10A — August 29 - September 11, 2014 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
For phase 2 of the Pearl in Edgewater CMC arranges $20m senior secured construction loan
Multiple class B industrial transactions Metz of Bussel Realty completes 145,500 s/f
EDISON, NJ — Bussel Re- alty corp. (brc) announced VP Jordan Metz completed
•20,000 s/f lease renewal by Ultimate Sea foods for five years at 2401 East Linden Ave. in Linden. •17,500 s/f new lease by Luxor Linens for five years at 1416 East Linden Avenue, Unit C, in Linden. •16,500 s/f lease renewal by Time & Again Antiques for five years at 1416 East Linden Avenue, Unit D in Linden. •14,000 s/f new lease by El- egant Furnitur for five years at 2500 Brunswick Ave.in Linden. •10,000 s/f new lease by Ben- jamin’s Bakery for five years at 1057 Pennsylvania Ave./One West Baltimore in Linden. •2,500 s/f new lease by Bags USA for three years at 1230 E. Elizabeth Ave. in Linden. Metz will market the sale of 2345 East Linden Ave., in Lin- den, NJ. 2345 East Linden Ave. is a 42,000 s/f fully-functional bakery facility, situated two streets parallel to Rte. 1-9, in one of the most highly-sought after industrial locations in NJ near Port Newark/Elizabeth. n
dgewater, NJ — Mark Scott’s Com- mercial Mortgage Capital (CMC) announced E
Pearl condominium in Edge- water. CMC also previously arranged a $35 million Phase 1 loan for the project, which is now over 50% sold. Located at 45 River Rd. in Edgewater, the Phase 2 property is a vacant five- story commercial building, which will be converted into a six-story residential prop- erty comprised of 63 for-sale ultra-luxury condominium and nine registered bidders. “We had very good interest in this farm from the day we began promoting, all the way through sale day,” said War- ner Real Estate & Auction President and Founder, Rich- ard Warner. “Our clients, the co-executors of the estate were very pleased with the outcome. The farm was becoming too costly to maintain and a date- certain auction event allowed them to sell the property for the estate in eight weeks and move on with their lives.” In other news, Warner Real Estate has added two sales associates to their growing Woodstown office staff: Charlie Joyce , a life long Salem County resident and farmer has joined Warner Real Estate & Auction Com- pany as a sales associate. Joyce has successfully sold
units. Originally designed by world-renowned architects Skidmore Owings & Mer- rill for Lever Brothers in 1953, the Pearl is being transformed by Lessard De- sign Associates and Alan Tanksley Interiors to include full-height windows, the fin- est natural finishes and the latest sustainable systems, as well as panoramic Hudson River views. n and represented buyers in the sale of commercial, resi- dential and investment prop- erties in Salem, Gloucester, Cumberland counties and Ocean City, NJ. Neal Sheppard , owner of N. Sheppard Construc- tion has joined Warner Real Estate & Auction Company as a sales associate and auc- tioneer. He plans on focusing his real estate practice on invest- ment properties, foreclosures and the sale of area farms. According to Warner, “Ne- al’s extensive background in construction and business coupled with his unquestion- able integrity make him a perfect fit for our company. We are thrilled he has joined our company and feel he will be a great asset to our customers and clients.” n Coach was represented by CBRE vice chairman Greg Tosko along with Matthew Corpuel and Kevin Dud- ley . Fidelity National Informa- tion Services also extended the lease on their 28,975 s/f office, located at 400 Com- merce Blvd. Fidelity was represented in the transac- tion by Bo Hoban of Orion Realty Group and Peter Rossi of Newmark Grubb Knight Frank . n
seven long- t e rm l ea s e t r a n s a c - t i o n s a n d one sale over the course of the past two mo n t h s a t the Exit 13A submarket in NJ, totaling 145,500 s/f.
that it re- cently closed a $20 mil- lion senior s e c u r e d c o n s t r u c - tion loan for Phase 2 of the highly successfully
The seven leases and one sale, comprised of three re- newals, four new transactions, and one sale were all signed in “rapid succession” over the past seven weeks, according to BRC. Metz of BRC was responsible for the deals. Transactions completed by Metz over the past two months include: •35,000 s/f sale to COS Phones at 785 Rahway Ave.in Union. •30,000 s/f lease renewal by SGF Freight Services Inc., for five years at 551 New Point Rd. in Elizabeth. Pittsburgh, PA — Lawrence O’Brien has joined the York office of Mid- Atlantic Valuation Group, Inc. as an associate. He has had a 15-year career in com- mercial real estate sales and property management. Christian Stott has joined the Wayne office of Mid-At- lantic Valuation Group. Stott and selling of the underlying securities of the Fund in such a way as to maximize the net asset value of the fund, but his influence on those actual businesses that are owned is marginal. REIT management is involved in each property at a much more intimate level and thus can have a far greater influence on returns. Simplifi- cation and predictability are two other advantages. Beyond not having to manage the properties, the OP unit holder can rely on regularly scheduled cash distributions/dividends that likely will rival the cash flow they were previously gen- erating from their property. This lends itself to being part of an easy to administer port- folio whereby the investor is simply getting for a check. Ad- ditionally, most REITs publish
Warner Real Estate sells 228-acre farm for Albert M. Bell Estate at auction for $1.075million
WOODSTOWN, NJ — War- ner Real Estate & Auction Company , recently completed the non-distressed auction of a 228 +/- acre farm with a 4-bedroom farmhouse, 2 pole barns and irrigation pond in Quinton and Lower Alloway Creek Twps. The auction by order of the co-executors of the estate of Albert Bell took place Friday, April 25th. The farm included three tracts, the largest tract being 135 +/ -preserved acres and the three tracts were of- fered separately and in their entirety. The prices realized by selling the three parcels separately by “bidder’s choice” was $900,000 and $1,000.000 plus the buyer’s premium for the farm in its entirety. A highly visible marketing campaign produced more than 40 inquiries, 18 property tours CARLSTADT, NJ — Rus- so Development announced the lease renewals for Coach and Fidelity National Infor- mation Services. Coach, Inc. has maintained office and warehouse space at 410 Commerce Blvd., within Russo’s corporate park, since 1990. This month, they ex- tended their lease of the 65,090 s/f back office/ware- house unit, making them Russo’s longest-term ten- ant in the business campus. as a result of the new advance. This endorsement carries a fee each time it is issued. The bank will need to give the title company the advance request and lien waivers signed by the applicable contractors to receive this endorsement.
Mid-Atlantic Valuation Group adds O’Brien & Stott to Wayne and York offices
is a licensed appraiser trainee in PA n
Prominent Russo Development tenants extend lease terms
continued from page 2A UPREITS: Tax-driven conversions for . . .
supplemental data well beyond what is required in their SEC filings. This data provides insight, and in many cases, property level detail of how the REIT is performing. From the perspective of in- vestors and analysts alike, there is no other industry that does as good a job at providing information to its investors as the REIT industry does. Given all that, it may not be a perfect fit for everyone, so who could benefit from such a strategy? Portfolio owners looking to es- cape day-to-day management responsibilities, family trusts for much the same reason, or as we mentioned earlier perhaps the owner of a large single as- set who wants to diversify his or her real estate holdings. Rich Murphy is manag- ing director of Calkain Companies n
400 Commerce Blvd.
Hopefully, TIRBOP will now again adjust its rates and policies in light of the Act, but the earliest this can be expected to occur is July 1, 2015. In the meantime, the implementation of the Act is a positive step towards making construction lending easier for all parties involved. Derek Dissinger is an attorney with Barley Sny- der, where he counsels his clients in a variety of real estate and finance & creditors’ rights issues. He is also a licensed title agent. n Act 117 signed into law amending the Mechanic’s Lien . . . continued from page 4A
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