36A — December 24 - January 14, 2016 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Located in Liberty Property Trust’s Meadows Business Ctr. Advantage Engs. moves office inGreater Lehigh Valley
Summit Assoc. reps. in-house for 29,053 s/f lease Bussel Realty Corporation closes multiple deals inMiddlesex, NJ
to the 81-acre Iron Run Corpo- rate Center campus, which is home to large manufacturing and health corporations. The expansion accommodates a growing regional demand for Advantage Engineers’ services in the Lehigh Valley market. The full-service 10,000 s/f of- fice specializes in geotechnical and environmental engineer- ing and consulting services. The current team is comprised of engineers, project managers, geotechnical specialists, geolo- gists, environmental scientists and technicians. The office includes a 2,000 s/f state-of- the-art materials testing labo- ratory. The larger laboratory date Raymour & Flanigan. In a number of cases, where zoning allows, landlords will be also looking at non-retail uses that can fill space and drive traffic to satellite tenants.” Taking a closer look at two regions, in central New Jersey, a 30-basis point decrease in the vacancy factor along Rte. 1 to 6.0%was unable to compensate for A&P-induced increases on Rte. 35 (up 90 basis points to 8.1%), Rte. 9 (up 350 basis points to 11.2%) and Rte. 18 (up 180 basis points to 13.9%). Looking back over the past eight years, the region’s 8.8% vacancy factor for 2015 com- pared with a high of 10.5% in 2011 and a low of 4.8% in 2008. In 2015, vacancies were seen in 179 of the 821 properties surveyed. Roadways in the more ma- ture northern region fared somewhat better, as vacancy factor increases along Rte. 17 (up 200 basis points to 8.2%), Rte. 10 (up 330 basis points to 14.9%) and Rte. 23 (up 230 basis points to 6.9%), were par- tially offset by improvements on Rte. 46/3 (down 80 basis points to 4.7%), Rte. 22 (down 80 basis points to 6.6%) and Rte. 4 (down 380 basis points to 4.0%). The region’s 7.8% va- cancy rate for 2015 compared with an eight-year high of 8.9% in 2013 and a low of 3.4% in HFF worked on behalf of the developer, a joint venture between Jefferson Apartment Group and Erkiletian Devel- opment Company, to secure
space will greatly increase the capabilities of the soils and construction materials testing laboratory services in support of growing geotechnical and en- vironmental consulting groups. “The office expansion will accommodate our current staff, support our strategic growth objectives and enable Advan- tage to continue to provide superior service to our ex- panding client base,” said Dan Schauble , geotechnical division director with Advan- tage Engineers. “This is an exciting step for our company and we thank everyone who contributed to our growth and success.” n 2008. In 2015, availabilities were seen in 187 of the 927 properties reviewed. “In the final analysis, the A&P situation put a dent in the strong progress that was achieved in 2014, when we saw a 210-basis-point drop in the aggregate vacancy rate for the central and northern regions behind multiple deals from a number of big-box, mid- size and small-space retail- ers, restaurants and service businesses looking to increase their footprint in New Jersey,” said Richard Brunelli, the firm’s Chairman/Principal. “Still, the impact of this huge bankruptcy could have been far worse. Apart from the A&P’s that were scooped up at auction, the past 12 months brought strong absorption of some big boxes that had been on the market for multiple years, as well as well-located spaces that were empty for a year or less. With the overall economy and housing market continuing to recover, albeit at a slow space, prime spaces along the corridors should not sit empty for long. Spaces in ‘B’ and ‘C’ centers, however, will remain challenging, requiring landlords and their brokers to work closely with traditional and non-traditional tenants— and, in some cases, zoning offi- cials—on creative solutions.” n the 15-year, fixed-rate loan through TIAA-CREF . Loan proceeds were used to replace construction debt on the prop- erty, which is managed by JAG Management Co. n
llentown , PA — Advantage Engi- neers , a provider of
specialized engineering and consult- ing services h a v e e x - panded their A l l e n t o wn o f f i ce . The firm, residing in Allentown
120 Fieldcrest Ave.
Finishing Systems Inc., a well known machinery wholesaler, for five years at 260 Lackland Dr. in Middlesex. • 2,700 s/f lease by High Tech Vending LLC, a vending machine wholesaler and dis- tributor, for two years at 460 Lincoln Blvd. in Middlesex. Bussel Realty announced A B & S Warehouse/Amalfe Brothers Inc. (“A B & S”) has renewed its 29,053 s/f lease at 120 Fieldcrest Ave. in Edison, a 106,000 s/f industrial property. In a separate transaction, Bussel Realty announced A B& S Warehouse/Amalfe Brothers Inc. (“A B & S”) has renewed its 29,053 s/f lease at 120 Field- crest Ave. in Edison, a 106,000 s/f industrial property. A B & S has utilized BRC senior vice president Herb Zimmerman as its brokerage representative for the past 40 years. The land- lord for the property, Summit Associates , was represented in-house. n resource in question and sug- gestions are made for moving forward with the project as is or minimizing the effects of the project on the resource. If significant impacts to the archaeological resource cannot be avoided, then the impact on the resource must be miti- gated. This mitigation is often in the form of extensive exca- vation, data analysis, public outreach, etc. will likely have to be employed. “Developers often talk about losing a project to SHPO, but often it is just a matter of working through the process and being creative,” said Kim- brough Archaeological due diligence is usually not a part normal Phase I or Phase II Environ- mental Site Assessments. Builders should be aware of federal/state/local historic pres- ervation laws and comply. An initial project review with the SHPO, when required, involves hiring qualified environmental and cultural resource manage- ment consultants who under- stand at a high level what the applicable historic preservation processes are. n
EDISON, nj — Bussel Re- alty Corp. (BRC) has closed several commercial real es- tate transactions totaling over 19,880 s/f in Middlesex. “Bussel Realty focuses on a client’s commercial real estate requirements, regardless of size, and we are very active not only in Middlesex but in the surrounding areas of Central NJ,” said BRC president Steve Bussel, SIOR . “We have built many relationships with small users that over time grew and expanded.” Transactions that are in- volved with this milestone include the following locations: • 7,180 s/f expansion by Soma Labs Inc Exp III, a vitamin manufacturer, for 46 months at 253 Lackland Dr. in Middlesex. • 5,000 s/f lease renewal by Willgain Enterprises Ren IV, a machinery packaging distributor, for nine months at 262 Lackland Dr. in Middlesex. • 5,000 s/f lease by Print prior to construction. Native American tribes also maintain archaeological and other Tra- ditional Cultural Properties (TCP) records, but access to these files is almost always restricted. Tribes are con- sulted regarding their cultural resources as part of the federal historic preservation process, and most state preservation processes. If artifacts are discovered as part of the pre-development review process, then addi- tional archaeological surveys may be required. The federal process dictates that impacts to historic and archaeological resources should be avoided, minimized, and/or mitigated— in that order. With telecom projects, which make up the bulk of Ms. Kim- brough’s investigations and are usually quite small, carri- ers are usually asked to move the tower site if artifacts are found. In the rare, although increasingly more common instance that this is not pos- sible, an additional survey is usually completed to better understand the archaeological
since 2004, has moved to a new location at 6330 Hedgewood Dr., Suite 310. The office is located in Lib- erty Property Trust’s Meadows Business Center in Upper Macungie Twp. and is adjacent
HFF arranges $65 million financing for class A mixed-use community in Arlington, Virginia borhood.
That ethnic group includes California-based Tawa Super- market Inc., which announced lease acquisitions of Pathmark locations on Rte. 1 in Edison and in Jersey City. This will pave the way for a Garden State debut for Tawa, which currently operates 39 Asian supermarkets under the 99 Ranch Market name in Cali- fornia, Washington, Nevada and Texas. “Tawa’s move is emblem- atic of ethnic grocers’ efforts to seize opportunities in areas whose demographics are ap- propriate for their offer,” said DeLuca. “We suspect that some of A&P’s remaining lo- cations throughout the state could go to ethnic operators in the months ahead. More conventional chains looking at former A&P sites include The Fresh Market, Best Market, Kings, and others. However, given the competitive climate, we believe that a fair number of locations will ultimately go to non-food uses. Examples to date include the long-vacant Pathmark on Rte. 35 inMiddle- town, now being subdivided to accommodate TJ Maxx and Bed, Bath & Beyond stores, and the re-leasing of another previously vacant Pathmark and adjoining space on Rte. 1 in North Brunswick to accommo- Arlington, VA — Hol- liday Fenoglio Fowler, L.P. (HFF) has arranged $65 mil- lion in financing for Tellus, a 254-unit, 16-story, class A mixed-use community in Arlington’s Courthouse neigh-
continued from page 6A Vacancies along Central & Northern NJ’s . . .
continued on page 35A What you should know about . . .
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