R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 14 July 27 - August 16, 2012 Meridian Capital Group negotiates $25.2m in financing
Combined Heat and Power system to preserve archival documents Aegis Energy Services installs CHP system in the National Archives
C
OLLEGE PARK, MD — It is common knowl- edge that heat and hu-
suited to healthcare facilities, recreational facilities, hotels, dormitories, and multi-unit residential buildings; wherever there is a need for the useable thermal energy (domestic hot water, space heating, absorption cooling, pool water heating,etc) produced from the cogeneration unit. Prior to recommending a CHP system, Aegis Energy Services always performs a no-cost thor- ough evaluation of the building’s heating systems and a propri- etary energy analysis using his- torical energy usage. This work ensures that its CHP systems will be properly engineered to deliver promised and reliable savings consistently year after year. The National Archives is ben- efitting from the reliable, high efficiency CHP systems manu- factured and installed by Aegis Energy Services, which helped cut their high energy costs, while simultaneously reducing carbon and other greenhouse-gas emis- sions, thus benefitting the DC metropolitan area, at large. ■
midity are detrimental to the preservation of archival docu- ments. No organization is more serious about safeguarding our nation’s historical record than The National Archives, located in Washington, DC and College Park, MD. Maintaining steady tempera- ture and low humidity is a 24/7, 365 day a year mission for the Archives’ facility management, and is a costly proposition. But when you are protecting the original Constitution of the United States or the Declara- tion of Independence, you take no chances! Looking to cut their overall energy expenses by 30%, the Na- tional Archives of College Park, MD and Washington DC, em- barked on a series of measures, including the installation of a Combined Heat and Power sys- tem engineered, manufactured and installed by Aegis Energy Services, Inc. Combined Heat and Power (CHP), also known as cogen- eration, is the production of both electricity and heat from a SINGLE fuel source, in this case natural gas. It is a well estab- lished, proven, high-efficiency energy-saving technology. Aegis Energy Services, Inc. has been the leader in CHP for nearly 27 years with hundreds of systems located in the Northeast and Mid-Atlantic states. In 2009, The NationalArchives
3A
Nave Newell Celebrates 20 Years in Business
National Archives
installed two Aegis 75kw CHP systems in their Washington, DC facility. In 2010, the College Park, Maryland site installed three Aegis CHP systems. Heat recovered from the CHP systems is used to re-heat ambient air to 70 degrees F, after previously being cooled to 55 degrees F in an effort to condense out any moisture. At College Park, the three Ae-
gis CHP systems were installed in the building’s main mechani- cal room, located close to the boil- ers and chillers. The systems not only help protect the valuable archives, but also keep the five hundred people employed there and the site’s several hundred daily visitors comfortable. In addition to dehumidifica- tion applications such as this one, CHP technology is well
18-19A
SPOTLIGHT: Brokerage Directory
Cooper-Horowitz arranges $161.4 million in financing
NEW YORK, NY — Coo- per-Horowitz, Inc. recently arranged financing on the fol- lowing properties: • DunbarApartment Portfo- lio: 211-227 and 231-247 West 149th Street; 210-226 and 230- 246 West 150th Street; 2580- 2594 Adam Clayton Powell Jr. Blvd; 2802-2824 Frederick Douglas Blvd., New York, NY. The loan was for $20.9 mil- lion. Jayson Schwartz and Richard Horowitz represented the firm • The Bedford Portfolio: 158- 160 North 4th Street; 237-241 Bedford Avenue, Brooklyn, NY. Retail/Residential. The loan was for $51 million. Mark Niman, Richard Horowitz and Louis Mirando represented the firm. • 1133 Westchester Avenue, White Plains, NY. 625,000 s/f office building. The loan was for $79 million. Richard
Section B
Directory
Auction News/Directory ............... 4-5A Owners, Developers & Managers 7-33A Green Buildings ........................ 21-27A Calendar of Events......................... 36A Brokerage Directory............... Section B Shopping Centers ....................... 9-24B
Upcoming Spotlight Pennsylvania’s Elite Companies
Bedford Portfolio rendering
Horowitz represented the firm. • 350 West Broadway, New York, NY. Retail/Condomin-
ium. The loan was for $10.5 million. David Horowitz and Richard Horowitz represented the firm. ■
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Inside Cover A — July 27 - August 16, 2012 — Mid Atlantic Real Estate Journal
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Financial Incentives for Energy Efficiency
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Mid Atlantic Real Estate Journal — July 7 - August 16, 01 — 1A
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Stop the Meter....
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Collect Sizable State Grants Reduce Energy Costs Options with No Capital Investment Provide Standby Power
FREE Energy Analysis Call today to evaluate your building
Features Reliable, proven technology Highly efficient Environmentally sound with low emissions Quiet operation
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Assisted Living Facilities Nursing Homes Senior Housing Apartments & Condominiums Schools & Institutions Hospitals Hotels Athletic Clubs & Community Centers Laundries Industrial Facilities Swimming Pools & Water Parks
For over 27 years, we at Aegis Energy Services have helped hundreds of customers reduce their energy costs by installing our highly efficient Combined Heat & Power systems.
877-903-5170 www .A egis e nergy s ervices . com
A — July 27 - August 16, 2012 — Mid Atlantic Real Estate Journal ABC DE, EPA................................................................. 33A AEGIS Energy Services................................................... 1A Aldo Design Group........................................................... 8A American Boiler Co........................................................ 27A Auction Directory............................................................. 5A Bayshore......................................................................... 26A BHH Architects.............................................................. 18A Bill Board Directory. ................................................. IBC-A Birdsall Services Group................................................. 17A BR Kreider & Son.......................................................... 12B Brahney Paving............................................................. 10A Brasler Properties...................................................... IBC-B Brokerage Directory.................................................26-32B Business Card Directory. .............................................. 35A Capitol Aerials............................................................... 22A CBC Bennett Williams.......................................... 10B,12B Cervelli Management Corp........................................... 11A Cooper Roofing................................................................. 9A Crystal............................................................................ 24A Cushman & Wakefield..................................................... 1B Design East.................................................................... 16A Earth Engineering Inc................................................... 20A FOWLER........................................................................ 29A GA Keen Realty Advisors................................................ 3A Gebroe Hammer Associates............................................. 7B Gerber/Somma..............................................................IC-B Gilbeaux Associates, PC................................................ 22A Griffin Land. .................................................................... 6B Haftek CWS................................................................... 23A Hartz. ...........................................................................BC-A Heller Industrial Parks................................................... 5B Hutchinson Mechanical Svcs........................................ 23A Investors RE Agency........................................................ 8B IREM.................................................................................31 KW Commercial............................................................... 9B Landcore Engineering Consultants..................... 20A, 14B Landmark Commercial Realty........................................ 4B Lipponcott Jacobs.......................................................... 20A M&E Engineers. ............................................................ 15A M. Miller & Son. .............................................................. 3A Marcus & Millichap................................................11B,14B Max Spann RE & Auction Co.......................................... 5A McMahon Transportations Engineers & Planners...... 19A Meridian Capital Group.................................................. 3A Motleys.com. .................................................................... 4A NAI Emory Hill......................................................... 6A, 3B Nave Newell.............................................................. 18-19A NJ Paving....................................................................... 12A NJ SmartStart Buildings............................................. IC-A PennCap Properties.....................................................BC-B Poskanzer Skott Architects........................................... 14A RAI.................................................................................. 22A RCX. ............................................................................... 25A RD Management.......................................................20-21B Retail Brokerage Directory......................................22-23B Retail Business Card Directory.................................... 24B ROCK. ............................................................................ 14B RRH&C. ......................................................................... 19A SHAH Electric & Builder................................................ 6A Sitar Auctions. ................................................................. 5A SUBWAY. ....................................................................... 19B The Azarian Group........................................................ 17B The Berger Organization................................................. 2B The Frederick Group..................................................... 15B THESING Cos................................................................ 15B Traffic Planning and Design. ............................... 18A, 14B USDA................................................................................ 6A Vantage Landscaping..............................................8A, 23A Whitesell. ....................................................................... 10A MAREJ A dvertisers D irectory To advertise, call 1-800-584-1062 T
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Mid Atlantic R eal E state J ournal Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ......................................................... Rachel Rugman Office Manager ....................................................................Joanne Gavaza Editorial Consultant .............................................................. Ben Summers Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 14 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
Mid Atlantic Real Estate Journal
Robert (Bob) Michael Brasler August 19, 1936 - June 25, 2012
he Brasler Properties Team celebrates Bob’s life and numerous ac-
complishments. SIR/SIOR Member since 1967, directly responsible for over 30 million s/f in indus- trial and commercial property sales and leasing. Broker, Developer, and Founding President and CEO of the National Constitution Center. Bob Brasler was the Found- ing President and CEO of the National Constitution Center on Independence Mall in Philadelphia. Under his lead- ership the initial capital was raised, the site and concept for the museum were estab- lished, and he created and installed an honorary board of directors that included all of the living former U.S. Presidents. ThenMayor of Philadelphia and later Pennsylvania Gov- ernor, Ed Rendell said, “Bob Brasler took a simple idea – that in Philadelphia, the Birthplace of modern democ- racy, we should create a place that tells the story of the great ideas behind our system of government - and breathe life into it. We wouldn’t have the NCC in Philadelphia, an awesome building, with all of the great things and great exhibits and wonderful show without Bob Brasler. Through the lean years when there was no government support he, by almost force of personality kept the center alive.“ The Congressionally authorized, non-partisan, non-profit $160 million National Constitu- tion Center opened to rave reviews on July 4, 2003 and hosts more than 1 million visitors annually. In the Industrial Real Es- tate industry since joining the Binswanger Company in 1961, Bob Brasler has been involved in sales, leas- ing, management, planning, development and re-devel- opment of over 30 million s/f of commercial and indus- trial properties throughout the United States. Starting with door to door canvass- ing in Philadelphia’s older industrial neighborhoods, Brasler built up a clientele
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
by relocating industrial firms and by 1965 had completed his first major sale of the 400,000 s/f former Kaiser Fleetwings property in Bris- tol PA. to Keystone Lighting. During that period the firm partnered with Tishman to develop the 600 acre Phila- delphia Industrial Park, the largest planned industrial development within a major city in the U.S. A member of the Society of Industrial Realtors (SIR, later SIOR) since 1967, Bob became a partner at Binswanger in the 1970’s and after complet- ing transactions throughout Pennsylvania he expanded coverage to the Northeast, Midwest and Southern U.S. - a 450,000 s/f manufacturing plant sale by Midland Ross to Ford Motor Co. in Ohio, a 950,00 s/f sale for Roper in Newark, NJ, a 1.7 million s/f sale for Clark Corp in Battle Creek, Michigan and 3.7 million s/f in transactions for Firestone in Michigan, Ohio and Georgia. Bob also opened the firm’s first international offices; in Paris, to cover Eu- rope and then in Tokyo, after a visit there sponsored by the U.S. State and Commerce Departments to encourage investment in the U.S. During the 80’s Brasler con- tinued to expand the firms’ coverage in the U.S., bringing the total to 17 offices covering strategic regions of the coun- try and building it’s specialty of selling large industrial buildings in North America. In the late 80’s and early 90’s Bob reorganized the In- vestment Division of the firm that focused on the sale and financing of income property. Transactions included over a thousand apartment units in North and South Carolina, a
400,000 s/f freezer building in Oregon, the sale-leaseback of 20 supermarkets in the Mid South and a 1.4 million s/f in- dustrial center in St. Louis for the Park Corp. During this period Bob assisted in build- ing the new Corporate Ser- vices Division of Binswanger. Apartner and Vice-Chairman of the company, he left in 1994 to head the NCC. Returning to the private sector in 1998, Bob re-estab- lished the family business, Brasler Properties, founded by his father in 1917 with his partner and son, Chris. The company’s most recent completed development the “York Business Center” is a total transformation of a 1.5 million s/f, 126 acre, former Caterpillar Manufacturing Plant inYork, PA into a mixed use distribution, manufac- turing, office and retail cen- ter creating over 1000 jobs. Brasler Properties maintains an industrial presence with 400,000 s/f for lease in Read- ing PA. Bob, was an active par- ticipant in many charitable endeavors including: Co-chairing the successful ten year effort to build the new $12 million Arthur Ashe Youth Tennis and Educa- tion Center in Philadelphia’s Fairmount Park (recently re- named Legacy Youth Tennis and Education), a program that benefits over 5 ,000 chil- dren in the MSA annually. Mr. Brasler was a proud and active alumnus of Central High School’s Class of 2012. He served as Chairman of the Dickinson College Board of Advisors and as a Trustee from 1981 to 2001. In 2007 Bob was selected as one of the 25 most influential alumni of Dickinson. n
Mid Atlantic Real Estate Journal — July 7 - August 16, 01 — 3A
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M id A tlAntic R eAl e stAte J ouRnAl For Multifamily Properties in NJ, PA, MD and DE Meridian Capital Group, LLC negotiates $.m in financing I
They wrote the policy.
We make sure they write the check.
SELIN, NJ — Meridian Capital Group, LLC, a national commercial real estate finance and advisory firm, announced the following transactions: Meridian negotiated a new mortgage in the amount of $10.5 million on Cricket Court Commons, a 228-unit garden apartment complex located on West ManheimSt. in Philadel- phia, PA. The loan features a rate of 4.25% and a 10-year term. The transaction was negotiated by Ben Brown and David Cohen. A new mortgage of $8.8 million was placed by Merid- ian on the Colony House at Rivers Edge in Red Bank, NJ. The property, located on North Riverside Avenue, is a beautiful seven-story, 65,000 s/f, 68-unit multifamily build- ing. The loan features a rate of 3.38% and a five-year term. The transaction was negoti- ated by Israel Schubert and David Cohen. Meridian negotiated a new mortgage of $1.275 million on two, four-story walkup multifamily buildings total- ing 27 units on Park Ave. in West New York, NJ. The loan
M. MILLER & SON Public Adjusters Since 1960
1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com
Colony House at Rivers Edge
Recent Financings Arranged By Meridian Capital Group
features a rate of 3.99% and a seven-year term. The transac- tion was negotiated by Elliot Treitel. A new mortgage in the amount of $2 million was placed by Meridian on North Street Commons, a townhouse multifamily complex contain- ing nine units located on Wil- bur Street in Newark, DE. The loan features a rate of 3.81% and a seven-year term. The
transaction was negotiated by Emil DePasquale. Meridian negotiated a new mortgage of $2.6 million on Lawrence Apartments, a 48- unit garden apartment mul- tifamily complex on Cres- cent Drive in Greenbelt, MD. The loan features a rate of 4.39% and a 10-year term. The transaction was negotiated by Shimshie Tepper and Barry Lefkowitz. n
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
OFFER DEADLINE: OCTOBER 5, 2012 6 Waterfront Industrial Properties * Florida * New Jersey * Maryland Act Now! BANKRUPTCY SALE Subject to Bankruptcy Court Approval
Millville, NJ 234,013 Sq. Ft. on 19.20 Acres
Salisbury, MD 10 & 20 Acres of Industrial Land
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
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Excellent Boat Manufacturing Real Estate Opportunities with Major Redevelopment Potential! GA Keen Realty Advisors P: 646-381-9222 www.greatamerican.com/keen
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A — July 27 - August 16, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com M id A tlantic R eal E state J ournal A uctions
By Richard G. Warner, Warner Real Estate & Auction Company When does an auction make sense?
E
ach year, auctions are used to sell billions of dol- lars of real estate. Once
the NationalAuctioneersAsso- ciation industry research sur- vey compiled by Morpace, Inc.
2003-2008. Characteristically, an auc- tion helps define the mar-
property’s market is small, an auction can accelerate the sales process. Auctions are also advan- tageous when the property owner wants to control the structure of the sale. In an auction, the seller establishes the specific terms of the sale, and the market bids based on those terms. The auction firm codifies all the financial, legal, and other materials in advance, including the con- tract for sale the successful bidder must sign. This im- portant aspect of an auction is comforting, especially to
owners who have experienced cancelled sales due to contin- gency-riddled contracts. Most auction transactions are made on an “as is, where is” basis and require potential buyers to complete their due diligence prior to the auction. Both the positives and the negatives of the property must be dis- closed. There are scheduled on-site inspection times when all interested parties can pre- view the property. The auction or bid date sets a deadline by which the buyers must act if they wish to purchase the property. Auctions also allow the seller to effectuate a “time certain” sale. This is a key advantage for owners who want to defer taxes by selling a property and buying a replacement property in an IRS Code Section 1031 exchange. Additionally, own- ers seeking to sell properties before the end of the year to offset gains and losses find controlling the time line of the transaction extremely important. Owners of properties with negative cash flows can also benefit from a “time certain” sale, especially if they are un- able to retrieve carrying costs incurred during a protracted marketing campaign by selling at a higher price. Most auc- tions take place within 45-60 days, with closings ranging from 30-45 days thereafter. The speed of these sales can translate into huge savings for the owner. For example, a property has a negative cash flow of $10,000 per month and based on the absorption rate will take 12 to 18 months to sell. By utilizing an auction, the owner can afford to dis- count the sales price between $120,000 and $180,000 and still come out ahead. An ex- ample in the current market is a condominium developer who accomplishes an entire sell-out in 75 days thereby eliminating his carrying costs and the uncertainty of future market conditions. Owners and brokers now regard auctions as a cost effec- tive tool to accelerate the sales process and control the terms of the sale. Richard Warner is the president and founder of Warner Real Estate & Auc- tion Company, Inc. and a licensed real estate broker inNewJersey andPennsyl- vania. n
thought use- ful only for disposing of problem and hard-to-sell properties, auctions are gaining pop- u l a r i t y as an effective sales tool for all types of real estate.
Owners and brokers now regard auctions as a cost effective tool to accelerate the sales process and control the terms of the sale.
Richard Warner
determined the sales growth for auctions of commercial and industrial, residential and land increased 31.3%, 47.7% and 36.8% respectively from
ket for hard-to-value, unique properties. The competitive bidding technique reaps pre- mium sales prices for such properties. In addition, if the
Current market activity shows that auctions are on the rise nationwide. For instance,
4 AUCTIONS REAL ESTATE & EQUIP. DOSWELL, VA XTERIORS CONCRETE PAVERMANUFACTURING FACILITY Located Between Richmond, VA &Washington D.C. – 0.4± Miles o I-95
2007
ENTIRE OPERATION!
15,000± SF Concrete Paver Mfg. Plant
FORECLOSURE / LIQUIDATION
3,000± SF O ce Building
1 Auction #1 Consists of 3 O erings (A-C) to be Sold Separately & As An Entirety: TURN-KEY Concrete Paver Manufacturing Facility O I-95 ON SITE SALE: AUG. 2 2 PM 16401 International Street, Doswell, VA 23047 A 27± AC including 15,000± SF Concrete Paver Mfg. Plant, 3,000± SF O ce Building B 2007 AME PFS-1300 “Smart-Line” Stationary Concrete Paver Plant C 2007 Standley Twin-Mixer Batch Plant (1500 & 500 Liter)
VEHICLES & MOBILE EQUIP Bids Close: Thurs, Aug. 9 beginning @Noon OFFICE FURNITURE FIXTURES & EQUIP Bids Close: Thurs, Aug. 9 beginning @ 1 PM CONCRETEPAVERPLANTACC&INVENTORY Bids Close: Thurs, Aug. 9 beginning @ 2 PM 4 3 2 Personal Property & Support Equip – ONLINE ONLY: Bid Fri, 8/3 thru Thurs, 8/9
Real Estate Tour & Equipment Inspection by Appointment Only
Mid Atlantic Real Estate Journal — July 27 - August 16, 2012 — A M id A tlantic R eal E state J ournal A uctions
www.marejournal.com
AUCTION By order of the Super i or Court of NJ
By Order Of the U.S. Bankruptcy Court! Mark J. Conway- Trustee REAL ESTATE AUCTION
C O M M E R C I A L R E A L E S T A T E ! 5 , 0 0 0 S Q . F T . B U I L D I N G , 5 G A R A G E B A Y S , S T O R A G E , O F F I C E S & P A R K I N G . 1 . 1 0 A C R E S . W e d . A u g . 2 2 t h 1 0 : 0 0 A . M . DIXON PAVING & TRUCKING, INC 3 0 0 S . S H E R M A N A V E , S C R A N T O N , P A 1 8 5 0 5 Details: www.sitarauctions.com Col. Steve Sitar & Co. (570) 586-1397 Pa.Lic.AU2124-L
t TRGUSFUBJMCVJMEJOHtOEøPPSXöOJTIFEPóDFT MBWBUPSZTUPSBHFBSFB t0OTJUFQBSLJOHX DBSTt$PSOFSMPDBUJPOXJUIIJHIWJTJCJMJUZPO3U&BTU t$MPTFUP(41 3U 5PNT3JWFS4FBTJEF)FJHIUT 1801 Rt. 37 East, Toms River, NJ 08735 AUCTION: WEDNESDAY, AUGUST 15 Th AT 10 AM PrOPErTY PrEvIEWS: July 25 Th & August 2 ND s n AM Income producer with 2 occupied retail spaces in Toms RIveR, NJ!
Max Spann Real estate & auction co. 888-299-1438 www . MaxSpann . coM
Mid Atlantic R eal E state J ournal N e w J e r s e y • P e n n s y lva n i a • D e l awa r e • M a ry l a n d • W a s h i n g t o n D . C . • V i r g i n i a • Auctioneers Directory NJ-PA-DE-NY-MD-VA DE, PA, NJ PA-MD-VA-W.VA
Richard G. Warner, President NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710 Website: www.WarnerRealtors.com
NY-NJ-PA-MD-VA
CALL NOW FOR A FREE CONSULTATION 866.4 BIDDERS HURLEY AUCTIONS www.HURLEYAUCTIONS.com
Call us @ 800-584-1062
A — July 27 - August 16, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M id A tlantic R eal E state J ournal For a 96,800 s/f industrial/flex property NorthMarq Capital arranges $2.2m mortgage financing
GENERAL CONSTRUCTION
Commercial • industrial • Residential
W
illiamstown, NJ — Michael Aylmer, assistant vice presi-
HVAC • NETWORK • SOlAR pANEl iNSTAllATiON • SECuRiTy • CAmERA • SWimmiNG pOOl GROuNDiNG • FiREAlARm iNSpECTiON & iNSTAllATiON Contact: VINAY SHAH P: 201-488-6088 F: 201-488-6087 Email: shahelec@aol.com 123 Hudson St, Rear Bldg, Hackensack, NJ 07601 Fully Bonded & Insured License #11574
dent of NorthMarq’s Phila- delphia Regional office, and Doug Austin, vice president of NorthMarq’s San Diego office, cooperated to arrange acquisi- tion financing of $2.2 million for Monroe Commerce Center, a 96,800 s/f industrial/flex property located at 1031 Glass- boro Rd. in Williamstown. Financing was based on a 15-year term and a 15-year amortization schedule and was arranged for the borrower by NorthMarq through its rela- tionship with a correspondent life insurance lender. FOLCROFT, PA — Lieber- man Earley & Company as- sisted Service By Air in nego- tiating a lease agreement for 14,671 s/f of flex space located at 514 Kaiser Dr. in Folcroft, PA (shown right). Bill Wilson, a senior sales as- sociate with Lieberman Earley & Co. arranged the multi-year lease agreement with Service By Air, the tenant, while Scott
Monroe Commerce Center
“This transaction was a low- leverage non-recourse acquisi-
tion loan that required a quick close,” said Aylmer. n
APARTMENT COMPLEX FOR SALE
Wilson of Lieberman Earley & Co. negotiates lease totaling $334,000 for 14,671 s/f flex space
Henderson of Grubb & Ellis, assisted the owner, Barthco Associates, in this multi-year
transaction. Aggregate rental of the lease was in excess of $334,000.
68-Unit MFH Apartments for Sale Westgate Apartments Washington, NJ Block 6 Lot 11.01 + 11.02
NEW OFFICE DOWNSTATE! 1$,(PRU\+LOO$QQRXQFHV2SHQLQJRI &RPPHUFLDO5HDO(VWDWH2IÛFHLQ/HZHV
Sales Price - $2,000,000 Repair/Rehab Loan for immediate capital needs will be given Bids for less than Minimum will not be accepted Bids are due August 17, 2012 by 4:30pm NOT FOR PROFIT PREFERENCE WILL BE GIVEN Terms-Property is being sold in the USDA, Rural Development SecƟon 515 MFH Program RestricƟve-Use provisions will be placed on the property Agency Financing is available and applicants must qualify under the federal guidelines For An ApplicaƟon/Details/Visits to the property contact, Donna L. O’Brien, Senior Area Specialist at 609-267-1639, Ext: 126 or donna.obrien@nj.usda.gov
Proudly Introducing our newest broker, Brittany Danahy, CCIM, who will head the Lewes PGÙDFBOEGPDVTPO Kent and Sussex counties
Commercial Brokerage | Construction | Property Management Maintenance | Residential Real Estate Services
NEW! 18335 Coastal Highway s Lewes, DE 302.827.4940 sZZZHPRU\KLOOFRP &RUSRUDWH&LU6WHs1HZ&DVWOH'( sZZZHPRU\KLOOFRP
Rural Development is An Equal Opportunity Lender
O wners , D evelopers & M anagers
Mid Atlantic Real Estate Journal — July 27 - August 16, 2012 — A
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110 units in Toms River, New Jersey The Gebroe-Hammer team of Brecher & Follman broker $16.1 million sale of Dover Chase Apts.
T OMS RIVER, NJ — The Gebroe-Hammer Associates brokerage team of Joseph Brecher, ex- ecutive vice pr e s i dent , and sales as- sociate Ste- venFollman, brokered the $16.1 mi l - lion sale of 11 0 un i t s a t D o v e r Chase. Ge- broe-Ham- mer repre- sented the se l l er and p r o c u r e d the buyer, a long-term client who finalized a 1031 Exchange with the ac- quisition. Joseph Brecher Steven Follman Washington, DC — UIP General Contracting Inc. of Washington, DC (UIPGC) has been selected by the 1489 Newton Street Cooperative, Inc. to renovate the exterior and common areas of its 24- unit building in the Colum- bia Heights neighborhood of Washington, DC. The project is expected to be completed before the end of the year. UIPGC will provide a new design-build amenity space in the building’s basement level, to include a community room, restroom facilities, and storage lockers, as well as up- graded finishes (including tile, carpeting, paint, and fixtures) throughout the space. In ad- dition, UIPGC will upgrade the entire building’s electrical system and make interior and exterior structural repairs. The Harrison Institute for Housing and Community De- velopment, part of the George- town University Law Center, provides legal representation and transactional services to the 1489 Newton Street Cooperative, Inc., supporting
sult in heightened invest- ment trading activity in the coming 12 to 18 months,” said Brecher. Built in 2008, Dover Chase was 95 percent occupied at the time of sale. Features in- clude a mix of one-, two- and three-bedroom layouts. Spa- cious floor plans with nine- foot ceilings, a washer and dryer in each unit, on-site parking, gourmet kitchens with granite countertops and stainless-steel appliances, tiled bathrooms, balcony/ patios, air conditioning and walk-in closets are among the modern amenities. Most units also have attached ga- rages with direct apartment access. “This class-A, amenity filled garden complex is lo- cated just seven miles from the center of town and within the co-op’s goal of maintaining and preserving its residence as high-quality, affordable hous- ing. “The Harrison Institute has worked with UIP over the years and is glad to work with them again on Newton’s rehabilitation project,” said Alina Ball, a supervising at- torney and clinical teaching fellow at Harrison. “The Board selected UIPGC for this proj- ect because they had the most comprehensive proposal and their vision was most aligned
minutes from local beaches, both of which contributed toward the per-unit price of approximately $146,000,” said Follman, who noted the seller plans to acquire a distressed out-of-state as- set with the proceeds of this sale as part of an exchange as well. Toms River is one of the fastest growing regions in the State of New Jersey. As the county seat, the town- ship is served by several major roadways, including the Garden State Parkway and U.S. Route 9, as well as Routes 35, 37, 70 and 166 and County Routes 527, 530, 549 and 571. NJ Transit also provides five bus routes linking Newark/Jersey City, Manhattan andAtlantic City and rail service in nearby Bay Head. n with the Board’s. UIPGC’s patience and flexibility during this process has been greatly appreciated.” “This has been a good expe- rience for us thus far,” added Josue Salmeron, president of the 1489 Newton Street Co- operative, Inc. “We are excited to see the construction already underway in the building and look forward to having our vision for our home become a reality with UIPGC’s assis- tance.” n
Dover Chase
“Ocean County offers ideal demographics and a high concentration of new and
existing multi-family product that, if it follows statewide trends as expected, will re-
UIP General Contracting renovates exterior and common areas of 1489 Newton Street Cooperative’s 24-unit building
EWMA’s McSwieney &Moffit become licensed LSRPs
MA’s office in Lawrenceville. Shehas a longanddistinguished career in Brownfield Redevel-
Lawrenceville, NJ — Two members of EWMA are among the first fully licensed
opment and remedial in- vestigations, and site re- mediation. Moffit has over 17 years experience as a practicing geologist. n
L S R P s i n New Jersey: Sharon Mc- Swieney, as- sistant vice president and Alfred Moffit, III, director. McSwieney is with EW-
Sharon McSwieney Alfred Moffit, III
The Harrison Institute for Housing and Community Development
8A — July 27 - August 16, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelOpers & M anagers To provide property management services in DC Clarion Partners, LLC selects Cassidy Turley
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by Clarion Partners, LLC to provide property management services for Chevy Chase Pa- vilion – an 894,921 s/f mixed- use project located at the in- tersection of Wisconsin and WesternAvenues in Northwest Washington, DC. “We are thrilled that Clarion Partners has entrusted us with the management of this world-class asset,” commented Bill Grillo, senior managing director with Cassidy Turley. “There are many exciting things taking place at Chevy Chase Pavilion, including a $32 million renovation of the retail atrium, the addition of several new retail tenants and the complete renovation of the parking garage. We look forward to enhancing the value of the property, includ- ing both tenant and customer experiences with our best-in- class property management services,” he continued. PHILADELPHIA, PA — IREM Delaware Valley Chap- ter No 3 hosts 24thAnnual Golf Outing sponsored by Friends of IREM, September 4, 2012 at The ACE Club, a 7,500 yard Gary Player Signature Design course located in Lafayette Hill. The Institute of Real Estate Management (IREM) is an affiliate of the National Asso- ciation of REALTORS (NAR) and the only professional real estate management association serving both the multi-family and commercial real estate sectors.
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Chevy Chase Pavilion
The project’s 204,621 s/f, 9-story office tower, 5335 Wis- consinAvenue at Chevy Chase Pavilion, was renovated in 2011 and achieved LEED Sil- ver certification. Additionally, three new retail tenants have recently executed leases – Range, a 15,500 s/f restaurant owned by “Top Chef” alumnus Bryan Voltaggio; a 3-level, 21,704 s/f H&M; and The Civil Lounge, a 5,466 s/f small plate eatery and cigar lounge from The Delaware Valley Chap- ter of IREM serves 29 counties in Eastern Pennsylvania and the entire state of Delaware, and is one of 81 U.S. chapters within IREM. IREM also has 8 international chapters as well as several other partnerships around the globe, and acts as an advocate on issues affecting the real estate management industry world-wide. Golf format is Team Scram- ble. Foursomes will use each golfer’s drive four times. Con- tests include closest to the pin, longest drive, straightest drive and more. Golf registra-
W. Curtis Draper Tobacconist. Other major tenants include Embassy Suites, Cheesecake Factory, J Crew, WorldMarket, Loft and Starbucks. Earlier this year, Clarion Partners also selected Cas- sidy Turley to provide prop- erty management services for the McPherson Building, a 239,174 s/f class A office build- ing located at 901 15th Street, in Northwest Washington, DC. n tion includes lunch, greens fees, cart, bag tag, golf course refreshments, locker facilities, cocktail reception and dinner buffet. • Registration and Lunch: 11:30am – 1:00pm. • Shot Gun Start: 1:00pm • Cocktails, Dinner Buffet and Awarding of prizes: 6:00pm • Golf, Cocktails & dinner: $325 per player • Cocktails & dinner only: $85.00 pp Final date to make reserva- tions: August 24, 2012 For more information or to make visit www.IREM3.org n
YOU are invited to PARTICIPATE IN MAREJ’s ODM section !!!
BUILDING INTERIORS AUGUST 31 ST ISSUE deadline August 22 HEALTH CARE SEPTEMBER 28 TH ISSUE deadline September 19 TH TH
IREM Delaware Valley Chapter No 3 hosts 24th Annual Golf Outing sponsored by Friends of IREM
FACILITY MANAGEMENT/MAINT FEATURING MABFM 2012
OCTOBER 26 TH ISSUE deadline October 17 TH
If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal, please contact:
Michael Campisi 800-584-1062 x 208 or email Michael at: mcampisi@marejournal.com
ADVERTISE TODAY! CALL 800-584-1062 www.marejournal.com
Mid Atlantic Real Estate Journal — Owners, Developers & Managers — July 27 - August 16, 2012 — A
www.marejournal.com
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10A — July 27 - August 16, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelOpers & M anagers Capital improvement project in Atlantic City, NJ River Drive Const. finalizes Vermont Plaza Apts. redesign A TLANTIC CITY, NJ — River Drive Con- struction Co., based in
Spanning over 800 acres in Burlington and Florence Townships, The Haines Center is located at NJ Turnpike Exit 6A (entranceway to both the NJ Turnpike and NJ/PA Turnpike connector). The park is within an hour’s drive to the ports of NJ and Philadelphia and features Norfolk Southern/CSX rail service and has an onsite NJ Transit River LINE Commuter Rail stop. The Haines Center offers a variety of build-to-suit pad site opportunities from 15 to 110 acres, and leasing opportunities for warehousing and distribution facilities ranging from 80,000 to 1,000,000 sq. ft. Scan this QR Code with your Smart Phone to learn more… Sail on over to The Haines Center
Elmwood Park has announced the firm recently completed a capital improvement project at Vermont Plaza Apartments, a 15-story, 201-unit apartment building located at 130 South Vermont Ave. in Atlantic City, on behalf of Sencit Vermont Associates LP. River Drive served as gener- al contractor, heading capital improvements that included substantial roof replacement and upgrades, and significant parking garage improvements.
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“We’re proud to have finished this project -- on time and un- der tight ground conditions,” said Joseph Langan, president of River Drive Construction. The Vermont Plaza high-rise apartment building, which features two-and-one-half levels of parking, is located at the heart of Southeast Inlet, directly next door to the up- scale Revel Casino and Resort as well as the historic Atlantic City Lighthouse. The building includes a variety of one- and two-bedroom units at competi- tive rents. The architect was Voorhees based Feinberg & Associates PC. n Woodmont Square holdsgrandopening of 100 unit apts. BRIDGEWATER, NJ — Woodmont Properties an- nounced the grand opening of Woodmont Square, a rental community nestled within the WatchungMountains in Som- erset County. The complex features 100 two-bedroom, two-bathroom apartments set on 10 acres. “This complex really meets a niche in the area of up- scale quality apartments,” said Eric Witmondt, CEO of Woodmont Properties. “These apartments are the epitome of craftsmanship for which Woodmont is known. They are great for those who would prefer to rent in an amenity- filled community, and have an active lifestyle. The location also greatly benefits com- muters.” “The attention to detail and design elements will make Woodmont Square a sought housing alternative for Bridgewater Township,” said Mayor Daniel J. Hayes, Jr. n
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Mid Atlantic Real Estate Journal — Owners, Developers & Managers — July 27 - August 16, 2012 — 11A Mid Atlantic Real Estate Journal — Property anagement — February 10 - 23, 2012 — 3B
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O wners , D evelopers & M anagers Design by Minno & Wasko Architects and Planners Construction progressing at Prism’s Parkway Lofts B any people are talk- ing about how tough e c onomi c t ime s housing is a great way to maintain consistent income levels. You don’t have to rely likely to be involved in crimi- nal activity. These tenants have a personal stake in the By Chris Cervelli, CCIM, Michael Cerve li R al Estate/Cervelli Management Corp. Prope ty Management in tough times M LOOMFIELD AND EASTORANGE, NJ— Construction progress- GENERAL CONSTRUCTION Commercial • industrial • Residential P ROPERTY M ANAGEMENT
HVAC • NETWORK • SOlAR pANEl iNSTAllATiON • SECuRiTy • CAmERA • SWimmiNG pOOl GROuNDiNG • FiREAlARm iNSpECTiON & iNSTAllATiON Contact: VINAY SHAH P: 201-488-6088 F: 201-488-6087 Email: shahelec@aol.com 123 Hudson St, Rear Bldg, Hackensack, NJ 07601 Fully Bonded & Insured License #11574 Even in these difficult times, owners of investment property can do well by main- taining their buildings at or above levels of compet- ing properties, conducting proper tenant screening, and enlisting the help of local assistance programs to refer qualified candidates. Founded in 1983, Michael Cervelli Real st te, he d- quartered in North Bergen, New Jersey, is acknowledge as one of Northern New Jersey’s most experienced agencies specializing in in- vestment real estate sales. Aimed at providing profes- sional brokerage services to private investors and finan- cial institutions involved in income-producing multifam- ily properties and shopping centers, the company has posted steadily increasing sales results. Michael Cer- velli Real Estate is known for its’ unparalleled reputation of honesty, integrity, and experi- ence in the investment real est te i dustry. Chris Cervelli, CCIM, Michael Cervelli Real Es- tate/Cervelli Management Corp. Q
es on PrismCapital Partners’ Parkway Lofts in Bloomfield and East Orange. The $90 million redevelopment proj- ect involves an industrial- to-residential adaptive reuse of the 115-year-old former General Electric Company property that signals Exit 148 for millions of New Jer- sey travelers each year. Six months after break- ing ground, commercial real estate owner/operator Prism Capital Partners continues on track for the Parkway Lofts to welcome its first renters in Spring 2013. Vis- ible changes already include façade work and preparation to install the 13-foot win- dows that distinguish the new design. Inside, Prism is in the midst of creating an intermediate second floor and a penthouse level that will convert the building’s six stories into eight. Prism acquired the 14.5- acre Parkway Lofts site in 2005, capitalizing on a great opportunity to take an obso- lete industrial property and with it create high-density, transit-oriented housing for underserved middle-market renters. Phase I, current- ly underway, involves the conversion of a 365,000 s/f warehouse building into 365 apartments, including 331 studio, one- and two-bedroom residences, and 34 penthouse units with terraces. Prism recognized the im- portance of identifying the strengths of the existing structure to ensure preserva- tion of its original character. “The design, by Minno & Wasko Architects and Plan- ners, utilizes the property’s 17-foot floor-to-floor ceiling heights,” said Eugene Diaz, a principal partner with Prism. “‘Industrial’ elements – such as exposed columns and beams, polished con- crete floors, and post-modern finishes – will compliment the new, historical replica windows and other original architectural features.” Prism will begin construc- tion for Phase II – which will include 170 for-sale townhomes, a clubhouse and additional lifestyle amenities – by year-end 2012. n have affect- ed re l es- tate values. An u derly- ing effect i the negative financial im- pact to prop- erty owners and manag- ers. Generally those on the low- er rungs of the socio-economic ladd r are hit the hardest during depressed times. As a property manager, I have seen a marked increase in crime in and around multi- family buildings. Unemploy- ment makes people desper- ate, desperation may lead to crime, and crime in general can bring an area down. If people don’t work nd can’t afford their rent, it may result i thes individuals being evicted or turning to crime in order to feed themselves and their families. The r sult is major vacancy problems for landlords. A decrease in or lack of rental income means, 1) landlords don’t have money to pay for their mortgage and operating expenses a d, 2) ad itional expense to market and renovate apartm ts so they can be rented. T is ca be a downward spiral in hic everyone loses. What is the solution? First, a preventive maintenance program will help combat this problem by dealing with small issues as soon as they come up. This will result in an overall better quality of life for tenants, and will cre- ate a clean and saf “curb appeal” to those looking for housing. Another proven technique for ten t rete - tion is proper screening dur- ing the applicati n process. Filling buil ings with ten- ants who re not transient in nature, have good cr dit, and positive w rk references will lead to overall stability, which creates a balanced and forecasted income. The cream always rises to the top: if you have a properly managed and well maint in d property, it will be easier to keep it that way and attract the right tenants. Top-of-the-market proper- ties also draw the attention of orga izations th t provide assisted housing. Assisted Chris Cervelli
Even in these difficult times, owners of investment property can do well by maintaining their buildings at or above levels of competing properties.
on the tenant to pay the full amount of the rent. Very of- ten, these organizations will pay a large portion if not the entire rent. In turn, tenants who receive assistance have been pre-screened by these organizations and are less
well-being of a property be- cause they need housing and desire to live in such a com- fortable, safe environment. These tenants are often of great assistance to the land- lord, acting as 24 hour “eyes and ears” at the property.
Parkway Lofts
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