5-16-14

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

HFF’s Jose Cruz and Kevin O’Hearn represent owner Mack-Cali sells 22 SylvanWay inMorris County, NJ for $96.6mtoGriffinCapital P ARSIPPANY, NJ — Mack-Cali Re- alty Corporation

ISSUE HIGHLIGHTS Volume 26 Issue 9 May 16 - 29, 2014

level. Wyndham extended the lease term to coincide with the term on its recently completed headquarters ex- pansion at the adjacent 14 Sylvan Way, also developed and owned by Mack-Cali. Mack-Cali was represent- ed in the transaction by Jose Cruz and Kevin O’Hearn , both of HFF. Mitchell Hers h, president and chief executive officer of Mack-Cali, commented, “Due to the long-term lease with Wyndham, this was an excel- lent opportunity to monetize the value of this class A corporate headquarters. The proceeds will be reinvested into more strategic growth opportunities throughout the Northeast.” n

NJAA SPOTLIGHT

announced that it has sold its com- mercial of- fice property located at 22 SylvanWay, in Mack-Ca- li Business Campus in Parsippany f o r $ 9 6 . 6 mi l l i on t o Griffin Capi- tal Corpora- tion. In ad- dition to the sales price, Griffin is as-

Section D

Jose Cruz

Gebroe-Hammer orchestrates a 4.3 million sale

22 Sylvan Way

improvement allowance and commission obligations. 22 Sylvan Way was de- veloped in 2009 pursuant to a long-term, net lease to serve as the headquarters for Wyndham Worldwide Corp. Located in Mack-Cali

Business Campus, 22 Syl- van Way is a three-story, 249,409 s/f, class A office building that has achieved LEED for Commercial Inte- riors and LEED for Existing Buildings: Operations & Maintenance to the Silver

Kevin O’Hearn

suming responsibility for $7 million in future tenant

Institutional Property Advisors sells nursing home for $33.5 million in Beaver County, PA

FC-B

BEAVER, PA — Institu- tional Property Advisors (IPA) , a brokerage division of Marcus &Millichap serving the needs of institutional and major private investors, has arranged the sale of Friend- ship Ridge, a 605-bed nursing home in Beaver, a suburb of Pittsburgh and the seat of Beaver County. The sales price is $33.5 million. IPA senior director Joshua Jandris and IPA executive director Mark Myers , along with IPA associate Charles

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Friendship Ridge

Pennsylvania with Friendship Ridge as its initial invest- ment,” said Jandris. “The state’s strong reimbursement system is especially attractive for investors from New Jersey and NewYork where the intro- duction of managed Medicare is creating uncertainty.” “The opportunity to acquire a large concentration of beds in a major Pennsylvania metropolitan area generated

significant interest in the property,” adds Myers. “The asset’s large size means that incremental revenue increases and expense management strategies can greatly impact the bottom line.” Friendship Ridge is located on 25 acres 246 Friendship Circle in Beaver. Additional acreage is available for expan- sion. The facility has been in operation since 1959. n

Hilding and Matthew Gor- man , a vice president in- vestments in Marcus & Mil- lichap’s Philadelphia office, represented the seller, Beaver County, PA. The buyer is a private consortium of owners and investors based in New Jersey and New York. “The new ownership group has more than 50 years’ expe- rience in long-term care and is eager to begin operating in

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Metro New Jersey Chapter P.O. Box 6045 Bridgewater, NJ 08807 Phone: 732-560-0072 Email: appraisal,institute@verizon.net www.ai-newjersey.org Metro New Jers y Chapter P.O. Box 6045 Bridgewater, NJ 08807 Phone: 732-560-0072 Email: appraisal,in titute@verizon. et www.ai-ne jersey.org

Metro New Jersey Chapter 2014 President, Joseph E. Baldoni, MAI Metro New Jersey Chapter 2014 President, Jo eph E. Baldoni, MAI

As the President of the Metro New Jersey Chapter for 2014, I am privileged to be able to serve in this capacity. The Chapter’s goals and its mission have always been to provide services to its members through the full time staffed Executive Director’s office and to provide a strong educational venue for individuals who have an interest in the Appraisal Profession. In addition, Metro New Jersey sponsors the annual, day long, Princeton Conference, which is the longest continuous educational appraisal conference in the country. This year’s conference, the 78 th year, was held on April 11 th at the Marriott Hotel and Conference Center in Princeton. Our Fall Conference will be held on October 24 th at the Woodbridge Hilton. These conferences provide CE credits for appraisers, tax assessors, and attorneys as well as a forum for networking. A Dinner Meeting is scheduled for October 2 nd , at the Woodbridge Hilton, in Iselin and we welcome you to attend. Our educational calendar provides classes throughout the year to facilitate candidates with the ability to meet their educational requirements for designation and to assist members in their continuing education requirements. The Chapter also supports various charities with fund raiser events during the year. A very successful one has been the Baseball Fund Raiser that is held at Patriots Stadium, in Bridgewater, NJ. This is a fun, family oriented event, with all proceeds going to a charitable organization. This year it will be held on May 18 th and proceeds will go to The Sharing Network that provides for organ and tissue donation and transplantation. The Officers and the Board of Directors, along with various Committee Chairs are continuously working hard to plan our programs, meet the Chapter requirements and stay abreast of developments within our industry. They are all available to assist with any questions a candidate or member may have. They give of their time for which the Chapter and I are grateful. In addition, the Mentoring Program, whereby candidates receive assistance from designated members, has been and will be instrumental in helping candidates achieve their designations. I have been a member of Metro New Jersey Chapter since 1968 and during those years I can say that the Chapter and the Appraisal Institute has always met the needs of its members and candidates and they have both changed and grown in a positive manner that positions the Appraisal Profession for the future. Change is always necessary to meet challenges on a local, national and international level. I believe that despite the challenges to our profession, the need for qualified appraisers, with strong educational backgrounds and specific education as provided by the Appraisal Institute will ensure the future of the Appraisal Profession Please check our website for upcoming educational offerings, events, and government relations updates. The Appraisal Institute is a leader in education, communication and information and the Metro New Jersey Chapter is your source to stay current. Joseph E. Baldoni, MAI, 2014 Metro New Jersey Chapter President The Metro New Jersey Chapter Education: To inquire about Discounts when registering for more than 1 course, e-mail appraisal.institute@verizon.net . State Qualifying Education: Register two weeks or more before course start date to avoid late fees Real Estate Finance, Statistics and Valuation Modeling - April 25 & 26 15 Hour USPAP - May 2 & 3 General Appraiser Income Approach Part 2 - May 2, 3, 9 & 10 General Site Valuation and Cost Approach - October 10, 11, 17 & 18 General Report Writing & Case Studies - November 17 - 20 Continuing Education 7 Hour USPAP - June 5 & December 4 – Days Hotel Advanced Education Advanced Market Analysis and Highest & Best Use – September 12, 13, 18, 19 & 20 Advanced Concepts and Case Studies – December 8 - 13 QE Course Location: Raritan Valley Community College, Branchburg, NJ General Report Writing, 7 Hour USPAP and Advanced Education - Days Hotel, 195 Route 18 South, East Brunswick, NJ M tro New Jersey Chapter for 2014, I am privileged to be a le to serve in this c ity. The Chapter’s goals and i s mission have always b en to provide services to it members through the f i e staffed Executive Dir ctor’s office and to provide a st ng educational ve ue for indivi uals who have a t rest in the Appraisal Profession. In addition, Metro New J rsey spon or the annual, day long, Princeton Conf e, which is the longest ontinuous educational appr isal conferen e in the country. This year’s conferenc 78 th year, was held on April 11 th at the Marriott Hotel and C nference C t r in Princeton. Our Fall Confere ill be held on October 24 th at the Woodbridg Hilt n. Th se conferen es provide CE credits for appraisers, t assessors, and attorneys as well as a forum for networking. A D ner Meeting is scheduled for October t the Woodbridge Hilton, in Iselin and we w lcome you to attend. Our e ucational calendar provides clas es t ghout the year to facilita e candid tes with the bility to meet their ducational requir ments for designation a a ist members in their continuing edu ation requirements. The Chapt r also supports various charities with f raiser events during the y ar. A very successful one ha been the Baseball Fund Raiser that is held at Patriot dium, in Bridgewater, NJ. This is a fun, family orie ted event, with all proceeds going t a ch rit ble organizati his year it will be held on May 18 th and proceeds will go to The Sharing Network that provides for rgan and donation and transpla tation. The Officers and th Board of Dir ct rs, along with various Committee Chairs are continuo sly workin to plan our programs, meet the Chapter requirements and stay abreast of developm nts wi hin our industry. T re all available to assist with any que tions a candidate or membe ay have. They give of their t me for whic Chapter and I are gr t ful. In addition, the Mentoring Prog am, whereby candid tes r ceiv assi tanc designated memb rs, has be n and will b instrumental in h lping candidates chieve th ir designatio I have been a member of Metro New Jersey Chapter since 1968 and duri g those years I can say that t hapter and the Appraisal I s itute h s lways met the needs of its members and c id tes and they have bot nged and grown in a positive ma ner that positions the Appraisal Profession for the future. Change is always sary to meet challenges on a local, nati n and in ernational level. I b li ve that despit th challenges to o profession, the need for qualified appraisers, with strong educational backgrounds and specifi educati provided by the A praisal Institute will e ure the fut of the Appraisal Profession Pleas check our websit for upcoming edu at onal offeri gs, vents, a d government relations t s. The Appraisal Institute is leader in educ tion, commu ication and informati n nd the M tro New Jers apter is your source to stay current. Joseph E. Baldoni, MAI, 2014 Metro New Jersey Chapter Pr sident The Metro New J rsey Chapt r Education: To inquire about Discounts when regi tering for more than 1 course, e-mail apprais l.institute v .net . State Qualifying Education: Register two weeks or more bef cou se start d e to avoid late f Real Estate Financ , Statistics and V luation Modeling - April 25 & 26 15 Hour USPAP - May 2 & 3 General Appraiser I come Approach Part 2 - May 2, 3, 9 & 10 General Site Valuation and Cost Approach - October 10, 11, 17 & 8 General Report Writing & Case Studies - November 17 - 20 Continuing Educatio 7 Hour USPAP - June 5 & Decemb r 4 – Days Hotel Adva ced Education Advanced Market An lysis and Highe t & Best U e – September 12, 13, 18, 19 & 20 Advanced Concepts d Case Studies – December 8 - 13 As the President of t

Joseph E. Baldoni, MAI 2014 Chapter President

Robert J. Bovasso Jr., MAI 2014 Chapter Vice President

Gregg Manzione, MAI 2014 Chapter Treasurer

2014 Board of Directors

Carol E. Angle, SRA Claire Caffrey, MAI Steven C. Fleming Brandon M. Frank, MAI John S. Gillooly Kristen Helmstetter, SRA

Michael G. Leist, MAI James L. Meehan, MAI Matthew S. Nemeth Thomas Sapontzis, MAI Joseph E. Traks Gary M. Wade, MAI

2014 Board of Directors Carol E. Angle, SRA Claire Caffrey, MAI Steven C. Fleming Brandon M. Frank, MAI John S. Gillooly

Joseph C. Baldoni, MAI 2014 Chapter Secretary

Joseph E. Baldoni, MAI 2014 Chapter President

Immediate Past President – Paul W. Korch, MAI

2A — May 16 - 29, 2014 — M id A tlantic

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Mid Atlantic R eal E state J ournal Publisher.............................................................................. Linda Christman Publisher................................................................................. Joe Christman Publisher/Senior Account Executive...................................... Elaine Fanning Section Publisher....................................................................... Steve Kelley Senior Editor/Graphic Artist.....................................................Karen Vachon Production Assistant.......................................................................Julie King Office Manager..................................................................... Joanne Gavaza Contributing Columnist..........................................................Chuck Lanyard 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. 26 Issue 9 Subscription rates: $99 - one year, $198 - two years, $4 - single copy

Mid Atlantic Real Estate Journal

Chuck Lanyard

Retail vacancy dips below 7 % for first time in 5 years

T

he retail vacancy rate has dropped under 7% for the first time in 5

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years according to the results of The Goldstein Group’s year end survey of 22 retail corri- dors in Northern and Central New Jersey. The most exten- sive survey for retail vacancy report for New Jersey, totals over 4,250 properties and over 100 million s/f of retail space. The retail vacancy rate dropped to 6.9%, a .3% de- crease fromwhat we saw in the 2013 midyear report. Retail- ers – both existing and new, coming to New Jersey for the first time – continue to absorb retail space. “This is the lowest retail vacancy %age we’ve seen in the Northern and Central New Jersey markets in over 5 years,” noted Chuck Lanyard, president of The Goldstein Group. The strongest retail markets with the lowest availability rates include: Rte. 3 – Clif- ton (1.9%); Rte. 1 – Wood-

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bridge-Edison (2.8%); Rte. 17 – Rochelle Park-Rutherford (2.99%); Rte. 37 – Toms River (3.79%); Rte. 46 – Montville- Rockaway (4.72%). Markets with the highest vacancy rates include: Rte. 10 – Livingston-East Hanover (12.39%); Rte. 18 – East Bruns- wick (11.4%); Rte. 4 – Paramus (10.89%); Rte. 17 – Paramus (10.22%); Rte. 35 – Shrews- bury-Ocean (9.1%). “There was a substantial increase in leasing activity throughout 2013 with several markets having minimal space available in corridors such as Clifton Rte. 3, Woodbridge/

Edison Rte. 1 and the Rte. 46 Montville/Rockaway market,” said Lanyard. Leasing velocity through 2014 totaled over 1.5 million s/f, with over 800,000 s/f of space currently being built in various communities such as Paramus, Ramsey, Mahwah, Rochelle Park, Rutherford, Morris Plains, Ledgewood, Montville, Rockaway, Union, Springfield, North Brunswick, Lawrence Township, East Brunswick, Sayreville, Howell, Shrewsbury, Ocean Township, and Brick Township. The market has continued continued on page 3A

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M id A tlantic R eal E state J ournal By Pamela A. Michaels and Scott R. Saunders Capital Gain Tax Rates “Exchanges Defer The 3.8%Net Investment Income Tax And 20% Capital Gain Tax” I CAPITAL GAIN TAX RATES “EXCHANGES DEFER THE 3.8% NET INVESTMENT INCOME TAX AND 20% CAPITAL GAIN TAX” By: Pamela A. Michaels and Scott R. Saunders Investors from the Northeast and Mid-Atlantic regions are typically in a state of shock upon hearing for the first time the extent of the capital gain tax liabilities they will face upon the sale of appreciated real Federal Capital Ga in Tax Rates nvestors from the North- east and Mid-Atlantic regions are typically in a state of shock upon hear-

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\

ing for the first time the extent of the capital gain tax liabili- ties they will face upon the sale of appre- ciated real estate. The familiar ad- age, “It’s not h ow mu c h you make , b u t h o w mu c h y o u keep” rings t ruer than ever for real

0%

$0 - $36,250

$0 - $72,500

0%

0%

15%

$36,250 - $200,000

$72,500 - $250,000

15%

0%

18.8%

$200,000 - $400,000

$250,000 - $450,000

15%

3.8%

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20%

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Pamela Michaels

• The 3.8% Net Investment Income surtax only applies to “net investment income” as defined in IRC Section 1411.

provides critically needed tax relief. Reflected below is a summary of the four ways in- vestors will generally be taxed on the sale of an investment property if they do not take advantage of Section 1031: Pamela A. Michaels is an attorney and Vice President of Asset Preservation, Inc. Ms. Michaels is located in Manhattan and can be reached at 866-317-1031 or at pmichaels@apiexchange.com. API is a nationwide Qualified Intermediary and wholly owned subsidiary of Stewart Title. Asset Preservation, Inc. h s facilitated more than 150,000 excha ges since 1991 and performs all types of exchanges. This information is not intended to replace qualified legal and/or tax advisors. Every taxpayer should review their specific transaction with their own leg l and/or tax couns l. © 2014 Asset Preservation, Inc. All rights reserved 1. Depreciation Recapture: First, taxpayers will be taxed at a rate of 25% on all depre- ciation taken during their ownership of their property, commonly known as deprecia- continued on page 16A As noted above, State and local tax rates must be added to the above rates to determine an investor’s total tax liability. As always, taxpayers should consult with a competent tax advisor to review their specific circumstances.

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Scott Saunders

estate investors facing today’s high tax rates. Fortunately, IRC Section 1031, a provision in the tax code since 1921, Retail vacancy dips below 7 %... continued from page 2A to rise over the past two years from the downturn that hit retailers in 2008 and 2009. However, we still continue to see space become vacant due to closings throughout the state Leasing activity continues to be driven by retailers opening shops in the 1,000 to 5,000 s/ frange. However, we have seen a substantial increase in big box retailers taking advantage of favorable market conditions and rental rates. New Jersey’s long list of restaurant choices and eat- ing establishments continued to grow as new restaurant concepts and established ones have opened or announced planned openings. Health and Wellness in- dustry retailers continue to flourish in the Garden State. Including , medical tenants who continue to open facilities in traditional retail spaces and shopping centers more and more. “Consumer confidence con- tinues to rise with our improv- ing economy as results have shown a continuing decrease in New Jersey’s retail vacancy rate.” said Lanyard. “These numbers confirm that the re- tail climate is improving. We will still have some retailers who will conservatively wait for a more sustained improve- ment, but, all in all, 2014 looks to be another good year for retail space being leased, and as a result, desirable retail locations will soon be at a pre- mium.” n

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4A — May 16 - 29, 2014 — M id A tlantic

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M id A tlantic R eal E state J ournal A uctions

26+ & 77+ Acres Interstate 80 & Rt 487 Interchange (Exit 236) COMMERCIAL LAND AUCTION Scott Township • Columbia County

SEALED BID AUCTION

Bids due FRIDAY, JUNE 20, 2014 by 1PM

102,0000 +/- SF Storage Facility

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• Excellent Commercial Site • Endless Opportunities • Water/Sewer Access Available • I-80 Exposure • Easy Access to I-80 • Next to Hampton Inn Hotel • 2% Realtor Participation Invited

Vision Warehousing & Distribution, Inc . 144 Cleveland Ave., Waynesboro, PA 17268

77+ ACRES

• Excellent Visibility from I-80 • Ideal Distribution Site • Near Downtown Bloomsburg & Bloomsburg University • Zoned: Light Industrial

Owners retiring & offering this successful Mid-Atlantic business: —With all real estate & business assets, forklifts, etc. — 102,0000 +/- SF storage facility including approx. 75,000 SF cold storage, approx. 15,000 SF freezer storage, approx. 3,500 SF office space — Fully operational and up to current codes — 10 min. from I-81 and 30 min from I-70

Auction Held on Site... 400 Paper Mill Rd, Bloomsburg, PA 17815 Saturday, June 14 th @ 12:00 pm Directions: From Rt 487 and I-80 Interchange (Exit 236), travel south on Rt 487 approximately 2,000 ft. to Paper Mill Rd. Land is on left along Paper Mill Rd. Please watch for auction signs. • Water/Sewer Access Available • Flat to Gently Sloping Site • High Traffic Counts/Rt 487/Interstate 80 • 2% Realtor Participation Invited

REP ON SITE: June 7, 2014: 1-3 PM. Bids due at offices of Hurley Auctions-Greencastle, PA

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Mid Atlantic Real Estate Journal — May 16 - 29, 2014 — 5A

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USAA Real Estate Company to develop new office property in Alexandria, Virginia NGKF represents the Hoffman Family in the sale 704,571 s/f of the National Science Foundation HQ

A LEXANDRIA, VA — The Hoffman family has sold a 2.03-acre development site in Hoffman Town Center in Alexandria, which will become the National Science Foundation (NSF) headquarters, to USAA Real Estate Company , according to the seller's representative N ewmark Grubb Knight Frank (NGKF) . The sale brings to life the original vision put forth by Hubert Hoffman to create a dynamic, master- planned entertainment, busi- ness and residential mecca in the Eisenhower Valley. The class A, 704,571-s/f NSF building will include two in- BALTIMORE, MD — The Traffic Group, Inc. (TTG) has been awarded four sepa- rate contracts, valued at more than $11 million, from the Virginia Department of Trans- portation toprovide traffic data collection services. Founded in 1985, TTG is one of thenation’s leading traffic engineering and transportation planning firms. The Virginia projects – which will run for three years with three one-year renewal options – will collect traffic data in the central, eastern, northwestern, and northern regions of the state. The counts collected support the VDOT Traffic Management System FREDERICK, MD — Avi- son Young has completed the sale of the 28,000 s/f West Park office building in Frederick for $3.1 million. Avison Young principals Joe Friedman and Julian Etches represented the seller, First Potomac Realty Trust. Located at 10 North Jef- ferson St. in the downtown business district The 27-year-old building re- cently underwent a number of common-area improvements, including newly renovated elevator interiors. n

terconnected towers, 19 stories and 14 stories, respectively, 375 parking spaces on three underground levels, and 19,437 s/f of retail space. The NSF will occupy 94% of the build- ing and has preleased it for 15 years through the General Services Administration. The office property is expected to be completed in late 2016. USAA Real Estate, which acquired the site on behalf of an affiliate, will actively seek LEED Silver Commercial Interiors Certifica- tion for the building, which is also designed to achieve Energy Star Rating within 18 months of occupancy. "We are thrilled that Na-

tional Science Foundation is coming to Hoffman Town Cen- ter," said family member Jay Hoffman. "It has always been the mission to create an urban, mixed-use development that could serve as a key employ- ment and entertainment hub in Alexandria and it is fulfilling to see that we're accomplishing that." When completed in 2020, it will include 3.5 million s/f of class A office space in 10 build- ings; 1.5 million s/f of housing in four residential towers; two full-service hotels; 220,000 s/f of retail stores and restau- rants; and a 22-screen AMC Theater. n

National Science Foundation headquarters The Traffic Group wins contracts totaling $11m with VA Dept. of Transportation

ColliersbrokerssaleofHarford County flex building for $5.5m

(TMS), which has the respon- sibility for producing Annual Average Daily Traffic (AADT) estimates on many of the road- ways within Virginia. “We have worked with the state of Virginia for 18 years now and consider them a part- ner,” said Wes Guckert, PTP , president of The Traffic Group. “We are proud of this relation- ship that has spanned nearly two decades and pleased they continue to turn to us for their traffic counting needs as they try to create more efficient and safer methods for vehicle transportation throughout Virginia. To conduct the data collec-

tion, The Traffic Group will use a series of new technolo- gies and equipment to com- plete more than 4,600 traffic counts averaged annually with the Virginia Department of Transportation. These counts will include mechanical vol- ume counts and classification counts, manual turning move- ment counts, GPS measure- ments, speed data, and license plate tracking O&D studies. For this project, TTG has hired local, Virginia residents to handle the on-site traffic data collection. Contributing to the local economies, TTG hires local workers for all out- of-state projects. n

1361 Brass Mill Rd.

senior vice president. Glass- berg, who has more than 25 years of commercial real es- tate experience in Maryland, will focus on leasing and sales in the Baltimore region. “Abby has been a pillar in Maryland’s commercial real estate community for decades,” said Tim Hearn, CEO and principal of Colliers | Baltimore. “We’re eager to welcome her to Colliers and proud to offer her the power- ful resources of our company.” Prior to joining Colliers, Glassberg led CBRE’s Balti- more Private Client Group as first vice president. She brings experience in invest- ment sales and brokerages as well as knowledge about the ownership, acquisition and sale of commercial real estate. Her clients included private corporations, family-owned entities, local municipalities, individuals and institutions. n

BELCAMP, MD — Col- liers International in Bal- timore brokered the sale of a fully leased 53,000 s/f in- dustrial-flex building at 1361 Brass Mill Rd. in Belcamp for $5.5 million. Colliers repre- sented the seller Northcross East, a Harford County de- veloper. “This continues the trend of interest in stabilized, well-lo- cated industrial-flex assets in the North I-95 Corridor,? said David Dannenfelser , man- aging director and principal of Colliers | Baltimore.”The professional management from the owner combined with the strength of the I-95 North Industrial Corridor further enhanced the value of this asset.? Brad Berz ins o f NAI KLNB represented the buyer of the property. In other news, Colliers named Abby Glassberg

Avison Young completes $3.1moffice property sale

10 North Jefferson Street

6A — May 16 - 29, 2014 — M id A tlantic

Real Estate Journal

www.marejournal.com

D el M ar V a

By Greggie Pascual and Justin Kline, Colliers International The “Lifestyle” Hotel and potential impact on value

I

n today’s evolving land- scape, hoteliers want to cre-

tate. The overarching theme of the conference was ‘Lifestyle.’ The perfect

hospitality industry and the emergence of Lifestyle hotels as a subset of the boutique hotel market. Lifestyle hotels focus more on the guest expe- rience and less on products, such as loyalty points, offered by big brands. Rooms are now designed to be smaller as guests are spending less time in their rooms and more time search- ing for local, authentic experi- ences. David Pollin, co-Found- er at Buccini/Pollin, stated that developers are looking for ways to squeeze square footage from guest rooms to

allow more versatility with respect to food and beverage areas and common lounge ar- eas. Deanna Francl, Principal at Gensler, said that from a design perspective, people are interested more in the connec- tivity of a room and less with having a typical desk or chair. The most pronounced re- sponse to this idea of authen- tic experiences is in Food and Beverage. Hotels now partner with local chefs to develop restaurant options for guests as well as locals. Lifestyle hotels place restaurants in the front of the hotel, which

encourages integration with the community. Hotels are also starting to find alter- natives to traditional room service, which has long been an underutilized service with extremely high overhead. The Hilton NYC eliminated room service and instituted a grab- and-go section. Other hotels offer self-serve room service where guests place an order with the front desk and are notified when it is ready for pick-up. Responses to this new de- mographic and lifestyle are evident from the moment you walk into a Lifestyle hotel. Gone are the traditional lob- bies. Now, there are great rooms that feel like lounges, offering communal tables and cultivating the idea of “alone togetherness.” Tech- nology and ambiance are also emphasized. This design is rooted in our hyper-connective world; we want to be around other people while we work or socialize. So how will all this affect the valuation of hospitality? Firstly, the market value of a hotel is represented by the going concern; the value of an operating business enterprise, inclusive of real estate. It is the value of all the tangible and intangible assets, as if sold in aggregate. The components of this busi- ness enterprise value cannot be extracted; only allocated. With respect to these recent trends, values may or may not increase. However, assets may be redistributed from the tangible to the intangible of the going concern. Factors such as smaller rooms in exchange for a larger guest experience via common areas may redistribute income from room rates to other revenue sources. As appraisers, we must take into consideration this experience and new types of amenities and how they impact value. Greggie Pascual is a se- nior valuation specialist in Colliers International’s Washington, DC office. He specializes in hotel valua- tions in the mid-Atlantic region. Justin Kline is a valu- ation trainee in Colliers International’s Washing- ton, DC office. He teams up with Greggie to assist in valuing hotels in the mid-Atlantic region . n

ate an atmo- sphere that extends far beyond the guest room. Wh i l e a t - tending the Urban Land Ins t i tut e ’ s

Lifestyle ho- tel is one that e m b r a c e s the new de- mands of the hype r - c on - nected guest, namely that people want

Greggie Pascual

Justin Kline

Trends Conference at the Ronald Reagan Building in Washington, DC, we exam- ined the ways in which we work, live, and play and how that evolution affects real es-

to tell a story. With the popu- larity of social media, people are eager to blog, tweet, and Instagram their experiences. Hotels want in on the action. The seminar focused on the

HOSPITALITY Valuation & Advisory Services Market Insight Timely Delivery

Our dedicated team of specialists combine advanced market insight, specialized focus and geographic coverage with respect to the full range of hospitality properties. Allow us to introduce you to a new level of service. • Comprehensive Market Knowledge (Demographics & Competition) • Knowledge of the Regulations & Codes • Unparalleled Insight Into the Levers Impacting Revenue & Property Costs The Colliers International Hospitality Services Team in Washington, DC includes experienced valuation professionals specializing in Hospitality properties throughout the Mid-Atlantic Region.

www.colliers.com/royce.rowles

Northern Virginia Buildings and Facility Maintenance Show All physical objects require some upkeep. Industrial, Institutional and Commercial Facilities require more than most. . . MAY 21, 2014 9:00 AM - 2:00 PM Dulles exPo AnD conference center chantilly, VA

see BuYers fAce-to-fAce

Real Estate Journal — May 16 - 29, 2014 — 7A

www.marejournal.com

M id A tlantic

Do you sell products or services to the many professionals responsible for keeping Industrial, Manufacturing, Material Handling, Commercial, Educational, Health Care, Office, Governmental, Retail buildings and facilities running safely and efficiently? If so, the 2014 NORTHERN VIRGINIA BUILDINGS & FACILITY MAINTENANCE SHOW is the place to be. As an exhibitor you’ll… Visit MaintenanceShows.com    

Buildings & Facility Maintenance Show Northern VIRGINIA

MAY 21, 2014 9:00 AM - 2:00 PM Dulles exPo AnD conference center chantilly, VA Buildings & Facility Maintenance Show Northern VIRGINIA

MAKe IMMeDIAte sAles

See hundreds of qualified decision makers in just one day!

MAY 21, 2014 9:00 AM - 2:00 PM Dulles exPo AnD conference center chantilly, VA

QuAlIfIeD DecIsIon MAKers lIKe tHese

n Building Operations Manager n Building Owner n Chief Engineer n Consulting Engineer n Director of Facilities n Electrical Engineer n Energy Manager n Environmental Engineer

n Manufacturing Manager n Mechanical Engineer n Operations Manager

n Plant Engineer n Plant Manager n President

   

n Process Engineer n Project Engineer n Property Owner/Manager n Purchasing Manager n Quality Assurance n Safety Engineer n Vice President n Warehouse Manager  

All physical objects require some upkeep. Industrial, Institutional and Commercial Facilities require more than most. . . Do you sell products or services to the many professionals responsible for keeping Industrial, Manufacturing, Material Handling, Commercial, Educational, Health Care, Office, Governmental, Retail buildings and facilities running safely and efficiently? Meet DecIsIon MAKers 

see BuYers fAce-to-fAce All physical objects require some upkeep. Industrial, Institutional and Commercial Facilities require more than most. . . Do you sell products or services to the many professionals responsible for keeping Industrial, Manufacturing, Material Handling, Commercial, Educational, Health Care, Office, Governmental, Retail buildings and facilities running safely and efficiently?         DeMo Your ProDuct If so, the 2014 NORTHERN VIRGINIA BUILDINGS & FACILITY MAINTENANCE SHOW is the place to be. As an exhibitor you’ll…

n Facility Engineer n Facility Manager n HVAC Engineer n Industrial Engineer n Maintenance Engineer n Materials Manager

If so, the 2014 NORTHERN VIRGINIA BUILDINGS & FACILITY MAINTENANCE SHOW is the place to be. As an exhibitor you’ll…

Call (508) 824-3343 or (508) 824-3340 today to reserve the best booth locations! Vi s i t Ma i ntenanceShows .com

See hundreds of qualified decision makers in just one day!

See hundreds of qualified decision makers in just one day!

QuAlIfIeD DecIsIon MAKers lIKe tHese

QuAlIfIeD DecIsIon MAKers lIKe tHese

n Manufacturing Manager n Mechanical Engineer n Operations Manager Exhibitors

n Building Operations Manager n Building Owner n Chief Engineer n Consulting Engineer n Director of Facilities n Electrical Engineer n Energy Manager n Environmental Engineer A-1 Flood Tech Advanced Building Services, Inc. AFE - Association for Fa ilities Engineering AirPac Inc. Alarm Tech Solutions, LLC Alexander Screw Products/Weightlifter Allegion, PLC Ameri an Society of Power Engineers - Re io 4 AquaGuard Waterproofing Corporation Aquatomic Products Co., I c. ArchSCAN, LLC Baldino’s Lock & Key Service, Inc. n Facility Engineer n Facility Manager n HVAC Engineer n Industrial Engineer n Maintenance Engineer n Materials Manager  n Consulting Engineer n Director of Facilities n Electrical Engineer n Energy Manager n Environmental Engineer n Facility Engineer n Facility Manager n HVAC Engineer n Industrial Engineer n Maintenance Engineer n Materials Manager n Building Operations Manager n Building Owner n Chief Engineer n Manufacturing Manager n Mechanical Engineer n Operations Manager n Plant Engineer n Plant Manager n President n Process Engineer n Project Engineer n Property Owner/Manager n Purchasing Manager n Quality Assurance n Safety Engineer n Vice President n Warehouse Manager  

Gard Specialists, Inc. GeorgeMasonUniversityOfficeofContinuingProfessionalEducation Green Edge Lighting, LLC GW Denlein & Associates, Inc. Harry Eklof & Associates Hawkins Electric Service, Inc. Ingersoll Rand JLG Industries, Inc. Kolb Electric Inc. MainScapes, Inc. Mercedes-Benz Sprinter of Chantilly Moore’s Electrical & Mechanical Morin Distribution / The Cooling Tower Store National Assoc. of Power Engineers Educational Foundation North American Millwright Services Novo Solutions, Inc. NVM Contractors, Inc. PetroSolutions Fuel & Tank Mgmt Inc. Plexaire LLC PotholeRepair.com Potomac Asphalt, LLC Potomac Energy Group Inc. Precision Doors & Hardware Inc. Precision Safe Sidewalks, Inc. Proctor & Gamble (P&G) Pro-Pave, Inc. Pursuit Pest Control, LLC Rainbow International of Northern Virginia SimplexGrinnell Sosmetal Products, Inc. TRC Engineering Utility Management Services Inc. Werres Corporation      

n Plant Engineer n Plant Manager n President

   

n Process Engineer n Project Engineer n Property Owner/Manager n Purchasing Manager n Quality Assurance n Safety Engineer n Vice President n Warehouse Manager  

Meet DecIsIon MAKers 

Brickwall Printing & Graphics Capital Energy Equipment, Inc CBS ArcSafe, Inc. CentiMark Corporation Chamberlain Contractors Inc. Coating & Foam Solutions, LLC

Call (508) 824-3343 or (508) 824-3340 today to reserve the best booth locations! Vi s i t Ma i ntenanceShows .com

Call (508) 824-3343 or (508) 824-3340 today to reserve the best booth locations! Vi s i t Ma i ntenanceShows .com

 Corbett Technology Solutions, Inc. (CTSI) Creative ConKrete Repair & Coatings, Inc. CTS Services DC Sustainable Energy Utility 

Door Closer Service Company Inc. Dulles Chrysler Dodge Jeep Ram Dulles Electric Supply Corp. EMCOR Services ENERactive Solutions FastSigns Fireline Corporation GARD Specialists Co., LLC

8A — May 16 - 29, 2014 — M id A tlantic

Real Estate Journal

www.marejournal.com

NorthernVABuildings&FacilitiesMaintenance Show

Potomac Asphalt supports Wounded Warrior Project

Full service mechanical contractor CTS Services - mechanical services for over 30 years

TS Services is a full- service mechanical contractor dedicated to providing mechanical ser- vices to owners and manag- ers of Communication, Com- mercial, and Mission Criti- cal Facilities. With over 30 years’ experience, the CTS team has the knowledge and background to provide qual- ity installations, preventive maintenance, and service for all types of mechanical systems. From providing 24-hour emergency response for critical cooling systems to expert service for any C

make of cooling tower, CTS always goes the extra mile. We have an outstanding reputation for Quality, Re- sponsiveness, and a Make- It-Happen attitude. With the most talented and dedicated technicians in the area, CTS is one of the premi er HVAC con- tractors in the Baltimore - Washington- Northern Virginia marketplace. Our services Include: • Design and engineering, installation, maintenance, service and repair of all types o f HVAC and me -

chanical systems • Fu l l c omp r ehens i v e maintenance, 24-hour ser- vice and complete mechani- cal & electrical services for Mission Critical facilities • Complete cooling tower services including main- tenance, service & repair, rebuilds and replacement • Prefabrication of piping systems, riser replacements and emergency piping re- pairs • Maintenance and 24 hour emergency serv i ce for critical and emergency power systems. n

When you sign a contract for any of our services, we will donate $100 to the Wounded Warrior Project. Proceeds will be donated as a one time contribution in December 2014. Follow our Progress on Facebook Thank you to the following companies for helping us reach our goal. • PMP • The Plaza • Ambient HOA

INWOOD, WV - Potomac Asphalt , who brings thirty years of experience to every paving rehabilitation project, is proud to make the following announcement: As a thank you to the men andwomen of theUnitedStates military; Potomac Asphalt will donate $100 for every signed contract received in 2014 to the Wounded Warrior Project. Join us in supporting our troops.

Real Estate Journal — May 16 - 29, 2014 — 9A

www.marejournal.com

M id A tlantic

NorthernVABuildings&FacilitiesMaintenance Show

ARC RATED CLOTHING – Why specific employees need this at your company! 10:15 AM — Room C Speaker: KevinBest, Regional Director of ProtectiveApparel, CintasCorp. Description: This course will help you understand the common work- place hazard of Electric Arc Flash and how to use NFPA 70E to imple- ment the proper Arc Rated Clothing and PPE. Attendees will also have an opportunity to ask questions as they relate to their specific workplace environment. Examples of common FRC & PPE items will be made available for the attendees to observe. Please note: This is a professional presentation, however attendees should be prepared to witness graphic video and content as a part of being educated in this discussion. 0.1 CEU - AFE Description: The seminar will introduce attendees to basic design prin- ciples and maintenance requirements for cooling towers. The “Design” aspect of this presentation will cover Principles of Operation, Evapora- tion, Types of Cooling Towers, Design Terms, Definitions and Formulas. The “Operational” part of the seminar will cover Preventative Main- tenance, Tower Inspections, Performance Deficiencies and Capacity Management. 0.1 CEU - AFE Maintaining Indoor Air Quality During the Construction Process 11:30 AM — Room B Speaker: Randal Stites, Vice President of Engineering Services, Polinger Shannon and Luchs, NAPEEF Description: With the current emphasis on the built environment, and its affect on the population working in it, all aspects of managing the in- door air quality of a building are becoming a higher priority. This focus substantially affects the LEED process and Energy Star requirements, however, often there is a component of managing indoor air quality that gets overlooked and can result in problematic and expensive fol- low up. When a tenant space is scheduled to undergo minor or major renovations, unless the property already has a solid Construction and IAQ Management Guideline in place, it will be difficult to implement them at the time of the project. Such a guideline can assist all involved parties in reducing costs, protecting the buildings HVAC system, and protecting tenants working during the construction or those that popu- late the space when complete. 0.1 CEU - AFE Improving Maintenance Operations with Smart Phones and Tablets 11:30 AM — Room C Speaker: Rich Hunter, CEO, Novo Solutions, Inc. Description: In this presentation we will discuss the value of hav- ing access to information at your fingertips with your mobile device. How to quickly access information such as site details, maintenance procedures, work orders, asset details, inventory on hand, etc. will be presented. 0.1 CEU - AFE Nanotechnology Solutions for Buildings & Facilities 12:45 PM — Room A Speaker:WilliamWarwick,CEO, InnovativeNanotechnologySolutions, LLC Description: We present the latest advances and R&D in Nano technol- ogy coatings and other solutions for persistent problems in building envelope, waterproofing, and maintenance cost reduction through ef- fective preventative maintenance. 0.1 CEU - AFE Five Myths About Replacing Existing Fluorescent Lamps with LED Tubes 12:45 PM — Room B Speaker: Richard Gill, Partner, Green Edge Lighting, LLC Description: There is much confusion surrounding LED replacements for fluorescent tubes. This session is designed to address five of the more common misunderstandings and shed some light (pun intended) on how municipal organizations can address the issues and achieve success without resorting to huge capital outlays. This is an update identifying new influencers and decision criteria. 0.1 CEU - AFE Cooling Tower Principles and Maintenance 11:30 AM — Room A Speaker: Chris Healey, Manager, Morin Distribution

2014 SEMINAR SCHEDULE

What You REALLY Need to Know About LED Lighting 9:00 AM — Room A Speaker: E. W. Dovel, VP, Public Sector, Harris Lighting, a division of Orion Energy Systems, Description: Facility managers need new knowledge to compare LED lighting systems to traditional lighting systems. This session will arm you with the knowledge to wade through the pitfalls and make deci- sions based on the economics and other factors. 0.1 CEU - AFE Forget About Green-Building & Sustainability… Let’s Talk Common Sense 9:00 AM — Room B Speaker: Peter Arnoldt, Consultant, RCx Building Diagnostics Description: All too often energy is viewed as an “overhead cost” instead of a “controllable cost” when it comes to facility management. And, un- fortunately, the notion of “green-building” and sustainability have been so misconstrued that they often leave bad impressions. Learn how a common-sense approach to establishing a successful energy-management program can help your building become a high-performance investment to maximize your returns. 0.1 CEU - AFE Speaker: Julio Herrera, Principle Curriculum Developer, National Association of Power Engineering Educational Foundation NAPEEF Description: This seminar is designed to enhance the Preventive Main- tenance skills of maintenance technicians on HVAC system in an apart- ment complex/residential setting. At the completion of this seminar the participants will be able to: 1. Understand the importance of Preventive maintenance; 2. Name needed steps for a PM service call; 3. Name the steps needed to take superheat and sub-cooling readings; 4. Complete superheat and sub-cooling calculation. 0.1 CEU - AFE Aging Building Infrastructure 10:15 AM — Room A Speaker: Ted Ross, President, TRC Engineering and Steve Turner, Principal, BECS Description: This presentation on Aging Building Infrastructure will ad- dress the mechanical, electrical and structural issues in older buildings and the implication of these issues on budget, planning and property values. The session will cover the issue of maintenance, and whether replacement or repair of systems is the best option for management. 0.1 CEU - AFE Mold Prevention 10:15 AM — Room B Speaker: Tim Groves, MWR, MFSR, JTC, Emergency Services Supervi- sor, Paul Davis Restoration Description: Mold is one of the most common property issues build- ing owners and managers face. With new regulations and increased sensitivity to this four letter word; mold is an issue you can’t afford to ignore. As much as 95% of excessive mold growth in structures could be avoided with properly applied drying techniques. This seminar serves as an introduction to issues dealing with the assessment, remediation, and prevention of mold growth. As experts in property damage miti- gation, restoration, and reconstruction, we will provide you with the tools you need to protect your properties from mold damage and keep your residents safe from the side effects of mold exposure. The course will be presented by Paul Davis Emergency Services Supervisor, Tim Groves. With over 19 years in the emergency services industry and a vast array of training and certifications, Tim brings much knowledge and insight that will surely benefit those attending. 0.1 CEU - AFE HVAC Preventive Maintenance 9:00 AM — Room C

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