R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
Medistar Corp. acquires 264,000 s/f at 3 Beaver Valley Rd. in Wilmington NGKF represents both parties in $61.8 million sale of DE office property W ilmington, DE — Medistar Corp. acquired a 264,000
ISSUE HIGHLIGHTS Volume 27 Issue 9 May 15 - 28, 2015 NAI Mertz’s Lashner & Licht negotiate sale of 4.45-acres
change, one of the insurers that make up Farmers In- surance Group, renewed its 211,000 s/f lease for 10 years in the fourth quarter of 2014, according to Mack, who, along with Dangello, served as leas- ing representatives for the building. The NGKF represen- tatives also helped arrange the 39,121 s/f headquarters lease with Solenis International during the first quarter of this year. Approximately 13,000 s/f remains available on the fifth floor. The New Castle City North submarket, where the office property is located, recorded the most absorption of any Wilmington submarket last year at 270,608 s/f, accord- ing to NGKF research. Class A asking rents were also the highest of all submarkets at $29.65 psf. n Michael Lombardi , vice president investments in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a private investor. Lombardi also rep- resented the buyer in this transaction, who completed their 1031 exchange with the all cash purchase. In a second transaction, Marcus & Millichap an- nounced the sale of Cranford Square, a 34,573 s/f retail property located in Cranford, NJ. The asset sold for $7.5 million. Lombardi, together with Robert Angus and Juli- enne Pape , associates, all in Marcus & Millichap’s New Jersey office had the listing to market the property on behalf of the seller. Lombardi and Angus also represented the buyer in this transaction. The listing teamgenerated sixteen offers in two weeks resulting in a full price offer and closed in less than 30 days from the contract signing. n
s/f office building at 3 Beaver Valley Rd. in Wilmington for $61.8 million, marking the first mid-Atlantic investment for the Houston-based devel- oper and investor. The class A building is 94% occupied with Farmers Insurance Exchange as the anchor tenant follow- ing significant recent lease-up efforts by Newmark Grubb Knight Frank (NGKF) . NGKF Capital Markets rep- resented both the buyer and seller, an entity controlled by KBS Realty Advisors , in the transaction. “It is no surprise that this office building attracted multi- ple offers from a number of ca- pable buyers across the coun- try, given its well-established anchor tenant and proximity
18A
3 Beaver Valley Rd.
NJ Company Feature Mast Construction
to many corporate headquar- ters,” said NGKF's David Dolan , a senior managing director in the Philadelphia office, who arranged the trans- action along with executive managing director Jeffrey
Mack and senior managing director Michael Margolis in Wayne, PA; senior manag- ing director Neal Dangello in Wilmington; and director Brett Segal in Philadelphia. Farmers Insurance Ex-
Lombardi, Angus & Pape complete sale of 34,573 s/f retail property totaling $7.5m Hosey and Lombardi of Marcus & Millichap arrange the sale of a 33,480 s/f strip center cap rate.
2-3B
COLONIA, NJ — Marcus & Millichap announced the sale of Inman Shopping Plaza, a 33,480 s/f strip center ten- anted by Walgreens, Dunkin Donuts and Santander Bank among other national retail- ers. The building is located in Colonia, NJ, according to Brian Hosey , regional man- ager of the firm’s New Jersey office. The asset sold for $9.95 million representing a 6.29%
Section C 26th Annual NJAA Conference & Expo
Directory
Inman Shopping Plaza
DelMarVa.................................................................4-6A Pennsylvania..........................................................7-19A PA’s Projects/Building Services.............................12-15A Financial Digest....................................................20-23A New Jersey....................................................... Section B Central New Jersey.................................................7-14B
Upcoming Spotlights May 29, 2015 Industrial/Distribution Centers
www.marejournal.com
South Avenue in Cranford, NJ
Inside Cover A — May 15 - 28, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
Thank You to Our Speakers and Moderators!
Michael Bergman Bergman Real Estate Group
Seena Stein NGKF
Joseph Sarno, Jr. CBRE
Joshua Levering NAI James E. Hanson
Marybeth Brenner NJ Clean Energy
Mitchell Berkey Chiesa Shahinian & Giantomasi PC
Valentina Rozanova NJ Clean Energy
Jose R. Cruz HFF
Adam Altman KABR Group
Christopher Bellapianta Advance Realty
Jerry Barta Alfred Sanzari Enterprises
Peter Bronsnick SJP Properties
Jonathan Schultz Onyx Equities
Len Savino Langan Engineers
Dana Nalbantian Gensler
Attilio Rivetti Turner Construction
Edwin Cohen Prism Capital Partners
Thank You to Our Sponsors!
Stay on Track
Real Estate Journal — May 15 - 28, 2015 — 1A
www.marejournal.com
M id A tlantic
Scenes from
Event our
2A — May 15 - 28, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Section Publisher .................................................................... Steve Kelley Associate Publisher .............................................................Alissa Aronson Associate Publisher ..........................................................Barbara Holyoke Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Contributing Columnists ........................................................ Eugene Diaz Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 27 Issue 9 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
Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.
Regional Commercial Real Estate Predictions Do Not Require a Crystal Ball Eugene Diaz I f commercial real estate practitioners had crystal balls, would that be a good thing? We might know the future, but the jury is out on whether being able to better anticipate shifts in our cyclical industry would make a difference – or just cause more gray hair. That said, being able to “see” where things are headed does not always require clairvoy- ance – just experience and observation. Following are a few New Jersey/New York re- gional market predictions for the coming months and years. And with the first quarter of 2015 coming to a close, several are already ringing true. 1. As hospitals, managed care companies and pharma- ceutical firms all continue to adjust to the rapidly chang- ing healthcare landscape, the market will be punctuated with multiple, large health- care-related transactions. Already this year, the HUMC/ Seton Hall medical school
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
announcement and Cigna’s acquisition of QualCare have made headlines. Additionally, merger discussions are under- way between the Barnabas and Robert Wood Johnson health systems. 2. Office investment will accelerate, and office values will rise as the improving job market and the hunt for higher yields brings increased demand for this asset class. In February, Morris Corporate Center IV, a nearly vacant, 350,000 s/f property in Par- sippany, traded to an Inter- continental/Ivy joint venture partnership. The sale price, which was not disclosed, is ru- mored to be double that which the market would have sup-
continued on page 20A 3. Multi-family warning shots will be fired when in- terest rate and supply-side increases combine to scare weaker participants into lower effective rents as absorption returns to normalcy. This will back-up CAP rates, provid- ing opportunities for smarter folks to buy toward the end of the year and into 2016. While we are still waiting for this predication to show some legs, we are looking past it to forecast the resilience of the market proving out, buoyed ported one year ago. Looking ahead, a return of structured finance transactions will help to bridge the bid/ask between buyers and sellers.
MAREJ A dvertising D irectory Alliance USA.............................................................................................15C American Architectural Window & Door................................................10C Apartments.com. ......................................................................................11C ARD Appraisal Co....................................................................................17C Arrow Steel Inc...........................................................................................8C Barley Snyder...........................................................................................10A Bayshore.....................................................................................................9B Berger Organization.............................................................................IBC-B Bussel Realty Corp..................................................................................IC-B CCC Promotions.......................................................................................19B Chiesa Shahinian & Giantomasi PC.......................................................12B CIRC............................................................................................................4A Columbia Bank...................................................................................... BC-C Commercial Mortgage Capital.................................................................22A Cooper Horowitz.......................................................................................21A CREW Lehigh Valley PA.........................................................................16A Deerwood Real Estate Capital.................................................................23A E.B. Cohen................................................................................................18C Earth Engineering, Inc............................................................................10A Electronic Office Systems...........................................................................5B Elliott-Lewis.............................................................................................14C EPGP.........................................................................................................13C Fowler. ......................................................................................................25A Friedman LLP..........................................................................................12C FRKB.........................................................................................................20C Gebroe-Hammer Associates.......................................................................4B GREP...........................................................................................................9A GriffinAlexander P.C............................................................................IBC-C Harvey Hanna............................................................................................6A Heller Industrial Parks............................................................................13B HFF.............................................................................................................3A Hillcrest Paving and Excavating.............................................................25A Hinerfeld Commercial Real Estate..........................................................11A Hollenbach Construction............................................................................8A Hurley Auctions..........................................................................................8A ICREW NJ................................................................................................20B Investors Real Estate Agency..................................................................25A Jewel Electric Supply Co............................................................................4C Kaplin Stewart...........................................................................................2A Keast & Hood............................................................................................10A Keystruct Construction............................................................................13A LEW Corporation. ......................................................................................5C M. Miller & Son........................................................................................19C Marcus & Millichap....................................................................................2A Mericle Commercial Real Estate Services........................................... BC-A Meridian Capital Group...........................................................................11B Michael Cervelli Real Estate.....................................................................6C NJBPU........................................................................................................9C PCS............................................................................................................16C Poskanzer Skott Architects......................................................................16B Real Property Capital.................................................................................3A Regal Bank..................................................................................................1C Rittenhouse Realty Advisors. ....................................................................3C RT Environmental Services.......................................................................8B SEBCO Laundry Systems........................................................................19B Shearon Environmental...........................................................................25A Sidney Gable Associates...........................................................................14A Sorce Companies. .....................................................................................14B SUBWAY...................................................................................................25A The Kislak Company................................................................................10B The Pea Patch...........................................................................................25A Urban Engineering...................................................................................12A WCRE........................................................................................................16B Williams and Williams...............................................................................3A WithumSmith+Brown, PC......................................................................IC-C
Firmly Rooted in the Law and in the Community
We are well grounded in every facet of real estate law, from acquisition to construction.
We are committed to serving the needs of our clients and our communities.
Kaplin Stewart A t t o r ne y s a t Law
Contact: NeiL A. SteiN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • www.kaplaw.com Visit our Construction Blog: www.pennsylvaniaconstructionlawyer.com
Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120
To advertise, call 1-800-584-1062
KS Ad 6X5.5 Tree Neil S.indd 1
1/29/15 11:42 AM
Real Estate Journal — May 15 - 28, 2015 — 3A
www.marejournal.com
M id A tlantic
M id A tlantic R eal E state J ournal Seventeenth Street Apartments and The Homes on A Greysteel arranges the sale of 27 units inWashington, DC ASHINGTON , D C — T h e Greysteel Com-
to our
HFF MID-ATLANTIC OFFICES
Named Mi d-At l an t i c Rea l Es t a t e Journa l ’s “Best of 2014” Rankings fromMid-AtlanticRealEstateJournal survey
W
#1 Top Mortgage Brokers Jon Mikula Jim Cadranell #1 Largest Industrial Sale Industrial Portfolio - Northern NJ #2 Largest Financial Deal Keystone/Mack-Cali Portfolio
#1 Top Brokers - Sales HFF NJ Team of Jose Cruz & Kevin O’Hearn #1 Largest Office Sale PNC Place, Washington, D.C. #1 Largest Multifamily Sale The Crest at Fort Lee, NJ
pany has arranged the sale of Seventeenth Street Apart- ments, a 15-unit walk-up building located at 3410 17th St. in Northwest Wash- ington, DC. Greysteel’s Mid-Atlantic multifamily investment sales team led by Ari Firoozaba- di, W. Kyle Tangney, John Mullen, Lance Ahmadi- an, Mike Bediones, Jake Ying, and Alicia Orkisz served as advisor and agent to Jahco, LLC in the suc- cessful disposition of Seven- teenth Street Apartments to 3410 17th, LLC. “While the Mount Pleas- ant neighborhood has tradi- tionally commanded strong prices, demand for invest- ment opportunities in the area has dramatically ris- en,” said Greysteel senior director, W. Kyle Tangney. “The development of sur- rounding submarkets and limited supply of rental and for-sale product has drawn attention from a range of investors looking for long- term hold opportunities or a quick exit through the conversion to for sale prod-
HFF NEW JERSEY 200 Campus Drive Suite 410 Florham Park, NJ 07932 (973) 549-2000
HFF PHILADELPHIA Eight Tower Bridge 161 Washington Street Suite 925 Conshohocken, PA 19428 (484) 532-4200
HFF WASHINGTON, D.C. 1775 Pennsylvania Ave NW 5th Floor Washington, D.C. 20006 (202) 533-2500
hfflp.com
Seventeenth Street Apartments
uct. Seventeenth Street Apartments was sold by the original developer’s family to two very well respected DC real estate families and operators. We congratulate both the buyer and seller and wish them great success moving forward.” WASHINGTON, DC — The Greysteel Company has arranged the sale of The Homes on A, a 12-unit mul- tifamily community located at 5110 A St. in the Capitol Gateway neighborhood of Southeast Washington, DC. Greysteel’s Mid-Atlantic
multifamily investment sales team led by Ari Firooz- abadi, W. Kyle Tangney, John F. Mullen, Lance Ah- madian, Mike Bediones, Jake Ying, and Alicia Orkisz served as advisor and agent to Lennox Bryson in the successful disposition of The Homes on A to Jerome Bailey, Bailey Real Estate Holdings LLC. Built in 1946, The Homes on A is conveniently situated two blocks fromEast Capitol St., a major thoroughfare and gateway to the city, and a short distance to I-295 and I-495, the Capitol Beltway. n
Recently Closed Loans
$8,000,000 44-Unit, 122-Bed Student Housing Cash-out Refinance Temple University Philadelphia, PA 75% LTV, 10/30, 205 bps over SWAP
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com. FOR MORE INFORMATION: R. Brenner Green, President 75 East Butler Avenue • Ambler, PA 19002 • 610-456-9644 • bgreen@realpropertycapital.com Nothing. ADVERTISE TODAY! CALL 800-584-1062 Without advertising a terrible thing happens.
real estate auctions
DC Area Home on 3.4 +/- Ac Nominal Opening Bid: $250,000 Open to the Public 1-4pm Sun May 17 & 24
ASHTON, MD • 18600 New Hampshire Ave 9,414+/- sf brick home on approx 3.4ac lot. Main home includes 5 bedrooms, 5 full and 2 half baths, ballroom, main kitchen, lounge with additional kitchen, and elevator. Lower level has a guest apartment with separate entrance. Auctions: 5pm Wednesday, May 27 on site
The source for commercial real estate news in the Mid Atlantic Area. R EAL E STATE J OURNAL
Mid Atlantic Real Estate Journal Linda Christman, Publisher/CEO 800-584-1062 or 781-871-5298 • fax 781-871-5299 www.marejournal.com — Call or fax today for a FREE SAMPLE COPY! —
Also Auctioning in May: Occupied Washington DC condo at 1229 18th St, Unit 101 NE
800.982.0425 • williams auction .com/ashton
MD DANIEL NELSON RE LIC 639143. WILLIAMS & WILLIAMS RE LIC 639143. LARRY MAKOWSKI AUC LIC CITY OF BALTIMORE AU0000019. 5% BUYER’S PREMIUM.
Mid-Atlantic Real Estate Business Journal 6 x 5.5
4A — May 15 - 28, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
Commercial-Industrial Realty Council Join CIRC Now and Get Great Value! Great CRE Events ...Cont. Education...Speakers...Networking www.circdelaware.org
Schedule of Events ANNUAL MEETING & LUNCHEON May 14, 2015 (Wed.) Clarion Belle Speaker: Paula Swain, Incyte Corporation ANNUAL GOLF OUTING June 29, 2015 (Mon.) Hartefeld National • 11 Lunch • 12 Shotgun Start • 5:00 Happy Hour & Cocktails • 5:30 Dinner • 6:30 Awards Members may register online R.E. CONTINUING ED. * October 14, 2015 (Wed) * Mod. 4 / Office Management Mod. 5 / Legislative Issues: Agency Clarion Hotel-The Belle January 13, 2016 (Wed) * Mod. 7 / Contemporary Issues Mod. 3 / Real Estate Documents Clarion Hotel-The Belle March 9, 2016 (Wed) * Mods #/# to be announced Clarion Hotel-The Belle * Visit us on the web: CircDelaware.org for more information on our educa- tional course provider and credits for DE*MD*PA*NJ: circdelaware.org/education/schedule. cfm
Welcome New CIRC Members (shown below, from left): •Stephen C. Weick, Sperry Van Ness •Jim Manna, CIRC Membership Chairman •Christopher Duke, PE, Becker Morgan •Paul K. Wagner, Servpro •Dev Sitaram, PE, Karins and Associates •Brian Cannelongo, Bryn Mawr Trust Corp. •Drew Romanic, Martin Architectural
2014 (to 6/30/15) Board of Directors President John Birmingham Cushman & Wakefield Vice President Bert Root Harvey Hanna & Associates Treasurer Katherine L. Silicato, CPA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates Directors /Committee Education Chair: Dan Lesher Patterson Woods Associates Legislative Chair: J. Gregory Ellis Patterson-Woods Associates Program Chair: Donald Robitzer The Commonwealth Group Membership Chair: James Manna MidCoast Community Bank Benjamin J. Berger, Esq. Berger Harris, LLC Jim O’Hara, Jr. NAI Emory Hill-Retail Div. Rachael Justice ATAPCO Christiana Marvin Sachs Bellevue Realty Co. BrightFields, Inc. Jeremy Abelson C. S. Kidner & Associates Economic Dev. Liaisons New Castle County Chamber Bob Chadwick NCC Ec. Dev. Council State of Delaware David Archer DEDO NCCo. Rep. City of Wilmington Jeff Flynn Office of Economic Dev. Contact Us www.circdelaware.org (302) 633-1705 janet@circdelaware.org Ex-Officio Members Business Manager Janet S. Pippert CIRC / Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner
Dr. Peter Bailey, Vice-President of Exter- nal Affairs, Wilmington University (above left) spoke with members of Commer- cial-Industrial Realty Council (CIRC) and their guests on plans for a new cam- pus in the area of Route 202 and Bea- ver Valley Road in North Wilmington. Dr. Bailey oversees public relations, the University magazine, government rela- tions, military affairs, academic and corpo- rate partnerships, new site development, community outready and support for the
Other New Members (not shown): •Joy Barrist, Esq., Benesch Law •Joseph Borgia, Wells Fargo •John Johnson, PLS, Karins and Associates •Stacey Kerr, CFI - Knoll •Scott Matthews, Esq., Tarabico Grosso •Ralph Rossi, Buccini/Pollin Group •Nathan Sorenson, RPA, Sovereign Prop.Mgmt. •Andrea Tinianow, Del. Corp. & Int'l. Dev.
Platinum Golf Sponsors
Gold Golf Sponsors
Thank you Pat Forester & Sonitrol Security, our photography sponsor.
Good Times/Great Reasons to Join! www.CircDelaware.org
Real Estate Journal — May 15 - 28, 2015 — 5A
www.marejournal.com
M id A tlantic
Largest MH sector acquisition nearly doubles portfolio FCP & Horizon close on acquisition of $88m portfolio
Totaling 499,696 s/f in Reston, VA ARC, Angelo and Gordon acquire office bldgs. for $82m
C HEVY CHASE, MD — Federal Capital Partners (FCP) and Horizon Land Co., LLC (Horizon) announced the $88 million acquisition of an 11-community, 2,413-site portfolio of manufactured homes primarily located in Western New York. Included in the acquisition is Gypsum Mills, a 560-site, five-star community located in Victor, NY. M&T Bank provided the senior debt financing. “We are excited about our acquisition of this high-quali- ty portfolio and its long-term prospects as a component of our business, and greatly look forward to providing an affordable housing option for current and future residents of these communities,” said FCP vice president, Drew Odabashian . Ryan Hotchkiss of Ho- rizon Land Co., LLC, said, WASHINGTON, DC — Urban Investment Part- ners (UIP) , in partnership with Philadelphia-based Lu- bert-Adler Partners , has acquired Embassy Towers, a 72-unit apartment building in Washington, DC’s Adams Morgan neighborhood, for $13.25 million. The property is located at 1620 Fuller St., NW, across the street from the historic former Italian embassy building, which is slated for redevelopment. Prior to the acquisition, UIP reached an agreement with the Embassy Towers Tenant Association, permit- ting UIP to undertake major renovations to the common areas and individual apart- ments. The buildings’ ten- ants have not yet decided whether to convert their apartments to condomini- ums, or continue as rentals. If a minimum number of ten- ants agree to buy their reno- vated apartments as condo- miniums and they qualify, the condominium conversion will go forward, and sales
Reston Corner II
available for immediate oc- cupancy by small-to-medium sized tenants. Some of the buildings offer private balco- nies, new conference facilities, and dramatic two-story atrium lobbies. Tenants in both office parks have access to premium fitness facilities and onsite cafes. Nearly $5millionwas invest- ed recently in improvements to the buildings’ elevators, light- ing systems, restrooms, and the mechanical, electrical, and fire/ life safety systems. The ARC-AG partnership plans to spend an additional $5 million to improve the buildings and outdoor common areas. “Atlantic Realty has deep roots in Reston, having de- veloped such well-known des- tinations as Plaza America,” said Atlantic Realty president David Ross . “In fact, in 1992- 93, our newly formed company was located in Reston Corner III. We are pleased to join with Angelo, Gordon to expand our Reston portfolio at this excit- ing time,” he added. n “This Fund will have a nice balance between acquiring existing assets and ground up development,” said Mark Matan , principal for the Matan Companies. “In to- day’s competitive landscape you need both to generate the growth and returns in the in- dustrial sector.” The Fund is seeking to take advantage of the lack of existing inventory, the e-commerce effect, and the barriers to entry in the Wash- ington, DC area market. n
RESTON, VA — A part- nership of Atlantic Realty Companies (ARC) of Tysons Corner, VA and Angelo, Gor- don & Co. (AG) of New York City has acquired four office buildings totaling 499,696 s/f in Reston for $82 million. The properties are strategically located near the Dulles Access Rd. and the new Silver Line Metro station. The portfolio is 50% leased to more than 40 tenants including the Res- ton Association and offices of Wal-Mart. Eastdil Secured brokered the transaction. The Reston Corner I, II, and III properties comprise an of- fice park located at the corner of Sunrise Valley Dr. and Reston Parkway. Parkridge V is one of six office buildings in the Parkridge office park, situated adjacent to the Dulles Access Rd. on Sunrise Valley Dr. The table below describes the buildings. Reston Corner I is 100% leased; the other buildings have existing vacancy, in- cluding fully furnished suites WASHINGTON, DC — Matan Companies an- nounced the closing of its latest real estate fund, Matan Fund V (MFV) . The Fund will invest in the warehouse/ industrial sectors in the Wash- ington, DC area. With initial MFV equity of $100 million, and the ability to expand up to $150 million, Matan sees the Fund growing to around 3-4 million s/f over the next 24-36 months. Currently, the Fund has 2 pending deals under agree- ment totaling 250,000 s/f, in addition to a 120,0000 s/f high bay building planned to
Gypsum Mills
“Our acquisition of the Mor- gan Portfolio is the ideal next step in Horizon’s relationship with FCP. This acquisition substantially increases our joint portfolio, takes our part- nership into an expanded geography, and provides an important building block for continued growth.”
This acquisition increases FCP/Horizon’s total manufac- tured housing holdings to a total of 32 communities with approximately 5,600 sites. Since closing the joint venture in late 2012, FCP/Horizon has acquired 22 communities rep- resenting approximately $180 million in value. n
UIP, Lubert-Adler obtain 72-unit apartment building in Adams Morgan for $13.25 million
Matan Fund V closes, begins acquisitions commence construction this summer. The Fund has sev- eral additional development parcels under its control.
Embassy Towers
will begin in late 2016. Alan Davis and Brendan Flood of HFF represented the seller in the transaction. “This project demonstrates UIP’s flexibility and commit- ment to working successfully with tenant associations under the city’s TOPA pro-
cess (Tenant Opportunity to Purchase Act) to achieve wonderful outcomes,” said Steve Schwat, principal, UIP. “Our level of experience is why we are selected by so many tenant associations that wish to renovate their buildings.” n
6A — May 15 - 28, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
ask about our 10k incentive* $
just released|a new phase
brand new
302.212.0002 inquire today
2015
move in BY spring
luxury waterview condominiums
W ith the overwhelming interest in THE RESIDENCES OF LIGHTHOUSE COVE, we are excited to announce construction is well underway on the next phase of brand new luxury bayside residences. Each home will feature wide-plank durable porcelain tile flooring, modern fixtures, and high-efficiency appliances in a mix of 2, 3 and 4 bedroom floorplans overlooking the Rehoboth Bay and Atlantic Ocean.
2 Bedroom Residences | Priced from $629,900 3 or 4 Bedroom Residences | Priced from $799,900
*Valid on all contracts written by February 1st, 2015 to receive a $10,000 options incentive.
SALES BY:
TheResidencesDE.com 302.212.0002
P ennsylvania
S hopping C enters
Richardson, Shanahan and Hilbert represent the ownership Colliers International Philadelphia facilitates 115,000 s/f office lease in Bucks County B www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — 7A UCKS COUNTY, PA — Colliers Interna- tional in Philadel- stops on the property during peak-hours.
consisting of four buildings to- taling 426,384 s/f of office and industrial space. Other quality tenants include Aon Service Corporation and Stanley Black & Decker. With up to 150,000 s/f of contiguous space available for lease to a full building user or to multiple tenants, County Line Commerce Center is the best value in the market for corpo- rations demanding corporate image space. The property is just minutes away from the PA Turnpike Interchange (Rt. 611) and the Septa R2 Warminster regional rail line. Septa bus routes 22 and 55 stop on-site and the rushbus makes five
ABB is based in Zurich, Swit- zerland, the company employs about 140,000 people and oper- ates in 100 countries. The firm’s shares are traded on the stock exchanges of Zurich, Stockholm and New York. ABB is par- ticularly proud of its record for innovation - widely recognized through countless awards and scientific accolades. Many of the technologies we take for granted today, from ultra-ef- ficient high-voltage direct cur- rent power transmission to a revolutionary approach to ship propulsion, were developed or commercialized by ABB. n ested institutional buyers and selected Metro Storage. This is Metro’s eighth acquisition in the Philadelphia market in the past year,” said Howard. Marzullo, senior vice presi- dent with CBRE’s Wayne, PA office, added, “It’s in an excel- lent location with exposure to Rte. 611 and easy access to the Pennsylvania Turnpike, in an area of Montgomery County with strong residential, com- mercial, retail, and industrial demand.” Willow Grove Self Storage is a 92,250 s/f facility with six single story non-climate controlled buildings and three fully climate controlled build- ings, totaling 626 units. Steel NA, LLC in leasing a 13,500 s/f portion of the 70,000 s/f modern one-story building located at 2101 Green Ln., Bristol Commerce Center, Bristol, PA from Green Lane Properties LLC, represented by Andrew McGhee of Colliers International. Sean Durkin of Roddy Inc. advised Salem Steel leased the property to accommodate the company’s continued growth and intends to use the space for a warehouse/distribution center. n
HI-LIGHTS MAY 15 - 28, 2015 County Line Commerce Cen- ter is a class A mixed use com- plex in Warminster Township, Bucks County, Pennsylvania phia recently completed a 115,000 s/f lease extension and expansion at County Line Commerce Center with ABB, Inc., making them the largest tenant at the property. The Colliers team of Sandy Rich- ardson, Matthew Shanahan , and Kyle Hilbert represent the ownership at County Line Commerce Center. PA’S PROJECTS/ BUILDING SERVICES SPOTLIGHT 12-15A Grace of Landmark Comm’l. Realty inks 50,000 s/f lease
15-17 E. Gay St.
CBRE brokers sale of 628 Unit Willow GroveSelf Storage inMontgomeryCounty
PHILADELPHIA, PA — CBRE, Inc. has brokered the sale of Willow Grove Self Stor- age in Willow Grove. Michael Howard , senior vice president of CBRE’s Self Storage Advi- sory Group, along with Steve Marzullo and Justin Mar- lowe of CBRE’s Investment Properties Philadelphia Com- mercial Group, represented the seller. The class A facility was sold to Metro Storage, LLC, a privately owned, fully integrated, international self- storage operating company with 11 facilities in the Phila- delphia area. “Through a national mar- keting campaign, our team identified a deep pool of inter- PENNSAUKEN, PA — Roddy Inc. represented 945 Sherman Holdings, LLC in the purchase of 945 Sherman Ave., Pennsauken Industrial Park, Pennsauken fromThe Lorraine G. Conolly Family Trust. The 66,585 s/f building is situated on 3.5 acres, features 13 tailgate doors and 18,429 s/f of air conditioned controlled and insulated warehouse space. The property is located in the Pennsauken Industrial Park with excellent access to Rtes. 130, 73, 90 and the Betsy Ross
8A
Willow Grove Self Storage
Garibaldi teams with Avison Young to sell 284,582 s/f
Robert Olender of Roddy orchestrates $2.2 million sale
10A
945 Sherman Ave.
Bridge. Robert Olender of Roddy Inc. represented the purchaser, 945 Sherman Holdings for $2.2
million and the facility will be occupied by Stay Fresh Foods. In a second transaction, Roddy Inc. represented Salem
16-17A
www.marejournal.com
8A — May 15 - 28, 2015 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania RSRRealtors’ Bicksler reps. tenant inMechanicsburg Grace of Landmark Comm’l. Realty inks 50,000 s/f lease E nola, PA — Sunbelt Rentals leased a 50,000 s/f industrial facility
Professional Construction Management Design Build General Contracting HOLLENBACH CONSTRUCTION, INC. “ONE STEP BEYOND”
Senior Living ~ Healthcare Religious ~ Commercial Educational ~ Industrial
Gateway Ticketing Corporate Headquarters
Our Mission To develop and deliver strategic client focused solutions to meet facility needs. Please contact us so we can show you how... We help control your total project costs. We answer the question of who is responsible. We save you time to focus on what matters most - your business We reduce your risk.
situated in 4.5 acres located at 4417 Valley Rd., Enola. Jason Grace, CCIM, SIOR , SVP of Landmark Commercial Realty, Inc. negotiated the transaction between the tenant and the landlord, Edie Manage- ment Group. Lux Convergence LLC has leased Suite 939 Kranzel Dr. at Lower Allen Shopping Center. Andrew Kohr of Landmark Commercial Realty handled the transaction for the landlord and the tenant. County House Research,
Keystone Villa at Fleetwood
166 Holly Rd. P.O. Box 507 Boyertown, PA 19512 Phone: 610-367-4200 Fax: 610-367-1020 email: gebersole@hollenbach.com www.hollenbach.com
4417 Valley Rd.
Inc. leased from Old Mechan- icsburg Historical Associates a suite at Frankenberger Place, 219 E Main St., Mechanics- burg. Bo Mangam and Drew Bobincheck represented the landlord and Derek Bicksler of RSR Realtors represented the tenant. Michele O’Connel leased from Olde Mechanicsburg Historical Associates a suite at Franke- berger Place, 219 East Main St., Mechanicsburg. Mangam and Bobincheck represented the landlord and negotiated the lease between landlord and tenant. Donald Dewalt has leased from the Estate of Rita Dobson, A car lot with office building at 3857 East Harrisburg Pike, Middletown. Mangamhandled the negotiations between ten- ant and landlord. n NAI CIR inks 43,368 s/f in leases Pittsburgh, PA — The University of Pittsburgh re- newed its lease of 39,670 s/f of office space at 401 E. Winding Hill Rd. for the Resource Cen- ter of the PA Child Welfare Training Program. James Ross of NAI CIR represented the University of Pittsburgh, and Craig Rahn , also of NAI CIR, represented Winding Hill, LP, the property owner. 2,550 s/f of space at 2 W. Allen St., Mechanicsburg has been leased by Brian and Kelcy Lahr. Ida McMurray of NAI CIR represented the property owner and Justin Spaulding of KWCommercial Tri State represented the Lahrs. Keystone Alliance for Public Charter Schools has leased 1,148 s/f of office space at 212 N. Third St., Harrisburg. The Bill Gladstone Group of NAI CIR handled the trans- action. n
2 COURT ORDERED LIQUIDATION AUCTIONS of HAGERSTOWN AIRCRAFT SERVICES INC Former Aircraft Maintenance & Repair Facility & Carrier Operation
14235 Oak Springs Rd-Hagerstown, MD 21742 REAL ESTATE Sealed Bids due JUNE 24, 2015
1.28+-ACRES ZONED AP (Airport District) with large 18,900+- sq ft aircraft hangar located just 1hr 15min to DC/Baltimore & N. Virginia & 1 hr to Harrisburg, PA. Hangar features: 3 separate aircraft bays with aviation hydraulic bay doors, separate aircraft paint bay, office space, reception/ waiting area, 1 bath, 1st & 2nd floor parts rooms & more! Other buildings include a machine shop & equipment shed. AIRCRAFT EQUIPMENT,PARTS & SUPPLIES NOW Thru MAY 28, 2015 CESSNA PLANE U206C needs assembled; CESSNA/PIPER/BEECH- CRAFT JIGS (elevator-fuselage-wing repair) & HUNDREDS of NEW AIR- CRAFT PARTS, SUPPLIES & HARDWARE; Magnaflux testing machine; pin fitting machine; vertical milling machines; heated parts washer; sand blast- ing machines; swagers; Holmes utility body w/ winch; sheet metal foot shears; commercial air compressors; nose gear assemblies; radios; plane hoists; 2001 FORD F-650 SUPER DUTYTRUCK w/ knuckle boom; Cleveland Towmotor FORKLIFT; Cobra 35 ft flatbed deck-over TRAILER; 25-ton hydraulic press; TRUCKLOADS of TOOLS & HARDWARE & MUCH MORE! This is a VERY PARTIAL listing. PREVIEW May 20 & 27: 11am-4pm
717-597-9100/866-424-3337 AuctionZipID1023 Matthew Hurley - AU003413
WWW.HURLEYAUCTIONS.COM
Real Estate Journal — Pennsylvania — May 15 - 28, 2015 — 9A
www.marejournal.com
M id A tlantic
P ennsylvania
OPPORTUNITY Promote Your Company
anheim, PA — NAI Commercial Partners, Inc. an- Pointer of Advanced Realty Services reps. buyer NAI Commercial Partners’ Thiry completes $1.065msale M
* SEND NEWS RELEASES AND PHOTOS *
• Brokered Transactions • New Services/Products • Projects Completed or Underway • Expert Articles • Appointments, Promotions, & Honors • Events • Mergers & Acquisitions • Financing Deals The Mid Atlantic Real Estate Journal welcomes all editorial dealing with the commercial/industrial real estate industry. P.O. Box 26 • Accord, MA 02018 (mailing) 312 Market St. • Rockland, MA 02370 (overnight) e-mail: editor@midatlanticjournal.com www.midatlanticjournal.com
nounces the sale of a 14,252 s/f industrial building located at 2705Mount Joy Rd. inMan- heim for $1.065 million. Jo hn Thiry, CCIM of NAI Commer- cial Partners, Inc. represented the seller, A&M Hardware, Inc. and Jim Pointer of Ad- vancedRealty Services and Consultants represented the buyer, Vigor Properties, LLC. NAI Commercial Partners, Inc. announced the sale of a 13,000 s/f industrial building located at 1077-1079 Commer- cial Ave. in East Petersburg for $750,000. Thiry represent- ed the seller, A&MHardware, Inc. and Thomas McDer- NGKF releases 1st quarter report Philadelphia, Pa . — Newmark Grubb Knight Frank (NGKF) has released its first quarter 2015 office reports for the greater Phila- delphia region. In downtown Philadelphia, occupancy grew, partly on the heels of outside tenants opting to relocate into the central business district. The most prominent of those leases signed was American Bible Society’s commitment to nearly 100,000 s/f at 401 Market St. This represents a move from an entirely different market as American Bible Society had been headquartered in NYC for nearly two centuries. Eisner- Amper and Hill International are also moving facilities into Philadelphia, making the move from the surrounding PA and NJ suburban locations. “Tenants are attracted to downtown locations for a num- ber of reasons,” noted Wayne Fisher, executive managing director. “Companies are po- sitioning themselves to take advantage of millennial labor pools that are increasingly growing in urban locations. Tenants also want to be closer to clients, vendors and trans- portation infrastructure which, more often than not, downtown Philadelphia provides.” In the suburban Philadelphia portion of the market, demand for class A office product con- tinues. Since the end of the last recession in mid-2009, class A occupancy grew by more than 1.6 million s/f while class B and C demand shrunk by more than 1.2 million s/f . n
2705 Mount Joy Rd.
800-584-1062 781-871-5299 fax Mid Atlantic Real Estate Journal
mott, CCIM of NAI Commer- cial Partners, Inc. represented the buyer, Sporty, LLC. NAI Commercial Partners, Inc. announced the sale of an 1,800 s/f office building located at 601 Estelle Dr. in
Lancaster for $225,000. Thiry represented the sellers, James, Craig and Matthew Heinly and Gregory Kile of NAI Commercial Partners, Inc. represented the buyer, Charles Investments, LLC. n
GROWING
YOUR BUSINESS?
CONNECT WITH US.
We’re Greater Reading Economic Partnership. Here to help you overcome the business challenges that keep you up at night. Whether it’s managing rapid growth or finding new office space, we’ll connect you to the right people from our extensive network of resources to keep your business moving in the right direction. All so you can achieve Greater things. Contact us today. Our service is free and we’re just a call or click away.
(610) 376.4237 GreaterReading.com
Financing • Legal Help • Training • Business Development • Property Listings • Data & Research
Mid-Atlantic Real Estate Journal / Half Page / 8 x 8.25
10A — May 15 - 28, 2015 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
Bell Sport hires Michael Bartolacci and Jerry Moore Garibaldi teams with Avison Young to sell 284,582 s/f
We know Real Estate Our dedicated real estate attorneys provide comprehensive legal services to assist clients in every stage of the real estate transaction. We regularly represent developers, businesses, public entities and individuals. Listed as a 2015 Harrisburg Tier 1 firm in five practice areas, and Tier 2 firm in two practice areas.
ork, Pa — TheGarib- aldi Group , partnered with Avison Young , has brokered a deal to sell 284,582 total s/f of industrial space at 57 Grumbacher Rd. The property is situated on 11.847 acres of land with an adjacent lot of 3.81 acres. The building itself offers 6,000 s/f of office space and 27 dock high doors with 1 drive-in door. The team of Michael Bartolacci and Jerry Moore , both se- nior brokers at The Garibaldi Group, along with Brendan Y YORK, PA — Bennett Williams Realty, Inc. an- nounced that president and CEO, Chad Stine and vice president of retail sales & leasing, Brad Rohrbaugh were named 2014 CoStar Power Brokers by CoStar Group , Inc . This annual industry award recognizes distinguished professionals in commercial real estate brokerage by highlighting the achievements of the firms and individual brokers who closed the highest transaction vol- umes in commercial property
• Negotiation • Due diligence • Permits & Approvals • Title insurance • Entity formation • Settlement • Tax assessment appeals
57 Grumbacher Rd.
Kelly of Avison Young were hired by Bell Sport Inc. to lease and sell the property. After bro- kering a short term lease with
NFI, the teamwent on to attain a deal to sell the property to the investment group High Street Realty Company, LLC. n
Lancaster York Reading Hanover Malvern Hunt Valley www.barley.com @barleysnyder
Bennett Williams Realty Inc’s Rohrbaugh & Stine receives 2014 Costar Power Broker Award
for this honor, their overall transaction volumes were eval- uated by CoStar against other commercial real estate brokers active in the region, and subse- quently ranked among the top brokers in the market. “CoStar is proud to honor the firms and brokers who perform at the industry’s high- est level each year,” said Co- Star Group founder and CEO Andrew Florance . “These industry leaders deserve to be recognized for their hard work, expertise and superior deal-making abilities.” n
STRUCTURAL ENGINEERS
www.keasthood.com Philadelphia | Washington
sales or leases in 2014 within their respective markets. Stine and Rohrbaugh quali- fied as one of the top commer- cial brokers in Philadelphia based on the total leasing transactions they closed during the year. In order to be selected Chad Stine Brad Rohrbaugh
Serving building owners, developers, real estate professionals, and architects since 1953.
CELEbRATInG 25 yEARS oF EnGInEERInG ExCELLEnCE!
QUALITY • COMMITMENT • PERFORMANCE
Renovations & Additions
New Construction
Subsurface Investigations • Construction Inspection and Testing Geotechnical Design & Analysis • Environmental Site Assessments and Remediation • Clean Fill Testing • Carbonate Site Assessments Stormwater Infiltration Testing • Laboratory Soils Testing www.earthengineering.com Corporate Headquarters: 610-277-0880 • Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 • South Jersey: 856-768-1001
Condition Assessments
Due Diligence
400 Market Street, Suite 1250 Philadelphia, PA 19106 215.625.0099 1350 Connecticut Avenue NW, Suite 412 Washington, DC 20036 202.223.1941
Real Estate Journal — Pennsylvania — May 15 - 28, 2015 — 11A
www.marejournal.com
M id A tlantic
GATEWAY DEVELOPMENT OPPORTUNITY!
33 South Wilkes-Barre Boulevard Wilkes-Barre, PA 18702 • STRATEGICALLY LOCATED • LANDMARK TRAIN STATION BUILDING CAN PROVIDE EYE- CATCHING FOCUS FOR DEVELOPMENT PLAN • OPPOSITE ANOTHER STUNNING BUILDING, STEGMAIER BOTTLING HOUSE, SCHEDULED FOR CONVERSION TO APARTMENT AND COMMERCIAL USE IN THE VERY NEAR FUTURE (W-B Times Leader, 2/8/2015) • ONE OF TWO KEY GATEWAY PROPERTIES IN THE CITY • A JEWEL-IN-WAITING
AboutWilkes-Barre • Nearly 50,000 Residents • 215,000 People within Ten Mile Radius • County Seat of Luzerne County • Home to Many State and Federal Regional Offices • 20,000 Commuters Working in Center City Daily • Numerous Professional and Business Firms • College Town with Over 8,000 Students • Medical Center • Young Professionals Moving Into New Apartments • Lively Social, Cultural, Entertainment and Night Life • Major Department Store and Hotel & Conference Center
• Attractive Development Opportunity • 6.36 Acres • Four Approved Subdivision Lots • Two Buildings • Historic Central Railroad Station • Tenant Occupied Commercial Building • Three Street Frontages • C-4: Commercial, Heavy Zoning
• Gateway Location On Wilkes-Barre Boulevard • One Block From Coal Street • Three Blocks From Public Square • Four Blocks To King’s College And Wilkes University • McDonalds & Citizens Bank Adjoin • Rite Aid And Geisinger Clinic Nearby
Patrick Sammon psammon@hinerfeldcommercial.com
Griff Keefer gkeefer@hinerfeldcommercial.com
Contact:
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76Made with FlippingBook - professional solution for displaying marketing and sales documents online