Real Estate Journal — June 10 - 23, 2016 — 3A
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M id A tlantic
M id A tlantic R eal E state J ournal Levering and Kirshenbaum represent the seller Sale of 30,459 s/f office bldg. brokered by NAI Hanson
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P ARSIPPANY, NJ — NAI James E. Hanson , a New Jersey-based full-service independent com- mercial real estate firm, an- nounced it has brokered the sale of a 30,459 s/f office build- ing located at 140 Littleton Rd. in Parsippany. NAI Hanson’s Josh Levering, SIOR and Andrew Kirshenbaum rep- resented the seller, Gisella Haidar , in the transaction. The building was purchased by Choice Properties . The three-story office build- ing is located in one of New Jer- sey’s best office markets and is currently 80% leased. It is the closest premier office building to the intersection of Routes 287 and 80 and provides easy access to Routes 280, 24 and 78, the Garden State Parkway, the New Jersey Turnpike and ELMONT, NY — Wings & Things, the brainchild of Paul Madonna has sprouted wings andestablishedasecondlocation. The original unit started 20 years ago in taking over the former Bojangles location on Fulton St. in Hempstead.
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000
140 Littleton Rd.
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Newark Liberty International Airport. New York City can be reached within 45 minutes. “140 Littleton Rd. is a great property in the Parsippany office submarket, which is one of the premier markets in the state,” said Levering. “The buyer was interested in a value-add investment prop- Paul Madonna and his son Michael are proud to announce their second location at 1717 Dutch Broadway in Elmont, at a prime corner location in the Western Beef Shopping Center. Like the original unit, Wings
erty, and at 80% leased and with a fantastic location so close to the highways this was a perfect opportunity for them. The office market in New Jer- sey has been generally stale, but we have been seeing some good activity in this corridor as the assets here are just so well situated.” n & things will feature their pop- ular Southern Fried Chicken, their Famous Ribs and their 99 cent menu along. Wings & Things were r epr esent ed by Paul Fetscher of Great Ameri- can Brokerage. n
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“Ask the Professor”
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As my readers are aware, I am a former com- mercial real estate lender and portfolio manager. I have years of experience managing and resolving problem loans. An experienced lender knows that not all loans that he /she closes is going to perform as expected. Some loans may become problem loans during the loan term due to any one of a number of fac- tors. Most problems could be traced to financial, economic or behavioral causes. Examples would include poor management of the property, an underperforming economy, extensive competition causing tenant vacancies, unexpected environ- mental issues, or partnership disputes. Recognizing the early warning signs of when a commercial real estate loan may become a prob- lem loan allows the lender to properly organize, plan and implement an action plan that uniquely targets and solves the problem loan. This month’s question pertains to these early warning signs. QUESTION: Which one of the following choic- es would not be considered an early warning sign to a lender that a borrower may be experiencing difficulty in making his/her monthly mortgage loan payments? a. The bank’s prime rate was lowered. b. The borrower’s property lost a major tenant. c. The borrower has stopped paying his em- ployees. d. The property’s real estate taxes for the past 12 months have not been paid. e. Several creditors of the borrower have initi- ated litigation. ANSWER: “a”
Paul Flethcher of Great American Brokerage represents Wings and Things in opening of second location in Elmont, NY
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Kaplin Stewart
A t t o r ne y s a t L aw
Ronald M. Shapiro is Assistant Pro- fessor of Professional Practice in the Finance and Economics Department at RutgersBusiness School of Newark andNewBrunswickwherehe teaches real estate finance. Prior to Rutgers Business School, Ron was SVP with Union Center National Bank.
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