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ISSUE HIGHLIGHTS Volume 27 Issue 24 Dec. 24, 2015 - Jan. 14, 2016 SPOTLIGHT Annual Review Section B NAI Commerc ial Partners reps. both parties in$525k sale
To Berkadia Commercial Mortgage Capital One leads group providing $5.1 billion FreddieMac warehousing facility
N
as well our strong balance sheet.” Capital One Bank’s Com- mercial Real Estate Group offers a comprehensive array of financing solutions for prop- erty owners and developers nationwide, including bal- ance sheet and agency lend- ing. Additional information can be found at www.capita- lonemultifamily.com. Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, trea- sury management services, merchant services, invest- ment banking, international services and correspondent banking. n
EW YORK, NY — Capital One served as a co-lender and the
administrative and collateral agent for a $5.1 billion adjust- able-rate Freddie Mac ware- housing facility. The borrower is Berkadia Commercial Mortgage , one of the largest multifamily agency lenders in the country. The loan bridges the timing gap between the orig- ination of 107 individual loans needed to fund Lone Star Funds’ acquisition of Home Proper- ties, Inc. , a multifamily REIT, and the sale of these loans to Freddie Mac. Home Properties’ 107 communities are located in Illinois and on the East Coast from Maine to Virginia, and total 38,965 units. TD Bank and Wells Fargo participated HORSHAM, PA — Liberty Property Trust has closed on the sale of its entire port- folio of 41 properties in the Horsham submarket totaling 2.4 million s/f of space and 20 acres of land, for proceeds of $245.3 million. The portfolio was purchased by Workspace Property Trust, a privately held, vertically integrated, full service commercial real estate company specializing in the development, management, and operation of office and flex space in the Northeast, and was
Cambridge Village
alongside Capital One. “This transaction is a perfect illustration of Capital One’s capacity to lead and manage large, time-sensitive transac-
tions,” said Lein Tung , senior vice president in Capital One’s Boston office. “In completing the deal, we drew on our deep knowledge of Agency processes
Liberty Property Trust sells Horsham, PA 41 property Horshamportfolio for $245.3m
3A
For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com Multifamily Conference FEBRUARY 11, 2016 NJ Industrial Real Estate and Development MARCH 18, 2016 NJ Land Development Summit UPCOMING CONFERENCES FEBRUARY 5, 2016 PA Apartment/
84.3% leased at closing. With this sale, Liberty’s 2015 dispositions to date total $536 million. n
680 Blair Mill Rd 455 Business Center Dr. 555 Business Center Dr. 700, 747 Dresher Rd. 767 Electronic Dr. 100-101 Gibraltar Rd. 110 Gibraltar Rd. 120 Gibraltar Rd. 200, 201 Gibraltar Rd. 103-109 Gibraltar Rd. 111-159 Gibraltar Rd. 161-175 Gibraltar Rd. 181-187 Gibraltar Rd. 231-237 Gibraltar Rd. 261-283 Gibraltar Rd. 100-107 Lakeside Dr. 200-264 Lakeside Dr. 300-309 Lakeside Dr. 400-445 Lakeside Dr. 101-111 Rock Rd. 113-123 Rock Rd. 123-135 Rock Rd. 2 Walnut Grove Dr. 4 Walnut Grove Dr. 5 Walnut Grove Dr. 7 Walnut Grove Dr. 132 Welsh Rd. 300 Welsh Rd. Bldg. 3,4 220 Gibraltar Rd. 240 Gibraltar Rd. 506 Prudential Rd. 507 Prudential Rd. 102 Rock Rd.
700 Dresher Rd.
Directory
Shopping Centers. ............................... 5-6A Owners, Developers & Managers.......... 7-35A Green Buildings............................................ 25 - 27A
Upcoming Spotlight January 15, 2015 2016 FORECAST www.marejournal.com
100 Witmer Rd. 104 Witmer Rd. 201-223 Witmer Rd. Commonwealth Corp Ctr Lot 8 Land - 20.35 acres
101 - 111 Rock Rd.
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18+ Million Square Feet
NEW YORK Glenville (Albany) Target Shopping Center Saratoga Rd. (Route 50) & Glenridge Rd. ±170,616 SF GLA In-Line Space Available
PENNSYLVANIA Quakertown at Richland Marketplace Rt. 309 & Pumping Station Road
northeast
MASSACHUSETTS Billerica Shops at Billerica
BJ’s Wholesale Club, Target, Best Buy 444,531 SF GLA / New Anchor Space Trexlertown Macungie Crossing Shopping Center Hamilton Blvd. (Route 222) & Grange Rd. Future Strip and Pads
Lake Ronkonkoma Lake Shore Plaza II Portion Rd. (CR 16) & Patchogue-Holbrook Rd. Regal Cinemas, Dollar Tree 96,290 SF GLA Latham (Colonie)
Boston Rd. (Rte. 3A) & Tower Farm Rd. Kmart, Burlington Coat, Market Basket 298,411 SF GLA In-Line Space Available Lowell Meadow Brook Center Plain Street & Lowell Connector Target, Marshalls, Chuck E. Cheese 271,377 SF GLA / Pad Site Available Milford Milford Crossing Medway St. & Beaver St. @ I-495 New Anchor Opportunities 146,770 SF GLA Future Expansion Space Available NEW JERSEY Hanover Future Development Hanover Ave. near Horsehill Rd. Leasing Pads & In-Line Space Evesham (Marlton) Shoppes at Renaissance Square Route 70 & N. Locust Avenue 176,519 SF GLA Plus Luxury Rental Homes Major Redevelopment Underway Marlton Marlton Plaza State Highway 73 & Sunbird Drive New Development Coming Spring 2016 26,016 SF GLA Mount Olive Vacant Land - 16.963 Acres Adjacent to Foreign Trade Zone Across from Walmart, Sam’s, TJ Maxx Vineland Vineland Marketplace / Kmart Plaza S. Delsea Dr. (Route 47) & College Dr. Future Development Anchor Space / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Dollar General 95,802 SF GLA Anchor Space Available NEW YORK Cortland Future Development Route 13 & Bennie Road 26 Acres across from Walmart NEW NEW
midwest
ILLINOIS Downers Grove
Freestanding Building Route 7 & Swatling Rd. 118,863 SF GLA Anchor & Outlot Available Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Walmart, Home Depot, BJ’s, Target 687,724 SF GLA Future Phase III Office or Retail Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples / 276,792 SF GLA In-Line Space Available Orangetown Orangeburg Commons Route 303 & Palisades Parkway Super Stop & Shop Future Strip, Pads Available Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office / 21,212 SF GLA Southampton The Mill Montauk Hwy. (Rte. 27) & Station Rd. Prime for Specialty Foods & Boutiques PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 134,271 SF GLA 9.82 Acres Available Carlisle Home Depot Shopping Center Hanover Street (Route 34) & I-81 Home Depot, Chili’s / 140,715 SF GLA 10,584 SF Future Expansion/Pad Montgomeryville Five Points Plaza Cowpath / Horsham Rd. at Rte. 309 & Rte 202 BJ's, Lowe's / Anchor Space Available 133,000 SF GLA UPDATED NEW
Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF INDIANA Evansville
Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General / 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Rose's Department Store / 134,797 SF GLA Anchor Space & Outlots Available Warsaw The Market Place at Warsaw U.S. Hwy. #30 & Water St. Carson's Dept. Store, Sears, Dunham's, Pier 1 180,000 SF GLA MICHIGAN Flint (Former) Kmart Shopping Center Dort Hwy. (Rte. 54) & Atherton Hwy. 92,691 SF GLA Livonia Office Depot Plaza Plymouth Rd. & Middlebelt Rd. Office Depot, Party City, Walgreens 108,820 SF GLA Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Redford Redford Plaza Plymouth Rd. & Inkster Rd. CVS, Planet Fitness 114,865 SF GLA / Anchor Opportunity
UPDATED
Thomas G. Mirandi 212.265.6600 x239 tmirandi@rdmanagement.com Fax: 212.459.9133
Real Estate Journal — December 24 - January 14, 2016 — 1A
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200+ Properties
MICHIGAN Southgate Fort St. & Burns Ave. Vacant Land – 9.37 Acres MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 293,732 SF GLA OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 148,440 SF GLA In-Line, Future Expansion & Pad Columbus Great Western Commerce Center No. Wilson Rd. & Valleyview Dr. at Broad St. Great Western Academy, Restaurant Depot 300,254 SF GLA Mixed Use Commercial Space Holland (Toledo) Spring Meadows Place II Airport Hwy. & I-475 Dick’s, Best Buy & Expansion Space Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block So. of Navarre Ave. (Rte. 2) & Kmart UPDATED ALABAMA Huntsville Redevelopment Opportunity South Memorial Parkway & Drake Ave. SW 104,000 SF on 8.03 Acres FLORIDA Fern Park Fern Park Plaza Semoran Blvd. (Hwy. 436) & Hwy. 17/921 Ross, Beall's Outlet, Aldi, Dollar Tree 131,646 SF GLA Fern Park Future Shopping Center 26 Acre Jai Alai Redevelopment Site 6405 Hwy. 17/92 & Fernwood Blvd. Gainesville Mixed Use Development NW 13th St & University Avenue 26,000 SF Ground Floor Retail 312,498 SF Mixed Use 6-Story Bldg. Lakeland The Groves US Hwy 98 N & Lakeland Park Center Drive Adjacent to Lakeland Square Mall 54,434 SF GLA plus 5.8 Acres for B-T-S NEW NEW NEW NEW south
FLORIDA N. Fort Myers, FL Merchants Crossing US Hwy 41 & SR 78
VIRGINIA Winchester Winchester Plaza
NEW
UPDATED
S. Pleasant Valley Rd. & E. Jubal Early Dr. Dick’s Sporting Goods, The Fresh Market, Planet Fitness / ±90,000 SF GLA WEST VIRGINIA St. Albans St. Albans Shopping Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Goody’s, CVS 263,323 SF GLA ARIZONA Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA Anchor Space & Pad Available Las Vegas Kmart at Sunset Plaza 3780 E. Sunset Rd. & S. Sandhill Rd. Kmart / 86,479 SF GLA OREGON Salem Kmart Shopping Center Mission Street S. E. & 25th St. 116,866 SF GLA UTAH Salt Lake City west
Beall’s Outlet, AMC Theatres, JoAnn Fabrics, Dollar General 323,061 SF GLA Ocala
NEW
Shady Oaks Shopping Center SW 27th Ave & College Rd Burlington Coat Factory, Best Buy, Staples, JoAnn Fabrics / 260,419 SF GLA Sanford Seminole Centre S Orlando Dr. (Hwy. 17/92) & Lake Mary Blvd. Walmart Supercenter, Ross, Aldi 370,936 SF GLA Tampa University Mall E. Fowler Ave. & Bruce B. Downs Blvd. / N. 30th St. Macy’s, Sears, Dillard’s, Burlington Coat Factory Anchor Space, Outlots & Redevelopment Opportunities / 675,294 SF GLA KENTUCKY Ashland Russell Centre Route 23 & Diederich Blvd. Lowe’s, Super Kroger 257,761 SF GLA / In-line Space & Outlot Potomac Ave. (Route 60) & Northern Ave. CVS, PA Dutch Market / 164,293 SF GLA Anchor Space & Pad Available Randallstown Brenbrook Plaza Liberty Rd. & Brenbrook Dr. Home Depot / 146,586 SF GLA TENNESSEE Nashville Marketplace at Rivergate Gallatin Pike (Hwy. 31-E) & Conference Dr. Harbor Freight Tools, The Avenue 111,463 SF GLA TEXAS Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. / 136,221 SF GLA NEW NEW UPDATED MARYLAND Hagerstown Long Meadow Shopping Center
410 S. 900 E. & 400 S. Freestanding Office Max Future Redevelopment
puerto rico
PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Walmart Supercenter, Home Depot New Development & Pads ± 525,000 SF GLA
VIRGINIA Richmond Food Lion Plaza Rte. 1 (Jefferson Davis Hwy.) & Chippenham Pky. 4.97 Acres & 5.23 Acres Available
Thomas G. Mirandi 212.265.6600 x239 tmirandi@rdmanagement.com Fax: 212.459.9133
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Alpha Funding Solutions........................................16A American Architectural Window & Door.................9A Arrow Steel..............................................................27A Barley Snyder..........................................................11B Business/Billboard Directory..................................37A Capital Aerials.........................................................29A CenterPoint Properties. ..........................................17B Cooper-Horowitz........................................................6B Crystal Window & Door Systems...........................10A Cushman & Wakefield. .............................................5B Dietrick Group, LLC................................................10B E.B. Cohen...............................................................22A Earth Engineering...................................................20A Elliot-Lewis..............................................................17A Exchange Solutions, Inc............................................9B Fowler. .....................................................................31A Gebroe-Hammer Associates....................................15B Greater Reading Economic Partnership................26B Harvey, Hanna & Associates..............................IBC-B Heidenberg Properties. .............................................4B Heller Industrial Parks...........................................21B HFF..........................................................................16B Hutchinson Mechanical Services..............................2B IBS............................................................................18A Integrity Graphics.....................................................3A Investors Bank.........................................................13B IREM.................................................................. 32-33A Jewel Electric Supply Co.........................................29A JLL...........................................................................30B Keast & Hood.............................................................3A Landmark Science & Engineering..........................24A Law Offices EPGP. ..................................................13A LEW Corporation. ...................................................29A M. Miller & Son.......................................................14A Marcus & Millichap NJ.............................................1B Marcus & Millichap PA........................................ BC-B Meridian Capital Group............................................3B Metro Commercial.....................................................8B Nassimi Realty. .......................................................25B P. Cooper Roofing. ................................................ BC-A PCS...........................................................................28A Poskanzer Skott Architects.....................................15A RD Management.................................................. IC-1A Regal Bank...............................................................12B Rittenhouse Realty Advisors. ............................... IC-B RT Environmental.....................................................8A Specialty Building Systems. ...................................11A Hollenbach Construction.........................................12A SUBWAY....................................................................6A The Henley Group, Inc............................................19B The Kislak Co.. ..........................................................7B Total Cleaning Associates.......................................35A WS+B. ......................................................................21A MAREJ A dvertisers D irectory
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant ........................................................ Julie King Associate Publisher ................................................. Alissa Aronson Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Office Manager .........................................................Joanne Gavaza Contributing Columnist . ........................................ Derek Dissinger Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 27 Issue 24 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
Derek Dissinger
PA’s OnlineMechanic’s Lien Directory to go Into Effect in 2016 ennsylvania’s legis- lature amended its Mechanic’s Lien Law to require the creation of an online construction notices directory where contractors will be required to file notices of furnishing of their services or materials in order to be able to file a mechanic’s lien in the event of non-payment for labor or services. The amendment was entered in prior legislative sessions but failed to pass, with various legislators stating that the creation of an online directory was unduly burdensome to both owners and contractors. Nevertheless, Pennsylvania joined other states like Ohio and Iowa and implemented an online construction notices directory where projects will be registered by owners and contractors will file notices of furnishing and mechanic’s lien claims. The directory is slated to be effective by January 1, 2016, although, the legislature could delay implementation. Following the establishment of the directory, an owner may register a project in excess of $1,500,000 on the online direc- tory. If a project is registered, PHILADELPHIA, PA, and HICKSVILLE, NY — Retail real estate services firm Levin Management has added two shopping centers on behalf of two new clients to its portfolio. The assignments total more than 250,000 s/f in Pennsylva- nia and New York. In Northeast Philadelphia, Levin has been named exclu- sive managing and leasing agent for Rising Sun Plaza, a 244,000 s/f property located at 5675 Rising Sun Ave. Anchored by Rose’s Discount Store, Farm- er’s Best Supermarket and Planet Fitness, the shopping center also offers a diverse mix of food tenants and service providers. “This is a well-occupied cen- ter in an excellent location,” said Joseph Lowry , Levin’s vice president of acquisitions and business development. “Our goal is improve the ap- pearance and maintenance of the center and tenancy to meet the neighborhood’s evolving P
the owner will be required to conspicuously post a copy of the notice of commencement under the Mechanic’s Lien Law at the site of a searchable project be- fore physical work commences on the project. The Notice will include the unique identifying number assigned to the project under the law. Owners and their counsel will then need to ensure that each contract for a searchable project includes written notice to contractors that the contractor’s failure to file a Notice of Furnishing under the act will result in the loss of the contractor’s lien rights. The form of the notice is included in the law. Although both owners and contractors have new obligations following the needs.” In Hicksville, Levin was se- lected as managing agent for Old Bridge Plaza, an 11,300 s/f strip center located on West Old Country Road. The Long Island property’s four-tenant lineup includes Advance Auto Parts, Starbucks, Verizon and Smashburger. Levin’s efforts there will focus on enhancing the center’s operation. “We are confident that our sophisticated financial and property report- ing capabilities, combined with some new and enhanced pro- grams to maximize efficiency, will directly impact this cen- ter’s profitability,” said Lowry. These assignments stem from a targeted effort to expand Levin’s management and leas- ing portfolio throughout the Northeast retail marketplace. “We are pleased to have been selected for these key assign- ments, and look forward to utilizing our expertise in all aspects of property operations to benefit these new clients and
amendment, title companies and banks will appreciate the certainty provided by the act. Bank’s counsel and title companies will be able to check the directory of a searchable project to see which contractors have filed notices of furnishing, and will then be able to re- quest verification that those contractors have been paid. Attorneys for developers, contractors, banks and title companies will all need to familiarize themselves with the changes after the direc- tory goes into effect. Derek Dissinger, Esquire is an attorney in the Bar- ley Snyder’s Finance & Creditors’ Rights and Real Estate groups. n Levin maintains a grow- ing leasing and management portfolio that encompasses approximately 95 properties and more than 13 million s/f – including multiple shopping centers in the Philadelphia and Long Island markets. The firm has been awarded a number of significant new leasing and management assignments in 2015, including properties in Bordentown, Hackensack and Whiting, NJ. In a separate transaction, up- scale American restaurant and sports bar Blu Alehouse will open its second NJ location at St. Georges Crossing in Wood- bridge. This new restaurant and the recent grand opening of a 23,000 s/f T.J.Maxx store enhance the tenant mix at the fully leased, 340,000 s/f Middle- sex County shopping center, according to Levin Manage- ment, the property’s leasing and managing agent. n their properties,” concluded Lowry.
LevinManagement adds two new shopping center assignments
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Printing and Promotional Products IntegrityGraphics
M id A tlantic R eal E state J ournal Industrial building comprised of 9,550 s/f NAI Commercial Partners reps. both parties in $525k sale L
Integrity Graphics is a full service provider of printed and promotional products. With our extensive network of manufacturers we can satisfy the printing needs of many businesses and industries. Whether you are looking for a specific item or just browsing for ideas, our site is your one-stop source. . . Your One-Stop Source Integrity Graphics/ Printing and Promotional Products Account Executive: Alan Aronson Office: 339-987-5533 ext.126 | Cell: 508-612-2438 Aaronson@i-graphics.net Visit our website at: i-graphics.net
ancaster, PA — NAI Commercial Partners, Inc. announced the sale of an industrial building com- prised of 9,550 s/f. The building is located at 2970 Old Tree Dr. in Lancaster. The property sold for a price of $525,000. Tom McDermott, CCIM, SIOR of NAI Commercial Partners, Inc. represented the buyers, DSE Property Management, LLC and the sellers, William & Bernice Woratyla. The buyer is expanding their machine shop operation to accommodate their business, Intricate Precision Manufac- turing following renovations to the building. A move and occupancy is anticipated in the first quarter of 2016. n NEW YORK, NY — Ware Malcomb , an award-winning international design firm, to- day announced its New York City office has moved to a new location at 45 West 21st Street, 6th Floor in New York City. The new larger space will accommodate the firm’s growth since its New York of- fice first opened in 2014. The firm also announced that regional director Bill Sotomayor has been hon- ored as the Camillo Ricordi Wilmington, DE —Da- trex leased space at the Air- port Business Center in New Castle, relocating their north- east distribution center from Lancaster, PA to Delaware. NAI Emory Hill agents Becky Harrington and Lor- raine Sheldon executed the five-year lease of 3,680 s/f of space at 100 Quigley Blvd. to Datrex, which manufactures emergency rations, drinking water, liferings, survival craft spares and photo luminescent signage. Datrex is also an importer and distributor of marine emergency products and sup- plies such as Echomax, Hans- son/Ikaros, Veleria San Gior- gio, Hammar, Sea Safe Life Rafts, Mullion, Kadematic, Ocean Signal plus many, many more. NEW CASTLE, DE – Em- ory Hill & Company an- nounced that Fred Wise has joined the firm as a project manager. Wise has over 30 years of experience in the construction
2970 Old Tree Dr.
STRUCTURAL ENGINEERS
Ware Malcomb moves New York City office Humanitarian Honoree at the Diabetes Research Institute Foundation’s 2015 Empire Ball. Sotomayor accepted the award in front of over 1,000 attendees at one of the larg- est and well-attended real estate industry events in New York. The Diabetes Research Institute at the University of Miami Miller School of Medicine is the largest and most comprehensive research center dedicated to curing diabetes. “Ware Malcomb’s New York City office is uniquely posi- tioned for tremendous growth in the coming years, and this new space will accommodate our expanding client and employee base in this vibrant market,” said Lawrence R. Armstrong, Chief Executive Officer of Ware Malcomb. “We are very proud of Bill Sotomayor; this recognition is reflective of Bill’s strong industry leadership and dedi- cation to philanthropy.” n NAI Emory Hill executes five-year lease of 3,680 s/f
www.keasthood.com Philadelphia | Washington
Serving building owners, developers, real estate professionals, and architects since 1953.
Renovations & Additions
New Construction
100 Quigley Blvd.
industry including work in the industrial, commercial, gov- ernment, public, transporta- tion, residential and education industries. Prior to joining Emory Hill Wise worked at ARGO Systems LLC, Ban- croft Construction Company and Veterans Professional Associates. One of his most notable projects included The BRAC Movement, comprised of a
138,600 s/f building on 15.8 acres with offices, electronic laboratories, shops and test- ing facilities, and a 118,000 s/f integration facility, pump stations and infrastructure for the Army Corp of Engineers at the Command, Control, Com- munication, Computer, Intel- ligence, Surveillance, Recon- naissance (C4ISR) Campus, Aberdeen Proving Grounds, MD. n
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400 Market Street, Suite 1250 Philadelphia, PA 19106 215.625.0099 1350 Connecticut Avenue NW, Suite 412 Washington, DC 20036 202.223.1941
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February 5, 2016 Hilton Philadelphia City Hotel 8am - 12pm
A Few oF our speAkers, sponsors & orgAnizAtions philAdelphiA MultiFAMily suMMit
SpeakerS ChuCk hurChalla, evolution energy partnerS
riCk Wolf, greyStone & Company timothy touhey, inveStorS Bank program agenDa:
7:55 AM 8:00 AM 9:00 AM 9:55 AM
| Welcome & Introduction
| 2016 Philadelphia Apartment Market Overview: State of The Industry | Capital’s Comeback: The Evolution Of Apartment Financing
| Break 10:05 A | What’s the Future of Apartment Investments in Philadelphia 11:00 AM | Building a Successful Project From Start To Finish
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S hopping C enters
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Gorman and Shover represent sellers CBRE brokers sale of Rite Aid & Advance Auto Parts in Philadelphia Region for $7.4 million P
hiladelphia, PA — CBRE Group, Inc. (CBRE) has brokered the sale of a Rite Aid Pharmacy and an Advance Auto Parts, both of which are located in the Greater Philadelphia Region. CBRE’s Matthew Gorman and Michael Shover repre- sented the sellers and Kevin McClernon was also instru- mental in helping close the Rite Aid deal. Rite Aid, an 11,211 s/f prop- erty located on Rising Sun Ave., sold for $4.9 million, while Advance Auto Parts’ 7,200 s/f property located in Warmin- ster, went for $2.5 million. Gorman and Shover were able to close the Advance Auto Parts at a market leading cap rate and the Rite Aid deal dur- ing a time when the company’s TEMPLE HILLS, MD — Marcus & Millichap an- nounced the sale of Budget Self Storage, a 65,394-net rentable s/f self-storage facil- ity located in Temple Hills. The asset sold for $4.25 mil- lion. Robert Bloch , self-storage investment specialist, and Michael Mele senior VP investments in Marcus & Millichap’s Washington, DC and Tampa, FL offices, re- spectively, had the listing to market the property on behalf of the seller, a local real estate investor who has owned the property for nearly 20 years. The buyer, a growing self- storage investor with proper- ties in MD and PA, was also brought to the deal by Bloch and Mele. “Since this was a difficult location on a dead end road, it could have been a challeng- ing deal, but we were able to find a buyer who believes in the strength of the area, and has a clear marketing vision to achieve stabilization” Bloch said. “The new owner has a plan to tap into the massive
future was unknown given the announcement of theWalgreens acquisition. “Both of our clients were im- pressed with our execution, but for different reasons,” said Gor- man. “We were able to achieve top of marketing pricing and a very aggressive cap rate on the Advance Auto Parts deal and maintain pricing and assure a closing on the Ride Aid deal even after the announcement of the potential Walgreens MatthewGorman Michael Shover
Rite Aid in Philadelphia
merger.” “The properties both received multiple offers from a national audience of buyers,” added Shover. “The selected for Ad- vance Auto was an out of mar- ket 1031 Buyer and for Rite Aid we selected an all cash buyer putting the property into a
Trust.” Matthew Gorman and Mi- chael Shover (NLPG Philadel- phia) lead CBRE’s Mid-Atlantic net-lease team, specializing in the marketing and sale of single and multi-tenant net-lease in- vestment real estate. In their ten-year history, the
Advance Auto Parts in Warminster under con- struction team has sold more than $1 billion in net lease properties nationwide. n
Pace and Filley represents 1031 Exchange buyer in sale of Union First Market Bank Bloch&Mele of Marcus &MillichapDCoffice arranges 71,608 s/f self-storage sale in Temple Hills, Maryland
Budget Self Storage
Union First Market Bank
MIDLOTHIAN, VA — Marcus & Millichap an- nounced the sale of Union First Market Bank, a 3,500 s/f net-leased property located in Midlothian. The asset sold for $1.95 million, or $557 psf . RichMerryman , senior VP investments, and Bill Scho- field , first VP investment, both in Marcus & Millichap’s San Francisco, CA office, had the listing to market the prop- erty on behalf of the seller, an
institutional fund based out of NY. The 1031 exchange buyer, a full service commercial real estate firm out of Fredericks- burg, was secured and repre- sented by Chandler Pace , investment specialist, and Robert Filley , senior director in the firm’s DC office. Union First Market Bank is located at 13700 Midlothian Tpke. within the expanding retail corridor between Hwy. 288 and 76. n
nearby development and grow- ing demographics in order to hit capacity.” Budget Self Storage is located at 5061 Beech Pl. The property is one mile from the new Town Center at Camp Spring, a mixed use development consist- ing of high density multi-family housing and retail, located at the Camp Springs metro sta- tion. The proposed develop- ment, Suitland Town Center, a community park with retail and
multi-family properties, is less than three miles from the prop- erty. Also, the storage facility is approximately four miles from a new development in Suitland at the corner of Marlboro Pike and Brooks Dr. “Robert’s ability to close this potentially difficult deal demonstrates Marcus & Mil- lichap’s, as well as Robert’s, success and knowledge of the Mid-Atlantic region,” Mele concluded.
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ith the effects of the Great Atlantic & Pacific Tea Co. R.J. Brunelli Survey Vacancies along Central & Northern NJ’s Retail Corridors rise to 8.3% in wake of A&P bankruptcy W the north (nearly double last year’s 23.2% ratio).
of the two regions’ retail real estate market found a total of 5.18 million s/f of vacancies in the 62.36 million s/f evalu- ated during the third quarter of 2015. This compared with 4.38 million s/f of empty space in 61.23 million studied in the firm’s 2014 survey. Over the last eight years, the combined vacancy rate ranged from a low of 4.2% in 2008 to the high of 9.5% in 2013. This year’s jump largely reflected a 130-basis-point increase in the central region, where the vacancy factor rose to 8.8% (2.87 million s/f avail- able in the 32.85 million s/f
studied) from 7.5% in 2014. In the northern region, the rate grew 50 basis points to 7.8% (2.31 million s/f vacant in the 29.77 million s/f reviewed) from 7.3% a year ago. Notably, big-box spaces (20,000 s/f and above) ac- counted for 2.01 million s/f , or 44.5%, of the vacancies, up from 1.31 million s/f , or 28.8%, in 2014. The sharp uptick put the big-box ratio above the 42.1% registered in 2013, but still down from 47.0% in 2012 and 49.6% in 2011. Big-boxes drove 43.6% of the vacancies in central counties (up from 34.1% in 2014) and 45.4% in
including restaurants, auto service facilities and vacant auto dealerships whose loca- tion and configuration makes them viable for retail use. Re- gional malls and centers under construction or in the early or mid stages of major redevelop- ment are excluded. The central region includes properties along Rtes. 1, 9, 18 and 35 and an adjoining section of Rte. 36 in Middlesex, Monmouth, Mercer and parts of northern Ocean County. The northern region covers heavily retailed parts of Rtes. 4, 10, 17, 22, 23, 46/3 and certain intersect- ing arteries in Bergen, Essex, Morris, Passaic, Somerset and Union counties. “Clearly, the A&P bank- ruptcy was the big story for New Jersey retail real estate in 2015,” said R.J. Brunelli CEO/ principal Ron DeLuca, who di- rects the firm’s survey. “While the bankruptcy process is still being played out, along the 10 central and northern retail corridors alone, recent closures of five A&P and three Path- mark locations that remain unclaimed placed more than 438,000 s/f of space on the mar- ket. Indicative of the impact of the closings, had those stores remained occupied, the aggre- gate vacancy factor for the two regions would have edged up 20 basis points to 7.6%.” DeLuca added that those to- tals exclude a number of A&P, Pathmark and Food Basics locations off the corridors that have yet to attract approved bids in bankruptcy court. “Still, a number of supermarket com- panies pounced on the oppor- tunities presented through A&P’s demise to expand their New Jersey footprint, most notably Acme, which took 35 sites, including 25 in northern counties, five in the central region and another five in the southern Shore region. These sites, most of which were lo- cated outside the 10 corridors, accounted for nearly half of the 72 locations the chain took in an area extending from Mary- land to Connecticut.” Stop & Shop, the second larg- est player in the A&P auction, took 24 locations in the metro New York area, including three in northern New Jersey. The eight other New Jersey loca- tions acquired to date through the auctions—all but one in northern counties—were taken by smaller operators, including several focused on ethnic fare. continued on page 36A
Although A&P was a major contributor to the big-box va- cancy surge along the central region’s corridors, northern counties were more of a mixed bag, with closed Kmarts in Paramus and Randolph and the shuttered Macy’s at Ledge- wood Mall (now undergoing redevelopment) combining for nearly 324,000 s/f of the mar- ket’s 1.02 million s/f of empty big-box space. As in past years, the R.J. Brunelli study evaluated shop- ping centers and freestanding buildings exceeding 2,000 s/f
bankruptcy r i p p l i n g through the market, the c o m b i n e d vacancy rate along central and northern New Jersey’s 10 major re-
Ron DeLuca
tail corridors escalated to 8.3% from 7.4% a year ago, accord- ing to a new survey by R.J. Brunelli & Co., LLC.
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www.marejournal.com O wners , D evelopers & M anagers F eaturing I ndustry L eaders 368 units trade in Gloucester County outside of Philadelphia Kislak Completes $27.3 million off-market sale of Inverness Apartments in Westville, NJ W very strong throughout New Jersey and the region,” said Robert Holland , president. estville , NJ — The Ki s l ak Company Inc . M id A tlantic
Real Estate Journal — 7A
portunities. This is a classic example of owners applying strongmanagement principles to generate increased value.” “We are seeing an influx of New York-based investors and purchasers in New Jer- sey that see the opportunities in the multifamily market,” said Waisbrod. Weilheimer joined Kis- lak in 1996, is consistently among the company’s lead- ing salespeople, and has won numerous sales production awards at the company in- cluding the 2010 Production Award. Waisbrod joined Kislak in 2001, is also consistently among the company’s leading salespeople and was the re- cipient of the company 2013 Sima Kislak Jelin Salesper- son of the Year award. n
“Mat t and Ba r r y d i d an excellent job procur- ing the pur- chaser, who was eager to acquire such a large and w e l l - p e r - forming property in suburban Philadelphia.” The units are fully-equipped with modern kitchens, central air-conditioning, separate dining rooms, large closets, 24-hour emergency mainte- nance, and either balconies or patios. Select units also include fireplaces. Over sixty percent of the tenant HVAC units have been replaced over
announced t h e $ 2 7 . 3 million off- market sale of Inverness Apartments in Westville. Senior vice p r e s i d e n t Matt Weil-
Matt Weilheimer Barry Waisbrod
HI-LIGHTS D ec . 24 - J an . 14, 2015 heimer and vice president Barry Waisbrod together represented the purchaser. “The market for multi- family properties remains RRA sells 96 units in Prospect Park, PA for $8.725 million
Inverness Apartments
1999,” said Weilheimer. “The asset appreciated over 250% during that time. Our clients look to us for guidance in evaluating investment op-
the past two years. Siding and windows were replaced in 1999. “This is the third time Kis- lak sold the property since
Meridian Capital negotiates $9.7m multifamily acquisition on behalf of Castle Lanterra Props.
Tuscaloosa, AL — Me- ridian Capital Group ne- gotiated a $9.7 million mort-
gage for the purchase of The Heights at Skyland mu l t i f am - ily property l o c a t ed i n Tuscaloosa on behalf of Castle Lan- terra Properties .
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VA DFS receives Energy Efficiency Leader Award from Trane
Barry Lefkowitz
The seven-year loan, provid- ed by a national balance sheet lender, features a competi- tive floating-rate of 260 basis points over the one-month LIBOR rate and three years of interest-only payments. This transaction was negotiated by Meridian senior vice presi- dent, Barry Lefkowitz , who is based in the Company’s Iselin, NJ office. The Heights at Skyland, located at 4527 18th Ave. East in Tuscaloosa, totals 304 unit and is composed of 18 two-story garden-style build- ings. The property features a recently renovated fitness center and clubhouse and is located in close proximity to
25A
The Heights at Skyland
ALSO INSIDE Green Buildings....... 25-30A USGBC.............................30A NJAA................................31A IREM.......................... 32-33A
the University of Alabama and DCH Regional Medical Center. “Castle Lanterra Proper- ties acquired this property at a discount to current mar- ket value and will realize its strong upside potential
through upgrades of the apartment interiors. This ac- quisition is a prime example of Castle Lanterra Properties’ ability to locate mispriced multifamily real estate assets where they can execute their proven value-add strategy”
said Lefkowitz. “Meridian was able to aid in the execu- tion of their business plan by negotiating 82% loan-to- cost financing via a flexible floating-rate structure with a significant interest-only period,” he added. n
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hen Governor Ridge came into office, Act 2 of 1995 gave new Before Act 2 RT Environmental Services – We Were Already Redeveloping Pennsylvania’s Brownfields sites W tion) • Bermuda (Two Defense Bases) of those who worked at these industrial sites and lost their jobs still lived nearby.
for regulatory responses and the agency’s determination of whether a cleanup effort was satisfactory. These regulatory decisions were made on an individual site by site basis, with no uniform standards for cleanup. RT has now handled more than 200 Act 2 Land Recy- cling sites throughout the Commonwealth. One of our largest current projects is at Beaver Valley Slag, located in Aliquippa directly northwest of Pittsburgh. The site was formerly one of the world’s largest steel mills, and millions
of tons of slag were deposited at and around the site. This led to what is currently the largest slag deposit east of the Mississippi River. The site is currently undergoing a slag reclamation process, and recently was awarded a Pennsylvania Environmental Council Award for the positive impacts to the environment and Western Pennsylvania. As our company has expand- ed over the years, we have also been asked to assist on notable Brownfields Projects in: • Mare Island, California (PCB Remediation Demonstra-
• New Jersey (Throughout the State – Industrial Parks, Service Stations, Chemical Facilities and three Major Landfills in Bellmawr) • The Ohio State Library • New Retail Stores at Brownfield Sites, including retail pharmacy chains, con- venience store chains, and retail donut shops in Delaware, Pennsylvania, New Jersey, and along the east coast extending north to New England. We give the same level of focus and attention to each and every opportunity, no mat- ter the size. We always help a buyer or seller quickly deter- mine environmental costs and how best to manage them along with remediation activities dur- ing the redevelopment process. Pennsylvania is well beyond the times when there had to be extensive excavations and removal of all contamination from a site. We can now use a multitude of techniques to man- age environmental conditions and impacts at a site, while still maintaining protection of human health and the environ- ment. Some other project examples include: • Installing a large scale vapor barrier at a leading US home/building supply retail lo- cation where elevated benzene concentrations were present in groundwater due to a nearby refinery; • Use of in situ remediation at a number of South Jersey service station sites, using the most practical and appropriate treatment reagents at each site, while preparing for future use; • Consolidating and cap- ping impacted material while providing capacity for reuse of millions of tons of soil material. • At some of the more dif- ficult remediation sites, we have been able to determine the most efficient methods for phasing cleanup activities and redevelopment, to make redevelopment economically practical even when grants and loans are not available due to economic conditions. • In Pennsylvania and New Jersey, soil material reuse has been a key focus of our com- pany, and in Pennsylvania, RT obtained General Beneficial Use Permits for more than 90 sites, which has led to the reuse continued on page 26A
promise to hundreds of Pennsylva- nia’s com- m u n i t i e s w i t h r u n down and abandoned or undevel- oped indus-
We, at RT, saw that the con- cepts which were to be included in the Act 2 of 1995 Land Re- cycling Program’s process not only made common sense, but afforded a positive economic in- centive to clean up sites quickly and efficiently, and was con- sidered a major breakthrough at the time. Prior to establish- ment of the Land Recycling process, efforts to cleanup sites led to wastes remain- ing at sites for indeterminate periods of time while waiting
Gary Brown
trial sites, many of which were already in decline. The promise and hope for future employ- ment in these communities was being lost, although many
Since 1988
SERVICES:
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TK Budd Facility Redevelopment Revitalization Call Us When You Need US Gary Brown, L.S.R.P 800-725-0593 Walter Hungarter, P.E. 610-265-1510 Justin Lauterbach, Q.E.P. 724-288-4895 Chris Ward, L.S.R.P 856-467-2276 Call Us When You Need Us! 856-467-2276 Gary Brown, L.S.R.P. Chris Ward, L.S.R.P. Glenn Graham, P.G. RTENV@RTENV.COM
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Real Estate Journal — Industry Leaders — Owners, Developers & Managers — December 24 - January 14, 2016 — 9A
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10A — December 24 - January 14, 2016 — Owners, Developers & Managers — Industry Leaders — M id A tlantic
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Manufacturer's dedication to construction industry recognized Queens & Bronx Building Association honors Crystal Windows
Q
40-story high-rise apartment property Bklyn/Air and 143- unit apartment buildingMace- donia Plaza. "Other recent notable projects Crystal has supplied in New York are the new and tallest Holiday Inn in the world in Manhattan's Financial District and the expansive Glen Oaks Village 20,000 window replacement project in Queens," said Chen. "The QBBA honor for Crys- tal Windows caps what has been a momentous 25th Anni- versary year for the company," said Chen. "During 2015, Crystal hosted several major gala Anniversary celebra- tions for its employees and top customers, its products and executives have been featured in several local and national TV shows, and we premiered an outstanding corporate pro- motional video that has gone on to win two national awards. Most recently, Crystal has ac- quired a large major new pro- duction facility and property in Northeast Pennsylvania as part of our national expansion plan. When this facility comes on line early next year, it will give us much needed expanded production capacity to grow and meet the demands of our customers here and across the nation for years to come." The Queens & Bronx Build- ing Association Awards were presented at the well-attended Annual Building Awards and Holiday Party on December 5, 2015 at Douglaston Manor. In addition to Crystal Windows being honored, Architect Gino Longo was named Associate of the Year. Awards were presented to QBBA member firms in several new construc- tion and renovation categories, recognizing the architects, builders, developers and sup- pliers who make the built en- vironment of New York truly noteworthy. QBBA is the local chapter of the New York State Builders Association and the National Association of Home Builders. Crystal Window & Door Systems is one of the top 35 manufacturers in North America of replacement and new construction vinyl and aluminum window and door products and high-end fen- estration systems. Crystal offers a full product line, rapid order-to-delivery times, qual- ity workmanship, innovative product features and out- standing value. n
ueens, NY — Clos- ing out its 25th An- niversary year, na-
bers among its customers. "Th i s award f rom the Queens & Bronx Building As- sociation is truly an honor," said Steve Chen during his award acceptance remarks. "We are proud to play a role in the construction industry, which is a critical component of the economy of our city, by supplying American made energy efficient vinyl and aluminum windows and doors for every type of building." Chen said that several of the projects earning awards at the QBBA event used Crystal windows, including luxury
tional manufacturer Crystal Window & Door Systems was honored at a gala awards dinner for its dedication to the construction industry by the Queens & Bronx Build- ing Association (QBBA) . Headquartered in the New York City borough of Queens, Crystal Windows has supplied thousands of construction projects throughout the met- ropolitan area over the past quarter century and counts many of its fellowQBBAmem-
Crystal COO Steve Chen accepts QBBA award
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