R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
Guest Columnist Robert Watson, Jr. ISSUE HIGHLIGHTS Volume 24 Issue 4 Feb. 24 - March 15, 2012
For office and multifamily properties in NJ and PA Meridian Capital Group, LLC negotiates $28.9 million in financing
F
ORT WASHINGTON, PA – Meridian Capital Group LLC, negotiated
working class communities of Bordentown, NJ; Ewing, NJ; Irvington, NJ; Bound Brook, NJ and Upper Manhattan. “Investors have recognized that while middle income com- munities around the country are still struggling to recover from the Great Recession, workforce housing demand in New Jersey and New York City is strong,” said David Turley. “Lenders have noted improving multifamily fun- damentals and are increas- ing allocations for apartment loans. Many will stretch to win a particularly attractive deal.” Anna Westhoff noted that five of the loans were re- finances with significant cash out to the borrower. “While many lenders are hesitant to allow borrowers to leverage up their assets with non-recourse capital,” she said, “we have identified several sources that are not sensitive to cash-out transactions.” ■ a five-year term. The trans- action was negotiated by Joshua Gorsky. Meridian negotiated $2.4m in acquisition financing for the purchase of a 39-unit multifamily building on Eu- clid Avenue in Hackensack, NJ. The loan features a rate of 4.50% and a 10-year term. The transaction was negoti- ated by Steve Tessler. A new mortgage of $1.5m was placed by Meridian on a five-story, 38-unit multifam- ily building situated on Lare- ineAvenue in Bradley Beach, NJ. The loan features a rate of 4.75% and a five-year term. The transaction was negoti- ated by Steve Tessler. Anewmortgage of $7mwas placed by Meridian on Ches- wick Square Apartments, a 111-unit garden-style, mul- tifamily complex located in Philadelphia, PA. The loan features a rate of 4.20% and a 10-year term. The transac- tion was negotiated by Israel Schubert. ■
a $7.1 Million mortgage for a medical office building locat- ed in Fort Washington, PA. The five-year financing features a favorable rate of 4.75% And was provided by a local savings bank. This transaction was negotiated by Joshua Gorsky, a mort- gage finance advisor based in meridian capital’s New Jersey office. The two-story, 33,000 s/f multi-tenant, medical of- fice building is located at 467 Pennsylvania Avenue. The property was recently renovated and has been fully occupied for more than five years by a stable tenant base that is attracted to its loca- tion and the recent capital improvements. The tenants in the building include highly specialized practices with fully functional operating rooms and teaching suites used to hold virtual demon-
2
467 Pennsylvania Ave.
strations of state-of-the-art procedures. In other news – Merid- ian Capital Group, LLC, announced the following transactions: Meridian negotiated a new mortgage in the amount of $6.4m for the Lion’s Gate Apartments, a garden-style multifamily complex located in Philadelphia, PA. The loan
features a rate of 4.20% and a 10-year term. The transac- tion was negotiated by Israel Schubert. A new mortgage of $7.1m was placed by Meridian on a medical office building on Pennsylvania Avenue in Fort Washington, PA. The property contains eight units totaling 33,000 s/f. The loan features a rate of 4.75% and
10-11
Balliet of KW-The James Balliet Commercial Group inks $16.35m sale
Cronheim Mortgage arranges $25.5m in financing for 485 multifamily units
BORDENTOWN, NJ—Da- vid Turley and Anna Westhoff of CronheimMortgage teamed up to arrange permanent mortgage financing totaling $25,475,000 for nine multi- family properties located in New Jersey and New York City. The 5 and 10-year loans
were placed with three banks and an insurance company. The 5-year rates averaged 3.55% while the 10-year rates were locked as low as 4.1%. All of the loans were non-recourse.
The properties range in size from a 105-unit midrise to a 40-unit garden apartment complex. With the excep- tion of one luxury asset, the properties are located in the
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S hopping Centers ........................ 15-30 Owners, Developers & Managers. 7-14 Green Buildings ........................... 31-41 Directory Upcoming Spotlights The Best of 2011 Continuing Education
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Bordentown, NJ
Inside Cover — February 24 - March 15, 2012— Mid Atlantic Real Estate Journal
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Recent New Jersey and Mid-Atlantic Financing Transactions:
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Toftrees Apartments 541 Units $31,400,000 State College, PA
Hudson Square South 150 Units $33,000,000 Hoboken, NJ
Goshen Terrace Apartments 384 Units $32,000,000 West Chester, PA
Park at Westminster 270 Units $24,000,000 Warrington, PA
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
Liberty Commons 98,400 Sq. Ft. $15,800,000 East Rutherford, NJ
Merritt Station 296 Units $15,300,000 Meriden, CT
Feasterville Plaza 110,000 Sq. Ft. $15,000,000 Feasterville, PA
Regency Woods Apts. 156 Units $14,750,000 Doylestown, PA
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2 — February 24 - March 15, 2012 — Mid Atlantic Real Estate Journal
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A Greener NJ.............................................................32 ABC Organization..................................................... 11 Aldo Design Group ......................................................8 All-Rite Construction ................................................22 Auctioneers Directory .................................................5 Billboard Classifieds.. ...............................................44 Birdsall Services Group ............................................38 Brasler ......................................................................BC Capitol Aerials...........................................................32 CBC Bennett Williams.........................................15,20 Cronheim.....................................................................6 Cooper Roofing Inc. .....................................................9 Deerwood RE Capital..................................................6 Delmarpa Janitorial Svcs .........................................14 Delran Builders......................................................... 11 Earth Engineering.. ..................................................16 Fowler ........................................................................34 Franchise World ........................................................18 Gebroe Hammer Assoc........................................... IBC Geyer Auctions ............................................................5 Gilbeaux Associates, P.C. ..........................................32 Haftek CWS...............................................................34 Hutchinson Mechanical Services .............................36 IREM .........................................................................13 J.H. Cohn.....................................................................3 Kay Realty Services ..................................................22 KW Commercial ........................................................22 LANDCORE ..............................................................23 Liberty Property Trust..............................................41 Marcus & Millichap T/Z............................................21 Max Spann Real Estate Co.........................................4 Meridian Capital Group, LLC .................................1,3 Metro Commercial.. ..................................................23 Metro Management...................................................16 MONTECALVO.........................................................37 Northmarq...................................................................3 ONDRA-HUYETT Associates.....................................8 Poskanzer Skott Architects ......................................14 Provident Bank ...................................................... IFC RD Management ..................................................26-27 REMCO Realty..........................................................25 Retail Brokerage Directory.......................................29 ROCK Commercial....................................................18 Silbert Realty & Management .................................28 Sun Farm Network ...................................................33 Taylor Long Properties .............................................20 Tranzon Auction ..........................................................5 Warner RE & Auctions................................................5 Wohlsen Construction............................................... 11 WP Realty..................................................................17 MAREJ A DVERTISERS D IRECTORY
Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist .......................................................Robert R. Watson, Jr. Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 4 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 Robert R. Watson, Jr. Recent PA Decision Tips Scales Further in Favor of Mechanics’ Lien Claimants
E
very state affords some level of protection to contractors, subcontrac-
tors and suppliers who have provided labor and materials toward the improvement of real estate. Commonly known as construction or mechanics’ liens, in the United States the entitlement to a claim has its roots in the founding of Wash- ington, DC. Thomas Jefferson and JamesMadison encouraged the Maryland legislature to provide a mechanism by which contractors could feel confident venturing into the swampland to construct the buildings and improvements which now con- stitute our capital city. While lien claims had their origin in ancient law dating back to Roman times, their modern form is clearly a crea- ture of statute. Each state’s leg- islative scheme outlines a dif- ferent set of steps which must be followed in order to perfect a lien claim. The timing of advance notices, pre-lien certi- fications and actions to enforce lien rights vary wildly from state-to-state, as does the case law interpreting a potential claimant’s entitlement to take advantage of this often pivotal right to demand payment not only from a contractor who is in default, but from the owner of real estate itself even if it has no contract with the party seeking to file a lien claim. Pennsylvania courts have traditionally adhered to a very strict reading of its Lien Law, noting that the remedy is in derogation of common law; and due to the special nature
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
thereof, when a party’s rights to file a lien are challenged, its entitlement will be closely scrutinized. Often owners or other parties opposing a lien claim will rely on older cases interpreting the statute, which suggest that if the strict terms of the Lien Law are not rigor- ously adhered to, a claimant’s lien may be subject to prompt dismissal. In PA, owners may no longer rely on this strict scrutiny to tip the scales in their favor, and against a lien claimant’s rights. Last month, in Bricklay- ers of Western Pennsylva- nia Combined Funds, Inc. v. Scott’s Development Co., the Pa. Superior Court confirmed for the first time that when defining the class of available lien claimants, the scope of the Lien Law’s protections must re- ceive a broad interpretation, to further the statute’s remedial purpose of protecting pre-pay- ment of labor and materials, and to promote justice. In Bricklayers, the lien claim- ants were trustees of union employee benefit funds; and the owner asserted that the benefit funds were not entitled
to assert a lien claim for unpaid contributions. In reaching its decision, the Superior Court found that union members’ col- lective bargaining agreements actually qualified as “subcon- tracts” under the Lien Law. The Superior Court held the statute must be “liberally construed” to “effectuate the Mechanics’ Lien Law’s remedial purpose of protecting pre-payment of labor and materials.” In lan- guage which will reverberate in PA Lien Law cases for the foreseeable future, and brings interpretation of the statute into line with some neighboring states, the PA Superior Court notes, If the Mechanics’ Lien Law is to be construed to advance its remedial purpose, the scope of the statute’s protection should receive a liberal interpretation, especially when it involves de- fining the class of available lien claimants. If you are considering wheth- er you have a right to file or dispute a mechanics’ lien claim on a given project, it is still es- sential to bear in mind those le- gal deadlines for notification to continued on page 3A
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M ID A TLANTIC R EAL E STATE J OURNAL CBRE represents landlord in 45,000 s/f lease Bergen & McGhee of Colliers Int’l. facilitate $6.125m sale B RISTOL, PA — Col- liers International’s Industrial Division an-
DEBT | EQUITY INVESTMENT SALES Capital Markets
nounced the sale of a manu- facturing facility formerly owned by Ferag. The 128,000 s/f property, located at 190 Rittenhouse Circle in the Key- stone Industrial Park was sold to Action Manufacturing for $6.125 million. Colliers International’s Lar- ry Bergen and Andy McGhee were the sole brokers in this transaction. In a seperate transaction Colliers announced the lease of 45,000 s/f at the Tri-County Business Campus located at 1000 Armand Hammer Blvd., Pottstown to Service Partners the owner of an intention to file where applicable, and then for filing, serving and prosecuting the lien claim in a timely fash- ion. Other important timing deadlines in the PA Lien Law still apply, and in this rocky development and construction environment potential claim- ants do find it is necessary to act on those rights sooner instead of later. The owner in
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of the Carolinas, a MASCO subsidiary. This long term lease will en- able MASCO’s popular insula- tion division, known as East Coast Insulation, to better serve its customer base along the Eastern seaboard. MAS- that case has filed a petition for allowance of appeal, but it is not clear whether the state Su- preme Court will review the de- cision. For owners, contractors, subcontractors and suppliers in Pennsylvania, the Bricklayers decision, as it currently stands, establishes that when debating whether a party who has other- wise complied with the techni- cal requirements of the Lien
CO companies include such renowned brands as Kohler, Kraftmaid and Behr Paints. Larry Bergen of Colliers represented MASCO in this lease transaction. CBRE rep- resented the landlord, BCW Associates. ■ Law is properly entitled to state a claim in the first place, the scales of justice should tip in favor of allowing the aggrieved contractor, subcontractor or supplier’s claim to proceed. Robert R. Watson, Jr. has practiced in the field of construction law since 1999. He is an attorney with East- burn and Gray, PC in its Blue Bell, PA office. ■
33 offices coast-to-coast
Recent PA decision tips scales further in favor of mechanics . . .
Recent Financings Arranged By Meridian Capital Group
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
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West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
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4 — February 24 - March 15, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL Local Affiliate NAI Emory Hill to Benefit C-III Capital Ptrs. completes NAI Global acquisition
Wanted AUCTION NEWS
SEND NEWS RELEASES AND PHOTOS The Mid Atlantic Real Estate Journal welcomes all editorial dealing with commercial/ office properties.
N
tus and will remain a local leader in commercial real estate in Delaware and the tri-state area with its many solid client relationships and property offerings, but can now capitalize further on NAI Global’s expanded services and resources for our clients through the merger with C- III,” Facciolo said. NAI Global will continue to operate as a separate company under its current manage- ment. C-III will accelerate NAI Global’s growth by exploring business development oppor- tunities in strategic locations,
including New York, London, Singapore and other primary global business centers. It will also invest in the growth of the corporate solutions and capital markets offering, expanding asset/property management, project/facilities management and valuation services world- wide. C-III is a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund man- agement, CDO management, principal investment, title ser- vices and multifamily property management. The transaction will help create a leading fully inte- grated commercial property services company that will operate in markets around the world. C-III is led by CEO Andrew Farkas, who founded and was chairman and CEO of Insignia Financial Group, Inc. Headquartered in Irving, TX, C-II has offices in New York City, Greenville, SC, McLean, VA, Chicago, IL, Dallas, TX and Nashville, TN. ■ Regal Bank participates in fundraiser LIVINGSTON, NJ—Mem- bers of the Livingston com- munity and Regal Bank re- cently participated in the nationwide fund raising ini- tiative “Cycle for Survival,” led by the Memorial Sloan- Kettering Cancer Center. As part of this indoor, team cycling event that helps fund research, students from four Livingston elementary schools used their ingenuity to raise $4,000, while Liv- ingston-based Regal Bank contributed $1,000 to the cause. ■ Back row,shown from left: Chris- tina Slater, VP, regional manager; Daniel Tower, EVP, CFO; Andria Sztojka, customer service rep; Fernanda Monteiro, head teller; Monte Ehrenkranz, VP, business development
EW CASTLE, DE — NAI Global has an-
nounced that its previously reported ac- quisition by C-III Capi- tal Partners LLC (C-III) h a s b e e n compl eted ,
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Carmen Facciolo, Jr.
which will greatly benefit Delaware affiliate NAI Emory Hill according to President Carmen Facciolo, Jr. “NAI Emory Hill will retain its independent company sta-
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6 — February 24 - March 15, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL “For The Commercial Broker” to Edison, NJ on Feb. 28 The Comm’l. RE School of NJ brings “Cost Segregation” E create more value for their cli- ent base. DISON, N.J. (Feb. 13, 2012) — TriState RE- ALTORS Commercial
ously served as the com- pany’s senior leasing man- ager for ten y e a r s and has been ac- tive in south- ern New Jer- sey commer- cial real estate for seventeen years. ■ Peggy Ireland commercial real estate com- munity. Registration will begin at 8:30 a.m. and will coincide with a breakfast sponsored and hosted by Summit Associates. The course will be held from 9 a.m. to 12 p.m. Space is limited to 70 attendees. ■ TRC Electronics will occupy 16,950 s/f of industrial space located at 101-B Domorah Dr., at Montgomeryville Industrial Center. This 33,900 s/f build- ing is a modern, one-story industrial facility that features 3,085 s/f of office space, 20’ clear ceiling height, 4 tailgates and 1 drive-in door. The an- nouncement of the new TRC headquarters comes on the eve of TRC’s 30th Anniversary as a leading provider of power supply solutions. This move provides a progressive work- space that better suits TRC’s demanding facility require- ments. It is TRC’s critical mis- sion to be second to none and provide the greatest service and power supply solutions to their business partners. TRC Electronics has supported over 26,000 businesses and carries over 10,000 power solu- tions from the world’s leading manufacturers of power supply technology. “TRC Electronics is a well es- tablished company with a confi- dent outlook. Montgomeryville is an ideal fit, located in the most business-friendly state in the Northeast. The move marks an exciting new era for the com- pany,” said company president, Stephen Lagomarsino. ■ NAI Mertz’s Licht & Lashner lease 16,950 s/f MONTGOMERY COUNTY, PA — NAI Mertz announced the lease transaction recently completed by Adam Lashner, vice president, between TRC Electronics Inc. and Nappen & Associates.
Enrollment for the three- hour NJ Mandatory Continu- ing Education (MCE) elective course — a $75 value — is free for TriState members and $25 for all other members of the
Alliance announced that The Commercial Real Estate School of New Jersey will host its first course offering on Tuesday, Feb. 28 at the New Jersey Conven- tion and Exposition Center (NJCEC), located at 97 Sunfield Ave. Cost Segregation For The Commercial Broker will be led by instructor Jerry Kootman, CPA, of Cost Recovery Solu- tions, LLC, and will provide attendees with a comprehen- sive tutorial on how to use cost segregation analysis to help
Whitesell Construction promotes Ireland to vice president, leasing
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$19,990,000 Charleston, WV Chase Tower Class A Office 280,761 S/F
$10,000,000 Ridgefield, NJ Shopping Center Retail 132,400 S/F
DELRAN, NJ – Peggy Ire- land has been promoted to vice president, leasing at Whi- tesell Construction Co., Inc., southern New Jersey’s largest privately owned real estate de- velopment firm. Ireland, previ-
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Holland handles sale of four properties with 430 units Kislak completes $36.7m sale of Bethlehem, PA portfolio
Offered at four levels of financial investment Yardi signs on as an IREM Industry Partner
CHICAGO, IL — The Insti- tute of Real Estate Manage- ment (IREM) announced that Yardi Systems has become a 2012 IREM “Industry Part- ner.” The Industry Partner program helps providers of products and services to the real estate management in- dustry enhance their personal connections to IREM Mem- bers on a cost-effective basis. Recognizing that these pro- viders have much useful in- formation to share, it calls for coordinating knowledge ex- change through IREM print, electronic and face-to-face communications in ways that benefit both the providers and the IREM membership. Yardi Systems has been committed to the design, development and support of real estate investment management and property management software for nearly 30 years. With its Yardi Multifamily Suite, Yardi Commercial Suite and Yardi Investment Suite, the Yardi Voyager system is the most comprehensive single real es- tate management platform on the market today. Yardi serves clients around the world from offices in Asia, Australia, Eu- rope and North America. The IREM Industry Partner Program is offered at four levels of financial investment The board of the Lakewood Industrial Commission (LIC) elected its 2012 officers at the annual reorganization meeting of the LIC. Robert Kirschner, owner of Robert Kirschner Real Estate, Lake- wood, was elected chairman. Other officers are Shlomo Katz, vice chair; and Justin Flancbaum, secretary. Both Katz and Flancbaum special- ize in commercial and residen- tial real estate development. The rest of the 2012 board is made up of Commission- ers Gregory Stafford-Smith, owner of AG&G sprinkler system services; Neil Brooks, owner of Neil Brooks Plumb- ing, Heating and Cooling; and
– chairman, president, direc- tor, and executive – and can be tailored to meet the specific needs of each partner. Benefits include sharing of industry in- formation, advertising (print and electronic), sponsorships and exhibiting at national events, use of membership lists, and access to top IREM leaders and colleagues. Indus- try Partners thus far for 2012 are Yardi Systems (chairman level); Union Bank and Ap- pFolio, Inc. (director level); and Circumspex and Real- Page (executive level) The Institute of Real Estate Management (IREM) is an international community of real estate managers across all property types dedicated to ethical business practices and maximizing the value of investment real estate. An affiliate of the National Asso- ciation of REALTORS, IREM has been a trusted source for knowledge, advocacy and networking for the real estate management community for more than 77 years. IREM is the only professional real estate management associa- tion serving both the multi- family and commercial real estate sectors and has 80 U.S. chapters, 14 interna- tional chapters, and several other partnerships around the globe. ■ newly elected commissioners Sam Rabinowitz, real estate developer, and Edwin Schus- ter, owner of E.J. Schuster’s Office Supplies and Furniture. Members of the Lakewood Industrial Commission are appointed for five-year terms by the Lakewood Township Committee. In other business, Steven Reinman was confirmed as ex- ecutive director of the LIC and Anita Doyle was confirmed as secretary-designee. Doyle also serves as deputy coordinator of the LDC (Lakewood Devel- opment Corporation) and ex- ecutive assistant of Lakewood Township and the Lakewood Airport. ■
B
ETHLEHEM, PA — The Kislak Company, Inc., the dominant
investment real estate sales firm in the tri-state region, an- nounced the $36.7 mi l - lion sale of a four-prop- erty multi-
Robert Holland
family portfolio with a total of 430 units in Bethlehem, Pennsylvania. The sale included TheMead- ows at Lehigh with 176 units, The Hills at Lehigh with 156 units, Waters Edge with 80 units, and Riverwalk Town- homes with 18 townhomes. President and co-managing director Robert Holland repre- sented both parties, longtime Kislak clients, in the transac- tion. “Kislak had previously sold these properties six years ago,” said Holland. “At the time, the properties were in need of a complete turnaround. The seller subsequently completed many improvements includ- ing renovating over 70% of the units, and raised the oc- cupancies significantly. The properties are now in excel- BLOOMFIELD, NJ — Mar- cus & Millichap Real Es- tate Investment Services an- nounced the sale of a 37-unit apartments property, accord- ing to Michael Fasano, vice president/regional manager of the firm’s New Jersey office. The asset commanded a sales price of $2.725 million. Christopher Rizzolo, an in- vestment specialist in Marcus PLAINSBORO, NJ — HFF closed the sale of Ravens Crest, a 704-unit, class A multi-hous- ing community. HFF marketed the asset on behalf of the seller, Equity Residential. The purchaser is an affiliate of Heitman LLC.
The Hills at Lehigh
lent condition with stable ten- ancies. The sale provided an opportunity for the purchaser to acquire strong properties in an expanding market while increasing its presence in the Lehigh Valley.” The Lehigh Valley is the fastest growing and third most populous region in Penn- sylvania, and the Interstate 78 corridor connecting New Jersey and Pennsylvania is benefitting from population growth and several major de- velopments. It is a one-hour drive from New York City. The properties are located in suburban neighborhoods in high-quality school districts, and the submarket has solid &Millichap’s New Jersey office coordinated the sale between the seller, a local management group, and the purchaser, a 1031 exchange buyer from Los Angeles. The subject property is lo- cated at 355 Belleville Ave. It consists of thirty residential apartment units and seven ground floor retail stores. “The completion of this Ravens Crest is located at 3217 Ravenscrest Dr. close to Interstate 95/The NJ Tpke. and Princeton in central NJ, equidistant to Philadelphia and NYC. The property has one- and two-bedroom units and features a swimming pool
employment. The new Sands Casino and Resort, Lehigh University and many other major employers are nearby. As part of the transaction, the purchaser assumed a $28 million Freddie Mac loan han- dled by Beech Street Capital. The seller was represented by Alan Hammer, Esq. of Brach Eichler, LLC of Roseland, NJ. The purchaser was represent- ed by Robert Schachter, Esq. of Greenbaum, Rowe, Smith & Davis LLP of Woodbridge, NJ. At the time of closing, the properties were approximately 96% occupied. The purchaser plans to complete renovations to the properties. ■ transaction is yet another sign that quality, stable assets in strong Northern NJ locations command attention from the investor pool” said Rizzolo. The buyer was counseled by local real estate attorney Jona- than Mehl, based in Ruther- ford. Joshua Lipsey of Marcus & Millichap Capital Corpora- tion arranged the financing on behalf of the purchaser. ■ and tennis court. Occupancy is more than 95 percent. The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz andAndrew Scandalios, and directors Kevin O’Hearn and Jeffrey Julien. ■
Rizzolo of Marcus & Millichap coordinates sale of 37 unit apartment building totaling $2.725m
Officers chosen at Lakewood Industrial commission meeting
HFF closes sale of class A Central NJ multi-housing community
8 — February 24 - March 15, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS Including $5 million in building renovations Diversified Capital adds new tenant amenities N EWARK, NJ — Di- versified Capital has added a broad suite
Eastern PA’s Award Winning Construction Company Construction Specialists : New and Renovations
professional address,” said Joseph Rosenbaum, president of Diversified Capital. “In this challenging economy, many real estate companies are floundering, but our tenants can be confident in our sta- bility and strength, and our long-term commitment to this world-class building.” The exterior of 24 Com- merce Street has undergone major improvements, with extensive re-facing and im- pressive new signage restor- ing the building to its earlier grandeur. Located one block from Newark Penn Station and the PATH, 24 Commerce Street is also convenient to NJPAC, the Prudential Cen- ter and Gateway Center, as well as to shops, restaurants, hotels and parking facilities. With panoramic views of the Newark skyline, the building is only 20 minutes from New York City and four miles from Newark Liberty International Airport. ■ the New Jersey MORE Chapter of International Fa- cility Managers Association. “Our CID certification is a formal acknowledgment of Hunterdon Facility Planners’ commitment to design and ex- ecute safe, healthy productive work spaces for our clients” said Shelly. Hunterdon Facility Planners has served the northeast region for more than 25 years offering corporate clients a wide range of facility planning disciplines with expertise in managing projects from the technical and design aspects to the licensure and permits. ■
■ Office Building ■ Flex Buildings ■ Manufacturing & Industrial ■ Medical & Health Care Facilities ■ Resort & Hospitality
of new tenant amenities being implemented at 24 Commerce St., the former Federal Trust Bank building in downtown Newark. These new ameni- ties, along with the $5 mil- lion building renovations, are part of the company’s overall investment in the historic office structure, which rises 18 stories and encompasses a total of 180,000 s/f. The landmark building will now provide enhanced conve- niences to its roster of profes- sional and corporate tenants. The refurbished Art Deco lobby will be entirely ADA- accessible, with 24/7 access, a manned guest reception and a new, state-of-the-art electronic directory. A shared conference suite will offer two multi-purpose meeting rooms, each accommodating up to 20 people, with video conferenc- ing capabilities and a pantry
Integrity is the Cornerstone of Our Business
■ Honest & Accurate Cost Estimates ■ Construction Quality ■ Collaborative Process ■ Fairness with Owners, Designers and Trade Contractors Call Bud Hackett at 610 366 1709 x 242 www.ohainc.com
equipped to handle catering. A new fitness center will contain a well-designed gym, as well as male and female locker rooms with showers. “As long-term members of the Newark business com- munity, we are investing in 24 Commerce Street in order to make it the city’s premier As part of the renovations, the re- furbishedArt Deco lobby (pictured here) will be entirely ADA-acces- sible, with 24/7 access, a manned guest reception and a new, state- of-the-art electronic directory. NCIDQ certification was es- tablished to provide protection to the general public by setting standards of competence in the practice of interior design. To gain certification a designer must be knowledgeable and competent in areas such as ethics, building codes, contract documentation, accessibility issues and design development to name a few. Shelly also holds certifica- tions from the US Green Build- ing Council, Leadership in Energy and Environmental Design, WEBENC and cur- rently serves on the board for
Promote your company, projects and expertise in MAREJ’s annual
The National Council for Interior Design Qualifications awards Hunterdon Facility Planners’ Shelly with CID certification ity spaces.
RARITAN, NJ —The state of New Jersey in conjunction with The National Council for In-
terior Design Qualifications (NCIDQ) has awarded their p r e s t i g i ou s Certified In- t e r i o r D e - signer (CID) certification to Caroline
Building Exterior/ POA
Caroline Shelly
Shelly, director of Hunterdon Facility Planners, LLC. This acknowledgement distinguish- es Shelly’s highest degree of competence and experience to create interior office and facil-
Spotlight March 30, 2012
Deadline: March 16th Contact Joe Christman 781-871-5298 / 800-584-1062 x 202 jchristman@marejournal.com
Mid Atlantic Real Estate Journal — February 24 - March 15, 2012 — 9
www.marejournal.com
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10 — February 24 - March 15, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com
Associated Builders and Contractors www.abc.org
ABC Delaware Chapter
ABC Pennsylvania Chapter
The 2012ABC Delaware Board members were sworn-in during the January dinner meeting at the Christiana Hilton, with John Gooden of M. Davis taking the helm as chairman. During his speech, Gooden outlined his agenda for the year, and encour- aged all members to become more involved in their trade organization.
By Mark McMahon, Chairman, ABC Eastern Pennsylvania Chapter Chairman ABC Eastern Pennsylvania Chapter Turns 50 in ‘12 It’s an understatement to say that a lot has changed in the last 50 years. Since 1962 the following things have become an expected part of our culture: personal computers, GPS, digital music, electronic ignitions, ATMs, fiber optics, PV solar energy and many more acronyms than I can list. The one thing that hasn’t changed in the last 50 years is Associated Builders and Contractors Eastern Pennsylvania Chapter’s (ABC) commitment to protecting contractors’ rights to conduct business without intimidation or retaliation because of labor affiliation. In 1962, a small group of electrical contractors was harassed for trying to bid on public work in the Philadelphia area. Harassment wasn’t acceptable then and it’s not acceptable in 2012. ABC provides contractors the support and re- sources they need to protect their businesses, their employees and their customers from obstacles such as this. It is an honor to lead this chapter of ABC as we celebrate our golden anniversary. We are a strong, active chapter with more than 500 members and offices in East Norriton and Allentown as well as a state-of-the-art training center in Kulpsville. Our members are proud to have constructed churches, hospitals, offices, roadways, entertainment centers, retail outlets, schools and much more which have enhanced the American way of life. This current economy is challenging our nation and more specifically our industry. However ABC members, as has been our standard, remain committed to quality, safety, value and training. If you believe in our mission, I invite you to one of our upcoming networking or educational events to learn more about ABC and its benefits. Please contact Jeff Zeh at 610-279-6666 or visit abceastpa.org for more information.
ABC National Region 5 Vice Chair Pamela Volm (left) presides over the Oath of Office during the Board Induction ceremony January 12. “It has been a tough time to be in construction for a long time. The economy is ugly, capital budgets are shrinking and the regulatory environment is brutal,” said Gooden. “It’s been hard out there for so long that some people have given up. We are not giving up. ABC needs to lead the charge in getting its members back to work. Our members need to be working, growing and building a backlog.” During his speech, Gooden shared how is involvement in ABC came to be and what it means to be an active member of ABC Delaware.
ABC Delaware 2012 Chairman John Gooden “For a long time, I was just a body that could go to ABC meetings when needed. My real involvement withABC started through the vo-tech schools,” said Gooden. “M Davis has been a big supporter of our local vo-techs for many years and I got active in working with some of their programs in the mid 90’s. My involvement in the vo-tech schools led to me joining the Careers in Construction committee at ABC. I’m still active to this day with the schools and it is one of the most rewarding parts of my job. Our workforce is made up of numerous suc- cess stories from the vo-tech system.”
UPCOMING EVENTS Blueprint Reading 10 WEEK CLASS BEGINNING MARCH 7
430 W. Germantown Pike East Norriton, PA 19403
Gooden’s goals for 2012 include business development by targeting users so ABC members get the first call about upcoming jobs; helping students and their parents realize that work in the construction industry is viable and you can have a construction career; becoming politically active during this extremely important election year; and retaining current members and recruiting new members to keep the organization strong and lively. “Last year, we had the best attended Legislative Reception in our history and we had a record number of legislators at our awards dinner in November,” said Gooden. “We are going to build on this momentum by getting our members to be at their legislator’s events, meetings and active with their campaigns. The people who are running for office need to know who we are and that we are there to support them. Our legislators will know that we are ABC and that they can count on us. Please encourage your friends and employees to get engaged in the political system as well. Time spent supporting our candidates is critical but equally important is coming with a check in hand. We all need to budget now both personally and professionally to be able to write those checks. “I’d like to close with a quote from Albert Einstein,” said Gooden.” ‘…When a group of individuals becomes a ‘we’, a harmonious whole, they have reached as high as humans can reach’. ABC is that we and we can do anything that we put our minds to.” UPCOMING ABC DELAWARE EVENTS
Women in Construction: Presenting with Pizzazz 8 A.M. MARCH 9
430 W. Germantown Pike East Norriton, PA 19403
Transitioning a Journeyman to a Crew Leader 7 A.M. MARCH 16 1500 Gehman Road Harleysville, PA 19438
Networking Event 5 P.M. MARCH 21 Barnaby’s of America 15 S. High St. West Chester, PA
March 1
Networking Night at Cavaliers CC, Newark
50th Anniversary Gala 5 P.M., APRIL 18 Radisson Valley Forge 1160 First Avenue King of Prussia , PA 19406
March 23 Sporting Clay Shoot, Greenwood March 29 ABC Trade Show, Clarion Hotel, New Castle April 25 Legislative Reception, Dover May 3 Safety & Student Awards Dinner, Newark
Mid Atlantic Real Estate Journal — Owners, Developers & Managers — February 24 - March 15, 2012 — 11
www.marejournal.com
A SSOCIATED B UILDERS AND C ONTRACTORS
Construction Industry Organization
Construction Management
7 out of 10 construction projects are standing on something stronger than concrete or steel.
Construction Manager and General Contractor
• Commercial • Retail • Educational • Historical Clients • Institutional 7909 Flourtown Avenue Wyndmoor, PA 19038 Phone: (215) 836-1213 Fax: (215) 233-9457
They’re standing on a concept called merit construction. This means both merit and union craftspeople work side-by-side.
Contractors are chosen on merit, those who offer the best skills get the jobs. Being open to new ideas like multi-skills work teams, new technology and advanced construction techniques, merit contractors are able to
construct high-quality buildings that are highly cost-efficient. Merit contractors bring highly skilled jobs with competitive wages to our community. Today, 4 out of 5 people in construction are employed by merit contractors . If you are planning a construction project, find out more about merit contractors . We don’t just construct better buildings. We build a stronger economy and a better quality of life for this community. MERIT CONTRACTORS. BUILDING A BETTER LIFE. Ed Capodanno ABC Delaware 302-328-1111 ecapodanno@abcdelaware.com www.abcdelaware.com Jeff Zeh ABC Eastern Pennsylvania Chapter 610-279-6666 gzeh@abceastpa.org www.abceastpa.org
Dalton Hall • Bryn Mawr College Bryn Mawr, PA Architect: MGA Partners
www.delranbuilders.com
General Contracting
A t t e n t i o n ABC Memb e r s ! ! !
If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal, please contact:
Linda Christman, Publisher 800-584-1062 x 203 or email Linda at lchristman@marejournal.com
Bensalem High School - Gymnasium Addition, Bensalem, PA
I-95 Welcome Center, Lower Chichester Township, PA
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