- DC
AQ Rittenhouse in Philadelphia, Pennsylvania NGKF Capital Markets & ARA Newmark complete $51.1 million sale P HILADELPHIA, PA — The NGKF Capital Markets team com-
ISSUE HIGHLIGHTS Volume 27 Issue 17 Sept. 11 - 24, 2015 Financial Digest Featuring... Appraisal
between the offices allowed the NGKF Capital Markets and ARA Newmark teams to come together and complete this noteworthy transaction, while continuing to build its multihousing platform in the greater Philadelphia region. The sellers, a joint venture between Aquinas Realty Partners and MB1 Capital Partners are extremely pleased with the results of the sale and the execution that was put forth by the ARA Newmark and NGKF team to close the deal”, said Leonard Poncia , of Aquinas and Joel Brudner of MB1. “AQ Rittenhouse recently began lease-up at a rapid pace and we expect the mo- mentum to continue,” said Segal. Built to the highest standards and outfitted with the finest finishes and ame- nities, AQ Rittenhouse is among the few apartment buildings in Philadelphia to The story started in 2008, when West, Lane & Schlager sourced the 1412 Eye St., NW acquisition in an “off-market” transaction. The building was boarded up and had been va- cant for a number of years, af- ter various failed uses, includ- ing a nightclub. Fast forward to 2014 with 100-plus employees occupying the building, and the sellers had outgrown the asset. “The credit goes to OTJ Ar- chitects and Martinez + John- son,” Schlager said. “They had the vision, creativity and guts to take on a project that others wouldn’t have touched. They understood the asset, how to put it back together, and what the end result could be – and had all the necessary skills and tools to pull this off. Their combined interior and base building experience was a perfect fit.” After acquiring the property, the building went through a multimillion dollar gut reno- vation, and became the jewel purchaser, an affiliate of Dexis Consulting Group .
be designed with an active, urban lifestyle in mind. The building is equipped with many premier amenities uncharacteristic of typical multi-housing residences in Philadelphia, like a rooftop sky terrace that boasts year- round entertainment options with both indoor and outdoor living space via its retractable glass curtain wall. Located at 2021 Chestnut St. in Philadelphia, AQ Rit- tenhouse offers a prime Rit- tenhouse Square location and unparalleled access to the finest amenities Philadelphia has to offer, including high- end and diverse retailers, fine dining and a nightlife. AQ Rittenhouse is one block from Market St., the heart of Philadelphia’s economy and home to 25.2 million s/f of office space. AQ Rittenhouse is a place where you can live, work and play, which is rare to find. n that it is today. Turner notes that “the property is unlike any other in the city given its size, quality and location, which is reflected by the sales price. OTJ Architects and Martinez + Johnson did a remarkable job of creating a hip, loft-style office building unique to the downtown corridor.” The building wasn’t without its challenges, foremost being in an alley between 14th and 15th Sts., NW. There were enough offsetting attributes, however, including a location 20 yards to Metro, a central downtown position, a loft-style design, a roof deck and great efficiency, which resulted in a sale of the building less than one year after marketing began. In addition to the sale, West, Lane & Schlager and Locus Corporation collaborated to structure a lease-back agree- ment through the spring of 2016, which gives Dexis time for its lease to expire and perform minor work to the property. n
prising Brett Segal, Mike Margolis and Dave Dolan of the Philadelphia office completed the sale of AQ Rittenhouse, along with the guidance of Steven Schultz of the Northern New Jersey office and Blake Okland of ARA , a Newmark Company (ARA). The newly construct- ed, LEED Silver certified, 110-unit high-rise apartment residence, located in Ritten- house Square, was sold to LaSalle Investment Manage- ment for $51.1 million. The sale of AQ Rittenhouse was the first transaction of its kind for ARA Newmark in Philadelphia since the com- pany was acquired by BGC Partners, Inc. in December 2014. Schultz was instrumental in introducing the NGKF Capital Markets and ARA WASHINGTON, DC — West, Lane & Schlager Re- alty Advisors, LLC , a Wash- ington, DC-based commercial real estate brokerage firm that represents tenants, announced the sale of 1412 Eye St., NW, a 14,724 s/f, loft-style office build- ing in downtown Washington, DC. The deal closed August 13, 2015, with a sales price of $10 million, or $679 psf.
9-23A
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5C
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Gary Schlager, SIOR , prin- cipal, and Clark Turner , assistant vice president, both of West, Lane & Schlager, represented the seller, an af- filiate of OTJ Architects and Martinez + Johnson Archi- tecture . Peter Calafiura of Locus Corp. represented the
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SEPTEMBER 15 – CIANJ Event: PENPAC Beefsteak and Silent Auction Time: 6:00 PM – 9:00 PM Location: The Brownstone Address/City: 351 W. Broadway, Paterson, NJ Cost: $135 P: 201-368-2100 E: ehallock@cianj.org www.cianj.org
SEPTEMBER 17 – NAIOP PITTSBURGH Event: Chapter Meeting Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn. Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 E: info@naioppittsburgh.com www.naioppittsburgh.com SEPTEMBER 17 – PWC NJ Event: Cocktails & Connections Time: 6:00 PM – 9:00 PM Location: Colonia Country Club Address/City: 300 Colonia Blvd., Colonia, NJ Cost: $75 Members $90 Nonmembers www.pwcusa.org SEPTEMBER 17 – SIOR NJ Event: Making the Right Moves with Commissions Time: 8:00 AM – 10:00 AM Location: Porzio, Bromberg & Newman, P.C. Address/City: 100 Southgate Pkwy., Morristown, NJ Cost: Members Free www.siornj.com SEPTEMBER 22 – ULI PHILADELPHIA Event: Greater Philadelphia’s Evolving Energy Future Time: 7:30 AM – 10:30 AM Location: The Union League Address/City: 140 S. Broad Street, Philadelphia, PA www.philadelphia.uli.org/events SEPTEMBER 23 – SMPS & MBA Event: September Luncheon: Real Estate Development Financing Time: 11:30 AM – 1:30 PM Location: Rivers Club Address/City: 301 Grant St., Pittsburgh, PA Cost: $45 Members $65 Nonmembers $75 Walk-ins www.smpspittsburgh.org Location: Woodstown Moose Lodge #932 Address/City: 1 Bypass Rd., Woodstown, NJ P: 609-989-9110 E: sschlags@njpsi.co www.abcnjc.org SEPTEMBER 24 – CREW LEHIGH VALLEY Event: NCCC’S New Northeast PA Campus - Presentation & Tour Time: 4:00 PM – 6:00 PM Location: NCCC NEPA Campus Address/City: 2411 Route 715, Tannersville, PA www.crewlehighvalley.org SEPTEMBER 24 – IREM MD Event: Chapter 16 Annual Meeting & Crab Feast Time: 4:00 PM – 7:00 PM Location: Nick’s Fish House Address/City: 2600 Insulator Dr., Baltimore, MD P: 443-322-1115 E: lcrook@irem16.org www.irem16.org SEPTEMBER 24 – ABC NJ Event: Annual Crabfest Time: 4:00 PM – 8:00 PM SEPTEMBER 21 – NAIOP NJ Event: NAIOP NJ Golf Classic Time: 10:00 AM – 7:00 PM Location: Trump National Golf Club Address/City: Bedminster, NJ www.naiopnj.org
SEPTEMBER 24 – ULI PHILADELPHIA Event: Downtown York Development Tour and Happy Hour Time: 3:30 PM – 6:00 PM Location: Union Shared Workspace, The Bond Address/City: 110 S Queen St., York, PA www.philadelphia.uli.org
SEPTEMBER 26 – USGBC CENTRAL PA Event: Green Apple Day of Service 2015
SEPTEMBER 15 – CORENET GLOBAL Event: Learn How Technology is Creating the Office of the Future Time: 8:00 AM – 10:30 AM Location: Microsoft Address/City: 45 Liberty Blvd., Suite 210, Malvern, PA P: 267-428-6434 E: agallagher@associationconferencegroup.com www.corenetglobal.org SEPTEMBER 15 – NJIFMA Event: Tour of Lighting Application Center Time: 4:00 PM – 6:00 PM Location: Philips North America Address/City: 200 Franklin Square Dr., Somerset, NJ 08875 www.njifma.com
Time: 8:00 AM – 5:00 PM www.mygreenapple.org
SEPTEMBER 28 – CREW NJ Event: 2015 Annual New Member Evening Networking Time: 6:00 PM – 8:30 PM
Location: Prudential Newark Address/City: 655 Broad St.
P: 609-585-6871 www.icrewnj.org
SEPTEMBER 28 – IREM DELAWARE VALLEY Event: 2015 Annual Golf Outing Time: 10:00 AM Location: Commonwealth National Golf Club Address/City: 250 Babylon Rd., Horsham, PA P: 856-786-9260 E: admin@irem3.org www.irem3.org SEPTEMBER 29 – ICSC Event: VRN Fall Outlet Convention Location: Meadowlands Exposition Center Address/City: 335 Plaza Dr., Secaucus, NJ Cost: $315 Member $445 Nonmember P: 646-728-3647 E: evivona@icsc.org www.icsc.org
SEPTEMBER 16 – BOMA NJ Event: Monthly Dinner Meeting Time: The Metropolitan Room Location: Newark, NJ P: 973-696-2914 E: boma.nj@optimum.net www.bomanj.org
SEPTEMBER 16 – CORENET GLOBAL Event: RealShare NJ Time: 7:30 AM – 12:30 PM Location: The Hilton Meadowlands Address/City: 2 Meadowlands Plaza, East Rutherford, NJ P: 973-771-5201 E: newjersey@corenetglobal.org www.corenetglobal.org
SEPTEMBER 29 – USGBC NJ Event: The State of Incentives Time: 6:00 PM – 8:30 PM Location: William Paterson College Address/City: Wayne, NJ www.usgbcnj.org
SEPTEMBER 16 – CREW LEHIGH VALLEY Event: 2015 Putt-Putt Golf Tournament to Benefit CREW Foundation Time: 4:30 PM Location: Lucky Strokes Golf Address/City: 7200 Airport Rd., Allentown, PA Cost: $35 per Person www.crewlehighvalley.org
SEPTEMBER 29-OCTOBER 1 – NJAMB Event: 7th Annual Northeast Conference of Mortgage Bro- kers & Professionals Location: Harrah’s Convention Center Address/City: Atlantic City, NJ www.njamb.org SEPTEMBER 30 – NAIOP NJ Event: Chapter Meeting “The CEO Perspective on the
SEPTEMBER 17 – AIA PHILADELPHIA Event: The Big Event Time: 6:00 PM – 8:00 PM Location: U-Bahn Address/City: 1320 Chestnut St., Center City Cost: $30 Associate/YAF Members $40 AIA Members $50 Nonmembers www.aiaphiladelphia.org
Changing CRE Landscape” Time: 5:00 PM – 7:30 PM Location: Maritime Parc Address/City: Jersey City, NJ
P: 732-729-9900 www.naiopnj.org
SEPTEMBER 17 – CIANJ Event: Best Practices Conference Time: 8:30 AM – 12:30 PM Location: Nanina’s in the Park Address/City: 540 Mill St., Belleville, NJ Cost: $100 P: 201-368-2100 E: ehallock@cianj.org www.cianj.org
OCTOBER 12 – NJ IFMA & ISPE NJ Event: Golf Outing Time: 11:00 AM Location: The Knoll Country Club West Course Address/City: 990 Greenbank Dr., Boonton Township, NJ www.njifma.com NOVEMBER 12 – PLANSMART NJ Event: 47th Annual Dinner Time: 5:30 PM – 9:00 PM Location: The Westin Princeton at Forrestal Village Address/City: 201 Village Blvd., Princeton, NJ E: info@plansmartnj.org www.plansmartnj.org
SEPTEMBER 17 – CREW PHILADELPHIA Event: Real Estate Development 101: Viable Projects Time: 8:30 AM – 10:00 AM Location: CFI Address/City: 2129 Chestnut Street, Philadelphia P: 785-832-1808 www.crewphiladelphia.org
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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 Associate Publisher ..........................................................Barbara Holyoke Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King 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. Rockland, MA 02370 USPS #22-358 | Vol. 27 Issue 17 Subscription rates: $99 - one year, $148 - 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
Mid Atlantic Real Estate Journal
Business Continuity in a Technology- Dependent World Michael Mullin, IBS n today’s technology-de- pendent business world, when access to data and software is interrupted, whether by a temporary power outage or a full-scale disaster, the ability to conduct business is, too. In an age where data is king, the idea that it can be lost so easily should be enough to encourage commercial real estate organizations to take steps to protect it. The good news? Advance- ments like cloud computing are changing the way mission- critical information is stored and accessed, providing a real “win” for business continuity in terms of both efficiency and cost. Now companies of all sizes can enjoy uninterrupted (or nearly uninterrupted) technology-reliant functions – provided they have a well- crafted business continuity plan in place. Designing a failover plan Business continuity solu- tions are not one-size-fits-all. At the outset, it is important to look at two key metrics. I
The first is called the recovery point objective (RPO), and it basically determines how frequently backups should be taken based on howmuch data a company is willing to lose. What would happen if email correspondences were lost? What systems, software ap- plications, key documents and user clearances must be kept absolutely current in order to run the business? The second is the recovery time objective (RTO), which determines how long a com- pany can afford to be offline during and after a disaster. Totally recreating a compa- ny’s IT environment is not as simple as buying a new server and feeding in information from a backup source. Com-
continued on page 24A These metrics vary from or- ganization to organization, yet in every case five basic build- ing blocks are necessary for successful business continuity. • Effective hardware en- gineering . Properly design- ing a failover system ties di- rectly to RPO and RTO. Hard- ware must be engineered to deliver a fast (enough) return to operations. It also should be relevant to the individual company’s situation. An orga- nization with five production servers does not necessarily require five replicated servers, but it needs enough capacity to plex configurations, hardware availability and other business issues can make the process a slow one.
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M id A tlantic R eal E state J ournal Money Manager Awards presented by SmartCEO Castle Lanterra’s Rieder is prestigious award finalist N EW YORK, NY — Elie Rieder , found- er and CEO of Cas- ments, leadership, impact on the business community, philanthropy and service to clients. On-camera inter- views provide a view into each finalist’s insight, men- toring activities and career successes. Scores from both parts are combined, and finalists scoring in to top 20 percent are honored as Advi- sor and Banker of the year. Finalists and winners will be profiled in the September/ October issue of SmartCEO magazine, and honored at an awards ceremony slated for Tuesday, October 13, at BNY Mellon. The event will kick off with a networking re- ception, followed by a video- packed awards ceremony. n DataGryd’s Feldman speaks at first annual conference tle Lanterra Pr ope r t i e s ( CLP ) , h a s been named a finalist for the Money Man- ager Awards, Advisory cate- gory, presented community,” said Rieder. “I am honored to be a finalist. This reflects the entire Castle Lanterra team’s commitment to intelligent investing in the multifamily real estate space.” “The financial landscape is ever-changing,” said Jaime Nespor-Zawmon , president of SmartCEO Events. “That’s why we’re recognizing the region’s top money managers for their commitment to help- ing businesses and individu- als build stronger financial futures.” Money Manager finalists are scored by an indepen- dent committee, which con- ducts an in-depth review of each candidate’s accomplish- role of cyber security as a service, and discussed the advantages of tools such as Hardware based Network Protection and independent network security monitoring. The DC/AC conference hosted more than 300 lead- ing pioneers from the data center industry who gath- ered to hear 35 industry veterans share their in- sights and experience as end Elie Rieder users, operators (wholesale and retail) and executives. Keynote speakers featured on the program included Stephanie Copeland (president of zColo at Zayo Group ), Peter Gross (VP at Bloom Energy ), Andy Cvengros (VP of data cen- ter brokerage at Jones Lang LaSalle ), and Karen Robinson (CEO at KWR Acuity Strategies). n ONLINE ONLY Real Estate Auction 2 Residential Dwellings & Multiple Structures on 45.812 ± Acres by SmartCEO magazine. The Money Manager Awards, in the Advisory and Banking categories, honor Greater New York’s advisors, wealth managers and bankers for their commitment to clients. “The Money Manager Awards are highly presti- gious within the financial NEWYORK, NY — Data- Gryd announced that CEO Peter Feldman delivered a keynote address at the first annual Data - Center Austin Conference (DC/AC), hosted by Nova Mission Critical on July 21st, 2015, at the W Hotel in Austin, Texas. Feldman presented on recent trends and upcoming challenges in mission criti- cal, including the changing
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B Valstone Partners acquires office/retail building DTZ arranges $7.36m sale in Baltimore’s business district ALTIMORE, MD — DTZ , one of the global leaders in commercial
real estate services, announced that it has arranged the sale of 300 West Pratt St., a 61,655 s/f office/retail building in Baltimore’s Central Business District. The building is 55% leased and was purchased by Baltimore-based Valstone Partners for $7.36 million ($121.24 psf). Jonathan Carpenter , Ni- cole Keelty and Graham Savage of DTZ’s Baltimore Capital Markets team repre- sented the seller, Guggen- heim Real Estate, LLC . “300 West Pratt Street rep- resents an extraordinarily rare opportunity on Pratt Street as it is one of the few historic rehabilitations on the primary business boulevard of down- town Baltimore,” said Graham ROANOKE, VA — Marcus & Millichap , a commercial real estate investment servic- es firmwith offices throughout the United States and Canada, announced the sale of Berkley Self Storage, a 54,350 net rent- able s/f self-storage located in Roanoke, according to Bryn Merrey , regional manager of the firm’s Washington, DC office. The asset sold for $2.55 million which represented 98% of the list price. Robert Bloch and Michael Mele , investment specialists inMarcus &Millichap’sWash- ington, DC office, had the list- ing to market the property on behalf of the seller, a private investor. The buyer, a local investor who plans to hold the property long term, was also secured and represented by Bloch and Mele. Berkley Self Storage is locat- ed at 201 Berkley Rd. North- east in Roanoke. This prop- erty, built in 2001, includes 364 storage units, a three suite office, and a storage manage- ment office. The facility, which has been well maintained and recently expanded, went un- der contract within 30 days. The 2014 expansion included
Canopy by Hilton and Hyatt House rendering
WASHINGTON, DC — Savills Studley ’s U.S. Capital Markets Hospitality Group advised Hoffman-Madison Waterfront , the master de- veloper of the mixed-use water- front community The Wharf, in choosing HiltonWorldwide and Hyatt Hotels Corporation for its 413-key dual-branded hotel. Following an extensive, year- long RFP process in which more than 20 hotel brands from around the globe respond- ed, Savills Studley secured the Canopy by Hilton and Hyatt House brands for the 300,000 s/f hotel. Both locations will be managed and operated by NORFOLK, VA — Down- town Norfolk Council ’s Vi- brant Spaces program received 97 submissions, more than triple the anticipated number of proposals. The initiative was designed to accelerate neighborhood-defining busi- nesses in Downtown Norfolk. Vibrant Spaces launched May 20, 2015. Interested par- ties were asked to submit on- line proposals outlining ideas to create vibrant and exciting new businesses in Downtown. More than 100 people came out to view the available spac- es during an open house on June 13, and applications were accepted through July 12. Phase one of Vibrant Spaces offered six available spaces in Downtown Norfolk. Property owners agreed to lease the spaces at 50% market rent for two years to selected business- es. These new business owners will also receive a $20,000 kick-start grant. There are 85 new businesses vying for this incentive and opportunity. Existing Downtown busi- nesses also submitted ideas for funding to make their busi-
Concord Hospitality En- terprises Company and de- signed by SmithGroup JRR . Canopy by Hilton will open its first location in the District of Columbia with a 120,000 s/f lifestyle brand hotel with 175 rooms, while the Hyatt House be a 145,000 s/f extended-stay hotel with 238 rooms. The combined hotels will include dining options, a 1,100 s/f fit- ness center, 2,500 s/f of meet- ing space, outdoor terraces, an outdoor pool and a rooftop bar. The property will be located be- tween Maine Ave. and Wharf St. The hotels are expected to open in Fall 2017. n nesses more vibrant. There is $60,000 in matching grants available for this portion of the project, and 12 businesses submitted ideas. The program will match the level of grants to the ideas. Selected ideas will receive up to 50% of the project costs or up to $10,000 per business. A selection committee, made up of a variety of people with vested interests in Downtown, is reviewing the submissions and will determine the busi- ness ideas that most effec- tively align with the goals of the program. The committee’s breadth provides an objective review process. Mary Miller , president and CEO of Downtown Nor- folk Council said, “Since this program has never been done before, we had no idea of what to expect for a response. This level of interest in Downtown has assured us of the success of this initiative and under- scores that we will have even more opportunities down the road. The level of inquiries from prospects and landlords has been phenomenal.” n
300 West Pratt St
Savage. “Combined with its proximity to Oriole Park at Camden Yards, the property
is an essential Baltimore asset, and one that will compete for new tenants immediately.” n
Marcus & Millichap arranges the $2.55m sale of a 54,450 s/f self-storage in Roanoke, VA
Vibrant Spaces program in Norfolk receives 97 responses
Berkley Self Storage
19,800 s/f that has not yet been leased. The property is also prime for future expansion in both space and functionality. Cur- rently, three of the seven total acres remain for additional storage development.
“We were able to achieve a very low cap rate for this property which for the Roa- noke market is very exciting,” Robert Bloch said of the deal. “The buyer was willing to un- derwrite based on a forward looking projection.” n
6A — September 11 - 24, 2015 — M id A tlantic
Real Estate Journal
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D el M ar V a
By Rich Gieseler, M&T Bank Delaware: Small State Offers Big Opportunities in Real Estate
W
hile Delaware is the second-smallest state in the country,
state, Delaware beaches are a powerful draw to retirees and aging baby boomers, with beachside living that rivals any- thing available along the North- east Corridor. Just inland, along the Delmarva Peninsula, some of the richest farmland in the country produces food and livestock for nearby urbanmar- kets. Here is a snapshot of what is happening now in Delaware’s diverse and strengthening real estate landscape: Employment Hubs Drive Demand In the new world order of real estate, proximity, employ-
ment, and access account for the lion’s share of opportunity. In other words, location, loca- tion, location is again the key driver. In Delaware, location is being dictated by a number of emerging employers, who are joining with the state’s traditional petrochemical and banking industries to drive de- mand for both residential and commercial properties. For instance, in Newark, university-centric development has spurred increasing develop- ment activity in and around the University of Delaware (UD). The college is redevelop-
ing the nearby 272-acre prop- erty that formerly housed a Chrysler manufacturing plant into the University’s Science, Technology and Advanced Re- search (STAR) Campus. Where once 5,100 workers assembled Chrysler LeBarons and Dodge Durangos, today a new genera- tion of technology and medical science workers are plying their professions, thanks to the current development partner- ship between the University and Delle Donne & Associ- ates , a Wilmington-based real estate development company. Delle Donne first transformed
the steel skeleton of the pre- vious Chrysler administra- tion building into UD’s new College of Health Sciences that will enable cutting-edge, patient-centered research by both faculty and students that will have a positive impact on expanding the academic cur- ricula while leading to new methods of clinical practice. Following the opening of the UD Health Sciences campus, Delle Donne completed the full renovation of the adjoining al- most 70,000 s/f structure called STAR II. Already, SevOne, a Delaware homegrown network infrastructure company, moved its primary corporate office to the site, which will provide the necessary space for employees to work while providing ample room for future growth. Bloom Energy’s East Coast fuel cell manufacturing center also calls the STAR Campus home. M&T Bank is proud to support The University of Delaware, Delle Donne, SevOne, and Bloom Energy as the key drivers for current and future tenants and growth at the STAR Campus. We believe inwhat is happening at the campus and look forward to the positive impact it will have for Delaware’s economy. Just northeast along I-95, the Christiana submarket shows additional future development promise due to a recently com- pleted $120 million highway interchange project that now seamlessly connects I-95 to Route 1 – the two large arter- ies that define Delaware state travel. A godsend for weekend beach goers, the project notably improves access to southbound Route 1 connectingWilmington to the southern portion of New Castle County reducing previ- ous commuting congestion for the Bear, Middletown, and Smyrna markets. Delaware flourishes as a retail hub be- cause it is one of the few places in the country without a sales tax. The Christiana Mall’s dominance as one of the most successful malls in the country, evidenced by its often full 6,700 parking spaces, continues to at- tract additional retailers includ- ing a newly opened 100,000 s/f Cabela’s, new state-of-the-art Cinemark Theater, and the launch of the Allied Retail Prop- erties’ 600,000 s/f Christiana Fashion Center abeam the mall to the south. Also contributing to real estate market growth in Christiana are a cluster of continued on page 12A
it offers diversi- ty in real estate product, posi- tioning, and lo- cation. Wilming- ton, for example, sits at the most accessible urban crossroads of the
Rich Gieseler
Mid-Atlantic region—an exit off I-95— that places it within a two-hour drive of Washington DC, Baltimore, Philadelphia, and New York, 17% of the American population. Down-
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Real Estate Journal — September 11 - 24, 2015 — 7A
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8A — September 11 - 24, 2015 — M id A tlantic
Real Estate Journal
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D el M ar V a
Commercial-Industrial Realty Council Great CRE Events...Cont. Education...Speakers...Networking www.CircDelaware.org
Schedule of Events MEMBERSHIP LUNCHEONS Sept. 9, 2015 (Wed.) Clarion Belle Speaker/topic: Brian DiSabatano, Town Founder of the Town of Whitehall 11:30 - 1:30 p.m / Cost: $35 M/$45 NM Oct. 14, 2015 (Wed.) Clarion Belle Speaker/topic: Bernice Whaley, Director or Delaware Economic Development Office Continuing Education: (See classes below) 11:30 - 1:30 p.m / Cost: $35 M/$45 NM Nov. 19, 2015 (Thurs.) Harry's Savoy Speaker/topic: TBA 5:15 - 8:30 p.m / Cost: TBA Dec. 9, 2015 (Wed.) Univ. & Whist Club Festive Holiday Networking Luncheon 11:30 - 1:30 p.m / Cost: $45 M/$55 NM CONTINUING EDUCATION* Clarion Hotel-The Belle October 14, 2015 (Wed) * Mod. 4 / Office/Risk Management DE/PA/MD/NJ Mod. 5 / Legislative Issues: Agency DE/PA/MD January 13, 2016 (Wed) * Mod. 7 / Commercial R.E. Hotbuttons DE/PA/MD/NJ Mod. 3 / Real Estate Documents DE/PA/MD/NJ
September 9: The Town of Whitehall B rian DiSabatino is a Town Found-
2 0 1 5 BOARD OF DIRECTORS O fficers President Bert Root Harvey Hanna & Associates Vice President Donald Robitzer The Commonwealth Group Treasurer Timothy Cole Parke Bank Secretary Bayard J. Snyder, Esq. Bayard & Associates D irectOrs / c Ommittees Past President Education Chair Marvin Sachs Bellevue Realty Co. Legislative Affairs Chair: J. Gregory Ellis Patterson-Woods Associates Membership Chair John Birmingham Cushman & Wakefield James Manna BrightFields, Inc. Program Chair Donald Robitzer The Commonwealth Group Jeremy Abelson MidCoast Community Bank Benjamin J. Berger, Esq. Berger Harris, LLC Jim O’Hara, Jr. NAI Emory Hill-Retail Div. Rachael Justice ATAPCO Christiana Cynthia Fleming Jones Lang LaSalle e x -O fficiO m embers C. S. Kidner & Associates Economic Dev. Liaisons New Castle County Chamber Bob Chadwick 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 NCC Ec. Dev. Council State of Delaware Business Manager Janet S. Pippert CIRC / Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner
er of the Town of Whitehall and is president of the EDiS Company, a family- held development and construction firm headquartered in Delaware since 1908. EDiS has pro-
vided design, construction and facility management services on dozens of iconic projects. Brian has worked in all facets of the family’s businesses and now oversees planning, construction and facility management projects in Delaware, Southeastern Pennsyl- vania, South Jersey and Maryland’s Eastern Shore. He has been recognized for his leadership in regional business groups, non- profits and community service organizations. T he Town of Whitehall and the Scott Run Business Park repre- sent a $1.5 Billion private investment that is being made along the southern shore of Delaware’s C & D Canal. The developers are working to create Delaware’s next great place, in the tradition of Rehoboth Beach, Trolley Square and Old New Castle. With over 3,000 residential units and 1.5 Million square feet of commercial and retail development planned over the next 30 years, the Town Founders have been guided by the vision of The Welfare Foun- dation. Construction is underway and they to unveil the first of their finished product this fall. The Town Founders welcome other investors and developers to the Town of Whitehall and know that there is plenty of opportunity for the broader community. A ttend our September 9 Membership Lunch Meet-
March 9, 2016 (Wed) * Mods #/# to be announced
* Visit us on the web: CircDelaware.org for more information on our educa- tional course provider and credits for DE*MD*PA*NJ: circdelaware.org/education/schedule.cfm
ing at the Clarion Belle in New Castle and learn more, while catching up with your friends at CIRC after the short summer break.
F inancial D igest F eaturing A ppraisal
Real Estate Journal — September 11 - 24, 2015 — 9A
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M id A tlantic
A 534,004 square foot office property located in the heart of Philadelphia CBRE Group arranges $49.75m financing for the Public Ledger Building in Philadelphia P HILADELPHIA, PA — CBRE Group Inc. , one of New Jersey’s
credit anchor. The building covers an entire city block bounded by South 6th St., Chestnut St., South 7th St. and Sansom St., with unpar- alleled views of Independence Square Park, Center City Philadelphia, Old City and the Delaware River. In the center of several of Philadelphia’s most dynamic neighborhoods, the building offers immediate proxim- ity to nearly 6 million s/f of office space, the high-end residential neighborhoods of Washington Square West and Society Hill and the extensive array of retail shops and res- taurants offered in Old City. The site provides convenient access to public transporta- tion, as well as to Interstates 95, 676 and 76. n
the borrower received short term acquisition financing for a three-year term with two one-year extensions for the purposes of acquiring and improving the property. The bridge financing allows the borrower the opportunity to receive additional proceeds for future lease up and general building renovations, as well as the flexibility to operate and dispose of the asset as needed. Located at 600 Chestnut St., the 65%-occupied Public Ledger Building boasts an impressive tenant roster. The United States of America Gen- eral Services Administration (GSA) (S&P: AA+) serves as the property’s largest tenant, occupying a total of 133,689 s/f and providing a significant
largest commercial real estate brokerage firms, announced that its Capital Markets Debt & Structured Finance team has arranged $49.75 mil- lion acquisition and improve- ment financing secured by the Public Ledger Building, the historic 534,004 s/f office property located in the heart of Philadelphia. The CBRE team of James Gunning , Donna Falzarano and Evan Kleppe arranged the financing with a national debt fund on behalf of the borrower, Carlyle Devel- opment Group , based in Purchase, NY. Following a successful marketing cam- paign by the CBRE team,
HFF secures $22.5 million financing for class A suburban office buildings in VA
Public Ledger Building
G.S. Wilcox arranges $19.7m financing for two loans in NJ
Gretchen Wilcox
Al Raymond
David Fryer
who is a repeat borrower of G.S. Wilcox & Co. The loan is secured by a 245,824 s/f industrial property located in South Hackensack. The loan term was fixed for 5 years, has a 25 year amortization and was locked in at applica- tion in the low 3% range. A loan totaling $6.2 million for a 100,000 s/f industrial building located in Secaucus, New Jersey was arranged by David Fryer and Gretchen Wilcox. The property was secured at a 10 year term and 25 year amortization and is 100% occupied. n
MORRI STOWN , NJ — G.S. Wilcox & Co. an- nounced that they have arranged financing in the amount of $19.7 million for two loans, arranged by Gretchen Wilcox , presi- dent, Al Raymond , principal and David Fryer , principal of G.S. Wilcox & Co. Mutual of Omaha, a new correspondent lender pro- vided funding for both loans. Gretchen Wilcox and Al Raymond originated a loan totaling $13.5 million which provided purchasing financ- ing for a local value add fund,
Lakeside II and III
being used to finance the ac- quisition and lease-up of the properties, and to help facili- tate the borrower’s business plan to leverage their very low basis in the properties to offer attractive rental rates to win tenants and stabilize the property. Lakeside II and III are located at 21345 and 21355 Ridgetop Circle visible from Route 7 in Sterling. The assets are situated within the Loudoun Tech Center, which is walking distance
to two hotels and several restaurants and near Dulles Town Center and Washing- ton Dulles International Airport. Completed between 1999 and 2001, the property is 24% leased. The HFF debt placement team representing the borrow- er was led by Dan McIntyre . “Lakeside II and III is truly best in class in the submarket, and offers tenants access to the surrounding amenity base and dramatic lake views from all floors,” said McIntyre. n
STERLING, VA — Hol- liday Fenoglio Fowler, LP (HFF) announced that it has secured $22.5 million in financing for Lakeside II and III, class A office buildings to- taling 203,662 s/f in Sterling, Virginia. HFFworked on behalf of the borrower, a jointventureof The Pinkard Group , Buchanan Partners and AEW Capital Management , in arranging the four-year, floating-rate, non-recourse loan with NXT Capital. The bridge loan is
10A — September 11 - 24, 2015 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
aluation discounts can play an important role in tax planning for the By Michael A. Backer & Nita S. Vyas, Greenbaum Rowe Smith & Davis Changes in IRS regulations may impact use of valuation discounts in estate planning V ties such as limited liability companies or family limited partnerships to a spouse and/ Cathy Hughes, an official with the U.S. Treasury’s Of- fice of Tax Policy, commented tion’s fall meeting, scheduled for September 17-19, 2015. Hughes further noted that
Section 2704 was enacted in 1990 as part of Chapter 14 of the IRC. Its purpose was to prevent the reduc- tion of taxes through “estate freeze” techniques that were designed to reduce the value of a taxpayer’s estate, and to discount the value of property transferred to beneficiaries for estate and gift tax pur- poses without reducing the economic benefit passing to those beneficiaries. To address the concern that taxpayers were imposing re- strictions on transferred prop- erty that had the effect of ar- tificially reducing its value for estate and gift tax purposes, Section 2704(b) provides that certain “applicable restric- tions” that would normally justify discounts in the value of transferred property will be ignored in valuing interests in family-controlled entities if those interests are transferred to (or for the benefit of) family members. Valuation discounts on in- ter-family transfers have been targeted for years. Since 2010, the Obama Administration’s budget proposals have con- tained proposals that would restrict or eliminate valua- tion discounts on transfers of interests in family-controlled entities. Tax planners anticipate that IRS regulations to limit valuation discounts are on the way. Although the effective date of the new regulations is uncertain, it seems likely that only those transfers completed prior to the effective date will not be subject to the new rules. Accordingly, families with taxable estates for U.S. estate tax purposes should strongly consider establishing and thus transferring interests in controlled entities to fam- ily members soon, in order to avail themselves of the favor- able provisions which are still available under current law. Our Tax, Trusts & Estates Department provides a full spectrum of services to indi- viduals and families, busi- nesses, corporate trust depart- ments, executives and other professionals, and non-profit or tax exempt entities resid- ing or doing business in New Jersey. Michael A. Backer is De- partment Chair and Nita S. Vyas is Counsel in the Department at Greenbaum Rowe Smith & Davis. n
or descendants. There is now a concern that the IRS may soon issue reg- ulations that wi l l sharp l y curtail the abil- ity of taxpayers to use valuation discounts in their estate planning. At an American Bar As- sociation Section of Taxation meeting earlier this year, Nita Vyas
estate of a high net worth indi- vidual. Many of our clients have used valuation discounts for lack of control (also known as minority dis-
“Our Tax, Trusts & Estates Department provides a full spectrum of services to individuals and families, businesses, corporate trust departments, executives and other professionals.”
on various proposed regula- tions and anticipated regu- lations. She indicated that proposed regulations for Sec- tion 2704(b) of the Internal Revenue Code (IRC) could be released before the ABA Sec-
tax professionals could look to the Obama Administra- tion’s prior budget propos- als on valuation discounts for insight about what the proposed regulations might provide.
Michael Backer
counts), and for lack of mar- ketability, to save significant gift and estate taxes when transferring minority inter- ests in family controlled enti-
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