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ontville, NJ — The Kislak Compa- ny, Inc. announced Vice President J. Squires represents both parties Kislak completes $136 million sale of Rachel Gardens In Montville, NJ M
ISSUE HIGHLIGHTS Volume 26 Issue 14 July 25 - August 14, 2014 Brokerage Directory Spotlight Section C
Following Kislak’s recom- mendation, the $136 million sale of Rachel Gardens to Cammeby’s was approved by the sellers. Cammeby’s offer was $1 million above the list- ing price with a considerable non-contingent deposit and no due diligence. Three other interested parties made offers at $135 million. “Given the limited period during which we marketed the property, Jeff and our team generated an extraordinary level of interest and ultimately produced the highest and best price, which was $1 million above the listing price,” said Holland. “I am immensely proud of our team and its accomplishments. Time and again, we produce astonishing results of record cap rates and prices for our clients strength- ening our reputation as the most successful broker of mul- tifamily and other investment properties in and around New Jersey.” continued on page 4A and NJ is offering attractive incentives that will help to cap- ture those jobs,” said Maurice Ades , Rugby Realty’s principal and managing director. “We recognized 300 Lighting Way as one of the best options avail- able to fill those requirements, and that’s a focus in our leasing program.” Roughly half of the build- ing, or 156,000 s/f on three contiguous floors, is available for lease, creating an excellent opportunity for a large corporate tenant. If a single tenant were to take the entire space, there is an additional opportunity to secureprominent signage on the building’s exterior. The purchase marks Rugby Realty’s secondofficeacquisition in New Jersey and is part of an ongoing effort to grow its port- folio in the New York region. In December 2013, Rugby Realty purchased City ViewCorporate Center, a 135,418 s/f, class A office building in Lyndhurst. n
the $136 mil- lion sale of Rachel Gar- dens, a 764- unit apart- ment complex on over 98 acres in the Pine Brook s e c t i o n o f
Architects & Engineers
Montville. VP Jeffrey Squires represented both parties in the transaction. President Robert Holland and COO Jason Pucci provided transaction management and support. The sale of Rachel Gardens is the single largest sale of a multifamily property in New Jersey in terms of price since 2011 based on data available from CoStar. It is also among the largest multifamily proper- ties in New Jersey. The purchaser is an affiliate of NY-based Cammeby’s Inter- national whose other holdings include theWoolworth Building
in Manhattan and a substan- tial portfolio of commercial and residential real estate. “We are pleased to purchase Rachel Gardens. It is a unique property in northern NJ and opportunities like this don’t come along very often,” said a spokesman for Cammeby’s. Kislak was court-appointed as the broker to sell the prop- erty with a $135 million listing
price and marketed it over a limited four-week period in April and May. Given the rare opportunity to acquire a large well-performing multifam- ily property with value-added upside in northern NJ; there was extremely strong interest frommany well-qualified local, regional and national inves- tors, several with international participants.
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Soon-to-be-renovated Harmon Meadow class A office property Rugby Realty acquires 303,000 s/f 300 Lighting Way in Secaucus, NJ from Hartz Mountain Industries
Secaucus, NJ — Rugby Realty Co. Inc. announced it has acquired 300 LightingWay, a class A office building in Se- caucus from Hartz Mountain Industries . The seven-story, 303,000 s/f property is ideally situated near the intersection of the NJ
Upcoming Spotlight August 29, 2014 Commercial Real Estate law Owners, Developers & Managers..Section B Green Buildings............................. 19-23B Shopping Centers............................. 11-22C
300 Lighting Way
distinctive greenglass structure offers corner office terraces, generous parking and a wealth of nearby restaurant and retail amenities. “ManyManhattan companies are searching for a more af- fordable alternative to NYC for their back-of-office operations,
Tpke./I-95 and Rte. 3, between Mill Creek Mall and the Har- mon Meadow mixed-use devel- opment. The new owner plans exten- sive improvements including a renovated lobby and the cre- ation of a new fitness center, café and conference center. The
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CELEBRATING OUR 108 TH YEAR
Congratulations to Vice President Jeff Squires and the Kislak sales team on the $136,000,000 sale of Rachel Gardens 764 Units in Montville, N.J. The sale of Rachel Gardens is the single largest sale of a multifamily property in New Jersey in terms of price since 2011 based on data available from CoStar. Investment Real Estate Brokerage
multifamily. retail. office.
www.kislakrealty.com 732 750 3000
The Kislak Company, Inc.
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AJM Contractors �������������������������������������������������������6B Alliance Distributors �������������������������������������������������4B BL Companies ���������������������������������������������������������13B Bohler Engineering ���������������������������������������������������3B Borrus Associates ����������������������������������������������������15C Brickstone ����������������������������������������������������������������11C Capitol Aerials���������������������������������������������������������22B Cassidy Turley�����������������������������������������������������������6C CBRE GriffinLand�����������������������������������������������IBC-C Charles J. Collins ����������������������������������������������������13B Cohen Seglias ����������������������������������������������������������15B Corfac International������������������������������������������������17C Crystal Window & Door ��������������������������������������������7B Cushman & Wakefield ������������������������������������������ IC-C DDG �������������������������������������������������������������������������13B Earth Engineering�����������������������������������������������������8B Eastern Union �����������������������������������������������������������7C Elias B. Cohen �����������������������������������������������������������5B Elliott Lewis ������������������������������������������������������������14B EnerSave������������������������������������������������������������������20B Entech Digital Controls ������������������������������������������21B Fowler ����������������������������������������������������������������������18B Gilbeaux�������������������������������������������������������������������22B GREP �������������������������������������������������������������������������2C Heller Industrial Parks�������������������������������������������23C Hillcrest ���������������������������������������������������������������������2B Hinerfeld ������������������������������������������������������������������14C Hollenbach Construction.........................................11B IBS������������������������������������������������������������������������������2B inHabit ���������������������������������������������������������������������10B Investors Real Estate ������������������������������������������������9C IREM������������������������������������������������������������������ 24-25B Jewel Electric ����������������������������������������������������������20B Jottan �������������������������������������������������������������������������7A JRS Architects �����������������������������������������������������������9B Kislak �������������������������������������������������������������������������1A Landcore Engineering ���������������������������������������������13B Landmark Commercial �������������������������������������������16C LEW Corp. ���������������������������������������������������������������22B LMS Commercial�����������������������������������������������������16C M. Miller & Son ���������������������������������������������������������3B Marcus & Millichap���������������������������������������������� BC-A NAI Emory Hill ���������������������������������������������������������4C NAI James E. Hanson���������������������������������������������16C NAI Mertz ������������������������������������������������������������������3C NAI Summit ������������������������������������������������������������32C NGKF �����������������������������������������������������������������������32C P. Cooper Roofing ������������������������������������������������� BC-B PCS���������������������������������������������������������������������������21B Penncap����������������������������������������������������������������� BC-C Poskanzer Skott�������������������������������������������������������16B Precis Engineering ��������������������������������������������������12B PWC ���������������������������������������������������������������������������4B RD Management������������������������������������������������ 12-13C Rittenhouse��������������������������������������������������������������10C Singer FD�������������������������������������������������������������������3A Sorce Companies �������������������������������������������������������1C .Specialty Building Systems................................... IC-B Stout & Caldwell �����������������������������������������������������17B Subway���������������������������������������������������������������������19C The Goldstein Group �����������������������������������������������15C USGBC���������������������������������������������������������������������23B Veraxia�����������������������������������������������������������������������8C Weiss Realty ������������������������������������������������������������16C WithumSmith+Brown�����������������������������������������������1B MAREJ A dvertisers D irectory
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 Guest Columnist .................................................................. Caroline Shelly 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. Rockand, MA 02370 USPS #22-358 | Vol. 26 Issue 14 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
HowRestacking your office can saveYOUmoney
L ately, Restacking has become a buzzword in Corporate America. But what does it really mean, and how and why does a company go about restacking? Restack- ing is described as a “Compre- hensive Space Reallocation.” Two of the most expensive costs to a corporation are em- ployees and office space. Cor- porations are looking for ways to capitalize on both of these aspects, and the approach to restacking office space has emerged. This approach in- cludes becoming the “employer of choice” thus far maximizing the real estate by utilizing the space better. Today, business roles are scattered and rules are being rewritten daily. Research indi- cates that people communicate based on their generational backgrounds. Learning to com- municate with different genera- tions can eliminate confronta- tions and misunderstandings. Add these components, along with the need to get more of- fice space, while still being the “employer of choice” can cause a lot of headaches. Restacking takes the tradi- tional sized workstation of 7x9 (63 s/f) and squeezes it into a tighter footprint of 7x7 (49 s/f). By restacking 100 employees from 63 s/f to 49 s/f you have just created the potential to add 28 more people into the building! But what about “hard walled office personnel?” Frus- tration and headaches for the Facility Manager can arise when “cubicle people” are being
come, first serve basis daily, or add touchdown stations within a department to accommodate specific employees so interac- tion is easily maintained. Re- gardless of which approach is used, personal space for each tele-commuter of either a locker or rolling file cabinet should be offered so the employee has space to lock up files or a purse as needed. Additionally, since the perception will be that you are taking space away from employees, you may have to consider increasing perk space to enhance the workplace by adding spaces like a gym, day- care center, or coffee bar. Overall, as office space be- comes more expensive, it is wise to utilize the maximum potential of the space available. Whether it be by re-purposing and re-utilizing existing fur- niture or purchasing newer smaller workstations to add people, this can be accom- plished once the entire orga- nization is on board with the plan. When restacking is ap- proached properly there is less frustration and no headaches if planning and communication is properly coordinated. n
squeezed, however the office spaces of 10x15 remain luxuri- ous. Some acceptable methods to restacking across the orga- nizational chart would include: doubling up office space, using demountable walls to down- size the office footprint or even eliminating offices and placing everyone in a workstation. As space is constricted, the need for privacy arises. In order to accommodate the need for privatemeetings, phone calls or interviews; space called “hud- dle rooms” and informal meet- ing areas are created. A ratio of huddle rooms to workstations is determined depending on how in-depth the restack is. Another scenario that should be taken into consideration as a potential perk are employees that “work from home” but are still expected in the office once or twice a week. To eliminate an assigned workstation per employee; touch down stations or hoteling is created within the space to accommodate the tele-commuter. Various approaches to hoteling work depending on the organization; create a pool of hoteling sta- tions that are used on a first
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M id A tlantic R eal E state J ournal For a multifamily property on behalf of Pantzer Prop. MeridianCapitalGrouparranges $21.7m in acquisition financing
P HILADELPHIA, PA — Meridian Capital Group, LLC , a na- tional commercial real estate finance and advisory firm, negotiated a $21.7 million mortgage to purchase a mul- tifamily property located in Philadelphia, on behalf of Pantzer Properties . The five-year loan, provided by a local balance sheet lender, features a competitive fixed- rate of 3.13% and interest- only payments for the first two years followed by a 30-year amortization schedule. This transaction was negotiated by Meridian Capital Group senior managing director, Drew Anderman ,senior vice president, Alan Blank , and associate, David Bollag , who are all based in the Company’s New York City headquarters. The 13-story multifami- ly property, located at 1601 Sansom St., totals 80 units and 11,192 s/f of retail space. WPRealtyannounces disposition of Retail Portfolio BOSTON, MA — WP Re- alty announced the success- ful disposition of the Metro Boston Retail Portfolio. The Me t ro Bos t on Re - tail Portfolio consisted of 3 Shaw’s anchored shop- ping centers and one free- standing Hannaford Bros., located in affluent subur- ban communities outside of Boston. The portfolio was 97% leased and contained a strong mix of national, re- gional, and local tenants in- cluding Shaw’s, Hannaford Bros., Walgreens, Rite Aid, Bank of America, and Citi- zen’s Bank, among others. The portfolio was com- prised of the following: Cushing Plaza – a 71,210 s/f retail shopping center in Cohasset, Massachusetts Shaw’s Plaza – a 104,923 s/f retail shopping center in Easton, Massachusetts Shaw’s Plaza – a 57,181 s/f retail shopping center in Hanover, Massachusetts Ha nn a f o r d B r o s . – a 45,882 s/f retail shopping center in Waltham, Mas- sachusetts WP Realty is a real estate investment, development, management and leasing company headquartered in Bryn Mawr, Pennsylvania. n
August 15 PA’s Elite Companies Multifamily Financing DEADLINE: Aug. 6
The 80 units were previously leased and operated by Oak- wood Corporate Housing as a short-term furnished corporate rental facility. The purchase trigged an early ter- mination of the Oakwood lease and the borrower is reposition- ing the property as a class-A multifamily rental building. Notable retail tenants include Philadelphia Runner and Hon- eygrow. “The sponsor will benefit from a low fixed-rate with the flexibility required to allow them to execute their business plan,” said Anderman. n
August 29 Commercial Real Estate Law DEADLINE: Aug. 20
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1601 Sansom St.
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Kislak completes $136m sale of Rachel Gardens...
Team recognized for relocation of GAF headquarters NorthMarq secures two NY transactions totaling $2.775m
E W Y O R K — Charles Cotsalas , senior vice president/ senior director of North- Marq Capital ’s New York Metro based office arranged the refinancing of the Chow Down Diner and Poco Loco for a combined $2.775 mil- lion. NorthMarq arranged the transactions for sepa- rate borrowers through its relationship with StanCorp Mortgage Investors, LLC . Poco Loco: Located at 1431 Old Northern Blvd., Roslyn, New York, this 5,800 s/f res- taurant was refinanced at $1.275 million. The transac- tion was structured with a 25-year term and 25-year amortization schedule. “This is cash out refinance N UNION, NJ — Bussel Re- alty Corp. (BRC) , a corpo- rate and industrial real estate services firm in New Jersey, announced Kalustyan Corpo- ration has expanded by 50,000 s/f into Building C at 1835 Burnet Ave. in Union. Origi- nally, the company leased 32,472 s/f in Building B at the three-building industrial park. The expansion brings the company’s total occupancy at the industrial complex to 82,472 s/f. Vice president James Hodgkins of BRCwas responsible for the transaction and represented Kalustyan Corporation. The building was represented by Ken Lund- berg of NAI Hanson , who also represented the owner in the original transaction. CONSHOHOCKEN, PA – The Borough of Conshohock- en and Keystone Property Group announced that they have formed a public-private partnership to redevelop the former Verizon Building at 400 Fayette into a modern office, retail and community facility that will house the new Borough Hall, admin- istrative offices and police headquarters. Last year, Keystone was selected by the Borough to serve as redeveloper for the site, which involves renovat-
Chow Down Diner
for an owner occupied restau- rant,” said Cotsalas. Chow Down Diner: Located at 40111 Hempstead Tpke., Bethpage, New York, this 9,000 s/f diner was refinanced at $1.5 million. The transac- tion was structured with a 10-yaer term and 25-year amortization schedule. North- Marq arranged financing for the borrower, HVS Enter-
prises, Inc. “This was a cash-out refi- nance for an owner occupied property,” said Cotsalas. “In addition to recapitalizing the cost of the property and im- provements, the loans were used to secure equipment financing. The property had recently opened with no his- torical operating numbers,” said Cotsalas. n
Rachel Gardens aerial
Constructedbetween1989and 1999, RachelGardens consists of 531 two bedroom apartments, 226 one-bedroom apartments and seven studio apartments in 32 three-story buildings. 596 of the units are market rate and 168 of the units are affordable. It is the onlyapartment property in Montville. Montville was ranked 13th in the nation in Money magazine's 2013 Best Places to Live rank- ings, the second-highest in New Jersey of the top 50 nationwide. In 2012, Morris County was ranked the10thwealthiest coun- ty in the nation by the American Community Survey. n
continued from FC-A “There are only a handful of apartment complexes of the size and quality of Rachel Gardens in northern New Jersey and they rarely, if ever, sell,” said Squires. “Our exclusive listing represented an extraordinary and unique opportunity for investors to acquire a large well-performing property in an affluent community only thirty minutes from Manhattan. Oc- cupancy at Rachel Gardens is consistently high with waiting lists for some units. These fac- tors contributed to a frenzy of interest from many investors, several at a sub 5% cap rate.”
Bussel Realty Corp. represents 50,000 s/f tenant expansion in Union, NJ
NAI Hanson facilitates 13,350 s/f lease in Branchburg, NJ
1835 Burnet Ave.
“Several years ago I repre- sented Kalustyan Corp in its original lease at the industrial park,” said Hodgkins. “With the company’s growth in busi- ness, Kalustyan decided an expansion within the indus- trial park could continue to ac- commodate its present needs and future plans.” 1835 Burnet Ave., Building ing the former Verizon build- ing to incorporate a brand new facade, elevators, roof and building systems. The building’s lower level will be converted to tenant parking for approximately 40 vehicles. The Borough has hired con- tractor Geppert Bros., Inc. a women’s business enter- prise, to oversee remediation and demolition work. The Bo r ough o f Con- shohocken will be entering into a lease agreement with affiliates of Keystone for the balance of the space within
C offers eight cross docked tailgates, one drive-in door, 60 parking spaces, and wet sprinkler system. The indus- trial park’s location provides easy access to the New Jersey Tpke., Garden State Parkway, and Rte. 78 East. It is 15 minutes to Ports Newark and Elizabeth and Newark Liberty Airport. n the building, which will com- prise 16,500 s/f of office space and 5,500 s/f of retail space along Fayette Street. The space will be marketed by Keystone. “We are excited by the op- portunity to transform this underutilized building into a high-performance facility that will be well-equipped with state-of-the-art infra- structure to effectively serve the needs of the Borough and its residents,” said Bill Glazer , president of Key- stone Property Group. n
3434 Route 22 West
The Borough of Conshohocken and Keystone Property Group launches redevelopment of former Verizon Building
lord is Normandy Fox Hollow LLC. “Cimquest was attracted to Fox Hollow Business Center due to the flexibility of the space, as well as the building’s convenient location on Route 22,” Mayer said. “Fox Hollow will provide the company with space for its headquarters, training, show room and stor- age requirements.” Fox Hollow is a 42,600 s/f, class B flex and R&D mul- tiple-tenant building with 22-foot ceilings and ample parking. With this lease, the building is now 100% occupied. n
BRANCHBURG, NJ — NAI James E. Hanson , a New Jersey-based commercial real estate firm, announced that it has facilitated a long- term, 13,350 s/f office lease at Fox Hollow Business Center, located at 3434 Rte. 22 West in Branchburg. The tenant, Cimquest Inc., which represents manufactur- ers of 3D printers, production systems, and design software, is relocating from a location in Bedminster, NJ. The NAI Hanson team of vice presidents Barry Mayer and Arthur Hixson repre- sented the tenant. The land-
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Thursday, September 18th, 2014 Brooklake Country Club, Florham Park, NJ Registration: 7:15 AM Program: 8:00 AM - 12:00 PM Apartment & Multifamily Summit Thursday, September 18th, 2014 Brooklake Country Club, Florham Park, NJ Registration: 7:15 AM Program: 8:00 AM - 12:00 PM Apartment and Multifamily Summit Event For questions, call Linda Christman at 800-584-1062 or email Lchristman@marejournal.com
9:45 AM—What is theFutureofApartment Investments? • Where is the apartment market heading and Why • 2013 & 2014 Investment Sales Recap: Was it a record year and what will 2015 bring • How to turn misfortune into fortune in apartments • How does the New Jersey market compare to the rest of the US • How do you underwrite and evaluating properties in today’s marketplace • What type of yields should you expect and What are the fun- damentals today • How is today’s economy and the housing market affecting the Apartment Industry • Growing trends and what can we expect in the next 1 to 2 years 10:30 AM — How to Operate Your Apartment Building for Success • Current Market Vacancy & Absorption Rates • Tenant Expectations: Which types of services are new tenants demanding from owners • Emerging trends in the Apartment marketplace • Property Management tools to improve the bottom line • Local Market Outlook and Market Predictions for the Next 1 to 2 years 11:15 AM — Building a Successful Project from Start to Finish • Where is the biggest potential for growth in New Jersey • What new projects have been completed recently and what is currently under construction • Case studies of projects that have been developed and built right • The importance of building a strong partnership with a municipality • Leveraging historic tax credits to get deals done • Future Prediction on Apartment Development and Construc- tion in New Jersey
7:30 AM — Continental Breakfast
7:55 AM — Welcome and Introduction
8:00 AM — 2014 New Jersey Apartment Market Overview: • With vacancies at record lows how does New Jersey stack up compared to the rest of the U.S. • What is driving the Apartment Market and where is it driving it • What are the outside influences that are creating momentum in the Apartment Market • How are apartment brokers getting deals done today • The changing fundamentals of Apartments • New Development vs. Existing: Where are the opportunities and why • Downtown vs. Suburban: Where is the activity and why 8:45 AM — Capital’s Comeback: The Evolution of Apartment Financing • What type of deals are Fannie & Freddie looking to target today • How has underwriting changed • What is the future for the agency lenders • What is the outlook for 2014 and beyond for lenders, buyers, sellers, developers and investors • Who is lending, and what are some alternative sources of capital • Which deals are more likely to get done and what are the capital requirements • What changes should we expect in underwriting criteria and how can we get deals done • What types of governmental programs are available and how do I access them
9:30 AM — Break
12:00 PM — Adjourn & Networking
For questions, call Linda Christman at 800-584-1062 or email Lchristman@marejournal.com
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Relocation Opportunities New England Area Premier Properties For Sale
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© 2014 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker ® and the Coldwell Banker logo are registered service marks owned by Coldwell Banker Real Estate LLC.
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8A — July 25 - August 14, 2014 — M id A tlantic
Real Estate Journal
ACQUISITION • OWNERSHIP • MANAGEMENT • LEASING • CONSTRUCTION SUPERVISION
45 Eisenhower Drive, Paramus, NJ 2,205 sq.ft. • 4,618 sq.ft. • 6,228 sq.ft. 8,114 sq.ft. • 13,784 sq.ft.
333 Meadowlands Parkway, Secaucus, NJ 2,176 sq.ft. • 2,818 sq.ft. • 3,309 sq.ft.
960 Holmdel Road, Holmdel, NJ 9,485 sq.ft. 1460-1480 US Hwy 9 North, Woodbridge, NJ 2,391 sq.ft. • 3,355 sq.ft. • 3,371 sq.ft. 4,304 sq.ft. Twenty-five years. One driving mission.
Corporate Headquarters 555 Route One South, Iselin, NJ 2,733 sq.ft. • 3,325 sq.ft.
1 Kalisa Way, Paramus, NJ 2,400 sq.ft. • 3,773 sq.ft.
299 Market Street, Saddle Brook, NJ 775 sq.ft. • 2,202 sq.ft. • 2,894 sq.ft. 4,182 sq.ft. • 5,068 sq.ft.
100-110 South Jefferson Road, Whippany, NJ 1,985 sq.ft. • 2,431 sq.ft. • 3,170 sq.ft. 13,354 sq.ft. • 41,367 sq.ft.
155 Passaic Avenue, Fairfield, NJ 1,119 sq.ft. • 1,400 sq.ft. • 14,388 sq.ft.
Since 1988, Bergman Real Estate Group has earned a solid reputation as one of New Jersey’s leading office building owners. Bergman takes great pride in its hands-on approach to providing superior office space and professional management services for companies throughout the Garden State.
2013 was a year of many accomplishments … closing 70 lease transactions totaling $21 million and loan refinancing for 7 properties valued at $62 million.
www.bergmanrealty.com Pride, Professionalism & Performance
We wish to thank all of our tenants, the brokerage community, our vendors and all those who have partnered with us over the years.
For leasing information, contact John Osborne 732-855-8600 x115 or visit bergmanrealty.com
Real Estate Journal — July 25 - August 14, 2014 — 9A
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10A — July 25 - August 14, 2014 — M id A tlantic
Real Estate Journal
P eople & C ompany N ews
Colliers names Norris as property manager
Team recognized for relocation of GAF headquarters CBRE wins NAIOP’s “office deal of the year” award
said Louis Kousouris , presi- dent and principal of Colliers. Prior to joining Colliers, Norris was a real estate man- ager for Digital Realty Trust in Chantilly, VA, where he managed the preparation of budgets and reports, super- vised payment processes and oversaw lease compliance. Previously, he was property manager for First Potomac Realty Trust , building man- ager for Mack-Cali Realty Corp. , property manager for Monday Properties and as- sistant property manager for CB Richard Ellis . Norris holds a Virginia real estate license. He earned his Bachelor of Science in global business and public policy from the University of Maryland. n
BALTIMORE, MD — Col- liers International in Bal- timore, a full-service com-
ADDLE BROOK, NJ — CBRE Group, Inc. an- nounced that its team of Jeff Babikian , executive vice president, and Brian Godau , vice president, was awarded NAIOP ’s prestigious “Office Deal of the Year” award. CBRE was recognized for representing GAF, which pur- chased One Campus Dr., a 377,000 s/f office building in Parsippany, NJ, that will serve as the company’s new corporate headquarters. The sale marked one of the largest office building transactions in New Jersey in 2013 and was instrumental in retaining GAF’s headquarters within the state. “Despite a focus on GAF’s cost savings initiatives, we were able to keep a prominent company located in New Jer- sey by evaluating all options and we’re honored that an organization such as NAIOP recognized all the hard work that went into making this happen,” said Babikian. “The price for this property on a per-square-foot basis was far S
mercial real estate firm, h i r e d J a - son Norris as property m a n a g e r . Norris brings more than 15 years of ex- perience in
below any replacement or new construction cost for a building of this size and quality. This allowed GAF to invest in the space itself to accommodate its specific needs and create a world class headquarters environment.” Subsequent to the sale, GAF launched a $30 million dol- lar renovation project, led by Normandy Partners , to bring the building up to cur- rent commercial standards and create a LEED certified, class A headquarters facility. “The major challenge that we faced in this deal, which I think the NAIOP team rec- ognized, was that we needed to secure approval from the municipality for GAF’s in- tended office and R&D use of the space in a relatively short timeframe,” said Godau. “In addition, the purchase was arranged by the property’s special servicer through a bid process. We needed to fully understand the competitors to determine if GAF’s bid was high enough to ensure it would be selected, yet remain within say has been with SVN-Miller since 2009, and has handled in-house property manage- ment and lease administration for the last 3 years. The Institute of Real Estate Management, an affiliate of the National Association of REALTORS , is an association of professional property and asset managers who have met strict criteria in the areas of education, experience, and a commitment to a code of eth- ics. The CPM designation is the industry’s premier real es- tate management credential.
the company’s budget. And the team was able to accomplish all this.” GAF’s approximately 600 employees working at the com- pany’s current headquarters in Wayne are expected to transfer to the new location in early 2015. The new site will allow for continued growth, resulting in job retention for the state and potential future jobs, while at the same time providing GAF with the easy access to key roadways and the high vis- ibility the company had sought. “Throughout the process, the CBRE and GAF teams demonstrated ample patience in following an arduous and tactful process,” said Jeff Hip- schman , senior managing director, CBRE New Jersey. “The transaction proved to be a great success, not just for CBRE and for GAF, but for the Parsippany market and New Jersey, as a whole. I’m glad NAIOP was able to appreci- ate the value of this deal and recognize all its benefits and potential benefits for the New Jersey job market.” n Over the course of the next 18 months, Lindsay will complete in-depth education on topics including but not limited to financial tools, marketing & leasing, and managing the physical asset. “We are excited that Lindsay is pursuing her CPM designation to better serve our clients. It is our goal to provide the highest level of service to our client base, and the knowledge that Lindsay will gain from the classes needed to receive her designation is invaluable,” said Miller. n
property management, cus- tomer relations and opera- tions. “We are thrilled to add Jason Norris to the Colliers team as he brings the depth of expe- rience, work ethic and high degree of professionalism that we expect from our property management professionals,”
GREYHAWK wins Project of the Year from the CMAA
Hall of SVN-Miller approved for Certified Property Manager (CPM) candidacy
Kingsway Regional High School
SALISBURY, MD – Amy Miller, CPM , managing di- rector of Sperry Van Ness –
grade and 11th/12th grade “sides” of the building. The existing High School building was an approximately 222,000 s/f single-story structure. The project included approximate- ly 37,500 s/f of additions, and the renovation of approxi- mately 15,000 s/f of existing space. Renovations and addi- tions included an addition of a 9th and 10th grade classroom wing, renovation of existing administrative offices to create a new cafeteria; renovation and addition of media center; music suite addition, renova- tion to create new central dis- trict office area, addition and renovation to create new PE training room; and renovation to create new TV studio and new computer lab. n
MOORESTOWN, NJ — GREYHAWK , a national project management and con- sulting firm, recently received a 2014 Project of the Year award from the Mid-Atlantic Chapter of the Construction Management Association of America [CMAA] . The annual awards program rec- ognizes outstanding achieve- ment in the practice of con- struction management. GREYHAWK was awarded the 2014 Project of the Year for K-12 school projects under $20 million for the additions and renovations to the King- sway Regional High School in Woolwich Township, NJ. Work at the High School focused on converting the school into more clearly defined 9th/10th
Miller Com- m e r c i a l Real Estate is announced that proper- ty manager L i n d s a y Hall has be- come a can- didate for the
Certified Property Manager (CPM) designation through the Institute of Real Estate Management (IREM) . Lind-
BALTIMORE, MD — An- drew Roud , vice president, land use for St. John Prop- Roud, VP, St. John Properties, assumes new responsibilities worked with the company since 2009, will now oversee all state and local political and legisla- tive relations and activities. As vice president, land use, Roud is involved with the analysis and entitlement of ex- isting and potential properties and mixed-use developments for the company that owns and manages more than 17 million s/f of R&D/flex, office, retail and warehouse space throughout eight states. He has more than 27 years of com- mercial and retail real estate experience and is a member of NAIOP Maryland and the Urban Land Institute . “Andrew brings an impres- sive background in political and legislative relations to this position, as well as a critical understanding of the importance of developing and maintaining strong lines of communication with our elect- ed leaders,” said Lawrence Maykrantz , president, St. John Properties. n Andrew Roud erties, Inc. , has assumed a d d i t i o n a l responsibili- ties for the full-service commercial real estate development and manage- ment company headquartered in Baltimore. Roud, who has
Mack-Cali announces appointments EDISON, NJ — Mack- Cali Realty Corporation an- nounced that its board of direc- tors has appointed Anthony Krug as chief financial officer of the company and Gary T. Wagner as chief legal officer and secretary of the Company. Krug previously served as acting chief financial officer and chief accounting officer. Wagner previously served as vice president and senior asso- ciate general counsel and had served as the acting chief legal officer and interim secretary. n
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Real Estate Journal — July 25 - August 14, 2014 — 11A
M id A tlantic
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12A — July 25 - August 14, 2014 — M id A tlantic
Real Estate Journal
C ommercial R eal E state O rganizations ’ E vents C alendar JULY 27-29 – ICSC Event: Next Generation Conference AUGUST 5 – CREW BALTIMORE Event: M & T Bank Stadium Tour & Happy Hour Time: 4:30 PM – 7:30 PM
SEPTEMBER 9 – CREW PHILADELPHIA Event: 30th Anniversary Celebration Location: Barnes Foundation Address: 2025 Benjamin Franklin Pkwy, Philadelphia, PA www.crewphiladelphia.org SEPTEMBER 9 – IREM NJ Event: Heritage Night Time: 6:00 PM – 9:00 PM Location: The Palace at Somerset Park Address/City: 333 Davidson Ave., Somerset, NJ P: 856-303-0190 E: email@example.com www.irem1.org SEPTEMBER 10 – CIRC DE Event: Monthly Membership Luncheon Time: 11:30 AM – 1:30 PM Location: Clarion Hotel – The Belle Address/City: 1612 N. Dupont Hwy., New Castle, DE Cost: $35 Members $45 Nonmembers www.circdelaware.org SEPTEMBER 12 – CREW LEHIGH VALLEY Event: Coffee & Crew Time: 8:00 AM – 9:00 AM Location: TBD www.crewlehighvalley.org SEPT. 18 – MID ATLANTIC REAL ESTATE JOURNAL Event: Apartment & Multifamily Summit Event Time: 7:15 AM – 12:00 PM Location: Brooklake Country Club Address/City: Florham Park, NJ P: 800-584-1062 | E: firstname.lastname@example.org www.marejournal.com SEPTEMBER 18 – USGBC NJ Event: 12th Annual Emerald Awards Time: 5:00 PM – 9:30 PM Location: Montclair State Conference Center SEPTEMBER 28-29 – IFMA Event: Facility Management: A Practical Introduction, IFMA’s Fall Symposium Location: Pennsylvania Convention Center Address/City: 1101 Arch St. P: 713-623-4362 E: email@example.com www.ifma.org SEPTEMBER 29 – IREM Event: 2014 Annual Golf Outing Sponsored by Friends of IREM Time: 10:30 AM – 7:30 PM Location: Commonwealth National Golf Club Address/City: 250 Babylon Rd., Horsham, PA P: 856-786-9260 E: firstname.lastname@example.org www.irem3.org Address/City: Montclair, NJ E: email@example.com www.usgbcnj.org SEPTEMBER 17 – BOMA PHILADELPHIA Event: Toby Awards Location: Sheraton Society Hill Address/City: 1 Dock St., Philadelphia, PA P: 215-567-1775 | E: firstname.lastname@example.org www.bomaphila.com
Location: Westin Philadelphia Address/City: Philadelphia, PA Cost: $175 Members $325 Nonmembers P: 646-728-3640 E: email@example.com www.icsc.org JULY 28 – CORENET/NAIOP Event: Golf Outing Time: 10:00 AM Location: Green Valley Country Club
Location: M&T Bank Stadium Address/City: Baltimore, MD Cost: $35 Members $45 Nonmembers P: 785-832-1808 E: firstname.lastname@example.org www.crewbaltimore.com AUGUST 14 – CREW LEHIGH VALLEY Event: Mug Shots & Martinis Time: 5:00 PM – 7:00 PM Location: Blue Grillhouse Address/City: 4431 Easton Ave., Bethlehem, PA
Address/City: 201 W. Ridge Pike, Lafayette Hill, PA P: 267-428-6434 E: email@example.com www.corenetglobal.org JULY 30 – CIANJ Event: EBC Roundtable Time: 8:00 AM – 9:30 AM Location: PSEG Training & Development Center Address/City: 234 Pierson Ave., Edison, NJ Cost: Members Free/$80 Nonmembers www.cianj.org JULY 30 – CREW PHILADELPHIA Event: CREW Philadelphia vs. NAIOP Softball Game Time: 4:30 PM – 8:00 PM | Location: Navy Yard Address: 4747 S. Broad St., Philadelphia, PA Cost: Free | www.crewphiladelphia.org JULY 30 – NAIOP NJ Event: Regulatory, Legislative & Legal Update Time: 7:45 AM – 11:30 AM JULY 31 – CREW LEHIGH VALLEY & CREW NJ Event: Members Only Summer Networking Event- Tour of NJ Center of Excellence Time: 3:30 PM – 5:30 PM Location: NJ Center of Excellence Address/City: 1041 Rte. 202/206, Bridgewater, NJ Cost: $35 E: firstname.lastname@example.org | www.icrewnj.org JULY 31 – CREW PITTSBURGH Event: CREW Members Happy Hour Time: 5:00 PM – 7:00 PM Location: Steel Cactus Address/City: 5505 Walnut St., Pittsburgh, PA E: email@example.com www.crewpittsburgh.org AUGUST 1 – NAWBO First Friday: Certifications for Women Owned Businesses Time: 9:00 AM – 10:00 AM Location: STAT Office Solutions Address: 1201 Orange St., Ste. 700, Wilmington, DE E: firstname.lastname@example.org www.nawbodelaware.org AUGUST 2 – ULI/NAIOP/BOMA PITTSBURGH Event: Real Estate Reunion Time: 12:00 PM – 9:00 PM Location: The Regatta at Lake Arthur Address/City: Moraine State Park, Portersville, PA P: 724-687-0707 | www.naioppittsburgh.org Location: The Bloustein School Address/City: New Brunswick, NJ Cost: $110 Members $145 Nonmembers P: 732-729-9900 www.naiopnj.org
Cost: Free-Members Only www.crewlehighvalley.org
AUGUST 20 – CIANJ Event: Summer Networking Reception
Time: 6:00 PM – 8:00 PM Location: The Brick House
Address/City: 179 Goodwin Ave., Wyckoff, NJ P: 201-368-2100 E: email@example.com www.cianj.org AUGUST 21 – CREW PHILADELPHIA Event: Speed Mentoring Time: 5:30 PM – 8:00 PM Location: Poggenpohl Address/City: 230 N 2nd Street, Philadelphia, PA AUGUST 21 –MIDATLANTICREALESTATE JOURNAL Event: The Utica Shale & Marcellus Economic Impact on Philadelphia Time: 7:15 AM – 12:00 PM Location: Llanerch Country Club Address/City: 950 West Chester Pike, Havertown, PA Cost: $129 (Day of Event $159) P: 800-584-1062 | E: firstname.lastname@example.org www.marejournal.com AUGUST 26 – CREW PITTSBURGH Event: Lunch Program – 5th Annual Commercial Financial Update Time: 11:30 AM – 1:30 PM E: email@example.com www.crewpittsburgh.org Cost: $55 Members/Guests www.crewphiladelphia.org SEPTEMBER 8 – SIOR NJ Event: SIOR Sponsor Summer Dinner Time: 5:30 PM – 9:00 PM Location: 90 Acres @ Natirar Address/City: 2 Main St., Peapack, NJ Cost: Free-Members Only www.siornj.com SEPTEMBER 9 – CIANJ Event: 12th Annual PENPAC Beefsteak and Silent Auction Time: 6:00 PM – 9:00 PM Location: The Brownstone Address/City: 351 W. Broadway, Paterson, NJ Cost: $125 P: 201-368-2100 www.cianj.orgPage 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 76 Page 77 Page 78 Page 79 Page 80
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