22A — April 10 - 23, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
amsey, NJ — NAI Hanson , a leading New Jersey-based Glebar Corporation relocates from Franklin Lakes NAI Hanson secures tenant for 44,560 s/f industrial space R
Squires & Davidovic receive awards Kislak Co. announces 2014 sales awards
WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recipients of its 2014 sales awards at the com-
year closing many transac- tions, including the largest multifamily sale in New Jer- sey and one of the largest mixed-use sales in Hoboken. ” Kislak’s Producer of the Year award is presented to the individual who generated the highest sales volume. Jeff Squires’ 2014 transactions included the $136m sale of Ra- chel Gardens, a 764-unit mul- tifamily complex in Montville, NJ. It was the single largest sale of a multifamily property in New Jersey in terms of price since 2011. The Sima Kislak Jelin Sales- person of the Year award is presented to the individual whose performance and pro- fessionalism during the past year demonstrated the high- est standards of excellence. Davidovic’s 2014 transactions totaled more than $50m and included the $18.25m sale of a 16,000 s/f mixed-use portfolio in Hoboken. n for eminent domain com- pensation trials involved with Hudson Yards, Atlantic Yards and the Columbia Uni- versity expansion. Bass has previously served as the planning director of the Manhattan Borough Presi- dent’s Office (Ruth Mess- inger), the City of Jersey City, and the City of Coral Gables and has extensive experience with various tax exemption programs, inclusionary hous- ing regulations, transfer of development rights, land- marks issues and various tax exemption programs. Bass is a licensed profes- sional planner and is an American Institute Certified Planner. He started his ca- reer in Jerusalem, planning new towns for the State of Israel. n • Sharper Hearing Aid Cen- ter, Inc., recently leased an office property located at 1507 Market St. in Camp Hill. Thomas Posavec of Land- mark Commercial Realty, Inc. represented the tenant. Brenner of Landmark Com- mercial Realty, Inc. repre- sented the landlord, CSC Properties, LLC. ( Camp Hill Boro / Cumberland Co.) n Partners, Inc. (Cumberland Co.)
pany ’ s an- nual awards c e r emo n y . Vice presi- dent Jeffrey Squires re- c e i ved the P r o d u c e r of the Year award and v i ce pres i - dent Scott Davidovic received the Sima Kislak Jelin Sales- person of the Year award. “ W e a r e e x t r e m e l y
commercial real estate firm, announced that it has facili- tated the lease of 44,560 s/f at 565 Crescent Ave. in Ramsey. Senior vice president Ken- neth Lundberg, SIOR and NAI Hanson sales associate Patrick Lennon marketed the space and managed the transaction on behalf of the industrial property’s owner, West Essex Industrial Park LLC, and managed by the Da- vid Cronheim Company . Glebar was represented by Craig Engelhardt of Savills Studley in the transaction. The new tenant, which had outgrown its previous loca- tion, leased the single tenant facility in order to take advan- tage of its ideal location, less than one mile from Rte. 17 and minutes from I-287. The company was also attracted to the building’s features, including five tailgates and one drive-in loading dock. The building has 9,400 s/f of office space in prime condition, is fully air conditioned and has a very heavy power distribution grid which was important to Glebar’s operations. “This building, with its your preference must be to protect yourself from the land- lord’s attempt to exercise self- help instead of trying to file a lawsuit against the landlord after it has already occurred. Assignment of Lease Every tenant needs to have some right to assign the lease as part of an overall exit strat- egy for the lease. Assignment generally becomes necessary if you decide to sell your busi- ness. The right to assign the lease can be critical, because it will allow for the natural evo- lution of the tenant’s business (such as the sale of the busi- ness or merger, expansion, or consolidation of multiple locations). Typically, commercial leas- es prohibit assignments of the lease without the landlord’s prior written consent. More- over, the lease usually charac- terizes a sale of the business, a merger, or a transfer of more than 50% of the stock as an assignment requiring the landlord’s consent.
565 Crescent Ave.
location and its combination of office space, large floor area, and shipping/receiving features made it an ideal solution for light manufactur- ing, operations and corporate management,” Lundberg said. “We were pleased to draw Glebar Corporation to our cli- ent’s space and facilitate this lease.” Hackensack, NJ — NAI James E. Hanson an- nounced the promotion of four of its executives. Four brokers will hold senior vice president positions within the company. Barry Cohorsky, SIOR has negotiated more than 16.5 million s/f in transactions over the course of his 24 years in commercial real estate. He has a proven track record in identifying market opportuni- ties, developing client relation- ships, negotiating lease terms You should try to negotiate as much as freedom for your- self to assign the lease as pos- sible. Typically, landlords will agree to permit assignment with prior written consent, and that such consent cannot be “unreasonably withheld”. This is vital because the stan- dard for reasonableness will keep the landlord in check if this provision ever needs to be exercised. Relocation Commercial leases now have provisions permitting the landlord to relocate their tenants as they see fit. This can be devastating to retail tenants and, at the very least, highly disruptive to other types of commercial tenants. If your proposed lease has a relocation provision, the first negotiating stance to take is that it can only be exercised if the premises are part of some construction project. If the landlord does not agree to limit the provision to construction related events, you should attempt to limit the
and executing sale/lease con- tracts with commercial clients. Jef frey DeMagistris , SIOR specializes in the Mead- owlands submarket as a mem- ber of the Industrial Broker- age Council at NAI James E. Hanson. He has successfully represented multiple office and industrial landlords such as Russo Development, Sitex Group, and The Hampshire Companies. Thomas Vetter, SIOR has delivered outstanding results in his representation of sev- eral prominent Meadowlands landlords including Coining, Inc., Sitex Group, SourceOne Worldwide, The Pepsi Bottling Group and InterCept Inc. Hal Messer, MSRE leads acquisition and disposition efforts on behalf of local and national corporations. He has completed transactions total- ing over $750 million. n provision in other ways. Some examples of other limitations to the relocation provision are: (a) limit the portion of landlord’s property where your business can be relocated; (b) demand reimbursement of cost for relocation, abatement of rent during relocation (while your business is down) and reduction in rent if the new space is not comparable com- mercial space; and (c) secure a veto provision so if you do not like the substitute space, you will be able to reject the space without terminating the lease Conclusion Commercial leases have become more complex and lengthier in recent years. It is important to review each pro- vision of the lease and under- stand what ramifications can come from those provisions if/ when they are applied. Some of the more complex legal terms should be referred to an attorney who can advise you, and if necessary, negoti- ate those provisions with the landlord. n
Jeffrey Squires
Scott Davidovic
proud to recognize Jeff and Scott as the recipients of our 2014 sales awards,” said Rob- ert Holland , president. “They each had an extraordinary
Richard Bass joins Akerman as senior planning & development consultant
NEW YORK — National law firm Akerman LLP announced consultant Rich-
a r d Ba s s has j o ined the Real Es- tate Practice Group in the New Yo r k office. Bass brings more than three decades o f
Renter Beware: Top Considerations for Commercial Leases. . . continued from page 2A
Richard Bass
experience in land use and zoning issues for New York City and New Jersey. Bass has effectively repre- sented 26 properties impacted by Phase I of the 2nd Avenue Subway Project in Manhat- tan, by providing technical and political assistance and was involved with the no. 7 train expansion. He also serves as an expert witness CAMP HILL, PA — Land- mark Commercial Realty, Inc. announced the following transactions: • Mindtek, Inc. leased ap- proximately 5,300 s/f of office space located at 150 Corporate Center Dr. in Camp Hill, PA. Roy Brenner of Landmark Commercial Realty, Inc., ne- gotiated the lease on behalf of the tenant. Jason Sourbeer of Cushman and Wakefield represented the landlord, LNR
Landmark Commercial announces recent transactions in Camp Hill, PA
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