Steve Billman is project coordinator/estima- tor. Work will be completed by December 2012. Schlouch has also been named by Gerard Construc- tion Corp. to prepare a 19-acre site for a Walmart in Ellicott City, Howard County, Mary- land. Schlouch is providing earth- work, sanitary and storm sew- ers, water line installation, sediment/erosion control and paving. Jeremy Keener is Schlouch’s site coordinator and John Re- inhart is project manager/esti-
tices. Art also co-authored a CES course for architects and engineers specifically on the sustainable design of pre-en- gineered buildings. Through Hance Construction’s Inte- grated Project Delivery (IPD) methodology, for both pre-en- gineered steel and traditional stick-built construction, Art helps each building owner leverage sustainable design technologies to achieve energy savings across the building’s lifespan.
Hance has been elected to a two-year term as pres- ident of the Mid-Atlan- tic Chapter of the Metal B u i l d i n g Contractors
Art Hance
& Erectors Association (MB- CEA), the nation’s leading professional organization for metal contractors and erec- tors. “Art’s leadership in the in- dustry and at the executive level of MBCEA has been invaluable,” said Timothy W. Clark, outgoing President of MBCEA Mid-Atlantic. “We look forward to Art’s term as president of MBCEA because he is sure to create innovative, thought-provoking strategies Metal Construction News , has recognized Hance Con- struction as one of the Top Metal Builders in the U.S. Hance Construction’s New Station Park Recreation Com- plex project was awarded “Fa- vorite/Most Unusual General Contracting Project” by the Mid-Atlantic Real Estate Jour- nal in the publication’s Best of 2011 Spotlight to be published March 16. n Schlouch prepares sites in Pennsylvania & MD
APARTMENT COMPLEX FOR SALE
BLANDON, PA — Schlouch Incorporated has been named by Lickdale Associates, L.P. and Vision Properties L.L.C. to prepare the site for two commercial warehouse build- ings, one 1,000,000 s/f and the second 500,000 s/f. The 103.75 acre site, Logistics Park, is located north of Bordnersville Road, west of Route 72 and east of I-81 in Union Town- ship. Schlouch is providing clear- ing, grubbing, survey, stake- out, demolition, blasting, rock removal, earthwork, sanitary and storm sewers, water line installation, sediment/erosion control, roads, building pads, curbs, paving, landscaping and seeding. In addition Schlouch
mator. Work will be completed by Fall 2012. Schlouch was named by BET Investments to provide 5,000 square yards of paving and a large underground infiltration basin for Kutztown parking lot expansion on College Bou- levard, Kutztown]. The insti- tutional project is for student housing parking. Schlouch is providing sur- vey, stakeout, earthwork, storm sewers, sediment/ero- sion control, roads, concrete, curbs, paving, seeding and line striping. Dean Nicholas is Schlouch’s site coordinator and Steve Al- len is project manager/estima- tor. Work will be completed in Spring 2012. n
32 One-Bedroom MFH Apartments for Sale Briarwood Court Apartments Front & Second Street, Belvidere, NJ 07823 Block 15 Lot 13 Sales Price - $900,000 Repair/Rehab Loan for immediate capital needs will be given Bids for less than Minimum will not be accepted Bids are due May 14, 2012 by 4:30pm NOT FOR PROFIT PREFERENCE WILL BE GIVEN Terms-Property is being sold in the USDA, Rural Development Section 515 MFH Program Restrictive-Use provisions will be placed on the property Agency Financing is available and applicants must qualify under the federal guidelines For An Application/Details/Visits to the property contact, Donna L. O’Brien, Senior Area Specialist at 609-267-1639, Ext: 126 or donna.obrien@nj.usda.gov
Rural Development is An Equal Opportunity Lender
Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 11A
www.marejournal.com
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12A — March 30 - April 12, 2012— Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL By Jamar Henry, Delmarpa Janitorial Services Janitorial & floor maintenance services: Price versus Quality surpass their needs.
Delaware Maryland Pennsylvania
Delmarpa Janitorial Services, LLC
T
hrough continuously bidding on facilities throughout Delaware,
It starts by listening to clients request, which is given upon a walk, throughout your facility or facilities. We take that information that’s gathered and create a Bid that covers every detail that you have requested. To ensure that the task is being completed, that was requested, we train our staff from day one to Follow the weeks Schedule that is given to them to ensure quality throughout your Facil- ity or Facilities. If you haveANY information on how we can continuously improve our business and to help ensure quality through- out our clients facilities or if you are in need of any of our services, give us a call. Jamar Henry is owner of Delmarpa Janitorial Ser- vices in Wilmington, DE. ■
At Delmarpa Janitorial Ser- vices we tend to be always the highest bidder, because we know that Quality doesn’t come cheap. In order to main- tain quality throughout any business, you have to be con- sistent, friendly and profes- sional in all that you do! The contract dollar value goes a long way to ensure that our clients are satisfied, for Instance; It goes to make sure that our employees are paid their worth. To ensure sure we are using brand name products, and the adequate management has on going training to stay on top of today’s building interior clean- ing market. At Delmarpa Janitorial Ser- vices, we know what it takes to keep our clients Satisfied. LIVINGSTON, NJ — Jarmel Kizel Architects and Engi- neers, Inc. recently completed architecture and engineering services for Lithos Restaurant, a new10,000 s/f Greek fare res- taurant located on Eisenhower
Ma r y l and , and Penn - s y l v a n i a f or j ani t o - rial and floor maintenance services as well as other services. I’ve always won-
10% off the 3rd Month of Janitorial and Floor Maintenance Contracts for a Year or more.
Jamar Henry
www.DelmarpaJanitorialServices.com 302-943-8529
dered why building owners and managers and others al- ways go with the lowest price out of all the bids they have gathered while trying to bid out their facility for janitorial services or floor maintenance or etc. and EVERY year (if not sooner) they are seeking new contractors, because they learn that the cheapest one wasn’t the best selection. At Delmarpa Janitorial Ser- vices, LLC we stand on build- ing long term relationships with our clients, because we know that over time of getting to know a company and their expectations, we can gradually began to fully understand and assess their needs, which at times gives us the ability to
The Mid Atlantic Real Estate Journal will be celebrating our 10 Year Anniversary! The Mid Atlantic Real Estate Journal is celebrating ten years in print! We know that the success of our business today has been built upon our valuable relationship with YOU – and we’d like to thank our loyal advertisers and readers with a special anniversary issue in May.This issue will highlight the top headlines and projects from the past decade. If 2012 marks an anniversary for your company contact Michael Campisi: mcampisi@marejournal.com or call 800-584-1062 x 208 to find out how to participate in this feature.
Jarmel Kizel Provides Architecture and Engineering Design Services for Lithos Parkway.
Jarmel Kizel provided both schematic and interior design services, as well as architec- tural, structural, mechanical, electrical, and plumbing engi- neering services. ■
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