- DC
Dunne, Welsh and Schulz represents The Hampshire Companies CBRE Group announces sale of 200 Milik St. for $49.5m in Carteret, NJ C ARTERET, NJ — CBRE Group, Inc. announced that Jef-
ISSUE HIGHLIGHTS Volume 27 Issue 13 July 17 - 30, 2015 Feinberg Real Estate Advisors represents seller in $9m sale
frey Dunne , Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented The Hampshire Companies in the $49.5-mil- lion sale of a newly developed industrial building at 200 Mi- lik St. in Carteret. The team was also responsible for pro- curing the buyer, TIAA-CREF. The property, which con- tains 232,134 s/f of warehouse/ distribution space, was con- structed in 2012 with modern specifications including 36- foot clear, 52-by-50-foot col- umn spacing, ESFR sprinkler, and up to 40 loading docks. Hampshire began construc- tion on a speculative basis and fully leased the building to FedEx Ground prior to completion. The Exit 12 industrial mar- ket, also known as Port South, has evolved into one of the leading industrial markets in
200 Milik
New Jersey, evidenced by a rise in construction and sub- stantial tenant commitments. A key component can be traced to the 2010 completion of the Exit 12 interchange expan- sion. At 200Milik, Hampshire demolished the former Path- mark office headquarters in 2011, and developed a modern generation industrial building based on foresight into the evolving Exit 12 market. Since 2007, more than 4.7 million s/f has been developed or is close to being completed in the market (a 24% increase in inventory),
which has attracted interna- tionally recognized tenants such as Amazon and FedEx. “With available land sites near the port dwindling, we identified Exit 12 of the NJ Turnpike as a market well- situated to capture demand from the expansion of the Port of Newark/Elizabeth and the rapidly expanding e-commerce market,” said Todd Anderson , principal for The Hampshire Compa- nies. “FedEx’s decision to sign a long-term lease prior to completion of the building, followed by the sale less than and GRK Fresh Greek. “1140 19th Street allowed American Real Estate Part- ners to apply our redevelop- ment skills as we set out to consider the building’s competitive position in the market, create a stunning renovation plan designed to attract the most sophisticated tenants in the market and suc- cessfully transform this im- portant downtown DC asset,” said American Real Estate Partners president, Brian Katz . “Working alongside our partners at The Davis Compa- nies was a pleasure as we ful- filled our shared goals for the joint venture after acquiring both this property and the one next door at 1146 19th Street, which sold in July 2013.” American Real Estate Part- ner’s principal and executive managing director Michael Gribbon directed the leas- ing and repositioning strat- egy, saying, “Our approach to marketing 1140 19th Street
three years after its develop- ment, is a testament to Hamp- shire’s vision.” Welsh said: “The develop- ment of 200 Milik was driven by Hampshire’s view that there was a limited supply of modern warehouse/distribu- tion buildings while there was increasing demand from tenants willing to pay a pre- mium for state-of-the-art in- frastructure. This, combined with Hampshire’s long-term belief in Exit 12 as a premier location, was integral to the successful execution of this development.” n included not only the re-in- troduction of the property as a completely renovated, up- graded and sophisticated ad- dition to this important block in the Golden Triangle but also introduced unusual choice and flexibility to the market, with highly visible full floors and smaller, flexible spec suites.” The Davis Companies man- aging director of asset man- agement Cappy Daume said, “While the asset benefited from an inherently strong location, its potential was limited by many physical chal- lenges and historical lack of investment. This team did an amazing job re-imagining how this property could look and function for a new generation of office and retail tenants. The results are stunning and a true improvement to the neighborhood for decades to come. We are grateful to our partner, AREP, for leading such a successful re-develop- ment.” n
9A
HFF arranges $160 million in financing for hotel dev.
25A
American Real Estate Partners and The Davis Companies announce $40.5m sale of 72,648 s/f
Meridian Capital arranges $22.7m in acquisition financing
WASHINGTON, DC — American Real Estate Part- ners (AREP) , with joint ven- ture partner The Davis Com- panies (TDC) , announced the $40.5 million sale of 1140 19th St., NW, a 72,648 s/f, nine- story class A office building in the heart of Washington, DC’s Golden Triangle district.
FC-B
Directory
1140 19th St., NW
AREP and TDC began reposi- tioning the building in 2012, investing significant capital to renovate the building. A creative leasing cam- paign and spec suite pro- gram brought the building to stabilized occupancy as tenants seeking flexibility and prominence for large and small suites discovered this elegantly finished “jewel box” asset along a vibrant down- town corridor. On the retail level, new signage heralded leases with popular fast casual restaurants, Noodles & Co.
DelMarVa • DC...........................................................5-8A Pennsylvania..........................................................9-21A Eastern PA............................................................13-21A Financial Digest....................................................25-28A New Jersey....................................................... Section B Southern New Jersey. ............................................5-11B
Upcoming Spotlights July 31, 2015 Commercial Brokerage Directory
www.marejournal.com
Inside Cover A — July 17 - 30, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
Thank You to Our Speakers and Moderators!
George Jacobs Jacobs Enterprises
Marta Person Villa CBRE
Matt Harding Levin Management
Michael Lombardi Marcus & Millichap
Nancy Erickson Cushman & Wakefield
James Rhatican Chiesa Shahinian & Giantomasi PC
Richard Burrow LANGAN
Peter Crovo Prologis
Bo Farkas Sitex Group
John Clinton Clarion Partners
Alec Taylor Matrix Development
Jose Cruz HFF
Scott Jackson Meridian Capital
Robert S. Lipson Berkadia
Peter Rand KeyBank Real Estate Capital
Ronald M. Shapiro Business School for RE Studies
Sanford Herrick Case RE Capital
H. Gabriel Cushman & Wakefield NJ
Russell Tepper Mill Creek Residential
Chad Buchanan Tryko Partners
Thank You to Our Sponsors!
Real Estate Journal — July 17 - 30, 2015 — 1A
www.marejournal.com
M id A tlantic
Scenes from
Event our
2A — July 17 - 30, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
MAREJ A dvertising D irectory ABDM Property Management.................... IBC-A Alpha Funding................................................. 26A Bussel Realty Corp......................................... IC-B CIRC DE. ........................................................... 8A Cooper Horowitz.............................................. 27A CREW Lehigh Valley. ................................ 20-21A CREW NJ......................................................... 16B Cushman & Wakefield. ............................... IBC-B Deerwood Capital.............................................. 3A Earth Engineering........................................... 10A Fowler Companies....................................... IBC-A Friedman, LLP. ................................................. 8B Gebroe-Hammer.............................................. 15B Gerard Construction........................................ 12B GREP....................................................17A, IBC-A Griffinland. ...................................................... 14A Harvey, Hanna & Associates............................ 7A Heller Industrial Parks..................................... 3B Hillcrest Paving & Excavating................... IBC-A Hinerfeld Commercial Real Estate.....11A, IBC-A Hollister Construction Services........................ 2B Hutchinson Mechanical..................................... 7B Integrity Graphics............................................. 3A Investors Real Estate Agency..................... IBC-A Kaplin | Stewart............................................... 2A Keast & Hood................................................... 10A Marcus & Millichap........................................... 4A Markward Group............................................. 15A Mericle Commercial. .....................................BC-A Meridian Capital. ..........................................BC-B NAI Summit..................................................... 12A NorthMarq Capital.......................................... 18A Penn-Northwest............................................... 15A Poskanzer Skott Architects............................... 4B RT Environmental........................................... 16A SEBCO............................................................... 4B SESI . ........................................................... IBC-A SNJ AIA...................................................... 10-11B Subway......................................................... IBC-A The Berger Organization. ................................. 1B The Frederick Group....................................... 19A The Kislak Co.. ................................................ 12B WCRE................................................................. 6B Whitesell............................................................ 9B Williams & Williams......................................... 4A
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Section Publisher .................................................................... Steve Kelley Associate Publisher .............................................................Alissa Aronson Associate Publisher ..........................................................Barbara Holyoke Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 27 Issue 13 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
Market Research is Key for Building Successful Real Estate Developments John D. Sims L ONG VALLEY, NJ — For a real estate project to reach its full investment potential in today’s economic environment, a more intelligent approach is essen- tial. Independent market re- search provides timely analysis that will help to mitigate risk, identify opportunity and estab- lish value, thereby allowing a real estate project to achieve maximum success. In the following interview, John D. Sims , chairman and CEO of Long Valley, NJ-based Marketlogics – a multi-facet- ed real estate market research company – discusses how cus- tom advisory and consulting services are vital to assisting developers, residential home builders, lenders, investors and municipalities in making the best strategic decisions for their companies and com- munities. Q: What role does market research play in helping new- home builders and developers create successful communities?
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
continued on page 22A Q: How important is it for builders/developers to utilize key market research from a project’s onset? of hard-worked income on the table. Second, if a new housing product is over-priced, it will languish on the market and the builder/developer will have to start fielding very low offers. Or, the builder/developer will have to lower product pricing, which essentially tells the marketplace that a real estate product isn’t worth what the developer originally thought. You only get one chance to make a great first impression, and in this case, that means coming into the real estate market with great product acceptance.
A: Market research – the strategic in-depth analysis of data – if followed, is an insur- ance policy for success that can guide a builder in decid- ing what and where to build in order to minimize risk and maximize profit. This research also can identify a target mar- ket of buyers for the housing to be built and determine how to best capture these buyers. Another important factor that comes from strategic-in-depth analysis of market research is the pricing and positioning of a new housing product as it comes out of the ground. If a new housing community is not positioned correctly, one of two scenarios is likely to occur. First, if a product is priced too low, it leaves a lot
Firmly Rooted in the Law and in the Community
We are well grounded in every facet of real estate law, from acquisition to construction.
We are committed to serving the needs of our clients and our communities.
Kaplin Stewart A t t o r ne y s a t Law
Contact: NeiL A. SteiN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • www.kaplaw.com Visit our Construction Blog: www.pennsylvaniaconstructionlawyer.com
Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120
To advertise, call 1-800-584-1062
KS Ad 6X5.5 Tree Neil S.indd 1
1/29/15 11:42 AM
Real Estate Journal — July 17 - 30, 2015 — 3A
www.marejournal.com
M id A tlantic
M id A tlantic R eal E state J ournal Co-hosted with the SIOR NY/NJ Chapters IOREBA hosts annual State of the Market dinner in NY N EW YORK, NY — The Industrial and Office Real Estate
Brokers Association of the New York Metropolitan Area (IOREBA) recently hosted its annual State of the Market dinner and networking event at the New York Athletic Club in New York City. The event was co-hosted with the SIOR NY/NJ Chapters. Guests in attendance heard guest speakers Bob Knakal , chairman of Massey Knakal , and Jay Olshonsk y , presi- dent of NAI Global , discuss the state of the commercial real estate market from both national and Metropolitan perspectives. n
Shown from left: Adam Silver, 2014-2015 president of IOREBA and managing director of Newmark Grubb Knight Frank; Bob Knakal, chairman of Massey Knakal; and Jay Olshonsky, president of NAI Global. (Photo Credit: Billy Neumann, Billy Neumann Photography) Sonny Jumani of Tulfra Real Estate joins Advisory Board of Rutgers Business School’s Center for Real Estate
Printing and Promotional Products IntegrityGraphics
Integrity Graphics is a full service provider of printed and promotional products. With our extensive network of manufacturers we can satisfy the printing needs of many businesses and industries. Whether you are looking for a specific item or just browsing for ideas, our site is your one-stop source. . . Your One-Stop Source Integrity Graphics/ Printing and Promotional Products Account Executive: Alan Aronson Office: 339-987-5533 ext.126 | Cell: 508-612-2438 Aaronson@i-graphics.net Visit our website at: i-graphics.net
executives who will assist in setting the course for an aca- demic program that is designed to educate the next generation of real estate professionals and prepare them for an ever- changing career path. “It is an honor to be named to this prestigious Advisory Board and I look forward to working with the board, sharing our combined knowledge to ad- vance the study of real estate,”
said Jumani. “The world of real estate continues to evolve and change, and knowledge is the key to both a successful career for the next generation of pro- fessionals, and the future of this dynamic industry.” At Tulfra, Jumani oversees a portfolio of two million s/f, val- ued at more than $200 million. He joined Tulfra in 2006 and was named president and full partner in 2014. n
ROCHELLE PARK, NJ — Sonny Jumani , president and partner of Tulfra Real Es-
tate , has been named to the Advisory Board of The Center for Real Estate at Rutgers Busi- ness School, an- nounced school
Sonny Jumani
officials. He joins a roster of New Jersey’s top real estate
W i t h o u t a d v e r t i s i n g a t e r r i b l e t h i n g h a p p e n s .
A leader in multi-family and mixed-use sales in the Northeast Region, we now offer a full range of debt & equity services.
Nothing.
AdvERtiSE todAy! CAll 781-871-5298
the source for commercial real estate news in the Mid Atlantic Area area. R eal e state J ouRnal
We are the apartment experts. View our recent closings at RittenhouseRealty.com
Mid Atlantic Real Estate Journal Barbara Holyoke, Publisher bholyoke@marejournal.com www.marejournal.com
— Call or fax today for a FREE SAMPlE CoPy! —
www.RittenhouseRealty.com
(215) 454-2852 info@rittenhouserealty.com
4A — July 17 - 30, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal Certified in 12 states with 33 years of experience Hedden of FTI Consulting named to Advisory Board N EWYORK, NY — FTI Consulting, Inc. , the global business advi-
Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.
meet the evolving needs of a diverse student population by providing real-world experi- ences and collegial access to the top minds in real estate. As a member of the Center’s Advisory Board, Hedden will serve as a vital conduit of information, knowledge and best practices, fostering pro- ductive discussion among students, industry peers, government and academia. “We rely on our Advisory Board members to bring prac- tical and real world knowl- edge and experiences from ev- ery sector of our industry into our Center with the goal of providing the most advanced and innovative curriculum and the most important and timely research available for real estate,” said Morris A. Davis , the Paul V. Profeta chair and academic director of The Center for Real Estate at Rutgers Business School. “The consolidation and dis- semination of this knowledge will serve as a focal point for addressing New Jersey’s, and subsequently the country’s, difficult and complex business and real estate issues, and will inspire the next genera- tion of real estate leaders.”
Hedden is a certified real estate appraiser in 12 states and has more than 33 years of experience in all aspects of the market analysis and valu- ation of real property. Spe- cifically, he advises real estate enterprises across the country in the areas of appraisals, highest and best use analy- sis, and litigation support for the purposes of bankruptcy, financial and tax reporting, property tax assessment, financing, purchase or sale, insurance, fair rental, con- demnation and donation. He provides valuation, litigation support and expert testimony services for FTI Consulting clients out of the Real Estate and Infrastructure Solutions group’s New York City office. “Real estate is such a dy- namic industry today and bringing together some of the most successful people in this arena who can share their real-world insight and exper- tise in a learning environment is an invaluable experience. I am honored to have been named to this Advisory Board and look forward to working with fellow Board members and students alike,” Hedden said. n
sory firm dedi- cated to helping organizations protect and en- hance their en- terprise value, announced that The Center for Real Estate at
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000
Michael Hedden
Rutgers Business School, a rising academic program positioned to transform and inspire the next generation of real estate leaders, has ap- pointed Michael P. Hedden , a managing director in the Real Estate and Infrastruc- ture Solutions practice at FTI Consulting, as a found- ing member of its Advisory Board. The Center for Real Estate at Rutgers Business School is predicated on its ability to bring together the real estate industry’s brightest and most influential executives to in- teract with students and set the academic course for the Center. Members of the Ad- visory Board share a common goal of fostering productive discussion in order to advance the study of real estate and to real estate auctions
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
Check out the new MAREJournal.com!
NJ & NY Auctions July 17 - 24
WOODBRIDGE, NJ • 300 Kimball Street 12,000+/- sf multi-tenant office building. Nominal Opening Bid: $100,000 Open to the Public: 11am-2pm Fri July 17 and 2 hours before auction. Auctions: 2:45pm, Thu Jul 23 on site MANAHAWKIN, NJ • 903 North Route 9 Approx 1.29ac lot on Route 9 just north of Southern Regional High School at the intersection of Silo Road. Currently includes a single-family home. Site plans and board approval for two-story 8,800 sf retail/office building. Nominal Opening Bid: $50,000 Open to the Public: 11am-2pm Fri July 17 and 2 hours before auction. Auctions: 12pm, Fri Jul 24 on site NUTLEY, NJ • 181 Franklin Ave Units C101, C102 and C103 in the Nutley Medical Plaza building, located below the first level covered parking garage. Zoning is B-3A. Nominal Opening Bid: $25,000 Open to the Public: 11am-2pm Fri July 17 and 2 hours before auction. Auctions: 9am, Thu Jul 23 on site
300 Kimball St, Woodbridge
And Like us on Facebook!
903 North Route 9, Manahawkin
BRICK, NJ • 5 White Swan Way FRANKLIN, NJ • 11 Paddock Road
PEMBERTON, NJ • 122 S. Pemberton Rd INDEPENDENCE TOWNSHIP, NJ • 3 Woods Lane HUNTINGTON, NY • 2 Hillock Court
ISLIP, NY • 29 Bittermint Street MARLBORO, NY • 6 Mariners Ct POUGHKEEPSIE, NY • 48 N Bridge Street
NEWARK, NJ • 49-51 Scheerer Avenue
181 Franklin, Nutley
NJ PETER COSTANZO AUCTIONEERS, INC. PETER COSTANZO, BROKER (732) 776-7222. NY DEAN C. WILLIAMS RE LIC 32WI0834875. WILLIAMS & WILLIAMS RE LIC 109911428. BUYER’S PREMIUM MAY APPLY. 800.982.0425 • williams auction .com
MId Atlantic Journal 6 x 5.5
Real Estate Journal — July 17 - 30, 2015 — 5A
www.marejournal.com
M id A tlantic
American Realty Advisors acquires 453,883 s/f portfolio
W 72,209 s/f net-leased asset at 705 Edgewood St. NE Marcus & Millichap arranges $14.2msale inWashington,DC ASHINGTON, DC — Marcus &Milli- chap has arranged
the sale of 705 Edgewood St. NE, a 72,209 s/f, two-story commercial building in Wash- ington, DC. The asset sold for $14.2 million. Robert Filley, a senior di- rector of Marcus &Millichap’s National Office and Industrial Properties Group, Josh Feld- man , associate vice president investments, and associate BenjaminWilson , all inMar- cus &Millichap’s Washington, DC office, had the listing to market the property on behalf of the seller, 705 Edgewood Associates LLC. The property was purchased by an affiliate of Mosaic Realty Partners . “The building’s proximity to the Rhode Island Avenue Metro station and the planned redevelopment of the Rhode WASHINGTON, DC — Urban Pace , one of Wash- ington, DC’s leading new home sales and marketing firms, has sold out Victoria, an all-new condominium in the dynamic 14th St. Corridor inWashington, DC. Victoria’s condominium homes sold from $350,000 to $1,077,000, with a top price of over $800 psf. Built by Drummond De- velopment , Victoria features elevator service, underground parking, outdoor spaces, and some of the best views in the city. Located at 1443 Chapin St., NW, just steps from historic Meridian Hill Park, Victoria has 16 one- and two-bedroom residences in- cluding four luxurious duplex penthouses. Urban Pace president Lynn Hackney said: “Victoria sold at prices that exceeded our expectations, a testament to the project’s quality construc- tion and excellent location with the best of both worlds: the tranquility of Meridian Hill Park and proximity to the restaurants, shops, and nightlife along 14th and U
real estate auctions
American Realty Advisors has acquired a 100%-leased class A industrial portfolio totaling 453,883 s/f in Virginia
tinued affluent population growth of the surround- ing neighborhoods and the lagged recovery of theWash- ington DC metro economy are also likely to have a significant impact on long- term asset value. “Supply available for tra- ditional warehouse users has dwindled in recent years due to robust demand from data storage users due to the global growth of mo- bile and Internet-related digital content. In addition, the growing importance of e-commerce and same-day shipping to the local afflu- ent population will drive demand,” Cannon adds. American Realty Advi- sors plans to implement a series of improvements to the properties that will in- crease the portfolio’s overall physical condition and curb appeal to maintain a high level of occupancy. “Through our strategic and aggressive asset man- agement process, Ameri- can will be able to realize increasing cash flow over time and deliver predictable current yields to its inves- tors over a long-term hold period,” said Cannon. The two-property indus- trial portfolio is located at 3900 Stonecroft Blvd. in Chantilly, VA, and 45110 Ocean Court, in Sterling, VA. The seller, an institutional investment management firm, was represented by James Cassidy of DTZ ’s Washington DC office. n
CHANTILLY/ STER- LING, VA — American Realty Advisors , an insti- tutional real estate invest- ment manager with nearly $7 billion in assets under management, has acquired a 100%-leased class A in- dustrial portfolio totaling 453,883 s/f in Virginia. The portfolio consists of two industrial buildings located within master- planned business parks in close proximity to the Dulles International Airport and Washington DC’s major roadways, according to Eric Cannon , senior director, in- vestment group at American Realty Advisors. “This region is experi- encing strong positive net absorption, low vacancy, and continued rent growth, which is consistent with American’s research-driv- en investment strategy to source and acquire func- tional in-fill, multi-tenant industrial in well-located supply-constrained mar- kets,” said Cannon. “In ad- dition to the strength of the location, the contractual in-place rents are currently below-market, providing the opportunity for American to grow long-term cash flow and cash-on-cash returns for investors.” The buildings are occupied by Unicom Government, Synnex Corporation, Cos- mos Granite &Marble, U.S. Postal Service, FSA Net- work, and JAS Forwarding, among other tenants. Cannon notes that con-
705 Edgewood St. NE
Island Avenue shopping cen- ter, which is on the building’s south border, drove demand for this net-leased asset,” said Filley. Situated on a 1.48-acre par- cel, the building was 65% oc-
cupied by the WilliamE. Doar, Jr. Public Charter School for the Performing Arts at the time of the sale. There is 25,374 s/f of additional indus- trial/flex space available for lease. n
Urban Pace sells out Victoria on 14th Street, built by Drummond Development
Victoria
Streets.” Drummond principal Steve Schwat said: “For a long time, we have aimed to build condominium homes that dif- ferentiate themselves from the rest of the product in the market. Quality in design and construction as well as thoughtful amenities help to create homes that our buyers appreciate. We were able to achieve such a high price per square foot at Victoria thanks to the project’s DNA, the mar- ket, and the skills of our sales
partner, Urban Pace.” Victoria is the second con- dominium project on Chapin St. completed by Drummond Development, the for-sale division of Urban Invest- ment Partners . Meridian Heights, completed in 2005 at 1421 Chapin St., is among a number of condominium projects built or renovated by Drummond in the last few years, including The Archbold, Providence Square, Penn Circle, The Drummond, and WY18. n
6A — July 17 - 30, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
D el M ar V a
Patterson-Woods Commercial Properties/CORFAC Int’l facilitates $1.275 million sale
Harkins holds contracts for $63m in reno work in VA Renovation work leads Harkins expansion in VA V
WILMINGTON, DE — Pat- terson-Woods Commercial Properties/CORFAC In- ternational announced the completion of the sale of a res- taurant business located at 110 South West St. in Wilmington. Progressive Growth, LLC, a local, family investment group with many diversified businesses, purchased the business, Firestone Roasting House Restaurant, for $1.275 million. The Seller, RFGHospi- tality, LLC & RFG Restaurant Holdings LLC, also known as Rastelli Food Groups, is an industry leading food product supplier to hotels, restaurants and institutions. Joe Latina , principal, and Mary Ann Heesters of Pat- terson-Woods represented the seller in this transaction, se- cured the lease assignment, and worked with the buyer in securing their liquor license. Latina specializes in retail and investment commercial real estate with a strong emphasis in the food and beverage sector. Heesters has a background in food and beverage, and special- izes in obtaining and transfer- ring liquor licenses in real estate transactions. Firestone Roasting House, open since 2005, occupies the Juniper Building on the Riv- erfront in Wilmington, DE. It
IRGINIA — Harkins Builders is expand- ing its market reach into Virginia, and renovation work is playing a significant role. The Mid-Atlantic com- mercial contractor has cur- rent contracts for $63 million in renovation work at five locations in Virginia, includ- ing 1,200 units of multifamily housing and a 110-unit senior living facility. “We’ve had a significant increase in the volume of our multifamily work in Virginia over the last five years,” said John Kim , preconstruction manager at Harkins’ Tysons Corner office. “In 2010 just about 8% of our total volume was accounted for by our Virginia housing efforts. Last year the number was about 25%, and we’re projected to maintain that level this year.” At the same time, renova- tion work is taking up a larger percentage of that volume. “In 2015 we are projecting that over 70% of our Virginia income will be from projects that are undergoing renova- tions,” said Kim. One indicator of these trends is Harkins’ current work for longtime client Os- prey Property Companies . Much of Osprey’s develop- ment work has been onMary- ELKTON, MD — NAI Emory Hill has listed a 74,210 s/f, 30 acre light manu- facturing and lab site for sale in Elkton and is working with the Cecil County Economic Development Office to market the property. NAI Emory Hill’s commer- cial real estate team and members of the Cecil County Economic Development Office recently toured the former production facility to col- laborate on marketing it to potential buyers. The property is located at 100 Chesapeake Blvd. across from the Motor Vehicle Administration in the Upper Chesapeake Corporate Center on the Maryland/Dela- ware border off Rte. 40. The facility sits on 30 acres, 21 of which are zoned Busi- ness Industrial in Maryland and nine of which are zoned Suburban in Delaware. The fully conditioned building is comprised of 23,025 s/f of of-
110 South West St.
features an indoor dining area, large bar, and outdoor patio that sits right on the Christina River. “It was a pleasure to com- plete this sale on behalf of Ray Rastelli, Rastelli Foods Group and Progressive Growth, LLC.,” said Latina, “We would like to thank all parties for the cooperation and professional- ism. We wish Mr. Rastelli the best of luck and the continued growth of his company into one of the premier food distribution companies in the world and we look forward to the continued success and growth of Fires- tone Roasting House on the Wilmington Riverfront.” n
Victoria Park at Woodbridge
land’s Eastern Shore, and they are also expanding into Virginia. Harkins completed Osprey’s Riverwoods at Lake Ridge apartment community in Woodbridge, VA late last year, a new 96-unit market rate apartment project, and Harkins is currently helping Osprey renovate the 110- unit Victoria Park at Wood- bridge apartments for seniors aged 55 and up. Harkins is performing preconstruc- tion services for Wicklow Apartments, another Osprey renovation further south in Fredericksburg, VA. A July start is expected for the 96- unit community. Harkins director of project
development Steve Rubin is encouraged by the growth of opportunity in Virginia. “Virginia has spent several billion dollars on transporta- tion infrastructure in the past five years, and continues to see the payoff, both in the private and public sectors,” Rubin said. “WithMetro’s Sil- ver Line expansion to Dulles Airport through the Tysons corridor, and rapid growth along I-95 heading south to Richmond, the affordable and market-rate multifamily housing, senior living, and renovation sectors should provide a healthy pipeline of work for the foreseeable future.” n “The Cecil County Office of Economic Development is pleased to support NAI Emory Hill to market this quality asset located in the Upper Chesapeake Corporate Center,” said Economic Devel- opment Director Lisa Webb . “We are thrilled to work with Lisa and the County Economic Development Office to find a buyer and hopefully bring jobs to Cecil County,” said NAI Emory Hill agent Becky Harrington . “This is a prime location for a manu- facturer or life sciences re- search and development facil- ity. Its close proximity to the I-95 corridor, University of Delaware, Cecil College, and the cities of Baltimore and Philadelphia combined with Cecil County’s welcoming business environment make this property attractive to the industrial sector.” n There are also 11 acres allow- ing room for expansion.
DTZ represents Rolfe 67 in the sale of The Avery Row Apartments
NAI Emory Hill lists 74,210 s/f manufac- turing site for sale in Elkton, Maryland
The Avery Row Apartments
fice and 44,000 s/f of produc- tion area containing 17,800 s/f of clean room space. The building is also equipped with four mezzanine wet lab spaces, loading docks, drive-in doors and 158 parking spaces. Cecil County Economic Develop- ment Office members Jason Zang, Susan O’Neill and Lisa Webb, Director, met with NAI Emory Hill commercial real estate teammem- bers Becky Harrington and David Morrison, CCIM, to tour the Gore Upper Chesapeake facility, which NAI Emory Hill has listed for sale.
nection to downtown Wash- ington, DC. With an average unit size of 1,121 s/f, Avery Row features floor plans ranging from one bedroom to two bedrooms with den layouts. Nearly 90% of the units have private outdoor space including large patios, balconies and individual roof- top terraces. “This sale demonstrates the strength of the Arlington apartment market and its at- tractiveness to institutional investors from around the world,” said Doerr. n
ARLINGTON, VA — DTZ , a global leader in commer- cial real estate services, an- nounced that senior manag- ing director Chris Doerr represented the seller, Rolfe 67, LLC, in the disposition of The Avery Row Apartments— a newly-constructed, 67-unit, class A apartment building located in Arlington’s Rosslyn- Ballston Corridor. Avery Row has easy access to the Court House Metro Station, I-66 and the George Washington Memorial Park- way, serving as a direct con-
Real Estate Journal — July 17 - 30, 2015 — 7A
www.marejournal.com
M id A tlantic
D el M ar V a
ask about our 10k incentive* $
just released|a new phase
brand new
302.212.0002 inquire today
2015
move in BY spring
luxury waterview condominiums
W ith the overwhelming interest in THE RESIDENCES OF LIGHTHOUSE COVE, we are excited to announce construction is well underway on the next phase of brand new luxury bayside residences. Each home will feature wide-plank durable porcelain tile flooring, modern fixtures, and high-efficiency appliances in a mix of 2, 3 and 4 bedroom floorplans overlooking the Rehoboth Bay and Atlantic Ocean.
2 Bedroom Residences | Priced from $629,900 3 or 4 Bedroom Residences | Priced from $799,900
*Valid on all contracts written by February 1st, 2015 to receive a $10,000 options incentive.
SALES BY:
TheResidencesDE.com 302.212.0002
8A — July 17 - 30, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
D el M ar V a
Commercial-Industrial Realty Council Great CRE Events...Cont. Education...Speakers...Networking www.CircDelaware.org
CIRC Executive Committee Elected
New Members Join CIRC Board
2 0 1 5 BOARD OF DIRECTORS O fficers President Bert Root Harvey Hanna & Associates Vice President Donald Robitzer The Commonwealth Group Treasurer Timothy Cole Parke Bank Secretary Bayard J. Snyder, Esq. Bayard & Associates D irectOrs / c Ommittees Past President Education Chair Marvin Sachs Bellevue Realty Co. Legislative Affairs Chair: J. Gregory Ellis Patterson-Woods Associates Membership Chair John Birmingham Cushman & Wakefield James Manna BrightFields, Inc. Program Chair Donald Robitzer The Commonwealth Group Jeremy Abelson MidCoast Community Bank Benjamin J. Berger, Esq. Berger Harris, LLC Jim O’Hara, Jr. NAI Emory Hill-Retail Div. Rachael Justice ATAPCO Christiana Cynthia Fleming Jones Lang LaSalle e x -O fficiO m embers C. S. Kidner & Associates Economic Dev. Liaisons New Castle County Chamber Bob Chadwick David Archer DEDO NCCo. Rep. City of Wilmington Jeff Flynn Office of Economic Dev. Contact Us www.circdelaware.org (302) 633-1705 janet@circdelaware.org NCC Ec. Dev. Council State of Delaware Business Manager Janet S. Pippert CIRC / Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner
Cindy Fleming is an Associate-Broker with Jones Lang LaSalle in Wilmington
Tim Cole is a Vice President of commercial lending at Parke Bank in Philadelphia
New Officers will serve for this fiscal year beginning July 1, 2015. (from left): Don Robitzer, Vice President, Barry Snyder, Secretary, Bert Root, President, Janet Pippert, Business Manager (ex-officio member), and Tim Cole, Treasurer
Good Times…Great Reasons to Join!
Golfers & Volunteers!
1st Place
Schedule of Events MEMBERSHIP LUNCHEONS
Sept. 9, 2015 (Wed.) Clarion Belle Speaker/topic: to be announced Oct. 14, 2015 (Wed.) Clarion Belle Speaker/topic: to be announced
3rd Place
CONTINUING EDUCATION*
October 14, 2015 (Wed) * Mod. 4 / Office Management Mod. 5 / Legislative Issues: Agency Clarion Hotel-The Belle January 13, 2016 (Wed) * Mod. 7 / Contemporary Issues Mod. 3 / Real Estate Documents Clarion Hotel-The Belle March 9, 2016 (Wed) * Mods #/# to be announced Clarion Hotel-The Belle * Visit us on the web: CircDelaware.org for more information on our educa- tional course provider and credits for DE*MD*PA*NJ: circdelaware.org/education/schedule.cfm
P ennsylvania
S hopping C enters
McLaughlin and Schultz of Newmark, Knight, Grubb, Frank collaborates Feinberg Real Estate Advisors represents seller in $9 million sale of 300 Woodcliff Dr., Canonsburg C www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — 9A ANONSBURG, PA — Feinberg Real Es- tate Advisors, LLC
announced the sale of 300 Wood- c l i f f D r . , Canonsburg. The 3 story office build- ing sold for $9 million. It was market-
Gregg Feinberg
HI-LIGHTS JULY 17 - 30, 2015 ed and sold to 300 Woodcliff, LLC in a collaboration be- tween Feinberg Real Estate Advisors and Newmark, Knight, Grubb, Frank . The
300 Woodcliff Dr.
seller was Southpointe 2WAs- sociates, LP. The property is located in the Southpointe business park which located southwest of Pittsburgh. The fully leased property includes tenants Com- puter Aid, Inc., Rice Energy, Stallion Oilfield Construction,
LLC and NiSource Midstream Services, LLC. Gregg Feinberg of Feinberg Real Estate Advisors, LLC and Gerard McLaughlin and Jeffrey Schultz of Newmark, Knight, Grubb, Frank repre- sented the seller. About Feinberg Real Estate
Advisors: Backed by an expe- rienced, high-energy team, Feinberg Real Estate Advi- sors specializes in commercial and industrial brokerage, investment sales, develop- ment consulting, government relations, real estate law, real estate closings and real estate
title insurance throughout the Lehigh Valley. The princi- pals use their knowledge and expertise to help investors, sellers, buyers and tenants achieve their real estate goals. Feinberg Real Estate Advi- sors, LLC is associated with KW Commercial. n
EASTERN PA
SPOTLIGHT 13-21A
NAI Mertz negotiates sale of 61,000 s/f office/flex building
SSH Real Estate sells 43,180 s/f office building for $6.55 million inWest Chester
WEST CHESTER, PA — SSH Real Estate represented the seller in the sale of 1060
Andrew Dr. inWest Ches- ter. The sin- gle-story of- fice building was owned by Andrews Bridge Asso- ciates III, LP and was sold to TriPoint P r o p e r t i e s of Downing- town. The 43,180
17A
Beacon Commercial Real Estate completes sale of the Haverford Plaza office building
Dan Mayock
19A
s/f building sold for a con- tract price of $6.55 million or almost $152 psf.
Adam Gillespie
20-21A
Dan Mayock and Adam Gillespie of SSHwere the lead brokers in this transaction. n
www.marejournal.com
1060 Andrew Dr.
10A — July 17 - 30, 2015 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
OPPORTUNITY Promote Your Company
Kahlbaugh reps. both parties in 40,000 s/f ind. sale BennettWilliams’ Seitz brokers 180,000 s/f office building sale Y ORK, PA — Bennett Williams Realty, Inc. has arranged the sale/ field Twp. Shank’s Extracts, Inc. leased the property from Image First Uniform Rental Service, Inc. Jeff Herr of Bennett Williams Realty rep- resented the tenant. Towne Medical Center, 2350 FreedomWay, York Twp. Ken- na Plastic Surgery leased the property from PWRBALL, LP. Adam Hagerman, Chad Stine and Brad Rohrbaugh of Bennett Williams Realty represented both the tenant and the landlord.
* SEND NEWS RELEASES AND PHOTOS *
• Brokered Transactions • New Services/Products • Projects Completed or Underway • Expert Articles • Appointments, Promotions, & Honors • Events • Mergers & Acquisitions • Financing Deals The Mid Atlantic Real Estate Journal welcomes all editorial dealing with the commercial/industrial real estate industry. P.O. Box 26 • Accord, MA 02018 (mailing) 312 Market St. • Rockland, MA 02370 (overnight) e-mail: editor@midatlanticjournal.com www.midatlanticjournal.com
lease of the f o l l o w i n g transaction: 180,000 s/f office build- ing sold at One Market- way We s t , Yo rk Ci t y . On e We s t ,
12,000 s/f industrial space at 92 W. Main St., West Co- calico Twp. Morphy Auctions, LLC leased the property from Mahlon Zimmerman. Herr represented the tenant. 2,000 s/f retail space at 830 Roosevelt Ave., York City. Randy’s Barbeque, LLC leased the property from Melissa Sibol. Stine, Rohrbaugh and Adam Hagerman of Bennett Williams Realty represented the tenant in the transaction. 1,400 s/f retail space at 3950 Tec Port Dr., Swatara Twp. U- GRO Learning Centers leased the property from 3950 TecPort Drive, LP. Stine, Rohrbaugh and Mark Jacobs of Bennett Wil- liams Realty represented both the tenant and the landlord. 2,000 s/f office space at 100 Penn St., Hanover Borough. Hanover Cardiology, LLC leased the property from Web- ster Investment Group, LLC. Karen Neiderer of Bennett Williams Realty represented both the tenant and the land- lord. n
800-584-1062 781-871-5299 fax Mid Atlantic Real Estate Journal
2,400 s/f retail space at West Manchester Town Center, 345 Town Center Dr., West Man- chester Twp. Shenandoah Per- sonal Communications, LLC dba Sprint leased the property from Manchester Mall Associ- ates. Abe Khan of Bennett Williams Realty represented the tenant in the transaction. 2,400 s/f retail space at York Marketplace, 2501 E. Market St., Springettsbury Twp. Nicho- las Insurance, LLC dba Allstate Insurance leased the property fromRioCan. Khan, Rohrbaugh and Stine represented the landlord. 1,920 s/f retail space at 4103 Carlisle Rd., Dover Borough. Main Street Motors & Service, LLC leased the property from Jerry & Ellen Shaffer. Karen Neiderer of Bennett Williams Realty represented both the tenant and the landlord. 10,000 s/f industrial space at 1060 Prospect Rd., West Hemp-
Chris Seitz
LLC purchased the property from County of York. Chris Seitz of Bennett Williams Re- alty represented the both the buyer and the seller. 40,000 s/f industrial space at 4075 E. Market St., Springetts- bury Twp. Powder City, LLC leased the property from The Henrik Klinge Retained Annu- ity Trust. Keith Kahlbaugh of Bennett Williams Realty represented both the tenant and the landlord. 18,810 s/f industrial space at 100 Redco Ave., Red Lion Borough. Hoffman Die Cast Technologies, Inc. leased the property fromRexroth Tenancy in Common Partnership. Keith Kahlbaugh of Bennett Wil- liams Realty represented the tenant in the transaction. 2,068 s/f office space at York
STRUCTURAL ENGINEERS
www.keasthood.com Philadelphia | Washington
Serving building owners, developers, real estate professionals, and architects since 1953.
CELEbRATInG 25 yEARS oF EnGInEERInG ExCELLEnCE!
QUALITY • COMMITMENT • PERFORMANCE
Renovations & Additions
New Construction
Subsurface Investigations • Construction Inspection and Testing Geotechnical Design & Analysis • Environmental Site Assessments and Remediation • Clean Fill Testing • Carbonate Site Assessments Stormwater Infiltration Testing • Laboratory Soils Testing www.earthengineering.com Corporate Headquarters: 610-277-0880 • Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 • South Jersey: 856-768-1001
Condition Assessments
Due Diligence
400 Market Street, Suite 1250 Philadelphia, PA 19106 215.625.0099 1350 Connecticut Avenue NW, Suite 412 Washington, DC 20036 202.223.1941
Real Estate Journal — Pennsylvania — July 17 - 30, 2015 — 11A
www.marejournal.com
M id A tlantic
Northeastern Pennsylvania Truck Terminal For Sale
90 Eugene Drive, Plains, Pennsylvania (Entrance on Second Street)
• Access to I-81, 476, 380 & 84 • 31 Door crossdock terminal
• 1 Drive thru bay • 3 bay shop area • 3.81 Acres • 1,435 SF of offices; 4,025 SF of shop space; 8,515 SF of dockspace: Total 13,975 SF
Contact: John T. Cognetti, SIOR, CCIM jcognetti@hinerfeldcommercial.com
12A — July 17 - 30, 2015 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
ATTENTION: ENERGY PROFESSIONALS Tell business and industry leaders about your latest accomplishment, products and services in the: ENERGY MANAGEMENT SPOTLIGhT
ERCER, PA — On July 7, Pennsylva- nia Governor Tom Guiding the anticipated build-out of pipeline infrastructure Seitz&Dovey of PNDC receive appointment to taskforce M
groups. With nearly 200 citi- zens expressing interest in participating in the process, Penn-Northwest Devel- opment Corporation staff members Randy Seitz and Gary Dovey have been ap- pointed to the serve on two of 12 workgroups. Seitz, Penn- Northwest’s president/CEO, will serve on the Workforce and Economic Development Workgroup and Gary Dovey, vice president of business development, was selected to serve on the County Govern- ment Workgroup. Workgroup meetings will commence later this month with full reports due to Governor Wolf no later than February 2016. n CBRE brokers sale of 110,365 s/f lifestyle center
Wolf announced appointees to the Pennsylvania Pipeline Infrastructure Taskforce, which will be chaired by De- partment of Environmental Protection Secretary John Quigley . According to the July 7 news release, the group of experts and stakeholders serving on the taskforce will recommend policies, guide- lines and best practices to guide the anticipated and unprecedented build-out of
Mid Atlantic has +25,000 monthly readers who you will reach with this promotion.
Randy Seitz
Gary Dovey
Contact Steve Kelley at (781) 871-2582 x205
pipeline infrastructure ex- pected to take place across Pennsylvania during the next decade. Supporting the Pennsyl- vania Pipeline Infrastruc- ture Taskforce are 12 work-
skelley@marejournal.com and schedule your insertion date
“Remember, one call to us means many calls to you.”
For Lease Class A Of f ice Space
HARRISBURG, PA — CBRE, Inc. has brokered the sale of the Shoppes at Susque- Shoppes at Susquehanna Marketplace
hanna Mar- ketplace, a 110,365 s/f lifestyle cen- ter located i n Ha r r i s - burg. Brad Nathanson and Thomas Gorman of CBRE rep- resented the seller, Stan- bery Devel- opment , and identified the buyer, Clar- i on Par t - ners , in the transaction.
Brad Nathanson
2040 Avenue C Bethlehem, Northampton County, PA
Property Features • 3 suites available for lease: 15,000 sf on first floor, 17,000 sf on second floor & 32,000 sf on first & second floor • Class A three story office building with attractive main entrance • Ample parking and flexible layouts • Centrally located in the Lehigh Valley; easy access to Rts 22, 78, 33, 512 & 145 • Lease Rate: $16.00/sf Modified Gross
Thomas Gorman
“The Shoppes at Susque- hannaMarketplace is a unique, one-of-a-kind center that cap- tures the market for lifestyle shopping in the greater Har- risburg MSA,” said Nathanson, executive vice president with CBRE’s Capital Markets group. “Given its prominent location and its exposure to Central Pennsylvania at I-81 and I-83, two of the busiest interstates in PA, the shopping center will continue to capture best of class tenants among the specialty fashion/restaurant sectors.” n
For more information, please contact:
Matt Dorman 610-871-1699 mdorman@naisummit.com
3435 Winchester Road, Suite 300 Allentown, PA 18104
+1 610 264 0200 naisummit.com
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 52Made with FlippingBook - Online Brochure Maker