R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
MacLaren, Talone and Townsend, represented the seller $25.1 million Bucks Countymultifamily property sold by Marcus & Millichap produce strong returns,” adds MacLaren.
ISSUE HIGHLIGHTS Volume 24 Issue 18 Sept. 28 - Oct. 11, 2012 ProjectoftheMonth: 2.0 University Place
L
EVITTOWN, PA — Marcus & Millichap Real Estate Invest-
include panoramic terraces, newly renovated and upgrad- ed kitchens, wall-to-wall car- peting andmodern appliances. Some units have washers and dryers. On-site amenities include two pools, two tennis courts, a gym, community rooms, covered and non-cov- ered parking, a 24-hour front desk, upgraded elevators and more. “This amenity-filled build- ing is located in a safe, attrac- tive neighborhood surrounded by open space, park areas, and one of the region’s most beautiful and architecturally distinctive communities. Situ- ated halfway between New York City and Washington, D.C., Philadelphia continues to attract a strong and steady stream of renters,” added Rosen, who noted the buyer implemented a renovation project in order to render the asset more competitive. Rents at Chestnut Hill Tower start at approximately $750 for studios and $1,500 for a three- bedroom unit. n “The low interest rate en- vironment, strong apartment fundamentals and next year’s potential increase in capital gains taxes are spurring buyer interest in quality Delaware Valley apartment communi- ties,” MacLaren concludes. Chesterfield Apartments was built in 1974 on 15.5 acres. The community consists of 10 buildings containing 153 one-bedroom units, 93 two- bedroom apartments and one three-bedroom house. Amajor- ity of the units have been up- dated with new kitchens and baths. Many units also feature washers and dryers. Common area amenities include a swim- ming pool, fitness center and clubhouse. n
ment Services has brokered the sale of the Chesterfield Apartments, a 247-unit multi- family property in the planned community of Levittown. The sales price of $25.155 million equates to $101,842 per unit and $143 psf. Donald “Ridge” MacLar- en , a first vice president in- vestments, and senior as- sociates Clarke Talone and Andrew Townsend , all in Marcus & Millichap’s Phila- delphia office, represented the seller, a multifamily REIT. They also procured the buyer, a local partnership. “Chesterfield Apartments is a very well-maintained property in a strong Lower
22-23A
Market Square at Frederick signs 25,000 s/f lease
Chesterfield Apartments
Bucks rental market,” said MacLaren. “The seller did a terrific job improving the asset over their hold period and was
rewarded with a tremendous amount of buyer activity. The buyer has acquired a well- performing asset that should
228-unit high-rise located at 7600 Stenton Ave. Gebroe-Hammer Associates handles $16.75 million multifamily sale in Philadelphia, PA
30A
Mid Atlantic R EAL E STATE J OURNAL F ALL P REVIEW 2012 Fall Preview
Philadelphia, PA — Gebroe-HammerAssociates recently announced the $16.75 million sale of Chestnut Hill Tower, a 228-unit high-rise located at 7600 Stenton Ave. The firm’s investment bro- kerage team of Joseph Bre- cher , executive vice presi- dent, and Eli Rosen , senior vice president represented the seller, an out-of-state
MidAtlantic RealEstateJournal— September 28 -October12, 2012—SectionB
www.marejournal.com
M ILES B ERGER T HE B ERGER O RGANIZATION
S AM B ERNS N ORTH M ARQ
F RANK D E L UCIA HUB I NTERNATIONAL N ORTHEAST
R OBERT D EMMETT W ITHUM S MITH + B ROWN ,PC
J OSHUA G REENFIELD R IKER D ANZIG ,LLP
J ONATHAN W.H IPP C ALKAIN C OMPANIES
S TEVE J OHNS V AN D EMARK & L YNCH , I NC .
N EIL K ILIAN NAIE MORY H ILL
D AVE M ORISON NAIE MORY H ILL
N ICHOLAS R ACIOPPI , J R . R IKER D ANZIG ,LLP
R OBERT S CHUCKER R&SL ANDSCAPING
Section B
Directory
Auction News/Directory................ 6-7A Owners, Developers & Managers 9-28A Green Buildings......................... 19-25A Shopping Centers...................... 29-41A People on the Move....................... 42A Calendar of Events. ........................ 43A Fall Preview. .......................... Section B
Chestnut Hill Tower
private owner, and identi- fied the buyer, a long-time Gebroe-Hammer client, in this sale. Situated on 5.31 acres in the upscale Chestnut Hill neighborhood, the 18-story luxury building also includes 12 ground-floor retail units. “The multi-family housing industry in Philadelphia has continued to steadily improve, even in the face of
the economic downturn. We have experienced growing demand from local owners, as well as investors from outside the region, all of whom rec- ognize the long-term invest- ment potential in apartment buildings city-wide,” said Brecher. Chestnut Hill Tower in- cludes a mix of studio, one-, two- and three-bedroom lay- outs. Spacious floor plans
www.marejournal.com Upcoming Spotlight Insurance/Title
Inside Cover A — September 28 - October 11, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com
While other banks are pulling back, our customers are pulling ahead. Why?
D iscover open minds as well as open hands. We understand a local businesses’ financial needs. I t calls for support, not reserve. That’ s why, for all your business deposit and lending needs, Regal Bank offers a wide array of commercial products and services. We’ re locally owned and operated, so we better understand the challenges and opportunities your business faces every day. • C ommercial R eal Estate and Multi -F amily L oans • C ommercial L oans • Business L ines of Credit • F R E E B usiness C heck ing • R emote Deposit Capture • Merchant Ser vices • Fast Approvals F or more information contact Monte or Sean at 973-716-0600
570 W. M t. Pleasant Avenue L ivingston, N J 07039 973-577-7160
504 S. L ivingston Avenue L ivingston, N J 07039 973-577-7161
30 Columbia Turnpike Florham Park, NJ 07932 973-210-4115
180 E agle R ock Avenue R oseland, N J 07068 973-228-3951
www. regalbanknj. com
Equal Housing Lender. Equal Opportunity Lender.
Member FDIC
Mid Atlantic Real Estate Journal — September 28 - October 11, 2012 — A
www.marejournal.com
If you are reading this...
You should be exhibiting or attending
November 7 & 8, 2012
Co-Sponsored by:
For registration information on exhibiting or attending Please visit: www.MABFM.com or call Tom Thomas 877-770-1661
2A — September 28 - October 11, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com
ABC Delaware/ABC Pennsylvania............................... 27A Aldo Design Group ........................................................ 10A Alfred’s Auctions, Inc. ..................................................... 7A Bennett Williams Realty Inc. ....................................... 35A Brahney Paving............................................................. 18A Capitol Aerials............................................................... 21A Cooper Roofing Inc. ....................................................... 11A Crystal Window & Door Systems, LTD........................ 24A Earth Engineering Incorporated .................................. 30A Expert Publishers, Inc. ................................................... 5A Fowler ............................................................................ 28A Franchise World ............................................................ 33A GA Keen Realty Advisors................................................ 2A Gilbeaux Associates, P.C. .............................................. 21A Haftek CWS................................................................... 14A High Associates LTD. ...................................................... 3A Hutchinson .................................................................... 21A IREM.............................................................................. 17A Landcore Engineering Consultants, P.C. ..................... 32A M. Miller & Son ............................................................... 3A Marcus Millichap Taylor Zang...................................... 31A NAI Mertz........................................................................ 4A NJ Paving ...................................................................... 12A Penntex .......................................................................... 22A Poskanzer Skott Architects........................................... 13A ProExpos.......................................................................... 1A RBS Citizens................................................................BC-A RCx Building Diagnostics ............................................. 20A RD Management LLC .............................................. 36-37A Regal Bank .................................................................IFC-A Remco Realty Group LLC ............................................. 30A ROCK Commercial Real Estate..............................8A, 32A Shah Electric & Builder, Inc......................................... 12A The Sheward Partnership............................................. 23A Thesing Companies ....................................................... 15A University Place Associates .......................................... 23A Urban Ecoforms............................................................. 22A Vanguard Realty Group .................................................. 4A Vantage ...................................................................10A,14A Warner Realtors .............................................................. 7A Whitesell ........................................................................ 10A MAREJ A DVERTISERS D IRECTORY
Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Section Publisher ............................................................... Kevin MacLean Senior Editor/Graphic Artist ................................................ Karen Vachon Graphic Artist/Social Media Specialist ............................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Contributing Columnist .......................................... Jonathan Christianson Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 18 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
By Jonathan Christianson When to Pay the Piper (and how much will he charge)?
A
tax deferred exchange permits investors to defer tax on capital
gains indefinitely. To some ex- tent, the benefit of tax-deferral depends on tax rates that apply in the future when there is a taxable disposition of the in- vestment property. Obviously, if tax rates increase significantly, one might benefit from paying taxes today at lower rates. The federal tax rate on long- term capital gains for most taxpayers is currently fifteen percent (15%). If Congress fails to extend that rate, then the tax rate on long-term capital gains will increase to twenty percent (20%) in 2013. In addi- tion, the national health care reform legislation that became law in March, 2010, imposes a new 3.8% tax on certain invest- ment income beginning in 2013. Thus, for some higher income taxpayers, the effective rate on long-term capital gains will increase to 23.8% (not including State taxes). Given the inability
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
of Democrats and Republicans in Congress to agree on almost any significant legislation in recent years, it is anybody’s guess what rates will be next year. Accordingly, some tax- payers and their advisors have determined that they should recognize capital gains in 2012, where possible, to lock in the current low capital gains rate. Where tax-deferral is otherwise possible, a decision to pay tax now constitutes a simple wager that capital gains rates will increase in the future. One might reasonably make
that bet and take the risk that Congress will extend the cur- rent rate and eliminate the Medicare tax on gains, but is that actually necessary? For some taxpayers, there is a better solution. What if you could sell investment property in 2012 and, in 2013 choose whether to: (i) pay the capital gains tax in 2013 at the 2012 rate, (ii) pay the tax in 2013 (if the favorable rate remains in 2013), or (iii) defer the tax indefinitely with a tax-deferred exchange under continued on page 41A
OFFER DEADLINE: OCTOBER 5, 2012 6 Waterfront Industrial Properties * Florida * New Jersey * Maryland Act Now! BANKRUPTCY SALE Subject to Bankruptcy Court Approval
Millville, NJ 234,013 Sq. Ft. on 19.20 Acres
Salisbury, MD 10 & 20 Acres of Industrial Land
Excellent Boat Manufacturing Real Estate Opportunities with Major Redevelopment Potential! GA Keen Realty Advisors P: 646-381-9222 www.greatamerican.com/keen
To advertise, call 1-800-584-1062
Mid Atlantic Real Estate Journal — September 28 - October 11, 2012 — 3A
www.marejournal.com
M ID A TLANTIC R EAL E STATE J OURNAL For multifamily, office and retail properties Meridian Capital Group negotiates $26.3 million
They wrote the policy.
We make sure they write the check.
I
SELIN, NJ — Meridian Capital Group, LLC announced the following transactions: Meridian negotiated a $4.4 million mortgage on a 43-unit multifamily building on Ad- ams Mill Rd. NW in Washing- ton, D.C. Shimshie Tepper negotiated this transaction. A mortgage of $8.3 million was placed by Meridian on a 70,500 s/f office building on South Seventh St. in Philadel- phia, PA. Scott Jackson and David Fisher negotiated this transaction. Meridian negotiated a mort- gage in the amount of $3.1 million on two multifamily buildings totaling 24 units located on Mount Vernon St. and Wallace St. in Philadel- phia. Marvin Jeremias ne- gotiated this transaction. A mortgage of $2.6 million was placed by Meridian on three retail buildings located on East Bridge St. in Phila- delphia. Paul Gilbert negoti- ated this transaction. Meridian negotiated a mort- gage in the amount of $2.275 million on two multifamily buildings located on Essex St. in Hackensack, NJ. Ste- ven Tessler negotiated this transaction. A mortgage of $2 million was placed by Meridian on two multifamily buildings lo- cated on Hedden Terrace and Osborne Terrace in Newark, Procida to speak at NY Real Estate Expo On Oct. 18th NEWYORK, NY — William “Billy” Procida has been se- lected to speak on the subject of
NJ. Elliot Treitel negotiated this transaction. Meridian negotiated a mort- gage in the amount of $2 million on a 12,750 s/f of- fice building on Sylvan Ave. in Englewood, NJ. Marvin Jeremias negotiated this transaction. A mortgage of $1.6 million was placed by Meridian on a 23-unit, five-story multifam- ily building on Van Nostrand Ave. in Jersey City, NJ. The loan features a rate of 4.25% and a seven-year term. Elliot Treitel negotiated this trans- action. ■
M. MILLER & SON Public Adjusters Since 1960
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
Village Square Apartments
SPACE AVAILABLE
Lancaster, PA ³ 600-acre, Master-planned Business Campus ³ Industrial & Flex Space 5K-55K SF ³ Class-A & Class-B Office Space 1K-25K SF ³ + Acres Available for Built-to-Suit Harrisburg, PA Region ³ PA Turnpike I-76/Route 15 ³ Industrial & Flex Space 12K-14K SF ³ Class-A & Class-B Office Space 1K-4,600 SF ³ On-site Hotels & Restaurants Chester County, PA ³ 200-acre, Master-planned Business Campus ³ Industrial & Flex Space 4K-63K SF ³ Class-A & Class-B Office Space 800-6,500 SF ³ Easy Access/Highway Frontage
redeveloping, repositioning and financ- ing troubled assets at the 4th Annual N e w Yo r k Real Estate Exp o . The e v e n t w i l l
Billy Procida
take place on October 18th, at Alfred Lerner Hall on the cam- pus of Columbia University. Procida will address the complexities of restarting, redesigning, re-permitting and repositioning projects for today’s market. More than 3,000 people rep- resenting all facets of the region’s commercial real estate industry are expected to attend this all day event. ■
Search more than 300 available properties at: www.highassociates.com/propertysearch s email: highassociates@high.net
4A — September 28 - October 11, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL In New York and New Jersey CMC closes $47.5 million worth in August 2012 L IVINGSTON, NJ — MarkScott’sCommer- cial Mortgage Capital
334 Rising Sun Road, Bordentown, New Jersey
ond phase of construction at Sterling Parc, a multifamily complex located in Middle- town, NY. The financing, ob- tained through PNC Bank , allows for the construction of an additional 120 units and 17,652 s/f of retail space at the Sterling Properties of New Jersey owned property, which will consist of 192 units when completed. The 72-unit phase one has already experienced rapid lease-up, and construc- tion on phase two of Sterling Parc is underway, with units expected to deliver over the next 18 months. The company also arranged a $17.5million loan for 152,000 s/f of prime office space in Yon- kers, NY, which is currently experiencing a multi-billion dollar revitalization program. The area offers convenient ac- cess to Metro-North, Amtrak, Westchester County’s Bee- Line Bus System, the New York State Thruway and two major parkways – the Cross County Parkway and SawMill River Parkway.
Rounding out the August activity was a $3 million first mortgage refinance of a 109- unit high-rise apartment building located on Broad Street in Elizabeth, NJ. The well-maintained property con- sists of 12 studio apartments, 73 one-bedrooms and 24 two- bedroom units. The financing was obtained through AEGON USA Realty Advisors . These transactions follow on the heels of an enormously successful year for CMC, which closed $88.9 million worth of permanent and construction loans in the first six months alone. Scott attributes this to the historically low interest rate environment. “Currently, multifamily borrowers are seeing some of the lowest fixed rates in history for lower loan- to-value transactions, locking in 10-year rates that begin at 3%, and with one-month LI- BOR holding at less than 30 basis points since May 2009, floating rate borrowers are seeing equally low level,” he noted. ■ Newtown South, a 128,700 s/f neighborhood shopping center located at S. Eagle Rd. & Silo Rd. in Newtown, anchored by Petsmart, Ace Hardware, Olly Shoes, Wendy’s and Sleepy’s. ■ EXTRADISTRIBUTIONTOTHE Fastest Growing Firms • This issue will print as a pull-out section LISTINGLenders who are active in the New Jersey, Pennsylvania, Delaware, Maryland and DC area • To receive your FREE LISTING , complete and fax coupon below. • Call to reserve editorial space or expert article on the current state of the commercial lending market
Ŷ 39,000 SF distinctive ofÛce space Ŷ Suites available from 4,023 SF Ŷ Teknion furniture available 2 Advantage Court
1 Advantage Court Ŷ 41,000 SF warehouse space Ŷ Multiple docks/drive-in access Ŷ 8,800 SF ofÛce also available
(CMC) an- nounced that it has closed $47 . 5 mi l - lion worth in loans for the month of Au- gust. “ We a r e p l eas ed t o
Direct access to Exit 7 of the NJ Turnpike, Exit 56 of I-295, and Routes 206 & 130 Centrally located between Philadelphia (32 miles) and New York City (64 miles) Close to a variety of dining establishments, banks, & convenient retail services Owner managed property management services
856.234.9600 Roy Kardon, SIOR | roy.kardon@naimertz.com Rebecca Ting, SIOR | rebecca.ting@naimertz.com Julie Kronfeld | julie.kronfeld@naimertz.com Leasing Contact:
Mark Scott
announce our latest Com- mercial Mortgage Capital transactions, which support our strategy of arranging fi- nancing for multifamily real estate projects in the Tri-State region,” said Scott, founder and principal of CMC. “These loans speak to our ability to facilitate the proper financ- ing structure in an expedited manner. We understand the competitive marketplace and offer quick turnaround as well as responsive and professional guidance throughout the en- tire loan process.” CMC secured a $27 mil- lion loan to finance the sec-
interchange7businesspark.com
1201 S EVEN L OCKS R OAD S UITE 350 P OTOMAC , MD 20854
WWW . VANGUARDREALTY . COM TEL : 301.795.1400 F AX : 301.795.1401
If you would like more information about real estate services offered by Vanguard Realty Group, contact the representative listed above or visit www.vanguardrealty.com. Vanguard Engineering & Energy Services 301.795.1400 Optimal Building Performance for the Commercial & Multifamily Real Estate Industry, providing clients with positive tenant, resident, and customer relationships, heightened corporate citizenship, and a valued place in their community. Vanguard Realty Group is pleased to announce the addition of Mr. Christopher Bloyer as Chief Operating Officer for their affiliate company Vanguard Engineering and Energy Services.
Soloff Realty&Development finalizes $2.075 million lease with the Rothman Institute
Rothman will open its 15th location at 2700 S. Eagle Rd. where they will occupy a 2- level, 11,060 s/f free-standing building with designated park- ing within the The Village at
NEWTOWN, PA — Soloff Realty & Development, Inc. (“SRD”) has finalized a new 10-year lease, valued at over $2.075 million with the Roth- man Institute.
MAREJ
’ S A NNUAL LENDER’s Directory Deadline: October 26, 2012
Special advertising rates to all participating firms.
To run a FREE LISTING fill out coupon below
MAREJ ' S ANNUAL LENDER’s Directory
❏ Please have an advertising rep. contact me about your special rates. ❏ Check here if you’d like a special listing - $50 (includes logo and border) - double block $100
Company Name: _______________________________________________________________________ Address: _____________________________________________________________________________ _____________________________________________________________________________________ Telephone/Fax: ________________________________________________________________________ Commercial Lenders: __________________________________________ ________________________________________ __________________________________________ ________________________________________ __________________________________________ ________________________________________ __________________________________________ ________________________________________ __________________________________________ ________________________________________ Contact Linda Christman or your account representative: 1-800-584-1062 Email: lchristman@marejournal.com
Mid Atlantic Real Estate Journal — September 28 - October 11, 2012 — 5A
www.marejournal.com
Make More Money
Spend Less Time
Managing Your Rental Properties
For Property Management Companies
For Condos and HOAs
For Commercial Property Managers
For Landlords
Manage Properties with QuickBooks ® is a complete and total solution for property management, real estate accounting and financial management software.
Manage Properties with QuickBooks, by Gita Faust:
• is simple to use • cuts software costs • gives you control of your properties • lets you control your tenants • provides seamless integration with additional software • turns you into a PROFIT POWERHOUSE!
Using Manage Properties with QuickBooks is like hiring a team of savvy propertymanagement consultants with a mentor, a business consultant, an accountant, and a property manager right at your keyboard.
Call 215-579-1465
Gita Faust , author and developer of Manage Properties with QuickBooks, is a leading expert in QuickBooks integrated solutions and can provide assistance unique to your business.
www.expertpublishers.com
Discount Code: MAREJ01
6A — September 28 - October 11, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS
Serving tourists and area residents alike since 1757 Fortna entrusted with historic Gettysburg auction
To sell 432-acre, residential community Lake Developers Partnership retains Diliberto RE Services
ETTYSBURG, PA — Fortna has been entrusted with the his- toric Gettysburg auction on November 3rd. The historic Fairfield Inn has been serving tourists and area residents alike since 1757, making it one of only a few inns in America that has been in continuous operation for over 250 years. On Saturday, November 3rd at 11:00 am, a new owner will be added to the annals, as a re- sult of a landmark auction, to be conducted by Pennsylvania- based FortnaAuctioneers & Marketing Group . “This property has a signifi- cant history of its own in one of our nation’s premier historical areas,” said Michael Fortna , “We are honored to be the firm selected to handle this exciting auction.” The new owner will assume ownership of a property steeped in history. The Fairfield Inn is one of America’s oldest contin- uously inns, according to travel G
Windswept’s Manor House
mined by the bidders. “It’s difficult to place a value on a one-of-a-kind property,” said Mitch Potter , CEO of the company. “We are using the auction to allow bidders to provide the evidence of value that will be our appraisal for a fast sale,” he added. “The auction represents a rare opportunity for a devel- oper/investor to acquire and complete a truly stellar lake- front residential community, with more than 20% of the sites already sold,” said Frank Di- liberto , president of Diliberto Real Estate Services. ■
MORRISTOWN, TN — Di- liberto Real Estate Services, LLC has been retained by Lake Developers Partner- ship LLC to bring to auction on November 9th 2012, Wind- swept, a 432-acre, residential community comprised of luxury homes and lots around Chero- kee Lake. Two other parcels will be auc- tioned, the 772-acre Medallion Bay; and the 257-acre Young property. All three land masses, which are not contiguous, will be sold in an open cry auction to be held on site in the Manor House at a price to be deter-
website, Travelocity. “The Inn offers all the refinement and charm once would expect from a small luxury hotel.” The Fairfield Inn was origi- nally the Mansion House of Squire Miller, the original founder of the town. Over the past 250 years, the Inn has hosted many famous guests, including Statesman Patrick Henry, Thaddeus Stevens, Confederate Generals Rob- ert E. Lee and J.E.B Stuart, Baseball hall of Famer Eddie Plank, and President and Mrs.
Eisenhower, plus many more prominent historical figures. Guests can still sip hot spiced cider by one of the original wood-burning fireplaces, have a drink in the Squire Millers Tavern, dine in the original Mansion House, or relax in one of the Inn’s Bed and Breakfast guest rooms. “There is already strong interest from potential bid- ders,” adds Michael Fortna, “We strongly recommend that you register with us in advance.” ■
Mid Atlantic R EAL E STATE J OURNAL N E W J E R S E Y • P E N N S Y LVA N I A • D E L AWA R E • M A RY L A N D • W A S H I N G T O N D . C . • V I R G I N I A • Auctioneers Directory
PA-MD-VA-W.VA
DE, PA, NJ
NJ-PA-DE-NY-MD-VA
Richard G. Warner, President NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710 Website: www.WarnerRealtors.com
Residential, Commercial & Industrial Auction Specialists!
CALL NOW FOR A FREE CONSULTATION 866.4 BIDDERS HURLEY AUCTIONS www.HURLEYAUCTIONS.com
Call us @ 800-584-1062
www.fortnaauctioneers.com 1-855-831-4242
Mid Atlantic Real Estate Journal — September 28 - October 11, 2012 — 7A M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS
www.marejournal.com
Bank Ordered Auction Three Bank Owned Properties Auction +eld )rida\ Oct. 5 pm Residence Inn Atlantic City, 900 Mays Landing Road, Somers Point, NJ 08244 Property #1: 75 [ 8 Bayfront Building Lot Property #2: Two-Story OfÀce Building Property #3: 8 Acres with 7 Lots & Site Improvements
Place your Business Card
in our Auction Directory Today!
Companies Specializing in
Commercial/Industrial Real Estate
Can Promote Their Company and its
Services in our
(Offered as a Package)
1742 Mays Landing-Somers Point Road, Egg Harbor Twp, NJ 08234
5105 Winchester Ave, Ventnor City, NJ 08406
9th Ave. & Garden Ave, Rio Grande, NJ 08210
Twice monthly Directory
Email lchristman@marejournal.com
856-769-4111 www. WarnerRealtors .com
SATURDAY, OCTOBER 27, 2012 AT 10AM 1600 RIVER RD, TITUSVILLE, NJ 08580 OPEN HOUSE: OCTOBER 14, 2012 9AM TO 12 NOON
This 200+ year old Colonial offers plenty of living space. Set on 5.4 acres and surrounded by preserved land, this home has a C1, Neighborhood Retail Commercial zoning that would allow for a large variety of uses (Antique Shop, Bed & Breakfast, Nursery, etc). The 10 Room, 5 bedroom home offers natural black walnut woodwork, stone fireplace, hardwood floors, screened porch with flagstone floor, balcony and full basement. It has an in-ground pool with privacy fence and screened gazebo. On the grounds is a separate 2 story stone building, a 4 car garage, greenhouse, storage sheds and a man made pond. A wonderful recreation area - near parks, fishing/boating on the Delaware River, biking/walking on the tow path. Just down the road from historic Lambertville and New Hope attractions. Close enough to I-95 and the Hamilton Train station for Commuters. www.auctionzip.com Member #1070 609-448-7653
Dan Skeba - Broker
Alfred Finocchiaro - Auctioneer
8A — September 28 - October 11, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL Jim O’Hara Jr. and Kevin O’Hara broker transactions NAI Emory Hill executes 11,000 s/f in new leases W the Villa Monterey Shopping Center at 729 Philadelphia Pike. ILMINGTON, DE – Advanced Auto Parts and Pep Boys
John Buchart Golf Classic for ALS Research - 8th Annual
John Buchart was a mentor and colleague to ROCK and he was the inspiration for this golf classic In the past 7 years the community has helped us to raise $268,968 to benefit the Muscular Dystrophy Association to fight ALS Disease. Help us exceed our goal of reaching $300,000 in 2012 by registering to golf or sponsor this event.
Jim O’Hara, Jr. , a prin- cipal of NAI Emory Hill , represented landlord Gap 41 Ventures in the lease to Ad- vanced Auto. Jim O’Hara Jr. and Kevin O’Hara , also with NAI Emory Hill, represented Pep Boys in the VillaMonterey lease. ■
recently signed leases for new stores in Wilmington, show- ing more signs that the retail industry is making a comeback in this area. Advanced Auto Parts leased 6,000 s/f at The Depot, a free- standing building at 3405 Kirkwood Highway that was
Register or donate at www.rockrealestate.net or contact MDA at 717-293-0685
Jim O’Hara, Jr. Kevin O’Hara
— The event will be held at Cool Creek Golf Club — Wrightsville, PA 17368 Save the date - October 4, 2012
formerly a Blockbuster store. Pep Boys leased 5,000 s/f in
BROOKLYN, NY — Hud- son Realty Capital LLC (Hudson) has funded a $9.1 million first-mortgage loan Hudson Realty Capital funds $9.1 million first-mortgage loan secured by a 90,000 s/f of- fice building in downtown Brooklyn. The sponsor is utilizing the loan proceeds for a discounted payoff and to establish operating and interest reserves.
Sponsored by:
ROCK Commercial Real Estate, LLC 221 W. Philadelphia St., Ste 19
York, PA 17401 P: 717.854.5357 F: 717.854.5367
The income-producing class B office building is located on Atlantic Avenue. In addition to completing the lease-up of vacant office and ground-floor retail space, the business plan includes the conversion of two floors into executive office suites. “Although this particular loan had several moving parts, it is an attractive transaction for Hudson be- cause of the neighborhood, which we know well, and it is a market where the sponsor has developed and/or man- aged several other success- ful projects, ranging from ground-up construction to purchase and rehab,” said Spencer Garfield , manag- ing director. ■ SiloFinancial closes more than $4 million in RE financing MADISON, NJ — Silo Fi- nancial Corp. has funded a $945,000 loan for construction of a mixed-used building in Madison. Once complete, the mixed-use building will house four residential condominiums and two ground level retail spaces. In addition, Silo Financial has closed on a $2.7 blanket mortgage loan to provide an estate with working capital while it continues to liquidate a portfolio of high-end proper- ties throughout NYC and the Hamptons. The deal is se- cured by a 4.5-acre property in Southampton, along with a first mortgage on a 2,360 s/f duplex condominium located on Laight St. in TriBeca. Silo Finan- cial’s third July deal was for a $405,000 first mortgage bridge loan secured by an 11,000 s/f building on AmsterdamAve. in the Hamilton Heights section of Manhattan. ■
A half day seminar offered by IREM ® Delaware Valley Chapter 3 and Southern New Jersey Chapter 101 ARM ® Committees on October 23rd, 2012.
Speaker Salvatore Dragone, CCIM, CPM ® , ARM ® , VP/Director of Property Management, Rubenstein Partners, LP will discuss why great leaders succeed and how you can lead your teams to greater opportunities and alternately greater rewards. With over two decades of experience in property/asset management, development, marketing, leasing, customer service and team leadership, Dragone shares his knowledge on how to edge out the competition, increase efficiency within your organization, provide your team with tools to excel in the field of property management and leasing and train your employment base to think “new business.”
When: Tuesday, October 23rd, 2012 Where: Village of Pennbrook, Levittown, PA. Time: 1:00pm – 3:30 pm Cost: Member $25/ Non-Member $35 (Light refreshments provided)
Reservations and payment no later than October 17th, 2012.
Fax to: 856-786-3894 or register online: www.IREM101.org or www.IREM3.org For more information call 856-786-9260
O WNERS , D EVELOPERS & M ANAGERS
Mid Atlantic Real Estate Journal — September 28 - October 11, 2012 — 9A
www.marejournal.com
Totaling more than 7,433 units and 740,822 s/f Hampshire Self Storage sells 10 property portfolio to Extra Space Storage
M ORRISTOWN, NJ — The Hampshire Companies , which operates under the Hamp- shire Self Storage name, has announced that it has sold 10 of its self storage facilities to Extra Space Storage Inc. totaling more than 7,433 units and 740,822 s/f. Hampshire will retain ownership of a second portfolio, which totals 5,993 units and 603,606 s/f of rental space, which includes four facilities in Puerto Rico as well as sites in Denville, NJ, Hackensack, Burlington, Cherry Hill, and Richmond, VA. Extra Space Storage has assumed management for these properties that are now operating under the Extra Space Storage brand. The portfolio of sold as- sets consisted of properties in Poughkeepsie, NY, Cen- tral Valley, NY, Mahwah, Hackettstown, Parsippany, Montville, Fairfield, New- ark, North Brunswick, and Berkley Heights. All of the locations offer state-of-the-art UNION, NJ — DMR Ar- chitects , a full-service ar- chitectural, planning and urban design firm recently completed the Master Plan for the 180 acre campus at Kean University. The Master Plan guides future development and redevelopment for the University’s main campus in Union. The Vision 2020 Master Plan addresses the Universi- ty’s need for future expansion based on census, the projected growth of academic programs, a growing resident student population, and integrating the geographically divided campus. The Vision 2020Master Plan supports the University’s aca- demic mission, enhances the campus experience, strength-
storage solutions with top- of-the-line security systems and offer both humidity and temperature-controlled units to preserve belongings in a clean and fully secured envi- ronment. “At Hampshire, we believe experience is one of our great- est assets, which is what continues to make our self- storage business so success- ful,” said James E. Hanson,
service standards.” Hampshire has more than 20 years of self storage experi- ence, formerly operating as a Storage USA franchisee in the late 1990’s, then as developer, and now as an owner and operator. Spencer Kirk , CEO of Ex- tra Space Storage said, “We are excited to increase our footprint in the New Jersey and New York markets. We
have forged a strong partner- ship with The Hampshire Companies that is proving beneficial for both parties, now and into the future. ” HFF marketed the proper- ties on behalf of the seller, The Hampshire Companies. The HFF team representing Hampshire was led by senior managing director Aaron Swerdlin and senior manag- ing director Jon Mikula . ■
II , president and CEO of The Hampshire Companies. “We translated more than two decades of self-storage experience into a viable and highly successful portfolio of state-of-the-art facilities that raised the bar on customer satisfaction and affordability. The timing for this deal was right, and we felt confident entering into it, given Extra Space’s strong reputation and
DMR Architects completes master plan for 180 acre campus at Kean University in New Jersey
ens the University’s image, promotes sustainability and reinforces the University com- munity. The Plan includes a comprehensive examination of the University’s existing conditions, as well as short and long term strategies of implementation. The complet- ed document includes design standards, and plans for open space, parking, moderniza- tion, housing and circulation. “Providing our professional service to assist with the advancement of institutes of higher education across the State of New Jersey is a great pleasure of our firm,” Lloyd Rosenberg, AIA , president and CEO said. “We are proud of our relationship with Kean, and we look forward to the University’s bright future.” ■
10A — September 28 - October 11, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com
O WNERS , D EVELOPERS & M ANAGERS At the University of Delaware Skanska USA tops out East Campus Residence Hall N EWARK, DE — Skan- ska USA announced the topping out of the
Spanning over 800 acres in Burlington and Florence Townships, The Haines Center is located at NJ Turnpike Exit 6A (entranceway to both the NJ Turnpike and NJ/PA Turnpike connector). The park is within an hour’s drive to the ports of NJ and Philadelphia and features Norfolk Southern/CSX rail service and has an onsite NJ Transit River LINE Commuter Rail stop. The Haines Center offers a variety of build-to-suit pad site opportunities from 15 to 110 acres, and leasing opportunities for warehousing and distribution facilities ranging from 80,000 to 1,000,000 sq. ft. Scan this QR Code with your Smart Phone to learn more… Sail on over to The Haines Center
East Campus Residence Hall Complex at the University of Delaware , the first phase of three planned phases of a major expansion. Phase One of the expansion includes the construction of two new resident buildings on campus that total 260,000 s/f of space and 767 beds. The project consists of exten- sive site development, which includes landscaping and site finishes, walkways, fire lanes, and utility infrastructure that will include connections to the central utility plant. The utility plant controls the university’s steam distribution, chilled wa- ter and electricity. In addition, office space for the University’s Office of Residential Life will be part of Phase One. “This milestone is signifi- cant for Skanska as we inch closer to delivering comfort- able student housing for one of the country’s fastest-growing and most esteemed, historic
Quality Endures 856-764-2600 www.whitesellco.com
The Haines Center (interior view of warehouse) Florence, New Jersey
East Campus Residence Hall Complex at the University of Delaware
out because a ceremonial last steel beam was not raised. A hybrid panelized wall system, which is often used for hotel construction, has been installed in place of the traditional steel beams used inmost buildings in order to save time and money. For example, hybrid wall panel- ing for one floor of the building, which is approximately 30,000 s/f, is built in two weeks. So far, Phase One is 45 per- cent complete, and is on sched- ule for construction completion in September 2013. ■ tenure, attend official func- tions and participate in mili- tary operations. Hutchinson will be paired up with Maj. A.J. Griffin , commander of the 605th Aircraft Main- tenance Squadron (Air Force). An active member of the community, Hutchinson serves on the Board of Governors of the YMCA of Burlington and Camden Counties, The Joseph Fund, Camden, NJ and the Southern New Jersey De- velopment Council . ■
institutions,” said Ed Szwarc , general manager and executive vice president of Skanska’s Delaware and Pennsylvania of- fices. “Skanska has a long track record for success in higher education construction, and we look forward to completing this expansion project with our local partners and the Univer- sity of Delaware to provide its students with an innovative, collaborative learning environ- ment.” The topping out ceremony was not a traditional topping between the surrounding com- munities and military person- nel by showcasing joint base capabilities, future leaders and the caliber of men and women serving at JB MDL. Participants in the Honor- ary Commanders Program are selected for a one-year term based on their record of service to the commu- nity and professional excel- lence. Honorary Commanders are teamed with a JB MDL commander with access to the base throughout their
Vantage provides quality landscaping services to commercial and industrial property owners and managers in the mid-Atlantic area. We specialize in customized programs that meet your needs and expectations.
Fencing Chain Link Ornamental Gate Systems
Parking Lot Services Snow Removal
Ed Hutchinson selected for Joint Base McGuire- Dix-Lakehurst Honorary Commanders Program
Seal Coating Line Striping
Vantage Landscaping Inc. P 0 Box 400 Skippack, PA 19474
CHERRY HILL, NJ — Ed Hutchinson , president of Hutchinson Mechanical
Tel 610.222.0202 Fax 484.932.8306
Mulch Blowing Mulch and Topsoil Playground Chips Erosion Control
vantage@vantagelandscaping.com vvww.vantagelandscaping.com
S e r v i c e s , was recently se l ec t ed t o par t i c i pat e in the Joint B a s e Mc - Guire-Dix- Lakehurst ( J B MDL ) H o n o r a r y
YOU are invited to PARTICIPATE IN MAREJ’s ODM section !!!
Ed Hutchinson
Commanders Program. The Honorary Commanders Pro- gram facilitates communication
FACILITY MANAGEMENT/MAINT FEATURING MABFM 2012
OCTOBER 26 TH ISSUE deadline October 15 TH
If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal, please contact: Michael Campisi 800-584-1062 x 208 or mcampisi@marejournal.com
Mid Atlantic Real Estate Journal — Owners, Developers & Managers — September 28 - October 11, 2012 — 11A
www.marejournal.com
O WNERS , D EVELOPERS & M ANAGERS
Residential • Commercial • Industrial COOPER ROOFING INC. We Service New Jersey, Pennsylvania, Maryland and Delaware Specializing In Commercial and Industrial Roofing
Low,
Low
Prices We Not Only Install New Roofs, We Repair Also! 30 Years of Experience
www.cooperroofing.com 970 River Rd. • Croydon, PA 19021
24 Hour Service Call 800-945-2833
12A — September 28 - October 11, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS 398 residential units in Plymouth Meeting, PA Brandywine and Toll Bros. announce joint venture P shopping, dining, healthcare, lifestyle, and transportation needs are located within one to three miles of the site. LYMOUTH MEET- ING, PA — Brandy- wine Realty Trust
GENERAL CONSTRUCTION
Commercial • Industrial • Residential
will incorporate many sustain- ability features including rain gardens, white roofs, electric car chargers, drought-toler- ant landscaping, water saving fixtures and energy efficient design. The property is in an excel- lent location with immediate access to the mid-county in- terchange, the region’s major highways and is just over 16 miles from Center City Phila- delphia. Area demographics are outstanding and the proj- ect is located near suburban Philadelphia’s largest em- ployment base. All essential
HVAC • NETWORK • SOLAR PANEL INSTALLATION • SECURITY • CAMERA • SWIMMING POOL GROUNDING • FIREALARM INSPECTION & INSTALLATION Contact: VINAY SHAH P: 201-488-6088 F: 201-488-6087 Email: shahelec@aol.com 123 Hudson St, Rear Bldg, Hackensack, NJ 07601 Fully Bonded & Insured License #11574
and Toll Brothers, Inc . announced that they have formed a joint venture to build 398 residential units in seven buildings at 134 Plymouth Road. The project will feature a mix of one and two bedroom luxury rental residences lo- cated on a 20-acre site that will have 45% open space. The project will have a first-class amenity package including a 10,000 s/f club house, fitness center, resort-style pool, dog park and walking trail, and
Toll Brothers and Brandy- wine will each own a 50% in- terest in the Plymouth Meet- ing complex, and will have joint decision making respon- sibility. Brandywine and Toll Brothers have joint develop- ment responsibilities with Toll Brothers providing property management and construction management services. Bran- dywine will contribute its land parcel in connection with the venture and Toll Brothers will contribute cash. Total project costs inclusive of land are estimated to be $77.0 million. Site engineering, planning, and architecture have begun and the groundbreaking is projected to occur in the first half of 2013. “Brandywine is one of the most respected names in the real estate community and we look forward to developing this project with them,” stated Douglas Yearley, Jr., CEO of Toll Brothers. “We are pleased to bring to this partnership our residential experience and the Toll Brothers luxury brand. We are very excited by this opportunity.” “We are delighted to com- mence this transaction with Toll Brothers,” said Gerard Sweeney, president and CEO of Brandywine Realty Trust. ■ Schlouch to prepare site for Aldi store B L A N D O N , PA — Schlouch Incorporated has been named by Speed- well Construction, Inc. to prepare a 3.4-acre site for an Aldi grocery store. The site is located at 190 West Lincoln Highway, West Whiteland Township. Schlouch is providing clear- ing, grubbing, survey, stake- out, demolition, earthwork, sanitary and storm sewers, water line installation, sedi- ment/erosion control, roads, building pad, concrete, curbs and paving. J e r emy Ke e n e r i s Schlouch’s site coordinator and Michael Laudermilch is project coordinator/estima- tor. Work will be completed by December 2012. ■
Tired of hitting the same pothole?
NEW JERSEY PAVING We are your professional PARKING LOT SPECIALISTS Free Evaluation Call Larry @ 908-334-4908 Larry@njpaving.biz 800.628.3960 WWW.NJPAVING.BIZ
CURBING Curbing Restoration Belgium Block Concrete 9" x 18" EXCAVATION Soil Removal & Grading Pipe Installation 4" to 36" Detention Basins Interior Demolition Drain Rebuild & Installation ASPHALT Coal-Tar Seal Coating Rejuvenators Hot Crack Sealing Line Striping & Signage
PAVING Pothole Repair Asphalt Overlays Milling & Millings Removal Petro-Mat Fabric CONCRETE Loading Dock Pads Patch Work Retaining Walls Sidewalks
Mid Atlantic Real Estate Journal — Owners, Developers & Managers — September 28 - October 11, 2012 — 13A
www.marejournal.com
O WNERS , D EVELOPERS & M ANAGERS On two new restaurants for Darden Restaurants River Drive and GBC Corp. complete construction D E P T F O R D , N J — River Drive Con- struction and GBC
Corp. , announced the comple- tion of construction on two new restaurants for Darden Restaurants . River Drive Construction and GBC Corp. shared the general contractor’s role on these proj- ects, which included a Longhorn Steak House restaurant in the Gloucester County township of Deptford near Philadelphia, and an Olive Garden restau- rant in the Saratoga County town of Clifton Park, NY. “We’re thrilled to announce that construction is complete at both Darden restaurants,” said Joseph Langan , president of River Drive Construction. “Making use of our knowledge, expertise and years of experi- ence in the food service and din- ing construction industries, we were able to keep the projects on track and on budget.” The completion of these two projects marks the fifth and sixth projects that River Drive Construction has completed for Darden Restaurants since 2010. Located at 1440 Almonesson Rd., the Longhorn Steakhouse project involved the demolition of an existing restaurant and pub and the construction of a 6,200 s/f restaurant in its place. The 18-week project included a new kitchen and dining area. The Olive Garden project, lo- cated at 22 Clifton Country Rd. #79 in the Clifton Park Center mall, involved the construction of a new 7,540 s/f facility. The 24-week project also included a new kitchen and dining area. The other projects that River Drive has completed for Darden Restaurants include renova- tions of Longhorn Steakhouses in Flanders and Howell, both of which were four-week, 6,200 s/f projects completed in 2010; and the renovations of Red Lobster Seafood Restaurants in East Brunswick and Woodbridge, both of which were six-week, 7,000 s/f projects completed in 2011. The work at the Longhorn Steakhouses and Red Lobster Seafood Restaurants included complete renovations of the dining areas, which was done at night in order to avoid in- terrupting business during business hours. The booths and tables were replaced and the bars and back bars were completely renovated, includ- ing new bar tops. ■
Longhorn Steak House stock photo
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 66Made with FlippingBook flipbook maker