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7950 Jones Branch Dr. is a 800,000 s/f building situated on a 17-acre site Tamares completes acquisition of office property inMcLean, VA for $270 million
ISSUE HIGHLIGHTS Volume 27 Issue 20 Oct. 30 - Nov. 12, 2015
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managed by Hines . The facil- ity features two glass wrapped office towers, landscaped ter- races with cascading water features, a 10-room conference center, 300 seat auditorium, 300 seat cafeteria, executive dining rooms and a helipad. The property also offers ten- ants a 20,000 s/f fitness center, a 1-mile jogging track, tennis courts, and basketball courts. CBRE , who brokered the deal will lead the placement of tenants as the building tran- sitions from single to multi- tenant occupancy. Gannett Co., Inc., parent of USA Today has signed a 12-year lease with Tamares to remain in the building. Previous owner, TEGNA, has agreed to an 18-month lease for 20% of the office space in building. n the proposed Highland Cross mixed-use development site, which will include residential, retail and hotel. All of this momentum is propelling the regional office market.” Within this context, The Meadows – located at 201/301 Rte. 17 North at the intersec- tions of Rte. 3 and the NJ Tpke. is one of Northern New Jersey’s few high-rise office towers outside of the Hudson Waterfront and the Newark CBD. The fully amenitized, institutional-quality property is nearly 90% leased, with ten- ants including MALO, Sony Music Entertainment, SGS North America and Shiseido Americas, among others. The Meadows sits on an 8.8-acre site with a 4/1,000 parking ratio, 400-person cafeteria, conference center, onsite fitness and daycare cen- ters, and unobstructed views of the Manhattan skyline. The property was built in 1981 and extensively renovated in 2006 and again in 2014, when over $4.5 million was spent to improve lobbies, elevators, restrooms, both facades, the parking deck and other com- mon areas. n
ASHINGTON, DC — Tamares has closed the acquisi-
SPOTLIGHT
tion of 7950 Jones Branch Dr. for $270 million. The purchase is a joint – venture with Il- marinen Mutual Pension Insurance Company of Fin- land. “Tamares has been active in Washington, DC area real estate for over 30 years and is proud to add 7950 Jones Branch Dr. to our portfolio,” said Poju Zabludowicz , chairman of Tamares. “This state-of-the-art-facility is one of the keystone properties in Northern Virginia and greater Washington, DC. We look forward to enhancing the property and applying our lo- cal experience to attract new tenants to make 7950 Jones RUTHERFORD, NJ — Cushman & Wakefield’s Metropolitan Area Capital Markets Group has brokered the $120 million sale of The Meadows Office Complex in Rutherford. The 600,000 s/f, two-building office complex traded from a joint venture of Onyx Equities and SL Green to a private investor. According to Cushman & Wakefield’s DavidBernhaut , the level of investor interest in the offering reflects strong demand at a transformational
Executive Women in Business Section C
Contributing Colomnist
7950 Jones Branch Dr.
Branch Dr. some of the most sought after first-class com- mercial office space in the area. And we are delighted to expand our cooperation with Ilmarinen.”
The nearly 800,000 s/f building is situated on a 17- acre site. Construction was completed in 2001, designed by architects Kohn Pedersen Fox Associates and project
Sanford Herrick
2A
C&W brokers $120 million trade of The Meadows Office Complex in Rutherford, NJ
For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com andDevelopment March 18, 2016 NJ LandDevelopment Summit Upcoming Conferences December 9, 2015 NJ CommercialHealthCare& Medical Properties Summit January 20, 2016 NJ Real Estate Construction &Development Summit February 11, 2016 NJ Industrial Real Estate
The Meadows Office Complex
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time for the New Jersey Mead- owlands market. He headed the assignment with team members Andrew Merin, Gary Gabriel, Brian Whit- mer and Kyle Schmidt . “We are seeing an unprecedented level of investment throughout the region – billions of public and private capital invested in residential and retail develop- ment, infrastructure, mass transit, and entertainment,” Bernhaut said. “The 2.9 million s/f American Dream Mall is back on track, representing the largest re-
tail development project in North America and promising 10,000 permanent jobs and 50 million visitors per year,” according to Merin. “A joint venture between Seton Hall and Hackensack University Medical Center will anchor the repositioning of the 116-acre former Roche pharmaceuti- cal headquarters on Rte. 3 into New Jersey’s first medi- cal school. There has been a significant amount of new residential development in the Meadowlands. In fact, The Meadows sits adjacent to
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THOMAS MCCONNELL, Managing Partner of Redwood Realty Advisors As Managing Partner of Redwood Realty Advisors, Thomas McCo- nnell, CCIM is responsible for the growth and strategic oversight of the firm. Tom has more than 15 years of real estate experience and he was recognized by Real Estate Forum magazine as one of New Jersey’s “Top Brokers”. Prior to joining Redwood Realty Advisors Tom was Vice President and Director of Marcus & Millichap’s Na- tional Multi Housing Group. GEORGE VALLONE MBA, CRE, President, The Hoboken Brownstone Company As President of The Hoboken Brownstone Company (HBCo) -- a multi-faceted real estate development firm active along New Jersey’s Hudson River “Gold Coast” -- George Vallone, along with his friend and Partner for over 35 years - Chief Operating Officer Daniel Gans, has compiled extensive experience in urban housing through a so- cially conscious approach to development. BRIAN J. WHITMER, CCIM, Senior Director | Capi- tal Markets Group, Cushman & Wakefield of NJ, Inc. Brian Whitmer serves as Senior Director of the Metropolitan Area Capital Markets Group in C&W’s East Rutherford, New Jersey of- fice. Part of a 13-member team, Mr. Whitmer is responsible for managing, underwriting, and marketing investment properties for sale and arranging joint ventures in the suburban markets sur- rounding New York City. KYLE J. FUNSCH, Principal, Procida Kyle joined the firm in 2009, became a Principal in 2011 and has been an integral part in closing more than 50 transactions within four short years. His expertise includes due diligence, underwrit- ing, and asset management. During his tenure at Procida, Kyle has diligently worked in conjunction with the Procida Partners and in total has been involved in closing, restructuring, and advisory as- signments in excess of $500MM with the firm. GREGORY M. JAMES, Director Capital Markets, NAI James E. Hanson Greg joined the NAI James E. Hanson Team in 2009 as Director of Capital Markets. Greg works with the NAI Hanson Brokerage Team, Owners and Developers in servicing their capital market require- ments in three areas of focus: Debt and Equity Finance, Note Sales and Investment Sales. Greg has worked with owners, developers and investors to obtain debt, equity and mezzanine financing . DAVID HANSEL, President, Alpha Funding Solutions David Hansel is the president of Alpha Funding Solutions . Since 2001 David has acted as broker, lender, principal & developer on hundreds of commercial and residential projects. In 2007 he co- founded Alpha Funding Solutions a NJ based commercial bridge & hard money lending company. Though his leadership Alpha has become one the largest residential fix and flip lending companies in the country. JENNIFER MAZAWEY, Partner, Genova Burns Jennifer is a partner in the firm’s Newark, New Jersey office and a member of the Firm’s Commercial Real Estate & Redevelopment Law, Environmental Law, Construction Law & Litigation, Land Use & Approvals, and Education Law Practice Groups. Jennifer practices in the areas of commercial real estate, land use and con- struction law. She is a member of the New Jersey State Bar Asso- ciation’s Land Use Section, Environmental Section, Women in the Profession Section, and Renewable Energy, Cleantech and Climate Change Committee. RICHARD A. MILLER, CEOThe Pegasus Group Richard Miller has been in the real estate development business since 1984. Starting with small multifamily projects on Manhat- tan’s Upper West Side and growing into large-scale redevelop- ments throughout Northern New Jersey, the arc of Mr. Miller’s career has included many interesting and unique developments. Over the years, Mr. Miller has acquired, developed and managed for sale and for rent housing, commercial space and structured parking garages. DAVID DOLAN , Senior Managing Director, Newmark Grubb Knight Frank Leading investment sales professional David Dolan joined New- mark Grubb Knight Frank’s Philadelphia operation as a senior managing director on 2012. Mr. Dolan brings an impressive track record of transactions for clients such as Brandywine Realty Trust, Amerimar, Computer Science Corporation, Madison Capital, Fortress Investments, Behringer Harvard and Liberty Property Trust.
KEVIN P. WELSH, Senior Vice President, CBRE Kevin Welsh has over 23 years of experience in the real estate business, which has included asset management, leasing and investment sales. These varied skills sets have served as the foundation for his career as an Investment Sales and Capital Markets Advisor for office, industrial, multi-family and new development. JOSE R. CRUZ, Senior Managing Director, HFF | NJ Jose Cruz has over 21 years of experience in commercial real estate. He specializes in investment sales in New Jersey, New York State and Connecticut. Over the course of his career, Cruz has been involved in over $18.4 billion of office, industrial, retail, multi-housing and land sales. Prior to HFF, he was the Executive Director of Cushman &Wakefield’s New York Area Investment Sales Group where he spent more than 17 years. ERIC M. SEIDEL, JR. Associate Director, Capital Markets, Marcus & Millichap Capital Corp. Eric Seidel started as an Associate with Marcus & Millichap Capi- tal in July of 2011. Eric is responsible for securing commercial debt financing on various product types including multifamily, retail, of- fice, and mixed-use. Since joining M&M Capital, Eric has closed in excess of 60 loans across various product types. RYAN SEVERINO, Senior Economist, Reis Ryan Severino is a senior economist in the research and economics department at Reis, the team responsible for the firm’s market fore- casting, valuation, and portfolio analytics services. Prior to Reis, Ryan served as the Associate Director of Research at MetLife Real Estate Investments where he was responsible for macroeconomic and real estate market analysis, formulating portfolio strategy, and conducting deal reviews. MARK SCOTT, Founder/Principal, CMC Mark M. Scott established Commercial Mortgage Capital Corp. (CMC) in 1996. Since then he has arranged over $6.1 billion dollars of debt and equity for his clients. His focus over a 25-year career has been multifamily finance. Scott continues to expand CMC’s strong commercial lending platform in New Jersey and the Tri-State Re- gion. In April 2009, Mark appeared on Bloomberg TV as a guest speaker regarding commercial real estate finance. ROBERT R. HEMPSTEAD, Chair, of the Sills Cummis & Gross Real Estate Finance Practice Group Robert Hempstead focuses on the area of commercial real estate fi- nance, including loan workouts and distressed loan purchases, with a strong background in the origination of commercial mortgage loans. His practice covers multi-asset portfolios, multiple classes of debt, mezzanine and other subordinate debt features. ROBERT S. LIPSON, Senior Vice President, Berkadia Mr. Lipson has over Twenty five years of experience in commercial real estate. In his 19 years at Berkadia and its predecessor compa- nies, he has originated over $3 Billion in new loans for both securiti- zation and agency executions. Previously, Mr. Lipson spent six years with Chestnut Hill Realty in Boston as Senior Financial Analyst, where he was responsible for over $250 million in new financing and workouts . T. RICHARD LITTON, JR., President, Harbor Group Richard Litton joined Harbor Group International in 2004 as Execu- tive Vice President & General Counsel and was promoted to Presi- dent in 2005. As President, he oversees day-to-day operations for the company and supervises Harbor Group’s Transactions Group. He chairs the company’s Investment Committee and serves as a member of the Executive Management Committee. Harbor Group currently has a real estate investment portfolio in excess of $4.0 billion. ED GINN, Principal, Equity Retail Brokers Ed Ginn has been active in commercial real estate since 1982 and is the founding principal of Equity Retail Brokers. His expertise is grounded in more than 30 years in the commercial real estate indus- try, during which time he has been involved in the sale or financing of over $500 million of retail properties. He has also negotiated hun- dreds of commercial leases. COLLEEN FOY, VP/Sr. RelationshipMgr., M&T Bank Ms. Foy is Vice President and Senior Relationship Manager in the Com- mercial Real Estate Division at M&T Bank, one of the 20 largest bank holding companies headquartered in the US with current assets over $97 billion. Colleen is a senior leader in the New Jersey commercial real estate lending marketplace and she has a comprehensive commercial real estate background in finance, management of client relationships, underwriting and portfolio management. She was appointed to M&T’s President’s Council for recognition of superior performance and results.
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M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Section Publisher .........................................................Steve Kelley Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant ........................................................ Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Office Manager .........................................................Joanne Gavaza Contributing Columnist . .........................................Sanford Herrick 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. Rockand, MA 02370 USPS #22-358 | Vol. 27 Issue 20 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
C ommercial real estate continues to be on an upswing, in general, but the market is not without problems. Banks and other traditional lenders are back— but are they much of a factor? What’s the key to success in a cyclical market, and howmuch of a role does experience play? What parts of the country are doing better than others? Case Real Estate Capital, LLC is a commercial real es- tate investment company, and in the following commentary, industry veteran Sanford Herrick , Case’s founder and managing principal, addresses these questions and more – and looks to the future for a market that has been getting stronger. Q: The last recession left a landscape of under-performing properties. Now that the mar- ket has been on an upswing, how’s the market doing in terms of such properties? A: “The banks still have ‘problem children’ on their bal- ance sheets, such as those that are subject to litigation, which they would like to dispose of if possible. In many cases, capital costs are too high, or the borrower/developer didn’t have the necessary capital or expertise to work out the problems. As a result, there is still a lot of product ‘hidden’ on bank and institutional balance sheets. Much of that ‘hidden’ part of the ‘iceberg’ consists of smaller deals, and the banks tend to be notoriously slow about working things out, even in a market that looks and feels like it has been getting better for years. Their hope is that time will cure all ills.” Q: That being said, how much of a factor are tradi- tional lenders and investors right now? Are they finally coming back into play as fund- ing sources? A: “Yes, they are finally coming back, but the reality is that they’re getting scared again. Simpler is better for the traditional banks.” Q: What’s the profile of to- day’s typical value-add prop- erty? A: “Because the market has been on such a long bull run since the end of the recession, The CRE Market Looks and Feels Like it’s Getting Better Sanford Herrick
each value-add property today has its own characteristics. And again, shortage of capital, the lack of expertise by some on the borrower/developer side, or a bank’s unwillingness to add money to solve prob- lems are among the classic problems the market contin- ues to face.” Q: What geographic markets are the best for value-add op- portunities right now? A: “Our firm is very tied to the New York tri-state area, as well as to Florida—the ‘sixth borough.’ We believe that there is sufficient activ- ity here. I know that many of our competitors are going into secondary and tertiary markets, but that is not what our instinct is to do.” Q: What’s the status of situ- ational lending in the current market? A: “We’re finding deals and would like to find more of them—and there should be more of them. There are people that are buying debt and looking for financing, and we would like to help finance them to give them the chance.” Q: In terms of traditional assets, how can risk be mini- mized going forward? A: “Among the factors that minimize risk are lower lever- age, pre-leasing or substantial leasing, credit tenants, and a strong hand on the part of the developer.” Q: Industrial real estate has been a focus for Case—how is that sector doing? A: “In the Northeast and the New York metropolitan area, it’s booming. For warehouse/ industrial, this market and Los Angeles are two of the strongest markets.” Q: A lot has been said about the strength of the multifam- ily market. How do you view
that sector? A: “We’ve looked at multi- family and have indeed taken advantage of some opportuni- ties in that sector. Right now, however, so many building permits that have been issued, and so much product is under construction that we’re taking a bit of a wait-and-see attitude for the time being.” Q: Are you seeing opportuni- ties in the retail sector? A: “Yes, we are. This month, we finalized a $20.5 million deal, purchasing two NPLs secured by a group of nine net-leased properties and simultaneously assumed own- ership through a deed-in-lieu of foreclosure agreement. The transaction involves retail and industrial/warehouse assets in prime locations across New Jersey, NewYork, Connecticut and Massachusetts.” Q: How do you approach any opportunity? What’s your process? A: “I answer the phone. I try to understand what is being requested and why it’s being requested—that’s on the situational lending side. Jon Leifer, our director-ac- quisitions, spends much of his time connecting with sources at banks and on Wall Street, as well as prospecting for new transactions. It’s all a mix of personal relationships and responsiveness.” Q: Bottom line, how can investors benefit from doing business with your firm? A: “We have a 30-year track record. We know what we’re doing. We get people into and out of deals.” Based in Rochelle Park, NJ, Case is active as a high-yield private lender, a purchaser of sub- and non-performing debt, and an equity investor. n
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M id A tlantic R eal E state J ournal By Pamela A. Michaels, Esq., Asset Preservation What to do about expenses ina §1031Exchange? P art 1 In order to obtain com- plete deferral of capital
Have a great story but don’t have the time to put the words down on paper? We’ve got you covered!
gain. Thus, a careful review of the closing statements on the relinquished property sale and the replacement property pur- chase before closing is strongly recommended. Often an item that would generate boot can be dealt with in a way that will avoid characterization as boot. Part 2 of this Article to Appear in the Next Edition of the Mid Atlantic Real Estate Journal Pamela Michaels is an attorney and VP of Asset Preservation, Inc. and can be reached at 866-317-1031 or at pmichaels@apiex- change.com. n
§1.468B-6(b) states that trans- actional expenses are “the usual and customary ex- penses paid or incurred in connection with a deferred exchange. For example, the costs of land surveys, appraisals, title examina- tions, termite inspections, transfer taxes, and record- ing fees are transactional expenses.” While the payment of transactional expenses out of proceeds will not disqualify an exchange, payment of such items out of exchange proceeds may generate boot resulting in the recognition of some taxable
For more information about 1031 exchanges, visit www.api- exchange.com. As a "Qualified Intermediary" as defined in the Section 1031 regulations, Asset Preservation, Inc. is not able to provide legal or tax advice. Ac- cordingly, you should review the details of your specific transac-
gain taxes in an exchange o t h e r w i s e meeting the requirements o f Internal R e v e n u e Code §1031, a taxpayer is generally re-
Pamela Michaels
Contact Alissa Aronson, PR Writer/Publisher, MAREJ Email: aaronson@marejournal.com Phone: 781.871.5298 x211
quired to reinvest all net sale proceeds generated by the sale of relinquished property in like-kind replacement property within the applicable exchange period (a maximum 180 cal- endar days). In addition, the taxpayer must not have a direct or indirect right to receive or otherwise obtain the benefit of the exchange proceeds during the exchange period except to acquire like-kind replacement property. Any non like-kind property received by the tax- payer in the exchange, usually referred to as boot, will cause the taxpayer to recognize gain. Under the foregoing rules, the use of exchange funds to pay expenses not related to the exchange could invalidate the exchange to the extent such use results in the taxpayer’s constructive receipt of exchange proceeds. In other cases, pay- ment of an expense related to the disposition of relinquished property or acquisition of re- placement property may give rise to taxable boot in the ex- change but would not create a constructive receipt problem. Finally, payment of certain costs related to the transfer of the relinquished property that may be characterized as selling expenses or exchange expenses are excluded from the seller’s amount realized and ignored altogether. T r e a s u r y R e g u l a t i o n §1.1031(k)-1(g)(7) permits cer- tain transactional expenses related to the exchange trans- action to be paid from exchange proceeds without disqualifying the exchange. These include items that relate to the dis- position of the relinquished property or to the acquisition of the replacement property and appear under local stan- dards in the typical closing statements as the responsibil- ity of a buyer or seller (e.g., commissions, prorated taxes, recording or transfer taxes, and title company fees). See also Letter Ruling 8328011. Similarly, proposed regulation
Exchange Smart. Security you can bank on
Pamela Michaels, Esq. Vice President / Division Manager Manhattan: 866.317.1031 | Long Island: 866.394.1031 pmichaels@apiexchange.com | apiexchange.com Call for a complimentary consultation.
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M id A tlantic R eal E state J ournal M BRC handles leases totaling 30,240 s/f in New Jersey Bussel brokers $6.5m sale of 89,503 s/f distribution facility aplewood, NJ — Bussel Realty Corp. (BRC) has
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Preview Dates: Thu.,Oct.29th & Nov.5th,12-2 PM
brokered the sale of 50 Camp- town Rd. in Maplewood, a 89,503 s/f distribution facility. The property sold for $6.5 million to Exeter Proper- ty Group . The seller was Lehrhoff Urban Renewal Corp . Bussel Realty Corp. senior VPs David Blitt and Robert Sager and VP Peter Anderson represented both the buyer and seller in the transaction. EDISON, NJ — BRC an- nounced N. Glantz & Son, LLC has leased 15,600 s/f at
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107 Sunfield Ave. in Edison, a 31,600 s/f industrial facility. BRC VP Anthony Mirco- vich was responsible for the transaction and represented N. Glantz & Son, LLC. The owner, Summit Associates , was represented in-house. “Raritan Center provides the best distribution loca- tion and industrial park in Central New Jersey for my customer with immediate ac- cess to I-287, the New Jersey Turnpike, Route 440 and 9, the Garden State Parkway, and the Outerbridge Crossing to Staten Island and Brooklyn,” said Mircovich. “Summit As- sociates is well-known as an ideal landlord and property manager, owning four million s/f in Raritan Center. This property will provide for future expansion needs of N. Glantz’s operations in New Jersey.” Totaling 31,600 s/f, 107 Sun- field Ave. offers 19-foot ceiling heights, four tailboards and one drive-in, wet sprinklers and has 30 parking spaces as well as 15 tractor trailer park- ing spaces. BRIDGEWATER, NJ — BRC announced SR Interna- tional Rock has leased 14,640 s/f at 7E Easy St. in Bridge- water, a 31,622 s/f indus- trial facility. BRC VPs James Hodgkins, Jordan Metz , and Kevin Ranski were re- sponsible for the transaction. “My client needed to expand its operations into a larger facility, to accommodate its rapidly growing business. The Bridgewater location al- lows SR International Rock to better service its wholesale marble and granite custom- ers,” said Metz. Totaling 31,622 s/f, 7E Easy St. is located near I -287 and Rte. 22. n
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S hopping C enters
Silbert Realty & Management are the leasing agents for the property The S.Hekemian Group breaks ground for 225,000 s/f The Shoppes at DePiero Farm M www.marejournal.com M id A tlantic Real Estate Journal — Shopping Centers —October 30 - November 12, 2015 — 5A ONTVALE, NJ — The S.Hekemian Group broke ground
for The Shoppes at DePiero Farm, a 225,000 s/f lifestyle retail marketplace in Mont- vale. The center will be con- structed at a cost of $125 million, according to Peter Hekemian , senior managing director. The center is rising on the iconic 28-acre DePiero farm, the last large farm site in northern Bergen County. “This market is particularly known for its extremely high demographics, with some of the highest household in- come levels in the state,” said Hekemian. “It will feature authentic architecture and landscape/hardscape inspired by the region’s farming and equestrian heritage.” A 140,000 s/f Wegmans Food Market will anchor the center, according to Hek- emian. Other tenants com- mitted to The Shoppes at DePiero Farm include The Habit Burger Grill, Chipo- Owings Mills, Md — Greenberg Gibbons and Vanguard announced today that construction of the new Wegmans has begun at Found- ry Row. Wegmans will be one of the first stores to open at Foundry Row, the $140 million, 50-acre redevelopment of the site of the former Solo Cup factory on Reisterstown Road in Owings Mills. The premier grocer is consistently rated the #1 super- market in the United States. The highly anticipated 110,000 s/f store is expected to open in September 2016. “We are thrilled to start construction on Wegmans and bring such a first class brand to the Owings Mills area,” said Brian Gibbons, Chairman and CEO of Greenberg Gibbons. “We look forward to seeing Wegmans open its doors at Foundry Row next year, fol- lowed by a great mix of other
Stonybrooke Shopping Center
Montvale Mayor Roger Fyfe; Montvale Planning Board Chairman John DePinto, Edward DePiero, Elaine DePiero, Peter Hekemian, Sr. Managing Director, The S.Hekemian Group; Douglas Cohen, VP, Busi- ness & Legal Affairs General Counsel, The S.Hekemian Group; Holly Schepisi, NJ Assemblywoman, 39th District; Robert Auth, NJ Assem- blyman, 39th District; William Tierney, Senior VP, ConnectOneBank.
congregate.” The Shoppes at DePiero Farm will also feature cut- ting-edge “green” design, including a green, vegetative roof on the junior anchor building to provide insula- tion, reduce storm water runoff, and form a wildlife habitat. Other features will include six electric vehicle charging stations, walking and biking paths, and exteri- or lighting designed to comply with Dark-Sky practices. By providing more than 400 local jobs, The Shoppes at De- Piero Farm will continue the maintenance of Montvale’s
economy, an effort that was recently recognized with a major planning award. The project is also the result of an intense collaborative ef- fort between borough offi- cials and the partners of The S.Hekemian Group. “We applaud the tireless ef- forts of Planning Board Chair- man JohnDePinto , working with The S.Hekemian Group to make this project a reality,” said Mayor Roger J. Fyfe. “Our community has a strong working relationship with the company and look forward to working with them on an ongoing basis. n
tle, Ulta Beauty, European Wax Center, Starbucks, 1808 Fine Men’s Barber, Urban Place Farm to Table, FedEx/ Kinko’s, and Not Your Aver- age Joe’s, with more to be announced shortly, according to Brian Silbert of Silbert Realty & Management , leasing agents for the prop- erty. “This project will provide residents and corporate pro-
fessionals with a highly de- signed place to gather, shop and dine,” said Hekemian. “It is a suburban development designed as a walkable town center, which is exactly what today’s young professionals want – an urban feel. This project is designed to create a sense of place. With its new open-air style, we’ve come full circle in our effort to cre- ate a ‘downtown,’ a place to
Greenberg Gibbons and Vanguard announce that construction begins for the newWegmans at Foundry Row
Shown from left: Matt Lepore, Wegmans; Len Weinberg, Vanguard; Councilman Julian Jones; Councilwoman Vicki Almond; County Ex- ecutive Kevin Kamenetz; Brian Gibbons, Greenberg Gibbons; Brad Glaser, Vanguard; Tom Fitzpatrick, Greenberg Gibbons
Baltimore County Councilwom- an Vicki Almond. "It sends a strong message that Baltimore County is a great place to do business." Wegmans will be joined by LA Fitness, Sports Authority,
DSW, Ulta Beauty, Panera Bread, Zoe’s Kitchen, Smash- burger, Nally Fresh, LifeBridge Health and a variety of other local and national retailers, eateries and conveniences at Foundry Row. n
top-quality stores, services and restaurants.” “It’s exciting to see Wegmans taking shape here in Owings Mills. Greenberg Gibbons is building a first-class project that will help make Owings
Mills a destination for the entire area,” said Baltimore County Executive Kevin Ka- menetz. "The community is really excited that Wegmans will soon become a reality," stated
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Fernandez joins company as a leasing representative Stein Mart opens 30,800 s/f at Levin-managed center C OMMACK, NY — National apparel and home decor retailer
SteinMart recently celebrated the opening of its first Long Island store at Mayfair Shop- ping Center in Commack. Stein Mart occupies 30,800 s/f at the 221,000 s/f shopping center, which is leased and managed by Levin Manage- ment . “This Stein Mart store rep- resents the chain’s initial entry into Long Island, and we couldn’t be more excited to welcome them to Mayfair Shopping Center,” said Da- vid Reiner , vice president of leasing. “Stein Mart is rapidly expanding its nationwide pres- ence, and the center’s locale and co-tenancy were a perfect fit for the brand’s target cus- tomer. We are confident Stein Mart’s presence will further Mayfair Shopping Center’s position as one of the region’s premier retail destinations.” In New Jersey, National massage chain Hand & Stone Massage and Facial Spa has leased 3,100 s/f at Blue Star Shopping Center inWatchung. The 419,000 s/f Somerset
Stein Mart
County shopping center is leased and managed by Levin Management. Levin’s leasing representa- tive MarciaMinton negotiat- ed the long-term lease. David Dunkleman of Soloff Retail represented the tenant. In other news, Vanessa Fernandez has joined Levin Management as a leasing rep- resentative. In her new role at Levin, Fernandez is responsible for leasing and marketing efforts at two New Jersey properties within the company’s shopping center portfolio: Clifton Plaza in Clifton and Fords Shop- ping Center in Fords. “Levin’s
outstanding reputation and degree of industry success is simply unmatched,” she said.
“I am excited for the op- portunity to continue my retail leas- ing career at a well-re- garded and growing real estate orga- nization.”
What Are People Saying About the MARE Journal?!
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Barbara Holyoke has been extremely helpful in every step of our advertising plan with Mid Atlantic Real Estate Journal. Barbara consistently keeps us up to date with all offers, promotions and special publications they run each month. I never have to worry about a thing! She is always on top of our plan ensuring we are hitting deadlines and gaining maximum exposure. Whenever something comes up, Barbara is very responsive and handles it quickly and effi- ciently. I feel lucky to have an advertising partner that is just as invested in our advertising and best interest as we are.
Vanessa Fernandez
Fernandez brings seven years of retail real estate industry experience to Levin. Most recently, she was a specialty leasing manager at Westfield Corporation. n
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To Advertise in the New Jersey or Shopping Center Section of the Mid Atlantic Real Estate Journal, Contact Barbara Holyoke at Bholyoke@marejournal.com or Call 781.871.5298 x202
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Investment sales team representing the seller was led by Munley & Cruz in $6.4m sale HFF closes sale of retail & self storage properties totaling $13.525m in suburban Philadelphia, PA
HILADELPHIA, PA — Holliday Fenoglio Fowler, LP (HFF) has closed the $6.275 million sale of Treasure Island Retail and the $7.25 million sale of Trea- sure Island Storage, two assets located on adjoining sites in the Philadelphia suburb of Cherry Hill, NJ. HFF marketed both proper- ties on behalf of the seller, Cayre Equities, who sold the proper- ties in two separate transac- tions. An affiliate of Paragon Realty Group LLC purchased Treasure Island Retail, and Extra Space Storage purchased Treasure Island Storage. Treasure Island Retail and Treasure Island Storage share an adjoining 9.38-acre site located at 101 Church Rd. in Cherry Hill, a suburb five miles from Philadelphia. The property is across the street from Cherry Hill Mall, and there are 280,941 residents living within a five-mile ra- dius of the assets with an annual average household income in excess of $81,000. The 107,390 s/f Treasure Is- land Retail is 100% leased to two tenants, Ashley Furniture HomeStore and Ollie’s Bargain Outlet. Treasure Island Stor- age’s three-story facility spans 98,214 net rentable s/f and houses 762 climate-controlled units in addition to 13 surface parking spaces. The facility features a ground-floor loading area, commercial loading docks and retail supplies on site. The HFF team represent- ing the seller in the Trea- sure Island Retail transaction was led by managing director Chris Munley . The HFF team represent- ing the seller for the Treasure Island Storage transaction was led by managing director Richard Schontz and direc- tor Barbara Guffey . “The Treasure Island Stor- age and retail property is a unique asset developed by the seller, who owns several types of commercial real estate investments,” Schontz said. “Prior to going to market, we advised the seller to cre- ate a condominium structure to allow for flexibility in the marketing process. We were able to offer the property to the market as one asset or individual assets and uses, which allowed us to access the appropriate buyer pool for each use. Ultimately, were able to create more activity, yield- ing 15 offers and a significant P
premium in the sale price by selling each condominium to separate buyers.” “This is a great example of howHFF approaches each deal by putting the best team on the field,” Munley added. “We were able to work as a team across our product specialties to think creatively and execute on a complicated deal.” HFF has closed the $6.4 mil- lion sale of Nottingham Shop- ping Center, a 24,396 s/f retail center with a freestanding Walgreens in Hamilton, NJ. HFF arranged the sale of the property on behalf of the
seller, Mercer Realty, LLC . The buyer, an affiliate of pri- vately-held real estate invest- ment firm PAG Investments, was represented by Chaim Dahan Esq, of The Dahan Law Firm . The HFF investment sales team representing the seller was led by managing director Chris Munley and senior managing director Jose Cruz . “With retail cap rates con- tinuing to compress in the Mid-Atlantic, acquisitions that have a value-add com- ponent are in high demand,” Munley said. n
Treasure Island Retail
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ASHINGTON, DC — Marcus & Mil- lichap announced Marcus & Millichap closes College Park, MD ihop for 2.424 million Marcus & Millichap announces $3,237,500 sale of 5,440 s/f retail property in H Street corridor W between the H St. Connection Shopping Center and Benning Road.” In other news...
buyer. After acquiring, the buyer plans to raise the prop- erty and redevelop as a four story mixed-use condominium building with ground floor retail space. “This transaction is evi- dence of the redevelopment happening the past few years in the H Street Corridor,” Feldman said. “We were able to achieve a sale price almost 50% higher than the price paid in 2013, which wasn’t surprising to us given recent developments on the 600 and 900 block. We were pleased to see that developers real- ized the potential of the area
the sale of 1301 H St. NE, a 5,440 s/f retail property, according to Bryn Merrey , regional manager of the firm’s Washington, DC office. The property, formerly St. John’s Church of God, sold for $3.237 million approximately a year and a half after it sold for $2.2 million. Josh Feldman , associate vice president investments, and Ben Wilson , investment specialist, of the Feldman Group of Marcus & Millic- hap’s Washington, DC office,
Marcus & Millichap an- nounced the sale of 2810-2820 Bladensburg Rd. NE, a 24,545 s/f industrial property located in the Northeast quadrant of Washington, DC, according to Merrey. The four lot asset sold for $3.5 million, half of a million dollars over the seller’s original strike price of $3 mil- lion. The $3.5 million price tag represents $142.60 psf. Josh Feldman and Ian Ruel , investment specialist, of the Feldman Group in Mar- cus &Millichap’s Washington, DC office had the listing to market the property on behalf of the seller. Feldman and Ruel also secured the buyer, an investor in local industrial properties, who hopes to stabi- lize the property and improve tenancy. The lot, which includes three buildings, is located at the northeast corner of Blad- ensburg Rd. and Yost Place in the Woodridge neighborhood of Northeast Washington, DC. “We feel that this was a win for both buyer and seller,” Ruel concluded. “The seller achieved an above market price and the buyer secured a property that fulfilled a spe- cific need.” COLLEGE PARK, MD — Marcus & Millichap an- nounced the sale of an IHOP, an over 5,000 s/f net-leased restaurant located in College Park. The asset sold for $2.424 million, $58,000 over list price. Chris Holland , an invest- ment specialist in Marcus & Millichap’s Washington, DC office, had the listing to mar- ket the property on behalf of the seller. The buyer, a local investor, was represented by Dean Zang , senior vice presi- dents investments in Marcus & Millichap’s Washington, DC office and Mark Taylor , senior vice president in the firm’s Philadelphia, office. “This property is a prime example of the wide spread exposure that the Marcus & Millichap platform provides to the owners of these types of as- sets,” Holland continued. “The combination of the notoriety of the property, our local market expertise, and the collabora- tion of other brokers across the country, we were able to find the best buyer and hit an impressive cap rate.” n
1301 H St. NE
represented the seller, a group of attorneys who acquired the 1301 H St. NE in 2013 with
the original intent of leas- ing the property. Feldman and Wilson also procured the
Specialization • Expertise • Results
Creating and Preserving Wealth for Our Clients, One Transaction at a Time
Chamberlayne Multifamily Portfolio Richmond, VA Closing Price: $7,500,000
IHOP College Park, MD Closing Price: $2,424,000
Church Lane Shopping Center Cockeysville, MD Closing Price: $14,000,000
Marcus & Millichap was founded on the premise of making a market for each property we represent. Our proactive and targeted marketing campaigns, combined with unparalleled relationships with private and institutional investors, enable us to close more transactions than any other investment brokerage firm. By dedicating all of our focus, resources, and training to real estate investment services, we offer an unmatched level of experience and expertise. Your next real estate decision might be one you have yet to consider. Shouldn’t you be with the Mid-Atlantic area market leader?
To access the invest market, contact the market leader. Bryn Merrey First Vice President/ District Manager (202) 536-3700 www. MarcusMillichap.com
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