- DC
Hines&Fiumara of CBRENational Ptrs. reps. DermodyProperties&PCCP American Realty Advisors acquires ind. asset in Central PA’s I-81 Corridor C ARL I SLE , PA — Amer i can Real ty Advisors announced
ISSUE HIGHLIGHTS Volume 28 Issue 5 March 11 - 24, 2016 Financial Digest Featuring 1031 Exchange
for investors by disposing the asset to Allen Distribution, a user that could take advantage of the current vacant space,” said Igor Derbaremdiker , director of dispositions at The Hampshire Cos. “Our ability to achieve the optimal return was based in part on our abil- ity to identify, ascertain and articulate the value related to the expansion opportunity which can be realized by the new owner. This disposition exemplifies the breadth and depth of our understanding of one of the nation’s preeminent industrial real estate markets. The building’s accessibility in an infill location, its proxim- ity to the buyer’s other assets, the remaining vacancy and its proximity to major population hubs along the East Coast made this opportunity even more attractive to the buyer.” Cushman & Wakefields ’ Gerard Blinebury , execu- tive director, Marie Connell , director and Samantha Ken- nedy , associate brokered the deal. n The facility is located one mile from I-81 at Exit 44 in Carlisle, which is widely considered the hub for super- regional bulk warehousing and distribution within the greater Central Pennsylvania region. Cannon notes that “the I-78 / I-81 Industrial Corridor has exhibited significant net absorption in the past several years – over 20 million s/f of industrial space was leased from 2014 through mid-2015. This area has become a Tier One East Coast inland mar- ket, with top industrial ten- ants including FedEx, Proctor & Gamble, Nordstrom, Geor- gia Pacific, and Walmart all occupying distribution space in the Corridor.” n between Dermody Proper- ties and PCCP, LLC , which was represented by Michael Hines and Brian Fiumara of CBRE National Part- ners .
the acquisi- tion of a mod- ern, cross - docked bulk warehouse/ distribution property lo- cated at 2 Ames Dr. in Carlisle. The class A build- ing , whi ch encompass- es 700,000 s/f on over 53 acres, is c u r r e n t l y 100 percent leased to a Fortune 50 tenant through 2024.
15-24A
SADV Professional Showcase: The Best of the Best!
Michael Hines
2 Ames Dr. in Carlisle
American’s industrial portfo- lio, as the purchase secures a high-quality, class A property that features a significant amount of recently-added landlord and tenant improve- ments. “This property is an ideal addition to our core industrial portfolio. The center’s great
location in a key logistics market, its high quality con- struction, and the fact that it is fully leased long-term to a credit tenant are three factors that we believe will provide our investors with an attrac- tive current income stream,” said Cannon. The seller is a joint venture
Brian Fiumara
12-13A
According to Eric Cannon , American’s senior director, Investments, this acquisition will make a great addition to
For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com Philadelphia Real Estate Capital Markets Summit April 14, 2016 New Jersey Office Summit UPCOMING CONFERENCES March 18, 2016 2nd Annual NJ Land Development Summit April 13, 2016
The Hampshire Cos. disposes 596,703 s/f industrial building in Mechanicsburg
MECHANICSBURG, PA — The Hampshire Compa- nies announced the sale of a 596,703 s/f industrial building located at 1225 South Market St. in Mechanicsburg to Allen Distribution. 1225 South Market St. sits on just over 100-acres, with 35.11 acres of excess land for future development, in Cumberland County in the
1225 South Market St
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Gerard Blinebury
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Central PA submarket. The location offers all components necessary for East Coast dis- tribution including a strong highway network, freight hubs, 3PL carriers, corporate neighbors, a developed labor force and government incen- tives. The property is also located within a 15-minute
drive of Harrisburg Interna- tional Airport and within a 20-minute drive from FedEx and UPS ground services. The building is primarily a one-story warehouse with a second story of office compris- ing 20% of the building. “We had the opportunity to achieve our projected returns
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MARCH 10 – CREW PHILADELPHIA Event: 4 M’s – Mix, Mingle, Munchies and Mocktails Time: 5:30 PM – 7:30 PM Location: Stantec Address/City: 1500 Spring Garden St., Suite 1100, Philadelphia, PA Cost: $40 Members $25 Nonmembers if registered by 5pm March 7th www.crewphiladelphia.org MARCH 10 – NAIOP PITTSBURGH Event: Annual Awards Banquet 2016 Time: 5:15 PM – 9:00 PM Location: David Lawrence Convention Center Address/City: Pittsburgh, PA www.naioppittsburgh.org MARCH 11 – N J FUTURE Event: New Jersey Future Redevelopment Forum 2016 Time: 8:00 AM – 4:00 PM Location: Hyatt Address/City: 2 Albany St., New Brunswick, NJ Cost $155 Members $190 Nonmembers P: 609-393-0008 x 101E: mjann@njfuture.org www.forum.njfuture.org MARCH 11 – ULI PITTSBURGH Event: My ULI: Maximizing Your Membership with the Urban Land Institute Time: 11:00 AM – 1:00 PM Location: Strada Address/City: 611 William Penn Place, Suite 700, Pitts- burgh, PA P: 412-263-3800 www.pittsburgh.uli.org MARCH 13-17 – MBA Event: 33rd Annual Regional Conference of MBAs Location: Harrah’s Convention Center Address/City: Atlantic City, NJ www.mbanj.com MARCH 14 – CIANJ Event: Plant Tour and Manufacturing Roundtable: How to Find Skilled Workers Time: 4:30 PM – 6:30 PM Location: Triangle Manufacturing Company Address/City: 25 Park Way, Upper Saddle River, NJ Cost: $55 Members $85 Nonmembers E: ehallock@cianj.org www.cianj.org MARCH 15 – CREW PITTSBURGH Event: Escape the Room: Teambuilding & Networking Event Time: 5:15 PM – 9:00 PM Location: Local Bar & Kitchen Address/City: 1515 East Carson Street, Pittsburgh, PA Cost: $35 Per Person E: admin@crewpittsburgh.org www.crewpittsburgh.org
MARCH 22 – NAIOP NJ Event: Seminar: eCommerce Traffic eVolution/Expert Roundtables: Structured Parking, Repurposing CRE,
MARCH 15 – NJIFMA Event: 17 Mistakes Made in Creating Emergency Plans & How to Correct Them Time: 5:00 PM – 7:00 PM Location: Tiffany & Co. Address/City: 15 Sylvan Way, Parsippany, NJ www.njifma.com MARCH 15 – ULI PHILADELPHIA Pre-Saint Patrick’s Day Networking Happy Hour Time: 5:30 PM – 8:30 PM Location: McGillin’s Olde Ale House Address: 1310 Drury St., Philadelphia, PA MARCH 16 – CREW NJ Event: Event - featuring Lieutenant Governor and Secretary of State, Kim Guadagno Time: 9:00 AM – 11:00 AM Location: APA HILTON WOODBRIDGE (formerly Hilton Woodbridge) Grand Ballroom Address/City: 120 Wood Avenue South Iselin, NJ Cost: $50 Members $75 Nonmembers $25 Students MARCH 16 – SIOR PHILADELPHIA Event: Chapter Meeting Time: 4:30 PM – 6:30 PM Location: Dime Restaurant Address/City: Allentown, PA P: 717-731-4527 E: ChapterAdmin@siorphila.com www.siorphila.org MARCH 17-18 – ICSC Event: Mid-Atlantic Conference & Deal Making Location: Gaylord National Resort & Convention Center Address: 201 Waterfront St., National Harbor, MD Cost: $335 Members $520 Nonmembers (through March 10) www.icsc.org MARCH 18 – MIDATLANTIC REAL ESTATE JOURNAL Event: 2nd Annual Land Development Summit Time: 7:15 Am – 12:00 PM Location: Crowne Plaza Edison Address/City: 2055 Lincoln Highway, Edison, NJ Cost: $109 Early Bird; $129 Reg. Rate; $159 Walk-ins www.marejournal.com MARCH 22 – IREM NJ Event: Leadership and Human Resource Essentials- HRS402 Time: 8:00 AM – 5:00 PM Location: Cherry Tree Corporate Center Address: 535 Route 38 E, Ste 145, Cherry Hill, NJ Cost: $599 Premier Members $745 Nonmembers www.irem1.org P: 609-585-6871 www.icrewnj.org E: philadelphia@uli.org www.philadelphia.uli.org
Construction Risk Mgmt. Time: 7:45 AM – 10:45 AM Location: Renaissance Woodbridge Address/City: 515 US 1 South, Iselin, NJ Cost: $95 Members $125 Nonmembers E: morford@naiopnj.org www.naiopnj.org MARCH 23 – CREW LEHIGH VALLEY Event: The Lehigh Valley Phantoms Time: 7:05 PM – 9:00 PM Location: PPL Center, Phantoms Arena Cost: $25 Members $35 Nonmembers E: infolv@crewlehighvalley.org www.crewlehighvalley.org
MARCH 24 – CREW PITTSBURGH Event: Lunch Program – The Boutique Hotel Trend Time: 11:30 AM – 1:30 PM Location: The Engineers’ Society of Western PA Address/City: 337 Fourth Avenue Pittsburgh, PA Cost: $40 Members $70 Nonmembers E: admin@crewpittsburgh.org www.crewpittsburgh.org MARCH 24 – SMPS PA Event: It’s All About Sponsorship! Time: 11:30 AM – 1:00 PM Location: Red Robin Address/City: 621 Park Avenue, Hershey, PA Cost: $20 Members www.smpscentralpa.org MARCH 28 – IOREBA Event: 21st Annual Developers Night Time: 4:00 PM – 6:30 PM Location: Marriott Glennpointe Address/City: 100 Frank W. burr Rd., Teaneck, NJ E: info@ioreba.com www.ioreba.com MARCH 29 – CIANJ “Night with the NJ Devils” hosted by Generation Now Time: 5:30 PM Location: New Jersey Devils Address/City: 165 Mulberry Street Prudential Center , Newark, NJ Cost: $75 www.cianj.org MARCH 30 – CIANJ Event: EBC Roundtable Meeting Time: 8:00 AM Location: PSEG Training & Development Center Address/City: 234 Pierson Ave., Edison, NJ Cost: Members Free/$80 Nonmembers www.cianj.org
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Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher .............................................................Alissa Aronson Associate Publisher ..........................................................Barbara Holyoke Associate Publisher ..............................................................Eric Ballenger Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant/Graphic Artist ...........................................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. 28 Issue 5 Subscription rates: $99 - one year, $148 - 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 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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10 Markets with Rapid Price Growth in 2016 Anna Son A Syed Ali Khan new year approaches, and along with it comes new opportunities for buyers to procure the products and services their business requires more strategically. Businesses must be vigilant of changing market conditions to achieve cost savings, ac- commodate for cost increases and plan efficiently. This rings true particularly for buyers of legal, transportation and construction services, which are displaying rapid price growth. Using it’s proprietary Procurement Data Wizard tool, IBISWorld has identified several markets within these sectors in which prices are forecast to grow more rapidly than the national inflation rate in 2016. To soften the blow of price increases, procurement professionals can leverage their knowledge of key market characteristics to minimize costs and win strategic deals. Legal Services Regardless of their core busi- ness, most companies need le- gal counsel. In fact, IBISWorld estimates that 66.1% of rev- enue generated by industries in the legal service sector is derived from business and cor- porate clients. Legal markets expected to exhibit the highest price increases in 2016 include immigration law, criminal law and employment law. A strengthening economy has given way to rising corporate profit and expanding business activity, lifting demand and prices for these services. Prices for immigration law services, for example, are forecast to rise 3.7% in 2016 on the back of steady immigration into the United States and employers increasingly recruiting talent from overseas. The average price of criminal law services is also projected to rise in 2016. The increasing rate of cybercrime and the continued susceptibility to crime such as fraud will pressure prices upward at an estimated rate of 3.3%. Furthermore, the price of employment law services is forecast to rise 3.2% in 2016 as the number of employee law- suits rises and pushes demand for these services upward. Nev- ertheless, buyers can leverage low market share concentra- tion in the aforementioned markets to facilitate price
continued on page 14A Transportation Services Prices are forecast to rise rap- idly for various transportation and logistics services, which are essential for buyers in various manufacturing indus- tries. As consumers loosen up their purse strings and spend more, the volume of goods that need to be transported will increase in step. Rising con- sumer spending will also en- courage businesses to produce more goods, further bolstering transportation activity. Given that fuel makes up a large operating cost for suppliers, an anticipated upswing in fuel prices will result in higher fuel surcharges as suppliers seek to maintain healthy bottom lines. Transportation services that are projected to display strong price growth in 2016 include air cargo transportation ser- vices, rail cargo transportation services and deep sea cargo transportation services. IBIS- World estimates that prices for these services will trend upward anywhere between 3.0% and 4.0%. Although buy- ers will ultimately pay higher anticipated to increase 5.9% and 3.4%, respectively, next year. In addition to skyrocket- ing demand, higher prices for raw inputs such as gypsum building materials, coatings and paint will further propel price growth for construction services as suppliers seek to compensate for heightened purchase costs. While buyers cannot com- pletely avoid future price hikes, they can reevaluate their pur- chasing strategies to maximize cost savings. In fragmented markets with high competi- tion, buyers can pit suppliers against one another by sourc- ing multiple bids, including blind bids, to elicit more com- petitive prices. In order to lock in lower prices, buyers should consider purchasing these services sooner rather than later or entering into contract agreements.
competition between suppliers during the negotiation process and enhance buyers’ chances of obtaining a favorable deal. To avoid the risks associated with hefty legal costs, arbitra- tion clauses have become a staple of conducting business for many companies. Unfortu- nately for buyers, with busi- nesses increasingly turning toward arbitration, the price of alternative dispute resolu- tion (ADR) services is forecast to rise 3.0% in 2016. Buyers should be aware, however, that the Consumer Financial Protection Bureau is consider- ing putting forth regulation that bars the use of arbitration for class action disputes and requires that companies dis- close the arbitration claims and compensation or other award issued. If such regulations were implemented, demand for ADR services may fall and result in tempered price growth. Buy- ers with an ongoing need for these services should consider establishing a professional re- lationship with an ADR firm to secure favorable pricing terms and rates in the future. Construction Services The construction sector is also poised for strong growth in 2016. With an improving eco- nomic outlook and more avail- able cash on hand, businesses will continue their expansion plans, thereby bolstering over- all construction activity. Swell- ing demand for new healthcare and educational facilities, of- fices, hotels and retail stores is projected to strengthen con- struction activity in the com- mercial building market. As a result of this surge in demand, prices for a number of construc- tion services are projected to increase rapidly. For example, the price of plastering and drywall services, which are widely used in commercial and construction projects, is forecast to jump 7.7% in 2016. Similarly, prices for painting services and landscape archi- tecture and design services are
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M id A tlantic R eal E state J ournal Featuring 200 parking spaces &14,311 s/f of office space NAI Hanson inks sale of 219,304 s/f industrial building
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including cosmetics, health and beauty, and fragrance. “Having leased the build- ing for several years, ADS knew the unique advantages it provided including a su- perior location and a large footprint that meets all of their distribution needs,” said Perkins. “The building’s size was a major selling point since there is a lack of supply for larger industrial build- ings in the marketplace.” n
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M id A tlantic R eal E state J ournal The center has grown from207,000 to 299,000 square feet Heidenberg Properties celebrates Southport’s 25th S HIRLEY, NY — Some t e n a n t s m a y h a v e changed, but the recent
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25th anniversary of the South- port Shopping Center at 999 Montauk Highway in Shirley, NY, is proof that well-run, well- located centers can continue to dominate their markets. Developed by Heidenberg Properties ’ principals, the center first opened to the pub- lic in 1990 with original an- chors Caldor and Waldbaum’s. Over the years, the retail mix has evolved and the center has grown from 207,000 to 299,000 s/f. The first major expansion was the addition of a 33,000 s/f Sears Hardware in 1998.
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In 2000, Kohl’s replaced Caldor, adding an additional 10,000 s/f. Three years later, a 24,000 s/f strip of smaller stores was built, bringing Sleepy’s, Famous Footwear, Bank of America, and Lane Bryant to the center. In 2008, Waldbaum’s gave way to Stop & Shop, and a new 25,000 s/f Marshalls was constructed on the site as well. The former Sears Hardware was subdivid- ed in 2014 and now is home to Modell’s andMichaels. Finally, 2014-15 also saw the addition of Kay Jewelers and Dressbarn and a 10-year option exercised by Kohl’s. Today, the center remains 100% leased, with a number of the tenants, includ- ing Marshalls, Petland and Kohl’s, among the top perform- ers in their respective regions. “These new tenants and their successes are a testament to our reinvestment efforts, which included a façade reno- vation last year and ongoing commitment to finding and supporting the best, most relevant retailers,” said Ken Simon , VP of Real Estate. “By embracing the concept that the only constant in retail is change, we continue to make Southport and the balance of our portfolio prosper.” Heidenberg Properties is currently re-tenanting and expanding its Lake Plaza Shop- ping Center in Mahopac, NY, recently announcing Stop & Shop as its new anchor. In ad- dition, the company’s Berlin Mall in Central Vermont, ac- quired in 2010, will open a new freestanding Kohl’s this March. Expansion plans are also un- derway at the Hershey Square Shopping Center in Hummel- stown, PA, while The Plaza at Hauppauge, NY, recently saw the addition of Dollar Tree and several new tenants. n
Southport Shopping Center Shirley, NY Expansion from 207,000 to 299,000 GLA 100% Leased
Berlin Mall Berlin, VT | 250,046 GLA
Hershey Square Hummelstown, PA
Newly Expanded 93,539 SF Walmart 55,000 SF Kohl’s Opening March 2016
Hershey Square | Hummelstown, PA Development Expansion to 227,000 GLA New Pad Site Building Under Construction Development Expansion to 227,000 GLA New Pad Site Building Under Construction
hport Shopping Center | Shirley, NY ful Expansion from 207,000 to 299,000 GLA 100% Leased Y GLA
Berlin Mall | Berlin, VT | 250,046 GLA Newly Expanded 93,539 SF Walmart New 55,000 SF Kohl’s Opening March 2016
Berlin Mall | Berlin, VT | 250,046 GLA Newly Expanded 93,539 SF Walmart New 55,000 SF Kohl’s Opening March 2016
Hershey Square | Hummelstown, PA Development Expansion to 227,000 GLA New Pad Site Building Under Construction
Heidenberg Properties Group doesn’t wait for opportunity to come knocking. We actively seek it out. For over 30 years, our proactive approach to finding and developing value in our shopping center and retail properties has been grounded by our commitment to solid real estate fundamentals.
We Just Can’t Wait for Our Properties to Grow. st Can’t Wait for perties to Grow.
Heidenberg Properties Group doesn’t wait for opportunity to come knocking. We actively seek it out. For over 30 years, our proactive approach to finding and veloping value i our shopping center and retail properties has been grounded by our commitment to solid real estate fundamentals.
234 Closter Dock Road Closter, New Jersey 07624 201-768-1300 | info@heidenbergproperties.com www.heidenbergproperties.com
234 Closter Dock Road Closter, New Jersey 07624 201-768-1300 | info@heidenbergproperties.com www.heidenbergproperties.com
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Stewart Calhoun and Casey Masters of Cushman & Wakefield represent seller CenterPoint Properties acquires 1.1m square foot portfolio on East Coast V
riott Hotels in King of Prus- sia, PA; and the awarding of management rights to BPG’s hotel management affiliate, PM Hotel Group, for the Em- bassy Suites Valley Forge, PA and the DoubleTree by Hilton in Reading PA. BPG is also the developer, owner and operator of the recently constructed, 180-roomWestin Hotel Wilmington, adjacent to the Chase Center on the Riverfront. Both hotels will be con- structed by BPGS Construc- tion and operated by PM Hotel Group, Inc . “We are very proud of the dynamic growth occurring in Wilm- ington,” said PMHotel Group chairman and BPG co-founder Dave Pollin , “and believe that these hotels will be a catalyst for the Riverfront to become one of the premier destination and meeting plac- es on the Eastern Seaboard. Importantly, we will create up to 200 more jobs for the residents of Wilmington and generate millions of tax dol- lars for the community.” BPG is currently working In Savannah, the 32’ clear, high-quality buildings are ideal for port and logistics us- ers as they are just four miles to the Port of Savannah and offer dual rail service, in ad- dition to convenient access to I-16 and I-95. The convenience of the nearby port enables ten- ants to make as many as 5-7 trips daily, greatly reducing drayage costs. The buildings are 100% leased. The 32’ clear, fully-leased, portfolio totals 94.4 acres and 1.1 million s/f of modern, class- A warehouse space in Georgia and Virginia combined. Two of the facilities are in close prox- imity to the Port of Savannah and one facility is near the Port of Virginia and adjacent to CenterPoint Intermodal Center – Suffolk, which is rail served by the Norfolk South- ern.
IRGINIA/GEORGIA — CenterPoint Prop- erties announced the acquisition of a three-building, 1,096,793 s/f, rail-served port- folio in Savannah, Georgia and Suffolk, Virginia. Stewart Calhoun and CaseyMasters of Cushman and Wakefield represented the seller, Mc- Donald Development , in the transaction. “We are very pleased with this acquisition as it accurate- ly aligns with CenterPoint’s mission to acquire industrial property that enhances sup- ply chain efficiency,” said PJ Charlton , senior vice president of investments at CenterPoint. “This portfolio gives the tenants the ability to transport goods throughout the East Coast in a timely and cost-efficient manner.” The logistically advantaged WILMINGTON, DE — The Buccini/Pollin Group (BPG) , a privately-held, full- service real estate acquisi- tion, development and man- agement company co-head- quartered in Wilmington, DE and Washington, DC, has an- nounced the commencement of two new hotel development projects on Wilmington’s booming Riverfront. BPG has received franchise approval this week for a 100-room Homewood Suites by Hilton, and is currently in the review process for a 200-room Mar- riott Hotel. Both hotels will be located on the Riverfront and are expected to serve the increasing visitation expected in coming years from busi- ness travelers, conference attendees, and the multiple entertainment and special events held in the area. The announcement comes on the heels of BPG’s recent acquisition of the former Omni Hotel in City Center Philadelphia – now known as the Franklin Hotel by Marriott; the Crowne Plaza and Fairfield Inn by Mar-
cross-dock facility in Suffolk also includes an adjacent trailer storage lot and conve- nient access to I-58, I-95 and I-13. The building’s proximity to the Port of Virginia, which has the strongest rail integra-
tion in North America, equates to lower transportation costs for tenants. “It is a very attractive oppor- tunity to acquire fully-leased, highly-functional assets in growing East Coast port mar-
kets and we are excited about the future of this portfolio,” said Charlton. This acquisition brings Cen- terPoint’s East Coast portfolio to 9.4 million s/f across 65 buildings. n
The Buccini/Pollin Group announces two newworld class hotels coming to Wilmington, DE’s Riverfront
Wilmington Riverfront
with land planners to identify the optimal site layout and complete the land planning process. They will then move full-speed into the design and approvals process in col- laboration with the City of Wilmington, the Riverfront Development Corporation of Delaware and numerous other public agencies. “The Riverfront is in yet another expansion phase and we want to make sure that hotel capac- ity is part of that growth,” said Robert Buccini , co-
founder of The Buccini/Pollin Group. There are several projects currently in the works in this phase of Wilmington River- front’s growth, including the recently approved $30 million bridge connecting the district to US Route 13, easing con- gestion and improving access for visitors. The seasonal and highly successful Horizon Riverfront Rink and the re- cently added Riverwalk Mini Golf join already established destinations like Frawley Sta-
dium, the 15-screen Penn Cin- ema IMAX Theater, the Dela- ware Children’s Museum, and Stratosphere Trampoline Park in bringing families to the Riverfront for recreation and entertainment. Residential growth on the riverfront also continues with the 2015 opening of The Residences at Harlan Flats, a 116-unit, upscale, apart- ment community. Phase II of Harlan Flats is now under construction, adding another 76 units to the community. n
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Cresa promotes Jonathan Harms, Aaron Berkey, and William Tidwell to principal Cresa Baltimore represents Holt Paper & Chemical in 30,000 s/f lease renewal B dustrial space located in the Western Business Center.
ALTIMORE, MD — Cresa Baltimore re- cently represented Holt Paper &Chemical in a 30,000 s/f lease restructuring and re- newal at 1381 Western Ave. in Baltimore, MD. Cresa is the world’s largest corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of integrated services. Holt Paper & Chemical, a local, family-owned paper and janitorial supply com- pany, will continue to occupy a portion of the 185,468 s/f, single-story, standalone, in-
Scott Wingrat and Drew Peace of Cresa represented the tenant in the transaction. According to Wingrat, the client is happy with the build- ing’s close proximity to I-95, easy access to customers in DC and Baltimore, and excel- lent building signage, which provides “strong brand rec- ognition.” Peace said Cresa was able to negotiate more favorable terms, which will allow the company to upgrade its space. The landlord, DCT Indus- trial Trust, Inc., was repre-
1381 Western Ave.
timore, MD; Bethesda, MD; and McLean, VA. In other news... Cresa Washington DC re-
sented by Toby Mink from CBRE . Cresa has area offices in the District of Columbia; Bal-
cently promoted Jonathan Harms , Aaron Berkey , and William Tidwell to prin-
c i pa l . The three profes- sionals were pr ev i ous l y senior vice pres i dent s at the firm. H a r m s ,
DELAWARE, MARYLAND, VIRGINIA, OH MY! Send all Press releases and advertising inquiries regarding DelMarVa (including Washington, DC) to: Eric Ballenger Eballenger@marejournal.com or call 781.871.5298 x211
Jonathan Harms w h o h a s be en wi t h Cresa since 2004, is re- s p o n s i b l e for strategic p l a n n i n g , f i n a n c i a l a n a l y s i s , b u s i n e s s terms struc- turing, and negotiating transactions. He was rec- ognized as a Top Produc- er by Cresa in 2014 and received the c ompany ’ s Largest Deal Award in 2010 and 2014. A LEED-Accredited Profes- sional, Berkey specializes in comprehensive strategic plan- ning, global account manage- ment, lease negotiations, and mitigation of the costs and risk associated with growth stage technology companies. He was named one of Cresa’s Top Producers in 2014 and was the recipient of the company’s Collaboration Award in 2015. Tidwell, with nearly 20 years of industry experience, joined Cresa in 2009 after serving as a senior direc- tor of brokerage services in the McLean, VA, office of Cushman & Wakefield for 13 years. During his career he has been responsible for transactions in excess of 8 million s/f. Tidwell has been the recipient of many awards from Cresa, including Top Producer from 2012-2015. n Aaron Berkey William Tidwell
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D el M ar V a Sales team: Firoozabadi, Mullen, Tangney, Ahmadian Greysteel arranges the sale of Clarks Lane Apartments
Investment Real Estate, LLC announces sale of Aunt Kitty’s Kubbyholes
ALTIMORE, MD — Greysteel , a Wash- ington, DC based bou- tique real estate investment services firm, has arranged the sale of Clarks Lane Apart- ments, a 14-unit multifam- ily community in Baltimore, Maryland. Greysteel’s Mid-Atlantic multifamily investment sales team led by Ari Firoozabadi , JohnMullen , W. Kyle Tang- ney , and Lance Ahmadian served as advisor and agent to 3501 Clarks Lane LLC in the successful disposition of 3501 Clarks Lane Apartments to Macadam Holdings. Clarks Lane Apartments is a lead-free walk-up multi- family community featuring a desirable unit mix of 14 two bedroom-two bathroom units with dishwashers, ceiling fans, central heat and A/C, gas stove tops, and patios. Residents benefit froman on-site laundry facility, free storage spaces in the basement of the build- ing, and 18 parking spaces. Moreover, the seller recently completed renovations total- ing over $20,000 that included a new roof and replacement B
Aunt Kitty’s Kubbyholes
electronic gates and paved drive aisles. The property enjoys great visibility from Route 26. Bledsoe said, “The seller built the property on a parcel that had been in his family for several generations and it held a lot of sentimental value. Thankfully, we were able to bring the seller several strong offers, and the pool of buyers varied from seasoned self storage veterans to first time storage operators. The winning bid came from a local investor who’s new to the self storage industry but he had been interested in a self stor- age investment for some time. We were happy to bring both parties together to complete the transaction.” n worked with Bulletin Intelli- gence as the director of busi- ness development. “We’re excited to have Mat- thew join our management team where he can leverage his robust talents and local market knowledge to expand the firm’s reach,” said Mer- rey. “As sales manager, he will be focused on supporting our agents, and boosting and monitoring sales and produc- tivity.” Drane joined Marcus & Millichap in August 2012 as a multifamily property invest- ment specialist in the Wash- ington, DC office. In 2013, he earned the firm’s Pace Setter award and the Washington, DC office’s Rookie of the Year award. In 2015, he received the firm’s Sales Recognition Award. Drane received a Bachelor of Science degree in busi- ness marketing from Miami University in Oxford, Ohio. He earned an M.B.A. from the University of Nebraska- Lincoln. n
WESTMINSTER, MD — Investment Real Estate, LLC announced the sale of Aunt Kitty’s Kubbyholes lo- cated in Carroll County, Mary- land. Aunt Kitty’s is located in Westminster, approximately 25 miles northwest of Balti- more, MD. Kevin Bledsoe of Investment Real Estate represented the seller and the buyer in the sale. The property sold for $1.28 million to a private self storage opera- tor. This single story facility built in 1996, was in excellent condition and was over 90% oc- cupied at the time of sale. The property consists of 12,550 s/f and holds 90 storage units. Situated on 1.53 acres, Aunt Kitty’s Kubbyholes features
Clarks Lane Apartments
of several HVAC units. Just over a mile from Clarks Lane Apartments are the Reister- stown Plaza and Rogers Metro Stations providing direct ac- cess to Downtown Baltimore. “Clarks Lane Apartments offers a tremendous oppor- tunity for new ownership to complete further unit reno- vations and increase rents by over 25%,” said Greysteel Investment associate, Lance open,” said Dwight Miller , president, Gillis Gilkerson. “Anytime we have an opportu- nity to work for a long stand- ing, reputable, locally owned business we look forward to the partnership and bringing solu- tions to the job to ensure the delivery of a quality product, on time and on budget.” “Gillis Gilkerson did a great job with the renovation,” said Russell Hall, Fisher’s Popcorn. “They were very professional
Ahmadian. “A solid transpor- tation infrastructure, acces- sibility to employers, high- performing school systems, and numerous amenities will continue to strengthen rent growth in the market and support high occupancy for the foreseeable future. We con- gratulate the seller and buyer on a successful transaction and wish them luck in their future endeavors.” n
EXIT Mid-Atlantic acquires regional rights to PA NORTH EAST, MD — Tami Bonnell , CEO of EXIT Realty Corp. International announced that Rick and Carol McDaniel , regional owners of EXIT Mid-Atlantic (Maryland, Delaware, West Virginia andWashington, DC) have acquired the regional rights to the State of Penn- sylvania. and development in their real estate careers.” “Rick and Carol are doing such a tremendous job in the mid-Atlantic region, they are the right choice to lead Penn- sylvania in 2016 and beyond,” said Bonnell. “With the staff and systems they have in place we look forward to consider- able growth in that State.” Carol and Rick McDaniel Gillis Gilkerson renovates Fisher’s Popcorn in Fenwick, DE FENWICK, DE — Gillis Gilkerson , a general contract- ing and construction manage- ment firm in Delmarva, an- nounced the completion of the renovation of Fisher’s Popcorn at 37081 Coastal Highway in Fenwick. and made a point to work around our schedule.” Gillis Gilkerson renovated the first and second floor, 5,000 s/f of the retail space. The renovation included the instal- lation of steel bracing, drywall, finishes and the relocation of the HVAC systems. “With a brand and product as popular as Fisher’s Popcorn, we wanted to make sure we didn’t disrupt their business so we made sure to schedule the reno- vation work when they weren’t Gillis Gilkerson project man- ager, Jason Rudd and su- perintendent, Mike Funk completed the renovation in one month. n
Marcus & Millichap names Matthew Drane sales manager of DC office
WASHINGTON, DC — Marcus & Millichap , a
l e a d i n g commercial real estate investment services firm with offices throughout the United States and Canada, has
Matthew Drane
named Matthew Drane sales manager of the Wash- ington, DC office, according to Bryn Merrey , first vice president and district man- ager. In his new role, Drane will work with Merrey and David Bradley to oversee Washington, DC office opera- tions. Bradley, who has been the acting sales manager in Washington, DC, will be mov- ing to Richmond, VA to open offices and grow the firm’s footprint in Richmond and Hampton Roads. Prior to joining Marcus & Millichap, Drane held the position of associate partner with Gallup Inc. He has also
the top real estate brokerages in the system. “Our vision is to unify and strengthen all of our five states,” said Carol McDaniel. “We see exciting opportunities in the future for our Brokers and Agents by pulling together and capitalizing on our syner- gy to achieve profitable growth
EXIT is a proven real es- tate business model that has to-date, paid out more than a quarter billion dollars in single-level residual income. EXIT’s MIND-SET Training Systems offer the industry’s best hands-on, interactive sales training. n
The McDaniels joined EXIT in 2002 and have enjoyed an il- lustrious career with the com- pany, achieving Region of the Year in both 2005 and 2012. They will add Pennsylvania’s 8 brokerages to the 32 already under the EXIT Mid-Atlantic banner, which include some of
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Commercial-Industrial Realty Council Great CRE Events...Cont. Education...Speakers...Networking www.CircDelaware.org
A t the CIRC January luncheon at the The Belle, Dace Blaskovitz of the Caesar Rod- ney Institute offered a data-driven review of the emerging trends and issues confronting the state entitled "Delaware By The Num- bers." He and John Stapleford, Co-Directors of the Center for Economic Policy and Analy- sis, double-teamed the Q&A. A copy of the presentation can be obtained from Samuel Freidman at Sam@CaesarRodney.org.
Schedule of Events MEMBERSHIP LUNCHEONS Feb. 10, 2016 (Wed.) Clarion Belle Speaker: Jennifer Cohan, Cabinet Secretary : Delaware Department of Transportation 11:30 - 1:30 p.m / Cost: $35 M/$45 NM Mar. 9, 2016 (Wed.) Clarion Belle Speaker: Augustine Faucher, PNC Financial: Annual Economic Forecast Luncheon 11:30 - 1:30 p.m / Cost: $35 M/$45 NM Apr. 13, 2016(Wed.) Clarion Belle Speaker: TBD 11:30 - 1:30 p.m / Cost: $35 M/$45 NM
2 0 1 6 B oard of d irectors 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 John Birmingham Cushman & Wakefield Education Chair Marvin Sachs Bellevue Realty Co. Legislative Affairs Chair: J. Gregory Ellis Patterson-Woods Associates 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 Business Manager Janet S. Pippert CIRC / Landmark Membership Chair James Manna
CONTINUING EDUCATION* Clarion Hotel-The Belle
March 9, 2016 (Wed) * Mod. 4 / Office Management Mod. 7 / Short Sales Done Right Accredited: DE/PA/MD Accredited: DE/PA/MD/NJ
CIRC President Bert Root ad- dresses the membership at the monthly lunch meeting.
John Stapleford and Dace Blaskovitz, Co-Directors of the Center for Economic Policy and Analysis at the Caesar Rodney Institue.
* Visit us on the web: CircDelaware.org for more information on our Continuing Education offerings, the course provider, and accrreditation in DE*MD*PA*NJ: circdelaware.org/education/schedule.cfm
CIRC Lobbyist Scott Kidner takes a moment to update members on legislative matters of interest.
CIRC meetings provide opportunities to meet with local government officials, such as (from left): New Castle County Executive Thomas P. Gordon, member Chris Castagno, and County Deputy Chief Administrative Officer Sanuel L. Guy.
Good Times… Great Reasons to Join!
(from center to right) Margo Reign of UD/Office of Economic Innovation Partnerships (OEIP),
Steve Burnett of IFS Insurance, and David DePetris of Legend Properties.
Science & Engineering Legislative Lobbyist C. Scott Kidner
C. S. Kidner & Associates Economic Dev. Liaisons New Castle County Chamber Robert Chadwick
NCC Ec. Dev. Council State of Delaware David Archer DEDO NCCo. Rep.
Contact Us www.circdelaware.org (302) 633-1705 janet@circdelaware.org
Alway Fun Networking Opportunities(from left-right): Janet Dougherty of Fulton Bank, Jerry Alfano of Wells Fargo, and Brian Cannelongo of CNB Bank.
The Belle always serves up great lunch buffets with multiple entrees and desserts to satisfy all palettes. Yum!
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