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ISSUE HIGHLIGHTS Volume 26 Issue 17 Sept. 12 - 25, 2014
AYREVILLE, NJ — John Udell , president of Weichert Commer- Fern of Cassidy Turley acts as co-broker on the transaction Weichert’s Baseil & Maynard close sale of 905,000 s/f investment property S
conveniently located at the cross roads of the New Jersey Tpke., Garden State Parkway and Rtes. 1, 9, 35 and 18. The building is comprised of two interior rail sidings, 52 drive- in doors (30 interior) and rail service provided by Conrail. The transaction closed at the beginning of August. Baseil and Maynard represented the seller, GJM Bordentown, LLC/Sayreville, LLC and was sold to an undisclosed buyer. Cassidy Turley ’s Chuck Fern was a co-broker on the transaction. “We are pleased to congratu- late both Tony Baseil and Scott Maynard on the closing of this transaction,” said Udell. “Tony and Scott’s experience and expertise were key to making this deal a success.” n
c i a l B r o - kerage , an- nounced that executive vice president An- thony Baseil and s e n i o r vice president Scott May- nard , have recently com- pleted the sale of a 905,000 s/f investment proper ty in Sayreville. The prop- erty located at 4000 Bor-
Spotlight 11-17A
Anthony Baseil
NJ Apartment & Multifamily Summit Event
Scott Maynard
dentown Ave. in Sayreville is situated on over 47 acres
4000 Bordentown Ave.
7-20B
Calkain Companies reps. buyer and seller in $22million retail building inMcLean, VA
Oxford Dev. breaks ground on 117 units
transaction. Th e t wo - story retail b u i l d i n g , wh i c h c on - tains a two- s tory park- ing garage, is 100% leased by Recreation- al Equipment, Inc. (REI). The project is positioned near the in- tersection of Chain Bridge Rd. and Lees- burg Pike and is adjacent to Tysons Cor- ner Center, a mixed-use project con- taining com- mercial office, r e t a i l a n d h o s p i t a l i t y
MCLEAN, VA — Finmarc Management, Inc in part- nership with SPMC Urban Properties , has announced the sale of 8209 Watson St., a retail building in McLean, con- taining 32,857 s/f of space. The companies sold the property to Constellation 107th Street, LLC for $22 million. Jonathan Hipp, Andrew Fallon and Jonathan Florin of Calkain Companies, LLC represented the buyer and the seller in this
Jonathan Hipp
FC-C
41 Martha Drive rendering
Directory
Andrew Fallon
DelMarVa.................................................................5-6A Financial Digest......................................................7-17A New Jersey....................................................... Section B Northern New Jersey. .......................................... 21-23B Pennsylvania.................................................... Section C Central PA................................................................3-9C
8209 Watson St.
the most prolific and highly- desirable retail marketplaces in the country,” said Marc Solomon , principal of Fin- marc. “Together with SPMC, we intend to re-allocate the proceeds generated from this sale to strategically purchase additional commercial and re- tail buildings that complement our five million square foot portfolio in the Mid-Atlantic region.” “There has been a paradigm
shift in where people are choos- ing to live, and it is clear that both the younger and older generations prefer compact, walkable communities where every essential amenity is lo- cated within their fingertips,” said Scott Spector , founder of SPMC Urban Properties. “We recognize this pattern and intend to capitalize on this new growth opportunity by focusing our future acquisition efforts on the urban environment.” n
Upcoming Spotlights September 26, 2014 Fall Preview
Jonathan Florin
project. The new Silver Line of the Washington Metro Transit System also serves the area. “The new owner acquired a fully-occupied, well-main- tained asset situated in among
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New England Fine Properties
HINGHAM, MASSACHUSETTS ... Custom-designed European Coun- try-style residence with 6,865 square feet of living space on three levels, specifically sited on a 1.6 acre lot to capture harbor views and the Bos- ton skyline. The house has 14 rooms, 4 bedrooms, 5.5 bathrooms, an in-ground swimming pool, a spa, and a cabana. ... $5,200,000
HINGHAM, MASSACHUSETTS ... On Hingham Harbor with 223 feet of direct waterfront is this 15 room, 5 bedroom, 3.5 bathroom residence. Extensive details include bay windows, French doors, window seats, and custom-built cabinetry. A covered walkway leads to a three story, studio/ guest house with 1.5 bathrooms, a loft, and workshop. ... $4,685,000
HINGHAM, MASSACHUSETTS ... A 4 bedroom residence set amid birches and cedars with rock outcroppings that slopes to the water. The house has been expanded, updated, and well maintained by the present owners. There are fireplaces in the living room, family room, and lower level playroom. Set on .62 acres, it also includes a dock. ... $2,000,000
HINGHAM, MASSACHUSETTS ... This 10 room, 3 bedroom, 4 bath- room 2010 built Shingle-style residence has a captivating waterfront location. The thoughtfully designed residence has walls of glass and an open floor plan that affords direct ocean access for swimming, boating, and numerous nautical endeavors. ... $2,475,000
Joe Christman Cell: 617.962.6690 • jchristman@HammondRE.com • www.HammondRE.com
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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 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 17 Subscription rates: $99 - one year, $198 - two years, $4 - single copy
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Owners, managers & tenants need to keep up with evolving ADA regulations Brian Muse W ith the prolifera- tion of suits filed by so-called ‘ADA drive-by attorneys,’ commer- cial property owners, manag- ers and their tenants can no longer ignore the risk that vio- lations of the Americans with Disabilities Act represent, warns LeClairRyan partner Brian Muse in a DailyProp- erties.com column posted on July 31. “The ADA was originally passed in 1990, but rather than a static law, it is an ever- evolving set of regulations and guidelines,” he writes, adding that the law’s reach now even extends to the operations of companies’ websites. “Com- mercial property owners need to stay abreast of ADA require- ments as they evolve.” In the column (Steering Clear of ADA Drive-By Law- suits: Three Tips For Better Managing ADA-Related Risk), Muse offers some simple tips that may strengthen com- mercial property owners’ ADA
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risk-management strategy, helping them to avoid po- tentially complex and costly lawsuits. “ADA is not a local building code. It is federal civil rights law, which means commer- cial property owners must be cognizant of its broad objec- tives,” advises Muse, who is based in the national law firm’s Williamsburg, Va. office. “Take ADA’s so-called ‘readily achievable standard’ provision. Those who own older buildings often believe this provision provides an easy exemption from the requirements of the act. ‘If it is too expensive to do,’
continued on page 4A Instead, the property own- ers’ decision-making process is what counts, he cautions. For example, rather than as- suming that an architectural change or equipment purchase will be too expensive, “do the research and document what you learn. If the accommoda- tion is not readily achievable, work with counsel to see what else you can do to engage in a good-faith process. Be able the thinking goes, ‘then we re- ally don’t have to do it because we’re in an older building.’ In reality, the situation is far more nuanced than that.”
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KS Ad 6X5.5 Tree Neil S.indd 1
8/27/14 11:30 AM
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When it comes to third-party applications, IBS brings IT all together.
M id A tlantic R eal E state J ournal Blanchard&Barnes of Garibaldi represent both parties Garibaldi brokers sale of 52,068 s/f in Basking Ridge, NJ
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ASKING RIDGE, NJ – New Jersey Based real estate firm, The Garibaldi Group LLC , has completed a 52,068 s/f build- ing sale at 170 Mount Airy Rd. in Basking Ridge. Peter Blanchard , principal, and Lee Barnes , vice president, represented both the sell- er, Hooper Holmes, Inc., as well as the buyer, McElroy, Deutsch, Mulvaney & Car- B to show your clear intent to maximize ADA compliance.” The curb appeal of a property may also increase or decrease a property owner’s chances of get- ting slapped with an ADA law- suit. “Imagine an ADA plain- tiff’s attorney cruising down a busy thoroughfare on the prowl for possible violators,” says Muse, who blogs about ADA issues at ADAmusings.com. “Is the sign over that handicapped space dented, rusted and hang- ing at a 45-degree angle? Is your wheelchair ramp rotting or in need of a new paint job?” Visual cues send a message to aggressive plaintiffs’ attorneys, because “they know that inat- tention on the outside means
penter (MDM&C). Hired by Hooper Holmes in October of 2013, The Garibaldi Group was given the task of disposing of the building, which was con- structed in 1970 on 8.39 acres. The building offered a unique opportunity to be a fee simple owner in the highly desirable area of Somerset County, with immediate accessibility to the Mt. Airy Road/Interstate 287 four-way interchange and also a greater possibility of ADA violations on the inside,” he counsels. “By contrast, a spiffy appearance could potentially send the message that this property owner is savvy about ADA. The drive-by attorney might just drive on by.” Commercial property own- ers should also keep up with changing ADA regulations, Muse advises. That’s because regulators are intent on more than just providing access; they also want property owners to actively promote it. “It is one thing to keep a swimming pool lift in storage and haul it out with much fan- fare whenever a person needs it,” according to Muse. “It is another to have a fixed, fully
close proximity to other ve- hicular arteries such as Routes 78, 202 and 206. After several months of mar- keting this asset to both the user and investment com- munity, The Garibaldi Group team was able to identify an experienced and knowledge- able buyer. The Garibaldi Group will be retained byMDM&C as its rep- resentative moving forward. n functional lift at the ready—one that does not require the assis- tance of a team of lifeguards for it to actually be used.” Another huge growth area for ADA—and one he says is quite relevant for commercial building owners, managers and real estate agents—is the need to make sure that their websites are accessible to the disabled. “Can a user turn off that seizure-inducing strobe effect? Does your video have a closed-captioning op- tion?” asks Muse. “Moving forward, building owners will need to work with counsel to stay abreast of changing ADA regulations, not just in the brick-and-mortar world, but also in cyberspace.” n
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For information on these listings and more, visit www.RittenhouseRealty.com or call (215) 454-2852
Mid Atlantic Real Estate Journal — September 12 - 25, 2014 — 5A
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W LancasterCourtApartments insuburbanWilmington,DE Rittenhouse Realty Advisors sells 320 units for $13.8million ILMINGTON, DE — Ri t tenhouse Realty Advisors
Latina negotiates $1.35 million sale Patterson-Woods/CORFAC Int’l. inkdeals inNewark,DE
(RRA) announced the sale of the Lancaster Court Apart- ments in suburban Wilming- ton. The property, which is located on Lancaster Pike, includes 320 units which were owned in an HOA with 24 different selling entities. The buyer, Berger Rental Com- munities out of Wayne PA, plans major renovations to both the interior and exterior of the property. “Getting twenty-four differ- ent selling entities to agree on pricing and all show up for closing on the same day was a challenge,” said Corey Lonberger of RRA. This is the second fractured condo/HOA deal that Rittenhouse Realty has completed in the last 12 months. “The sale of Lancaster Court is a perfect example of RRA’s capabilities in working through complex transactions. Deals like this are very difficult given the different ownership entities and various associa- tions that have to be addressed during the due diligence time ANNAPOLIS, MD — Col- liers International in Bal- timore sale of a 42,214 s/f industrial-flex bui l d ing at 1805 Marga- ret Ave. for $4.3 million. Colliers rep- resented the private seller and identified t h e b u y e r , Shoregate Partners . “We’ve worked in this mar- Colin Penoyar
space at 127 E Main St. The company, publically known as El Diablo Burritos, is Wilm- ington based and currently operates at locations in Wilm- ington’s Trolley Square and North Wilmington’s Branmar Plaza. The decision to expand in the appropriately related market stems from the com- pany’s current success and the growing popularity of Mexican fast-casual restaurants. A block away at 115 East Main St., Latina represented both the buyer and the seller in the $1.35 million sale of a 3,400 +/- s/f commercial con- dominium unit. The buyer, Mainline Enterprises, LLC purchased the property from LGLB, Inc. in a sale-leaseback investment opportunity, which settled inMay 2014. The condo unit houses a restaurant cur- rently doing business as 16 Mile Taphouse. The restaurant is a partner to Georgetown’s 16 Mile Brewing Company and boasts an impressive ensemble of craft beers and award-win- ning wines. Most recently, Latina rep- resented tenant, Colorful Yun Nan, Inc., in the ten-year lease of a 2,911 +/- s/f space at 59 East Main St. The space will be used as an Asian style restaurant. Patterson-Woods currently lists several other properties on and around Main St. – in- cluding retail, industrial, and office space at Market East Plaza, offices at 77 & 273 E Main St., and retail space at the community at Rittenhouse Station. n
NEWARK, DE — In recent months, Patterson-Woods Commercial Properties/ CORFAC International has secured several sale and lease transactions in Newark, Dela- ware’s Main St. area – the hot- test submarket in Delaware. Main St. has always been a hot spot for retailers, as it is set in the heart of the 21,000-stu- dent University of Delaware campus. The food industry is the common factor in these deals. Costar demographics in the Main St. area show that food and alcohol consumer spending totals are upwards of $25 million per year in a one- mile radius, and close to $160 million per year in a three-mile radius. Recent Main St. Transac- tions Completed by Patterson- Woods include: In a deal facilitated by Rich Dudek , who represented the landlord, Bachu Patel, In- somnia Cookies leased 1,200 +/- s/f space at 74 E Main St. The tenant is a Pennsylvania based, round-the-clock dessert company. Dudek also took part in a 4,100 +/- s/f lease transaction at 76 E Main St., represent- ing both the tenant, Hakuna Hospitality Group, and the landlord, Fratelli Enterprises, Inc. The tenant, doing business as Del Pez Sea Mex, brings a seafood flare to Main St. as it focuses on coastal-inspired Mexican cuisine. Patterson-Woods’ Joe La- tina represented the tenant, Main St. Burritos LLC, in the ten-year lease of a 2100 +/- s/f
Lancaster Court Apartments
percentage of its tenants from these local employers. “We are excited to see the renova- tions and revitalization of the property come together as we have seen this buyer succeed in similar projects in different markets,” said Mark Duszak of RRA. n gorsky , partners with Shore- Gate Partners, a private firm established to invest and man- age a real estate portfolio. The firm holds property primarily in the Mid-Atlantic Region and targets a wide range of stabi- lized real estate asset types with strong cash flow yields. The seller built the one- story building in 1983 and has leased and managed the property since. The building is 88.2% leased with multiple tenants. n
periods,” said Ken Wellar , also of RRA. The new owner plans signifi- cant upgrades to the property, which is just a few miles from the area’s major employers such as DuPont and Astra- Zeneca as well as I-95. The buyer is planning to pull a good ket for many years,” said Colliers vice president Colin Penoyar , who brokered the transaction. “As a result, we’ve had tremendous success iden- tifying opportunities for sale as well as matching them up through our longstanding re- lationships with buyers. This is not the first time in the last few months that Colliers has identified a sale opportunity as well as brought the buyer.” Penoyar worked with Justin Nonemaker and Eric Za-
Penoyar of Colliers completes sale of flex building totalling $4.3 million in Maryland
Cushman & Wakefield of MD arranges 151,189 s/f lease at 6610 Cabot Dr., Baltimore, Maryland
and I-695, the W.R. Grace warehouse space features a 30-foot clear ceiling height, T5 energy efficient lighting, 21 loading docks, one drive-in door, and substantial excess trailer storage.
Cushman & Wakef i e ld leasing agents David Baird and Tim Jackson repre- sented Grace while Benjamin Meisels, McLane Fisher and Jon Casella represented the landlord, 6610 Cabot, LLC. n
BALTIMORE, MD — Cushman & Wakefield of Maryland, Inc. has arranged a new 151,189 s/f lease for W. R. Grace & Coat at 6610 Cabot Dr. Including access to I-95
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F inancial D igest F eaturing A ppraisal
Real Estate Journal — September 12 - 25, 2014 — 7A
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For The Can Company Building, located at 2400 and 2500 Boston St., in Baltimore Cassidy Turley’s Campanella and Spellman arrange bank financing totaling $32 million B
is headquartered at that loca- tion. The building is located just two miles east of Baltimore’s Central Business District (CBD), minutes west from major transportation arter- ies of I-95 and I-83, and is walkable to numerous transit options on Boston St. includ- ing public transportation. The property is also accessible by water taxi that stops at Canton Waterfront Park and services all major Inner Har- bor destinations. n ern Union Funding. “Our free service enables all involved in a commercial real estate transac- tion to receive the added ben- efit of learning about existing market inventory at a glance. Our brokers can then enhance that knowledge with best-in- class service when a client is interested in further discussion about financing an available property.” Zlotowitz makes it well- known that technology does not replace the real estate professional – an integral part of the commercial real estate transaction process. However, the communication and infor- mation get ratcheted up. “It is important to us that our clients always experience better service, especially since many of our clients have re- cently increased their appetite for acquisitions” said Abraham Bergma n, co-founder, Eastern Union Funding. “Our clients have come to expect more from their broker, and we pride our- selves on constantly exceeding that expectation.” n
ALTIMORE, MD — Cassidy Turley , a commercial real estate services provider in the U.S., announced that it has ar- ranged financing totaling $32 million for The Can Company Building, located at 2400 and 2500 Boston St., in Baltimore. Executive managing director John Campanella and vice president Paul Spellman of Cassidy Turley arranged bank financing totaling $32 million on behalf of Cross St. Partners and Normandy FLORHAM PARK, NJ — HFF has arranged $23.8 million in acquisition financ- ing for a seven-property retail portfolio totaling 99,675 s/f in Maryland, New Jersey and Pennsylvania. Working on behalf of an af- filiate of Lakewood, NJ-based Paramount Realty Ser- BRISTOL, TN AND NEW HAVEN, IN — David Turley and Anna Westhoff of Cron- heimMortgage teamed up to place two permanent loans to- taling $4.5 million on Big Lots- anchored centers in Bristol, TN and New Haven, IN. The 75% LTV cash-out refinances featured a 10-year term and a 30-year amortization. Both centers are located in tertiary sub-markets of fewer than 15,000 inhabitants. While New Haven is arguably the dominant retail center in its trade area, the Bristol center is in a secondary retail location. The client has owned and managed both centers for several years and has both attracted new tenancy to the center and invested in strate- gic upgrades and expansions. “Once we got our arms firmly around these deals, we knew it was key to work with the right capital source to deliver on terms,” said Westhoff. “Our
Real Estate Partners . The Can Company Building, a class A, 206,992 s/f award- winning property is located on Boston St. in the Canton Historic District, a waterfront community in Baltimore. The property contains 54,329 s/f of ground-level neighborhood- oriented retail including res- taurants, 151,488 s/f of office space and a 200-space parking garage retrofitted into an adja- cent building. The building is 98% leased to and anchored by Millennial Media, Inc., which NEWYORK, NY — Eastern Union Funding have granted Portal access to sales brokers desiring to market targeted, relevant properties directly to their large roster of clients. Sales brokers will now be able to reap the benefits of the revolutionary Portal by show- casing their properties, free-of- charge, to the appropriate and targeted audience of Eastern Union clients. Clients will be notified via their preferred com- munication medium, making it a seamless and effective way to receive notifications. Should the clients have interest, they can respond directly to the sales broker marketing the deal. This customized platform, designed by commercial real estate technology firm CRE Tracker, already contains more than 3,000 properties in New York and New Jersey. Over several phases, the Portal will be featuring properties on a national scale. “This value proposition is a win-win for all parties,” said Ira Zlotowitz , president, East-
2400 and 2500 Boston St
EasternUnionFundinggrants portal access to sales brokers
HFF arranges $23.8macquisition financing for 7-property, multi-state retail portfolio
Plaza in Philadelphia, PA; Exton Plaza in Exton, PA and Owings Mills Plaza in Owings Mills, MD. The portfolio was 100% occupied at closing. The HFF team representing the buyer was led by senior managing director Jon Mi- kula and managing director Jim Cadranell . n
vices, Inc. , HFF secured the seven-year, fixed- rate loan through Investors Bank . The properties included in the financing are: Brick- town Center in Bricktown, NJ; Brookhaven Plaza in Brookhaven, PA; Howell Plaza in Howell, NJ; Sea Girt Plaza in Wall, NJ; Philadelphia
Turley and Westhoff of CronheimMortgage places two permanent loans totaling $4.5 million
RENO, NV — Dermody Properties hired Casey Kreck as senior vice presi- dent, finance. Kreck will work with CFO, Doug Lanning , to oversee all financial activities for Dermody Props., includ- ing reporting, accounting and Kreck joins Dermody Properties as senior vice president, finance
securing financing for develop- ment projects. Kreck has experience in stra- tegic financial analysis, plan- ning and management. Prior to joining Dermody Properties, he served as the VP of finance for Gradient Resources, Inc. n
proactive, cooperative stance kept these deals on track in spite of some surprises, such as losing a junior anchor mid- way through closing.” “The client demonstrated their management acumen by
turning tired centers in tertia- ry markets into solid perform- ers,” said Turley. “We did our part by being hands-on: doing the research, communicating the story and staying engaged from term sheet to closing.” n
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F inancial D igest Private direct lender and investor now buying debt Case purchases $5.4m senior note for 100,000 s/f foreclosure K EARNY, NJ — C ase Real Estate Capi- tal, LLC (Case) , an ments and liens as well as distressed, vacant and REO properties. ways and excess truck park- ing. Initially constructed in the 1960s, the facility has undergone several stages of additions.
Recently Closed Loans
“This site is part of the strong Meadowlands and port submarkets,” said Jon Leifer , director-acquisitions for Case. “We believe that we have the opportunity to resolve this situation quite quickly. The transaction dove- tails well with Case’s core competencies – surety of ex- ecution and resolution as well as expertise in the New York/ New Jersey marketplace.” Set on more than five acres, the building includes a large truck court, loading entry-
active private direct lender and investor from Rochelle Park, NJ, has purchased a $5.4 million seni or note a n d f i n a l
Lakeland Bank announces employee awards OAK RIDGE, NJ –– Lake- land Bank recently honored three employees with the Em- ployee of the Quarter Award. Christine DeMeyere , Ve- ronica Trezza and Bette Van Der Toorn were presentedwith the award based on nominations submitted by their colleagues. “Congratulations to Chris- tine, Veronica and Bette for their exceptional service,” said Thomas Shara , president and CEO of Lakeland Bank. “We appreciate the commitment and dedication they demonstrate to our customers, our bank and the communities we serve.” DeMeyere joined the Bank in 2009 as a part-time teller in the Rochelle Park Office and accepted a full-time position in the Teaneck Office in 2010. She transferred to Park Ridge as a teller manager in 2011, and is now a personal banking consultant. Trezza joined the Bank in 2013 as human resource assis- tant in the human resources department located at the corporate headquarters in Oak Ridge. VanDerToorn joined theBank in 1987 as an adjustment clerk in the deposit operations depart- ment and in2004 she transferred to her current position of regional administrative assistant for the Southern Region. n “Case is actively pursuing other non-performing note acquisitions in the $5 million to $10 million range, and we expect to close on several more deals in the near term,” said Sandy Herrick , co-founder and managing principal of Case. The company will con- sider residential and com- mercial real estate, including niche properties, primarily in the New York metropolitan area as well as the Northeast and Mid-Atlantic regions. n Case is prepared to acquire individual or pooled note amounts with unpaid bal- ances of up to $25 million and properties valued up to $25 million. Note transactions below $500,000 will be con- sidered if there is appropriate note resolution potential.
$5,662,000
$2,100,000 $9,600,000
216-unit Multi-Family Portfolio 10-Unit Mixed Used Portfolio
57,000 SF Office Building
Tulsa, OK Philadelphia, PA Dover, DE 75% LTV 10/30 loan 4.63% non-recourse 75% LTV 5/30 loan 4.25% 75% LTV 10/30 loan 4.83% non-recourse
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com. FOR MORE INFORMATION: R. Brenner Green, President 75 East Butler Avenue • Ambler, PA 19002 • 610-456-9644 • bgreen@realpropertycapital.com
judgment of foreclosure on a 100,000 s/f industrial building in Kearny. With its expansion of services in June, Case is now purchasing performing, sub- and non-performing real- estate secured notes, judg- Sandy Herrick
Real Estate Journal — September 12 - 25, 2014 — 9A
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M id A tlantic
F inancial D igest
$19,000,000
MAIN STREET MARKET PLACE 300 MAIN STREET NASHUA, NH 270,000 square foot shopping center
The undersigned arranged the above financing.
51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
Real Estate Financing
10A — September 12 - 25, 2014 — M id A tlantic
Real Estate Journal
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It’s Time to Join TriState!
The TriState REALTORS ® Commercial Alliance is the preeminent advocate for the Commercial and Industrial practitioner in eastern Pennsylvania, New Jersey, and Delaware. We seek to advance continuously the nancial well-being, industry stature, and professional growth of each member. The TriState Brokers Commercial Alliance’s mission is to provide an organization for licensed commercial real estate professionals that promotes opportunities for education, networking and recognition while supporting legislative advocacy efforts that protect the industry.
TriState Commercial Alliance — a partnership between TriState REALTORS ® Commercial Alliance and TriState Brokers Commercial Alliance — is a full service professional association that caters to the speci c needs of commercial real estate practitioners in DE, PA and NJ.
TriState Commercial Alliance offers continuing education programs and networking opportunities throughout the year.
Join Today!
To learn more visit www.tristaterca.com
www.tristaterca.com • 610-238-9950 1201 E. Hector Street, Conshohocken, PA 19428
Real Estate Journal — September 12 - 25, 2014 — 11A
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A ppraisal
Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — 1A
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TheAppraisal Institute is a global association of real estate appraisers, with nearly 23,000 valuation professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide.
Organized in 1932, theAppraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Appraisal Institute professionals benefit from an array of education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations.
OUR MISSION Our mission is to advance professionalism and ethics, global standards, methodologies, and practices through the profes- sional development of property economics worldwide.
Inside Inside Campisi Appraisal Services. .................................................................................................................... 16A Metro NJ Chapter Appraisal Institute Chapter............................................................................. 15-16A Robert D. Wright, MAI Multifamily Valuations................................................................................... 17A Robert E. Dietrich, MAI, CRE, Colliers International....................................................................... 14A Southern NJ Appraisal Institute Chapter....................................................................................... 12-13A Washington D.C. Metro Area Appraisal Institute Chapter............................................................... 14A The Coalition of Pennsylvania Real Estate Appraisers .................................................................................. 16A Philadelphia Metropolitan Chapter of the Appraisal Institute.......................................................................... 17A Southern New Jersey Chapter of the Appraisal Institute........................................................................... 18-19A Metro New Jersey Chapter of the Appraisal Institute ..................................................................................... 20A Architectural Appraisal Group......................................................................................................................... 21A OUR PROFESSIONALS The majority of Appraisal Institute professionals are practicing real estate appraisers and property analysts who provide valuation-related services to such clients as mortgage lenders, financial institutions, government agencies, attorneys and financial planners as well as homeowners and other individual consumers. Appraisal Institute designated members have met rigorous requirements relating to education, testing, experience and demonstration of knowledge, understanding and ability. Those individuals holding theAppraisal Institute’s MAI and SRPAdesignations are experienced in commercial valuation, including industrial, retail and multifamily properties. Those holding the SRAdesignation are experienced in residential valuation. All Appraisal Institute professionals adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Appraisal Practice.
12A — September 12 - 25, 2014 — M id A tlantic
Real Estate Journal
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Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Three Members Earn Designation
Southern NJ Chapter Appraisal Institute 2014 Chapter Officers President Jacob Ramage, MAI VP Michael S. Sapio, MAI Treasurer Albert Crosby Secretary
hree chapter members have recently earned Appraisal Institute designations. By receiv- ing their designations, they have joined an elite group of appraisers who have met rigorous professional requirements relating to education, testing, experience and demonstration of knowledge, understanding and ability. Philip Fortuna , partner, Fortuna& DiFlumeri Realty Appraisal Ltd , has been awarded the Appraisal Institute’s prestigious MAI membership designation, which is held by appraisers who are experienced in the valuation and evaluation of commercial, industrial, residential and other types of properties, and who advise clients on real estate investment decisions. The desig- nation was granted June 12, 2014 and Philip Fortuna was honored during the June meeting of his primary chapter, Philadelphia Metropolitan. As a secondary member of our chapter, we want T
to extend our congratula- tions to Philip on this great accomplishment! Effective August 26, Al- bert Crosby earned his MAI designation. Albert has been an appraiser in the South Jersey area since 2003 having appraised various property types for various purposes includ- ing Right of Way, Land Preservation, Lending, and Litigation. Albert began his apprais- al career with J. McHale
Edward T. Molinari, SRA Director (Term through ’16) Michael Descano Director (Term through ’16) Samuel Levi, MAI Director (Term through ’15) Errett Vielehr Director (Term through ’15) Robert Kirwan, SRA Director (Term through ’15) Jackie Marmur Director (Term through ’15) Timothy W. Sheehan, MAI, SRI Director (Term through ’14) James Carr Director (Term through ’14) Joshua Garretson
A look back at the last dinner meeting. The next one will be held at Mastori’s in Bordentown on September 30th.
and Associates under the tutelage of Jerome McHale, MAI and Bonnie Longo, MAI , as a researcher and analyst. He then joined his sister, Bonnie Longo, MAI at Insight Appraisal Group . This past January, he signed on as senior valuation specialist with Colliers Interna- tional Valuation and Advisory Services in Philadelphia to assist in developing their new office in the Philadelphia area. He is licensed in New Jersey, Pennsylvania and Delaware. Albert graduated from Elon University with a BS in Accounting and is a State Certified Gen- eral Appraiser in NJ, PA and DE. He has extensive experience and knowledge of the Tri-State Area. Married to Bonnie Crosby for 9 years with 3 young children, Albert is excited to now be called a Member of the Appraisal Institute and his family is very proud of his accomplishments. He hopes to parlay the designation into new opportunities for growth and professionalism in his practice with Colliers International Valuation and Advisory Services. The MAI designation is received upon the successful completion of a graduate-level curriculum, which includes a comprehensive exam, a written demonstration appraisal report and attain- ing 4,500 hours of qualifying experience requirements. Also, designees must abide by both the appraisal profession’s Uniform Standards of Professional Appraisal Practice (USPAP) and the Appraisal Institute’s Standards of Professional Practice and Code of Ethics. MAIs are recognized experts in appraising properties of all kinds and form a business network encompassing markets nationwide and around the world. Currently, about 8,000 real estate appraisal professionals hold the MAI designation, with another 3,400 practitioners seeking it. Earlier this summer, Leonard A. Molinari became an SRA member of the Appraisal Insti- tute. Lenny has been active as an appraiser in various NJ markets since 2005. Lenny began his appraisal career with Advanced Business Approach, Inc. In 2009, he became a certified resi- dential appraiser by the state of New Jersey and opened his own appraisal company, Molinari Appraisal Services, LLC , doing business as NJ Real Value in Freehold, NJ. NJ Real Value’s mission is to provide high quality, professional appraisals with utmost integrity. Lenny’s edu- cation includes a B.A. in Economics from Rutgers University, and he holds a NJ Certified Tax Assessor’s license to go along with his appraiser certification. Lenny is proud of his accomplish- ments in the AI program and hopes to parlay the designation into new opportunities for growth and professionalism in his practice. Congratulations Leonard A. Molinari, SRA! The Appraisal Institute is a global professional association of professional real estate. Its mis- sion is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profes- sion and conducts its activities in accordance with applicable federal, state and local laws. Indi- viduals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. For more information regarding the Southern New Jersey chapter, visit our Web site at www. ai-snj.org or www.appraisalinstitute.org. n
President Ex Officio Jerome McHale, MAI
Real Estate Journal — September 12 - 25, 2014 — 13A
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Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org
As the leading organization for professional real estate appraisers, the Appraisal Institute represents nearly 23,000 members in nearly 90 chapters worldwide. The Southern New Jersey Chapter has over 200 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2014 Designated Members of the Southern NJ Chapter of the Appraisal Institute
Hainesport Cape May Ct. House
Geoffrey D. Acolia, MAI J. Paul Bainbridge, MAI Steven W. Bartelt, MAI, SRA
H. Rick Kline, SRA Robert F. Kline, MAI M. Bruce Leff, SRA Samuel Levi, MAI
(609) 443-4000x226 (732) 747-9519 (856) 287-3690 (732) 886-6695 (609) 704-9609 (609) 709-3902 (856) 582-4611 (215) 842-0649 (732) 928-1550 (732) 974-9333 (732) 505-4900 (856) 722-0205 (856) 795-4042 (856) 853-7622 (732) 682-9949 (732) 571-3660 (609) 897-1096 (609) 292-2573 (215) 247-4425 (215) 888-3560 (302) 575-0955 (856) 396-0000 (856) 983-5500 (732) 308-0909 (856) 783-6835 (856) 933-1272 (856) 429-2789 (609) 927-5728 (609) 568-0432 (856) 468-0068 (856) 662-0027 (856) 546-4900 (856) 218-2800 (609) 918-1000 (856) 273-1203 (856) 234-2893 (732) 576-2037 (610) 331-9031 (609) 792-0684 (609) 266-7334 (856) 234-8400 (856) 784-7036 (856) 795-8700 (732) 605-0791 (609) 586-3500
(609) 261-2494 (609) 465-9978 (856) 582-5892 (732) 780-8808 (856) 906-7890 (856) 662-7676 (856) 662-7676 (609) 983-3218 (856) 722-0205 (856) 795-4042 (609) 896-2245 (609) 223-4911 (609) 826-8622 (609) 261-4220 (609) 714-7402 (609) 652-6553 (215) 963-4061 (609) 922-4815 (856) 795-0875 (609) 921-8778 (215) 523-9104 (856) 764-6500 (609) 882-6700 (908) 832-5034 (215) 231-9900 (856) 234-9252 (856) 429-8800 (856) 429-8800 (215) 925-1212 (609) 884-1995 (856) 753-3030 (609) 814-9333 (215) 841-5258 (732) 567-7349 (856) 691-7055 (609) 398-3189 (856) 453-8889 (609) 391-8862 (856) 795-8700 (215) 444-9887 (732) 941-4294 (609) 463-4622 (732) 286-9250 (856) 396-7652 (609) 597-2211
East Windsor Little Silver Newark, DE Lakewood
Turnersville Colts Neck Haddon Heights Cherry Hill Cherry Hill Marlton Marlton Eastampton Cherry Hill Robbinsville Warminster Trenton Medford Galloway Philadelphia Sewell Mt. Laurel Princeton Philadelphia Delran Lawrenceville Glen Gardner Philadelphia Moorestown Haddonfield Haddonfield Philadelphia Cape May West Berlin Ocean City Philadelphia
Robert J. Belon, MAI Craig A. Bickel, MAI A. Craig Black, SRA
Hammonton Manahawkin Sewell Philadelphia Jackson Lavallette Point Pleasant Mt. Laurel Cherry Hill Woodbury New Egypt Rumson Lawrenceville Forked River Philadelphia Philadelphia Wilmington, DE Bellmawr Voorhees Linwood Absecon Wenonah Cherry Hill Haddon Heights Pitman Hightstown Medford Marlton Freehold Blackwood
Allen L. Littlefield, SRA Gary P. Lombardi, SRA Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI Peter A. Maher, SRA Gerald R. Malanga, SRA Kathy J. Marmur, SRA Jerome J. McHale, MAI F. Pat McIlhinney, MAI, SRA Edward T. Molinari, SRA Leonard Molinari, SRA Donald Moliver, MAI Frank J. Pacera, SRA Robert Parmley, SRA Patricia A. Quigley, SRA Jacob Ramage, MAI Thomas C. Reynolds, SRPA Jeffrey D. Richwall, SRA Lee L. Romm, MAI, SRA Ronald L. Rubinstein, MAI Michael Sapio, Jr., MAI, SRA Michael Sapio, MAI R. M. Sapio, MAI, SRA William J. Sapio, MAI Dennis A. Scardilli, Esq, MAI Jack Sheehan, MAI Timothy Sheehan, MAI, SRA Richard Sheldon, MAI, SRA Thomas J. Sliwowski, SRA Peter E. Sockler, MAI Paul Sopenoff, MAI Pasqual A Sorge, MAI James Stuart, MAI, SRA Robert Thompson, MAI, SRA Robert J. Tighue, MAI Joseph E.Tighue MAI, SRA Merilynn P. Verderame, SRA Benjamin R. Vukicevich, SRA John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA John Weber, Jr,, MAI, SRA
Allen G. Black, MAI, SRA Edward J. Bligh, MAI, SRA Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI Cynthia Carpenter, MAI Harry Carroll, Jr., MAI, SRA Lana Chiappetta, MAI Patrick K. Conover, MAI John P. Corbett, MAI Albert Crosby, MAI David A. Curley, SRA Susanne M. Curran, MAI Eugene P. Davey, SRA Thomas C. Davis, SRA Thomas A. DeMartin, MAI, SRA Russell V. Di Lello, MAI Emmons G. Elzey, Jr, SRA Philip Fortuna, MAI, SRA Mary F. Fox, MAI David J. Frett, SRA James C Frisby, SRA John M. Gapszewicz, MAI Barbara K. Griffin, SRA Ronald A. Hagel, MAI, SRA Mark J. Hanson, MAI, SRA Donna Harris, SRA Joseph V. Heenan, SRA Henry Herskowitz, MAI, SRA Edward G. Ireland, III, SRA Bruce E. Jones, MAI Michael D. Jones, MAI Tony F. Kamand, Jr, MAI William J. Kennedy, MAI Robert W. Kirwan, SRA John E. Doyle, MAI Scott A. Eiffes, MAI E. Guy Elzey, III, SRA
Red Bank Vineland Ocean City Shiloh Ocean City Cherry Hill
Voorhees Mt. Laurel Colts Neck Ocean City Cherry Hill Brigantine Haddonfield
Richboro Lakehurst Cape May Court House Toms River Medford Manahawkin
Stratford Medford Old Bridge Hamilton Square
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