8-31-12

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ISSUE HIGHLIGHTS Volume 24 Issue 16 Aug. 31 - Sept. 13, 2012 Cushman & Wakefield arranges $71 million sale

330,589 s/f trophy office tower developed by The Evans Company Clarion Partners’ Metro Park VI achieves LEED Platinum Certification

lexandria, VA — Clarion Partners’ Metro Park VI, a newly deliv-

screened to help reduce solar radiation transmitted into the space. The building’s orientation, shape, and performance charac- teristics combine to reduce the building’s energy consumption by more than 35 percent com- pared with that of a similar, con- ventional building. The building also reduces water use dramati- cally – 50% in outdoor landscap- ing using and 30% indoors. “We are proud to receive USG- BC’s highest level of recognition for our commitment to sustain- ability and high-performance design and construction,” said Marc DeLuca, managing direc- tor, Clarion Partners. “Metro Park VI demonstrates that developers do not have to make radical changes to conventional modern office building design, nor do they have to spend lav- ishly, in order to achieve sub- stantial reductions in building energy and water use, along with greatly improved indoor air qual- ity that can optimize tenants’ productivity and health.” n

ered 330,589 s/f trophy office tower has been awarded LEED Platinum certification by the US Green Building Council. The LEED (Leadership in En- ergy and Environmental Design) Core and Shell 2.0 Platinum level recognizes the building’s substantial reductions in build- ing energy and water use, along with its exemplary level of in- door air quality. Developed by The Evans Com- pany for New York-based Clar- ion Partners and designed by KlingStubbins, Metro Park VI is 60% pre-leased; Booz Allen & Hamilton has signed a ten-year, $40 million lease for 88,000 s/f. It is the final building within the 1.2 million s/f Metro Park office park, favored by Federal government contractors due to its proximity to Metrorail, the VRE commuter train, Fort Bel- voir, and the newly relocated National Geospatial-Intelligence Agency.

Metro Park VI in Alexandria, VA

Keystone Chapter of ABC honors High Construction

Metro Park campus offers ten- ants an award-winning LEED Platinum conference center and full-service fitness center, along with the NAIOP award-winning Walker’s Grille, featuring fresh, locally sourced menu items in a congenial environment. “Metro Park VI represents an intelligent evolution of the suburban office building type,” said architect Glenn Crawford of KlingStubbins. “Rather than relying on a single, dramatic sus- tainable feature, or on elements that would prove challenging to

future tenants, the design opti- mizes conventional ingredients into a result that exceeds con- ventional expectations.” Central to the building’s per- formance is its form and mass- ing. After testing various mod- els, the design team selected a lozenge-shaped tower with “pinched” east and west ends to reduce heat gain at those expo- sures. Glass curtain wall, which covers most of the building’s exterior, consists of double-pane Low-E glazing filled withArgon. Portions of the glazing are silk

10A

Shopping Centers featuring PA/NJ/DE ICSC Show

SSH Real Estate arranges partnership transfer on two properties for $46 million

Section B

Philadelphia, PA—SSH Real Estate has represented 1201 Chestnut Street Partners LP in the transfer of certain partnership interests in The Commonwealth Apartment Building, a 98-unit, redevel-

CREATE celebrates 15 Year anniversary 16-17B

Directory

Auction News/Directory................ 6-7A Owners, Developers & Managers 9-29A Green Buildings......................... 16-24A People on the Move....................... 30A Calendar of Events. ........................ 32A Shopping Centers................... Section B

opment of an historic office tower at 1201 Chestnut St. in Philadelphia. INVESCO Real Estate of Dallas, Texas made the invest- ment on behalf of an unnamed client. “The Commonwealth rep- resents a fantastic value-add story for both SSH and for Philadelphia,” said Daniel Mayock, director of Invest- ment Services for SSH. “The 1201 Chestnut Street in Philadelphia

100 Concord in Chester Township

ownership group was com- prised of three different oper- ating partners, 806 Capital, Silverang Hallowell, and SSH Real Estate. Together they transformed an obsolete, class C office building into a new apartment project. In an unrelated transaction, SSH facilitated a joint venture partnership capitalization of the Chester Creek Business- Center in Chester Twp. Ches-

ter Creek Business Center is comprised of three existing office/flex/warehouse buildings totaling 178,960 s/f and a pad site supporting a fourth build- ing of 72,000 s/f. Mayock and Adam Gillespie of SSH Real Estate were the agents on both transactions. The collective debt and eq- uity capitalization of both transactions totals over $46 million. n

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Inside Cover A — August 31 - September 13, 2012 — Mid Atlantic Real Estate Journal

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A — August 31 - September 13, 2012 — Mid Atlantic Real Estate Journal

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Aldo Design Group......................................................... 10A Alfred Auctions. ............................................................... 7A ALT Realty..................................................................... 18B Auction Directory............................................................. 7A B.R. Kreider & Son, Inc................................................. 21B Bill Board Directory. ................................................. IBC-A BL Companies....................................................... 10A, 32B Bohler Engineering........................................................ 14B Borrus Associates........................................................... 25B Brahney.............................................................................12 Business Card Directory. .............................................. 31A Capitol Aerials............................................................... 19A CBC Bennett Williams.................................................... 3B Chartwell Group............................................................. 7A Clarion Partners..........................................................BC-A Cooper Roofing............................................................... 11A CREATE ........................................................................ 17B Crystal............................................................................ 20A Cushman & Wakefield..................................................... 5A D.F. Pray. ................................................................... IBC-B Earth Engineering Incorporated..................................... 8B Entech. ........................................................................... 16A Fameco Real Estate....................................................... 10B FOWLER........................................................................ 25A Franchise World............................................................. 21B GA Keen Realty Advisors................................................ 3A Gerard Construction Corp........................................16-17B Gilbeaux Associates, PC................................................ 19A Haftek CWS................................................................... 14A Hutchinson Mechanical Svcs........................................ 22A Hylant Environmental Risk Management................... 32B IREM.............................................................................. 27A Katz Properties................................................................ 7B Kay Realty Services LLC. ............................................. 32B KW Commercial- The James Balliet Comm’l. Grp........ 2B Landcore Engineering Consultants, P.C.. ...................... 4B Lippincott Jacobs........................................................... 12B LMS Commercial Real Estate....................................... 19B M. Miller & Son. .............................................................. 3A Marcus & Millichap Taylor Zang.................................... 4B McMahon Transportation Engineers & Planners.......... 6B Meyer Consulting Engineers Corporation.................... 16B NAI Keystone Commercial & Industrial, LLC............. 27B NAI Summit..................................................................... 3A NJ Paving....................................................................... 15A NJ SmartStart Buildings.............................................. 18A NorthMarq Capital.......................................................... 4A Omdex Incorporated Consulting Engineers................. 16B Penncap Properties......................................................BC-B Poskanzer Skott Architects........................................... 13A RCX. ............................................................................... 21A RD Management LLC. .............................................22-23B Real Connect.................................................................... 9B ROCK Commercial Real Estate...................................... 6B SHAH Electric & Builder.............................................. 12A Silbert Realty................................................................. 13B Target Building Construction....................................... 11B Thesing Companies. ...................................................... 27B TRG. ................................................................................. 9B Vanasse Hangen Brustlin, Inc...................................... 32B Vantage Landscaping............................................10A, 14A Whitestone Associates, Inc............................................ 14B WP Realty. ....................................................................... 5B MAREJ A dvertisers D irectory To advertise, call 1-800-584-1062

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 Contributing Columnist .......................................................... Eugene Diaz 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 16 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

Mid Atlantic Real Estate Journal

By Eugene Diaz Investment Sales: Recession’s After-effects Are Still In Play

ncertain capital flow for “in-between” deals, increased foreign in-

vestment money for big city properties, an increase in con- struction money, and signs of hope from the economy – those are some of the current trends in an investment sales market still impacted by the after-ef- fects of an economic recession that “officially” ended nearly four years ago. Those after-effects are play- ing out in an investment sales market that has not completely stabilized. After a surge in sales in 2011, for example, the market slowed a bit in the first quarter of 2012, and not necessarily because there is not a sufficient supply of capi- tal. Rather, there has been a lack of quality supply to fuel transactions. The analogy is that cur- rent supply is “two ends of the barbell,” with nothing in the middle. There is either a strong desire for high-qual- ity core, long-term stabilized assets on one end of the bar- bell, or absolute rock bottom pricing providing the basis for opportunistic, value-add transactions on the other. For now, there is very little capital in the market to appropriately price deals in the middle of the barbell – deals that may be value-add in nature, but involve an investor or opera- tor who has to do something with the asset to generate a significant yield. Put another way, those “in between” transactions current- ly providing little investment impetus are those that cannot guarantee long-term cash flow, or do not guarantee or have a significant opportunistic upside – mid and upper 20 percent returns or higher. For those transactions, investors have not put the risk on trade in terms of having confidence in the economy to carry those investments with any sort of underwrite-able certainty. That said, and despite the ebbs and flows of the market- place, the recent performance of the economy has indeed provided some hope and a sense of positive expectation. There has been moderate job hiring and employment gains,

although that has not neces- sarily shown up in all of the statistics just yet. But we are seeing a clear in- crease in activity, particularly among the small to mid-sized companies. One indication comes from the Bankers As- sociation, which reports that those small to mid-sized com- panies are now beginning to access capital and that lenders are beginning to let capital flow to those non publicly traded enterprises. That is indeed a change, because while many of those companies have continued to have very good balance sheets, it has been the large, multi- national public companies that for the past years have had sole, exclusive access to the capital markets. One example of the increase in activity among banks that lend to those kind of groups is Sun Bank, based in Vine- land, N.J. Sun, which has its Northern New Jersey business office in our company’s office park, has been there for just three years and already has doubled their occupancy on the expectation that their middle market lending business is increasing dramatically. In terms of other current investment market trends, for- eign investor money has been extremely active – but only in the gateway cities. As far as the region’s suburbanmarkets, there is some interest in credit- based, long-term leasebacks – they’ll play in that arena. But in general, the suburban markets are not attracting foreign capital. Over and above the foreign money, the majority of capital currently in the market ap- pears to be the commingled funds and institutional pen- sion fund advisors. They are

generally, of course, the same buyers that have always been here and after experiencing a long hiatus are coming back to market. More funds have been raised, they’ve been sit- ting on cash, the mandates are starting to come in, and they are becoming more active. We are, in fact, receiving calls from them and seeing more interest and competition when a quality transaction becomes available. We are also seeing some construction money returning to the market, especially for multi-family product. As has been reported, there has been a significant increase in multi- family construction projects, driven in part by the REITs, as well as by private institutional capital. The industry just can’t seem to build enough apart- ments to meet the current de- mand in a housing market that has seen a surging in rentals at the expense of home buying. But overall, returning to the earlier analogy, there is still too little available product for investment money to be chas- ing at the ends of the “barbell.” That overall trend, by the way, is impacting pricing positively. When a very attractive, high- quality, stabilized transaction does become available in this market, it will indeed be sold at aggressive pricing. For the rest of the year and into 2013, the investment sales market forecast remains mixed. Trends in the overall economy will set the tone, and if pricing does remain aggres- sive, more opportunities will arise for the flow of money that has been sitting on the sidelines post-recession. Eugene Diaz is principal partner of Prism Capital Partners, LLC in Bloom- field, NJ. n

Mid Atlantic Real Estate Journal — August 31 - September 13, 2012 — 3A

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M id A tlAntic R eAl e stAte J ouRnAl Of Philadelphia-area Apartments Cushman & Wakefield arranges $1 million sale

They wrote the policy.

We make sure they write the check.

ENSALEM, PA—Cush- man & Wakefield has orchestrated the $71

Marx along with senior managing director Joe Mes- sina and assistant director Chris Koeck, represented McManimon, Scotland & Baumann in the transaction. The landlord, Mack-Cali, was represented in-house by Rich Travaglini and Diane Chayes. n “With that influx, pricing has become increasingly aggres- sive, and class B communities with a vintage similar to Vil- lage Square have been trading near a six percent yield,” he said. n only inmetro Philadelphia, but also the larger Washington, D.C. to NewYork corridor,” Me- rin said. “But metro Philadel- phia in particular has emerged as a market for multi-family investors. In the early 2000’s, only a handful of communities were being sold in this market per year. Since 2010, with an influx of new buyers and capital targeting Philadelphia assets, we’re seeing a more heated and liquid investment sales market with a dozen or more communities being sold per year.”

ROSELAND, NJ — Studley represented McManimon, Scotland & Baumann, LLC in a long-term, 17,931 s/f lease at 75 Livingston Ave. McManimon, Scotland & Baumann took part of the sec- ond floor in the class A office building. Improved workplace strategies and efficiencies “The market for well-located, high-quality multi-family as- sets in metro Philadelphia has been robust with activity, and we have seen growing demand million sale of Village Square Apartments, a 694-unit com- plex in Bensalem. Karen Iman, Brian Whitmer, Andrew Me- rin, Marybeth Farris and Nick Karali of the firm’s Capital Markets Group (CMG) repre- sented the agent for the seller, Korman Residential, and pro- cured the buyer, Paradise Property, LLC. Village Square Apartments consists of 436 one-bedroom and 258 two-bedroom units in 56 two-story, brick-clad build- ings.

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both from local owners and developers, as well as investors from outside of the region”, said Iman. “The fact that this offering attracted more than 120 ex- pressions of interest is a clear sign of the demand that’s out there for apartment assets, not

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Studley’s Marx, Messina & Koeck broker 1,931 s/f lease reduced the firm’s office foot- print by almost 25% from its previous location.

“Favorable market condi- tions, along with a ‘right sizing’ of office space, allowed the firm to achieve substantial savings in overall occupancy costs,” said Studley senior managing director Christopher Marx.

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www.marejournal.com M id A tlAntic R eAl e stAte J ouRnAl During the first half of 2012 CMC arranges $88.9 million in real estate loans L IVINGSTON, NJ — Mark Scott’s Commer- cial Mortgage Capital

DEBT | EQUITY INVESTMENT SALES Capital Markets

Scott, founder and principal of CMC. “These loans speak to our ability to facilitate the proper financing structure for a range of borrowers in an expedited manner. We understand the competitive marketplace and offer quick turnaround as well as responsive and professional guidance throughout the entire loan process.” The six most recent transac- tions that closed were: • Edgewater Harbor – Build- ing F – Multi-family, Retail – Edgewater, NJ Mark Scott’s Commercial Mortgage Capital arranged a $14 million construction

loan. The loan will finance the construction of Building F at Edgewater Harbor, a 24-acre, luxury mixed-use project on New Jersey’s Gold Coast. • Andrew’s Corner – Multi- family – Lakewood, NJ Mark Scott’s Commercial Mortgage Capital arranged a $14.2 million permanent loan for a partnership consisting of New Jersey developers who own thousands of multi-family units across the state as well as several million square feet of industrial and office space in New Jersey and Pennsylvania. The loan is forAndrew’s Corner, a 148-unit apartment commu- nity located at 1 Lisa Robyn Circle in Lakewood, NJ. • Dartmouth Village Apart- ments – Multi-family – Parsip- pany, NJ Mark Scott’s Commercial Mortgage Capital arranged a $9.5million self-liquidating first mortgage loan for Dartmouth Village, LLC’s Dartmouth Vil- lageApartments in Parsippany, NJ. The Dartmouth Village garden apartment complex consists of 222 units housed in eight buildings. • River Bend at Wappingers Falls (Phase 2) – Multi-family – Wappingers, NY Mark Scott’s Commercial Mortgage Capital arranged an $8 million LIBOR-based con- struction loan for Riverbend at Wappingers, LLC, which was formed specifically to build, own and manage the luxury apartment complex, River Bend Wappingers Falls. The fully- leased property consists of 10 apartment buildings contain- ing 124. • Columbia Court – Multi- family – Springfield, NJ Mark Scott’s Commercial Mortgage Capital arranged a $7.8 million permanent first mortgage loan for Columbia Court. The financing is for lux- ury apartment complex Colum- bia Court, which is located on 50 Maple Ave. in the suburban community of Springfield, NJ, part of Union County. The prop- erty consists of two adjoining three-story buildings contain- ing 74 units – three studios and three-bedroom apartments, 17 one-bedroom units and 55 two- bedroom spaces. • Multi-family Property – Camden County, NJ Mark Scott’s Commercial Mortgage Capital arranged a $5.5 million permanent first mortgage loan for a 148-unit apartment, n

(CMC) has closed $88.9 million worth of loans dur- ing the first six months of 2012. “ We a r e p l e a s ed t o announce our

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latest Mark Scott’s Commercial Mortgage Capital transactions, which support our strategy of arranging financing for multi- family real estate projects in the Tri-State region,” said

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M id A tlantic R eal E state J ournal Gillis & Gilkerson represent buyer of former Feldman’s Sperry Van Ness - Miller’s Cox secures 10,000 s/f lease S

MAREJ’s Commercial Real Estate Law SPOTLIGHT Cost Recovery • Real Estate Land Use & Development Retail • Property Management • Brokerage Financial Institutions and more We are inviting a select group of top professionals to write an expert article about the current state of commercial real estate law. Publication date: September 14 | Deadline: September 5, 2012 Special advertising rates to all participating firms. Michael Campisi mcampisi@marejournal.com

ALISBURY, MD — Wes- ley Cox, CCIM, a senior advisor with The Hanna Team at Sperry Van Ness - Miller Commercial Real Estate announced that after being vacant for 3 years, a new tenant will soon occupy the former Boater’s World location consisting of 10,000 s/f. After months of negotiations Cox secured a lease with Trade It! As part of the deal the center will also receive a facelift with a brand new facade. This new lease along with the sale of the land across the street from this center for a new AT&T Wireless store marks two recent transactions Cox completed to help bring a rejuvenated look to this sec- tion of Rte. 13 North. In a separate transaction Bradley Gillis, CCIM and Joey Gilkerson from Sperry Van Ness - Miller represented the buyer of the former Feldman’s Building, and Blair Rinnier, CCIM of Rinnier Development represented the seller. The buyer will create a high qual- ity mixed use project with open sight lines to the riverfront, on-site parking and will focus on the historically significant 3-story building. The current building consists of four dif- ferent structures totaling over 40,000 s/f on 20,000 s/f of land; the most important of which is the main 3-story building which dates back to the late 1800’s, first used by B.L. Gillis & Sons, wholesale grocers. Demolition will begin in the fall of 2012 with renovations to begin shortly after. The buyer hopes to work with the city to construct a riverwalk along the Wicomico River and Mill Street. “The newly named River View Commons (former Feldman’s Building) is a cornerstone project for Salisbury’s downtown. The project has wonderful views upriver and is within walking distance to restaurants, park- ing, offices and healthcare. The buyers’ are excited about the positive effect this project will have on downtown and Former Feldman’s Building

Trade It! rendering

our community” said Bradley Gillis. “We will be marketing office and retail spaces for lease and even see a potential

opportunity for a restaurant. With onsite parking and river views the location is ideal” said Gillis. n

Tel: 1-800-584-1062 x 208 Mid Atlantic Real Estate Journal www.marejournal.com

Metropolitan Area Capital Markets Group

the landings at Pine lake 520 units sale of garden style aPartment community lindenwold, nj

400 + 625 Pierce street 278,000 sf sale of two industrial buildings franklin townshiP, nj

65 clyde road 159,000 sf

100 sciPark blvd 66,000 sf

sale of single-tenant office and lab building east windsor, nj

sale of multi-tenant warehouse building somerset, nj

village square 694 units

240 cedar knolls road 118,000 sf sale of multi-tenant office building cedar knolls, nj

sale of garden style aPartment community bensalem, Pa

Andrew J. Merin, Vice Chairman 201-460-3358 David W. Bernhaut, Vice Chairman 201-460-3356 H. Gary Gabriel, Exec. Vice President 201-460-3352 Brian J. Whitmer, Senior Director 201-508-5209

A — August 31 - September 13, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com M id A tlantic R eal E state J ournal A uctions

19 rooms on half-acre property to be sold by Max Spann Archdiocese of Philadelphia to auction beachfront mansion

ENTNOR, NJ — Villa St. Joseph by the Sea, a 19-room beachfront

Located within minutes of Atlantic City, the 9,800 s/f mansion was ceded for $1,000 to the Archdiocese in 1963 by Hannah Hogan in memory of her brother, the Rev. Edward Hogan, and has been used as a vacation retreat for elderly priests. Because of the distinctive uniqueness of the beachfront estate, theArchdiocese chose to let the market determine the value through an auction with Max Spann. “Vacation homes in shore communities are taking two years to sell in some cases and theArchdiocese wants to sell this property now as op- posed to potentially waiting,” said Max Spann, the presi- dent and CEO of the firm. “With unique properties like this, it is often difficult to de- termine a market value. Our auction will bring together motivated potential buyers who will have an opportunity to bid against each other in the open to determine a fair market price.” The property could pos- sibly be re-zoned up to six lots and be re-developed by an investor. The half-acre Villa St. Jo- seph property spans a full beach block with 175 feet of beach frontage. The property features private gardens with a fountain surrounded by brick walls and iron gates. Built in 1905, the mansion has 11 bedrooms, each with their own private bathroom, and numerous covered porch- es and decks with panoramic views of the ocean, beach and boardwalk. The home also features expansive formal and ca- sual dining rooms with ser- vice stations, a commercial kitchen, a grand foyer with parlor, sitting areas, custom millwork, an elevator, and a stunning staircase. A full basement features service and laundry areas, storage, a full bath and an office. The home also has a two-car de- tached garage and off-street parking. “The estate is stunning,” Spann said. “We are confi- dent we can find a new owner that will appreciate it.” n

mansion owned by the Arch- diocese of Philadelphia, will be sold via auction in Sep- tember. Max Spann Real Estate & Auction Co. has scheduled the auction for Saturday, Sept. 15 at 1 p.m. on the property, located at 114 S. Princeton Avenue. Open houses have been scheduled from noon to 2 p.m. on Saturday, Sept. 1 and Sunday, Sept. 9.

114 S. Princeton Avenue

“LIVE” REAL ESTATE AUCTION / SEPT 26

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For Brochure &Terms of Sale call 877-430-9558

Chartwell Group, LLC · Gordon Greene VAAL #3716 Jason Dolph,VA Broker #0225192495 • www.chartwellauctions.com

Mid Atlantic Real Estate Journal — August 31 - September 13, 2012 — A M id A tlantic R eal E state J ournal A uctions

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A — August 31 - September 13, 2012 — Mid Atlantic Real Estate Journal

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C ompany N ews

Painting classrooms and hallways Elfant Wissahickon Realtors donate a day

To accommodate additional employees Summit Consulting moves to a larger office in D.C.

ashington, DC — Summit Con- sulting , a leading

The new space represents a square-footage increase of ap- proximately 43 percent from the company’s previous office at 626 E St. NW. Anthony Curcio, the chief operating officer at Summit Consulting and leader of its Modeling and Forecasting Prac- tice, says that the firm looked at alternatives throughout Wash- ington but wanted to remain in the city. The larger space – which features a highly collaborative, open architecture environment – may accommodate up to 50 professionals, and even more than that if the firm exercises its option to further expand, Curcio said. Ultimately, company execu- tives decided on 718 7th St. NW because of the building’s easy access to Metro for the firm’s work force, its historic quality, Anderson, who was em- ployed in Reznick Group’s Bal- timore office, passed away in July 2011 after a courageous battle with esophageal can- cer. He was a beloved former employee and also an avid golf player. Anderson spent 13 years of his professional career with Reznick Group. The $14,000 was the largest amount raised in the 11 year history of this annual charity golf tournament. In addition to serving a worthy cause, tournament participants en- joyed a day of golf, contests, raffle prizes, a catered dinner, and awards ceremony. tinue to address the evolving technology needs of construc- tion companies, we enhance and innovate our software for construction management, as well as support and services, to help businesses be more productive and profitable,” said Jim Flynn, president and CEO of Maxwell Systems. “We are honored that Con- structech has recognized our development efforts, our re- source investments, our cus- tomer engagement practices, and technology leadership in the industry.” Peggy Smedley, editorial director, Constructech magazine, said: “The evolution of technology solutions can shake up the marketplace. It may give newer companies a

and its proximity to clients. Currently, Summit Consult- ing has 44 employees. It hired 14 people last year and eight so far this year, and the firm plans to bring on board an- other five to seven workers by the end of 2012, Curcio says, noting that the company’s new staff members have both graduate and undergraduate degrees in various quantita- tive fields. “Our clients are demanding more of what we are already providing them, and, as they learn of other targeted ca- pabilities that we have, they expand their scope of work into these additional areas,” he says. “We are focused on providing the best in client service and hiring the best people to deliver it. If we do that, responsible growth will take care of itself.” n “It was heart-warming to see our employees and friends come together to support Gary’s children, who both plan on pursuing college degrees,” said Bill Riley, a principal in Reznick Group’s Baltimore of- fice. “We could not have asked for a better day of golf and fun to honor the memory of our friend and former colleague.” Reznick Group’s annual golf tournament began more than 10 years ago to provide financial support for the son of a Reznick Group employee who had been diagnosed with a rare blood disease. Each year, the firm chooses a differ- ent charity to support. n chance to establish themselves in the arena, and it can also let longtime players prove they are committed to the industry. This year’s winning compa- nies are giving builders and contractors solid solutions on which to build, and continue to transform.” Compan i e s nomi na t ed for the Constructech 50 are judged on a variety of crite- ria, including having a strong product/service aimed at the construction industry, ongo- ing customer satisfaction and growth, as well as outreach and educational efforts for the construction industry, among others, and the listing is determined by the editors of Constructech magazine. n

provider of sophisticated data analy- sis to federal government agencies as well as pri- vate-sector clients, an- nounces to- day that it has opened a 4,160-square-foot office at 718 7th St. NW. In the midst of a significant staff expansion, Summit Con- sulting relocated to a bigger home in Washington, D.C., to provide it with ample room to continue hiring new profes- sionals. The firm also has the option to occupy an additional 1,600 square feet at 718 7th St. NW. Anthony Curcio

The volunteers of Elfant Wissahickon Realtors and Martin Elfant Inc. at the Stanton school.

Philadelphia, PA — On August 7th, the agents and staff of Elfant Wissahickon Realtors and Martin Elfant, Inc. Real Estate joined school and community stakeholders at the EM Stanton School at 16th and Christian Streets for a Day of Service. The volun- teers spent the day painting classrooms and hallways in vibrant colors. Both companies have become sponsors of the Supporters of Stanton, and felt it important to combine financial contribu- tions with volunteer work. “Volunteer effort is one of the best ways to get instant gratifi- cation with virtually no strings attached. The folks fromElfant Wissahickon andMartin Elfant were thrilled to be given the opportunity to participate in a beautifully organized initiative and we all had a ton of fun,” Long Island, NY — So- phia’s Cure Foundation, a charity dedicated to finding a cure for Spinal Muscular Atrophy (SMA) raised nearly $100,000 at a Long Island City fundraiser in late Au- gust. The event was the latest by the group to find a cure for a terminal disease. Sophia Gaynor was diag- nosed in 2009 with Spinal Muscular Atrophy Type 1, a disease that ravages the body leading to acute paralysis and the need for respiratory support and a feeding tube. Her parents, Vincent and Catherine Gaynor, launched Sophia’s Cure Foundation to raise money to find a cure for the disease. The 100% volun-

said Bob Elfant, a co-owner of both companies. Elfant Wissahickon has a tra- dition of service to local schools and their students. Earlier this year, the agents participated in a day of service at JS Jenks School in Chestnut Hill, clean- ing out closets and reading to children. This past Saturday, along with the Neil Kugelman Team, Elfant Wissahickon sup- ported the Back to School event held each year by the Concord School House Historic Site, providing backpacks filled with school supplies to children of low-income families in the NW neighborhood. All of these contributions are part of Elfant Wissahickon’s “Building Community” initia- tive, encompassing a commit- ment of $20,000 and 2000 hours of community service through- out the Philadelphia area. n teer organization has raised nearly $2.5 million for SMA research in just three years. There is no treatment or cure for SMA yet, but ground- breaking research, partially funded by Sophia’s Cure, is working on a potential cure so that future generations may not suffer from this heinous disease. “We are humbled by the support of the Mechanical Contractors Association , Steamfitters and other unions in the fight against SMA,” said Vincent Gaynor, a union steamfitter with Local 638 . “More than 125 people at- tended the fundraiser and we are now planning to make it an annual event.” n

Reznick Group Charity Golf Tournament raises $14,000 Baltimore, MD — The Baltimoreofficeof the Reznick Group raised $14,000 during its 11th Annual Charity Golf Tournament at Rocky Point Golf Course in Towson. More than 120 friends and employ- ees participated in the event which raised money for The Anderson Children Education Fund - a private educational fund established on behalf of former Reznick Group em- ployee Gary Anderson’s chil- dren. Anderson’s son David is pursuing an accounting career at Towson University and his daughter Lauren is in the process of looking at colleges in anticipation of pursuing a career in medicine.

Mechanical Contractors Association & Local 638 help to raise $2.5 million

Maxwell Systems 2012 named to the Constructech 50

KING OF PRUSSIA, PA — Maxwell Systems, Inc. an- nounced that it has again been named to the Constructech 50 , a listing of the most influen- tial construction technology providers with a strong and ongoing market presence. Maxwell Systems was hon- ored by the editors of Con- structech who reported: “Many solution providers claim to have the fully integrated soft- ware offering figured out, but Maxwell Systems is one of the few that clearly delivers. The company demonstrates it is not afraid to dig deep in order to provide the right set of technology that fit its cus- tomers’ needs, both now and for the long run.” “As we con-

O wners , D evelopers & M anagers

Mid Atlantic Real Estate Journal — August 31 - September 13, 2012 — A

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Gentile and Fasano of the Philadelphia office close $2.45m sale in South Harrison Marcus & Millichap sells two self-storage facility building’s totaling 118,750 s/f in New Jersey

T SOUTH HARRISON, NJ —Marcus & Millic- hap Real Estate Invest- ment Services has announced the sale of South Harrison Self Storage, a 66,750 s/f self-stor- age facility property located in South Harrison, according to Spencer Yablon, VP/regional manager of the firm’s Phila- delphia office. The asset com- manded a sales price of $2.45 million. Bob Gentile, an investment specialist in Marcus & Mil- lichap’s Philadelphia office, had the listing to market the property on behalf of the seller. The buyer was also secured by Gentile. Michael Fasano, Broker, assisted in closing this transaction. South Harrison Self Storage is located at 500 Tomlin Station Road. “The facility was built in two phases and occupancy is steadily increasing,” noted Gentile. “We’re starting to see an uptick in transactional ve- locity in the self-storage space

South Harrison Self Storage

Moore Self Storage

as fundamentals improve and the economy stabilizes. There are more buyers today than there were a year ago,” he added. The facility installed solar energy panels on the roof to reduce energy expenses and produce additional income. South Harrison Self Storage offers all amenities including climate control units. Marcus & Millichap New Jersey office announced the sale of Moore Self Storage, a 52,000 s/f self-storage facility property located in Neptune, NJ. Converted from a clothing district. Constructed in 1971, the property consists of seven two-story brick apartment buildings with a combina- tion of one- and two-bedroom units. Senior vice president Joni Sweetwood represented both parties in the transaction pursuant to an exclusive list- ing agreement. “Asbury Park is becoming increasingly popular for resi- dents and investors alike as the revitalization of the city pro- ceeds,” said Sweetwood. “The area has become trendier with restaurants, shops and night- life. People want to live there. Occupancy at the property is nearly 100% and rent conces- sions, which had been offered in the past, are no longer needed to attract tenants.” The pur- chaser assumed the seller’s ex- isting financing. The mortgage assumption was facilitated by Arbor Commercial Mortgage. The seller was represented in-house and the purchaser was represented by Richard Kelin, Esq. of Feinstein, Raiss,

manufacturing building into a self-storage center in 1997, the property offers 499 climate controlled units and 105 non climate controlled units. At the time of sale the property was about 85% occupied. R i c ha r d Sc hon t z , Dan Burkons, Mike Mele, and Christopher Munley with the assistance of Fasano, had the listing to market the property on behalf of the seller, a limited liability company and secured the buyer, an out-of-state in- vestor. The buyer was selected

after a national marketing campaign. There were several qualified offers including local, regional, and national self-stor- age operators. “Currently, the market is experiencing a high demand for quality self-stor- age properties. When a quality property hits the market we are receiving a large number of of- fers with aggressive terms. This buyer was ultimately selected because they were a very repu- table company and they were willing to assume an existing loan which saved the seller several thousand dollars in

penalties.” said Rick Schontz a member of the listing team. Dan Burkons, another one of the listing agents, said, “Self storage assets are finding Buy- ers willing to pay strong prices because of good market funda- mentals, and also because of low interest rates. In this case a new loan was not part of the equation (due to the assump- tion of the existing mortgage) but the buyer was able to get the property at a discount by enabling the seller to avoid payment of a stiff prepayment penalty.” n

WOODBRIDGE, NJ — The Kislak Company, Inc. re- cently completed five sales Kislak completes $11.75m New Jersey multifamily sales region,” added Holland. “De- mand for housing is strong given the area’s population density, proximity to NewYork City and many other employer centers, and abundant mass transit. Occupancies are at or near 100% in many com- munities, although there are pockets of distressed proper- ties in some of the more urban areas.” Eighth and Ninth Sts. with a total of 39 units. Vice presi- dent Alan Sommer Storozum represented the seller and Sweetwood represented the purchaser. Kelin & Booker, LLC. The sale marked the second transaction that Kislak that handled on behalf of each of the seller and purchaser.

transactions throughout N e w J e r - sey totaling $11.75 mil- lion. In sepa- rate transac- tions, a 90- unit property i n A s b u r y

The first East Orange sale was of a 45-unit four-story masonry building with eleva- tor service. Sweetwood also represented both parties in the transaction pursuant to an exclusive listing agree- ment. Constructed in 1940, the property had been owned by the same owner since 1979. “The building has an attractive lobby, very large one-, two- and three-bedroom units and ga- rage parking and is situated on one of the best and most de- sirable Sts. in the city,” added Sweetwood. “The property is within close proximity to the major commercial centers of Newark, NJ and New York City and is within walking distance of city parks and city recreation.” “East Orange is in the heart of Essex County, a major sub- market within the tri-state

“In Plainfield, there have been sales of both market rate properties and distressed prop- erties as there had been sev- eral distressed or bank-owned properties in the area,” added Sweetwood. The owner initial- ly purchased these properties from a lender at a discount. We then marketed the properties on an exclusive basis and sold them at a market rate price.” The Jersey City sales were of two neighboring properties onArlington St. with a total of 16 units. The seller had previ- ously purchased a distressed mortgage on the property and foreclosed. Sales associate Scott Davidovic represented the seller and Sweetwood represented the purchaser. The seller provided the pur- chaser with a purchase money mortgage. n

Joni Sweetwood

The purchaser obtained a new first mortgage at an attractive rate. The seller was represented by Jonathan Mehl, Esq. and the purchaser was represented by Melanie Scroble, Esq. of Ansell, Grimm & Aaron, PC. The second East Orange sale was of a 47-unit four-story brick building. The transaction was a distressed sale wherein Sweetwood facilitated the all- cash sale of the mortgage on the property and the transfer of the deed, both to the pur- chaser. The Plainfield sales were of two neighboring properties on

Park sold for $4.5 million; a 45- unit property in East Orange sold for $2.9 million; a 47-unit property in East Orange for $1.6 million; two properties with a total of 39 units in Plainfield sold for $2.1 millon and two properties with a total of 16 units in Jersey City sold for $650,000. The Asbury Park sale was of Frederick Douglas Apart- ments, a 90-unit garden apart- ment complex located two blocks from the city’s train station and only a few blocks from the beach and the city’s vibrant downtown commercial

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