12-26-14

M id A tlantic R eal E state J ournal

Real Estate Journal — December 26, 2014 - January 15, 2015 — Section C

www.marejournal.com

M id A tlantic

R EAL E STATE J OURNAL themost comprehensive source for commercialreal estatenews

ISSUE HIGHLIGHTS Volume26 Issue1 January17 -30 ,2014

Developers& investors capitalizeon thegrowing studenthousingmarket Rittenhouse Realty Advisors sells $6.95 million student housing portfolio P HILADELPHIA, PA — RittenhouseRealty Advisors announced

2014Forecast Spotlight

Developers and long-term investors continue to capital- ize on the growing Temple University student housing market. “As Philadelphia pushes to make greater ties between Center City and the universities, student housing will continue tobe adesirable market for new and experi- enced investors,” said David Greenhalgh ,associateatRit- tenhouseRealtyAdvisors. “Student housing has re- ally become a niche market forRRA.We’vehadnumerous student housing transactions in the Mid-Atlantic region over the past year,” said Co- rey Lonberger , managing partner ofRittenhouseRealty Advisors. n

LANDOVER,MD —A vi- son Young announced the sale of 8335-8373 Ardwick Ardmore Rd. in Landover, for $6.2 million. The sales team of Joe Friedman and Julian Etches represented the seller,WillcoCompanies on behalf of 2131 K Street Associates Limited Partner- ship. The asset is a 100,000 s/f light industrial distribution and storage warehouse in Landover. The propertywas built in 1979 and features the sale of a 116 bed student housingportfolionearTemple University in Philadelphia. Therecentlyconstructedbuild- ings featureamix of one, two, three, four and five bedroom apartments.The units,which sold for $60,000 per bed,have modernamenitiesnottypically offered in studenthousing, in- cluding: spacious livingareas, granite counter tops, state-of- the-art appliances, hardwood floors,washersanddryers,and full security systems. Due to the excellent condi- tion of the properties and their convenient locationnear Temple University’s campus,

TemplePortfolioTier 1

theyhavehad100%occupancy since inception. “The new owner plans to takeadvantageofanexcellent

return on a historically well performing asset,” said Ken Wellar ,managing partner of RittenhouseRealtyAdvisors.

Busselbrokers $5m+purchaseof industrial facility

RepresentingWillcoCos.onbehalfof2131KStreetAssociatesLP Friedman & Etches ofAvisonYoung broker sale of 100,000 s/f industrial property for $6.2m

CBRE represents owner in$40.5m 342,000 s/faquisition

Directory

DelMarVa ...................................................5-8A FinancialDigest ...................................SectionA New Jersey ..........................................SectionB SouthernNew Jersey................................5-11B Pennsylvania .......................................SectionC EasternPA ..................................................5-9C

for the region’s distributers, manufacturers and large employers. ThesalesteamofJoeFried- man and Julian Etches has closedeight investmentsales transactions in 2013 and currentlyhas fouradditional investment properties under contract or on the market 8335-8373ArdwickArdmoreRd.

20-footclearheights,amixof drive-inanddock-highdoors, and 5% office build-out. The property is100% leasedwith a70,000s/fGSAtenantasthe major tenant.Located just 3 miles fromWashington,DC, the property includes conve- nientaccesstoI-95andI-295, making ita location-of-choice

including office and retail assets in New Carrollton, Frederick, and Hagerstown, Maryland. They specialize in the disposition of income- producing suburban office, industrial/flex, and neigh- borhood retail assets in the Washington/BaltimoreMet- ropolitanRegion. n

UpcomingSpotlights January31,2014 EconomicDevelopment

www.marejournal.com

R EAL E STATE J OURNAL themost comprehensive source for commercialreal estatenews

Includes12ofcepropertiesacrossnorthernNJ,NY&CT Keystone Property Group to purchase 2.3 millions/f tri-stateareaportfolio for$230.8m

ISSUE HIGHLIGHTS Volume26 Issue6 March28 -April10,2014 Pa�erson-Woods/ CORFAC Int’l.sells officebuilding

Rumley&GartnerofMetroCommercialnegotiate sale Cedar Realty Trust acquires Quartermaster Plaza for $92.3 million P HILADELPHIA,PA — Cedar Realty Trust, Inc. announced that

ISSUE HIGHLIGHTS Volume26 Issue7 April11 -24,2014 FinancialFeat. AppraisalSpotlight

ISSUE HIGHLIGHTS Volume26 Issue10 May30 - June12,2014 CommercialRE ForecastSummit June25th,2014 RegisterTodayat www.rejournals.com

Includinga$13,000,000firstmortgagebridge loan Procida’s 100 Mile Fund completes over $30 million of financing in PA

ALA CYNWYD, PA and EDISON, NJ — Keystone Property Group and Mack-Cali Re- altyCorporation announced that they have entered into agreements to form various joint ventures whereby Key- stone will purchase 12 ofce propertiesownedbyMack-Cali throughoutNNJ ,NY andCT. Pursuant to the agreements, the portfolio,which totals 2.3 million s/f, will be purchased for approximately $230.8mil- lion, including $201.7million in cash with the balance in the form of senior and subor- dinated equity. “This latestdeal reectsour aggressive strategy to estab- lishastrong,regionalpresence by expanding our focus on the creation of differentiated, urban-inspired live-work-play destinations in the context of well-located suburban parks,” said Bill Glazer , president of Keystone Property Group. “The profound impact that technology is having on how today’s professionals work is drastically changing the com- mercial real estate require- ments ofmodern companies. B

s/f • Three buildings at 470, 400 and 530 Chestnut Ridge Rd. inMontvale,NJ, totaling 200,444 s/f • Soundview Plaza at 1266 EastMainSt. inStamford,CT, totaling179,610 s/f Through its partnership withKeystone,Mack-Caliwill participate in management fees for the portfolio and a percentage of value creation above certain hurdle rates, and retain a seniorpari-passu equitypositionat570,555and 565 TaxterRd.As part of the transaction, Mack-Cali and Keystone will jointly provide leasing representation for the portfolio. “This transaction is another step forward in our strategy to redeploy capital into our multi-family platform, while participating in theupside that will be created by the reposi- tioning of this portfolio,” said Mitchell Hersh , president and CEO of Mack-Cali. “We look forward to building on ourpartnershipwithKeystone and further strengthening our marketpositionbydrawing on the synergies of our collective expertiseand relationships.”  tion. “We are thrilled to acquire such an exceptionally well- maintained class A facility that iswellpositioned tomeet the rapidly expanding space needsofe-commerce,retailers, food-usersand otherdistribu- tion users looking for clear heights north of 32’ in amar- ketwithnospec-built facilities able to accommodate these clear height requirements”, said BenjaminCohen ,presi- dent of Endurance. “We are confident that the facility’s highlyuniqueattributes com- bined with its excellent loca- tion and immediate access to the strongYork labormarket willpresentuswithnumerous opportunities to stabilize the asset.” 

HILADELPHIA, PA — ProcidaFunding& Advisors ,a realestate

investment banking and adviso- ry firm an- nounced the completion of three sep- aratefinanc- ing transac-

MORRISTOWN, NJ — G.S.Wilcox&Co. announced that they have arranged fi- nancing totaling $19,950,000 arranged by David Fryer , principal ofG.S.Wilcox&Co. A loan totaling $19,950,000 wasoriginatedwith Redwood CommercialMortgageCor- it closed on the acquisition of Quartermaster Plaza in Philadelphia, a 456,000 s/f grocery-anchored shopping center. The shopping center is 98%occupiedandanchoredbya BJ’sWholesaleClub.Theasset wasacquired for$92.3million, including the assumption of $53.4millionofxed ratedebt. The acquisition is expected to be fundedwithanticipatedpro- ceeds fromassetsales.Pending such proceeds, the acquisition will be initially funded using the company’s credit facility. Quartermaster Plaza is lo- cated in theheart of theSouth Philadelphia retailsubmarket. Built in 2004, Quartermaster Plaza is situated on over 43 acres, with approvals for up to an additional 98,000 s/f. It is adjacent to Cedar’s South PhiladelphiaShoppingCenter, a 283,000 s/f center anchored by a market-dominant Shop- Rite supermarket. With the strategic combination of these centers,Cedarowns739,000s/f,

7-17A

1266EastMainSt. inStamford,CT

BillyProcida

tions totaling $30,500,000 in the Philadelphia area in the first quarter of 2014. InJanuary,Procidaprovid- ed a $13,000,000 firstmort- gagebridge loan toKirkbride MedicalCenter,a330,000 s/f medical facility inWestPhil- adelphia. Loan proceeds are being utilized to reorganize existing creditors and pro- vide capital improvements for continued expansion and tenant improvements. Procida also provided a $13,500,000 first mortgage bridge loan foradevelopment site in Southern Philadel- phia. “Thiswholedeal trans- pired in 5 days from start to close.Borrowers understand

Today’s workplaces need to foster thesenewanddifferent ways of working in order for companies to remain competi- tive,whichmeans transform- ing the business environment to put greater emphasis on lifestyle and shared, collab- orativespaces thatappeal toa wide variety ofprofessionals.” AddedGlazer: “We continue to expand our relationship with Mack-Cali, leveraging the strengths of the partner- ship’s distinct capabilities to llavoid inthemarket fornext generationworkenvironments that enable tenants to attract and retain top talent.” TheTri-Stateofceportfolio

that Keystone has entered into agreement to purchase comprises: • Two buildings at 555 and 565TaxterRd. inTaxterCorp. Pk. inElmsford,NY, totaling 344,563 s/f • 570 TaxterRd. inElmsford NY, totaling77,859 s/f • 200 and 220White Plains Rd. in Talleyrand Ofce Pk. in Tarrytown, NY, totaling 175,749 s/f •1717Rte.208North inFair- lawn,NJ, totaling 150,477 s/f •30KnightsbridgeRd. inPis- cataway,NJ, totaling 686,316 s/f • 412Mt.KembleRd. inMor- risTwp.,NJ, totaling 477,843

SafetyandSecurity Spotlight

Lee&Associates reps.seller in $8.45msale

ShoppingCenters Featuring RetailExperts

5-12B

QuartermasterPlaza

representing 22% of the South Philadelphia retail submarket. Further, Cedar now owns 5 shopping centers in the city of Philadelphia,withanaggregate of 1.3million s/f and an aver- age population of over 300,000 people within 3-miles of our centers.With this acquisition,

Cedar is now the owner of the most open air shopping center square footage in the city of Philadelphiaofanypublicshop- ping centerREIT. “We are excited about the acquisition of Quartermaster Plaza.The acquisition ts per- fectly into ourWashingtonDC

toBoston footprint and is con- sistentwith our evolving view of the grocery business,” said Bruce Schanzer, president andCEO. The sale was negotiated on the buyer's behalf by Metro Commercial principals Paul Rumley andStevenGartner. 

KirkbrideMedicalCenter,WestPhiladelphia,PA

Industrial/Distribution CentersSpotlight FeaturingNAIGlobal

thatwe provide certainty of execution, experience and discretion and we’ve been able to develop significant relationships as a result,” said BillyProcida , CEO& founder ofProcidaFunding.

highlightsouractivity in the market as a provider of flex- ible financing for complex and timesensitive realestate transactions,” said Kyle Funsch ,principalofProcida Funding.” n

The most recent transac- tion in thePhiladelphiaarea wasa$4,250,000bridge loan for a mixed use property located in Clifton Heights, PA. “The series of recent transactions inPhiladelphia

FC-B

Marcus&Millichap announces $47.25msale

G.S.Wilcox&Co.closes$19.95millioninnancing

DavidBinswangerandMichaelTreacyofBinswanger represent seller EnduranceRealEstateGroupacquires624,800s/f warehouse/distribution facility totaling$26m+

7-15A

GFCIB closes $11 million discounted note purchase financing loan for 120,000 s/f

Advisors, LLC to provide exclusivefinancialadvisory and loanplacementservices to them. The collateralwasa class A office building of 80,000 s/f, thefirstpart of the loan closed about 10 days ago was secured by a 40,000 s/f class A office building. located in the suburbs of Philadelphia, which was in foreclosure by a major national default servicer with a sheriff sale date was set. To make matters more complicated thiswas a deal owned by Tenants inCommon, theTICaspect just added another layer to dealwith. Negotiating a discounted

mercial real estate own- ers, devel- opers,build- ers andmid sized busi- nesses, an- nounced that it has

PHILADELPHIA, PA — GFCIB and Advisors, LLC , a nationally recog- nizedadvisoryfirm for com-

payoff and brining in new financing was a great re- sult for all parties, saidH. JackMillerwho personally handled this transaction. Wespenda lotof timeget- ting toknowour clients, the projects and motivations everyonehas, thenwework withall stakeholders toget the best possible out come, sometimes this included obtainingadiscountednote purchase financing, loan andmortgagemodifications and financial restructur- ing with our without new equity. Protecting, advocating and satisfying the needs and desires of our client’s one transactionata time. n

YORK,PA — Endurance Real Estate Group, LLC , (Endurance) announced the acquisition of 325 S. Salem

SectionD

FC-C

5-16B