R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 2 January 27 - February 9, 2012 Development of the Month: DBSi’s TekPark
Marcus & Millichap represent buyer & seller in $16.6m sale WP Realty sells Festival at Exton & Berkshire Square for $40.6 million
E
xton, PA—WP Realty announced the $24 mil- lion sale of Festival at
Exton. Festival at Exton is a 152,000 s/f shopping center. The center, originally con- structed in 1991, was rede- veloped in 2008 to expand the vacant Clemens box to 52,748 s/f to accommodate Marshalls / Home Goods. WP Realty also announced the $16.6 million sale of Berk- shire Square located in Wyo- missing. Berkshi re Square i s a 323,044 s/f shopping center an- chored by Wal-Mart, Redner’s Markets, and Staples. WP Realty purchased a 112,119 s/f portion of the property in August 2005, with an occu- pancy rate of 100% including Redner ’s in 51,335 s/f and Staples in 23,144 s/f. Through a difficult economic environ- ment, WP Realty has main- tained near 100% occupancy
20-21A
Economic Development Spotlight
Festival at Exton
at the center and has added long term stability to the asset by extending Redner’s term by 15 years through November 2020. Marcus & Millichap Real Estate Investment Services, Mark Taylor and Dean Zang, senior directors in the firm’s Washington, D.C. and Phila- delphia offices, represented
the seller, WP Realty, and the buyer, Paramount Realty Ser- vices Inc. “Berkshire Square is part of a larger nine-parcel condominiumproject known as Berkshire Square Condomini- ums,” said Taylor. “The shop- ping center is located within the condominium units and is shadow- anchored by Walmart and LA Fitness.”
“In addition to the complica- tion of the condominium issue, the property had a loan that needed to be assumed,” Taylor continues. “The assumption process was long and ardu- ous, but the seller and the buyer worked together to get through several obstacles pre- sented by the lender and the special servicer.” n
25-37A
Jeffrey S. Horowitz of Cooper-Horowitz arranges financing totaling $32.7 million
Max Spann to speak at Network Conference
Jeffrey S. Horowitz of Cooper- Horowitz, Inc. has arranged the financing totaling $32.7 million on the following properties: 1. 183-11 Hillside Ave., Ja- maica, NY: An existing apart- ment building containing 163
units, medical offices and on- site parking. The loan was for $6 .million 2. 31-19 Newtown Ave., As- toria, NY: An existing 10 story office building. The loan was for $12.7 million. 3. 633-647 Old Post Rd., Bed- ford Village, NY: An existing historic 3-story building with 25 apartments and 6 retail stores The loan was for $3.8 million. 4. 299 St. Marks Pl., Staten Island, NY: An existing 6 story apartment building containing 70 units. The loan was for $4 million. 5. 116-118 MacDougal St., New York, NY: Two 5-story walk up apartment buildings containing 38 units and 4 re- tail stores. The loan was for $5million. 6. 105 Ave. B, New York: mixed-use building containing 12 apartments and 2 retail stores. The loan was for $1.2 million. n
4A
Green Buildings........................................ 5-12A Owners, Developers & Managers. ......... 13-24A Economic Development......................... 25-37A Shopping Centers featuring ICSC Show....Section B Directory Upcoming Spotlight Property Management Spotlight February 10th Extra distribution at IREM Conference & Expo
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183-11 Hillside Avenue, Jamaica, NY
A Inside Cover — January 27 - February 9, 2012 — Mid Atlantic Real Estate Journal
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Real estate financing experts are easy to find...
$24,000,000 Multi-Family Rental Bethlehem, PA
$15,000,000 Office Building Summit, NJ
$22,000,000 Multi-Family Rental Morris Township, NJ
$4,550,000 Industrial Building Secaucus, NJ
$11,000,000 Office Building Iselin, NJ
When you know where to look. The current economy has everyone looking for ways to reduce costs. Refinancing your property can make a big difference. At The Provident Bank we make loan decisions locally. Why wait for someone in another state or time zone to review your application, process it and make their lending decision? Our commercial real estate specialists are right here where you are. We can build customized lending solutions to meet your needs and timeline. Custom solutions, local decision-making, quick turnaround – call us today and experience the Provident difference.
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Mid Atlantic Real Estate Journal — January 27 - February 9, 2012 — 1A
YRC Worldwide Directs
INDUSTRIAL PROPERTY AUCTION
61 SURPLUS CROSS-DOCK TERMINALS
Spec Buyers · Industrial Developers · Logistics Users
Salisbury, MD, Bangor, ME, Buffalo and Syracuse, NY,
Akron, Cincinnati and Toledo, OH, Erie, PA, Providence, RI,
Chesapeake, Danville & Richmond, VA,
North and South Carolina, and other locations coast-to-coast.
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Sealed Bid Deadline: March 15, 2012
800.747.3342 EXT. 1120
www.NRC.com/1120
2A — January 27 - February 9, 2012 — Mid Atlantic Real Estate Journal
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A Greener NJ............................................................ 6A Aegis Energy Services.............................................. 7A A-L Services, Inc. ................................................... 18A Aldo Design Group ................................................. 14A Allied Building Corp. ............................................. 30A All-Rite Construction ............................................... 8B Atloona Blair County ............................................. 33A Auction Directory ..................................................... 4A Barry Isett & Associates ........................................ 20A BEP......................................................................... 29A Bill Board Directory............................................... 40A BL Companies. ......................................................... 8B Brasler Properties ...............................................IBC-A BR Kreider & Son, Inc. ............................................ 2B Capitol Aerials.......................................................... 7A Carl Berger Associates........................................... 36A CBC Bennett Williams.......................................... IC-B Cooper Roofing ....................................................... 15A CREATE ................................................................... 8B D2CAArchitects LLC............................................. 21A Delmarpa Janitorial Svcs. ..................................... 16A E&R Properties. ..................................................... 14A Earth Engineering ................................................... 2B Final Flat Roof (Hudson Valley Coatings, LLC.).. 19A Fowler ..................................................................... 24A Gilbeaux Associates ................................................. 7A Greenville - Reynolds............................................. 34A H.T. Lyons............................................................... 21A Haftek CWS............................................................ 24A HESS ...................................................................... 14A Hylant Environmental............................................. 3B Interchange ............................................................ 31A IREM ................................................................. 22-23A Jersey City Economic Dev...................................... 27A Katz Properties ........................................................ 1B Lipinski................................................................... 13B M Miller & Son......................................................... 3A Marcus & Millichap. ................................................ 7B Mercer County........................................................ 26A Meridian Capital Group. ......................................... 3A Metro Commercial ................................................... 9B Mid Atlantic BC Directory..................................... 39A NAI Summit ................................................. 40A,FC-B Nave Newell ............................................................. 3B New Castle County, DE ......................................... 37A NJ Meadowlands Commission .............................. 28A NRC Realty & Capital Advisors .............................. 1A Ondra-Huyett Assoc. Inc........................................ 20A PennCap ............................................................... BC-A Penn’s Northeast .................................................... 35A Penn-Northwest Dev. Corp. ................................... 34A Poskanzer Skott Architects ................................... 16A Provident Bank ..................................................... IC-A RD Management LLC....................................... 10-11B Remco........................................................................ 3B Renewable Power ..................................................... 9A Retail BC Directory................................................ 15B Retail Brokerage Directory................................16-I7B ROCK Commercial................................................... 2B RT Environmental Svcs. ........................................ 32A Spillman Farmer Architects .................................. 30A Subway ..................................................................... 6B Sun Farm Network .................................................11A TRG........................................................................... 3B West Side Hammer Electric. ................................. 21A MAREJ A DVERTISERS D IRECTORY
Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist .......................................... Dennis A. Scardilli, Esq., MAI Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 2 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
Mid Atlantic Real Estate Journal
By Dennis A. Scardilli, Esq., MAI Tax Appeals & Real Estate Professionals - Perfect Together
N
o, I can’t say it with the Brahman accent of former New Jersey
Governor Thomas Keane, but I believe it with the same level of sincerity he put into those 1980s tourism ads. Not exactly Arnold and Maria, but then again, the dynamic of that, now shattered, relationship is not so different from the one between taxpayers and the tax appeal process. Without going into lawyer- speak, here’s what a real estate professional needs to know about the tax appeal sorted state of affairs (besides con- tinuing to read the MAREJ). Every municipality in New Jersey, and probably in the entire MAREJ publication area, relies primarily upon real estate taxes to fund their budgets. Real estate taxes rely on the market value of real property, as expressed in real property assessments. Real estate values have plummeted from when most assessments were set and values are still going south. As a result, the declining real estate market means that municipal budgets are tighter than the pants on the Jersey Shore cast. So, don’t expect a high five when you or your client file an appeal, but don’t take it personally. It gets worse. In New Jersey, the municipality is required to credit the taxpayer with the full amount of the real estate taxes when an assessment is reduced. By the time that judg- ment is rendered, taxes have already been paid.
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
While the municipality must credit the taxpayer with the full amount of overpaid taxes, the municipality does not get that money back from the school board and county. In many jurisdictions, the school board and county tax account for at least 50%, and perhaps up to 70 or 80% of the real property tax burden. To minimize the effect of this, you may want to cut a deal where a minimal reduction is granted in the current year, but more signifi- cant reductions are granted in subsequent years. New Jersey’s tax assessment and budgeting process is quill pen and green eyeshade in a digital world. Almost every one of the state’s 566 munici- palities has an assessor. Most of them are part time, with minimal and/or antiquated resources. Except for a few large jurisdictions, local gov- ernments cannot afford the high-tech valuation tools nec- essary to keep up with the real estate market. As a result, it is more diffi- cult for a municipality to keep up with changes in real prop- erty value than it is for anyone
over 21 to keep up with Kim Kardashian’s paramours. Many other state’s taxing jurisdictions utilize linear re- gression computer programs to track changes in market value and revise assessments annually. While that does not facilitate get-out-the-vote on Election Day, voters actually have the power to reward pub- lic officials for doing the right thing. What can a real estate pro- fessional do about the current state of affairs of real property assessments in New Jersey (and other MAREJ states)? 1) Do not feel bad about filing, or encouraging your clients to file, a tax appeal. Do not even feel bad if you are a municipal government official. Look at it this way. It is not the government’s money. It is the people’s money. 2) Make a realistic evalua- tion of whether or not the prop- erty is due a reduction in as- sessment. Do some homework, hire an appraiser and/or talk to an attorney who is familiar with the real property tax as- sessment appeal process. continued on page 3A
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Mid Atlantic Real Estate Journal — January 27 - February 9, 2012 — 3A
M ID A TLANTIC R EAL E STATE J OURNAL Hali of Resource Realty represents Sana Sleep Study Weiss Realty orchestrates two leases totaling 6,666 s/f E lease transactions totaling 5,316 s/f at Kennedy Medical Center with Sana Sleep Study, DISON, NJ — Jaime Weiss, managing mem- ber of Colonial Village
They wrote the policy.
We make sure they write the check.
Equity Company of New Jer- sey, the owner and prop- erty manager. “Our signing of these leases further confirms that Kennedy Medical Center is an attractive and highly desirable location for medical/ office tenants.” Kennedy Medical Center located at 3196 Kennedy Bou- levard is a 4-story art-deco building located off Rte. 3 in Union City, one of the nation’s most densely populated cities. The 100,000 s/f building now has 8,000 s/f of medical office space available. Situated in an Urban Enterprises Zone and zoned for most medical uses, the building features include treatment rooms with spacious waiting areas for patients and family mem- bers. ■
Assoc i ates and pres i - dent of Weiss Realty, the c e n t e r ’ s leasing and ma n a g i n g agent, has announced that Brook-
Inc. and Dr. JuanA. Gon- zalez, Surgi- cal Special- ist of North Jersey. Todd Hali, VP of Resource Re- alty repre- sented Sana
M. MILLER & SON Public Adjusters Since 1960
Jaime Weiss
Matthew Weiss
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
lyn Boys Pizza & Deli has leased 1,350 s/f at Colonial Village Shopping Center lo- cated at Rte. 27 and Parson- age Rd. With this lease, the retail portion of The Shops at Colonial Village is now one hundred percent leased. UNION, NJ — Matthew Weiss, VP of Weiss Realty announced the signing of two
Sleep Study. Maria Zamora, president of the MedWin Group advised Dr. Gonzalez in the long-term lease trans- action. “We are very pleased with the signing of these newmedi- cal/office tenants to long term lease commitments” said An- drew Fish, managing member of TREECO, The Real Estate
Recent Financings Arranged By Meridian Capital Group
3) File timely. The statutory NJ tax appeal deadline is April 1 for municipalities in which a revaluation did not go into ef- fect (which meansApril 2, 2012 since April 1st is a Sunday). If there was a reevaluation, the deadline is May 1, 2012. 4) Treat the tax assessment continued from page 2A Tax Appeals & Real Estate Professionals - Perfect . . . process seriously and the tax assessor with respect. Don’t bring the tax assessor the competitive market analysis (CMA) prepared by your Re- altor brother-in-law at 3:30 PM on filing day. If you are a single-family homeowner, hire an appraiser and talk to the as- sessor. If you own commercial or industrial properties, hire a knowledgeable attorney and appraiser early in the process. Follow the MAREJ through- out the year for more on filing, and winning, real estate tax appeals. Dennis A. Scardilli, Esq., MAI, Admitted to Practice Law in NJ & PA. ■
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
8th Annual Special Edition spotlighting . . .
Receive a nomination form by e-mailing lchristman@marejournal.com or by calling 800-584-1062...
BEST of 2011
The
The Final Nomination Deadline is February 10, 2012
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
You are invited to participate in MAREJ ’s “BEST of 2011” Mid Atlantic R EAL E STATE J OURNAL will be hosting a “Best of the Best,” a “Who’s Who” of owners, brokers, developers, architects and financial institutions within the commercial real estate community.
MAREJ will be compiling information and selecting the: Largest office, Industrial & Retail Transactions of the Year
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Best Shopping Center Development of the Year 4 Best Developer of the Year Best Financial Institution 4 Largest Financial Transaction of the Year Top Brokers List 4 Top Owners List Most Innovative Architect 4 Best Renovation Project
Help us select the Best of 2011! Send in your submissions today or call for an application form
800-584-1062 x203 FAX : 781-871-5299 Email : lchristman@marejournal.com MAREJ’s Best of 2011 is a juried competition based on submissions and nominations from MAREJ’s commercial real estate community. Winners will be selected based on company size (# of employees) and size of the deal/transaction. Top brokers will be selected based on largest deal for 2011. Submissions from Mid-Atlantic states will be judged in separate categories.All are welcome to participate.
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4A — January 27 - February 9, 2012 — Mid Atlantic Real Estate Journal MARE journal.com M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS
3rd Annual Real Estate Conference MaxSpann to speak at IMN Conference
HICAGO, IL—NRC Realty & Capital Advisors, LLC, an- To coordinate sale of 62 industrial sites YRCWorldwideretainsNRC Realty & Capital Advisors C
NEW YORK, — President and Chief Executive Officer Max Spann, of Max Spann
an industry leader in acceler- ated marketing and consulting services since 1890. Spann will discuss real estate auctions for bank- owned properties as the most efficient way for finan- cial institutions to dispose of their non-performing assets. The Information Manage- ment Network’s (IMN) series of Bank and Special Asset Forums on Distressed Real Es- tate addresses issues such as single asset vs. portfolio sales, FDIC sales, selling assets in a bankruptcy setting, selling to foreign buyers, collecting and enforcing judgments as well as many other issues. IMN hosts 15 real estate conferences a year where panelists discuss critical real estate issues. ■
Real Estate and Auction C o m p a n y, will address the 3rd An- nua l Bank and Finan- cial Institu- tions Special Asset Execu- tive Confer-
nounced that it has been retained by YRC Worldwide to coordinate the sale of 62 surplus cross-dock industrial sites located throughout the country. Geographically, the sites are primarily in the Southeast and Midwest with the remaining sites in New England, TX and LosAngeles, CA. While the sites are im- proved with cross-dock termi- nals, they are also adaptable to a variety of industrial, and in some cases retail, uses. YRC Worldwide has one of the largest less-than-truck- load (LTL) networks in North America YRC Worldwide has designated these sites as surplus and has closed the facilities over the past several years. “Our vacant sites are cur- rently a liability with sub- stantial holding cost, mainte-
828 Seaboard Ave. in Chesapeake, VA
nance and real estate taxes”, said Jamie Pierson, chief financial officer of YRCWorld- wide. “We have chosen the auction process to monetize these properties and turn a liability into an asset which can be quickly reinvested in our business. Some of these sites have been on the market for over three years, and YRC Worldwide is marking them down to sell”. The properties will be sold through NRC’s sealed bid format. The bid deadline has been set for March 15, 2012. To view property specific in-
formation and to receive sale updates, register online visit the NRC website. “This sale offers some great opportunities” said Evan Gladstone, NRC’s executive managing director. “While the demand for industrial real estate has been gradu- ally improving over the past 12 months, many of the sites will likely sell to smaller or other types of trucking users, investor buyers and for adap- tive reuse. We expect interest from adjacent property own- ers, industrial developers and opportunistic investors.” ■
Max Spann
ence on Real Estate Workouts which will be held onMarch 12 and 13 at the Hotel Marriot in downtown New York City. Spann will discuss real es- tate auctions for bank-owned properties as the most efficient way for financial institutions to dispose of their non-per- forming assets. Max Spann, Real Estate & Auction Co., a multifaceted national real estate company and auction house, has been
Mid Atlantic R EAL E STATE J OURNAL
N E W J E R S E Y • P E N N S Y LVA N I A • D E L AWA R E • M A RY L A N D • W A S H I N G T O N D . C . • V I R G I N I A • Auctioneers Directory
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We Sell On Consignment— Estates, Gold, Silver, Autos, Tools, Collectibles, Jewelry, Coin’s, Paper Money, Antiques, Real Estate, Land Or Any Thing Of Value ONE CALL DOES IT ALL 804-683-0133 www.dixonsauction.com
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Please contact Mr. Kelly Strauss for more information 40 CARRIAGE HILL LANE, FREDERICKSBURG, VA 22407 NICHOLLS AUCTION MARKETING GROUP (540) 226-1279 www.nichollsauction.com
www.AuctionBrokers.net 410-426-2622
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Mid Atlantic Real Estate Journal — January 27 - February 9, 2012 — 5A
G REEN B UILDINGS M ID A TLANTIC R EAL E STATE J OURNAL
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Mid Atlantic Real Estate Journal — January 27 - February 9, 2012 — 5A
OLUMBIA, MD—Lib- erty Property Trust today announced it has Also ranked in the top three among 64 Liberty Property Trust earns Energy Star Cert. C
By Mike Mumper, High Construction If LEED is green, Why am I operating in the Red?
When building owners and developers think about sus- tainability and saving en-
simply having a commission- ing plan and providing the resulting documentation, not necessarily from acting on any of the findings. The NBI study does indicate that projects that achieved LEED points for performance measurement showed better energy performance than the average sample group as a whole. Performance measure- ment provides the ability for system performance monitor- ing on an ongoing basis. Sug- gested changes in the LEED process for 2012 continue to emphasize these options. How- ever, without involvement from the building operator, simply having the ability to monitor performance does little, if no one is actually monitoring or knows what to look for. Does this mean that LEED design and certification pro- vides no value? Absolutely not. The LEED process addresses the sustainable aspects of the building process. Owners of LEED buildings have been rewarded for use of building sites that would have otherwise been considered unsuitable. Similarly, local sourcing of building materials has reduced the carbon footprint of the building process itself. Water conservation and recycling are also significant pieces of the process as well. However, what may gain points on a LEED score card may not be the right solu- tion for your building. More- over, simply choosing LEED as means of showing environmen- tal stewardship can provide mixed long-term performance results. Following these tips will help to assure that you get the maximum benefit from the LEED process: • Stay involved in the process to understand the basics of the design • Engage an owner’s repre- sentative that understands building operation, building performance, and building construction • Use the knowledge gained from the first two steps to es- tablish criteria for monitoring your building’s performance so you will know, in real time, continued on page 6A
ergy in new construction, t h e y t y p i - cally think LEED. The US G r e e n B u i l d i n g Council de- veloped this certification
added Energy Star certifica- tion at a sixth building in it Maryland region, the 71st in its national portfolio. The office building is located at 9770 Patuxent Woods Drive in Columbia. “Our experience has been that Energy Star buildings are saving on average more than a third of energy costs when compared to traditional buildings, and these are sav- ings that pass directly to our tenants when they pay their energy bills,” said Lisa Sul- livan, vice president and city manager, Liberty Property Trust. “We remain focused on proactively managing energy efficiency and are working to certify as many of our build- ings as possible.” Five Liberty buildings in Maryland were Energy Star recertified earlier this year. These include 4 North Park Drive (North Park Business Community) and 307 Interna- tional Circle (Longview Busi- ness Center,) both in Hunt Valley, and 6220 and 6230 Old Dobbin Lane (Columbia Cross- ing) and 9755 Patuxent Woods Drive (Patuxent Woods Busi- ness Center) in Columbia. Across the nation, Liberty has received Energy Star cer- tification for 71 buildings in 14 regions from Philadelphia to Florida, Illinois to Arizona. Buildings are measured on a points system that consid- ers energy use, location, size, weather patterns and sev- eral operating characteristics. Those that receive a score of 75 points or more (out of 100) are honored with the designa- tion. Energy Star was introduced in 1992 as a voluntary, mar- ket-based partnership to re- duce air pollution through increased energy efficiency. Today, in partnership with the Department of Energy, the program offers businesses and consumers efficient solutions to save energy, money and help protect the environment for future generations. More than 17,000 organizations have be-
Mike Mumper
process to provide indepen- dent, third-party verification that a building is designed and built using strategies aimed at achieving high performance in key areas of human and environmental health: sustain- able site development, water savings, energy efficiency, materials selection and indoor environmental quality. It would stand to reason that a project certified by the USGBC LEED program would achieve maximum energy per- formance. But, the two are not necessarily mutually in- clusive. A study conducted a few years ago by New Buildings Institute (NBI), White Salmon, WA, showed that about half of the projects certified by the USGBC LEED program that were included in the study did not meet EPA-certified ENERGY STAR certification criteria. ENERGY STAR scores are used to assess a building’s energy performance, and are based upon building type, size, and a minimum of one year of energy use data. Essentially, more effort is needed to ensure life-cycle cost benefits in the form of energy savings and reduced operating costs. The key to energy savings comes through a building operator ’s involvement in the design process and then ensuring that what was de- signed is actually installed and functional. LEED attempts to address this issue via ad- ditional points for enhanced building commissioning (a process which is intended to provide system testing). But, similar to energy conservation points being awarded based on design elements, commission- ing points may be obtained by
9770 Patuxent Woods in Columbia, MD
come Energy Star partners. MALVERN, PA — For the second year in a row, Liberty Property Trust has ranked in the top three among 64 North and SouthAmerica-based com- mercial real estate companies and funds for its environmen- tal and social performance. The international study – “GRESB 2011 Research Re- port” – was completed by the GRESB Foundation (Global Real Estate Sustainability Benchmark). The GRESB study ranks commercial real estate com- panies and funds in North and South America, Europe, Asia and Australia in the areas of Management, Policy & Dis- closure, Strategy & Analysis, Monitoring & Environmental Management Systems, Perfor- mance Indicators, Certifica- tion, and Social Factors. Equally important, Liberty placed in the top 19% among the340 real estate companies surveyed globally, to qualify for the top honor of being rec- ognized as a GRESB “Green Star.” “The GRESB report is impor- tant not only because it helps us understand how our current sustainable practices measure up, but it also provides a tool that helps us identify the areas where we can make ad- ditional improvements,” said Marla Thalheimer, Liberty’s manager of sustainability. “We are committed to achiev- ing a sustainable and high performance portfolio that provides extraordinary work environments for our tenants and this report is a valuable
resource to help us achieve success.” Liberty Property Trust was one of the earliest adopt- ers of commercial real es- tate sustainable design and property management. The company began developing its first project, a LEED Gold certified office building in Al- lentown, Pennsylvania (now known as The Plaza at PPL) in 2001. Since then Liberty has invested more than $1.5 billion in 43 USGBC LEED registered and/or certified sustainable office and indus- trial buildings, including the 975’ foot high Comcast Center, one of the tallest green build- ings in the United States, and the Philadelphia Navy Yard, the only commercial park to include seven LEED regis- tered and certified buildings, earning Certified, Silver, Gold and Platinum certifications from the US Green Building Council. In the last two years the developer has also received 79 Energy Star certifications for buildings in 14 states. Focusing on Energy Savings A major focus of Liberty’s sustainability program is en- ergy efficiency. In addition to the environmental benefits, it is important to the com- pany to help its tenants save money and keep its operating expenses as low as possible. Liberty benchmarks energy use in 100%of its managed buildings using Energy Star Portfolio Manager, and also helps control electric costs us- ing the company’s innovative
6A — January 27 - February 9, 2012 — Green Buildings — Mid Atlantic Real Estate Journal
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G REEN B UILDINGS
ILLSBOROUGH, NJ – Daylight! Hu- mans crave it. Opti- By Dave Ward, A Greener New Jersey, LLC SunTracker Active Skylight features a solar powered, GPS controlled, active mirror system H
overcomes ALL the problems with traditional skylights and other forms of daylighting. The SunTracker Active Sky- light features a solar powered, GPS controlled, active mirror system that brings in daylight from an hour after dawn to an hour before dusk – providing functional light levels all day, almost every day. The GPS is set for the location of instal- lation and it knows where the sun comes up. Every 10 minutes it rotates to track the sun; and at the end of the day, it rotates back to where the sun will rise tomorrow. It gets better! The dome is
if you are saving money or if something needs immediate attention Engaging in the process is vitally important if a building owner or developer is looking to gain the long term financial benefits of improved building performance through LEED. Mike Mumper, CRM (Cer- tified Carbon Reduction Manager), is Director of Energy Solutions Group for High Construction Company, Lancaster, PA, a Green PlusTM-certified company. ■ If LEED is green, Why am I . . . continued from page 5A The research is conclusive – daylighting improves learn- ing by 26% (1999 PG&E study) and in factories and warehous- es it improves productivity and reduces mistakes, accidents and workers comp. And in the retail environment, sales improve 10% to 40% - and the increased profit from those sales is worth 20~100 TIMES the energy savings. So, while the energy sav- ings from being able to keep continued on page 7A clear impact resistant acrylic and its shape maximizes solar penetration. With low profile domes, most of the light re- flects off! At the base of the dome there is a sealed pris- matic lens. This provides 26” of dead air space – THE best insulator. The gathered light then enters a sealed, reflec- tive lightwell, then enters the space through another sealed prismatic lens. This creates a 2nd thermal barrier of dead air. This results in NO Heat Gain, Minimal HVAC Loss (U- factor of 0.35), NOUVDamage and NO Glare. No other sky- light, no other method of day- lighting can do what this Sun- Tracker Active Skylight can do. This provides 3 TIMES the amount of light for 3 TIMES as long per day with 2~4 TIMES the thermal protection of any other skylight. Soft, diffused, natural day- light that makes it seem like you’re outside, even if there are no windows. Everywhere we’ve installed these, people are amazed at how much daylight these bring in – but there’s no heat or glare. It re- ally is incredible and unlike any skylight before this.
mountains, a lake – outdoor activities. On the first warm day of spring, everyone heads outside for lunch and people start walking, running, and biking outside. Why? After be- ing cooped up inside all winter, people can’t wait to get outside as soon as they can! Up until the late 1890’s the ONLY light humans had was daylight or fire. Edison’s inven- tion was tremendous, but what it essentially did was turn us into modern cave dwellers. You’ve heard of malnutrition. Mal-Illumination is also a critical problem that is finally becoming recognized as a sig-
nificant issue. For optimal human perfor- mance – in school, at work, in retail – in any built environ- ment – we need daylight. It just makes sense. But how does one efficiently provide daylight without all the common issues like UV damage, heat gain, HVAC loss, glare, uneven light levels and a lack of functional light levels in the morning and af- ternoon? The answer is the Sun- Tracker Active Skylight! After years of research and testing, Ciralight Global has perfected a new kind of skylight that
mal Human Performance depends on it. But what is the best method for a c h i e v i n g m a x i m u m d a y l i g h t - ing within a space?
Dave Ward
We all know people need day- light. When you go on vacation, do you typically go to another building? Of course not, most people go to the beach, the
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Mid Atlantic Real Estate Journal — Green Buildings — January 27 - February 9, 2012 — 7A
G REEN B UILDINGS
Customized Energy Reduction Plans
ASHINGTON, NJ — Hance Construc- tion president Art Metal building design HanceConstructionprovides Sustainability workshop W
• MEP/FP engineering including LEED • Building Commissioning including LEED • Energy engineering / audits / energy modeling • NJ Pay For Performance Partner / Carbon Abatement Program partner • PA Act 129 vendor • Federal Energy Tax Incentive partner • Infrared Testing • ASHRAE High Performance Buildings CertiÄed • Building Information Modeling (BIM) • MBE/SBE certiÄcation Contact: Jeff Gilbeaux P: 856-988-1890 Email: info@gilbeauxassociates.com PO Box 782, Voorhees, NJ 08043
the Metal Building Contrac- tors & Erectors Association (MBCEA) program was held in Williamsport, PAand was spon- sored by Zartman Construction. CSI is a national organization dedicated to advancing building information management and the education of project teams to improve facility performance. Hance is president-elect of MB- CEA Mid-Atlantic. “The good news for property owners is that metal build- ings today are the right choice for cost-effective, expeditious construction, particularly in markets where there is demand for quality, quickly delivered buildings,” Hance said. “Metal roofs and begin enjoying all the benefits of full daylighting with no significant up-front cost where the cost of the financing is typi- cally right around what you’ll save in energy reductions for much better cash flow. AGreener NJ, LLC is proud to offer this tremendous ad- vancement in skylight/day- light technology to schools, gyms, car dealerships, ware-
walls offer an unbeatable level of environmental performance and aesthetic appeal. They are sustainable, have low impact on the environment, reduce solid waste in construction, help reduce energy usage in all climates, and improve the air quality and water efficiency in buildings and their surround- ings. They can be applied to all types of buildings in any climate and offer designers and building owners a variety of visible options and behind the scene operating benefits.” Hance provided an overview of design considerations related to code compliance and sustain- ability in pre-engineered metal buildings. ■ houses, factories, and even office buildings – anywhere people value daylight for their staff, customers and visitors and want to save money by keeping their artificial lighting off or at a minimum. Let us knowhowwe can be of service. You will be amazed! DaveWard is president of AGreener New Jersey, LLC in Hillsborough ■
Hance re- cently provid- ed a continu- ing education sympo s i um on sustain- ability and metal build- i ng d e s i gn for architects
Art Hance
and other professionals asso- ciated with the Construction Specifications Institute (CSI), noting that “building attrac- tive, safe and energy efficient buildings has never been more important.” The Mid-Atlantic Chapter of all your lights off almost all day is very significant, the human performance enhance- ment benefits are worth many times more – especially since the human capital is the most expensive component in any building. We also offer full 100% fi- nancing of everything, includ- ing the installation, so you can
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8A — January 27 - February 9, 2012 — Green Buildings — Mid Atlantic Real Estate Journal
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o how does a commer- cial customer reduce energy costs, freeze By Dennis Wilson, Renewable Power Energy efficiency upgrades: How commercial customers reduce energy costs S
sized to the reduced electric needs of their facility. During the past several de- cades commercial customers have seen their electric costs rise and fall and rise again. The costs of nuclear genera- tion was supposed to provide the nation with low cost elec- tricity, but increased safety and operating costs raised their costs of electricity. Coal generation, fully 50% of the country’s electricity mix, con- tributes greatly to particulate pollution and climate change.
Billions are being spent to re- duce these impacts and many small coal generation plants have been retired or will be retired during the next de- cade because it is too costly to upgrade them. That leaves us with natural gas genera- tion, with its unpredictable and volatile costs. Natural gas, due to the new supply of natural gas from Marcel- lus Shale development, is now at $3.00/mmbtu, only thirty percent of the price it commanded only five years
ago. Although natural gas is less polluting than coal or oil generation, it still contrib- utes significantly to climate change and the leakage of natural gas (methane) from gas drilling and transport has twenty times the impact of carbon dioxide emissions in contributing to climate change. Renewable Power Inc. is one company bringing an integrated approach to en- ergy efficiency and renewable energy solutions for its com-
mercial, industrial and insti- tutional customers. The se- nior management of RPI has combined experience of over thirty years in developing and installing lighting and HVAC efficiency upgrades, and nine years developing solar electric projects. Den- nis Wilson, the president of Renewable Power, has been developing efficiency, cogen- eration and solar energy projects for thirty years and believes they are a natural marriage. “Every energy user should make their facility en- ergy efficient before deciding what size renewable genera- tion system is appropriate for their long term energy needs. Not doing so risks install- ing a solar electric system that becomes oversized once they completed the process of becoming energy efficient, and would result in the ex- cess electric produced sold back to the electric utility at wholesale rates rather than displacing electric consumed on site at retail rates”, said Wilson. A lighting audit is usually the first step, particularly in warehouse and light manu- facturing, where lighting can comprise 50% of total electric usage. A new generation of high bay fluorescent fixtures, using either T8 or T5 lamps, can yield 40%-60% reduc- tions in electric consumption compared to existing HID fixtures and pay for their installed cost in two to three years. LED fixtures are also becoming widely available and are particularly cost ef- fective replacing lamps that have a short life and high maintenance cost, due to the 50,000 hour life expectancy of many LED lamps. Office space renovations are also starting to see the introduc- tion of recessed LED lighting, which consume as little as 30% of some older fluorescent fixtures containing four T12 lamps and magnetic ballasts. A thorough analysis of exist- ing HVAC systems is also needed and higher efficiency air conditioning equipment can further reduce the appro- priate size of a solar electric generation system. Dennis Wilson is presi- dent of Renewable Power, Inc. ■
their electric costs for fu- ture years, and reduce their carbon footprint? Th e An - swer: By em- barking on an integrat-
Dennis Wilson
ed program of cost effective energy efficiency upgrades and a solar electric system
EDITORIAL DEADLINES ARE 14 DAYS PRIOR TO PUBLICATION DATE
Sustainable Design & Construction Renovation/Restoration February 24 Deadline: February 10 Renewable & Alternative Energy March 30 Deadline: March 16
Editorial Requirements: Press releases and announcements: 250 words with photo. Expert articles: 460 words with photo. Expert articles (for spotlights): 500 words with photo.
Mid Atlantic R EAL E STATE J OURNAL , P.O. Box 26 Accord, MA 02018 312 Market St., Rockland, MA 02370 (overnight) Phone: 800-584-1062 ext. 202 or 781-871-5298 jchristman@marejournal.com • marejournal.com
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Mid Atlantic Real Estate Journal — Green Buildings — January 27 - February 9, 2012 — 9A
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BIGGER isn’t always better. Becoming energy efficient first will “right size” your energy needs. Start with a lighting audit to ensure that the solar electric system for your commercial property is properly sized to fit your energy needs and realize a 25-50% ROI on your efficiency upgrades. Call today to speak to an Energy Professional. 973-854-9365
www.renewablepowerinc.com/contact.html
10A — January 27 - February 9, 2012 — Mid Atlantic Real Estate Journal
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U. S. Green Building Council, NJ Chapter
Letter from the Executive Director
Dear Friends and Colleagues,
As we transition from 2011 into the new year of 2012 our instinct is to reflect on the year past. This has been one of the most challenging in decades on many fronts highlighted by monumental economic, environmental, political and humanitarian events. In the top tier is the state of the US and world economies, US unemployment, real estate stagnation, world wide natural disasters and their repercussions, and world political unrest. As history has shown us, when faced with extreme challenges, our resolve causes us to galvanize as a nation and to kick start to a better place.
BOARD OF DIRECTORS CHAIR Anastasia Harrison, AIA, LEED AP Gannett Fleming, Inc. VICE CHAIR Wayne D. DeFeo, LEED AP DeFeo Associates TREASURER Ed Seliga Advanced Solar Products, Inc. SECRETARY RJ Donnelly, LEED AP Donnelly Industries, Inc. PAST CHAIR WilliamAmann, P.E., DCEP, LEEDAP M & E Engineers, Inc DIRECTORS David Cardella Cardella Waste Services Zach Gallagher, P.E., LEED AP Alliance Environmental, LLC Bill Gates, LEED AP BD&C NJ Meadowlands Comission Joe Porrovecchio, LEED AP, CRM Carbon-Key, LLC Paul Qvale, LEED AP Hillmann Group Lisa San Filippo, AIA, LEEDAP, BD&C Turner Construction Co. Faith Taylor Wyndham Worldwide Andrew Topinka, CPMR Technical Group Services, Inc Ed Walsh, P.E. The Walsh Company Gregg Woodruff, PP, AICP, LEED AP, BD&C Langan Engineering & Environmental Services, Inc. EXECUTIVE DIRECTOR Florence Block Hunt Construction Anthony Marano Marano Group, Inc. Brad Miller, P.E., P.P.
From the perspective of the NJ Chapter of the US Green Building Council, our role is one of focus on the transformation of green building markets from the standpoints of economic, environmental, education, government advocacy, and business development – all of which is intended to grow our quality of life, economy and to preserve our environment. We have reached several milestones this year but have a long road ahead. The NJ Chapter of USGBC reached 1,000 members this month! Our training roster in green building professions & trades exceeded 800 individuals in our state. We have seen the growth of sustainability initiatives throughout NJ’s corporations indicating recognition that a new economy that supports our people, economy and environment is a priority. The chapter has been influential in supporting state legislative initiatives and we have been awarded a state grant that will provide training to our unemployed population and returning veterans in NJ to support the skill sets needed to qualify for employment in the green building industries. There are also several non profits throughout our state that are committed to this mission that we have supported that include, Homeless Solutions and The Greater Newark Conservancy. FLORENCE BLOCK
The longest journey begins with a single step and we invite you to join us to energize the real estate industry - one of the key indicators of our success.
Please feel free to contact me for information regarding available training grants, committee appointments, and volunteer opportunities at info@usgbcnj.org.
Wishing you and your families a new year filled with peace, health and prosperity.
Sincerely,
Florence Block LEED Green Associate Executive Director USGBC NJ
Chapter Events 13-Feb-2012 • 6:00 PM USGBC NJ North Branch Networking Dinner Maggiano’s Little Italy 390 Hackensack Ave., Space 70, Hackensack, NJ 07601
29-Feb-2012 • 8:00 AM Fundamentals of Sustainability and LEED/LEED Green Associate Exam Prep American Standard Brands Training Center - 1 Centennial Ave. - Piscataway, NJ For details on all USGBC-NJ events, visit www.usgbcnj.org
LEED Green Associate GENERAL COUNSEL Harry E. McLellan, Esq, LEED Green Associate McLellan & Associates, LLC CHAPTER COORDINATOR
Number of New Jersey chapter members:
1000
Number of USGBC member Companies in NJ:
368
Number of LEED Accredited Professionals in NJ:
3163
Number of LEED registered projects in NJ:
407
Mary Ellen Garrigus www.usgbcnj.org
Number of LEED certified projects in NJ:
146
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