R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 12 June 22 - July 12, 2012 Max Spann to auction Princeton Technology Ctr.
HILADELPHIA, PA — Meridian Capital Group, LLC, a national com- Multifamily & commercial properties throughout PA & NJ Meridian Capital Group negotiates $77.3 million in financing P
44,000 s/f office and retail build- ing located at 80 River Street in Hoboken, NJ. The loan features a rate of 4.25% and a seven-year term. Emil DePasquale negoti- ated the transaction. Meridian negotiated a mort- gage in the amount of $6 million on the East Mountain Apart- ments, a 188-unit, two-story garden apartment complex in Wilkes-Barre, PA. The loan features a rate of 4.10% and a 10-year term. Russ Drebin negotiated the transaction. A mortgage of $4.75 mil- lion was placed by Meridian on Alpine Village, a 132-unit, two-story garden apartment complex in Sussex, NJ. The loan features a rate of 3.95% and a seven-year term. Israel Schubert and David Cohen ne- gotiated the transaction. ■ Windsor Campus annual electric- ity usage, saving about $750,000 annually on electricity costs. The project will be built on 45 acres within a 67-acre parcel of cur- rently undeveloped land owned by the college on the east side of the campus. The ownership of the project has been structured as a lease- purchase agreement. The title owner is the MCIA; the MCIA and MCCC have entered into a 15-year lease with SunLight General Mercer Solar, which will offer energy from the project to MCCC at a discounted rate of 3 cents per kilowatt-hour, compared to the 14 cents per kilowatt-hour the college cur- rently pays to its local utility. The lease transfers all burdens and benefits of ownership to SunLight General Mercer Solar, including the right to sell energy to the College. The educational benefits offered by the project are especially important in New Jersey, which is the second larg- est solar market in the nation after California and one of the 10 largest in the world, accord- ing to the NJ Board of Public Utilities. ■
mercial real estate finance and advisory firm, announced the following transactions: Meridian negotiated a new mortgage in the amount of $29 million on the 2100 Parkway Apartments, a 124-unit luxury multifamily building located one block from historic Logan Square in Philadelphia. The loan features a rate of 4.00% and a seven-year term. David Fisher and Scott Jackson ne- gotiated the transaction. Anewmortgage of $25million was placed by Meridian on the Greenbriar ClubApartments, a 346-unit, three-story multifam- ily complex in Philadelphia. The 20-acre property consists of nine, all brick buildings
4-5A
2100 Parkway Apartments
LCOR breaks ground at Aurora
and 11,500 s/f of street level commercial space. The loan features a rate of 3.88% and a 10-year term. David Fisher and
Scott Jackson negotiated the transaction. A mortgage of $12.5 million was placed by Meridian on a
For Careers in solar/energy technology, engineering and sustainability Solar project at MCCC to foster opportunities in the solar industry for students
WEST WINDSOR, NJ — An innovative solar project of the Mercer County Improvement Authority (MCIA) to be installed on the West Windsor Campus of Mercer County Community College (MCCC) will foster aca- demic opportunities for students interested in pursuing careers in solar/energy technology, en- gineering, sustainability, and other programs. The energy output of the
6B
Directory
Auction News/Directory ............... 4-5A Owners, Developers & Managers.. 7-28A Green Buildings ........................ 15-21A Shopping Centers ..................... 29-44A Calendar of Events......................... 45A Mid Year Review.................... Section B
Mercer County Community College Campus
8-megawatt solar project will provide real-time data that will enable students to conduct cross-disciplinary studies of the benefits of alternative energy and sustainability. “We are excited about the multiple ways in which this solar project will foster academic op- portunities for MCCC students,” said Dr. Guy Generals, vice presi- dent for academic affairs. “Such learning opportunities will break new ground in community college education, preparing students
for a world that is moving further away from expensive, dirty fossil fuels and closer to clean, renew- able sources of energy.” In addition, the system will benefit students by allowing the college to re-channel savings on energy costs, among the college’s highest operating expenses, back into college programs and services that were cut because of budget constraints. The ground-mounted solar array will offset approximately 70 percent of the college’s West
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Inside Cover A — June 22 - July 12, 2012 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 1A
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555 Route One South, Iselin, NJ 2,338 sq.ft.
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2A — June 22 - July 12, 2012 — Mid Atlantic Real Estate Journal Aldo Design Group ............................................................ 8A American Boiler .............................................................. 18A Associated Builders and Contractors, Inc. .................... 27A Auction Directory .............................................................. 5A Bergman Real Estate........................................................ 1A Brahney ........................................................................... 12A Capitol Aerials................................................................. 16A Cervelli Management Corporation................................... 9B City Avenue ..................................................................... 13B Coldwell Banker Commercial Bennett Williams........... 37A CMC................................................................................... 1B Cooper Roofing Inc. ........................................................... 9A Crystal Window & Door Systems, LTD.......................... 19A Deerwood Real Estate Capital ......................................... 4B Earth Engineering Incorporated.................................... 37A Exchange Solutions........................................................IC-B Fitzpatrick Lentz & Bubba............................................... 8B Fix Asphalt ...................................................................... 12A Fowler .............................................................................. 28A Franchise World .............................................................. 34A Gilbeaux Associates, P.C................................................. 16A Haftek CWS..................................................................... 22A Halpert............................................................................... 2A Hutchinson Mechanical Services ................................... 17A Integrated Business Systems ............................... 10, IBC-A LandmarkJCM.................................................................. 3B Lebanon Valley Economic Development Corporation ..... 2B Linowes and Blocher LLP................................................. 6B M. Miller & Son................................................................. 3A Marcus & Milichap ......................................................... 14B Max Spann Real Estate & Auction Co. ............................ 5A Meridian Capital Group, LLC ............................... 3A, BC-B Metis .................................................................................. 7B Motley ................................................................................ 4A New Jersey Smart Start Buildings ................................ 11A NJ Paving ........................................................................ 14A NorthMarq......................................................................... 6A Poskanzer Skott Architects ............................................ 13A Ray Angelini, Inc............................................................. 16A RCX.................................................................................. 21A RD Management LLC.............................................30A, 31A RE/MAX of Reading .......................................................... 3A Riker Danzig ..................................................................... 7B Shah Electric & Builder, Inc............................................. 6A THe Aztec Corporation ................................................... 11B The Kislak Company, Inc.................................................. 5B Thesing Companies......................................................... 32A US Realty .......................................................................... 2B Vantage Landscaping Inc. ........................................8A, 22A WithumSmith+Brown, PC.............................................. 12B WP Realty........................................................................ 39A MAREJ A DVERTISERS D IRECTORY
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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 ................................................................ Joseph Langan 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 12 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 Joseph Langan Why now is the time to upgrade your business space
n the business world, events sometimes con- spire to provide a window of opportunity for a particular endeavor. Those who seize the day will prosper, while those who fail to take advantage of the opportunity will be forced to act when the time is not as propitious or sit on the sidelines to await the next opportunity. That time is now for busi- nesses interested in giving their shabby or outdated office or industrial space a facelift by renovating the space that they now occupy, adding onto their existing space, consolidating offices or moving to a better location. The recent uptick in the economy means that many companies now have the cash to undertake a corporate fit- out, but, with the commercial real estate market and the con- struction industry still lagging behind the overall economy in terms of recovery, such fit-outs can be achieved at a consider- able savings. I
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
In short, we’re talking about bargains. Though commercial leasing activity is picking up, commercial real estate still re- mains a buyer’s market. Com- panies interested in expanding or relocating can get sweet- heart deals with landlords that often include concessions such as several months’ free rent or allowances for interior renovations. At the same time, the continu- ing slump in the construction industry means that companies can obtain goods and services, including everything from car- peting to plumbing services, at
cut-rate prices. But these circumstances won’t last forever. While the level of corporate fit-out activity re- mained low through the end of 2011, it has picked up sub- stantially in the first quarter of 2012, with the expectation being that it will pick up even more as the year progresses. Indeed, many are calling 2012 a turnaround year. And where there’s an in- crease in demand, an increase in prices can’t be far behind, which is why it’s important to act before the window of op- Continued on page 46A
MILLBURN, NJ Downtown Millburn Retail 284 Millburn Ave. Prime Downtown Location End Cap Unit Millburn Train Station One Block Away Center of Lifestyle Community
6,000 sf for lease
Join Bank of America | Just Salon & Spa Millburn Opitcal & Surgery
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CVS Red Mango Chase Bank Trader Joes Valley National Bank
1 Mile 12,203
3 Miles 107,160
5 Miles 401,555
PNC Bank Annie Sez Starbucks Petsmart
Population Daytime Pop. Households Avg. HH. Income
11,532
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193,729
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Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 3A
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M ID A TLANTIC R EAL E STATE J OURNAL Hayum originates transaction for Meridian Capital Group Beech Street Capital closes $16.87 million Fannie Mae Loan B ETHESDA , MD — Beech Street Capital, LLC has provided a
They wrote the policy.
We make sure they write the check.
$16.87 million Fannie Mae con- ventional loan for the refinance of Allerton Avenue, a 144- unit apartment complex in the Bronx, NewYork. DavidHayum originated the transaction for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its cor- respondent relationship with Meridian. The borrower, new to Beech Street, purchased the property in 2008 and was fac- ing an upcoming maturity date on their existing loan. Beech Street immediately responded, gathering the essential due diligence before application. “The borrower is definitely a convert,” states Hayum. “Beech Street demonstrated their resourcefulness and expertise. Compared to other agency lenders, the experience was amazing.” AllertonAvenue rep- resents three separate parcels, located within the Bronxdale neighborhood of the Bronx. The property is situated steps from the AllertonAvenue 2 and 5 train stops, providing conve- nient access to Manhattan and its surrounding employment centers. Since acquisition, the
M. MILLER & SON Public Adjusters Since 1960
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Allerton Avenue, Bronx, New York
borrower has invested over $800,000 in capital improve- ments and the property is cur- rently over 96 percent occupied with several rent-stabilized units. The fixed-rate loan has a seven-year term with 6.5 years of yield maintenance and a 30- year amortization. Beech Street Capital is a mortgage banking company engaged in originating, under- writing, closing, and servic- ing high-quality multifamily mortgage loans for existing and
proposed apartment build- ings and manufactured home communities throughout the United States. Beech Street is a Fannie Mae DUS lender, a Freddie Mac Program Plus Seller Servicer, and an FHA MAP and LEAN lender. Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquar- tered in NY. ■
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
RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres
1
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
For More Information Please Contact:
3801 Penn Ave Sinking Spring, PA
The subject property located in Sinking Spring PA (just minutes from Reading, PA) is 33 acres of land and is pre-approved for a three story, 55+, independent living facility with 130 units and 20 more in the future, and 80 townhouse units. Ready to develop. Public Water & sewer.
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4A — June 22 - July 12, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS 57,280 s/f class A office building located within Princeton-Rutgers Research Corridor Max Spann Real Estate & Auction Co. to sell The Princeton Technology Center
S
OUTHBRUNSWICK, NJ — The Princeton Tech- nology Center, a class A office building located within the Route 1 “Princeton-Rutgers Research Corridor,” is being put on the auction block in July. Max Spann Real Estate & Auction Co., a national auction house, is auctioning the 57,280 s/f, single-story building situ- ated on an 8.5 acre campus on July 12 at 11 a.m. at Crowne Plaza, 390 Forsgate Drive, Monroe Twp., NJ. The minimum bid is $1.75 million. The property had pre- viously been listed for $6.9 million.
The Princeton Technology Center
“Investors should not miss this once-in-a-lifetime oppor- tunity to purchase this strate- gically located campus in the Princeton office market, easily accessible from both New York and Philadelphia,” said Max Spann, president and CEO of the firm. Max Spann has scheduled property previews from noon to 2 p.m. Thursday, June 28. The facility has state-of- the-art telecommunications infrastructure, electrical, me- chanical and HVAC systems. The parking lot can accommo- date 285 cars. The Technology Center is located next to the Bloomberg Technology Campus within the “Princeton-Rutgers Research Corridor,” which serves as a biotech-pharma- ceutical hotbed. It is close to world-class restaurants, shop- ping, hotels, conference centers, and the Princeton University Forrestal Campus. Spann said the campus is perfect for a growing company in involved in research and development, pharmaceuticals or technology. The property is large enough to accommodate an expansion of the building and parking lot. Investors can also subdivide the building for multiple tenants. “For a growing company looking to tap into the highly skilled, highly educated labor market of Central Jersey, the location can’t be beat,” Spann said. ■ “Investors should not miss this once-in-a-lifetime opportunity to purchase this strategically located campus in the Princeton office market, easily acces- sible from both New York and Philadelphia,” — Max Spann
AUCTION ABSOLUTE
FORECLOSURE
67,900±SFWAREHOUSE 56,250±SFWAREHOUSE 2 APPROVED FOR89APARTMENT UNITS APPROVED FOR90APARTMENT UNITS Located in Scotts Addition Historic District, Eligible for Tax Credits & Tax Abatement, Walking Distance to Shopping, Dining & Entertainment, Convenient to VCU, I-64, I-95 & I-195 1
PROPERTY TOUR: WED, 6/27 @ 10AM
SALE HELD: WITH LIVE & ONLINE BIDDING 3031 Norfolk Street Richmond, VA 23230
TUES., 7/10 @ 2PM
Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 5A M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS
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AUCTION
P LACE YOUR B USINESS C ARD IN OUR A UCTION D IRECTORY T ODAY !
C OMPANIES S PECIALIZING IN C OMMERCIAL /I NDUSTRIAL R EAL E STATE C AN P ROMOTE T HEIR C OMPANY AND ITS S ERVICES IN OUR T WICE MONTHLY D IRECTORY
57,280+/- SQ FT CLASS A OFFICE BUILDING Princeton-Rutgers Research Corridor tBDSFTt QBSLJOHTQBDFTt.JOVUFTUP/+5VSOQJLF&YJU" t'PSNFSUFMFDPNDBMMDUSXJUITUBUFPGUIFBSUDPNNVOJDBUJPOTJOGSBTUSVDUVSF 68 Culver Rd, Monmouth Junction (South Brunswick), Middlesex County, NJ AUCTION: THURSDAY, JULY 12 TH AT 11 AM PROPERTY PREVIEWS: June 13 TH , 20 TH & 28 TH s .OON n PM
C ALL L INDA FOR MORE INFORMATION 800-584-1062 X 203 OR E MAIL LCHRISTMAN @ MAREJOURNAL . COM WWW . MAREJOURNAL . COM
MAX SPANN REAL ESTATE & AUCTION CO. 888-299-1438 WWW . MAXSPANN . COM
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N E W J E R S E Y • P E N N S Y LVA N I A • D E L AWA R E • M A RY L A N D • W A S H I N G T O N D . C . • V I R G I N I A • Auctioneers Directory
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6A — June 22 - July 12, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL VP Walsh coordinates lease with CBRE’s Bleiler Mericle adds Herndon Products and LOGZONE
GENERAL CONSTRUCTION
Commercial • Industrial • Residential
HROOP, PA — A team made up of Herndon Products and LOG- ZONE will create 16 new jobs in Throop Borough. The companies will serve the Tobyhanna Army Depot in 20,000 s/f of industrial space leased from Mericle Commer- cial Real Estate Services at 19 Bert Collins Dr. in Keystone Industrial Park. Herndon Products recent- ly received a prime contract award from the Defense Lo- gistics Agency, Land and Mari- time operations to manage the Industrial Product-Support Vendor (IPV) Program at the Depot. Herndon Products was select- ed as the best value solution, resulting from a 14-month eval- uation in an unrestricted com- petitive procurement among major defense contractors. The contract was appropriated as part of the Fiscal 2012 Defense Working Capital Funds, with a funding limit of $56 million. The contract, inclusive of all options, extends into 2017. “On behalf of the Herndon Products team, we look forward to being part of the Scranton business community in sup- T
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19 Bert Collins Drive in Keystone Industrial Park
port of Tobyhanna,” said Scott Herndon, president and CEO of Herndon Products. “It has been an easy transition so far with Mericle truly leaning forward into this new relationship to help us support our mission for the depot. Their group was extremely accommodating of our needs and moved swiftly and professionally.” The Tobyhanna contract will increase Herndon Products’ managed warehouse footprint by 50% in Pennsylvania, bring- ing the investment in an east- ern distribution network to 65,000 s/f and just fewer than 40 employees. Mericle vice president Dan Walsh coordinated the lease transaction with real estate broker Sean Bleiler of CBRE’s Allentown office. Walsh said Mericle was able to meet Hern-
don Products’ short timetable for occupying and modifying modern industrial space with quick access to the Depot. “Fortunately, because we are a vertically integrated com- pany, we were able to use our own in-house construction re- sources to immediately identify the right space and then make the necessary modifications to meet Herndon’s expedited time frame for occupancy,” said Walsh. “We are excited to welcome the Herndon Products – LOG- ZONE team to Northeastern Pennsylvania,” stated Austin Burke, president, The Greater Scranton Chamber of Com- merce. “Tobyhanna Army De- pot, one of our region’s largest technology employers, is joined by another outstanding firm creating jobs locally.” ■
BROKERAGE DIRECTORY JULY 27 deadline July 18 TH TH ISSUE
COMMERCIAL REAL ESTATE LAW AUGUST 31 ST ISSUE deadline August 22 ND
Success is a done deal.
FALL PREVIEW SEPTEMBER 28 TH ISSUE deadline September 19 TH
If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal, please contact:
$13,600,000 Fairmount Place II OFFICE - 123,400 SF | TOWSON, MD LENDER: LIFE COMPANY
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Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 7A
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442-unit class A community funded through Fannie Mae Grandbridge closes $121m acquisition financing
Multifamily properties located in NJ NorthMarqarranges$24.482m in mortgages for 315 units
A RLINGTON, VA—The Washington, D.C. pro- duction office of Grand- bridge Real Estate Capital recently originated and closed a $121.13million first mortgage loan secured by The Buchanan, a 442-unit class A residential community located in Arling- ton. Funded through Fannie Mae’s Delegated Underwrit- ing and Servicing (DUS) MBS loan product, the acquisition financing was originated by Grandbridge senior vice presi- dents Paul Aanonsen and Jack Bauer. The seven-year fixed rate mortgage features a 30- year amortization and closed with an interest rate of 3.89 percent. The 13-story high rise is comprised of 442 multifamily units with commercial retail and office space on the first
Hamiltonian Gardens and Meadowbrook Gardens
The Buchanan
floor. The property features a mix of studio, one-, two- and three-bedroom units as well as
eight retail spaces and one of- fice space on the first floor and underground parking. ■
Cushman&Wakefield and Grant StreetAssociates release plans for 90,000 s/f office building
Gilbert Manor Apartments
PARSIPPANY, NJ—Gary Cohen, senior VP and senior director of NorthMarq’s
arranged for the borrower, Frieman Realty, by North- Marq through its relation-
No r th NJ R e g i o n a l of f i ce , ar- ranged com- bined first mo r t g a g e acquisition financing of $15.75 mil- lion for two
ship wi th a regional bank. In other news, Rob- ert Ranieri, senior VP/ manag i ng d i r e c t o r o f No r t h -
McCandless Corporate Center
PITTSBURGH, PA — Cush- man & Wakefield and Grant Street Associates have released plans for a 90,000 s/f office building to be constructed on the final lot at McCandless Corporate Center, a 322,000 s/f office complex. The Grant Street Associates leasing team of Gary Roberson and Rob Geiger has leasedmore than 100,000 s/f in the complex over the past two years. In response to this success, Zell Two, the owner of the complex, is investigating moving forward with a fifth building. Construction of the new building will begin upon the lease commitment of an an- chor tenant and should take approximately 18 months to complete. ■
Gary Cohen
Robert Ranieri
market-rate multifamily properties located in Cen- tral New Jersey. These two properties contain a com- bined total of 207 units. Hamiltonian Gardens, lo- cated on Warrenville Rd. in Middlesex County, contains 140 units and was financed at $10.65 million. Meadowbrook Gardens, located on Pompton Ave. in Cedar Grove, contains 67 units and was financed at $5.1 million. Financing for both proper- ties was based on a 5-year term and a 30-year amor- tization schedule and was
Marq’s East Regional office arranged first mortgage re- financing of $8.732 million for Gilbert Manor Apart- ments located at 269-297 Liberty Street in Little Ferry. The asset is an affordable housing property contain- ing 108 multifamily units. Financing was based on a 7-year term with two years interest only then a 30-year amortization schedule and was arranged for the bor- rower, Gilbert Manor LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac. ■
8A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS By F. Joshua Millman, AIA, CFM, LEED-AP, FP+A It has become all about risk management
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e always answer phone calls from lawyers with some
sent a new standard of care the buyer is taking before proceeding with purchases at prices they believe have bottomed out. Note that this level of due diligence has not been the direct result of a bank’s requirements (such as the required Phase I En- vironmental Assessment). Still, all parties (including the mortgage lender) are feeling more protected by having had an architect and engineers doing a walk through, writing a report, and having their professional E&O insurance standing be- hind the assessment. This approach to building acquisition is not restricted to traditional building pur- chase contracts. Similar fa- cility review engagements are becoming more common for leases, especially if the leases are triple net and/or long term. Such lease contracts bear many of the risks associated with a purchase. Indeed, purchase or lease, it is all about risk management, moving beyond the position of not knowing what you don’t know. Such risk assess- ments traditionally requires three elements of its provid- er: professional credentials (education and licensure or certification), experience, and a standard operation procedure (SOP). This SOP is best if it is an industry-recog- nized standard, promulgated from an industry-recognized institute. As it happens, the American Society for Testing Materials has a standard procedure, ASTM E2018-08, that sets out a full procedure to do, what is called in the parlance, a facility condition
assessment. This standard is extremely detailed, and can look very much like the sledge hammer for a requirement that could be solved with a tool that is less weighty, and possibly more precise. As an alternative, we have developed a more cost effec- tive, multi-tiered approach that offers an depth of as- sessment appropriate to a client’s particular needs: • Tier 1, a quick walk through of a site, noting whether its deficiencies should keep it on the pros- pect list. • Tier 2, a review of major systems, akin to the stan- dard home inspection. • Tier 3, an inspection meeting ASTM E2018-08, ideal for identifying facility risks that will impact busi- ness operations. To these we have added a Tier 4, that includes an energy audit and identifies actions that could be taken to allow the building to operate more cost effectively, repre- senting acceptable returns on investment in lowering facility-related overhead and energy costs. That is the true nadir of risk management: acquiring a facility that you can run more effectively (and less expensively) than the cur- rent owner. Pretty much the approach corporations use in buying other companies, just applying it to the real estate market. F. Joshua Millman, AIA, NCARB, CFM, LEED AP is a principal at Facilities Planners + Architects, Inc. ■
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a client about to purchase a multi-tenant building. The tenants’ leases indicate that the landlord will maintain and replace as required the existing HVAC system. What is the condition of the HVAC system, and when is it likely to require replacement and at what cost? • Another’s client is pur- chasing an historic bed-and- breakfast. They need an estimate on the cost of imme- diate repairs for the facility and likely capital replace- ment costs of major systems over the next 5 years, in order to calculate what pur- chase price will make the pro forma work. Same approach this lawyer ’s clients use when about to purchase a previously owned home. • A third attorney’s cli- ent has a right-to-purchase clause in their long term lease based on a price derived from a third party appraisal. Their strategy is to identify both the building’s deficien- cies and the items that do not conform to current build- ing and accessibility codes. These items would need to be addressed by any buyer in developing a purchase price, and must be considered by the appraisal. Each of these cases repre-
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10A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS Redesign introduces MyIBS, a proprietary client portal Social media connections highlight IBS website T OTOWA, NJ — A new proprietary support portal is among the
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tionality and enhanced com- munication capabilities, while incorporating a sleek new look and easy navigation. “We are a technology firm, which in a ‘cobblers children have no shoes’ vein means that our own website was in significant need of an update,” he said. “To our advantage, because we are a tech company we were able to leverage a number of newer innovations to add real value for our clients.” To that end, the new website design introduces MyIBS, a proprietary client portal. It al- lows IBS system and network services customers to create and monitor support tickets, and manage their company profile and contact information – all online, with a link from the ibsre.com home page. It is available at no additional charge to IBS customers with active support agreements. “In short, MyIBS is another, fully automated option for initiating and managing sup- port inquiries,” said Dawn Bernstel, director of customer care. “Already, clients can email, call or fax depending on what type of support they want and need. In addition to its convenience, the MyIBS portal allows clients to track the progress of their ticket online. They receive email updates every time a ticket is updated and also can open the ticket themselves and add com- ments. Other users can log in and see that an issue already has been reported and is being addressed. This full visibility is what our beta testers said they like best.” Mullin noted that in addition to MyIBS, the new design fea- tures enhanced social media connections. Website visitors can connect with IBS in social media environments directly from the home page. ■
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Mid Atlantic Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2012 — 11A
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12A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS For Voltaix in Portland, PA Jacobs/Wyper Architects designs $14 million facility
MAREJ’s Spotlight on Multifamily Financing We are inviting a select group of top FINANCIAL SPECIALISTS
to write an expert article about the current state of the investment market. These experts will enlighten our readers on current issues, challenges and obstacles multifamily investors face when working with the commercial market. August 17th publication Editorial Requirements Include: Half page ad with 550 word article Deadline: August 3rd, 2012 Special advertising rates for all participating firms! Contact: Linda Christman or your account executive Mid Atlantic Real Estate Journal Tel: 800-584-1062 x203 email to: lchristman@marejournal.com
ORTLAND, PA — Ja- cobs /Wyper Archi - tects, LLP completed a 29,000 s/f manufacturing headquarters for Voltaix. Located on 25 acres, the high hazardous facility, con- structed at the cost of $14 million, features several buildings: a 4,000 s/f office administration building, a 7,000 s/f high hazard oc- cupancy gas manufacturing building, a 7,500 s/f shipping and receiving building, and a 14,500 s/f outdoor storage space for exterior tanks and gas storage pads. ■ P
New high hazardous gas facility for Voltaix in Portland, PA
ATLANTIC CITY, NJ — Tishman Construction Cor- poration completed Revel, a $2.4-billion beachfront destination, six weeks early. Tishman was contracted to provide construction man- agement services for this 20-acre, 47-story resort and despite a pause in construc- tion, turned over 6.3 million s/f of space in time for the hotel’s preview. “Our team was ready to go as soon as our client gave the go-ahead,” said John Livingston, president of Tish- man Construction and chief executive of AECOM’s con- struction services practice. “As a result, we were able to bring the project from core and shell to fit out in just over 12 months; six weeks ahead of the original schedule.” “When we got word that we could start building again, we worked closely with the client to determine what needed to be done to get back on track,” said Ed Cettina, Tishman COO for New Jersey and Pennsylvania. “Because we were working with a knowl- edgeable and skilled client, and very talented subs and consultants, the team was able to pull together to get the job done — not just on time, but early.” Tishman managed the con- struction for the project, which includes 1,898 guest rooms, a 130,000 s/f casino, a performance space, retail spaces, restaurants, spa, indoor and outdoor pools, a four-story nightclub, and meeting space. Also included is 250,000 s/f of back-of-house function space and a 50,000 s/f warehouse. ■ Tishman delivers Revel six weeks early
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Mid Atlantic Real Estate Journal — Owners, Developers & Managers — June 22 - July 12, 2012 — 13A
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O WNERS , D EVELOPERS & M ANAGERS One-million s/f development in Fort Lee, NJ Tucker Development receives site plan approval F ORT LEE, NJ—Tucker Development Corpora- tion announced that
Hudson Lights, a mixed-use development planned for more than eight acres has received site plan approval from the Fort Lee Borough Planning Board. “We are pleased to have secured approval to move for- ward with this state-of-the-art, mixed-use development that is a key part of the dynamic and transformative plans for this Gold Coast community,” said Richard Tucker, pPresident and CEO of Tucker Develop- ment. “We collaborated with the Borough of Fort Lee, and we thank Mayor Sokilich, Planning Board Chairman Herbert Greenberg, and the entire Planning Board and their consultants for their thoughtful diligence in secur- ing all necessary approvals for this exceptional develop- ment. We’ve worked to create a vibrant shop, dine and live quality environment; one of which, when completed, we will all be proud.” Hudson Lights will feature 165,000 s/f of ground-level retail space, up to 477 resi- dential units and options for a 175-room hotel and an office building. SECAUCUS, NJ — River Drive Construction Co. recent- ly completed a $2 million reno- vation of The Children’s Place (TCP) national headquarters, located at 500 Plaza Dr. River Drive Construction served as general contractor for the project. The 28,000 s/f, single-phase renovation project included expanding the design department to the second floor to include open areas for the design team. “We’re thrilled to announce another collaboration with The Children’s Place,” said Joseph Langan, president of River Drive. “We were able to work around the company’s working hours to finish the project on time, within budget and with minimal disruption to business operations. We look forward to starting work on the next project for The Children’s Place.” ■ River Drive Construction completes $2m renovation
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14A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS Collaborates with Marcus & Millichap’s Gambuzza New Market Realty Group finalizes $10.25 million sale
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ORTH BRUNSWICK, NJ — New Market Re- alty Group (NMRG)
m www a r e j o u r n a l com
has announced the sale of Oak Leaf VillageApartments for the price of $10.25 million. The two story garden style, brick and frame complex was under the same ownership for more than twenty years. Avi Oren, a partner at NMRG worked in collaboration with Nat Gambuzza, VP of invest- ments of the New Jersey office of Marcus and Millichap to navigate many complex issues in order to bring the transac- tion to a successful closing.
Oak Leaf Village Apartments
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The property contains 184 apartments with parking for 368 cars situated on a 16 acre parcel. The layouts include 154 one-bedroom apartments and 30 two-bedroom units. The new buyers are planning
an extensive reconstruction of the property and have indicated that they would work with the town of North Brunswick investing together over $13 million in property improve- ments. ■ Boyle announces renovation of the Stock House in Bethlehem, PA BETHLEHEM, PA—Boyle Construction, Inc. is con- cluding construction on the historically-renovated Bethle- hemLanding Visitor’s Center, housed in the original Bethle- hem Steel Stock House. Afirst stop for tourists, the center offers visitor amenities, of- fices, and a view of the blast furnaces. The overall design retains the inherent character of the era of industrialism, and offers a prime example of adaptive reuse to Lehigh Valley tourists and heritage tourists alike. The Stock House, built in 1863 for the old Bethlehem Iron Co., is the historic Beth- lehem Steel site’s oldest re- maining building. The origi- nal fieldstone-and-mortar exterior walls contain the two-level, 16,000 s/f interior. An addition on the northwest corner adds an elevator and stairwell. Boyle Construction is reno- vating the Stock House to his- torical standards. All exterior windows and doors are being recreated from 1909 Beth- lehem Steel drawings, and only historically-appropriate materials (such as hydraulic lime mortar vs. Portland-type cement) are being used. Joe Klocek, Boyle project engi- neer, said, “The Stock House project has given us an op- portunity to help preserve our local history stone-by-stone. To be completely accurate to the original, many of the window arches and doorways have been painstakingly de- constructed, then rebuilt by the stonemasons.” ■
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