- DC
The Crest at Princeton Meadows located in Plainsboro, NJ MeridianCapital Group arranges $98m in financing for multifamily property P LAINSBORO, NJ — Meridian Capi tal Group arranged $98 of the sponsorship and prop- erty to achieve a 78% loan-to- value ratio and two years of interest-only payments,” said Hirsch.
ISSUE HIGHLIGHTS Volume 27 Issue 23 Dec. 11 - 23, 2015 FINANCIAL DIGEST Featuring... Tax Issues/ Accounting
million in acquisition financ- ing for the purchase of The Crest at Princeton Meadows, a multifamily property located in Plainsboro on behalf of Harbor Group and Azure Partners . The seven-year loan, provid- ed by a regional balance sheet lender, features a competitive fixed-rate of 3.75%, two years of interest-only payments followed by a 30-year amor- tization schedule and a five- year extension option. This transaction was negotiated by Meridian Capital Group senior managing director, Abe Hirsch , managing directors, MosheMajeski and Zev Kar- pel , and vice president, Akiva Friend , who are all based in the company’s New York City headquarters. The Crest at Princeton WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recent sale of two multifamily properties in Monmouth County for a total of $10.8 million. The separate transactions include the $7.7 million sale of West End Gardens, a 56-unit gar- den apartment community in Long Branch and the $3.1 million sale of Parkview Ter-
"We are excited to partner with Jordan Slone and his team at Harbor Group In- ternational in acquiring this great asset in a severely sup- ply constrained sub-market. Meridian's team did a great job sourcing superb long term fixed rate financing for the JV from a local balance sheet lender that will enable us to execute our business plan," said Arthur Rosenberg, Chief Executive Officer of Azure Partners. Azure Partners and Harbor Group International have formed a 50/50 joint venture to acquire The Crest at Princeton Meadows in one of the larg- est multifamily single asset transactions in the State of New Jersey this year. n very active,” said Lanni. “We obtained an exclusive listing to market and sell each prop- erty and very quickly achieved high offers from qualified investors. Both sellers were longtime owners and realized that now is an optimal time to sell, and the purchasers were excited to add well-located properties with value-add components to their portfo- lios.” West End Gardens is a 56-unit apartment complex located on West End Avenue in Long Branch. The seller was the original builder and it had never before been on the market. Constructed in 1965, the property is centrally located near the beach, train station and Pier Village. The property has new roofs and windows and renovated kitch- ens and bathrooms in some of the units. There is on-site parking for over 100 cars. Parkview Terrace is a six- story high-rise building with 26 units located on Park Ave. in Asbury Park. n
5-10A
Central PA Spotlight
21-23A
For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com UPCOMING CONFERENCES FEBRUARY 5, 2016 PhiladelphiaMultifamily Summit FEBRUARY 11, 2016 NJ Industrial Real Estate and Development MARCH 18, 2016 NJ Land Development Summit APRIL 14, 2016 NJ Office Summit MAY 12, 2016 NJ Apartment /Multifamily Conference JUNE 30, 2016 NJMid Year Commercial Real Estate Forecast Summit
The Crest at Princeton Meadows
Meadows, located at 3217 Ra- ven Crest Dr., is a garden-style multifamily property totaling 37 three-story buildings with 704 units spanning nearly 41 acres. The property has undergone significant capital
improvements since 2012 and is now recognized as the high- est quality multifamily com- munity in the Plainsboro area. “Meridian leveraged our unique relationship with the lender and the top-tier quality
Kislak completes $10.8 million multi- family sales in Monmouth County, NJ
Directory
Financial Digest Featuring Tax Issues/Accounting. ..5-10A DelMarVa • DC.......................................................11-15A Pennsylvania Featuring Central PA......................17-27A New Jersey....................................................... Section B Northern NJ...........................................................5-12B
West End Gardens
race, a 26-unit high rise in Asbury Park. Kislak mar- keted all of the properties and vice president Daniel Lanni represented all parties in the transactions. “The market for multifam- ily properties remains very strong throughout New Jer- sey and the Monmouth Coun- ty submarket is no exception,” said Robert Holland , presi-
dent. “Since last year alone, Kislak sold more than $70 million worth of multifam- ily properties in Monmouth County led, in large part, by Dan’s efforts. He is the regional expert and a master marketer. I am very proud of his continued success.” “The Monmouth County multifamily sales market is
www.marejournal.com Upcoming Spotlights December 24, 2015 Annual Review Best Retail POM/DOM of 2015
Inside Cover A — December 11 - 23, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
C ommercial R eal E state O rganizations ’ E vents C alendar
DECEMBER 17 – CREW PHILADELPHIA Event: Members Only Holiday Party Time: 5:30 PM – 7:30 PM Location: D’Angelos Ristorante Italiano Address/City: 256 S. 20th St., Philadelphia, PA Cost: $65 Members www.crewphiladelphia.org Time: 5:30 PM – 8:30 PM Location: Knoll Showroom Address/City: 2300 Chestnut St., 4th Floor, Philadelphia, PA P: 215-399-5790 E: info@dvgbc.org www.dvgbc.org JANUARY 12 – IREM DELAWARE VALLEY Event: Economic Forecast Luncheon Meeting Time: 11:30 AM – 2:00 PM Location: Sheraton Philadelphia Downtown Address/City: 201 North 17th St., Philadelphia, PA Cost: $65 Members $85 Nonmembers P: 856-786-9260 www.irem3.org JANUARY 13 – CIRE DE Event: Monthly Membership Meeting & Cont. Ed. Time: 11:30 AM – 1:30 PM Location: Clarion Hotel – The Belle Address/City: 1612 N. DuPont Hwy., New Castle, DE Cost: $35 Members $45 Nonmembers www.circdelaware.org JANUARY 15 – ULI PHILADELPHIA Event: New Member Breakfast Time: 8:30 AM – 9:30 AM Location: Langan Engineering Address/City: 30 S. 17th Street, Suite 1300, Philadelphia, PA www.philadelphia.uli.org JANUARY 20 – IREM MD Event: Member Benefit & CPM Candidate Luncheon Time: 11:30 AM – 2:00 PM Location: McCormick & Schmick’s Pier 5 Address/City: 711 Eastern Ave., Baltimore, MD www.irem16.org DECEMBER 17 – DVGBC Event: Holiday Party
JANUARY 20 – NAIOP NJ Event: Annual Meeting & Commercial Real Estate Outlook
DECEMBER 11 – CREW LEHIGH VALLEY Event: Annual Holiday Luncheon Time: 11:30 AM – 1:00 PM Location: Lehigh Country Club in the Great Hall Address/City: 2319 S. Cedar Crest Blvd., Allentown, PA Cost: $35 Members Only www.crewlehighvalley.org DECEMBER 11 – NJAMB Event: Joint Mortgage Lending Conference Time: 8:30 AM – 1:30 PM Location: Crowne Plaza Monroe Address/City: 390 Forsgate, Monroe Twp., NJ P: 732-596-1619 E: dpassaretti@mbanj.com www.njamb.org DECEMBER 11 – NJ BANKERS ASSOCIATION Event: 2015 Joint Mortgage Lending Conference Location: Crowne Plaza Monroe Address/City: 300 Forsgate Dr., Monroe Township, NJ P: 908-272-8500 www.njbankers.com DECEMBER 15 – ICSC Event: PA/NJ/DE Holiday Reception Time: 5:30 PM – 8:30 PM Location: North Bowl Lounge N’ Lanes Address/City: 909 N. 2nd St., Philadelphia, PA Cost: $25 Members $40 Nonmembers P: 646-728-3648 www.icsc.org DECEMBER 16 – ABC METRO WASHINGTON Event: Holiday Reception Time: 6:00 PM – 9:00 PM Location: Manor Country Club Address/City: 14901 Carrolton Rd., Rockville, MD Cost: $125 www.abcmetrowashington.org DECEMBER 16 – SIOR PHILADELPHIA Event: Philly Pops “Christmas Spectacular” Time: 5:00 PM – 9:00 PM Location: Verizon Hall, Kimmel Center for Performing Arts
Time: 5:30 PM – 8:00 PM Location: Short Hills Hilton Address/City: 41 John F Kennedy Pkwy., Short Hills, NJ Cost: $175 Members $195 Colleagues of Members $255 Nonmembers
P: 732-729-9900 www.naiopnj.org
JANUARY 20 – NJAA Event: NJAA Annual Membership Meeting & Installation Time: 3:30 PM Location: The Imperia Address/City: 1714 Easton Ave., Somerset, NJ Cost: $130 P: 732-992-0600 www.njaa.com JANUARY 20 – NJIFMA Event: Monthly Meeting – CEU Sound Off! Time: 4:00 PM – 6:00 PM Location: Ernst & Young Address/City: 200 Plaza Dr., #100, Secaucus, NJ www.njifma.com JANUARY 21 – NAIOP PITTSBURGH Event: Chapter Meeting Time: 7:00 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 E: info@naioppittsburgh.com www.naioppittsburgh.com
JANUARY 21 – ULI PITTSBURGH Event: 2016 Winter Reception Time: 5:30 PM – 7:30 PM Location: Hotel Monaco, Rialto Suite Address/City: 620 William Penn Place, Pittsburgh, PA P: 412-471-1170 www.pittsburgh.uli.org
Address/City: Philadelphia, PA E: chaperadmin@siorphila.com www.siorphila.com DECEMBER 16 – USGBC NJ Event: Annual Holiday Party
Time: 6:00 PM – 9:00 PM Location: The Olde Mill Inn Address/City: 225 Route 202, Basking Ridge, NJ www.usgbcnj.org DECEMBER 17 – CREW NJ Event: Board Induction & Year End Celebration Time: 11:30 AM – 1:30 PM Location: Dolce Basking Ridge Address/City: 300 Ridge Ave., Basking Ridge, NJ Cost: $50 Members $75 Guests $25 Students
JANUARY 30 – ABC BALTIMORE Event: Build Baltimore – A Gala Evening Time: 6:00 PM – 11:00 PM Location: Baltimore Marriott Waterfront Address/City: 700 Aliceanna St., Baltimore, MD Cost: $165 P: 410-821-0351 www.abcbaltimore.org
P: 609-585-6871 www.icrewnj.org
Real Estate Journal — December 11 - 23, 2015 — 1A
www.marejournal.com
M id A tlantic
- DC
RegisteR today foR eaRly-BiRd Rate of $99 RegulaR Rate $129 (Walk-ins Welcome - $149 day of event)
4200 City Avenue, Philadelphia, PA, 19131 7:15 am Registration 7:30 am Breakfast 7:55 am - 12:00 pm Program
contact: alissa aronson assistant event coordinator | mid atlantic Real estate Journal 312 market st, Rockland, ma 02370 781-878-7420 | fx: 781-871-5299 aaronson@marejournal.com | www.marejournal.com
2A — December 11 - 23, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Associate Publisher .............................................................Alissa Aronson Associate Publisher ..........................................................Barbara Holyoke Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Guest Columnist ..................... ............................................Glenn Ebersole 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. Rockland, MA 02370 USPS #22-358 | Vol. 27 Issue 23 Subscription rates: $99 - one year, $148 - 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
Mid Atlantic Real Estate Journal
Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.
Construction Industry Facing Financial Challenges Glenn Ebersole T he construction indus- try comprises many diverse groups and has undergone recovery from the economic downturn in an er- ratic manner. Some segments are doing better than others, and even among growth seg- ments, some are growing more quickly than others. The good news is that industry experts have an optimistic view of the financial picture for construc- tion in 2015. A review of construction industry employment, sta- tistics and trends show that annual construction spend- ing in the United States is approximately $943 billion. The construction industry has a significant impact on the general economy and is cur- rently showing strong signs of growth. It is important to point out that the construction industry is also vulnerable to broader economic disruptions. Three key findings of a review of the industry include: • The unemployment rate for the construction industry declined inMay 2015 to a nine- year low of 6.7 percent. • Private residential con- struction is growing, as de- mand picks up for homes and apartments. • Public construction shows more mixed results, since proj- ects like highway, street and school construction are subject to the ups and downs of fed- eral, state and local budgets. There is also optimism about the construction industry’s future growth. And that is one reason why it is important to have access to business capital as a prudent strategy, both to leverage growth opportunities now and to be well positioned for meeting challenges of the uncertainties that may appear in the future. Some of those construction industry financial challenges being faced right now include: Poor Cash Flow The challenge of getting paid on time and on getting paid within sixty (60) days remains and seems to get more difficult all the time. A very critical element to maintain a positive cash flow for the con- struction business is related to submitting applications for payment for draws and having
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
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
a clear understanding of how each particular client pays. A missed draw or poor paying clients has caused and contin- ues to cause many problems in the construction industry. It is important to be proactive and stay on top of your cash flow and draw dates. Poor Planning Planning of manpower is a real challenge. A strategic un- derstanding of manpower and cash issues will significantly increase the probability of success and diminish the prob- ability of failure of any project. Overestimating capabilities or underestimating cash flow can be disastrous. Always know and ensure that the company’s capabilities and capacity meet and exceed the overall needs of the company and each specific construction project. And also be sure to know and ensure that the company’s financial resources are in hand and/or available to match the capa- bilities and capacity of the firm and each individual construc- tion project. Little or No Flexibility Being flexible provides stra- tegic advantages and flex- ibility can be gained by con- tinually reviewing the plan versus reality. Success comes when there is a willingness to make changes when it is obvi- ous that the plan is failing. Engaging a mindset of “we’ve always done it this way” or “this is the plan and we must stick to it” has caused many companies to continue down a road to failure. Being flexible and having a willingness to change the plan and learn will lead to success. Wise people have proclaimed that if you haven’t failed, you have not done much. And those wise people also know that we can learn from failures and can incorporate that knowledge into the next plan for new successes. Poorly Planned or Mismanaged Growth
A lack of good strategic thinking and planning has and will cause failures. On the other hand, clearly under- standing the capabilities of the company and setting strategic objectives that are realistic will allow the company to advance and achieve sustain- able growth in the future. Developing a good strategic plan with a vision, mission, strategic objectives and an ac- tion plan to implement it will provide an important guide or map for growth and help avert mismanaged growth. Poor Capitalization Operating money is always a critical element to achieve success. Do not under estimate the capital needed to pursue the most profitable projects and have the cash neces- sary to fund those projects until draws can be obtained. Many bad decisions are made while companies are in panic mode due to their cash be- ing unavailable. A business financial services professional can be uniquely positioned to help construction companies gain that access to business capital. The funds secured can be used for virtually any construction business need, including: purchasing new or used construction equipment and materials; expanding or upgrading company facilities; hiring new employees and pro- viding training and education; overcoming unanticipated business expense and manag- ing cash flow A quote from Dr. Martin Luther King, Jr. provides an insightful message about facing challenges. “Our very survival depends on our abil- ity to stay awake, to adjust to new ideas, to remain vigilant and to face the challenge of change….” Glenn Ebersole is strate- gic vice president business development/marketing for Hollenbach Construction, Inc. in Boyertown, PA. n
MAREJ A dvertising D irectory Advantage Engineers.................................................2B ARD Appraisals Co.....................................................7A Bennett Williams..................................................... 23A Bussel Realty Corp................................................. IC-B Capstan.......................................................................8A CIRC......................................................................... 14A CREW LV............................................................ 26-27A CREW....................................................................IBC-B Cushman & Wakefield. ........................................... 19A Cushman & Wakefield. ..............................................7B Deerwood Real Estate Capital...................................6A Earth Engineering................................................... 18A EDANJ..................................................................... 16B Food-shelter.com...................................................IBC-A Fowler. ..................................................................IBC-A Friedman LLP. ...........................................................9A Garden State Press Clipping & Media Monitoring. IBC-A Gebroe-Hammer Associates.......................................8B Gerard Construction Corp.. .................................... 13B Greater Reading Economic Partnership.............IBC-A Harkins Builders..................................................... 12A Harvey, Hanna & Associates, Inc........................... 15A Heller Industrial Parks........................................... 12B Hillcrest Paving & Excavating............................IBC-A Hinerfeld Commercial RE..............................20, IBC-A IBS...............................................................................4A Integrity Graphics......................................................6A Investors Real Estate Agencey............................IBC-A Kaplin | Stewart........................................................3A Keast & Hood........................................................... 18A Kislak Co.....................................................................3B Landmark Commercial. .......................................... 22A Marcus & Millichap....................................................2A Marcus & Millichap..............................................IBC-A Mericle Commercial. ............................................... 25A Meridian Capital Group.......................................... 15B NorthMarq Capital............................................13A, 6B Poskanzer Skott Architects........................................9B RPC. ............................................................................6A SEBCO........................................................................3B SUBWAY...............................................................IBC-A The Berger Organization. ..........................................1B WCRE..........................................................................4B Zimmel Associates......................................................2B
To advertise, call 1-800-584-1062
Real Estate Journal — December 11 - 23, 2015 — 3A
www.marejournal.com
M id A tlantic
Q
M id A tlantic R eal E state J ournal Colliers represents both parties in the transaction CenterPointProps. announces lease on 142,447 s/f facility F ranklin Park , IL — CenterPoint Prop- erties announced a
“Ask the Professor”
A
&
The financial structure (commonly known as the capital stack) in a real estate transaction is a very important concept in real estate finance. Most real estate assets employ dif- ferent layers of funding. Each layer of funding represents a different level of risk and return. The layers of funding which comprise the capital stack most commonly are: A) rent abatements, expense reim- bursements, management fees & bank loans B) cash, tax credits, leasing commissions & home equity lines of credit C) rental revenues, expense adjust- ments, cash & tax losses D) equity, senior debt, preferred equity & mezzanine debt Equity represents the ownership interest in the asset while debt usually represents the secured position given to a lender or investor to collateral- ize his investment in the asset. The equity does not have a specific rate of return or interest rate while the debt and preferred equity positions do. Each investment will have a different amount of equity and debt. The capital stack assists owners and investors to understand the risk and return features of each layer of equity and debt. The correct answer is “D”. A Ronald M. Shapiro is Assistant Professor of Professional Practice in the Finance and Economics Department at Rutgers Business Real estate assets are usually financed with a combination of equity and debt.
long-term lease agreement with Tax Air Freight for 10700 Waveland Ave., Frank- lin Park in the O’Hare sub- market. Tax Air Freight will lease 55,251 s/f of the 142,447 s/f facility and is the third of three tenants in the building, bringing the facility’s occu- pancy to 100%. TomRodeno of Colliers represented Tax Air Freight in the transaction, as Jim Estus of Colliers rep- resented CenterPoint. "This location provides us easy transportation access to the highway and airport, and the ability to add office space and docks," saidMark Zeidler, president and CEO of Tax Air Freight. "With the trailer stor- age and parking, CenterPoint was able to accommodate our need for space and growth, helping us to better serve our customers." Tax Air Freight offers trans- portation trucking services throughout the Greater Mid- west as well as nationwide logistics solutions through its Flyer Logistics service team. The company chose this loca-
Q
10700 Waveland Ave.
tion because of its strategic proximity to Chicago O’Hare Airport. Located on an 8.23-acre site, the building offers immedi- ate access to I-294 and is in close proximity to Chicago’s O’Hare International Airport. Tax Air’s facility features include 3,500 s/f of office space, 23 dock positions, 27 trailer stalls and room for 14 truck-parking stalls. Tax Air
Freight’s lease will commence in March 2016. “CenterPoint has had a relationship with Tax Air Freight in other markets in the past. We are happy to con- tinue to build our relationship by providing the company with a solution for their air transportation needs,” said Ed Harrington , senior vice president of development at CenterPoint. n
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
School of Newark and New Brunswick. He teaches real estate finance and serves as the director of student services for the Center for Real Estate. Prior toRutgers Business School, Ron was
Kaplin Stewart
A t t o r ne y s a t L aw
Contact: Mohammad A. Ghiasuddin • mghiasuddin@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2546 • www.kaplaw. com Visit our Construction Blog: www.pennsylvaniaconstructionlawyer.com
SVPwithUnionCenterNational Bank (now Connect One) and served in executive management positions at Prudential Financial and Wells Fargo. n
Other O ces: Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120
KS Ad 6X5.5 Tree Neil S.indd 1
1/29/15 11:42 AM
4A — December 11 - 23, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal Restaurant in New Brunswick, NJ CBRE FAMECO secures 1st location for Criminals &Tacos N EW BRUNSWICK, NJ — CBRE FAME- CO , the retail divi- renowned chef Andrew Schiff, in the lease transaction.
Enterprise IT Made Simple
cept pays homage to an under- ground – literally and figura- tively -- taco shop that operated for more than 40 years within a hidden passage underneath the kitchens of Alcatraz. The taco shop had no known name, but was filled with the country’s most dangerous incarcerated individuals and served only tacos. Playing into this theme, Criminals and Tacos restau- rants will feature celebrity mug shots as wall décor, menu items named after judicial sentences and a “banned items” menu for its loyal customers. Customers will have the opportunity to take and socialize their own “mug shots.” “Criminals and Tacos was designed to revolutionize the fast-casual food industry and capitalize on what Madison Av- enue already knows: Mexican food is the future of the food industry, and the dominant food in Mexican cuisine is, and always will be, the taco,” said Schiff. “We’re thrilled to be opening our first restaurant on Easton Avenue in New Bruns- wick – a location that provides us with immediate and central access to our target customer base.” Criminals and Tacos’ first lo- cation at 103 Easton Ave. offers the business an ideal location within the heart of the Rutgers University student community. Schiff & Wesson, LLC plans to expand the franchise-able taco shop throughout college cities and towns across the country, beginning with those in New Jersey. “Andrew Schiff and his team came to me with a clear vision and a set of criteria for where the first Criminals and Tacos restaurant would need to be located,” said Winters. “This location in the heart of New Brunswick meets all of the out- lined requirements, with ideal access to the business’ target demographic in the immediate proximity to Rutgers, New Jer- sey’s largest university.” Chef Andrew Schiff is an imaginative trendsetter in the hospitality and culinary indus- try. He is known worldwide for creating both SPREAD (the product line) and SPREAD (the restaurant). His unique ability to reimagine food has made him the recipient of such accolades as the winner of “Best Bite of Food Anywhere in America,” “Best Thing I Ever Ate,” Oprah’s Favorite Thing for Christmas, The Silver Fork and a Mayoral Proclamation. n
Operating under the owner- ship of Schiff & Wesson, LLC, Criminals and Tacos’ mission is to become the premier desti- nation for tacos in the nation, utilizing fresh, organic and local ingredients while being dedicated to providing excel- lent service in a fun, friendly and hip environment. With its prodigious food, ambiance and value-based prices, the busi- ness is marketed toward college students and young profession- als, but is family-friendly and community-friendly The Criminals and Tacos con-
sion of CBRE Group Inc. in Southeast- ern Pennsyl- vania, Dela- w a r e a n d New Jersey a nn o un c e d that it has secured a lo-
Operating a functional and secure IT infrastructure is a critical priority for your business.
It is important to us, too!
Steven Winters
cation for the first Criminals and Tacos restaurant, at 103 Easton Ave. in NewBrunswick. Steven Winters of CBRE FAMECO represented the business founder and owner,
Contact us today. sales@ibsre.com www.IBSRE.com (973) 575-4950
Accounting • Property Operations • Managed Services We do it all.
F inancial D igest
Real Estate Journal — December 11 - 23, 2015 — 5A
www.marejournal.com
M id A tlantic
Cronheimsecures $19m for Hawley Lane Mall
Also facilitates $18.5m refinancing for West Goshen Town Ctr. HFF arranges $28 million refinancing for ind. portfolio P
HILADELPHIA, PA — Holliday Feno- glio Fowler, L.P. (HFF) announced today that it has arranged a $28 million refinancing for a portfolio of two fully-leased indus- trial shallow bay warehouse and office buildings totaling 246,790 s/f in the Philadel- phia suburb of Horsham. HFF worked on behalf of the borrower, an affiliate of Endurance Real Es- tate Group, LLC , to secure the 10-year, fixed-rate loan through Silverpeak Real Es- tate Finance. Loan proceeds will refinance existing debt. The 100% leased portfolio consists of 200 Precision Dr. and 425 Privet Rd. in the Pennsylvania Tpke. Corridor in Horsham, a community 19 miles north of Philadel- phia’s CBD. The properties are adjacent to one another and are three miles from I-276 (Pennsylvania Tpke.) via exit 343, which provides access to I-76, 476 and 95. The 126,500 s/f 200 Preci- sion Dr. contains 63,000 s/f of warehouse space in addition to 49,400 s/f of office space and a 14,200 s/f laboratory. The building is housed on 11.13 acres and is leased to Finisar Corporation, C&D Technologies and DrugScan. Fully-leased to Teva Phar- maceuticals, 425 Privet Rd. underwent an expansion in 2008 to expand the asset to its current-day 120,290 s/f. Situated on 13.1 acres, the property contains 615 park- ing spaces. The HFF team represent- ing the borrower was led by managing director Ryan Ade and associate director Campbell Roche. HFF has arranged an $18.5 million refinancing for West Goshen Town Centre, a 135,650 s/f retail center anchored by ShopRite in the affluent suburban Phila- delphia community of West Chester. HFF worked on behalf of the borrower, Brandolini Companies, to secure the permanent, fixed-rate loan through an institutional
975 Walton Avenue
ENGLEWOOD CLIFFS, NJ — Procida Funding’s 100 Mile Fund , a local real estate investment vehicle, an- nounced three recent closings in New Jersey totaling over $6 million. The closings include a $1.3 million acquisition loan, and two bridge loans amount- ing to $5 million. The first loan, a $1.3 million first mortgage to, ER Real Es- tateManagement LLC, enabled the sponsor to acquire the prop- erty and finish pre-construction site work for a to be built 12,500 SF medical office building to be the new headquarters of the sponsors dental practice located in Randolph, NJ. The 100 Mile Fund also provided a $2.7 million bridge loan to Naval Crest Associates I & II, LLC. The funds were used to pay off an existing Trumbull, CT — An- drew Stewart and Dev Morris arranged long-term, fixed rate financing for the 215,000 s/f Hawley Lane Mall located in Trumbull, CT. The loan was structured with a 15 year term and 30 year amor- tization and funded by the United State Life Insurance Company in the City of New York and National Union Fire Insurance Company of Pittsburgh, PA, for whom Cronheim represents as corre- spondent and servicing agent. Hawley Lane Mall, which opened in 1971, was originally anchored by Caldor and a Waldbaum's supermarket. Purchase, NY-based Nation- al Realty and Development Corp. redeveloped the proper- ty in 2005 into its current lay- out, as a two-level community shopping center anchored by a
mortgage from a local bank and modify and amend the mortgage on two properties in Middlesex and one in Long Beach. Finally, the Fund provided a $2.3 million bridge loan for the acquisition of three gas sta- tions two located in Elizabeth and one inMarlboro. Including these transactions, Procida Funding has closed 19 debt in- vestments totaling over $100 million so far in 2015. The 100 Mile Fund lends on properties within a 100 mile radius of their Englewood Cliffs, New Jersey office, tar- gets the niche sub $25 million market and has been instru- mental in allowing developers to finish localized projects, as well as provide quick turn- around loans in special situa- tions to its clients. n Hawley Lane enjoys an excellent location at the in- terchange of SR-8 and the Merritt Parkway, about 3.5 miles west of the Westfield Trumbull Mall, with aver- age traffic counts of 54,145 vehicles per day. Bus trans- portation is also available at the property, via the Greater Bridgeport Transit Author- ity. The property is managed by National Realty & Devel- opment Corp. n Kohl's, Home Goods, and Best Buy, and shadow-anchored by a 125,500 s/f Target. Due to the slope of the site, all stores have entrances and parking areas at grade, as well as in- terior escalators and elevators to allow foot traffic between the two levels. Interior mall tenants are accessible from both the lower and upper level entrances.
200 Precision Dr. and 425 Privet Rd.
Procida Funding closes three transactions totaling over $6 million in Central NJ
West Goshen Town Centre
lender. Situated on 17.6 acres at Rte. 3 and Five Points Rd., West Goshen Town Centre is five miles from downtown West Chester, which was named No. 10 on CNN’s Money.com Top 50 Best Places to Live in 2013. The property is adjacent to four multi-housing complexes with a total of 968 units, and the center is proximate to some of the county’s major employers, including QVC’s global headquarters, Ches- ter County Hospital and the 15,000-student West Chester University. One hundred percent leased, the four-building West Gos- hen Towne Centre is home
to anchors ShopRite and A.C. Moore in addition to Applebee’s Neighborhood Grill, Panera Bread, AT&T, Massage Envy, GameStop, Great Clips, Sun East Fed- eral Credit Union and H&R Block. The HFF team represent- ing the borrower was led by managing director Ryan Ade. “Having the market-lead- ing grocer, ShopRite, as an anchor draw, West Goshen Town Centre occupies one of the best locations for retail in the western suburbs,” Ade said. “Lenders competed ag- gressively via the HFF pro- cess, and the end result was a best in market execution for our client, Brandolini.” n
6A — December 11 - 23, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
a n ch e s t e r , NH — Edward Riekstins , senior Riekstins & Chase secure financing NorthMarq’s Boston office arranges $3.89m in financing M
vice president, and Michael Chase , vice president of NorthMarq Capital ’s Boston based regional office secured the $3.89 million refinance of three multifamily apartment properties on Prospect St., Myrtle St. and Elm St. The combined properties total over 60 units in Manchester, New Hampshire. NorthMarq ar- ranged the commercial mort- gage financing for the bor- rower through its relationship with a local bank. “The quality assets, prime location and experienced spon- sorship were keys to this successful transaction,” said
WBC Estates
the borrower, while still pro- viding a flexible prepayment structure.” n
Chase. “The lender was able to offer the long-term fixed rate financing requested by
Recently Closed Loans
Rockville, MD and Philadelphia, PA — Greystone, a real estate lend- ing, investment and advisory company, announced that Jay Kirsch has joined Greystone as a managing director. In this role, Kirsch will focus on production of small balance loans across the Freddie Mac and Fannie Mae platforms. He reports to Rick Wolf, Senior Managing Director and head of production for Greystone’s small loan operations, and will Kirsch joins Greystone fromFreddie Mac Multifamily be co-based in Rockville, MD and Philadelphia, PA. Kirsch joins Greystone from Freddie Mac Multifamily, where he most recently served as Asset Management & Op- erations Client Relationship Manager for the Small Balance Loan Program. During his more than seven years at Freddie Mac, Mr. Kirsch also held roles in Underwriting, Production, and retained and securitized portfolio Surveillance. A na- tive of Toronto, Canada, Kirsch earned a Bachelor’s degree in Management from American University in Washington, DC. “Jay’s expertise and industry knowledge in the small balance loan arena will be invaluable to Greystone as we continue to grow this platform,” said Wolf. “As we head toward record- breaking production of small loans this year, we are con- tinually looking to optimize our position as the go-to lender, and Jay will certainly help solidify that pursuit.” n OPPORTUNITY Promote Your Company • Brokered Transactions • New Services/Products • Projects Completed or Underway • Expert Articles • Appointments, Promotions, & Honors • Events • Mergers & Acquisitions • Financing Deals The Mid Atlantic Real Estate Journal welcomes all editorial dealingwith the commercial/ office properties spotlight. e-mail: bholyoke@marejournal.com * SEND NEWS RELEASES AND PHOTOS *
$5,125,000
$7,760,000 $8,100,000
Shopping Center Refinance Age-Restricted (55+) Construction Loan
Cash Out Office Refinance
Lansdale, PA Warminster, PA Sharon Hill, PA 75% LTV, 10/27.5, 4.74%, Non-Recourse 75% LTV, 85% LTC, LIBOR + 275 bps 75% LTV, 10/30, 4.78%, Non-Recourse
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com. FOR MORE INFORMATION: R. Brenner Green, President 75 East Butler Avenue • Ambler, PA 19002 • 610-456-9644 • bgreen@realpropertycapital.com
Printing and Promotional Products IntegrityGraphics
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
www.marejournal.com 781-871-5298 Ext. 202
Real Estate Journal — Tax Issues/Accounting — Financial Digest — December 11 - 23, 2015 — 7A
www.marejournal.com
M id A tlantic
T ax I ssues /A ccounting
Serving New Jersey, Pennsylvania, New York Celebrating 50 Years Providing Real EstateValuation Services! www.ardappraisal.com
564-unit apartment complex Cherry Hill, NJ
Community Shopping Center Jackson, NJ
92,000 SF Class A office building New Brunswick, NJ
Somerset County Life Science Complex
217 Units Lafayette Ave. Morristown, NJ
13-building office & industrial park Marlboro, NJ
Patrick B. Ard, MAI Rodney Copeland, SCGREA Gary Wade, MAI James Meehan, MAI Joseph Traks, MAI
11 Broadway, Suite 831 New York, NY 10004 (212) 509-0095
36 Brant Avenue Clark, NJ 07066 (732) 396- 1965
8A — December 11 - 23, 2015 — Financial Digest — Tax Issues/Accounting — M id A tlantic
Real Estate Journal
www.marejournal.com
T ax I ssues /A ccounting
By Terri S. Johnson, CRE, Capstan Tax Strategies Safe harbor expensing options for real estate owners
T
he recent Tangible Property Regulations have caused quite a stir
dispose of the remaining cost basis of “ghost” assets through Partial Asset Disposition. In
The de minimus safe har- bor (§1.263(a)-1(f)(1)(i), & (ii)) allows for the deduction
up to $5,000 per item or in- voice. Candidates also need to have a written policy in place that treats said amounts as expense for non-tax below a certain dollar amount or treats assets with a life of 12 months or less as an expense. This policy has to be in place the first day of the tax year in which it is to apply. This is an election, not a change in ac- counting method, and as such does not require the filing of a Form 3115. If you don’t have an AFS, you can still benefit from the de minimus election. In fact,
as of November 24th 2015, the IRS has significantly in- creased the de minimus safe harbor limit for taxpayers without an applicable finan- cial statement (AFS). While the final Tangible Property Regulations initially capped such deductions at $500, this revision raises the threshold to $2,500 per item substantiated by an invoice. This will allow for the immediate deduction of many tangible property items that would otherwise remain left to slowly depreciate. The safe harbor for small taxpayers (§1.263(a)-3(h)) is only available to taxpayers with gross receipts below $10 million for the last three years, and only applies to buildings with an unadjusted basis of less than $1 million. Taxpay- ers may deduct either $10,000 or 2% of the unadjusted basis of the building, whichever is less. This is also considered an election, with no Form 3115 required. There is one caveat how- ever, and it is noteworthy. The maximum deduction allowed under the safe harbor for small taxpayers includes all repair-related deductions in that tax year. The deductions are cumulative, and in that sense the small taxpayers’ safe harbor is potentially limiting. However, the right advisors can help you choose the best way to mix your expenses and maximize your benefit. The routine maintenance safe harbor (§1.263(a)-3(i)) is a special favorite in the industry, as it can be used by any landlord, regardless of income, property size, or AFS- status. Under this safe harbor, taxpayers can deduct amounts spent on routine maintenance with no cap. To be considered “routine,” the activity has to be one that you expect to repeat at least once every 10 years. Inspecting, cleaning, testing, and replacing worn assets with comparable ones are all eligible activities. Any replace- ment that improves the prop- erty, however, is ineligible. Each safe harbor has its own boundaries, and there is an interplay between them as well. They are best employed strategically by a tax profes- sional well-versed in maximiz- ing their utility. Terri S. Johnson, CRE, is a co-founder andmanaging partner at Capstan Tax Strategies. n
in the world of commer- cial real es- tate, provid- ing a myriad of new strat- egies for use in maximiz- ing tax sav- ings on your
Each safe harbor has its own boundaries, and there is an interplay between them as well. They are best employed strategically by a tax professional well-versed in maximizing their utility.
Terri S. Johnson
most significant fixed assets. In addition to clarifying the expense vs. capitalization decision process, the TPRs also provide the ability to
addition, the regulations have established three powerful expensing options that every commercial property owner should be familiar with.
of certain amounts paid to acquire tangible property at two different levels. Taxpay- ers with applicable financial statements (AFS) can deduct
Real Estate Journal — Financial Digest — December 11 - 23, 2015 — 9A
www.marejournal.com
M id A tlantic
F inancial D igest Thrivent Financial for Lutherans provides a $23.95m loan for a 634,000 s/f warehouse bldg.
G.S. Wilcox & Co. closes $78 million
M
pleted for an 82,085 s/f ware- house. The property, located in Northvale was financed with a local bank. Thrivent Financial for Lutherans provided a $23.95 million loan for a 634,000 s/f warehouse building, located in South Brunswick. The loan term was fixed for 15 years with a 20 year amortization. Thrivent also provided fi- nancing for two retail prop- erties totaling $31.5 million located in Bohemia, NY. The loans were for a 95,542 s/f building totaling $24.85 mil- lion, and a 42,000 s/f building
totaling $6.65 million. Each property was secured at a 15 year fixed rate term and a 30 year amortization. A $1.8 million loan for a 32,100 s/f mixed use building located in Hawthorne, New York was arranged through a life insurance company. G.S. Wilcox & Co., located in Morristown, NJ, is a full service mortgage banking firm which originates, un- derwrites, and services com- mercial real estate mortgage loans. Founded in 1994, they have been servicing clients for over 20 years. n
orristown, NJ — G.S. Wilcox & Co. arranged financing
in the amount of $78 million, arranged by Gretchen Wil- cox , president, Al Raymond , principal and David Fryer , principal of G.S. Wilcox & Co. Two loans totaling $17.15 million were made with Mu- tual of Omaha. The loans were Cushman & Wakefield arranges $58.75 million acquisition financing East Brunswick, NJ — Cushman & Wakefield served as the advisor to an af- filiate of BHN Associates LLC in arranging $58.75 million of acquisition financing secured by Two Tower Center Blvd. The property is a 23-story class A, institutionally main- tained office building located in East Brunswick, New Jer- sey. The three-year financing was provided by Basis Invest- ment Group. Two Tower Center is a 405,597 square foot, granite clad trophy office building with 16 office floors that sit above a parking structure. The proper- ty is located directly off of exit 9 on the New Jersey Turnpike and has unparalleled views and the best in class amenities including a full service dining facility, 24/7 security, covered parking, a five story atrium, and a PNC bank branch. Ad- ditionally, the property is adjacent to a 405 room Hilton Hotel which has a full service restaurant, convention space, and spa. A Cushman & Wakefield Equity, Debt & Structured Fi- nance team of John Alascio, John Spreitzer and Andre Hass , served as advisors on this transaction. “This is considered the pre- mier office building in this sub- market. The property benefits from un-paralleled recognition and access off of the New Jersey Turnpike and as such offered a lender a combination of diverse tenancy with credit and term to support the loan request,” said Alascio, a Cush- man & Wakefield managing director. “Basis understood that this was a rare chance to finance such a building and fa- cilitated a loan in an expedited time frame where other lend- ers could not meet the request and working needs of BHN.” n
Gretchen Wilcox
Al Raymond
David Fryer
for a 353,973 s/f warehouse totaling $14 million, with a 10 year fixed rate term and a 20 year amortization located in Wayne and a 39,738 s/f ware-
house totaling $3.15 million, located in Hackensack. A 5 year fixed rate loan with a 25 year amortization totaling $3.6 million was also com-
No obstacle is insurmountable with the right partner.
The real estate industry’s propensity for rapid growth and change continues to generate new challenges. At Friedman LLP, our real estate clients span the gamut from all sectors of the industry. We help our clients address the complexities of this ever- changing industry and capitalize on new opportunities no matter what side of the door you are on.
New York New Jersey Pennsylvania Beijing friedmanllp.com Your livelihood, empowered.
info@friedmanllp.com | 877.538.1670
@ 2015 Friedman LLP. All rights reserved. An Independent Member Firm of DFK with offices worldwide.
10A — December 11 - 23, 2015 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest $29,945,000
MAdisoN oAks ApArTMeNTs 220 CAlibre dowNs lANe pAlM HArbor, Fl 250 unit garden apartment complex The undersigned arranged the above financing
622 Third Avenue New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
Real Estate Financing
Real Estate Journal — December 11 - 23, 2015 — 11A
www.marejournal.com
M id A tlantic
W Groh and Blyumin from JLL represents GEICO Akridge to redev. Tysons property into trophy office bldg. Companies have acquired 1690 Old Meadow Rd. in Tysons, Virginia and plan to redevelop it into a modern, 250,000 s/f office building with ground floor retail and a full host of on-site amenities. The property sits directly across the street from the McLean Metro Station and planned Wegmans grocery store. It offers easy access to the Capital Beltway and Dol- ley Madison Blvd. and will include 11 stories of trophy office space atop a five-story parking garage. The building is being de- The sale of 1690 Old Mead- ow Rd. resulted from a tri- party agreement with GEICO and Merritt Properties . GEICO is relocating its cur- rent training facility to a new, state-of-the-art facility designed and built specifically to meet its needs and located in Merritt’s Ashbrook busi- ness park. Jeff Groh and Michael Marcus &Millichap closes McPherson Square office building in DC over list price Blyumin from JLL repre- sented GEICO and Joseph Svatos represented Akridge and the Ronald D. Paul Com- panies in the real estate transaction, while Akridge’s Andrei Ponomarev repre- sented GEICO in the develop- ment and construction phase of the project. “Akridge is eager to expand its presence in Northern Virginia and to invest in the Tysons mar- ket,” said Matt Klein, President of Akridge. “The opening of the Silver Line and Tyson’s planned growth will have a tremendous impact on the region. Akridge is excited to deliver this trophy- quality, boutique space to the burgeoning market.” n signed by KGDArchitecture and will feature a 15-story, curved, glass curtain wall and offer an array of amenities, in- cluding a conference facility, in-building wireless, an onsite restaurant, and a landscaped terrace with common space and bocce courts. ASHINGTON, DC — Akridge and the Ronald D. Paul
MeridianGroupacquires class A office building
11111 Sunset Hills Rd.
Reston, Va — The Me- ridian Group has acquired 11111 Sunset Hills Rd., a class A office building near the Dull- es Toll Rd. and the Wiehle- Reston East Metro Station in Reston, Va. The Meridian Group, a real estate investment and de- velopment firm purchased the 216,239 s/f building from Boston-based Beacon Capital Partners . The price was not disclosed. “This was an exceptional op- portunity to acquire a class A office building in an excellent location in a growing Reston submarket,” said Gary Block , managing director of The Me- ridian Group. “The building is attractive for a number of reasons: It’s within walking distance of Metro, it has high visibility from the Dulles Toll Rd., it’s ideally situated in a mixed-use neighborhood, and it attracts and includes invest- ment-grade credit tenants.” The Meridian Group contin- ues to be one of the most active investors in the D.C. metro- politan area. Since 2011, when Meridian completed its first discretionary private-equity fund, the firm has acquired $1.2 billion in assets in the D.C. area. In addition to 11111 Sunset Hills Rd., the firm is also devel- oping The Boro, a 3.7-million s/f mixed-use development in the
heart of Tysons on Greensboro Dr. Located near the Greens- boro Metro station, The Boro will feature a dynamic mix of offices, apartments, condomini- ums, upscale stores, restau- rants and entertainment. The firm is acquiring 11111 Sunset Hills Rd. through Me- ridian Realty Partners II, LP , a private real estate fund and affiliate of The Meridian Group . “This transaction fits our investment strategy for value- add office acquisitions,” said David Cheek , president and co-founder of The Meridian Group. “The building is 80% leased, which allows us to add value by repositioning the property, leasing the vacant space and stabilizing the occupancy. It also has potential for additional development onsite.” Built in 2000, the five-sto- ry building features efficient 45,000 s/f plates, award-win- ning sustainability features, surface and structured park- ing, an on-site café, a newly refurbished auditorium and a fitness center. The building offers easy ac- cess for motorists as well as Metro riders. It overlooks the Dulles Toll Rd. at the Wiehle Avenue Interchange and is within walking distance of the Wiehle-Reston East Metro sta- tion. n
WASHINGTON, DC —Mar- cus & Millichap announced the sale of 923 15th St. NW, a 13,168 s/f office building in downtown Washington, D.C., according to Bryn Merrey , regional manager of the firm’s D.C. office. The McPherson Square asset sold for $5.2 mil- lion, $200,000 over list price, after 24 days on the market. Robert Filley , senior direc- tor, Josh Feldman , associate vice president investments, Marcus Fleckenstein , invest- ment specialist, and Benjamin Wilson , investment specialist had the listing to market the property on behalf of the seller, a group of attorneys who have owned and operated the prop- erty for 35 years. The buyer, Douglas Development Corpora- tion, was also secured by this team of agents out of the firm’s Washington, DC office. “Market conditions are very strong for older and historic properties near the Central Business District and East End submarkets of Downtown D.C.,” Filley said of the mar- ket. “Especially because this property offers a tremendous value-add opportunity for savvy investors that under- stand the unique nature and significance of these historic buildings.” The property, located at 923 15th St. NW, is less than 1,800
923 15th St. NW
ft. from the White House and directly next door to the Ameri- can Civil Liberties Union’s Washington Legislative Media office. Douglas Development Corporation plans to rede- velop the property, which was delivered vacant, to include potential ground floor retail and upper level office space. n The six-story building, located one block from the McPherson Square Metro station, was designed by local architect George N. Ray in 1924. “Based on the property’s McPherson Square location and potential to reposition, this was a very competitive process wherein we generated numerous offers that resulted in an atmosphere yielding an above list price,” Feldman concluded. LANDOVER, MD — Mar-
cus & Millichap announced the sale of 26 units within the MarkhamViewCondominium, an apartment community in Landover. The asset closed for $1.85 million, its full list price, and $72,000 per unit. Dave Gray , senior associate inMarcus &Millichap’s Wash- ington, D.C. office had the exclusive listing to market the property on behalf of the seller, who acquired the property in 2009. Gray also secured the buyer, an association manage- ment company. The investor acquired the property not only for the 26 income producing units but also the additional fee income for managing the entire condominium commu- nity. Nathan Pealer , vice president investments in the firm’s Manhattan office as- sisted on the transaction. n
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52Made with FlippingBook - Online catalogs