R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 26 Issue 2 Jan. 31 - Feb. 13, 2014 Economic Development Spotlight
Holland and Weilheimer represent parties in the transaction Kislak completes $14.75 million sale of Greentree Village Apartments
C
and mezzanine loans for a wide range of commercial properties including multifam- ily, office, retail, industrial and healthcare facilities primar- ily in New York, New Jersey and Connecticut, announced that it recently arranged two multifamily loans for a total of $5.18 million. “These deals, which range from New Jersey to Texas, are indicative of our versatility and experience as a mortgage broker,” said Mark Scott , founder and president of Com- mercial Mortgage Capital. “Though we do most of our business in the Northeast and Mid-Atlantic regions, being in touch with the capital markets every day allows us to find the best loan product for our bor- rowers’ appetites - wherever their properties are located.” CMC arranged a $3.1-mil- lion fixed-rate, first mortgage loan for an 80-unit apartment complex in Cedar Park, TX. “Greentree Village was a distressed property that of- fered a purchaser a value- added opportunity to reposi- tion it in a strong market,” said Holland. “Most of the nearby competitive properties operate in the 95% occupancy range. Greentree is well lo- cated with very good floor plans. The purchaser plans extensive renovations and up- grades including new kitchens and bathrooms and installing washers and dryers in each unit. These improvements and the property’s other amenities will make Greentree competi- tive with other area proper- ties and a desirable home for tenants.” The seller was led by an af- ways including Routes 95 and 495, easily commutable to Philadelphia andWilmington, DE. Amenities include a club house, storage facilities and playground.
LAYMONT, DE — The Kislak Compa- ny, Inc. announced the
$14 , 750 , 000 sale of Green- tree Vi l lage Apartments, a 286-unit apart- ment complex in Claymont, DE. President and co-manag-
Robert Holland
ing director Robert Holland and senior vice president Matt Weilheimer represented the parties in the transaction. Greentree Village Apart- ments is an all-brick, well landscaped property with on-site parking situated in a residential neighborhood of Claymont, which is a suburb of Philadelphia. It includes 88 one-bedroom apartments, 169 two-bedroom apartments and 29 three-bedroom apart- ments in eleven buildings. It is located near major high-
Greentree Village Apartments
filiate of a large international insurance company that fore- closed on the property and engaged Kislak on an exclu- sive basis to market and sell it. The purchaser was The Galman Group , a longtime Kislak client. “The Galman Group is an experienced mul- tifamily owner and operator that owns in the area and will surely make the property a great success,” added Hol-
land. The property has since been renamed the Edge at Greentree. Financing was provided by M&T Bank . The seller was represented by Michael Roth of Sheppard, Mullin, Rich- ter &Hampton, LLP and the purchaser was represented by Howard Grossman, Esq. of CozenO’Connor . At the time of closing, the property was 92% occupied. n
Section A Healthcare
Two apartment complexes in Cedar Park, TX & Roselle, NJ Commercial Mortgage Capital arranges two multifamily loans totaling $5.18m
9-10B Mid Atlantic ICSC
Conference & Deal Making
The 10/30 loan was placed with a correspondent life com- pany lender.Buttercup Creek Apartments is a mix of seven one-bedroom and 73 two-bed- room apartments for a total of 65,200 rentable s/f. The garden apartment complex consists of 20 two-story buildings situ- ated on 4.81 acres. Located just 17 minutes from downtown Austin, TX, Cedar Park is now the third largest city in the Austin area with a population exceeding 54,000 within its city limits. The property is easily acces- sible from highway 183 and within walking distance to stores, restaurants and medi- cal offices. It is also in close proximity to ACC, Concordia, and Lakeline Mall. In addition, CMC recently arranged a $2.08-million fixed- rate loan for a modern garden style apartment in Roselle, NJ. The loan was placed with a local New Jersey bank. The
LIVINGSTON, NJ – Mark Scott’s Com- mercialMort- gage Capi - tal (CMC) , a leader in real estate finance that arranges p e rman e n t , construction Mark Scott
5-14C
147 East 5th Ave
property, which features 20 one-bedroom and four two- bedroom units, is located in Central New Jersey, which of- fers year-round outdoor activi- ties and recreational offerings and is currently experiencing an uptick in service-oriented employment opportunities such as leisure and hospital- ity. 147 East 5th Ave. is located in close proximity to major roadways including the Gar- den State Parkway, New Jer- sey Turnpike and Routes 1 & 9, as well as a variety of shop- ping and dining options. n
Directory
People on the Move.............................. 18A Owners, Developers & Managers..Section B Green Buildings............................. 13-19B Shopping Centers................... Section C
Upcoming Spotlight February 14th, 2014 Property Management
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WANTED 150 Acres for a 800,000 square foot Manufacturing Plant Needed: 40 Megawatts of Electricity, Natural Gas and 1.5 million gallons of water and sewerage Level Land is ideal with rail access to a major highway
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Accutech Environmental.............................................16B AKRF........................................................................... 14B All Rite Construction..................................... IBC-A & 9C Altoona Blair County.................................................. 12A AMC Fire..................................................................... 10B American Architectural................................................ 1B Azarian Group. .........................................................BC-C Bennett Williams.......................................................... 3C BL Companies............................................................... 6C Calkain Companies....................................................... 7C Capitol Aerials.............................................................. 2B Earth Engineering...............................................2B & 4C Eastern Union............................................................... 5C Elliott Lewis................................................................ 16B EMCO.......................................................................... 10C Entech Digital Controls.............................................. 15B Exchange Solutions. ..................................................... 1A Fowler.......................................................................... 19B G&C Electric................................................................. 8B Genova Burns..............................................................12B Gilbeaux...................................................................... 14B Greater Newark............................................................ 8A Greater Reading Economic Partnership...................... 6A Griffinland................................................................... 15A Haftek............................................................................ 2B Henry’s RE................................................................. IC-A Hollenbach Construction.............................................. 9B Hylant Group ................................................................8C IREM....................................................................... IBC-B Jewel Electric................................................................ 3B Jottan. ......................................................................... 11B Lee & Associates............................................................7A M. Miller & Sons........................................................... 4B Marcus & Millichap ................................................. BC-A McMahon........................................................................4C Mercer County.............................................................. 7A Metro Commercial........................................................ 2C Michael Baxter & Associates........................................ 2C MSB............................................................................... 7B NJAA........................................................................... 19B NJSS.............................................................................11A P. Cooper Roofing......................................................BC-B Penn’s NE.................................................................... 13A Penn’s NW................................................................... 14A Poskanzer Skott.............................................................3B Preferred Construction Mgmt...................................... 6B Professional Women in Construction........................... 4B Rational Contracting.................................................... 5B RD Management...................................................... IC-1C RT Environmental........................................................ 9A Singer Financial. .......................................................... 3A Subway........................................................................ 13C Transportation Resource Group................................... 8C MAREJ A dvertisers D irectory
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Publisher/Senior Account Executive ................................. Elaine Fanning Section Publisher .................................................................... Steve Kelley Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Contributing Colomnist .......................................................Adam Kleeman Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 25 Issue 22 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 Adam Kleeman
Strategic Choices Maximize Green Investments
G
reen, renewable, sus- tainable; they’re all big buzzwords in to-
day’s real estate market. From our experience working with real estate owners, developers and property managers, we’ve found that strategic investment in green energy products and services can provide opportuni- ties to increase the profitability of both new and existing prop- erties. Many of the energy saving products and services available today allow for the reduction or even the elimination of equip- ment traditionally needed to complete new construction or restoration of an existing property. These products and services are designed to save so much in energy costs that they pay for themselves over an increasingly short time frame, thereby reducing total capital costs for the project. In addition to cost savings and increased profitability, integrating green energy prod- ucts and services into new construction or renovation projects can help to reduce the negative environmental impact of building, while at the same time improving the health and well-being of occupants. It seems like a win-win sce- nario, but how do you deter- mine which green building products and services are most appropriate for your project? To get the most out of your investment in green building products and services, focus on features that will help your project earn Leadership in En- ergy & Environmental Design (LEED) certification. Developers of new construc- tion are focused on LEED cer- tification because it is quickly becoming standard. Any de- PHILADELPHIA, PA — NAI MERTZ has just an- nounced the sale of a 24,000 s/f institutional facility at 6632-46 Bustleton Ave. in Northeast Philadelphia. Rick Gordon and Marc Cutler are the bro- kers at Mertz who negotiated the transaction of the former synagogue between Bustleton
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
veloper not focused on LEED certification or incorporating green energy solutions risks falling behind the competition. Those developers working with existing properties are also managing their renovations with LEED certification in mind. Getting certified allows real estate owners, developers and managers to take advantage of a number of state and lo- cal government incentives. As the number of tax incen- tives and credits continues to grow, LEED certification will also continue to build interest among prospective tenants in new or renovated properties. LEED certifications range from certified to silver, gold and platinum. When aiming for LEED certification of a new or existing building, make sure you’re hiring experienced, LEED-accredited service pro- viders who can help you get the highest rating. Their deep understanding of LEED re- quirements will help guide you through the different levels and various credit categories. The right service provider should provide recommendations on how to earn LEED credits without incurring additional expenses and identify ways to offset certain costs by saving costs in other areas. Look for Realty, LLC and the new own- er, Kingdom Empowerment International Ministries. Sale price is undisclosed. The Min- istries provides mentoring, life coaching and consulting servic- es, and with this purchase they will be able to expand their educational and community outreach programs. n
service providers who have a track record of helping proper- ties become more efficient and save on utilities. On the product side, the most effective ways to satisfy green building requirements include energy efficient lighting, solar panels and HVAC improve- ments. Solar panels can offer a huge savings. While the initial investment can be fairly significant, repayment on solar panels takes an average of only three to four years, depending on the size of the building. If the energy savings from solar panels means you can cover the cost within five years, then everything from that point for- ward is pure profit. Upgrading HVAC to modern standards will help to achieve the energy savings the owner demands and the efficiency that tenants expect. In short: green is good. But being strategic about what makes the most sense for your property is key to taking ad- vantage of the benefits of LEED certification and maximizing your return on investment in green products and services. Adam Kleeman is a part- ner in CohnReznick’s Com- mercial Real Estate Indus- try Practice. He is based in the Firm’s Baltimore, MD office. n
Gordon & Cutler of NAI Mertz negotiate sale of 24,000 s/f synagogue in Northeast Philadelphia
To advertise, call 1-800-584-1062
6632-46 Bustleton Ave.
Mid Atlantic Real Estate Journal — January 31 - February 13, 2014 — A
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M id A tlantic R eal E state J ournal Tillsley announces top closings in 2013 CORFAC Int’l. announces year-end transactions
UPCOMING SPOTLIGHTS!
FEBRUARY 14 PROPERTYMGMT. & IREM CONFERENCE AND EXPO DEADLINE: FEB. 7
F
ALLS CHURCH, VA — CORFAC Inter- national 2014 presi-
dent Robert Tillsley, SIOR , announced top transactions that closed prior to the end of 2013. Detroit, MI: Jason Capi- tani, SIOR, CCIM and Gar- ry Rogers of Troy-based L. Mason Capitani/CORFAC International represented the buyer of a 438,860 s/f free- standing industrial building in Warren, MI. In a major expan- sion, Isabella Ventures LLC purchased the property, located at 21439-21445 Hoover Rd., from AIC Ventures LP. Seattle, WA: Brian Bru- ininks, CCIM , and Dave Baumer of Seattle-based The Andover Co./CORFAC Inter- national represented building owner Morgan Stanley Real Estate in the lease of 135,300 s/f to Coast Aluminum and Ar- chitectural, Inc. The industrial building is located at 18805 80th Place South, Kent, WA. Atlanta, GA: Alan Joel, CCIM and Dan Granot, SIOR , of Atlanta-based Joel and Granot Real Estate/ CORFAC International rep- resented the buyer, SCPAcqui- sitions, LLC, D/B/ASouth City Partners in the acquisition of 5.17 acres of land from City Shopping Center, Inc. for $5 million. The property is located at the corner of 10th Ave. and 15th St., Tuscaloosa, AL. South City Partners plans to build student housing on the site. Chicago, IL: In a two-state transaction between a private equity fund and a private in- vestment LLC that involved three properties, Steve Podol- sky, SIOR , Randy Podolsky, SIOR , AlissaAdler andA dam Tarantur, CCIM , of Chicago- based Podolsky|Circle COR- FAC International were the only brokers/advisors involved in an investment sale and leaseback of the properties. The assets, which total approx- imately 243,000 s/f of indus- trial facilities, are located in Bensenville, IL and Valparaiso and Elkhart, IN. Milwaukee, WI: Samuel M. Dickman Jr. and Samuel D. Dickman of Milwaukee-based The Dickman Company/ CORFAC International rep- resented building owner CJF2 LLC in a 58,500 s/f lease to Fe- dEx Ground Package System Inc. The industrial property is located at 5110 S. 6th St. in Milwaukee. n
FEBRUARY 28 COMMERCIAL OFFICE PROPERTIES DEADLINE: FEB. 14
SUBMIT ARTWORK AND ED ITOR IAL TODAY ! EMAI L LCHR I STMAN@MAR EJOURNAL .COM
18805 80th Place South Kent, WA Photo Courtesy of CORFAC Group
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Mid Atlantic R eal E state J ournal S polight Economic Development We are committed to ensuring Delaware is a place where innovation and the entrepreneurial spirit thrives, and one where businesses of all sizes can grow and build into the future. Our economic development focus is aimed at bringing in new businesses on the cutting edge of technology, while also growing and educating our workforce to accommodate those new and growing employers. We have been proud of the effectiveness of our D elaware Mid Atlantic Real Estate Journal — Economic Development — January 31 - February 13, 2014 — 5A Dear Friends: I am pleased to address commercial real estate professionals throughout the Mid Atlantic N ew J ersey
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States in this issue of the Mid Atlantic Real Estate Journal.Under the oversight of Lieutenant Gov- ernor KimGuadagno, the New Jersey Partnership for Action has made tremendous strides in revital- izing our state’s economy. The Partnership’s three agencies - Choose New Jersey, the Business Action Center and the Economic Development Authority - have attracted new business and helped exist- ing businesses thrive by focusing on relationship
business financing strategies and programs that have helped companies relocate to or expand in Delaware, even in the difficult economic climate of the past few years.
Governor Markell
Governor Christie
Delaware continues to be one of the lowest business cost locations with one of the best tax climates in the nation, and we are planting the seeds of our economic future now by focusing on goals with far-reaching, long-term economic impact. Improving education and developing renewable energy have been top priorities since my administration took office in early 2009. Delaware is the home of tax-free shopping, five-star beaches, acres of preserved natural beauty and a rich history captured and documented museums and sites. Our strengths are aerospace and aviation, green and material sciences, biotech- nology and banking and financial institutions, but our backbone is also the small start-up or the 50-year-old mom-and-pop company. On behalf of the State of Delaware, I extend my best regards and wishes to the commercial real estate professionals of New Jersey, Pennsylvania, Delaware, Maryland, and Virginia. I look forward to your continued success as an industry and working with you to continue to grow the First State’s economy.
building and person to person outreach, promoting the state’s incentives and resources, developing pro-growth policies and assisting businesses in navigating state government and programs. In addition, we have reduced administrative red tape, restrictive mandates and prohibitive taxes to make New Jersey’s business climate more favorable. As the Garden State recovers from the devastation of Super Storm Sandy, I am encouraged by the resolve of its citizens and business owners. New Jer- seyans have endured and I am confident that we will rebuild - stronger and better than ever. I look forward to working with all those affiliated with the real estate profession on investing in our shared future. Best wishes to all for a successful year.
Sincerely, Chris Christie Governor
Sincerely, Jack A. Markell Governor
P ennsylvania
V irginia
It is my pleasure to extend my best personal regards and appreciation to the real estate professionals of the Mid-Atlantic Region. I commend you for contribut- ing to the vitality of the Commonwealth’s economy and for working towards a more prosperous future for Pennsylvania and our neighbors. The Common- wealth remains committed to economic growth and job creation for our state’s citizens. My administration recognizes that growing the private sector is the only way to accomplish these goals. I am confident that
Virginia: Open for Business The Commonwealth of Virginia was founded as a busi- ness venture more than 400 years ago, and that legacy continues today as Virginia remains the top state in which to do business, as rated by several independent industry publications. Virginiacontinuestoearnaccoladesandattractbusinesses from around the county and around the world because of our pro-business environment that offers lower operating costs, a stable six percent corporate income tax that hasn’t increased since 1972, property tax exemptions, a highly skilled and available workforce, strategic location at the heart of the East Coast, and one of the lowest combined state/local/use taxes at five%.
Governor Corbett
Governor McDonnell
you share my passion for creating economic growth and I look forward to continue working with you in the years ahead to better serve Pennsylvania’s citizens and make our region an attractive place for businesses to grow and succeed. As Gov- ernor, and on behalf of all Pennsylvanians, I am pleased to extend my best wishes to the real estate professionals of Pennsylvania, Delaware, Virginia and New Jersey for continued success in growing the economy in our state and our region.
Virginia also offers a variety of performance-based incentives that it uses to attract and retain business investments and to attract new jobs to the Commonwealth. From tax credits to tax exemptions, Virginia continues to demonstrate its willingness to invest in those who invest and reinvest in the Commonwealth. Virginia has one of the country’s most technically advanced, on-line site selection search tools—VirginiaScan.VirginiaScanallows companies to searcha database ofmore than1,800 qualified sites and buildings across the Commonwealth. In addition to site and building specifications, VirginiaScan enables companies to search for an ideal business location using Virginia workforce statistics, existing business data and a host of other information that is driving today’s business site-selection process. Sincerely, Bob McDonnell, Governor
Sincerely, Tom Corbett, Governor
A — January 31 - February 13, 2014 — Economic Development — Mid Atlantic Real Estate Journal
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E conomic D evelopment
By Jon Scott, The Greater Reading Economic Partnership Economic development trends in Greater Reading
T
he Greater Reading Economic Partnership (GREP) is tasked with
with 16 new and expanding companies in the region. These companies contributed
total square feet leased or sold in Berks County. The good news is that many
lenging news. We are search- ing more diligently than ever to locate appropriate space for businesses to locate and grow. We are currently work- ing with a developer to bring a new industrial park on line in 2014 that would provide over 2 million square feet of new industrial and ware- house space. In terms of industry, manu- facturing continues to be one of our strongest business clusters. Eight of the sixteen new and expanding compa- nies are manufacturers. We continue to see the trend of
small, high-growth, manufac- turers in the region. In fact, in 2013, 78% of the leads and prospects we interacted with were in the manufacturing industry. This is compared to 53% in 2012 — a 25% in- crease. In 2012 we formally began to focus evenmore on working with existing Berks business- es in an effort to support them so they not only stay in our region, but also grow right here in our own backyard. This strategy has proven to be extremely successful. In fact, we now spend 50% of our time and resources on working with existing businesses. A high percentage of our job growth numbers con- tinue to be generated by our expanding local companies. Based upon the success of this strategy, we plan to stay focused on supporting our lo- cal companies in 2014. As a result of our focus on existing Greater Reading companies, we have been able to identify common “points of concern.” The top issue continues to be workforce related. Nearly half or 47% of the companies we have met with in 2012 and 2013—over 100 to date—have identified the lack of necessary skills in the applicant pool as a major workforce challenge. 26% of those companies identified the lack of technical skills more specifically. While Berks has been able to boast a highly-skilled work- force, this workforce is aging and nearing retirement. We heard companies tell us di- rectly about the disconnect between available jobs and job seeker-skill sets. As a result, we initiated an aggressive marketing campaign called Careers in 2 Years – a cam- paign designed to drive more people to consider trades and technical education. 2013 was a year of success and challenges. Our work is not done, and in 2014 the Greater Reading Economic Partnership team will con- tinue to work to grow our region so it can be something greater. Jon Scott is president and CEO of the Greater Reading Economic Part- nership. n
attracting, r e t a i n i n g and growing business by fostering and coordinating economic de- velopment in Berks Coun- ty. 2013 proved
In June 2004, Jon Scott was named President and CEO of Berks Economic Partnership. Jon continues to serve as the Co-Chair for the Ride to Prosperity which was unveiled in June of 2010, and serves as the economic development roadmap for the Greater Reading region.
Jon Scott
to be an outstanding year for job attraction, retention and growth in the Berks County region. To date, we have worked
to over 1,350 new or retained jobs, $21.2 million in capital investment and over 800,000
of the vacant industrial spac- es in Berks County are being occupied. It’s also the chal-
Why TAB Industries is all wrapped up with Greater Reading.
TAB Industries discovered more in Greater Reading than just an affordable, strategic location in southeastern Pennsylvania. They found easy access—to a labor pool with a strong work ethic, desirable transportation routes and an abundance of valuable, competent fabrication providers. In Greater Reading, TAB Industries found a dynamic community where they can expand and achieve great things.
Be something greater.
Discover greater possibilities. Visit GreaterReading.com.
GreaterReading.com s (610) 376.4237
Mid Atlantic Real Estate Journal — Economic Development — January 31 - February 13, 2014 — A
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E conomic D evelopment
160,140 Square Feet Available (Divisible) 700 Central Avenue, New Providence, NJ
Newly Established Technology and Business Innovation Zone
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E conomic D evelopment By Paul G. Clarke, Greater Newark DE Greater Newark: it all adds up
G
Class Group. The heart of the presentation and discussion was regarding, place, driving innovation. Greater Newark, DE is well situated to be the place in the Mid-Atlantic mega region driving innovation. Global leaders such as Air Liquide, AstraZeneca, Chris- tiana Care, DOW Chemical, DuPont, W.L. Gore, FMC, GE Aviation and Siemens Healthcare Diagnostics have chosen to locate in the Greater Newark Area because of its strategic location in the Mid- Atlantic near Interstate 95, its highly educated workforce, its proximity to a top research
university and its responsive local government—as well as a quality of life that’s afford- able, fun and family-friendly. These innovative companies see Greater Newark as the place driving innovation. Along with these global lead- ers, Greater Newark’s new an- chor tenant is the University of Delaware. After Chrysler shut down their car manufacturing facility, the university pur- chased the 272 acre brownfield site as the new innovation op- portunity zone for the region. To date, Bloom Energy from Sunnyville, CAhas moved their East Coast operations to STAR
Campus at UD. They manu- facturer Bloom Energy Boxes. These boxes put natural gas through a catalytic process that outputs electricity. Bloom is trying to revolutionize energy in the United States. Along with Bloom Energy, the Col- lege of Health Sciences opened their new building on January 2nd of this year. They will have three wings of the building to promote cross-collaboration be- tween academia, government and business. Recently, the Data Centers, LLC also signed a land-lease deal with the Uni- versity of Delaware for 900,000 s/f of space. They will co-gener-
ate their own power for 100% reliability. As you can see, the new STAR Campus is bring- ing businesses that can work in collaborative ways with the University of Delaware and make the University the eco- nomic development driver for years to come. To go with its new innova- tion hub, Greater Newark, DE has a vibrant downtown. New development projects continue to pop up on Main Street that cater to a mixed use, urban crowd. The Philadelphia 76ers moved their D-League basket- ball team to the University of Delaware’s Bob Carpenter Center. You can watch the 76ers top prospects play in the Newark one week for the 7’s and then make the short drive to Philadelphia to see them star in the NBA. Greater Newark, DE isn’t just for the university students. With new, executive style restaurants like Taverna, 16Mile Taphouse and Iron Hill Brewery, people of all ages are migrating downtown. Baby boomers and millennials alike are wanting to live, work and play in Greater Newark, DE for its location, opportunity, quality of life and cost of liv- ing/doing business. In Greater Newark, DE, the creative economy is set to take off and be the new leader in the Mid-Atlantic mega region for innovation. Place matters and Greater Newark, DE is the place that is driving innovation for the future. In Greater New- ark, DE, it all adds up. n PrinceWilliamCounty reports annual econ. dev. totals PRINCEWILLIAMCOUN- TY, VA. — In 2013, Prince Wil- liamCounty worked on 20 proj- ects with non-retail companies stating their intent to invest more than one billion dollars in the County. This is the highest commercial capital investment total in the 17 years that the Department of Economic Devel- opment has been tracking such activities. These 20 projects will create 354 new jobs in Prince William County. This investment was spurred by the County’s burgeoning data center market. The con- tinued growth in the data center industry is mostly at- tributed to the county’s robust fiber network, very competitive power rates and the ability to provide some quick develop- ment reviews. n
reater Newark, DE is going through a revolu- tionary transformation.
The Greater Newark Eco- nomi c De - v e l o pme n t Partnership h o s t e d a n event around a t h o u g h t p r o v o k i n g economic de-
Paul Clarke
velopment trend on Thursday, January 23rd at the Embassy Suites in Newark, DE. GNEDP brought in world renowned thought leader Steven Pedigo fromRichard Florida’s Creative
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E conomic D evelopment
tarting in October, and now ramping up after the first of the year, a By Gary Brown, RT Environmental Services, Inc. Significant uptick in Brownfields activity marks the start of 2014 S asbestos and lead paint sur- veyed in advance of a planned sale. instances, strip shopping centers, which have releases of dry cleaning fluids, which impact groundwater. majority of sites however, it is possible to find a way to ad- dress environmental issues, and cost effectively redevelop the site.
Airport, RT is working on a former industrial site, and, some Philadelphia councilmen are wondering if it is better to not sell the Philadelphia Gas Works as natural gas and petroleum export oppor- tunities could make riverfront properties with gas and liquid bulk transfer facilities more valuable. We have seen a significant uptick in new work, since the first of the year. Let’s all hope that this trend continues, through 2014. Gary R. Brown, P.E. is the president of RT Environ- mental Services, Inc. n
s igni f i cant interest in Brownfields s i tes , and, in particu- lar, those in- volving com- mercial de- velopments. Of particular
• In New Jersey, there is new Guidance which can be used when it is not practical to fully clean up groundwater. • In Pittsburgh, the Marcel- lus Shale Gas opportunities and recent court decision on new gas facility zoning requirements are receiving much attention. • In Philadelphia, newly abandoned school buildings along with charter school op- erations are being evaluated by REALTORS. • South of the Philadelphia
As featured in previous RT Reviews, both of these types of sites, so long as they are adequately investigated, can be cleaned up and liability releases obtained, to help fa- cilitate the redevelopment process. All sites, are not the same, however, and some sites have more complicated prob- lems, particularly where there are mixed plumes, or where there is contaminant migra- tion affecting other adjacent residential properties. At the
Also receiving attention, are mixed use redevelopments, including some, in downtown urban areas. Some of these sites receive special liability protection, through redevel- opment agencies, particularly where past heavy industrial issues, are not practical to fully cleanup. Also showing interest: • Apartment properties are receiving interest, but it is typically important to have
Gary Brown
interest, are former service station sites, and in some
The Scranton Plan receives PPL Blue Ribbon Grant
SCRANTON, PA — The Scranton Plan , the indus- trial development marketing affiliate of The Greater Scran- ton Chamber of Commerce was awarded a $6,000 PPL Blue Ribbon Grant in support of their Summer Festival event. The goal of the festival is to introduce corporate executives and real estate professionals from neighboring states to the quality of life and business opportunities available in the greater Scranton area. Through Blue Ribbon Mar- keting Partnerships, PPL provides financial support to local and regional economic development organizations. In other news... Aaron Whitney , facilities manager, at The Greater Scranton Chamber of Com- merce was awarded the IFMA
(International Facility Man- agement Association), Lehigh Valley Chapter, 2013 Facilities Manager of theYear award. The award was presented to Whit- ney at IFMA’s awards ceremony in Allentown in December. n Aaron Whitney accepting award
10A — January 31 - February 13, 2014 — Economic Development — Mid Atlantic Real Estate Journal
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E conomic D evelopment Randy Seitz, Penn-Northwest Development Corporation SEDCO approved for two, 350-acre Keystone Opportunity Expansion Zones
P OTTSVILLE, PA — Schuylkill Eco- nomicDevelopment Corporation (SEDCO) is proud to announce the ap- proval of two, new Keystone Opportunity Expansion Zone (KOEZ) designations within Schuylkill County. Each zone is 350 acres in size. One, Schuylkill Highridge Business Park North, straddles Butler and Foster Townships, and the North Schuylkill andMiners- ville Area School Districts. The other zone, Schuylkill County Airport Business Park, lies entirely within
Foster Township and Miners- ville Area School District. Frank J. Zukas , SEDCO president, said “The new KOEZs will allow for contin- ued development of Schuylkill County’s Interstate 81 corri- dor. Many thanks go to the township supervisors, school board members and county commissioners for their par- ticipation in this collabora- tive economic development program. We are also grateful for the overwhelming sup- port that Senator Argall and Representatives Goodman, Knowles and Tobash provid- ed throughout the application
process.” “Governor Corbett contin- ues a commitment to work with local partners to bring new jobs and investment to Pennsylvania’s communi- ties,” said Department of Community and Economic Development Secretary C. Alan Walker . “The KOEZ program embodies that part- nership and has spurred the creation of nearly 40,000 jobs since program inception and as zones expire, new tax rev- enues are generated for the state and local governments. I have no doubt this designa- tion will pave the way for new
growth and jobs in Schuylkill County.” The KOEZ designation means that most local and state taxes will be waived for a period of ten years, beginning on January 1, 2014. Originally established in 1998, the KOZ legisla- tion enables Pennsylvania to remain competitive with other nearby states that of- fer similar tax programs. By incentivizing the develop- ment of challenging or dis- tressed sites, Pennsylvania’s economy can grow with an influx of private investment and new jobs. Zukas explained that Schuylkill County has had prior success with the KOZ program. “The KOEZ for the WalMart Distribution Center in Butler Township expired as of the first of this year. What was once vacant, unproduc- tive land is now contributing hundreds-of-thousands of dollars of revenue to the lo- cal taxing bodies. WalMart employs over nine-hundred people and is committed to giving back to the com- munity. We certainly hope to duplicate this success at the newly-designated KOEZ properties.” Another KOEZ project that recently re-entered the tax- rolls is the Big Lots! Distri- bution Center in Tremont Township. Of the Big Lots! Project, Zukas said “Here was an opportunity to develop a large-scale employment driver in a rural setting. Without the KOEZ program, locating Big Lots! to this site would have been much more difficult. Now there are over four-hundred people work- ing there and the combined local real estate taxes exceed $800,000 per year.” n
Feature Your Firm’s “Top Retail Deals of 2013” SHOPPING
Mid Atlantic Real Estate Journal — Economic Development — January 31 - February 13, 2014 — 11A
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E conomic D evelopment
Kline, Traczuk, and McCauley join Greater Reading Chamber of Commerce Greater Reading Chamber of Commerce & Industry hire program coordinator and membership director
R
the Executive Director for the Columbia Montour Visitors Bureau.
Catholic Church and Ex- eter Township Parks and Recreation Special Events
egie.
tor of Membership Services for the Chamber sinceAugust 2008. During that time she was responsible for attract- ing and retaining members as well as managing the Ambas- sador Committee. Liz currently serves as a Trustee and Vice Chair of Development for the Read- ing Musical Foundation. She is also actively involved in fundraising and marketing efforts for Genesius Theatre. Liz serves as a Foster for the Grey Muzzle Foster Program and spent several years on the board of BerksAnimal Rescue League. n
EADING PA — The Greater Reading Chamber of Com-
In other news... The Greater Reading Cham- ber of Commerce & Industry announced that Liz McCau- ley , IOM has been promoted to director of programdevelop- ment. Liz will be responsible for managing program devel- opment and growth within the Chamber’s Women2Women and Small Business initia- tives. The overall objective of this new position is to en- hance the value proposition of membership via strong, dynamic programming and service delivery. Prior to this new position, she was Direc-
merce & Industry an- nounced the hire of two new colleagues. Patricia Kline , program coordinator, will be responsible for managing the Chamber’s Center for Busi- ness Excellence training and Catalyst shared workspace. Her primary focus will be on supporting all aspects of the training arm of the or- ganization. Prior to joining the Chamber team, Patricia was the training coordinator at EnerSys where she main- tained the learning manage- ment system and coordinated the training logistics for 3,200 colleagues. She currently chairs the Public and International Af- fairs Committee of the Lititz Woman’s Club and has served on the executive board mul- tiple times. Patricia volun- teered in many capacities for Millersville University, PATHways Center for Grief and Loss and the Lancaster Science Factory. She has B.S. in Biology, Secondary Education from Millersville University. Sally Traczu k, director, membership services, will be responsible for identifying and meeting with prospective members and educating new members on the best ways to maximize their membership. She will act as the Cham- ber liaison and work very closely with the Ambassador Committee. Previously, Sally worked as a Travel/Member Services Consultant at AAA Reading Berks and served as ArmstrongCounty Ind. Dev. Council dis- tributesnewsletter FREEPORT, PA — On January 16, 2014, the Arm- strong County Industri- al Development Council (ACIDC) distributed their 2013/14 Update Newsletter. This publication contains business spotlights and eco- nomic development highlights that stood out during 2013. The newsletter is available on the ACIDC’s website. The Armstrong County In- dustrial Development Council (ACIDC) is a private, non- profit economic development agency that provides single- point-of-contact services for emerging or expanding busi- ness and industry. n .
Patricia Kline
Sally Traczuk
Liz McCauley
She is the JCI Senate Sec- retary of the Pennsylvania Jaycees and volunteers for St. Stephen’s Polish National
Committee. Sally attended Susquehanna University and is a graduate of Schuylkill Leadership and Dale Carn-
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12A — January 31 - February 13, 2014 — Economic Development — Mid Atlantic Real Estate Journal
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E conomic D evelopment
he A l t o ona - B l a i r Count y r eg i on o f Pennsylvania, the By Martin J. Marasco, president and CEO, Altoona-Blair County Development Corp. Economic development in Altoona-Blair County, PA T the first quarter of 2014, will enable the company to add 20 new jobs with more jobs likely to be added down the road.
expand and companies are making investments.” ABCD Corp. was involved in numerous economic develop- ment projects in 2013 includ- ing the expansion ofAlbemarle Corp.; a $200 million natural gas project; Core Label expan- sion and finalizing the details for our eight business park development. In February, Albemarle Corp. announced plans for a $30 million expansion at its plant in the Tyrone Industrial Park - the single largest ex- pansion of the facility’s history. The project, which is expected to be completed and running in
have the plant up and running in the first quarter of 2016. In November, plans were announced that Core Label LLC, a leading manufacturer of beverage labels, would ex- pand its current facility near Tyrone, PA adding at least 43 new jobs. The project was coordinated by the Governor’s Action Team in collaboration with ABCD Corp. The availability of develop- able acreage is always on the top of ABCD Corp.’s priority list and during 2013 the orga- nization was awarded a $1.5 million grant towards the de- velopment of the organization’s
eighth business park. This business park will be located in the southern portion of the county and adjacent to the Walter Business Park which is home to the Sheetz Distribu- tion Center and Sheetz Bros. Kitchen with direct access to I-99. “We are currently secur- ing permits, finalizing design and hope to break ground dur- ing this summer. We will have 85 to 90 developable acres to offer to new companies and others who need to expand,” Marasco said. 2013 emphasized the im- portance of working with local companies through business and economic development support to assist them in expansions and job creation/ retention. “Our strong, diver- sified, home-grown companies continue to be innovative and looking towards the future with their growth strategies both through employment and facilities,” said Marasco. “New companies that decide on Blair County for their site selec- tion, enjoy the open access to local leaders and realize the strengths of this region.” Continue to keep your eyes on Blair County and ABCD Corp. during 2014.....great things are ahead. Martin Marasco is the president and CEO of Al- toona- Blair County Devel- opment Corporation. n EDAprovides nearly $1.2 billlion in total assistance in 2013 TRENTON, NJ — Prelimi- nary 2013 totals show the New Jersey Economic Devel- opment Authority (EDA) , in support of the Christie Administration’s commitment to fuel business and job growth in New Jersey, provided nearly $1.2 billion in total financing to 213 projects throughout the state. This funding helped support the retention of more than 35,000 jobs including more than 5,200 jobs at risk of leaving New Jersey, the cre- ation of more than 5,300 new jobs, over 9,400 construction jobs, and leveraged more than $2.6 billion in public/private investment. “The past year was busy, exciting and productive as we worked towards enhancing New Jersey’s business friendly environment,” said Michele Brown , CEO of the EDA. n
heart of PA’s I-99 Innova- tionCorridor, f a c i l i t a t ed 50 funding p a c k a g e s r e s u l t i n g in excess of $130 million in capital in-
In March, Marcellus GTL LLC of Gilberton, PA an- nounced plans to build a $200 million plant near Duncans- ville that will convert natural gas into gasoline and propane. The project is expected to lead to the creation of 30 new full-time positions as well a significant investment and job creation during the construc- tion of this state-of-the-art plant. Company officials hope to begin construction in the second quarter of 2014 and
Martin Marasco
vestment during 2013. “It was a very progressive and positive year,” said Marty Marasco , President/CEO of ABCD Corp. “It looks like the economy is beginning to
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