12-12-14

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 26 Issue 23 Dec. 12 - 18, 2014

CitiBank and JP Morgan to join White Clay Corporate Center NAI Emory Hill leases 278,000 s/f of office space totaling over $11.6m N EWARK , DE — NAI Emory Hill has announced that

Tax Issues & Accounting

of brokerage and principal Neil Kilian, CCIM, SIOR , was the sole broker in the transactions, which together totaled more than $11.6 mil- lion. “With its strategic location in Newark and close prox- imity to the University of Delaware campus, the White Clay Corporate Center has been and continues to be a highly desirable location for the financial services industry,” Kilian said. “We are seeing an uptick in of- fice leasing activity in the greater Newark area which is a welcome sign, follow- ing the great recession, and highlights the many advan- tages Newark has to offer major employers.” n

i t h a s r e - cently leased over 278,000 s/f of office space at its White Clay C o r p o r a t e C e n t e r i n Newark, to t wo l e a d -

20-23A

Neil Kilian

ing financial institutions, CitiGroup and JP Morgan Chase, making the City of Newark a satellite financial hub second only to Wilm- ington. CitiGroup Technology just signed a lease renewal for approximately 88,000 s/f of office space at White Clay,

Bussel Realty leases 100,000 s/f

Avion Business Park

White Clay Corporate Center

while JP Morgan Chase has leased several spaces total- ing approximately 190,000

s/f at the same center to accommodate an expansion. NAI Emory Hill director

Janet Bortz, Daniel Lanni and Jeffrey Wiener handle trade of 48 luxury units Kislak completes $10.5 million sale of Village Place at Goshen Apartments in Goshen, NY

Cushman & Wakefield brokers $25.2 million sale of 317,500 s/f

more luxury rental proper- ties being built,” said Bortz.

GOSHEN, NY — The Kislak Company, Inc. an- nounced the $10.5 million sale of Village Place at Goshen Apartments, a 48-unit luxury property in Goshen, Orange County, New York. Vice presi- dents Janet Bortz and Dan- iel Lanni represented the seller. Bortz and co-managing director Jeffrey Wiener rep- resented the purchaser. “The market is changing in the lower Hudson Valley with

“Luxury liv- ing with no maintenance or real estate taxes is at- tractive to both young profession- als as well a s emp t y n e s t e r s . The Hudson Valley has rents of up t o $ 2 , 4 0 0 per month in newer rent- al construc- tion.” “The area is perform- ing well eco- n om i c a l l y a n d t h e populat i on is growing,” said Robert H o l l a n d , p r e s i d e n t a n d c o -

Janet Bortz

FC-B

Directory

DelMarVa.................................................................5-8A Financial Digest....................................................19-23A New Jersey....................................................... Section B Northern New Jersey. ............................................5-12B Pennsylvania..........................................................9-17A Central Pennsylvania............................................12-15A

Village Place at Goshen Apartments

price of $218,750, among the highest ever paid in Orange County and the Hudson Val- ley. There is strong demand among renters for this type of quality product and there is similarly strong demand among investors to acquire this type of product.” Built in 2009, Village Place at Goshen features large, 1,300 s/f apartments. The property is located 30 min- utes from the New York-

New Jersey border with easy commuting access to Bergen County in New Jersey, Rock- land and Westchester Coun- ties in New York, and New York City ” The seller was represented by Debra Schulman, Esq . The purchaser was repre- sented by Edward Bortz, Esq. Financing was provided by Columbia Bank . At the time of closing, the property was 98% occupied. n

Daniel Lanni

Upcoming Spotlights December 19, 2014 Annual Review

Jeffrey Wiener

managing director. “Our sales team achieved a per unit sale

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Inside Cover A — December 12 - 18, 2014 — M id A tlantic

Real Estate Journal www.marejournal.com PRIME DEVELOPMENT CORNER SCRANTON, PA CBD

• 11,000 SF Corner At Wyoming Avenue (70’) and Linden Street (160’) • Walking Distance to Three Colleges • Zoning Permits both Residential, Retail and Commercial Uses • Within Two Blocks of Municipal, County, State and Federal Offices • Public Parking Garage Across The Street • Walking Distance to Steamtown National Railroad Museum and The Lackawanna Heritage Valley Trail System • Downtown is Experiencing Continuing Demand for Urban Living From Students, Millenials and Older Boomers • Preliminary Design Featuring a Six Story Building With 45 Apartments And First Floor Retail • Possible Bank or Casual/Fast Food Site • Value Priced

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Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Section Publisher .................................................................... Steve Kelley Associate Publisher .............................................................Alissa Aronson Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Contributing Columnists ........ Steve Bussel, Bussel Realty Corp.; Beverly Blum, DesignWorkBuild; Jeffrey Furey & Matt Dolly, Transwestern NJ 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 23 Subscription rates: $99 - one year, $198 - two years, $4 - single copy

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Will current demand lease at new construction pricing? Steve Bussel, SIOR

J.D. Parker Manhattan

Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700

I n the last three quarters, the Northern/Central New Jersey industrial market has seen phenomenal leasing and sales activity. Net absorption and demand accompanied by an ever dimin- ishing supply of quality prod- uct has created an increase in leasing and sales prices. It has been a great ride in 2013, but much of this leasing absorption has been of exist- ing product at pricing that seems a bargain compared to where rental rates are today. Especially compared to prices of new construction. This begs the question: With the pace of new con- struction delivering 8 mil- lion square feet of brand new product in 2014 priced at between $6.50 and $10 per square foot NNN, is the market able to absorb this product at these much higher price points? In the past several quarters, existing availabilities were leased at rates, on average,

(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000

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The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

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with a spread of $2-3 per- square-foot lower compared to new construction. At what point will tenants be priced out of the market? With new construction costs roughly between $50-$80 before land costs, it is understandable that landlords need to charge this premium. However, this may present an interesting dilemma in the New Jersey marketplace going forward. As always, supply and demand are the driving forces. We’ll have to see over the next several quarters if new construction pricing can hold up. Certainly, the effi-

ciencies that the new product with 36’ clear ceiling heights presents is a supremely im- portant selling point. On a final note, look for market strength to continue into the next several quarters as the economy continues to improve. The wave of new construction product hitting the market this year and in 2015 will surely improve the market’s supply of quality product and raise overall ask- ing rates for all classes – A, B and C – in general. Steve Bussel is the presi- dent of of Bussel Realty Corp. n

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M id A tlantic R eal E state J ournal Newmark Grubb Knight Frank reps both parties Rubenstein Partners and Onyx Equities announce 61,676 s/f lease

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ASKING RIDGE , NJ — Rubenstein Partners, LP , a ver- tically integrated real estate investment manager special- izing in value-added office property opportunities in the Eastern half of the United States, together with partner Onyx Equities , announced a 61,676 s/f lease with Avaya, Inc. at 211 Mount Airy Rd. in Basking Ridge. Stephen Card of Rubenstein Partners and John Saraceno of Onyx Equities made the announce- ment. Affiliates of Rubenstein and Onyx acquired the 305,000 s/f property from Avaya in 2013. The transaction was arranged as a sale-leaseback, through which Avaya would continue to occupy a portion of the building for a short term while main- taining flexibility to search for a long-term real estate solution in the surrounding market. Following the acquisition, the Rubenstein/Onyx partnership created a redevelopment plan to thoroughly modernize the early 1980’s vintage building in this highly desirable subur- ban office submarket. “The property was class A when built, but it really needed some strategic investment to maintain that status in today’s marketplace,” said Card. “As we progressed through our plan to upgrade the aesthet- ics and amenities, Avaya ex- pressed an interest in making a longer-term commitment. We’re extremely pleased with that outcome given Avaya’s history at this location and its standing in the local business community. We feel we un- locked the hidden value of the asset, which is what we aim to do with every investment.” 211 Mount Airy Rd. features headquarters-quality ameni- ties, including a full cafeteria and state-of-the-art fitness facilities. The property also features a 127-seat auditorium and conference center on-site. Both Avaya and Rubenstein/ Onyx were represented by Newmark Grubb Knight Frank . n B

211 Mount Airy Rd.

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M id A tlantic R eal E state J ournal 40,000 s/f Saint James Square shopping center Katz Properties announces $4.1 million acquisition

AGERSTOWN, MD — Katz Properties of New York has ac-

quired the 40,000 s/f Saint James Square shopping center in Hagerstown for $4.1 million. Saint James Square, located at the intersection of Sharps- burg Pike and College Rd., is currently 100% occupied and is anchored by a 33,000 s/f Food Lion supermarket. The property is 5.74 acres and is located approximately one mile from I-70. Saint James Square is Katz Properties’ third recent ac- quisition in Maryland, joining Giant at Milford Mill in Balti-

Saint James Square

more County and Golden Ring Plaza in Rosedale. Daniel Katz , a principal of Katz Properties said, “We continue to actively seek op- portunities in Maryland, even away from Baltimore County and Metro DC, and remain focused on deals with strong fundamentals, ideally grocery anchored shopping centers.” Eric Wolf , a managing director of Katz Properties, said “We have solidified our local management presence around our growing portfolio, and we’re well positioned to continue expanding in this region.” Mortgage financing for Saint James Square was arranged by Tim Breda of Goedecke & Co . Paul Rumley of Met- ro Commercial Services represented the seller in the transaction. Leasing and property man- agement services will be pro- vided by Winslow Property Management , an affiliate of Katz Properties. n PWC Holiday Gala honors three NEW YORK, NY — On Friday, December 5, 2014, Professional Women in Construction (PWC) will usher in its 35th anniver- sary at its annual Black Tie Holiday Dinner Dance gala at The Yale Club Ballroom, 50 Vanderbilt Ave., in New York City from 7 pm until midnight. The event will pay tribute to guests of honor Jeannie Kwon , chief of staff, MTA Capital Construction and Caroline Weiss , associate principal, Weidlinger As- sociates . Special guest will be Michael Horodniceanu , president, MTA Capital Con- struction. n

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184-room Radisson in MD sells for $56,800 per room Marcus & Millichap sells Radisson hotel for $10.45m

Laurel Commerce Center is 100% leased Finmarc Mgmt. acquires 58,609 s/f bldg. for $6m

L ARGO, MD — Mar- cus & Millichap an- nounced the sale of the Radisson Largo-Washington, DC, a 184-room hotel in Largo. The $10.45 million sales price equates to $56,800 per room. David Greenberg , vice president investments in Marcus & Millichap’s Fort Lauderdale office, along with Jonathan Ruprai , senior as- sociate, and Dennis Hopper , associate, both in the firm’s Tampa office, represented the seller, Philadelphia-based AMC Delancey. Gordon Allred , first vice president in- vestments in Marcus &Millic- hap’s Ontario, Calif. office, and Karianne Cibello , associate in the firm’s Washington, DC office, represented the locally based buyer. “Our strategic marketing campaign produced numer- ous offers, and ultimately VIRGINIA BEACH, VA — Michael Divaris , presi- dent of Divaris Real Es- tate, Inc. , announced that Armada Hoffler Properties has sold the Virginia Natural Gas Building to an undisclosed purchaser for $8.9 million ($287 p/s/f. The 31,000 s/f office building is fully occupied by Virginia Natural Gas, Inc. The prop- erty, which was constructed by Armada Hoffler as a build-to- suit for Virginia Natural Gas in 2010 for their headquarters operations, was under a long- term lease to the firm at the time of sale. The building is located at 544 South Indepen- dence Blvd. within Lakeview Corporate Park in Virginia Beach. Alex Divaris, CCIM , vice president, and Jason Oliver, CCIM , senior associate, of Di- varis Real Estate's investment sales group, together with Michael Divaris, represented the seller, Armada Hoffler Properties. The sale reflects a capitalization rate of 6.25% on

11 Dupont Circle

Laurel Commerce Center

mixed-use Towne Centre at Laurel project featuring Prince George’s County’s first Har- ris Teeter. Laurel Commerce Center is within close proxim- ity to MD Routes 198 and 295 (Baltimore-Washington Park- way) and Cherry Lane. “Our team is extremely im- pressed with the retail and business momentum derived from the Prince George’s Coun- ty marketplace over the past several years,” said Marc Sol- omon , principal of Finmarc. “The MD Route 1 corridor re- mains a dense and highly-trav- eled region. Projects such as the recently-improved Towne Centre at Laurel encourages new businesses and residents to enter the market and, sub- sequently increases consumer and business traffic in our trade area. We are constantly searching for new acquisition opportunities to expand our portfolio.” n Maple Lawn is a 600-acre mixed-use business commu- nity that, upon completion, will consist of more than 1.8 million s/f of commercial of- fice space in the commercial district, a residential compo- nent containing more than 1,300 housing units and a full- service hotel with conference center. Approximately 700,000 s/f of commercial office space, research and development/flex space, medical buildings and retail uses in a “Main Street- style” environment currently exists in the community. In addition, more than 1,000 residential units ranging from condominiums to estate homes have been constructed. n

LAUREL, MD — Fin- marc Management, Inc. , a Bethesda, Maryland-based commercial real estate firm, has announced the purchase of Laurel Commerce Center, a 58,609 s/f industrial building located in the Laurel section of Prince George’s County, Mary- land for $6 million. The project is located at 14709 Baltimore Ave. and is currently 100% leased to thirteen tenants. Nathan Pealer of Marcus & Millichap represented the seller, Laurel Commerce Cen- ter, LP, an entity controlled by the Fernebok family and Finmarc Management, Inc. was self-represented in this transaction. Built in 1986, Laurel Com- merce Center features a mix of predominantly automobile-re- lated retailers and repair ser- vices companies. The building is situated directly across Rte. 1 from the newly-remodeled, HOWARD COUNTY , MD — Cisco Systems, Inc. has signed a lease with St. John Properties, Inc. and Greenebaum Enterprises, Inc. for 97,128 s/f of space at 8135 Maple Lawn Blvd., a recently-completed four-story, 131,257 s/f class “A” office building located in the Maple Lawn business community in Howard County. Sourcefire employees are expected to move into the building in phases as inte- rior construction is completed, starting in summer 2015. With this Cisco lease the building is now 90% leased. In response to strong demand for Maple Lawn office space, St. John Properties has initiated con- struction on 8115 Maple Lawn

Radisson Largo-Washington, DC

an attractive sales price for the seller,” said Ruprai. “The seller capitalized on healthy market conditions and the opportunity to reposition to a superior brand.” “Acquired at a discount to replacement cost, the property gives the new owner several

options, including continuing to operate the hotel as a Radis- son, rebranding to a different flag, or converting the hotel to an alternative use,” said Allred. The property is located at 9100 Basil Court off the Capi- tol Beltway at Exit 17A. n

Divaris brokers sale of Virginia Natural Gas Building for $8.9m

St. John Properties leases 97,128 s/f at 8135 Maple Lawn Blvd. to Cisco Systems Blvd., a four-story, 138,990 s/f class “A” office building.

544 South Independence Blvd.

in-place income. Armada Hoffler Properties is a full-service real estate in- vestment trust with extensive experience developing, build- ing, owning and managing high-quality, institutional- grade office, retail and multi- family properties in attractive markets throughout the Mid- Atlantic states.

Virginia Natural Gas serves more than 275,000 residential, commercial and industrial cus- tomers in southeastern Virgin- ia. Virginia Natural Gas is one of the fastest growing natural gas distribution companies in the country. Its parent com- pany, AGL Resources, is one of the nation's preeminent distributors of natural gas. n

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SEEKING RETAIL PROPERTIES on the EAST COAST

ST. JAMES SQUARE • Hagerstown, MD November 2014

GLOUCESTER TOWN CENTER • Sicklerville, NJ October 2014 GLOUCESTER TOWN CENTER • Sicklerville, October 2014

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Real Estate Journal — December 12 - 18, 2014 — 7A

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Commercial-Industrial Realty Council Join CIRC Now and Get Great Value! Great CRE Events ...Cont. Education...Speakers...Networking www.circdelaware.org

Schedule of Upcoming Events Jan. 14, 2015 (Wed.) R.E. Continuing Education * Mod. 2 / Ethics in Real Estate (8.30 a.m.) Mod. 3 / Contracts/Contract Law (1:30 p.m.) DE, MD, PA, NJ credits...detaila online. Jan. 14, 2015 (Wed.) Monthly Lunch Meeting Clarion Hotel-The Belle

2014 Board of Directors President John Birmingham Cushman & Wakefield Vice President Bert Root Harvey Hanna & Associates Treasurer Katherine L. Silicato, CPA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates Directors /Committee Education Chair: Dan Lesher Patterson Woods Associates Legislative Chair: J. Gregory Ellis Patterson-Woods Associates Program Chair: Donald Robitzer The Commonwealth Group Membership Chair: James Manna MidCoast Community Bank Benjamin J. Berger, Esq. Berger Harris, LLC Jim O’Hara, Jr. NAI Emory Hill-Retail Div. Rachael Justice ATAPCO Christiana Marvin Sachs Bellevue Realty Co. BrightFields, Inc. Jeremy Abelson C. S. Kidner & Associates Economic Dev. Liaisons New Castle County Chamber Bob Chadwick NCC Ec. Dev. Council State of Delaware David Archer DEDO NCCo. Rep. City of Wilmington Jeff Flynn Office of Economic Dev. Contact Us www.circdelaware.org (302) 633-1705 janet@circdelaware.org Ex-Officio Members Business Manager Janet S. Pippert CIRC / Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner

Organization Presidents: CCIM: Phil Earley ; CCIM

Feb. 11, 2015 (Wed.) Economic Forecast Luncheon

SIOR: Cathryn Coate , SIOR; CIRC: John Birmingham , III; TriState RCA: Louis Battagliese , SIOR, CCIM

Clarion Hotel-The Belle Mar. 11, 2015 (Wed.)

There are great reasons to join all of these organizations!

R.E. Continuing Education * Mod. 1 / Fairhoursing/Agency/Ethics Mod. 6 / R.E. Investment Fundamentals * Visit us on the web for more information on provider and credits for DE*MD*PA*NJ: circdelaware.org/education/schedule.cfm

Annual Joint Dinner a Big Success! SIOR * CIRC * CCIM * TriSTate RCA

Presidents and members of four commercial real estate organizations came together at Harry's Savoy Ballroom on November 20 th for their annual "Joint Dinner" holiday party. A crowd of over 115 members enjoyed networking, talking with sponsors, and hearing from our keynote speaker: William- Hankowsky, president, chairman, and CEO of Libery Property Trust. Bill presented a candid, inside look at the decision making involved with one of

the country's foremost REITs and how the real estate business is being impacted by today's digital world.

Emily Drake, NAI Emory Hill, (?), Joe Rossi, Env. Alliance

Ted Williams, Landmark Science & Eng., Rob Stenta, Pettinaro, Jeremy Abelson, MidCoast Community Bank

Women in the middle, from left: Janet Killian, Gemini Janitorial, and Lorraine Sheldon, NAI Emory Hill.

Top: Joe Allen of Sonitrol Securty chatting with Raquel Ramos, of Dare Living

Is that "Marvin in the Middle" between Raquel & Liza from Dare?

Photo left: Clay Greer, Jed Hatfield, Dave Hill, Margo Reign. Photo right: Dan Johnson, Tom Mamarella, Greg Ellis

These men represent the good times had by all at the Joint Dinner! "Not sure who they are...but I want what they're having! " 

JOINT DINNER SPONSORS

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D el M ar V a

ELAWARE — Har- vey, Hanna & Asso- ciates, Inc. (HHA) is For their Lighthouse Cove Redevelopment Press Kit Harvey Hanna wins the prestigious MarCom Award D

Harvey Hanna & Associ- ates joins Tipton Commu- nications, Gillespie Hall PR Firm, Jewish Federation of DE and Winterthur Muse- um as 2014 awardees from Delaware. The competition receives entries from a wide variety of industries such as PR firms, corporate marketing and communication depart- ments, production companies and ad agencies. The MarCom competition, grown to over 6,000 entries worldwide, hon- ors the excellence, creativity, hard work and generosity of marketing and communication

professionals. This is the third 3rd con- secutive award recognizing the Lighthouse Cove Redevel- opment Press Kit in 2014 for Harvey, Hanna & Associates. HHA previously received a First Place Award in Delaware Press Association’s Communi- cations Contest and a Second Place Award in the National Press Federation Communica- tions Contest. “We are honored to accept this international award from MarCom for our redevelop- ment project in Dewey Beach,” said Ryan Kennedy , director of marketing for HHA. “We use the Lighthouse Cove press kit for presentations with potential investors, dignitar- ies, retail partners and media outlets. It serves as a pivotal marketing tool for our redevel- opment in Dewey Beach, one of the largest private sector projects in Delaware,” Ken- nedy said. Lighthouse Cove Dewey Beach is a multi-phase, mixed- use redevelopment project owned by Dewey Beach Enter- prises (DBE). HHA serves as managing partner and agent for the redevelopment. n NAI KLNB selects Wright as sales and leasing associate BALTIMORE, MD — NAI KLNB , the office and indus- trial brokerage division of tor, brokerage for Cushman & Wakefield of Maryland, Wright brings more than 16 years of real estate experience to the company. In his new position, Wright will specialize in the sale and leasing of industrial and ware- house buildings, as well as dis- tribution and logistics centers throughout Baltimore City and Baltimore, Harford and Cecil Counties. This includes representing both landlords and building owners to identify leasing prospects, as well as advising users of office, flex and industrial space to select appro- priate real estate locations. n Chris Wright KLNB, LLC, has selected Christopher Wr i ght as a sales and leasing as - sociate in its B a l t i m o r e office. For- merly direc-

the proud recipient of a 2014 GOLD MarCom Award for its Lighthouse Cove Redevelop- ment Press Kit in the Media Kit/Service Launch Category of the International MarCom Awards competition. HHA is one of five Delaware compa- nies to win this prestigious award across the international competition in 2014. The Gold Award is presented to those entries judged to exceed the high standards of the industry norm.

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President Steve Bussel was responsible for the transaction and represented the tenant Bussel Realty Corp. leases 100,000 s/f to Poly Cube Company in Levittown, Pennsylvania L EVITTOWN, PA — Bussel Realty Corp. (BRC) , a corporate transaction and represented the tenant. Frank Greek Development is the owner of the property. Runway Drive in Levittown is a class A industrial facility that sits on 12 acres.

and indus- t r i a l r e a l estate ser- vices firm in New Jersey announced Poly Cube C o m p a n y has leased 100,000 s/f

Built in 1991, the property offers 28 foot ceiling heights, 40 feet by 42 feet column spacing, wet sprinklers, six tailboard and four rail doors for loading and ample park- ing. The property is near the in- tersection of I-276 and Route 13 and is in close proximity to I-295 with access to New Jersey and the New Jersey Turnpike. n “There is a strong demand in the market for modern indus- trial buildings in the 25,000 to 60,000 s/f size range,” said Marshall Soss, president and CEO of KarMar Realty Group. “The 10.5 acre site also allows for future expansion of the building”. “The building has direct ac- cess to Route 322 and Chich- ester Avenue and is minutes from Route 452 and Interstate 95,” said Justin Soss , execu- tive vice president and COO of KarMar Realty. The selling price was $4.2 million. n

“The class A space and stra- tegic location of the property in Levittown made perfect sense for Poly Cube’s plastic manufacturing business op- erations,” said Bussel. “We were happy to assist with helping the company locate a facility which will best serve the needs of its customers in the region.” Totaling 201,600 s/f, 30

Steve Bussel

HI-LIGHTS DECEMBER 12 - 18, 2014 of industrial space at 30 Runway Drive in Levittown. President Steve Bussel of BRC was responsible for the RIDC sells 68,000 s/f 2000 Technology Drive in Pittsburgh SPOTLIGHT Central PA 12-15A

30 Runway Drive

Karmar Realty brokers sale of 54,000 s/f property in Boothwyn, JLL represents seller, PX Properties

BOOTHWYN, PA — Kar- Mar Realty Group, Inc. rep- resented the buyer, Neltson Edison LP in the acquisition of a 53,733 s/f property in Boothwyn, PA. Jim McCahon of Jones Lang LaSalle (JLL) , represented the seller, PX Prop- erties LC. The property, located at 5 Chelsea Parkway, sits on 10.5 acres. The building was pur- chased as an investment with long term leases in place. Ac- cess Information Management occupies 47,233 s/f and Priority Express Courier leases 6,500 s/f. LANSDALE, PA — HLC Equity has purchased an 11,180 s/f property, located on a 1.2-acre pad at 10 W. Main St. in Lansdale. According to CoStar data, the purchase price was $4.063 million. The tenant, Rite-Aid, cur- rently occupies the building under a long-term triple-net- lease. The retail property was built in 1998. It receives a large amount of foot traffic as a result of its proximity to the Lansdale SEPTA rail station and other adjacent retail busi- nesses. In addition to its loca- tion, within walking distance of mass transit, the property also sits at a hard-signalized

5 Chelsea Parkway

10 W. Main St. “In this transaction, we were able to purchase an asset with a solid national tenant that has demonstrated a commitment to the property,” said Daniel Far- ber, Executive Vice President, HLC Equity. “This investment aligns with HLC Equity’s time- tested strategy of purchasing well located assets in core markets. The property was attractive given its transit-ori- ented location, its position as a primary street-retail corner amongst other local retailers, and the Lansdale community’s comprehensive master plan, which we feel will eventually make Lansdale an even more desirable place to live.” n HLCEquity purchases Rite-Aid totaling $4.063m in Lansdale intersection and offers off- street parking. Lansdale is a densely pop- ulated, upper-middle-class bedroom community in subur- ban Philadelphia. More than 14,000 people reside within a single-mile radius of the Rite- Aid store, This provides a large and long-standing customer base, and due to the town’s growth, its government is in the process of building a new, multi-million-dollar municipal center one block from the Rite Aid property.

11A

CREW Lehigh Valley Celebrates 10th Annual Meeting

16A

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10A — December 12 - 18, 2014 — Pennsylvania — M id A tlantic

Real Estate Journal

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How Cambridge-Lee went to market faster in Greater Reading.

P ennsylvania

ATFIELD, PA — Marcus & Millic- hap Capital Corp. For a mixed-use development project in Hatfield, PA Rosenberg ofMMCCarranges $7.65 million bridge loan H

ect in Hatfield. Matthew Rosenberg , as- sociate director in MMCC’s Philadelphia office, arranged the financing. “Our client needed to fund site improvements that would add significant value to the property, but the existing lender was unwilling to in- crease their loan amount,” said Rosenberg. “We analyzed the client’s needs and MMCC identified a regional lender that provided a bridge- to-

perm loan that would both replace the existing mortgage and provide the owner with additional proceeds. We ar- ranged 18 months of inter- est-only financing through the construction phase. After that, the loan converts to a permanent loan,” Rosenberg concludes. The loan was structured with an 18-month initial term, an 18-month extension and an interest rate of 4.25 percent. The LTV is 65 percent. n

(MMCC) , a provider of commercial real estate f i n a n c i n g and capital markets ex- pertise, has a r r a n g e d $7.659 mil-

When copper tube manufacturer Cambridge-Lee Industries decided to expand operations, they chose to build a new plant in Greater Reading. More than just an affordable, strategic location in southeastern Pennsylvania, Greater Reading gave them access to a skilled workforce, a choice of excellent properties, and a well-connected business community that streamlined the approval process—so they could break ground months ahead of schedule. Discover greater possibilities. Visit GreaterReading.com.

GreaterReading.com • (610)376.4237 Be something greater.

MatthewRosenberg

lion in bridge financing for a mixed-use development proj-

chased the 4,130 office/retail building at 5943 Linglestown Rd., Lower Paxton Twp. where NAI CIR completes 9,880 s/f sales and leases The Bill Gladstone Group of NAI CIR represented the property owner and Joseph Bedard of NAI CIR repre- sented 510 North Third LLC. Holcomb Chiropractic Cen- ter has leased 1,400 square feet of space at 744 East Choc- olate Ave., Derry Twp.

LOWER PAXTON TWP., PA — Rosewein Realty will relocate their offices to 510 N. 3rd St., Harrisburg, a 4,350 s/f of- fice building downt own . Th e s pa c e h a s b e e n p u r c h a s e d by 510 North Third LLC. ML Ever- est Real Estate, LLC has pur- Ida McMurray

./0123.. 256.7" 81 9 .6: 7; 9<.6"

they current- ly maintain their offices. I da Mc - Murray of NA I C I R represented ML Everest Real Estate and Bayhill P a r t n e r s ,

McMurray represented Hol- comb Chiropractic Center and Wilay Boensch of LMS Commercial Real Estate represented Kingston Family Trust, the property owner. n

Joseph Bedard

LLC, the property owner.

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Real Estate Journal — Pennsylvania — December 12 - 18, 2014 — 11A

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M id A tlantic

P ennsylvania

Tech Dr. Partners, LLC buys 4-story office building RIDC sells 68,000 s/f 2000 Technology Drive in Pitts. P

IndustRIAL I OffICE I REtAIL I InvEstmEnt I muLtI fAmILY

ITTSBURGH, PA — RIDC announced the sale of its Pittsburgh Technology Center building at 2000 Technology Dr. to Tech Dr. Partners, LLC. RIDC built the 4-story 68,000 s/f office building in 1997. The building is 100% occupied with multiple tenants including the Pitts- burgh Technology Council. The building sits on 3.86 acres and contains 200 parking spaces. 2000 Technology Dr. was an early catalyst for the Pitts- burgh Technology Center re- development, which was one of the first brownfield redevelop- ment projects in the State. A true partnership, the Pitts- burgh Technology Center was a collaborative project between the Urban Redevelopment Au- thority of Pittsburgh, RIDC, the City of Pittsburgh, Carnegie Mellon University, the Univer- sity of Pittsburgh and the Com- monwealth of Pennsylvania. “This redevelopment project led to the Pennsylvania Land Re- cycling Act, a nationwide model for brownfield redevelopment” said Tim White, VP Develop- ment, RIDC. Site remediation and infra- structure started in the late 1980s, with three buildings constructed in the early 1990s by University of Pittsburgh, Carnegie Mellon University and RIDC. In 1997, RIDC built 2000 Technology Dr.. “Univer- sity-community partnerships to support the growth of corporate and university collaborations were a key driver in the rede- velopment of the PTC and the revitalization of the Pittsburgh regional economy” indicated Dr. Don Smith , president, RIDC. “With this building, The Oakland Alliance – a consor- tium of the Pittsburgh Technol- ogy Council, The Enterprise Corporation of Pittsburgh, The Ben Franklin Technol- ogy Partners (with Enterprise Corporation now known as In- novation Works), and the SW PA Industrial Resource Center (now Catalyst Connection) – came together with RIDC to advance this key brownfield redevelopment project.” The successes of today’s Pittsburgh were built on part- nerships like the one that came together to redevelop the Pittsburgh Technology Center, not only redeveloping a brownfield but connecting to the new economy and boosting the confidence of the people of Pittsburgh. n

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2000 Technology Drive

Mid Atlantic Real Estate Journal 2014 Annual Review We are inviting industry leaders to be part

of our “year book”. We will preview the top

headlines with photos of your top executives.

Please take this opportunity to review your success.

Publication Date: December 19, 2014 Deadline: December 17, 2014

Allison Aronson or Account Representative 781-871-5298 ext. 202 aaronson@marejournal.com

12A — December 12 - 18, 2014 — Pennsylvania — M id A tlantic

Real Estate Journal

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M id A tlantic P ennsylvania S potlight C entral Posavec represents landlord, Vartan Group, Inc. in 3705 Harrisburg lease Landmark Commercial Realty, Inc. orchestrates 36,308 s/f in Central PA

Real Estate Journal — Pennsylvania — December 12 - 18, 2014 — 13A

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ENRAL, PA — Land- mark Commercial Realty completes the following transactions in Cen- tral NJ: • Keystone Service Systems, Inc. recently leased an office space located at 3705 Elmwood Dr. in Harrisburg. Chuck Heller of Landmark, Commer- cial Realty, Inc. represented the tenant. Thomas Posavec of Landmark Commercial Realty represented the landlord, Var- tan Group, Inc. (Susquehanna Twp/ Dauphin Co.) • CFACT Consulting recently leased an office space located at 1011 Mumma Rd. in Worm- leysburg, PA. Posavec and Roy Brenner of Landmark Commercial Realty negotiated the lease on behalf of both the tenant and landlord, 1011 As- sociates, LLC. (Cumberland Co/ Wormleysburg Borough) • CJ Tire Service recently leased 16,272 s/f of warehouse space at 1549 Bobali Dr. in Harrisburg, PA. Jason Grace, CCIM,SIOR, SVP of Land- mark Commercial Realty ne- C YORK, PA — 2,607 s/f retail space at 2207 Marietta Ave. in Lancaster. Recumbent Cycles of Lancaster leased the prop- erty from Rohrerstown Square Partners LP. Abe Khan and Jeff Herr of Bennett Williams represented both the tenant and the landlord. 2,956 s/f storage space at 2359N. ShermanSt. inYork. JJ Cards N Toys leased the prop- erty from Barb Kuhn . Chad Stine , Brad Rohrbaugh and Khan of Bennett Williams rep- resented both the tenant and the landlord. 2,455 s/f retail space at Her- shey Square, Rte. 39 and Mae St. in Hummelstown. Spring Communication Holding Inc. leased the property from Her- shey Square 2014, LP. Stine and Rohrbaugh represented the tenant. 1,863 s/f retail space at 2085 Fruitville Pike in Lancaster. Primo Hoagies leased the prop- erty from SKL Properties. Stine, Rohrbaugh and Khan

Wears Like New will be relo- cating their current Lemoyne store. Drew Bobincheck, CCIM negotiated the lease transaction on behalf of the owner. (Lemoyne Borough/ Cumberland Cty.) • James O Bower Jr. recently purchased an 8500 s/f of prop- erty located at 5115 E Trindle Rd. inMechanicsburg. Heller of Landmark Commercial Realty represented the seller, Black Commercial Services. (Hamp- den Twp./ Cumberland Cty.) • RRTS Properties, LLC re- cently purchased a commercial property located at 1029 Scen- ery Dr. in Harrisburg. Brenner represented the buyer. Laura Martin of Latus Commercial Realty represented the seller, Kathleen Carey Daley. ( Lower Paxton Twp/ Dauphin Cty.) • WG Hall recently leased an office space located at 717 Mar- ket St. in Lemoyne. Posavec negotiated the lease on behalf of both the tenant and the land- lord, 717 Market Associates. (Lemoyne Borough/ Cumber- land Cty). n 2,436 s/f retail space at Rich- mond Square, 608 Richmond Dr. in Lancaster. Our House Cafe leased the property from Wetherburn Town Center. Khan and Herr of Bennett Williams represented both the tenant and the landlord. 1,200 s/f retail space at Gate- way Square, 105 Gateway Dr. in Mechanicsburg. YoFresh Yogurt leased the property from Lester Associates. Stine and Rohrbaugh represented the tenant. 1,212 s/f retail space at Del- phia Plaza, 300 E. Philadelphia St. in York. China Kitchen leased the property from CFR Realty. Stine, Rohrbaugh and Khan represented both the ten- ant and the landlord. 7.315 s/f retail building oc- cupied by Banana Max, sold at 2860 Whiteford Rd. in York. MFL Realty, LLC purchased the property from Gregcoh. Stine, Rohrbaugh and Khan represent- ed both the buyer and seller. n

gotiated the transaction on behalf of the tenant and the landlord, East Shore Associ- ates, LLP. (Swatara Twp./ Dauphin County.) • Pilot Air Freight Corpora- tion recently signed a long term lease at 2751 Turnpike Indus- trial Dr. in Middletown. Grace negotiated the transaction on behalf of the landlord, Heart- land Realty, LLC and Brenner

represented the tenant. (Lower Swatara Twp/ Dauphin Cty.) • Wilson Construction As- sociates, LLC has leased 5400 s/f of office/warehouse space at 1051 Hummel Ave. in Lemoyne for the trust of Max C Hempt. Andy Kohr and Dave Rem- mel handled the lease trans- action. (Lemoyne Borough/ Cumberland Cty.) • Protection Services, Inc.

recently leased 6136 s/f of office space located at 1011 Mumma Rd. in Wormleysburg. Posavec negotiated the lease on behalf of both the tenant and the landlord, 1011 Associates, LLC. (Wormleysburg Borough/ Cum- berland Cty.) •Wears Like New, Inc signed a long term lease with the own- ers of the shopping center at 1215 Market St. in Lemoyne.

Bennett Williams Realty, Inc. executes 22,044 s/f in transactions represented the tenant.

Hershey Square

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