2A — April 29 - May 12, 2016 — M id A tlantic
Real Estate Journal
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1031 Crowdfunding......................................................... 15C Advantage Engineers...................................................... 10B AGM Property Management Corp.................................. 14B Alston Construction........................................................... 2B American Anchor............................................................. 11B American Architectural Window & Door......................... 1B Apex Realty Advisory........................................................ 5C ARROW Steel. ................................................................. 26B AW Meyer........................................................................ 27A Azarian Realty Co.. ......................................................... 15A Barley Snyder.................................................................... 3C BEHR Building Services................................................ IC-B Bennett Williams Commercial........................................ 14A Berkadia......................................................................... BC-A Bohler Engineering......................................................... 16A Capitol Aerials................................................................... 2B Capstan Tax Strategies..................................................... 9C CBRE................................................................................ 26A Chiesa Shahinian & Giantomasi.................................... 24A Circuit Breaker Sales NE. .............................................. 17B Complete Property Restoration...................................... 16C Crystal Window & Door Systems..................................... 8B Earth Engineering, Inc. .................................................. 16B EB Cohen........................................................................... 6B Elliott-Lewis. ..................................................................... 7B Environmental Systems.................................................. 27A Exchange Solutions......................................................... 17C Fowler Route Co................................................................. 32 Green Partners LLC........................................................ 24B Hillcrest Paving & Excavating....................................... 27A Hillmann Consulting....................................................... 12C Hollenbach Construction................................................. 21B Hutchinson Mechanical Services.................................... 25B Integrated Business Systems. .......................................... 5B Investors Real Estate Agency......................................... 27A IREM................................................................................ 21B Jersey Infrared Consultants........................................... 19B Kaplin|Stewart............................................................... 13C Kay Commercial Realty.................................................. 27A Landmark Science & Engineering.................................. 20B Larken Associates........................................................... IC-C M. Miller & Son................................................................. 3B Marcum............................................................................ 27A Marcus & Millichap.............................................. 27A, BC-C Meridian Capital Group...............................................IBC-C Monmouth University..................................................... 10C NAI James E. Hanson..................................................... 11C NAI Mertz........................................................................ 14C NAI Summit...............................................................27A, 4C National Realty & Development Corp.............................. 6A Nave Newell....................................................................... 7A NJAA............................................................................... IC-A NorthMarq Capital............................................................ 1C P. Cooper Roofing. ......................................................... BC-B Pfister Roofing. ................................................................ 20A Poskanzer Skott Architects............................................... 4B Premier Compaction Systems......................................... 27B RD Management......................................................... 12-13A Real Property Capital........................................................ 2C Red Marketing Communications...................................... 6A Redwood Realty Advisors.................................................. 7C Rittenhouse Capital Advisors......................................... 10A ROCK Commercial Real Estate...................................... 18A Silbert Realty & Mgmt. Co.............................................. 11A Specialty Building Systems ........................................IBC-B Stark & Stark.................................................................... 9A Stout & Caldwell............................................................. 15B Subway............................................................................... 8A TDK Commercial Advisors. .............................................. 4A The Blau & Berg Co.. ........................................................ 6C Total Cleaning Associates LTD........................................ 2B WBG Commercial Lending............................................. 27A Weiss Realty.................................................................... 17A Williams & Williams Auctions.......................................... 3A WithumSmith + Brown................................................... 19C MAREJ A dvertisers D irectory
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant/Graphic Artist ............................... Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher ...................................................Eric Ballenger Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Office Manager .........................................................Joanne Gavaza Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 28 Issue 8 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
Ronald Shapiro
Ask the Professor
R egardless of whether you work in or with residential or com- mercial real estate, under- standing legal concepts and terminology is critical. Transactions involving land- lords and tenants, borrowers and lenders and owners and third party service provid- ers (brokers, engineers, ap- praisers, lawyers, etc) are all detailed and structured in one or more legal docu- ments which contain the role and responsibilities of the parties. This question pertains to a legal term used in commer- cial real estate finance and pertains to the repayment of the debt. QUESTION: Individual borrowers who exhibit excellent credit, out- standing financials, and a solid record of paying back their loans on time may be
able to negotiate a non- re- course loan. What does the term “non-recourse” mean? A. The property will not have any risk of loss of cash flow. B. The borrower is contrac- tually obligated to repay the debt no matter what happens to the market value of the property. C. The borrower has no re- sponsibility to repay the debt. D. The borrower can trans- fer the loan obligation upon the sale of the collateral Twp. Ida McMurray repre- sented the property owner, Jack Makdad, and The Bill Gladstone Group represented Derry Tire & Auto. Meridian Recycling Limited purchased three warehouse buildings totaling 15,300 s/f at 3243 Pennwood Rd. in the city of Harrisburg. The Bill Gladstone Group represented Meridian Recycling Limited. Jack Shepley, SIOR of Lee & Associates represented the seller, George Irwin. Rutter’s Farm Stores has purchased 18.5 +/- acres of land located in Port Royal, Juniata County. The site
property.
ANSWER: C. The borrower has no re- sponsibility to repay the debt. Ronald M. Shapiro is Assis- tant Professor of Professional Practice in the Finance and Economics Department at Rutgers Business School of Newark and New Brunswick where he teaches real estate finance. Prior toRutgersBusi- ness School, Ron was SVP with Union Center National Bank. n A Child’s Eye purchased a 3,058 +/- s/f office building at 4705 E. Trindle Rd., Hampden Township. The Bill Gladstone Group represented the sell- ers, Ryan and Valerie Priest. Sherry Portanova of ReMax First Advantage represented A Child’s Eye. Alexander Building Con- struction, LLC has leased 7,500 +/- s/f of flex space at 3525 N. 6th St., Susquehanna Town- ship. The Bill Gladstone Group handled the transaction. n In Lehigh Valley and in collaboration with the firm’s Bethlehem office headed by Michael Bartolacci , the team secured 9,070 s/f at 87 South Commerce Way in Bethlehem, PA. This space formerly occupied by St. Luke’s Health Network will now be occupied by Universal Clinical Laboratories, LLC a rare disease and specialized blood testing center. n
NAI CIR announces recent PA transactions PENNSYLVANIA — Un- spa, LLC, a spa business, has relocated and leased 1,982 s/f of office space at 1654 E. Chocolate Ave., Derry Town- ship. Ida McMurray, SIOR, CCIM of NAI CIR represented Unspa, LLC. will be a future Rutter’s Convenience Store. The Bill Gladstone Group handled the transaction.
URS Energy & Construc- tion Inc. has renewed its lease of 2,365 s/f office space at 600 Bent Creek Blvd., Spring Creek. Joe Bedard of NAI CIR represented property owner RSM Associate’s. Derry Auto & Tire has re- located and leased 9,155 s/f of warehouse space at 4551 Chambers Hill Rd., Swatara
Garibaldi Group Brokerage Team secures leases for 28,667 s/f CHATHAM, NJ — The Garibaldi Group brokerage team of Peter Blanchard and Lee Barnes leased 28,667 s/f of office space in March, in three different transactions that spanned fromMorristown, NJ to Beth- lehem, PA. The tenant, a healthcare provider specializing in in- tegrated medicine, is set to open their doors at the new location by September of this year. month after signing the lease and is currently fully occupy- ing their offices.
In Parsippany, the team as- sisted in leasing 9,816 s/f at 299 Cherry Hill Rd. to the law firm Kinney, Lisovicz, Reilly & Wolff PC. Thanks to an efficient landlord in Lincoln Property Group, LLC and property management team, the tenant was able to move into the space in less than one
In Morristown, the team brokered a lease of 9,781 s/f in Harding Plaza at 1200 Mt Kemble Ave. to The Gedroic Center for Integrative Medi- cine through the landlord Lincoln Equities Group .
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