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N CBRENational Partners &HFF helped to arrange the sale toDuke Realty Bridge announces an agreement to sell an industrial portfolio consisting of 10-buildings or the rn N J , Southern CA and South FL
ISSUE HIGHLIGHTS Volume 29, Issue 22 Nov. 24 - Dec. 7, 2017 SPO TLIGHTS Professional Services
phase expected to close near the end of the year. In addition to the 10 completed properties, the deal includes two land par- cels on which two properties totaling 852,745 s/f will be con- structed, beginning later this year. Once fully constructed the total cost of the portfolio will be nearly $700 million. This is one of 2017’s largest industrial sales and brings Bridge’s year to date sales volume to over $1.1 billion. The NJ properties included in the first two phases of the sale are: • Bridge Point South Bruns- wick, a 488,884 s/f building at 773 Davidson Mill Rd. in Monroe Twp., NJ. This building is 100% leased to two regional 3PL companies who valued the properties proximity to the Exit 8A interchange off I-95
• Bridge Point Meadowlands, located at 5 Ethel Blvd. in Wo- odridge, NJ, is one of the land parcels in the deal currently under construction. Upon com- pletion, the new state-of-the- art facility will total 193,805 s/f • Bridge Point Carteret, a 206,500 s/f building located just off Exit 12 of I-95 at 900 Fed- eral Blvd. in Carteret, NJ. The building is 100% leased to Vir- ginia Dare Extracts for 15 years who relocated their long-time operations from Brooklyn, NY • Bridge Point Cranbury, a 264,085 s/f building that was recently leased and is located at the corner for Rte. 130 and Broadway Rd. in Cranbury Twp., NJ. “We are extremely proud of the accomplishments of our New Jersey team. This transac- tion consists of over 2,260,000
one-, two-, three- and four- bedroom residences, accord- ing to Hallstead Property Development Marketing (HPDM) , which is directing the sales effort. The dramatic elegance and sophistication of One Park are further enhanced by its more than 25,000 s/f of indoor and outdoor amenities. One Park’s Cliffside Park location has long attracted those commuting to New York City for business and pleasure who appreciate its proximity to the George Washington Bridge, Lincoln Tunnel and New York Waterway ferry service to Manhattan. The one square-mile borough also enjoys a diverse dining and shopping scene. The main thoroughfare, Anderson Av- enue, or “The Avenue” as it is affectionately referred to, is lined with boutique stores and shops, while an eclectic offering of dining, shopping and waterfront recreational and nightlife pursuits are just minutes away in Edgewater, Weehawken, North Bergen and Hoboken. n s/f of existing buildings as well as two buildings currently un- der construction totaling over 852,000 s/f. Developing over 3.1 million s/f of buildings worth over $520 million in three years in such a challenging market as New Jersey is a testament to the talents and tenacity of our team”, said Jeff Milanaik , regional partner for Bridge. “This portfolio sale is part of the $1.1 billion of new state- of-the-art industrial assets Bridge will sell in 2017,” said Steve Poulos , Founder/CEO of Bridge Development Part- ners. “The portfolio includes a mix of fully stabilized, partially stabilized and completely va- cant assets.” Brokers with CBRE Na- tional Partners and HFF helped to arrange the sale to Duke Realty. n
— Br i dg e D e v e l o p - ment Part- ners , LLC (Bridge) has a nn o un c e d a n a g r e e - ment to sell a 10-build- ing industrial
8-10A
CONSTRUCTION MANAGEMENT/ DESIGN BUILD
Jeff Milanaik
portfolio totaling 3,424,732 s/f to Duke Realty Corp. for $515 million. Each of the assets are newly constructed state-of- the-art facilities in the nation’s top infill industrial markets of Northern NJ, Southern CA and South FL. The transaction will be completed in phases, with the first and second phases hav- ing closed on September 27th and October 25th, and the final
5-12B
Secures financing with the assistance of Cooper-Horowitz, Inc. through AIG DMG Investments closes $71.6m construction loan for One Park condominium building in Cliffside Park, NJ
Section C
Upcoming Conferences December 14, 2017 New Jersey Medical Properties Summit For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com
CLIFFSIDE PARK, NJ — DMG Investments an- nounced that it has closed a $71.6 million construction loan for One Park, the 204- unit luxury condominium building rising in Cliffside Park with panoramic views of the Manhattan skyline. The 14-story building topped out in August and is scheduled to be completed in fall, 2018. The financing was secured by DMG with the assistance
Directory
Healthcare/Medical Office Buildings..............11-14A PA/NJ/DE Chapter CCIM. ....................................15A Business Card/Billboard Directory..................... IBCA Owners, Developers & Managers............... Section B Shopping Centers....................................... Section C
One Park
of Cooper-Horowitz, Inc. through AIG . “We’re delighted to receive this vote of confidence from a commercial lending insti- tution that recognizes One Park’s unique qualities and widespread appeal to buy- ers both here and oversees,” said Jacky He , executive vice president of DMG In- vestments. “With a clifftop location that maximizes the building’s dramatic views,
world-class design, inspiring amenities and proximity to Manhattan and the vibrant Hudson River waterfront, One Park offers a new per- spective on Gold Coast liv- ing.” Designed by architectural firm Architectura , with in- teriors curated by boutique design firm, VLDG, One Park boasts a glass curtain wall and private outdoor space for every home. The new landmark offers
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COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
AutoZone Zebulon, NC $1,652,243
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ..................................... Belinda Kachel Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ............................................. Miriam Buttrick Contributing Columnists: ...Brian T. Lovett, CPA, CGMA, JD, Withum; Glenn Ebersole; Lisa Cassidy, Orwak North America; Lee E. Wasserman, LEW Corporation; George Crawford, Green Partners; Missy Henriksen, National Association of Landscape Professionals 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 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 22 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 Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal www.mar journal.com
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Strong Consumer Confidence, Job Growth & Global Economic Resilience Create “Goldilocks” Economy T he U.S. economy has entered a Goldilocks scenario, one that is not too hot or too cold, but “just about right,” Cushman & Wakefield’s U.S. Macro Forecast reveals. Real GDP is on track to grow slightly over 2% in 2017, generating nearly 2 million net new jobs this year. The economy’s temperature also seems to be “just about right” for consumers. Confidence is hovering at a near-15-year high, retail sales are acceler- ating at a 5% rate year-over- year and credit is flowing. In addition, the global economy is also resurgent. World nominal GDP growth is expected to be four times greater this year than it was last year, bolster- ing global trade and business confidence. But by many metrics, the economy is certainly not “too hot.” Inflation is one suchmea- sure. Despite a low unemploy- ment rate, wage growth re- mains mostly muted and core inflation remains stubbornly below the Federal Reserve’s target rate of 2%. History suggests that when the labor market is near full employ- ment, core inflation should be higher; however, in August, the Fed’s preferred measure of inflation—the core Personal Core Expenditures (PCE) in- dex —was up only 1.4% year- over-year. info@navesinkrivercapital.com www.navesinkrivercapital.com Jonathan L. Hornik Lysar Financial Services, Inc. 80 Main St. •West Orange, NJ 07052 P: 973-325-2500 • F: 973-325-7548 Samuel Pepper spepper@metropolitan-mortgage.com P: 973-325-2500 x 1104 Meridian Capital Group, LLC New Jersey Office 517 Route 1 South • S ite 4000 Iselin, NJ 08830 P: 732-301-3200 • F: 732-301-3299 sales@meridiancapital.com www.meridiancapital.com Navesink River Capital, LLC We specialize in Multi-Family, Office, Retail, Industrial, Mixed-Use, Healthcare and S lf Storage 83 South St. • Suite 302 • Freehold, NJ 07728 P: 855-778-1000 Newcastl Financial Company LLC I ternational Blvd. • Suite 400 • Mahwah, NJ 07495 P: 201-378-0118 • F: 201-584-9173 victoria@newcastlefn.com www.newcastlefn.com The 504 Company 2050 Center Ave. • Suite 375 • Fort Lee, NJ 07024 P: 201-346-0300 info@the504company.com Hector DaCosta “While this may be related to transitory factors, such as pass-through effects from low- er oil prices, a one-off decline in medical costs and cell phone prices, the reality is that infla- tion, or lack thereof, has been baffling economists for years, “ said Revathi Greenwood, Cushman &Wakefield Ameri- cas Head of Research. “Com- plicating matters further are Hurricanes Harvey and Irma, which will distort monthly data and make it very difficult for the Fed to get a clean read on economic performance.” Added Rebecca Rockey, Head of Americas Forecast- ing, “The next interest rate hike, which was previously expected in December, now looks less likely. Prospects for 2018 look good. Downside risks lie mostly on the policy side, but assuming there is a bit of fiscal stimulus, real GDP will finally flirt with that 3% threshold next year, at least on a quarterly basis. There is a decent chance that the current economic expansion will be longest in the post WWII era.” Property market funda-
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L ender ’ s d irectory Visit northmarq.com to learn more!
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mentals are performing well, aside from retail, which con- tinues to face headwinds from eCommerce. Demand metrics such as net absorption are on par with, if not slightly off, last year’s levels. Construc- tion will soon start to drive vacancy rates upward, but any increase will be gradual. Leasing markets will be car- ried by the broad and steady health of the labor markets and consumers. The wave of new supply that hits in 2017 and 2018 will put a cap on rent growth, and a shift towards a more occupier friendly market should be expected in most U.S. cities next year. The capital markets are a bit slower in terms of sales vol- ume, but pricing continues to hold, and investors continue to seek opportunities in primary and secondary cities. However, the tenuous interest rate out- look adds to the uncertainty in capital markets. Even so, supportive global monetary policy and relatively low inter- est rates are expected to drive sufficient capital into CRE over the coming years. n
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At South Cove Commons, 203 Lefante Way in Bayonne Sitar Realty Company congratulates THE MAX Challenge, on their newest location B Realty Company also has an office in Sea Girt that focuses on both commercial and resi- dential real estate.
ayonne, NJ — Si- tar Realty Company would like to congrat- ulate their client, THE MAX Challenge, on their newest location at South Cove Com- mons, 203 Lefante Way in Bayonne. Account manager Joseph AmecAngelo worked with Subway goes global to combat hunger Milford, CT — Subway is taking National Sandwich Day global with World Sand- wich Day. On Friday, Nov. 3, more than 40,000 Subway restaurants in more than 60 countries will invited customers to join its “Live Feed” by enjoy- ing a special offer that will help fight hunger around the world. In the U.S., when customers bought a sub and a 30 oz. drink, they received a free sandwich, plus Subway donated a meal to Feeding America. “Last year, our customers helped us make history with the largest single-day donation to Feeding America -11 million meals/’ said Subway president and CEO Suzanne Greco . In the U.S., one out of eight people struggle with hunger, according to the U.S. Depart- ment of Agriculture (USDA). That means 41 million people across the country, including nearly 13 million children and more than 5 million seniors, don’t have enough to eat. Subway®and Feeding America are addressing this serious is- sue for the second consecutive year to help fight hunger in the U.S. n IREannounces sale of Cambridge Valley Self Storage Cambridge, NY — In- vestment Real Estate, LLC (IRE) announces the sale of Cambridge Valley Self Stor- age for $910,000 to a private investor. Cambridge Valley Self Storage is located in Cambridge in Washington County, just 40 miles northeast of Albany. Cambridge Valley Self Stor- age is comprised of five build- ings designed by Morton Build- ings. The facility consists of more than 95 traditional drive- up storage units along with a large warehouse/shop area. The sale also included land and approvals for an additional 49,500 s/f of self storage. n
TCNWorldwide is the largest remaining privately owned commercial real estate firm in New Jersey. The firm has been in existence since 1978. Sitar Realty Company spe- cializes in retail, office and industrial leasing and sales, property disposition, consult- ing, investments, property management, rent receiv- erships, development and property tax consulting/tax appeals. The firm has con- sistently represented owners, developers and corporations for some of the largest leases signed in the New Jersey metropolitan area. Sitar
South Cove Commons LLC / Alessi Development Group , along with one of the newest MAX Challenge franchisees, Susan Varca, to place her at this very high-end center. The MAX Challenge will occupy the end cap space next to Beach Bum Tanning. The projected opening for this location will be March, 2018. THE MAX Challenge is an award-winning franchise brand, featured as one of the top 50 in Franchise Business Review for 2017. Based in Iselin, New Jer- sey, Sitar Realty Company-
In 2011, Sitar Realty Com- pany was selected to become a member of TCNWorldwide. TCNWorldwide is comprised of more than 800 commercial real estate professionals serv- ing more than 200 markets worldwide. As a member of the TCN Worldwide system, Sitar Realty Company is able to provide corporate real es- tate services to its clients in national and international markets utilizing the best local expertise. n
South Cove Commons
Worldwide Real Estate Services Industrial • Office • Retail • Commercial Property Management • Insurance
New Jersey is more than just the place we conduct business. It’s where we live, where our families and friends are, and where we strive every day to provide quality real estate services for our corporate clients. The Largest Remaining Regional Commercial Real Estate Brokerage Firm in New Jersey
Sitar Realty Company 1481 Oak Tree Road, Iselin, NJ 08830 Phone: 732.283.9000 Fax: 732-283-3103
www.sitarcompany.com
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Total reposition program for the property is utilizing the services of Kimmerle &Newman Architects Lincoln Property Company completes two leases for 800-900 Lanidex Plaza P
ARSIPPANY, NJ — Michael Taylor , se- nior vice president, announced that Lincoln Property Company recently completed two significant leases on behalf of 8H9H Lanidex LLC., / Milelli Real Estate Partners owners for 800-900 Lanidex Plaza in Par- sippany. 8H9H Lanidex LLC., / Milelli Real Estate Partners LLC recently purchased the two, three story office build- ings totaling 114,000 s/f and have immediately implement- ed a total reposition program for the property utilizing
the services of Kimmerle & Newman Architects , to cre- ate new beautifully designed glass lined lobbies and rest- rooms in each building. By investing in these improve- ments, we have been fortu- nate to recently attract both ENT and Allergy Associates, LLC. and Total Renal Care, Inc.-DaVita. Because of the commitment by 8H9H Lanidex LLC., / Milelli Real Estate Partners in making these improve- ments, ENT & Allergy signed a long-term lease for 9,792 s/f on the third floor. ENT &
Allergy utilized the services of Peter Rossi of Newmark Knight Frank . ENT & Al- lergy was originally formed in 1998, when three practices merged with 12 partners and 8 locations and has grown to nearly 180 physicians, prac- ticing in more than 40 office locations throughout the New York and New Jersey. Additionally, Total Renal Care, Inc. leased 7,552 s/f on the first floor of 900 Lanidex Plaza, for twelve years and was represented by R ob- ert Hoffmann and Chris- tine Eberle of Cushman & Wakefield . Total Renal Care, Inc. provides dialysis services for patients suffering from chronic kidney failure. It op- erates kidney dialysis centers, and provides related medical services primarily in dialysis centers and in contracted hospitals. The company is based in Torrance, CA. Total Renal Care, Inc. operates as a subsidiary of DaVita Inc. 800-900 Lanidex Plaza has experience a significant in- crease in leasing activity, and have signed these new leases as well as extended and expanded the leases of several of our existing ten- ants, totaling approximately 45,000 s/f. This at a time when the Parsippany office market continues to experi- ence high vacancies. 800-900 Lanidex Plaza is gaining significant momentum with the recent completion of these leases and the new improve- ments that are underway. Rick Genthe and Bob Lee of Lincoln Property Company are serving as in-house leas- ing agents on behalf of 8H9H Lanidex LLC., / Milelli Real Estate Partners Other new leases and re- newals completed at 800-900 Lanidex Plaza include: • Unicom Systems relocat- ing from across the street and leasing 4,360 s/f on the first floor at 800 Lanidex Plaza in a long-term lease. • Pacific Healthcare Labo- ratories is relocating from Matawan, NJ and leased 4,067 rentable s/f on a long- term lease on the second floor of 800 Lanidex Plaza. • Western Industries, Vertellus, Aquent, Marotta Gund, Adecco USA, Andrew Leicht, Beeline, DRV Hold- ing, Armo &Hardwicke Capi- tal, all extended and a few expanded with us. n
800 Lanidex Plaza
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CAN YOUR DO THIS ? BROKER ‘‘ The most important achievement in this transaction was our ability to syndicate the loan by identifying a participant lender, which will also provide for an expanded relationship with the borrower in the future. ” Emil DePasquale Senior Vice President
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By Alessandro Conte, CCIM, SIOR, Blau Berg Has Commercial Real Estate Peaked?
T
climate of all markets. Alessandro Conte, CCIM, SIOR is an executive vice president at The Blau & Berg Company. n The Blau & Berg Co. reflects on the military service of its fellow employees SHORT HILLS, NJ —With Veterans Day approaching, The Blau & Berg Company , a prominent commercial real estate brokerage firm in the New Jersey and Tri-State area since 1932, is taking the oppor- tunity to reflect on the military service of its fellow employees. Remembering those who have served our country throughout its history takes on added im- portance on this day, however The Blau & Berg Company also strives to recognize these key members of our community throughout the year. Kenneth F. Crimmins , CEO & Chairman, is a veteran of the U.S. Navy. After gradu- ating from Officer Candidate School in Newport, RI in 1966, he was assigned duty aboard the U.S.S. Galveston as a weap- on’s officer. During his time in theMediterranean, the Six-Day or June War of 1967 occurred as Israel invaded the Egyptian Sinai. Ken also served a one- year tour in Vietnam, where he was awarded the bronze star, and left the Navy in 1969 as a Lieutenant. Brad Jacobs , assistant di- rector, is a veteran of the U.S. Army Signal Corp. He enlisted in 1997 as a Private First Class and was part of the Army’s military intelligence, which is responsible for collecting and providing essential informa- tion that often saves the lives of solders on front lines. With the recent hiring of Christian Benedetto , direc- tor of business development, The Blau & Berg Co. is proud to be in the planning stages of a long-term commitment to giving back to those who sacri- ficed so much on behalf of our country. The program will be announced in early 2018, but, in the meantime, the company is committed to supporting Christian’s ongoing efforts by sharing his story and the work he does to support his fellow service members. After enlisting in the United States Marine Corp in the late 1980s, Christian Benedetto continued on page 14A
he current commer- cial real estate envi- ronment has investors
buyers a comfort level on the acquisition. Users are easing back into the driver’s seat of this market. Typically, a user can weath- er the volatility of a real estate market better than the inves- tor. Ultimately, the user will need the space regardless of values, while the investor will need to replace a tenant at a potentially lower rate. This factor, coupled with the thin margins of today’s investment sales, makes investors more conservative, allowing users to get back in the market. Landlords have been the
big winners in recent years - rental rates have nearly doubled since 2009, mak- ing their investments more valuable and profitable. The concern for them is how long should they reap the rewards of high rentals before selling off at peak prices. If they sell to soon in this cycle, they may miss out on these rich rents. If they ell too late in the cycle, they may miss out on the high valuation. Developers are facing the biggest hurdles today. Land values are also at all-time highs. Thinning margins and
competition raise risk for developers, but the biggest obstacle continues to be the entitlement process. Develop- ers are concerned that if the market turns for the worse the valuations for the land today may hinder leasing potential of a fully entitled project that can take up to two years. Overall, the landlords, users and developers we are working with still feel there is meat on the bone and that this current cycle will continue for at least a couple of years, not with- standing any outside political turmoil that can change the
a n d u s e r s alike in a con- stant state of “where are we i n th i s cycle”. The biggest issue today is won- dering if we have peaked
Alessandro Conte
and if a purchase today could lead to buyer’s remorse tomor- row. Brokers are now chal- lenged with not only justifying purchase price, but also giving
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RICHMOND, VA Porter Realty Co./ CORFAC International 804.353.7994 www.porterinc.com
Blue & Obrecht Realty/ CORFAC International 410.561.5568 www.blueobrecht.com CHATHAM, NJ The Garibaldi Group/ CORFAC International 973.507.0360 www.garibaldi.com LEHIGH VALLEY, PA The Garibaldi Group/ CORFAC International 610.866.7800 www.garibaldi.com PHILADELPHIA, PA WCRE/CORFAC International 856.857.6300 www.wolfcre.com PITTSBURGH, PA Weber Wood Medinger/ CORFAC International 412.515.1550 www.wwmrealestate.com
TYSONS CORNER, VA Donohoe Real Estate Services/ CORFAC International 703.276.8400 www.donohoerealestate.com WASHINGTON, DC Donohoe Real Estate Services/ CORFAC International 202.333.0880 www.donohoerealestate.com WILMINGTON, DE Patterson-Woods Commercial Properties/CORFAC International 302.622.3500 www.pattersonwoods.com
market today.
Locally Owned. Globally Connected.
www.corfac.com 224.257.4400
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We are inviting a select group of Legal Professionals to write an expert article on counseling and legal services available to the commercial real estate industry.
These experts should have a thorough understanding of the business aspects of the commercial real estate industry as well as the law, and have the ability to inform our 27,000 readers on policies and procedures, contracts and lease agreements, Building, and title insurance as well as environmental concerns. Target the building owners and commercial real estate developers who are actively involved in retail centers, office buildings, hotels, apartment complexes, and vacant property slated for development.
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H ealthcare /M edical O ffice
Real Estate Journal — November 24 - December 7, 2017 — 11A
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$5 million renovation set to begin at Rehabilitation and Healthcare Center Marquis Health Services assumes management of skilled nursing facility
OSTON, MA — Mar- quis Health Ser- vices , the healthcare affiliate of Tryko Partners, LLC , has assumed operational management of North End Rehabilitation and Healthcare Center in Boston. The organi- zation will begin a $5 million renovation at the skilled nurs- ing facility, formerly known as Spaulding Nursing and Therapy Center – in early 2018. Tryko Partners purchased the facility at 70 Fulton St. in March from Spaulding Reha- bilitation Network, part of the Partners HealthCare system; Partners continued to man- age the property during the transition. Under Marquis, the property will be licensed for 100 patients, including 70 beds for long-term residents and 30 beds for short-term rehabilitation patients. “We have been working closely with Partners Health- Care to ensure the smooth Baltimore, MD — Da- vid Paulson, SIOR of Blue & Obrecht Realty, LLC / CORFAC International recently facilitated the $3.75 million sale of 3455 Wilkens Ave. in Baltimore on behalf of the seller, Tsunami, LLC. The building was purchased by Reza Parvizi, a local investor. Located on the campus of St. Agnes Hospital, the 39,121 s/f, three-story medi- cal office building is substan- tially leased, with many long term tenants. In a second transaction, University of Maryland St. Joseph Medical Center has signed a lease to occupy 9,000 s/f of medical office space at 9110 Philadelphia Rd. in Rosedale. Gail Chrzan and Patrick Smith of Blue &Ob- recht Realty, LLC / CORFAC International represented the landlord, Obrecht Prop- erties, LLC , and Karen Robertson of Newmark B
After M&T Bank provided the acquisition financing for North End Rehabilitation and Healthcare Center, it was a natural fit for Tryko to choose the same partner to finance the operations closing and renovation, according to Chad Buchanan , chief investment officer. “The North End is a strategic addition to our port- folio,” he said. “I am confident M&T Bank understands this facility’s significance to us and its importance in the com- munity.” For Brick, NJ based Tryko Partners and Marquis Health Services, the acquisition of the North End skilled nurs- ing facility marks the firm’s continued expansion. Marquis Health Services currently operates 17 facilities totaling more than 2,000 beds. The company is recognized as a leading provider for long- term care and rehabilitation services in the Northeast and Mid-Atlantic regions. n
10 properties. According to Rokeach, it provides a wel- come opportunity for his team to grow its relationships with local healthcare providers. Marquis has immediate plans to enhance its patient programming. For example, it will introduce cardio-pul- monary and stroke recovery programs with the intent to strengthen clinical outcomes for both short- and long-term skilled nursing patients. The capital improvements will include the addition of a 3,000 s/f therapy gym and upgrades to all rooms, bath- rooms and common areas. Renovations will be conducted in stages, floor by floor, and also will feature the conver- sion of 50 semi-private rooms into private suites. “We are excited to begin the renovation process and take this facility to the next level as soon as we re- ceive the necessary approvals at the state and local levels,” Kahanow added.
North End Rehabilitation and Healthcare Center rendering
transition of management,” noted Uri Kahanow , Tryko Partners’ director of acquisi- tions. “Our thanks to the lead- ership at Partners. They have been a pleasure to work with during the process.” Spauld- ing Rehabilitation Network’s David Storto, president; Re-
becca Kaiser, chief of staff; and Maureen Banks, chief operat- ing officer, led the Partners transition team. The addition of North End Rehabilitation and Healthcare Center expands the Tryko/ Marqu i s Mas sachus e t t s skilled nursing portfolio to
Paulson, SIORof Blue&Obrecht Realty facilitates $3.75 million sale of Baltimore, MD medical office building
3455 Wilkens Ave.
9110 Philadelphia Rd.
Knight Frank represented the tenant. University of Maryland St. Joseph Medical Center will provide physical therapy (Towson Sports Medicine), or- thopedic specialists (Towson Orthopaedic Associates) and cardiology services.
9110 Philadelphia Rd. is a 38,656 s/f medical office build- ing that has recently been renovated with state-of-the- art finishes in the building lobby and common areas. The building is located in the Seven Square Corporate Park and features frontage along
Philadelphia Rd., excellent parking, and easy access to I-695 and I-95. Suites are available from 948 to 5,920 s/f. “We are thrilled to have the University of Maryland St. Joseph Medical Center as a tenant in the building” said
Tom Obrecht , Chairman of Obrecht Properties, LLC. “The building’s proximity to the vibrant eastern Baltimore County medical community, as well as the recent common area renovations, have been key in retaining and attract- ing medical tenants.” n
12A — November 24 - December 7, 2017 — Healthcare/Medical Office — M id A tlantic
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H ealthcare /M edical O ffice
ew York, NY — Growing its focus on the impor tance o f Prioritizing the health and wellness of tenants Tishman Speyer launches global tenant health and wellness initiative with Fitwel Certification N
improve building occupant health and productivity. It was created as a joint initiative by the U.S. Centers for Disease Control and Prevention and the General Services Administra- tion, and it is operated by CfAD. In addition to certifying its buildings in the United States, Tishman Speyer will intro- duce Fitwel to new markets in China, Brazil, India, Germany and France. The goal is to com- plete the certification process of the vast majority of Tishman Speyer buildings by the end of 2019. Fitwel certification follows
Tishman Speyer’s introduction earlier this year of Zo, its com- prehensive workplace amenity and services package focused on enhancing work-life balance, which was piloted at New York City’s Rockefeller Center and is now being rolled out across Tishman Speyer’s portfolio. “We are prioritizing the health and wellness of our ten- ants throughout our portfolio, and Fitwel provides a new building certification that can be used as a strategic resource to create healthier work en- vironments,” said Jonathan Flaherty , senior director of
Sustainability and Utilities, Tishman Speyer. “With its solid foundation in scientific research conducted or reviewed by the CDC, Fitwel provides us with a clear, verifiable benchmark of how our buildings currently provide healthy work environ- ments for the people who spend most of their days there, and a roadmap for how to make the most beneficial health-focused building improvements.” “We are proud to partner with Tishman Speyer as Fitwel’s first Global Strategic Partner to adopt health promoting strate- gies within their buildings and
campuses and to further signal to the market that the built en- vironment matters for health. Tishman Speyer has long been recognized as a market leader in providing building services with a sustainable focus. We are thrilled that they are also concentrating on impacting health within their global port- folio, and advising Fitwel on its development in the coming years,” said Joanna Frank , president and CEO of the Cen- ter for Active Design . With over 250,000 people working in its buildings, Tish- man Speyer is uniquely posi- tioned to apply Fitwel to all its properties around the world. CfAD will be able to take ad- vantage of Tishman Speyer’s wide geographical reach to introduce Fitwel certification in China, Brazil, India, Ger- many, France, and the U.K., while further developing and customizing the certification to those markets. Tishman Speyer will also serve as a founding member of Fitwel’s Leadership Advisory Board. Fitwel provides 63 cost ef- fective design and operational strategies for enhancing build- ing environments to improve occupant health and productiv- ity, such as dedicated lactation rooms, accessible stairways, and pest management plans. n served in the Infantry during the First Gulf War. As an avid support of the Veterans and PTSD (Post-Traumatic Stress Disorder) as well as the founder of PTSD Journal, one of the many ways Christian offers his services to support his fel- low servicemen is via speaking engagements at various events. For example, Christian and PTSD Journal recently host- ed its first Invisible Wounds Conference on the campus of Rutgers-Newark where over 150 people attended and were educated on treatments, trig- gers and the overall impact trauma has on every day life. Crimmins, Jacobs and Bene- detto bring their skills, work ethic and leadership qualities acquired as service men to The Blau & Berg Company, and the organization is honored to recognize their sacrifices on behalf of our country and their continued contributions to our community in their post-service lives. n continued from page 6A The Blau &Berg Co. reflects on . . .
healthy work- place environ- ments, Tish- man Speyer a nn o un c e d a pa r t n e r - ship with the Center for Ac- tive Design’s (CfAD) build-
Jonathan Flaherty
ing certification system Fitwel. Fitwel is one of the leading global health certification sys- tems, providing effective design and operational strategies to
Real Estate Journal — Healthcare/Medical Office — November 24 - December 7, 2017 — 13A
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H ealthcare /M edical O ffice
Brenner and Elfand broker 37,000 s/f lease at Park 80 West Cushman & Wakefield represents growing pharma organization in long-term commitment S ment program of the asset, which included substantial amenity upgrades.” and mass merchandisers, ac- cording to a recent company news release.
ADDLEBROOK, NJ — Rising Pharmaceuticals, Inc. has moved into a 37,000 s/f global headquarters lease at Park 80 West in Sad- dle Brook, announced commer- cial real estate services firm Cushman & Wakefield . The generic prescription pharma- ceutical products’ marketing and distribution departments moved into theclass A property at 250 Pehle Ave. from Allen- dale this fall. A continued period of growth required Rising Pharmaceu- ticals to seek a larger head- quarters office, according to Cushman & Wakefield’s Ben Brenner , who represented the company in its site search and long-term lease with Todd Elfand . “Rising Pharmaceuti- cals wanted to capitalize on its growth and lease expiration to leverage it as an opportunity to establish a modern, contem- porary work environment for its employees,” Brenner said. “After a multi-market site search, Park 80 West became the clear favorite. CBRE owns the property and recently completed a $11 million dollar capital improve- NAI James E. Hanson negotiates 10,876 s/f sale Clifton, NJ — NAI James E. Hanson completed the sale of 10,876 s/f of profes- sional space at 1030 Clifton Avenue in Clifton, N.J. NAI Hanson’s Josh Levering, SIOR, and Nicholas DePaol- era represented the seller, Re- alty Investment Associates . 1030 Clifton Ave. is a two-sto- ry, 21,734 s/f office/professional building situated in the heart of Clifton Avenue’s well-known professional corridor. 1030 Clif- ton Ave. is a highly prominent building with an ideal location and size as well as existing tenants have been long-term Clifton businesses. The buyer purchased the entirety of the second floor on a condominium basis and has plans to renovate, upgrade and occupy the space as a medical office. “In today’s market, many smaller business owners are recognizing the advantages of building ownership versus leasing. Especially when mak- ing significant upgrades and renovations to a space for your own business, you can create a long-term appreciable asset,” said Levering. n
Rising Pharmaceuticals is the finished dosage form ge- nerics subsidiary of ACETO Corporation, an international company engaged in the devel- opment, marketing, sale and distribution of human health products, pharmaceutical in- gredients and performance chemicals. ACETO sells gener- ic prescription products and over-the-counter pharmaceuti- cal products under its Rising label to leading wholesalers, chain drug stores, distributors
“Rising Pharmaceuticals is a world-class organization, and we were honored to represent the firm in its renewed com- mitment to doing business in the State of New Jersey,” not- ed Brenner, who added that “this transaction reinforces the fact that commercial prop- erty owners who reposition their assets into state-of-the- art, forward-thinking office environments are undoubtedly best positioned to secure NJ’s most exciting companies.” n
Rising Pharma interior space
NYU - Winthrop University Hospital
SUNY Stony Brook New Medical and Research Translation Building (MART) and Hospital Pavilion
Providing Program & Construction Management and Design Solutions to the Healthcare Industry
Westchester Medical Center
SUNY Buffalo School of Medicine & Biomedical Sciences
St. Francis Hospital
14A — November 24 - December 7, 2017 — M id A tlantic
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Questions? Contact PA/NJ/DE CCIM Chapter Director Amanda Lane at 717-614-4271 or email Amanda@AimAnswers.com
2017 PA/NJ/DE CCIM CHAPTER OFFICERS Jeffrey Hoffman, CCIM President JPH Realty Advisors Philip R. Earley, CCIM* Vice President Lieberman, Earley & Company Charles Swope, Jr., CCIM Secretary Swope Lees Commercial Real Estate Tom Skeans, CCIM* Treasurer Sperry Van Ness | Imperial Realty Eric Gorman, CCIM* Past President Cushman & Wakefield 2017 PA/NJ/DE CCIM CHAPTER DIRECTORS Christopher Baj, CCIM Chair, Lehigh Valley Sperry Van Ness | Imperial Realty John Birkeland, CCIM Rock Commercial Real Estate Gregg Broujos Chair, Pittsburgh Colliers International David Church, CCIM Chair, Membership U.S. Capital Realty, LLC Michele Countis, CCIM Chair, Designations Jackson Cross Partners Jonathan Epstein, CCIM* Berger-Epstein Associates, Inc. Craig Fernsler, CCIM* , GRI, SRES KW Commercial / KPG Cindy Feinberg, CCIM Feinberg Real Estate Advisors Neil Kilian, CCIM Chair, Delaware NAI Emory Hill Laura Martin, CCIM Chair, Central PA
Registration Now Open! Annual TriState Joint Dinner Thursday, November 16th; 5:15pm-9:00pm Harry’s Savoy Grill Ballroom—Wilmington Delaware
Join the PA/NJ/DE CCIM Chapter on Thursday, November 16th (5:15pm-9:00pm) at Harry’s Savoy Grill Ballroom—Wilmington Delaware for the 24th Annual Joint Holiday Dinner. This year's event will once again feature a keynote speaker and a tremendous networking opportunity for members of the following organizations: PA/NJ/DE CCIM, SIOR, CIRC, Suburban West REALTORS® Association Commercial Chapter and the Appraisal Institute. REGISTRATION : Contact PANJDE CCIM Executive Director Amanda Lane by calling 717-614-4271
Commercial Real Estate Negotiations Course Coming to Triple Play Convention in Atlantic City! Monday, December 4th; 8:30am - 3:30pm Atlantic City Convention Center Learn and apply the CCIM Interest-based Negotiations Model to your most challenging transactions. Learn new, proven strategies to client acceptance that will get you out of the “high/low game” and other tactics that can derail a successful transaction. Course objectives include: Developing strategies for identifying/addressing challenges in a principled, transparent manner Maintain a collaborative approach to negotiations Effectively communicate the consequences of not reaching an agreement Satisfying the interests of parties involved in the negotiation (without sacrificing your)
REGISTRATION: Contact CCIM National by calling 800-621-7027 and press option #2
PA/NJ/DE CCIM Dealmakers Cindy McDonnell Feinberg, CCIM of Feinberg Real Estate Advisors, LLC (FREA) represented the buyer, IBEW Local No. 375, on the purchase of 101 S. 7th Street, Allentown, PA, Lehigh County, a 30,000 square foot office building located one block from the PPL Center in the heart of Allentown’s revitalized urban core. IBEW 375 plans to use the new facility for administrative offices, a union hall, and an apprenticeship training center. This will be their first new home since December of 1998.
Latus Commercial Realty Kathy Sweeny-Pogwist Brandywine Realty Trust * Past PA/NJ/DE CCIM Chapter President The PA/NJ/DE CCIM Chapter Proudly Acknowledges and Thanks the Following Sponsors:
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