20A — February 28 - March 13, 2014 — Mid Atlantic Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
NAI Dileo Bram represents tenant Bussell Realty represents landlord in 33,000 s/f lease
Dermody Properties acquires 18.4 acres
LOUISVILLE, KY — Der- mody Properties recently announced the purchase of 18.4 acres in Renaissance South Business Park. Der- mody Properties will develop a 316,491 s/f warehousing and distribution facility known as LogistiCenter Louisville, on the site. Dermody Properties pur- chased the land from the Lou- isville Renaissance Zone Cor- poration (LRZC). The business park is a 450-acre complex located immediately south of the Louisville International Airport. “This location offers imme- diate access to the Louisville airport, the UPS Worldport hub and I-65, making it a premier location for an e-com- merce fulfillment center in the Midwest United States”, said Brian Quigley, partner, Dermody Properties Midwest Region Office. Dermody Properties intends
requirements to support insur- able damages. This allows the counterparty to understand what damages are not insur- able. The other party can then arrange collateral backup. Tailor your contract language to make financial stability a duty of the counterparty. Writing thoughtful and com- prehensive insurance require- ments has become more chal- lenging given the nature of the insurance industry. For instance, there are over 30 standard Additional Insured endorsements along with hun- dreds (if not thousands) of non-standard or manuscript endorsements. Contracts should specify the standard form of insurance you require for the project. This usually correlates with various Insur- ance Services Office (ISO) forms or endorsements. A word of caution, the myriad of FALLS CHURCH, VA — CORFAC International 2014 president Robert Tills- ley, SIOR , announced six of the commercial real estate network’s top transactions that closed or commenced their respective terms in Jan- uary. Olive Branch, MS: Charles Sevier, SIOR, CCIM and principal with Crump Com- mercial /CORFAC Interna- tional co-represented Bizchair in the lease of a 382,500 s/f industrial building at 8631 Polk Ln. in Olive Branch. The building is owned by Clarion Partners . Aaron Karasik with RG Real Estate in At- lanta represented the tenant along with Sevier. San Jose, CA: Principals Mike Messinger and David Taxin with Meacham Op- penheimer /CORFAC Inter- national represented owner PISCATAWAY, NJ — Bus- sel Realty Corp. (BRC) an- nounced that Equipped LLC has leased 33,000 s/f at 150 West Ethel Rd. in Piscataway, New Jersey, a 33,000 s/f free standing industrial warehouse. President Steve Bussel, SIOR , and vice presidents Anthony Mirco- vich and Andrew Rosenthal represented the landlord in the transaction. NAI Dileo Bram represented the tenant.
LogistiCenter Louisville Rendering
insurance coverage provided corresponds to the contractual terms agreed. We regularly assist our clients and their legal counsel, reviewing vital contractual insurance provi- sions and helping them obtain supporting documents. Developing the tools, re- sources and knowledge to effectively track, monitor and ensure compliance on projects of any magnitude is daunting. With our industry knowledge and resources, TheALS Group has successfully implemented insurance compliance tracking programs for some of our cli- ents’ more complex projects. AlbertL. Sica is the found- er and managing principal of The ALS Group, an in- dependent insurance and risk management consult- ing firm focused on help- ing their clients reduce insurance and risk related costs. n to break ground on LogistiC- enter Louisville in March 2014 and expects construction to be completed early this fall. Der- mody Properties will develop the project in partnership with PCCP, LLC , an integrated real estate finance and invest- ment management firm. Brian Quigley , partner of Dermody Properties Midwest Region, managed the transac- tion for Dermody Properties. Dermody Properties was rep- resented by Doug Butcher, Kevin Grove and Tom Sim s of CBRE Louisville. n For example, API’s parent com- pany, Stewart Title, provides a “Letter of assurance” guaran- teeing the performance of API. In API’s 24 years, there have been no claims on this letter of assurance. Scott R. Saunders is a senior VP with Asset Pres- ervation, Inc. Pamela A. Michaels is an attorney and VP of Asset Preservation, Inc. n This information is not intended to replace qualified legal and/or tax advisors. Every taxpayer should review their transaction with their legal and/or tax counsel. © 2014 Asset Preservation, Inc. All rights reserved.
150 West Ethel Rd.
CORFAC Int’l. announces real estate transactions including acquisition for $2.8m
the coverage and limits in an industry-specific format. This format provides the most basic overview of the policyholder’s insurance. Typically, contract parties will use certificates to demonstrate their compliance with contractual provisions. In most cases, the certificate lacks specific evidence of in- surance coverage and condi- tions. Don’t settle only for a certificate of insurance; insist on more. Prior to the start of the project, contract counterpar- ties should provide more than a simple certificate of insur- ance. We strongly advise that your counterparty furnish a certificate of insurance, the declarations pages of the policy, the forms listing page and any actual endorsements that either have direct rel- evance (additional insured, primary and non-contributory, waiver of subrogation, etc) or Orange County, CA: Special recognition goes to Michael Hartel with Voit Real Estate Services /CORFAC Interna- tional’s Irvine office. Hartel executed three of the top five largest industrial sales trans- actions last year in Orange County and all of his deals occurred in the fourth quarter. In the county’s largest indus- trial sales transaction for 2013, Hartel represented the buyer for a 493,319 s/f industrial building at 5901 Bolsa Ave. in Huntington Beach. n was Winging It LLC. Atlanta, GA: Charles B. King, SIOR and Principal with King Industrial Re- alty /CORFAC International represented property owner Metzler Real Estate in a 136,666 s/f industrial building lease to Seaco National Corp. The property is located at 7775 The Bluffs # H in Atlanta.
non-standard endorsements being used by insurers often have additional conditions or restrictions that need to be considered carefully. Monitoring contract com- pliance With a properly constructed contract, a thorough scope, and properly written insur- ance provisions, the “fun” re- ally begins. Monitoring insurance com- pliance continues to be a sig- nificant challenge for contract parties. The insurance indus- try has traditionally provided “certificates of insurance” that are often considered extraor- dinarily more meaningful than they actually are. These certificates have an often over- looked disclaimer stipulating that “This certificate is issued as a matter of information only and confers upon the cer- tificate holder. ” Certificates of insurance simply outline Richmond, VA: Dick Porter, SIOR, CCIM with Porter Re- alty /CORFAC International represented Schnabel Real Estate Holdings LLC in the acquisition of 9800 JEB Stuart Parkway in Glen Allen, VA, for $2.8 million. The 23,842 s/f office building is on 3.35 acres within Virginia Center Technology Park. The seller Byer Properties in a com- pleted transaction with Target Stores for 140,000 s/f and a 24,545 s/f lease to Sprouts Markets at Santa Clara Town Centre. The 279,000 s/f shop- ping center is opening in Oc- tober this year. San Antonio, TX: Princi- pals Steve Garza, SIOR, CCIM and Dan Gostylo with Providence Commercial Real Estate /CORFAC Inter- national represented the City of San Antonio in the lease of a 50,000 s/f building.
Due diligence when... Asset Preservation, Inc. (“API”) adheres to consistent and disciplined practices in handling exchanger funds, overseen by its parent company Stewart Title, a publicly traded title and escrow company. API maintains fidelity bond cover- age, and errors & omissions insurance coverage. In addi- tion, API has implemented protections for its customers that go far beyond the typical protections offered by many other qualified intermediaries. continued from page 6A
Certificate of insurance and compliance with contracts – myth or reality... Continued from page 2A
would modify base coverage forms potentially restricting coverage on the policy. This allows you to specifically re- view coverage for exclusions or limitations that can reduce or eliminate vital protection. Standard commercial con- tracts often cover long time- frames. The insurance indus- try, with very limited excep- tions, provides a one-year policy. This means that over the life of a ten-year contract, the project manager must obtain full insurance compli- ance ten times! Crazy, I know, but that is how the insurance industry works. A contract compliance framework can reduce risk We strongly recommend those who monitor contract compliance develop a thought- ful framework to request, analyze and track evidence of coverage that ensures the
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