14C — January 30 - February 12, 2015 — Shopping Centers — M id A tlantic

Real Estate Journal


S hopping C enters

Opening January 2015 in Annapolis Towne Center Greenberg Gibbons secures 3,921 s/f lease for Neo Pizza O WINGS MILLS, MD — Greenberg Gib- bons announced that

3,000 s/f at 2640 North Salisbury Blvd. SVN-Miller brings Moe’s Southwest Grill to Salisbury

tive activities to determine if any risk will be posed. If a proposed project is not exempt or otherwise excluded through this review, a form-based re- port called an Environmental Assessment (EA) is prepared, which bears little resemblance to an ESA. However, the meth- ods of research and the type of data collected during the HUD/ NEPA process is quite similar in type and content to an ESA, and includes a site’s physical setting, its history of opera- tions, the presence of materi- als of potential environmental concern, and the location of the subject site relative to adjacent or nearby sensitive receptors. The findings of the EA process must be fall into one of only two categories: a Finding of No Significant Im- pact (FONSI), after which no further work is required, or a Finding of Significant Impact (FSI), which triggers the need for more detailed and extensive environmental impact stud- ies, appropriate to the type of project and impacts which are predicted to occur. Understanding the appro- priate level and type of envi- ronmental due diligence is no longer a one-size-fits-all propo- sition; the various lending pro- grams and options available to investors continues to diversify and will increase the need for trusted advisors with strong knowledge of environmental matters and how they affect real estate transactions. Liberty has deep expertise in all phases and types of en- vironmental due diligence. For assurance that you get the best fit for your project, call one of our expert advisors. David S. Coyne, QEP, is a principal at Liberty En- vironmental with over 20 years of experience in real estate environmental advi- sory services. n the traditional pizza joint, combining quick service with artisan-quality food,” said Tom Fitzpatrick , president of Greenberg Gibbons. “We are excited to welcome them to Annapolis Towne Centre.” Neo Pizza joins a premium mix of retailers, restaurants and services at Annapolis Towne Centre, the two million s/f, mixed-use development. n

NAICS codes (a numerical standard for describing prop- erty operations) to determine if any level of assessment is warranted. If found to be warranted, the most basic scope of environmental assess- ment is the completion of an SBA-specific Environmental Questionnaire and a Records Search with Risk Assessment (RSRA), in which a qualified Environmental Professional must assign a risk rating to determine of further evalu- ation is necessary. A Phase I Environmental Site As- sessment, consistent with the federal AAI rule (and therefore consistent with the ASTMPhase I ESA Standard) is then required for sites that have been ‘elevated’ or ‘high’ risk by the Environmental Professional. SBA guidelines automatically require full Phase I ESAs for gas stations, dry cleaners, or any sites with NAICS codes included on its list of 53 environmentally sen- sitive operational categories. HUD or NEPA Environ- mental Assessments: Projects reliant on federal HUD funding approval are subject to a four- stage environmental review process, and are set apart from more conventional forms of transactional due diligence in that they more closely resemble environmental impact assess- ments. Environmental reviews for HUD projects follow the fed- eral National Environmental Policy Act (NEPA) procedures to determine whether, or how, a proposed project will affect the environment. However, when performed on individual real property, they have a similar function as classical environmental due diligence. The initial step of evaluation is similar to the SBA process, in that the proposed project activ- ity is compared against a listed set of environmentally sensi- ized” pizza, a concept that is popular on the West Coast, which refers to the way the pizza looks after coming out of the oven. Diners will be able to customize their piz- zas, which will be ready to eat within three minutes. The menu will include salads and beer will also be avail- able. “Neo puts a unique spin on

Neo Pizza is coming to An- napolis Towne Centre. The quick-serve pizzeria will as- sume the 3,921 s/f space next to Hair Cuttery and AT&T. The projected opening date is January 2015. The locally owned restau- rant specializes in “blister-

continued from page 3C One size doesn’t fit all: Evaluating alternate forms of environmental due diligence. . .

Rte. 13 North

have little to no real risk of being involved in a CERCLA matter, especially where the site can be considered low-risk property to begin with. The ASTMTransaction Screen En- vironmental Assessment (or TSEA) process is appropriate for such projects. The TSEA offers a scaled-down, limited scope of study in comparison to the full Phase I ESA, and consists only of a site visit, a questionnaire, historical operations review, and a da- tabase review. The TSEA fits perfectly where speed and efficiency are the goals over comprehensive study and CERCLA liability protection. However, TSEAs are not ap- propriate for medium or high- risk sites such as gas stations, auto service or body shops, dry cleaners, or any type of cur- rent or prior industrial site. Small Business Adminis- tration Due Diligence: The US Small Business Admin- istration (SBA) has required environmental screenings and due diligence reviews as part of its lending process for many years. After 2009, increased regulatory scrutiny on lending practices in the recession era brought SBA lending to more widespread prominence. SBA has continued to clarify and enhance its environmental review requirements within periodic updates to its Stan- dard Operating Procedure SOP 50 10(5), the most recent of which took effect in October 2014. SBA procedures are well-defined and divided into a multi-tiered approach to property due diligence and as such, form a good example of the concept of proper sizing and fit as applied to envi- ronmental review. The site evaluation process under SBA guidelines begins with a sim- ple comparison of operational

PENNS YLVAN I A — Landmark Commercial Realty, Inc. announced the following transactions: • Brad Shover, Small Busi- ness Accounting and Tax Service recently leased suite 207 of 4076 Market St., Camp Hill, PA from 4076 Market Street, LLC. Chuck Heller and Drew Bobincheck of Landmark Commercial Re- alty represented the landlord in the transaction. • Oh My Yoga, LTD. re- cently leased approximately 3,425 s/f of commercial space located at 614 N Front St. in Harrisburg, PA. Heller repre- sented the tenant. Thomas Posavec of Landmark Com- mercial Realty represented the landlord, Mann Realty Associates, Inc. • Network Communica- SALISBURY, MD — Brent Miller, CCIM, CPM , senior advisor and manag- ing director of Sperry Van Ness – Miller Commer- cial Real Estate and Ton- ney Insley , advisor, an- nounced that the restaurant franchise Moe’s Southwest Grill has signed a 10 year lease for a space on Rte. 13 North. The 3,000 s/f space at 2640 North Salisbury Blvd. shares a building with Dunkin’ Donuts, and is anchored by Sam’s Club and Walmart. “Brent and his team attracted interest from a variety of national tenants for this location,” said landlord Nick Nistazos. “We are excited to have Moe’s join us in this center and are looking forward to their grand opening in late

tions, Inc. recently leased an office space located at 4601 Locust Lane in Harrisburg, PA. Posavec negotiated the lease on behalf of both the tenant and the landlord, Lam- mando & Shives Partnership. • Arko Flooring, LLC re- cently leased a commercial property located at 2700 Pax- ton St. in Harrisburg. Roy H. Brenner of Landmark Commercial Realty, Inc. rep- resented the tenant. Daniel J Alderman of NAI CIR repre- sented the landlord, Mumma Realty Associates, I. • RAC Acceptance East, LLC, recently leased an of- fice space located at 75 Utley Dr. in Camp Hill. Brenner negotiated the transaction on behalf of both the tenant and the landlord, Triple Crown Corporation. n February.” Moe’s Southwest Grill was founded in December 2000 in Atlanta, GA, and is a fun and engaging fast-casual restau- rant franchise that serves a wide variety of fresh, made- to-order Southwest fare. “Salisbury is a great location for us and we are excited to open our newest Moe’s Southwest Grill restaurant here in late February,” said Larry Wilson, franchisee of Moe’s Southwest Grill. “We are in the process of planning some great grand opening activities and fund- raisers and we look forward to giving back and getting involved in the community.” Wilson owns twenty-five Moe’s and Hoopla! Restau- rants throughout New York and Pennsylvania. n

Heller of Landmark Comm’l reps tenant in 3,425 s/f lease

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