16B — March 11 - 24, 2016 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

NAI Mertz’s Ting & Kardon appointed to SIOR’s 2015 Slate of Officers

Company increases its headquarters facility by 40% Catapult Learning expands HQ at Binswanger property

NAI Mertz’s dedicated com- mercial real estate profession- als have achieved the highly-

MT. LAUREL, NJ — NAI Mertz , a leading full-service commercial real estate firm

coveted SIOR designation, and have fur- ther dedicat- ed their time and knowl- edge serving on its board of officers. “I look for-

s e r v i n g southern New Jer sey and greater Phil- adelphia, an- nounced that v i c e p r e s i - den t s , Re - becca Ting, SIOR , and

Rebecca Ting

Roy Kardon

usually in desirable communi- ties that have built up around them over decades, making it a prime location for housing. Last year, we tracked mul- tifamily transactions of $10 million or more totaling $769 million in Northern New Jer- sey. In 2014 we tracked simi- lar transactions totaling $941 million. Our outlook is that the investment activity in 2016 will continue to mirror the past few years and fall within that band, averaging in the $800 million range. In closure, there is definitely a palpable sense of demand by investors, which will create an active, liquid sales market in the year ahead. Asset ap- preciation should continue as rental growth stays positive and cap rates remain stable. Capital remains bullish on the multifamily sector, and is still looking for opportunities that span all investment profiles from development joint ven- tures through existing, trophy urban core assets. Brian Whitmer is senior director-capital markets for Cushman&Wakefield. n As a landlord representative, Roy has maintained relation- ships that have lasted many years. He maintains 95+% oc- cupancy rates in the business parks he represents, including Cherry Hill Commerce Center, Village of Pine Run Commerce Center, and Hainesport In- dustrial Park. He has been a member of SIOR since 2003. n ward to my role as secretary on this year’s board of SIOR officers, and moreover joining friends and colleagues at the many educational programs and networking events hosted by the organization this year,” said Kardon. Ting has more that 25 years of corporate real estate experi- ence and has been a member of SIOR since 1996. She is one of only three women in New Jersey to hold the SIOR designation.

Roy Kardon, SIOR , have been appointed to the 2015 slate of officers of the Society of In- dustrial and Office Realtors (SIOR) New Jersey Chapter. Ting will serve as president, and Kardon as secretary. “Serving as an SIOR officer for four years has been a great honor, and I am excited to take the helm as this year’s president,” said Ting. “In this prestigious role, I am commit- ted to offering my industry expertise and resources to lead my fellow SIOR members in our ever-changing commercial real estate market in New Jersey,” she added. With 3,000 members in more than 630 cities in 34 countries, the prestigious SIOR designa- tion is a professional symbol of the highest level of knowledge, production and ethics in the real estate industry. Many of Student housing was also heard as an investment target more frequently this year than in years prior. That is definite- ly being viewed as a growth market with returns more compelling on risk-adjusted basis compared to conven- tional multifamily. We’ve seen increased demand for portfolio assemblages and development opportunities near the major universities within the New York/New Jersey metropolitan area. Lastly, we were frequently questioned about vacant sub- urban office properties that can be put into play for being redeveloped as residential. Investors are taking notice of the multiple instances in which a corporate campus that is functionally obsolete has been sold and successfully redeveloped. The attraction stems from the sites typically having great linkages to major highways, making for ease of commuting. The sites are also residents to pay for freshly upgraded unit finishes, and competition constraints.

Ferry Terminal Building

extent necessary to implement the remediation of the site. Ex- cess fill over this amount may only be brought onto the site with permission fromNJDEP. This provision is intended to limit the opportunity for an owner of a contaminated site to go into the fill disposal busi- ness by accepting material in excess of remediation needs, in a way that would circum- vent solid waste regulations. Fortunately, NJDEP does acknowledge that elevating a site out of a flood plain may be a component of completing a remediation. For those who do not want to deal with alternative or contaminated fill at an SRP site, the guidance document provides information on what constitutes “clean fill”, and sets forth the testing and other requirements related thereto. It also provides recognition that material from a certified quarry may be used without further testing if the proper certification is provided. For site owners who need to dispose of contaminated soil, the guidance document may also be helpful. If there is a similarly contaminated site that needs fill, it may be possible for the developer of a site disposing of fill to find a match which could lead to cost of its corporate headquarters in Binswanger ’s Ferry Ter- minal Building. The company, which moved from Philadel- phia to its present location on the Camden waterfront in August 2010, will now occupy over 15,000 s/f, representing a 40% increase in its headquar- ters facility. Catapult Learning’s sig- nificant growth and expan- C AMDEN, NJ — Cat- apult Learning an- nounced the expansion

savings particularly if the site is close by. At times a brown- fields developer may charge less than a landfill to take the material. It is important to undertake careful due dili- gence in considering sending contaminated fill to a develop- ment site and to ensure that there are adequate contractual safeguards, backed up with an appropriate balance sheet when doing so. The last thing anyone needs is to create li- ability at a site by sending contaminated material there, without adequate protection. This is another area where en- vironmental insurance could come into play, and non-owned disposal site coverage should be obtained if available. If the risks are untenable, the fill will need to be disposed of as a solid or hazardous waste at a licensed facility. For sites that are not under the oversight of the SRP, or for SRP sites where consideration is being given to using mate- rial other than soil, there is a possibility that a Beneficial Use Determination (“BUD”) may be obtained from the NJDEP Solid Waste Program to allow for the use of such material as fill. Such mate- rial could include construction and demolition material or recycled concrete. Material from a Class B recycling cen- sion over the past four years, through a combination of or- ganic growth and four acquisi- tions, as well as the company’s recent merger with Special- ized Education Services, Inc. (SESI) in July 2015, has in- creased the need for additional square footage. The office expansion provides the com- pany with space for new staff, a third conference room, and the continued growth and de- velopment of its programs and services.The increase in facil-

ter may not need a separate BUD. Dredge material does not require a BUD, but does require and Acceptable Use Determination (“AUD”) for use at a particular site. The BUD requirements are site specific. In order to ob- tain a BUD, the owner of the receiving site must submit an application to NJDEP includ- ing specifics of the receiving site and the proposed material to be beneficially reused. If the criteria are met, and the BUD issued, the specific material may be reused and not subject to regulation as a solid waste. As this all shows, dealing with dirt in New Jersey is not a simple process. Developers and their environmental and legal professionals need to be aware of the requirements set forth in NJDEP rules and guidance documents. Licensed Site Remediation Profession- als are usually aware of these requirements, but at times even they can be confused by the myriad of regulations and guidance. With the right understanding and help devel- opers may see their way past the dirt piles to a successfully completed project. Dennis Toft is a member of CSG’s executive and management committees and co-chair of the firm’s Environmental Group. n “Our corporate office expan- sion reflects Catapult Learn- ing’s significant growth of both our customer base and our portfolio of programs and ser- vices over the past four years,” said Jeff Cohen, the company’s chief executive officer. “We are now better prepared to sup- port the continued growth of the company and its staff over the next several years.” n ity space will house growth in marketing, technology and sales personnel.

continued from page 2B It’s all about the dirt. . .By Dennis Toft, CSG

continued from page 6B Multifamily outlook: “Investment de- mand following demographic shifts”...

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