R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 24 Dec. 21, 2012 - Jan. 10, 2013 Contributing Columnist Alexander Narcise & Greg Price
Drebin facilitates $14.475 million new mortgage Meridian Capital Group, LLC negotiates $50.7 million in financing for properties
SELIN, NJ — Merid- ian Capital Group, LLC announced the following transactions: Meridian negotiated a new mortgage in the amount of $3.5 million for the 80-unit Linden Court Apts. multifamily prop- erty located on Academy Rd. in Philadelphia, PA. The loan features a rate of 3.00% and a five-year term. This transac- tion was negotiated by Mark Litwack . A new mortgage of $14.475 million was placed by Meridian on the 231-unit Norris Hills Apts. multifamily complex lo- cated on North Hills Dr. in Nor- ristown, PA. The loan features a rate of 3.68% and a 10-year term. This transaction was ne- gotiated by Russ Drebin . Meridian negotiated a new mortgage in the amount of $14 million on West Park Manor community located on Raleigh Court East in Ocean Twp., NJ. This transaction was negoti- ated by Israel Schubert . A new mortgage of $6.575 I
Linden Court Apts.
Norris Hills Apts.
2A
Best of 2012 Projects & Developments
Pines at Bethabara
S hopping C enterS S potlight B est 2012 P rojects and d eveloPments
MidAtlantic RealEstateJournal—ShoppingCenters—December 21,2012 -January10,2013—17A
www.marejournal.com
million was placed by Merid- ian on the 144-unit Pines at Bethabara multifamily prop- erty located on Bethabara Hills Dr. inWinston-Salem, NC. This transaction was negotiated by Marvin Jeremias . Meridian negotiated a new
mortgage in the amount of $6.25 million on the 234-unit Ridge Park Apts. located on Gold St. in North Arlington, NJ. This transaction was nego- tiated by Max Beyderman . A new mortgage of $5.9 mil- lion was placed by Meridian on
the 168-unit Palisade Garden Apts. multifamily community located on Center Ave. in Fort Lee, NJ. The loan features a rate of 3.75% and a 10-year term. This transaction was ne- gotiated by Elliot Treitel and Russ Drebin . ■
WilliamPennCommons
XilantroRestaurant&TequilaBar
ACME,BrynMawr,PA
TowneCentre at Laurel
ChaseSapphireBank,Manahawkin,NJ
The LocalVineCellarWine&Spirits
17 - 23A
Bussel Realty Corporation completes lease of class A 80,000 s/f specialized warehouse
Annual Review
Mid Atlantic R eal e state J ouRnal
MidAtlantic RealEstateJournal—December21,2012-January10,2013—SectionB
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EDISON, NJ — Bussel Realty Corp. has announced the long term lease of a class A 80,000 s/f industrial distri- bution center located at 141 Fieldcrest Avenue in Raritan Center. The property was built in 1972 and fully gut-renovated,
designed for a food related dis- tribution operation. While the building attracted dozens of companies, both domestic and international, the goal was to find the perfect long term fit for the space. We accomplished that, and all parties to the deal are enthusiastic that it was able to come to fruition”. Cascio and Nozza of Bussel were both instrumental in pro- curing the tenant. “The Panza family business just couldn’t pass up on the opportunity for such a choice property, literally down the street from the facility at which they’ve operated for over 30 years. Now they have a home to meet their expansion needs over the next 20 or 30 years”, said Cascio. Parlaying on their recent success, Metz, along with Cascio and Nozza, have been appointed brokers on 50-60 Parkway Place, Edison, the 50,000 s/f warehouse from which Panza is relocating. ■
Section B
Directory
141 Fieldcrest Avenue in Raritan Center
Owners, Developers & Managers .. 5-10A Shopping Centers ..................... 11-26A Green Buildings ........................ 27-29A People on the Move ...................... 34A Calendar of Events......................... 36A Annual Review ......................Section B
in the transaction. John Cascio and Steven Nozza , also at Bussel, represented the tenant, A. Panza & Sons, the region’s distributor to soft serve frozen yogurt and ice cream vendors, which is expanding from its nearby warehouse. According to Metz, “141 Fieldcrest is a gem; a free- standing, class A facility in an unparalleled Raritan Center location with amenities on site, loaded with features
modernized, and expanded in 2008. Having been previ- ously occupied by Vesuvio Foods, the region’s premier Italian foods distributor, the facility boasts 8,000 s/f of corporate offices, 25,000 s/f of cooler/freezer space, high 34’ ceilings, 11 loading docks, active rail service, and comes fully racked with many other features. Jordan Metz , sales as- sociate and vice president at Bussel, represented the owner
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Mid Atlantic Real Estate Journal — December 21, 2012 - January 10, 2013 — A
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Jim Lighthizer, CCIM, SIOR 443.883.8171 jlighthizer@cregllc.com
A — December 21, 2012 - January 10, 2013 — Mid Atlantic Real Estate Journal
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Aldo Design Group.................................................. 6A ALT Realty ........................................................... 19A Beacon Commercial Real Estate............................ 5B Bennett Williams Realty Inc..........................15A, 9B BL Companies....................................................... 20B Bohler Engineering.......................................18A, 17B Boyle.................................................................. IBC-B Brasler Properties................................................... 3B Brubacher Excavating.......................................... 17B Bussle.................................................................... 11B Capitol Aerials....................................................... 28A Carl Berger Associates.......................................... 18B Chesapeake RE Group............................................ 1A Citizen Bank. ........................................................ 27B CMC....................................................................... 21B Cooper Roofing........................................................ 7A Cooper-Horowitz..................................................... 1B Earth Engineering Incorporated.......................... 14A Entech................................................................... IC-A Exchange Solutions.............................................. IC-B FLB.................................................................... IBC-B Fowler ................................................................... 10A Franchise World.................................................... 16A Gebroe-Hammer.................................................... 14B GeoStructures, Inc................................................ 22A Gerber/Somma Associates.................................... 12B Gilbeaux Associates, P.C....................................... 28A Greater Reading Economic Partnership................ 2B H.T. Lyons.............................................................. 15B Haftek CWS. ........................................................... 9A Harvey, Hanna and Associates............................. 16B Heller Industrial Parks........................................ 13B IREM..................................................................... 31A Jottan Inc............................................................ BC-A Kaplin Stewart................................................2A, 15A Katz Properties.............................................26A, 20B Landcore Engineering Conultants, P.C............... 16A LandmarkJCM...................................................... 25B Lincoln Property Company .................................. 19B M. Miller & Son....................................................... 3A Meridian..............................................................BC-B Metro Commercial Real Estate............................ 18A Morrissey Design LLC.......................................... 21A NorthMarq. ............................................................. 8B Ondra-Huyett.......................................................... 4B PennCap Properties.............................................. 17B Poskanzer Skott Architects.................................... 8A RD Management LLC...................................... 12-13A Remco Realty Group LLC..................................... 14A ROCK Commercial Real Estate........................... 15A RT Environmental.................................................. 6B Shah Electric & Builder, Inc.. ................................ 8A Taylor|Zang|Munley|Dougherty of Marcus & Millichap....................................14A, 7B The Kislak Company............................................ 10B Tim Haahs ............................................................ 20A Vantage..............................................................6A, 9A Whitestone. ........................................................... 21B Wilkin & Guttenplan P.C...................................... 23B Wolf.................................................................... IBC-B WRT........................................................................11A MAREJ A dvertisers D irectory
Mid Atlantic R eal E state J ournal Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ................................................................Elaine Fanning Section Publisher ..................................................................Andrew Hicks Senior Editor/Graphic Artist ................................................ Karen Vachon Graphic Artist/Social Media Specialist ............................ Rachel Rugman Office Manager ....................................................................Joanne Gavaza Editorial Consultant .............................................................. Ben Summers Contributing Columnist ............... Alexander Narcise, CPA and Greg Price 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 24 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 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Mid Atlantic Real Estate Journal
By Alexander Narcise, CPA and Greg Price Year-End Tax Planning on the Edge of the Fiscal Cliff
Y
ear-end tax planning can be challenging ev- ery year, but this year’s
unique circumstances makes it even more tricky than usual be- cause Congress has not settled the 2013 tax rates on income, investments, large gifts and estates. Despite these uncer- tainties, navigating year-end tax planning is possible. What should taxpayers do? Focus on what is currently known and maximize breaks while they still exist while focusing on reducing vulnerability to the unknown. What could January 1 look like for taxpayers? If no further legislation is passed by the President and Congress before December 31, 2012, the George W. Bush-era tax cuts (tax measures enacted in the Economic Growth and Tax Relief Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003) will expire, along with several business and investment tax breaks. What does this mean?
• The present employee-side payroll tax cut, as enacted un- der the Middle Class Tax Relief and Job CreationAct of 2012, is scheduled to expire after 2012, and would jump from 4.2% to 6.2%, affecting all workers in 2013 up to $113,700 of their earned income (the projected Social Security wage base for 2013). • Income taxes will increase for everyAmerican as tax rates on ordinary income, currently at 10, 15, 25, 28, 33 and 35% , are scheduled to revert to the higher levels of 15, 28, 31, 36, and 39.6% and the capital
gains tax could rise to as high as 23.8%. • Without action, on January 1st, 2013 the marriage penalty for joint filers is reinstated and the value of the child credit drops from $1,000 to $500. • Unless extended, Alterna- tive Minimum Tax Exemptions (AMT) amounts will decrease from $48,450 for unmarried individuals filing single re- turns and $74,450 for married couples filing a joint return and surviving spouses to $33,750 and $45,000 respectively. This means upwards of an additional continued on page 32A
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Mid Atlantic Real Estate Journal — December 21, 2012 - January 10, 2013 — A
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M id A tlantic R eal E state J ournal E New Jersey properties now 99 percent occupied Heller Industrial Park passes 2 million s/f of leases in 2012 home accessories, leased 73,343 s/f in South Brunswick. tices on portfolio availabilities, in order to keep the lines of communication open. DISON, NJ — Heller Industrial Parks , one of the nation’s largest
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• Fleet Distribution, which provides third-party logistic services to importers, manu- facturers, and retailers, signed a 72,560 s/f renewal in Har- rison. • Diamond Distribution re- newed its 52,082 s/f lease in Edison. “The fact that much of our activity has been lease renew- als is a testament to the hard work and dedication our Heller team gives to our customers,” said Heller president Jeff Milanaik . “From capital im- provements at the properties to our solar capabilities, we have increasingly strived to meet their property needs by providing whatever services are beneficial for their business.” In addition to the square footage that Heller has leased, the company has now delivered more than $1 million in broker commissions so far this year. In 2011, brokers who worked with Heller generated more than $2 million in commis- sions. Among various ways they maintain those key broker developer relationship required to generate this type of success is through sending weekly no-
“As a broker, I look forward to working with Heller because they have a great customer-cen- tric attitude when we’re work- ing to close a deal,” said Tom Nuara, of Resource Reality, who closed a larger renewal with Heller earlier this year. “With 99 percent of their portfolio con- stantly occupied and the mutu- ally beneficial relationship that exists, I feel confident working with Heller knowing that they are broker-friendly and want to reach a deal as well.” In the past tough economic climate, brokers found even more reasons to do business with Heller specifically because of their approach to working with their customers. An addi- tional benefit is Heller’s robust financial condition that allows them to establish rental rates that are lower than neighboring property owners’. “We have always valued our relationships with the brokers,” said Heller President Jeff Mi- lanaik. “They have a passion for what they do and a tireless work ethic, making them an im- portant aspect of why we are so successful in closing deals.” n
privately held owners and d e v e l o p e r s of industrial real estate an- nounced that the company has s i gned more than 2 million s/f of
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leases throughout its New Jer- sey industrial portfolio so far in 2012. With these transactions, Heller’s properties now have less than a 1% vacancy rate, with no vacancies in South Brunswick. Some of the significant trans- actions include: • American Logistics Net- work signed a 34,560 s/f re- newal in Edison. • Fairway Logistics leased 175,750 s/f in South Bruns- wick. • Halls Warehouse, which provides frozen, refrigerated and dry storage, renewed a lease totaling 269,362 s/f in Edison. • Sims Recycling, an elec- tronic recycling center, renewed a 92,140 s/f lease in Edison. • Park B. Smith, a provider of
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SELA Properties purchases 12 unit Jersey City building for $715,000
Jersey City, NJ — A Fort Lee based investment company, SELAProperties has
announc ed i t s r e c e n t p u r c h a s e of a 12 unit building in the Lafayette area of Jer- sey City. Tal Steinberg , m a n a g i n g pa r t ne r o f
If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal, please contact your account representative or: Linda Christman 800-584-1062 x 203 or email Linda at: lchristman@marejournal.com
Tal Steinberg
SELA, reports of a purchase price of $715,000, noting that “We believe in this up-and- coming area of Jersey City, with its good transportation to NYC, its proximity to both Downtown Jersey City and Journal Square and the fact that there have been some major positive changes made to this neighborhood in the past few years.” The company is scheduled to close on one or two addition- al purchases in the Hudson County area by year end, add-
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ing to a few properties already purchased this year. SELA Properties is currently concen-
trating on undermanaged and distressed multifamily build- ings in Hudson County. n
A — December 21, 2012 - January 10, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com M id A tlantic R eal E state J ournal To Armada Supply Chain Solutions at Antrim Commons Atapco Props. & Chesapeake RE announce 400,000 s/f lease
Is your company celebrating a monumental anniversary in 2013?
P
ITTSBURGH, PA — Atapco Properties, Inc. and Chesapeake
Real Estate Group, LLC , Baltimore based commercial real estate development companies, have announced that Armada Supply Chain Solutions, based in Pittsburgh, will lease a new 400,000 s/f, rail-served North- east operations facility in the Antrim Commons Business Park in Antrim Township, PA. Armada, a logistics management company that creates innovative supply chain solutions primarily for the restaurant and food in- dustries, will more than double the size of its current Northeast
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Map of Antrim Commons Business Park
and is expected to be operational in late 2013. “We are pleased to expand our operations in the Northeast as a result of our continued growth. This region is an ideal location for one of our logistics centers and we look forward to being a part of the revitalization of the area.” – John Burke , CEO Armada. Atapco and Chesapeake are developing theAntrimCommons site, which sits just north of the Maryland/Pennsylvania border. The business park will contain more than 4 million s/f of indus- trial space as well as other office, retail and light commercial uses and is expected to accommodate as many as 2,000 new jobs when fully developed. The project is conveniently located at Exit 3 on Interstate 81 and adjacent to the Norfolk Southern new Intermodal Freight Facility, which is currently scheduled to be operational in early 2013. The Developer would like to thank Congressman Bill Shuster , Pennsylvania State Senator Richard Alloway , the Antrim Township Board of Supervisors and Franklin County Area Development Corporation for their unwav- ering support of this project through a difficult economic period. Congressman Shuster was instrumental in helping ob- tain Federal Transportation Bill funds to reconfigure and improve the dated Exit 3 interchange. Senator Alloway assisted Ata- pco in procuring low interest financing from the Pennsylvania Industrial Bank, as well as a grant for public infrastructure construction from the Penn- sylvania Redevelopment As- sistance Capital Program. The Antrim Township Supervisors and Franklin County Area De- velopment Corporation worked diligently to successfully adopt the LERTA tax abatement for the property in order to further incentivize the transaction. n
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ogan Twp. , NJ — Dermody Prop- erties , in partnership In Logisticenter at Logan, New Jersey Dermody Properties & Stonemont Financial Group to develop 70,000 s/f for Albert’s Organics L
LogistiCenter at Logan is part of a 1,100-acre, class A, mas- ter-planned business park in Logan Twp., Gloucester Cty. “Our LogistiCenter facili- ties across the nation include Internet fulfillment centers, warehouses, manufacturing, assembly, processing, and research and development cen- ters,” said Douglas Kiersey, Jr. , president of Dermody Properties. “We are pleased to now add one of the nation’s leading distributors of organic produce to that list.” “This project was a perfect fit for Stonemont, pairing an industry leading tenant with a premiere business park in the center of the Northeast Cor- ridor,” said Z ack Markwell , principal at Stonemont Finan- cial Group. “We look to con- tinue to partner with Dermody Properties on similar projects in their LogistiCenters across the country.” The representat ive for The well-maintained garden apartment complex is located directly across from the East Rutherford train station, of- fering direct service to New York City, and within walk- ing distance to schools, parks and the town’s main shopping district. Amenities include 44 parking spaces and eight garages, as well as on-site laundry facilities. “Well maintained, Station Square Apartments is set on a picturesque street and offers a prime location adjacent to the train station – all of which render it a high caliber asset,” Pomerantz added. To the north, in Dumont, senior vice president Greg Pine arranged the $2.75 mil- lion sale of 24 one-bedroom units at 34-38 Grant Ave. Pine exrepresented the out-of-state seller and procured the buyer, a long-time Gebroe-Ham- mer client. Comprised of two garden apartment-style brick
Albert’s Organics, Inc. was Harry McKenna of Jackson Cross Partners of King of Prussia, PA. Representing Dermody Properties was Paul Torosian of Cushman and Wakefield of Philadelphia, PA. “Dermody has become a key partner for us in our developer financing platform. Their ex- perience and ability to deliver projects on time and on budget allows us to finance their proj- ects with the highest level of comfort,” said Bob McMahon , principal at Stonemont Finan- cial Group. “This continues to grow our relationship with Stonemont, which we’ve enjoyed for many years,” said Michael Dermody, chairman and CEO of Dermody Properties. “Dermody Properties prides itself in finding the best alternatives for our clients, and Albert’s Organics was an excel- lent fit for our Dermody Proper- ties-Stonemont platform.” n buildings, the property is close to shopping, schools and trans- portation. On-site parking and laundry is available. Average rents for the building start at around $900. “This property offers tre- mendous upside in value in a location where very few garden complexes ever trade,” said Pine. “The buyer demon- strated tremendous flexibility, recognized the long-term po- tential and was able to acquire the building in a very short period of time. The new owner- ship plans to undertake some substantial renovations to al- low for future rent growth.” Nestled in central Bergen County, Dumont blends quiet neighborhoods with proximity to major urban amenities. Res- idents have access to Routes 17 and 4 and the Garden State Parkway, as well as some of the finest shopping centers in the country in nearby Para- mus. n
Bergen County, NJ — In Bergen County, Gebroe- HammerAssociates recently finalized two multi-family deals encompassing 108 units, which netted a total of $15.1 million. The largest transaction in- volved the $12.35 million trade of 84 units known as Station Square Apartments in East Rutherford. Debbie Pomer- antz , assistant vice president, exclusively represented the seller, the original builder. She, along with Nicholas Nico- laou , vice president, identified the buyer in this trade. “In Bergen County, vacancies are low and rent growth is rising. Regardless of economic condi- tions, multi-family property in this bustling region has always been in extreme de- mand. The bidding activity, on this particular property, was extraordinarily competitive,” said Pomerantz. Served by major highways, with Stonemont Financial Group , has announced that they are developing a 70,000 s/f facility for lease to Albert’s Organics, Inc. Dermody Prop- erties served as the industrial developer and operating part- ner, and Stonemont served as the financial partner in the transaction. Construction on the project began in October 2012 and will be completed inApril 2013. The facility, which will serve as a distribution center for Albert’s Organics, will be located in Der- mody Properties’ LogistiCenter at Logan, at 1155 Commerce Blvd. Albert’s currently operates from seven distribution centers spanning the different regions within the U.S.. The new facil- ity will replace the company’s current facility located nearby in Logan Twp.
1155 Commerce Blvd.
James Mascaro, CCIM, LEED-AP , development direc- tor of the Dermody Properties Eastern Region Office, was the company’s lead on the trans- action. Stonemont Financial Group’s team included princi- pals, ZackMarkwell and Bob McMahon . “LogistiCenter at Logan is the perfect location for up- dating our busiest distribu- tion center, and we believe it will help us serve our val- ued customers even more
effectively and efficiently,” according to Scott Dennis, president of Albert’s Organ- ics, Inc. “The Dermody Prop- erties and Stonemont team really understood our needs and worked with us at each stage to develop this excellent location.” Albert’s Organics will have the ability to expand the warehouse and distribution center by 25,000 s/f, for a to- tal of 95,000 s/f. Albert’s new home in Dermody Properties’
Gebroe-Hammer Associates finalizes two multi-family sales in Bergen County encompassing 108 units totaling $15.1 million
351 Van Winkle St.
including Routes 17, 120 and 3, as well as the western spur of the New Jersey Turnpike, East Rutherford’s proximity to New York City and access to numerous public transpor- tation options have made it a desirable address for commut- ers. The borough also is home to the renowned Meadowlands Sports Complex, including
MetLife Stadium and The Izod Center. Station SquareApartments, located at 351 Van Winkle St., was built in 1960 and is comprised of five two-and- one-half story brick buildings set on a tree-lined street. The complex features a mix of one- bedroom units as well as one- and two-bedroom duplexes.
A — December 21, 2012 - January 10, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelopers & M anagers 36,400 s/f self-storage facility Gentile ofMarcus&Millichap completes $1,700,000 sale
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vestment has announced the sale of The Spare Room, a 36,400 s/f self-storage facility property located in Carneys Point, NJ, according to Spen- cer Yablon , vice president and regional manager of the firm’s Philadelphia office. The asset commanded a sales price of $1,700,000. Bob Gentile , an invest- ment specialist in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. The buyer, a lim- ited liability company, was also secured and represented by Bob Gentile. “The property was marketed BLOOMFIELD, N J — In an “explosive” milestone, the iconic smokestack on Prism Capital Partners ’ Parkway Lofts property came down in a planned implosion. PrismPrin- cipal Partner Eugene Diaz , Bloomfield Mayor Raymond J. McCarthy and Prism Prin- cipal Partner Edwin Cohen were among those in atten- dance, as well as colleagues, other dignitaries and friends. The $90 million redevelop- ment project involves a bench- mark industrial-to-residential adaptive reuse of the 115-year- old former General Electric Company property that signals Garden State Parkway Exit 148 for millions of New Jersey travelers each year. “The implo- sion provided a great opportu- nity for us to show our guests the progress at Parkway Lofts, which is on track to welcome its first renters in Summer 2013,” Cohen said. “The building has
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The Spare Room is located at 392 Harding Highway. The fa- cility consisted of 329 standard units, eighty nine percent occu- pied with upside potential. n
for less than two weeks and substantial interest was gen- erated,” noted Gentile. “The ultimate buyer stepped up and closed in less than sixty days.”
“Explosive” milestone marks progress at Prism’s $90,000,000 redevelopment of Parkway Lofts property
~ Developments ~ ~ Construction ~ ~ Renovations ~ in the Mid Atlantic Real Estate Journal
Shown from left: Prism principal partner Eugene Diaz, Bloomfield Mayor Raymond J. McCarthy and Prism principal partner Edwin Cohen
transformed so naturally – it was almost as if the architect who designed it foresaw its fu- ture potential for residential.” The General Electric Com- pany in 1897 built the land- mark, six-story warehouse that Prism is redeveloping into 361 loft-style apartments catering to the region’s underserved
middle-market renters. The design meets LEED certification standards and utilizes the structure’s 17 ft. floor-to-floor ceiling heights. Industrial design elements complement new, 13 ft. his- torical replica windows and other original architectural features. n
for more information call Elaine Fanning efanning@marejournal.com 800-584-1062 x 212
Mid Atlantic Real Estate Journal — Owners, Developers & Managers — December 21, 2012 - January 10, 2013 — A O wners , D evelopers & M anagers
www.marejournal.com
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A — December 21, 2012 - January 10, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelopers & M anagers The Lutheran Village at MILLER’S GRANT Harkins Builders selected as construction manager
GENERAL CONSTRUCTION
Commercial • industrial • Residential
OWARD CITY, MD — Harkins Builders of Marriottsville, MD has been selected as construc- tion manager for The Lutheran Village at MILLER’S GRANT continuing care retirement community in Ellicott City in Howard County, MD. Harkins’ contract will include infrastruc- ture development of the 50-acre site and construction of 215 independent living apartments, a 30,000 gsf community center, facilities for 20 assisted living units and 12 skilled nursing beds, dining venues, fitness center, and other amenities. The owner and operator of The H
HVAC • NETWORK • SOlAR pANEl iNSTAllATiON • SECuRiTy • CAmERA • SWimmiNG pOOl GROuNDiNG • FiREAlARm iNSpECTiON & iNSTAllATiON Contact: VINAY SHAH P: 201-488-6088 F: 201-488-6087 Email: shahelec@aol.com 123 Hudson St, Rear Bldg, Hackensack, NJ 07601 Fully Bonded & Insured License #11574
Shown from left: Larry Kraemer, Harkins vice president of precon- struction services, Roy Chiavacci, executive vice president of Carroll Lutheran Village, and Dick Lombardo, Harkins president and CEO
Lutheran Village at MILLER’S GRANT is Carroll Lutheran Vil- lage of Westminster, Maryland. Harkins’ selection as construc- tion manager was announced by Carroll Lutheran Village executive vice president Roy Chiavacci at an open house event for new and prospective depositors at the project’s sales office. Harkins president and CEO Dick Lombardo said, “We are very pleased to be on this team, both because of Carroll Lutheran Village’s reputation and because The Lutheran Vil- lage at MILLER’S GRANT is in Howard County, where our home office is and where we have so many ties to the commu- nity.” Harkins’ Preconstruction Department is working with the design team to make the project ready for construction, which is projected to start in the fall of 2013. Williamsburg Homes in Columbia was selected to build the 25 detached homes and du- plexes that will also be part of the community. n ELMWOOD PARK, NJ — River Drive Construc- tion Co. has announced the firm recently completed reno- vation projects for Regus, a leading provider of flexible workplaces, at their offices at Metropark Center, an office building at 33 Wood Ave., in Iselin, NJ, and at Morristown Center, an office building at 55 Madison Ave., in Morristown, NJ. “In a thriving market for temporary office space, it was critical that we complete these projects quickly and withmini- mal disruption to Regus’ cli- ents,” said Joseph Langan , president of River Drive. n River Drive Const. completes reno. projects for Regus
Mid Atlantic Real Estate Journal — Owners, Developers & Managers — December 21, 2012 - January 10, 2013 — A
www.marejournal.com
O wners , D evelopers & M anagers Reps the seller, Federal Capital Partners HFF closes sale of 296-unit high-rise multi-family in DC
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ASHINGTON, DC — HFF announced that it has closed
the sale of Allegro, a 297-unit, high-rise multi-housing com- munity in Washington. HFF marketed the property on behalf of the seller, Federal Capital Partners . Prudential Real Estate Investors pur- chased the asset on behalf of one of its client funds. Allegro is located at 3460 14th Street NW within walk- ing distance to the Columbia Heights Metro Station, a Super Giant grocery store, DC USA and Tivoli Square in the Co- lumbia Heights neighborhood of Washington, D.C. Completed in 2009, the property features studio, one- and two-bedroom units averaging 740 s/f each. Community amenities include a resident lounge, two court- yards, athletic club with yoga and pilates room, party room, media lounge, internet café and business center, underground parking and resident grilling stations. Allegro’s retail space is 100 percent leased to tenants including restaurants Thaitanic II and Le Caprice, as well as Al- legro Cleaners. The HFF team representing Federal Capital Partners was led by senior managing direc- tors David Nachison and Alan
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Davis and director Brenden Flood. “The sale ofAllegro represents a continuing trend of institutional capital seeking core multi-hous- ing investments in Washington, D.C.’s best urban neighbor- hoods,” according to Nachison. “Columbia Heights has proven itself as a magnet for the young professional renter demographic that all owners seek.” Federal Capital Partners is a leading real estate investment company based in the Washing-
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10A — December 21, 2012 - January 10, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com
New Jersey Apartment Association www.njaa.com New Jersey Apartment Association to donate up to $10k to Governor Christie’s Hurricane Sandy New Jersey Relief Fund
MONROE TOWNSHIP, NJ — In an effort to help New Jersey continue to move forward in its post-hurricane relief efforts, the New Jersey Apartment Association (NJAA) has made a $5,000 donation to Governor Christie’s Hurricane Sandy Relief Fund. The organization will also match donations to the fund from its members, for up to an additional $5,000. “We applaud Governor Christie and his administration, and we are eager to assist his efforts to help those impacted by Hurricane Sandy, and help the Garden State get back to normal as quickly as possible,” said Jean Maddalon, executive director for the NJAA. “Historically, our members have been very generous, and this initiative gives them another way to give to those in need.” In addition to NJAA’s contribution, the National Apartment Association (NAA), the NJAA Charitable Fund, the Delaware Apartment Association (DAA) and the Board of the NJAA Charitable Fund have all committed to contribute. For more information about this and other NJAA initiatives, call 732-992-0600 or log onto www.njaa.com. Founded in 1986, the New Jersey Apartment Association (NJAA) is a statewide organization of apartment owners, managers, builders, developers and those involved in allied industries. The Association is designed to advance and protect the welfare of the apartment industry in New Jersey. NJAA represents managers and owners of more than 170,000 rental units throughout the state as rental housing is home to over one-third of all New Jersey families. NJAA also serves its membership’s interest on a national level through its affiliation with the National Apartment Association (NAA). For more information about apartment home living in New Jersey along with NJAA events and activities visit www.njaa.com
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Mid Atlantic Real Estate Journal — Shopping Centers — December 21, 2012 - January 10, 2013 — 11A
www.marejournal.com
RINCE GEORGE’S COUNTY, MD — Tanger Factory Out- Project features 340,000 s/f of GLA & represents a private investment of almost $100m Tanger Factory Outlet Ctrs. & Peterson Cos. break ground on Tanger Outlets National Harbor P
of world-class hotels including the Gaylord National Resort and Convention Center, the largest non-gaming hotel on the eastern seaboard. Developed by Peterson Companies, National Harbor comprises 350 acres of prime real estate along the scenic Potomac River in Prince George’s County, MD. This project features 340,000 s/f of GLAand represents a pri- vate investment of almost $100 million. It is one of the largest economic development projects
Peterson Companies and will be branded as Tanger Outlets National Harbor. Tanger and Peterson will each own a 50% interest in the project and will jointly provide site develop- ment and construction super- vision services to the venture. Tanger Outlet Centers will provide management services, leasing and marketing to the joint venture. “We are pleased to begin con- struction of Tanger Outlets Na- tional Harbor in this dynamic lifestyle destination and to create new job opportunities in Prince George’s County,” said Steven B. Tanger , president and CEO of Tanger Factory Outlet Centers. n
letCenters, Inc. andP eterson Companies hosted an official Ground Breaking Ceremony to announce that construction has commenced on Tanger Outlets National Harbor. The center is located at National Harbor, the Washington, DC area’s premier waterfront resort destination which includes fine restau- rants, distinctive retail, office and residences, and a number
Tanger Factory Outlet Ctrs. & Peterson Cos. ground breaking ceremony
in the county and will create an estimated 600 jobs during con- struction and approximately 1,000 full and part-time retail jobs upon completion. The center is estimated to create
an additional $6.5 million in annual sales tax revenue for the state. The new outlet center will be co-owned by Tanger Fac- tory Outlet Centers, Inc. and
December 21, 2012 - January 10, 2013
HI-LIGHTS
Benderson Development acquires 209,000 s/f retail center Crampsie of NAI Summit reps seller in $10.5m sale of Cheektowaga Plaza
Shover & Gorman of Marcus & Millichap arrange $5.946m sale
BUFFALO, NY — John L. Crampsie , principal with NAI Summit , represented a major bank in the sale of a distressed property in Buffalo. The prop- erty is a 209,000 s/f retail center and had an asking price of $12 million. The property was sold to Benderson Development Company for $10.5 million. Known as Cheektowaga Plaza, the site was a former Sorrento Cheese warehouse before being converted to a retail complex. The former Walden Village Plaza covers 24 acres and sits
Marcus & Millichap Real Estate Investment Services has arranged the sale of two separate net-leased drugstores located in PA and MD. See page 14A
Anapol of Metro Commercial negotiates 45,524 s/f lease
Cheektowaga Plaza, Buffalo, NY
just across from the Walden Galleria and off the I-90 Thru- way. At various times tenants included Wegmans and its Chase-Pitkin affiliate and, briefly, Ultimate Electronics.
Burlington Coat Factory re- mains as its anchor tenant while the Olive Garden, Jared’s Jewelry and Smoky Bones an- chor outparcels closer toWalden Avenue. n
Metro Commercial ne- gotiated a new 45,524 s/f lease with Restaurant Equippers at The Point in Pennsauken, NJ. See page 15A
ALSO INSIDE:
B est R etail P rojects & D evelopments .................17- 23A
B usiness C ard D irectory .............................................. 24A
ARCHITECTURE PLANNING LANDSCAPE ARCHITECTURE URBAN DESIGN
R etail B rokerage D irectory ........................................ 25A
www.wrtdesign.com
www.marejournal.com
Student Residences Wanamaker
Mixed Use Paseo Verde
ĚĂƉƟǀĞZĞƵƐĞ Saint Luke’s Manor
12A — December 21, 2012 - January 10, 2013 — Shopping Centers — Mid Atlantic Real Estate Journal
www.marejournal.com
18 + million square feet
MICHIGAN Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Port Huron Shopping Center Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Anchor Space & Outlot Available Sandusky Kmart Shopping Center M-19 & Gates Rd. 176,248 SF GLA Anchor Space Available Southgate Fort St. & Burns Ave. 60,800 SF GLA Freestanding Redevelopment Opportunity MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 280,353 SF GLA 4.8 Acres Available for Development NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA 10,945 SF Outbldg. Available Kmart Sunset Plaza 3780 E. Sunset Rd. & S. Sandhill Rd. Kmart 86,479 SF NEW JERSEY Marlton (Evesham) Tri-Towne Plaza Route 70 & Plymouth Dr. 176,519 SF GLA Anchor Space Available Redevelopment Opportunity Mt. Olive Pad Sites Available Adjacent to Foreign Trade Zone Across from Walmart, Sam’s, TJ Maxx Old Bridge A & P Shopping Center Route 9 & Ferry Rd. 64,920 SF GLA 5,300 SF Pad Building
INDIANA South Bend South Bend Shopping Center US Hwy. 20 & US Hwy. 31 112,900 SF GLA / Anchor Space Available Warsaw The Market Place U.S. Hwy. #30 & Water St. JC Penney, Sears, Elder-Beerman, Pier 1 180,000 SF GLA KENTUCKY Ashland Russell Centre Route 23 & Diederich Blvd. Lowe’s, Super Kroger 272,000 SF GLA / In-line Space & Pad Potomac Ave. (Route 60) & Northern Ave. Ashley Furniture, CVS, PA Dutch Market 243,000 SF GLA Anchor Space/Pad Available Randallstown Brenbrook Plaza Liberty Rd. & Brenbrook Dr. Home Depot 139,000 SF GLA MASSACHUSETTS Billerica Shops at Billerica Boston Rd. (Rte. 3A) & Tower Farm Rd. Kmart, Burlington Coat, Market Basket 275,000 SF GLA Anchor Space Available Lowell Meadow Brook Center 181 Plain St. & Lowell Corridor (Rte. 4) Target, Marshalls, Chuck E. Cheese 271,377 SF GLA Milford Kmart Shopping Center Medway St. & Beaver St. @ I-495 MARYLAND Hagerstown Long Meadow Shopping Center
ARIZONA Mesa Kohl’s McKellips Road & Recker Road 95,279 SF GLA Part of Falcon View Plaza w/ Fry’s Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres Tolleson Freestanding Kmart West McDowell Road & North 86th Drive 86,479 SF GLA
FLORIDA Fern Park Fern Park Plaza Semoran Blvd. (Hwy. 436) & Hwy. 17/92 131,646 SF GLA Aldi, Deals Prime Corner/Junior Box Space Available Future Shopping Center 26 Acre Jalai Redevelopment Site 6405 Hwy. 17/92 & Fernwood Blvd. near Hwy. 436 153,650 SF GLA Anchor Space & Outlots Available Gainesville Mixed Use – Grocery Store & Student Housing NW 13th St & University Avenue 1.74 Acres
26,000 SF Ground Floor Retail in Proposed 198,000 SF 8-Story Bldg ILLINOIS Downers Grove Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF Niles Golf Glen Mart (Outparcel) Golf Rd. & Dee Rd. Up to 12,000 SF Outlot, B-T-S INDIANA Evansville Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Former Kmart Available 134,797 SF GLA
Kmart, Dollar Tree 140,470 SF GLA Future Expansion Space Available MICHIGAN Grand Blanc Holly Rd. & I-75 Vacant Land / 22 Acres For Sale
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