R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
Ellisdale Construction & Development will be the general contractor MAC places construction financing for $25 million Arlington Project
ISSUE HIGHLIGHTS Volume 28 Issue 12 July 29 - August 11, 2016
A RLINGTON, VA — MAC Realty Advisors, LLC (MAC), on behalf of Pillars Development Group (Pillars) , success- fully placed a $17.5 million construction loan for the de- velopment of 4707 Columbia Pike, a 78-unit luxury con- dominium development that also includes 8,000 s/f of first floor, street level retail. The construction loan closed with a regional bank on Friday, July 8th. Ellisdale Construction & Development will be the general contractor. The project is expected to deliver in 2018. Pi l lars Development Group designed a residen- tial product that will appeal to urban focused buyers who appreciate Columbia Pike’s convenience, services and rec- reational amenities literally at our doorstep. “Capital, both senior debt and equity, continues to seek out these boutique sized, ur- ban in-fill sites,” indicated
SPOTLIGHTS
Section C BROKERAGE DIRECTORY HANNA LANGHOLZ WILSON ELLIS REP. GET AIR
4707 Columbia Pike
Bruce Levin, Executive Direc- tor with MAC. “The developer was ultimately very pleased with the lender and its seam- less approval and execution process.” New class A apartment
buildings plus a recently de- livered Giant Grocer, and the retail opportunities at nearby Bailey’s Crossroads and the Fashion Center at Pentagon City, together with numerous restaurants and the W&OD
trail right outside the door underscore the desirability of this location. Bruce Levin, Andrew McAllister and Nicholas Rubenstein led the place- ment effort for MAC. n
4A
For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com UPCOMING CONFERENCES September 8, 2016 Pittsburgh Commercial Real Estate Forecast Summit September 15, 2016 3rdAnnual NJ Apartment/ Multifamily Summit
JLLrepresentsBridgeDevelopment in144,000 s/f lease to Boxed in Union, New Jersey
and I-78. The site offers ex- cellent visibility from both I-78 and the Garden State Parkway, as it sits directly in the northwest quadrant of the interchange. Bridge acquired the site in 2014, demolished the vacant buildings, and received si- gnoff from the township for completion of the shell build- ing in May 2016. Designed to accommodate up to two ten- ants, the speculative building was developed with concrete precast construction, 36-foot clear ceiling height, 55-foot column spacing and a 66-foot staging bay at the loading dock. Features include ESFR sprinkler systems, T-5 light- ing, 50 docks and 111 trailer positions. This is the first major project for Bridge since opening a new office in Parsippany, in Sep- tember 2014. Principals Mila- naik and John Porcek oversee operations of the office. n
UNION, NJ — Bridge Development Partners, LLC announced a lease for 144,000 s/f to Boxed at a class A, institutional-quality indus- trial building totaling 263,415 s/f in Union. Christopher Hile and Adam Citron of JLL represented Bridge in
Directory
Shopping Centers.............................................3-10A Owners, Developers & Managers............... Section B Brokerage Directory................................... Section C
Metro Plaza I and II
the transaction. “This is our first completed development since we opened a New Jersey office, and as the lease to Boxed.com shows, the building is proving to be highly desirable to warehouse and distribution tenants,” said Bridge principal Jeff Milanaik . “There is a lot
of interest in the remaining space, which can accommo- date a tenant up to about 120,000 s/f .” The building is located within six miles of the Port of New Jersey, with direct access via Route 22 and Route 287, and easy access from the Garden State Parkway
Upcoming Spotlight August 12 th MULTIFAMILY FINANCING www.marejournal.com
Inside Cover A — July 29 - August 11, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
FOR SALE
OFFICE PROPERTIES
717 Light Street Baltimore, MD 21230 9,075 SF office building
Spectacular view of the Inner Harbor Can be redeveloped for mixed use, including retail, residential and office Sale Price: $275 PSF
954 Ridgebrook Road Sparks, MD 21152 1,000 - 6,007 SF office condos
1st generation space - ready for build out Just off York Road, with easy access to Shawan Road, I-83 and I-695 Sale Price: $150 PSF (shell condition)
7222 Ambassador Road Windsor Mill, MD 21244 25,040 SF office building Excellent owner / user opportunity Within close proximity to SSA and CMS Sale Price: $130 PSF
............................................................................................................................................................................................... Commercial Real Estate Solutions
Richard F. Blue, Jr., SIOR rblue@blueobrecht.com David Paulson, SIOR dpaulson@blueobrecht.com
Paul F. Obrecht, III, SIOR pfobrechtiii@blueobrecht.com Patrick Smith psmith@blueobrecht.com
CORFAC INTERNATIONAL
BLUE & OBRECHT REALTY, LLC Main Ph: 410-561-5568 www.blueobrecht.com
Real Estate Journal — July 29 - August 11, 2016 — 1A
www.marejournal.com
M id A tlantic
Serving Northern NJ Commercial Brokerage & Property Management
. LB Commercial Realty LLC has been providing commercial property management in Bergen County since 1993. Our knowledge of management covers all phases of building and property services. We have the experience to assist our clients with the following types of management projects in Northern NJ. Our clients trust us when buying, selling, or leasing commercial real estate in these categories: warehouse, office, and investment property. Our practice of “Value Beyond the Transaction” ensures that every detail is accounted for, including: attorneys, lenders, moving, storage companies, environmental firms, architects and engineering. As our clients will attest, we have been successful in closing thousands of commercial real estate transactions in Northern New Jersey.
Office
Medical
Retail
Warehouse
www.lbcommercial.com Closter, NJ
P: (201) 784-8822 F: (201) 784-5988
2A — July 29 - August 11, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
Advantage Engineers..............................................10B American Architectural Window & Door.................1B Applied Bank...........................................................10A ARCO Design/Build.............................................. BC-A Arrow Steel..............................................................23B AW Meyer. ...............................................................17A Behr Building Services..............................................7B Berkadia.....................................................................9A Blue & Obrecht Realty, LLC / CORFAC Int’l.. ... IC-A Capitol Aerials...........................................................2B CCIM..........................................................................1C CenterPoint..........................................................IBC-C CORFAC International...........................................13C Crystal Window & Door..........................................15B CSI Cleaning Service.................................................3B Cushman & Wakefield NJ. .....................................17C Cushman & Wakefield. ...........................................14C E.B. Cohen.................................................................4B Earth Engineering, Inc.. .........................................17B Elliott-Lewis. .............................................................8B Environmental Systems............................................1A Equity Environmental Engineering.......................19B Foliage Design Systems. .........................................18B Fowler Companies...................................................28B Greater Reading Economic Partnership..................2C Green Partners........................................................22B GWS Environmental Contractors...........................13B Heller Industrial Parks...........................................12C Hillcrest Paving & Excavating...............................17A CARYL Communications........................................17A Integrated Business Systems. ..................................6B Investors Real Estate Agency.................................17A IREM.................................................................. 26-27B JRS Architect, PC....................................................14B Kaplin Stewart. .........................................................9C Kay Commercial Realty. .........................................17A LB Commercial Realty..............................................1A LEW Corporation. .....................................................2B M. Miller & Son.........................................................5B Marcus & Millichap.................................................17A Marcus & Millichap.............................................. BC-C Meridian Capital Group................................... 8A, 11C NAI Emory Hill. ........................................................3C NAI Mertz..................................................................8C NAI Summit...................................................... 17A, 4C Niles Bolton Associates...........................................12B NJAA........................................................................28B P. Cooper Roofing. ................................................ BC-B PernaFrederick..........................................................5C Poskanzer Skott Architects.....................................16B Premier Compaction Systems.................................24B RD Management.................................................... 6-7A Rittenhouse Realty Advisors. ...................................6C RSSC Architecture. .................................................11B Sheldon Gross Realty..............................................10C Sidney E. Gable Associates.......................................7C Sitar Auctions......................................................4, 12A Sorce Companies. .................................................. IC-C Specialty Building Systems. ................................. IC-B Stout & Caldwell. ....................................................20B SUBWAY....................................................................5A The Blau & Berg Company.....................................15C Total Cleaning Associates.........................................2B USGBC.....................................................................25B Weichert Commercial Brokerage............................17A MAREJ A dvertisers D irectory
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher .................................................................Linda Christman Publisher ....................................................................Joe Christman Senior Editor/Graphic Artist ..................................... Karen Vachon Production Assistant/Graphic Artist ............................... Julie King Associate Publisher ....................................................... Kim Brunet Associate Publisher ................................................. Alissa Aronson Associate Publisher ...................................................Eric Ballenger Associate Publisher .............................................. Barbara Holyoke Associate Publisher .....................................................Steve Kelley Office Manager .........................................................Joanne Gavaza Contributing Columnist . .............................................Kevin Thorpe Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 28 Issue 14 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 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Kevin Thorpe
U.S. Office Sector: Tenant Demand Showing Signs of Cooling
C
ushman & Wake- field announced to- day that tenant de-
mand for U.S. office space slowed in the first half of the year as businesses recalibrate and react to global economic uncertainty. Despite the de- celeration, vacancy remained steady, and rents jumped to the strongest growth rate in seven years. The U.S. office sector ab- sorbed 14.7 million s/f (msf) of space in the second quarter of 2016, up 24.9% from the levels observed in the prior quarter but down 36% from a year-ago. In the first half of 2016, net absorption was off by 34% from the strong levels registered in the first half of 2015. Despite the decelera- tion, tenant demand for office space kept pace with new construction. In the second quarter, the national office vacancy rate was unchanged from the prior quarter at 13.4%. The vacancy rate was down 50 basis points (bps) from a year ago and down 400 bps from the peak reached in mid-2010. Kevin Thorpe, Cushman & Wakefield’s chief economist, said the slowdown in the office sector is a function of growing economic uncertainty along with slowing U.S. job creation. “U.S. businesses have had many curveballs thrown at them this year – concerns over the health of China’s economy, equity market vola- tility, weak U.S. GDP growth, now Brexit – many reasons to at least tap the breaks on ex- pansion plans,” Thorpe said. “Moreover, at this maturing stage in the cycle, it is not uncommon to see job growth and absorption levels deceler- ate as the economy nears full employment. But overall, the office leasing fundamentals are holding up extremely well, and the secondary markets are really starting to hit their stride.” U.S. office rents increased 5.8% in the second quar-
ter compared to a year-ago to $29.00. Since reaching a mid-2011 low point, aver- age asking rents in the U.S. have increased by 18.0%. Of the 87 markets tracked by Cushman and Wakefield, asking rents increased in 67, declined in 19 and were un- changed in one market. The office construction pipeline continued to expand mod- estly. Approximately 13 msf of office space was added to the national inventory as a result of construction completions. Houston, Midtown Manhat- tan and Santa Clara each saw more than 1.0 msf of new office space enter the market. The amount of construction deliveries roughly matched total net absorption. “Outside of a handful of markets, the construction cycle continues to lag job creation,” said Kenneth Mc- Carthy, Cushman & Wake- field principal economist and applied research lead. “The upshot is that, nationally, the threat of overbuilding at this stage in the cycle is minimal. The downside is that many markets badly need the new space to relieve some of the pressure on rents.” The mar- kets with the highest share of inventory under construction include Nashville (9.4%), Se- attle (9.4%) Brooklyn (9.4%), Salt Lake City (6.4%) and San Francisco (6.2%). Regional Highlights: Ab s o r p t i o n : Mi d t own Manhattan saw the largest amount of space absorbed at 2.3 msf, followed by Chicago at 1.3 msf and Phoenix and Philadelphia, both at 1.0 msf. The remainder of the top 10
included Dallas/Fort Worth, 860,600 s/f; Detroit, 675,000 s/f; Austin, 653,800 s/f; Cen- tral New Jersey, 582,000 s/f; Miami, 538,000 s/f; and The Los Angeles Metro area, 514,300 s/f. On the downside, the largest amount of nega- tive absorption (space going back to the market) was in Santa Clara/Silicon Valley where negative 1.3 msf came back to the market, much of it in the form of sublease space. In all, of the 87 mar- kets tracked by Cushman and Wakefield, 65 experienced positive absorption. Vacancy : Vacancy fe l l slightly from the first quar- ter in the Northeast and Midwest, increased slightly in the South and remained unchanged in the West re- gion. Overall, vacancy rates fell in 54 markets and rose in 31. Markets with the largest vacancy rate declines from the first quarter to the second included Jacksonville with a 210 basis points (bps) decline; Inland Empire with a 180 bps decrease; and Long Island and Indianapolis, both dropping by 140 bps. In the second quarter, Nashville overtook San Francisco for having the lowest vacancy rate in the country at 5.8%. Rents: The strongest rent growth occurred in Silicon Valley, where asking rents rose 28.4% from year-earlier levels. Other significant rent growth occurred in SanMateo (17.9%), Seattle (16.3%), Dal- las/Fort Worth (14.3%), Puget Sound/Eastside (12.2%), San Francisco (9.3%), East Bay San Francisco (9.2%) and Miami (8.4%). n
To advertise, call 1-800-584-1062
S hopping C enters
Real Estate Journal — Shopping Centers — July 29 - August 11, 2016 — 3A
www.marejournal.com
M id A tlantic
79,370 s/f retail space located in 200 Market Drive in Emporia, Virginia NorthMarq Capital’s Richmond office arranges $4.16m refinance of Emporia Marketplace in VA R
ICHMOND, VA — Mi ke Lowry , s e - nior vice president of NorthMarq Capital ’s Rich- mond-based regional office, arranged the $4.165 million refinance of Emporia Market- place, a 79,370 s/f retail space located in 200 Market Dr., Emporia, VA. The transaction was structured with a 10-year term and 30-year amortiza- tion schedule. NorthMarq arranged financing for the bor- rower through its relationship with a CMBS lender. Food Lion, Peebles and Family Dol- lar represent the property’s major tenants. n HICKSVILLE, NY — Broadway Mall, located in Hicksville added several new tenants as it continues enhancements to the Long Island retail and entertain- ment destination. Noodles & Company, Blaze Pizza, Blink Fitness, On the Bor- der, Subway, Doc Popcorn, Haagen-Dazs and Cinnabon are now open for business, and Yankee Candle is com- ing soon. “Broadway Mall has a loyal following that we are pleased to continue pleasantly sur- prising, as well as driving new traffic to our popular long island destination with fast casual food options and a popular new fitness pro- vider,” said JohnRossi , gen- eral manager of Broadway Mall. “As well-established brands, these new tenants will serve the needs of our community as well piquing the interest of tourists.” New Tenants Invented by a couple in Manhattan, Doc Popcorn serves naturally flavored popcorn that tastes great but is much healthier than traditional popcorn treats. Doc Popcorn is located on the main level in Center Court in a 150 s/f space. Serving favorite frozen
Emporia Marketplace
Pacific Retail Capital Partners announces improvements and new tenants at the Broadway Mall in Hicksville, NY
New York and New Jersey. Blink Fitness puts “Mood Above Muscle” by ensur- ing that each club employs the company’s signature Feel Good Experience that highlights enthusiastic staff members, a clean environ- ment, an open, spacious and colorful design, energizing music and fitness training that is motivating and af- fordable. Additionally, several exist- ing stores and restaurants have remodeled, relocated and have reopened. On the Border Mexican Cafe has re- located to the main entrance at the front of the property, and an existing Subway res- taurant remodeled. Broadway Mall is host- ing events and activities for individuals and families all summer long. At 10:30 a.m. every third Saturday and Sunday of the month, it’s all about KidToons Family Matinees. Broadway Multi- plex Cinemas shows a special family-friendly movie geared toward children ages 5 and younger. All Kidtoons guests will also receive a coupon to purchase a specially-priced $5 Go Box. With Long Island facing an emergency blood shortage, Broadway Mall has part-
nered with New York Blood Center and Golden Donors to hold a blood drive every Saturday during the month of July and August. There’s nothing more tra- ditional than taking your kids to the carnival. Dream- land Amusements will be at Broadway Mall July 14- 24. Purchase a “Pay One Price Wristband” for $25 on Monday – Thursday and $30 Friday-Sunday. Check Dreamland’s website for coupons. In addition to major inte- rior and exterior enhance- ments, the mall continues to look for ways to improve its guests’ experiences. Broad- way Mall’s new “Answers on the Spot” Text to Concierge Program has been extremely successful. If guests are look- ing for a specific store, have questions about a special event, sales, even lease in- formation, they can ask ques- tions via text message and be answered by the mall’s guest service team. Pacific Retail Capital Partners oversees all opera- tions at Broadway Mall as well as its renovation. The company has significant ex- perience in the management, leasing and repositioning of large regional malls. n
Broadway Mall
treats for all ages, Haagen- Dazs has been very well received in the Broadway Mall Center Court in a 200 s/f space. Cinnabon is now open in the Broadway Mall Food Court and has been busy serving its famous decadent cinnamon rolls, Caramel Pe- canbon, Cinnabon Bites and other sweet treats in its 258 s/f space in Center Court. Blaze Pizza also recently opened shop in its 2,726 s/f space. Blaze Pizza features build-your-own artisan piz- zas which are “fast-fire’d” in an 800-degree open-hearth oven. It also features salads,
fresh lemonades, craft beer and wine, and house-made S’more Pies. Popular quick-casual res- taurant chain Noodles & Company has moved into a 4,000 s/f restaurant space. The highly successful brand serves Asian, Mediterra- nean and American inspired noodle dishes, soups, salads and sandwiches. Noodles & Company has hired approxi- mately 32 people. Blink Fitness is now open in a 14,000 s/f space. Found- ed in 2011, Blink Fitness is a value-based fitness brand with 50 locations open or in development throughout
4A — July 29 - August 11, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters The facility will be 27,000 s/f and will open in late summer 2016
Grau of Hanna Langholz Wilson Ellis represents GETAIR Indoor Trampoline Park&NinjaCourse P ITTSBURGH, PA — GET AIR Indoor Tram- poline Park has an-
GET AIR Pittsburgh will feature an indoor trampoline park as well as a ninja warrior course, something completely new to the trampoline world. The course will included spi- der walls, a slackline, monkey rings, a rock-climbing wall, and a cliffhanger. The trampo- line park includes side-by-side trampolines, foam pits, dunk lanes and dodge ball courts. Events can also be held at the facility. Birthday parties, corporate parties, fundraisers and large events can all be ac- commodated at GET AIR. GET AIR also features dodgeball competition, fitness classes, club nights, teen spirit nights and a special time for parents and their kids – called Mommy and Me. GET AIR has locations across the United States as well as Canada, Mexico, Japan and Thailand. “GET AIR Indoor Trampoline Park is exercise disguised as fun. Families in Pittsburgh want more entertainment and low cost amusement and that’s what GET AIR provides.” Ash- ton Goodell, GET AIR’s Market- ing Director. Douglas Sippel of Sippel Development said, “As a de- veloper, it has been rewarding to see so much opportunity for Butler County in job creation, entertainment, and fitness right here in our Tomlinson Road Complex. At Sippel De- velopment we strive to be at the forefront of developing and con- tributing to successful commu- nity strategies. We are proud to welcome the folks from GET AIR and wish themwell in their vision for their organization”. Dana Grau of Hanna Lang- holz Wilson Ellis represented GET AIR in their search for suitable space in the area. “It has been a pleasure work- ing with GET AIR Pittsburgh North to find the ideal space. We wanted to find something that was in close proximity to Cranberry Township, but that also had easy access to Rte. 79 so people from all over the area could easily access the park, without much traffic and con- gestion. We found the perfect location at Tomlinson Rd. It’s a 5 minute drive north from the Cranberry Twp. exit of Rte. 79, and it’s directly off the Evans City Exit. I am so excited to have GET AIR in my commu- nity, and we all can’t wait to bounce, flip and try that Ninja course.” n
nounced their introduction into the Pittsburgh market with their first location at 174 Tom- linson Rd., in Zelienople, Butler County, conveniently located 2 minutes from the Evans City Exit of I-79. The facility will be 27,000 s/f and will open in late summer 2016. GET AIR has two other loca- tions in Pennsylvania; King of Prussia and Harrisburg. They are expanding into Erie and State College as well as this new location in the Pittsburgh Area.
174 Tomlinson Rd.
PUBLIC AUCTION PRIME! REAL ESTATE , LIQUOR LICENSE, GREAT ART, BAR/RESTAURANT EQUIPT. Monday August 29 th @ 10:00 A.M. “THE BUCA DEL VINO RESTAURANTE, Wine & Cigar LOUNGE” 1901 Highway 315, Pittston, PA 18640
Includes, 16,200 Sq Ft Facility w/Large Deck, .83 Acres, with Paved Parking Areas. Liquor License, Luzerne County, LID# 58785 R-21231
Terms of Sale: Real Estate: Terms: $50,000 Non-Refundable Deposit by the successful Bidder. The Balance due upon closing within 45 days, Time being of the Essence. Real Estate sale subject to clear title but not financing. Real Estate Subject to Approval of Owner. Liquor License: Twenty Percent (20%) nonrefundable deposit by successful bidder, balance due upon approval of the PLCB, but the deposit is non-refundable unless the non-approval by the PLCB is due to the part of the Seller, not the Buyer. Liquor License Subject to Approval of Owner. Their shall be no other contingencies. All Equipment, Fixtures, Furniture Art and Décor. To be sold Piece by Piece. Payment in full the day of sale. INSPECTION: By Appointment! For more Information & Photo’s, check our Web Site! Col. Steve Sitar /Sitar Auctions Ph:(570) 586-1397 P.O. Box 779 Cell: 570-954-7001 Waverly, Pa. 18471 Pa.Lic.AU2124-L www.sitarauctions.com www.Auctionzip.com ID#4898
Real Estate Journal — Shopping Centers — July 29 - August 11, 2016 — 5A
www.marejournal.com
M id A tlantic
S hopping C enters Chaus of Chaus Realty represents H Mart in 25,000 s/f
Advance Realty & Invesco Real Estate partner to acquire 60 Rte. 17 North in Paramus, NJ
Realty and I n v e s c o Real Estate has agreed to terms on a lease that wi l l b r i ng H Mar t to Pa r amu s . The super- P
market will occupy 25,000 s/f at the retail center at 60 Rte. 17 North. Situated alongside DSW Designer ShoeWarehouse and PetSmart, H Mart’s newest store — its ninth in New Jer- sey —will occupy a space that was formerly home to Staples. Headquartered in nearby Lyndhurst, H Mart’s other New Jersey locations include
Fort Lee, Leonia, Englewood, Edison, Cherry Hill, Little Ferry and Ridgefield. Shadow-anchored by the Westfield Garden State Plaza, the third-largest mall in the New York Metropolitan Area, 60 Rte. 17 North was acquired in 2015 by the joint-venture partnership, which was at- tracted to the retail center due, in large part, to its loca-
tion on an established trade corridor. “Paramus has long served as a magnet for shoppers in Bergen County and be- yond,” said Jared Minatelli , Advance Realty’s director of asset management. “The property at 60 Rte. 17 North, which consistently captures a high volume of retail traffic, was a perfect fit for HMart as it looked to capitalize on this thriving market and add to its growing list of locations.” Minatelli, along with Gold- stein Group president C huck Lanyard and sales associate
ARAMUS, NJ —The joint-venture part- nership of Advance
Eric Wallis , represented the joint-venture partnership in the transaction, while Jeff Chaus of Chaus Realty represented H Mart. Advance Realty and Invesco Real Estate partnered to ac- quire 60 Rte. 17 North as part of a 244,000 s/f retail portfolio comprised of two properties and four buildings. The other properties, located at 289-315 Rte. 17 South, feature 169,200 s/f of space, and are home to a PGA Tour Superstore, P.C. Richard & Son, as well as other occupied retail and office spaces. n
Jared Minatelli
RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1 Bennett Williams brokers 13,097 s/f of retail transactions LLC purchased the property from Evercore Trust Company, NA. Beau Brown of Bennett Williams Commercial repre- sented both the buyer and the seller. n
YORK, PA — Bennett Wil- liams Commercial has ar- ranged the sale/lease of the following transactions: 1,000 s/f at 123 Baltimore St., Hanover Borough. Allyssa Pe- terson leased the property from Richard Flickinger. Denny Neiman of Bennett Williams Commercial represented the tenant and Karen Neiderer of Bennett Williams Commercial represented the landlord. 1,130 s/f at Shoppes on Quen- tin, 1451 Quentin Rd., North Cornwall Twp. The UPS Store leased the property fromPrinci- po Health Center I, LLC. Chad Stine and Brad Rohrbaugh of Bennett Williams Commer- cial represented both the ten- ant and the landlord. 1,200 s/f at Foxshire Plaza, 1931 Fruitville Pike, Manheim Twp. Metro PCS leased the property from Foxshire, LP. Abe Khan of Bennett Williams Commercial represented the tenant and Tom Troccoli of Bennett Williams Commercial represented the landlord. 2,000 s/f at Manor Shopping Center, 1204 Millersville Pike, Lancaster Twp. A List Studio leased the property fromMont- gomery Acquisitions, LP. Mark Jacobs of Bennett Williams Commercial represented the tenant and Jacobs, Rohrbaugh, and Stine represented the land- lord in the transaction. 3,500 s/f at Shoppes on Quen- tin, 1451 Quentin Rd., North Cornwall Twp. Aspen Den- tal Management, Inc. leased the property from Principo Health Center I, LLC. Stine and Rohrbaugh represented the landlord in the transaction. 1,435 s/f at Hanover Cross- ing, 499 Eisenhower Dr. Eu- phoria Spa leased the property from Ridge North Shopping Center Associates, LP. Stine and Rohrbaugh represented the landlord in the transaction. 2,832 s/f retail building sold at 255 Horsham Rd., Horsham Twp. Lucky 7 Deli Horsham,
Looking for sites in PA & S. NJ End Cap, In-line, Free Standing Flexible Space Requirements Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record
Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports
Eastern PA — Local Contacts: Philadelphia PA & Southern NJ —
610-366-8120 x 24, Cheryl Green green_c@sdepa.com 410-752-6760 x1230, Rawley Shelton rshelton@sandumanagement.com
realestate.subway.com www.subway.com
facebook.com/SDEPA1
6A — July 29 - August 11, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
18+ Million Square Feet
NEW YORK Glenville (Albany) Target Shopping Center Saratoga Rd. (Route 50) & Glenridge Rd. ±170,616 SF GLA In-Line Space Available
PENNSYLVANIA Quakertown at Richland Marketplace Rt. 309 & Pumping Station Road
northeast
MASSACHUSETTS Billerica Shops at Billerica
BJ’s Wholesale Club, Target, Best Buy 444,531 SF GLA / New Anchor Space Trexlertown Macungie Crossing Shopping Center Hamilton Blvd. (Route 222) & Grange Rd. Future Strip and Pads
Lake Ronkonkoma Lake Shore Plaza II Portion Rd. (CR 16) & Patchogue-Holbrook Rd. Regal Cinemas, Dollar Tree 96,290 SF GLA Latham (Colonie)
Boston Rd. (Rte. 3A) & Tower Farm Rd. Kmart, Burlington Coat, Market Basket 298,411 SF GLA In-Line Space Available Lowell Meadow Brook Center Plain Street & Lowell Connector Target, Marshalls, Chuck E. Cheese 271,377 SF GLA / Pad Site Available Milford Milford Crossing Medway St. & Beaver St. @ I-495 New Anchor Opportunities 146,770 SF GLA Future Expansion Space Available NEW JERSEY Hanover Future Development Hanover Ave. near Horsehill Rd. Leasing Pads & In-Line Space Evesham (Marlton) Shoppes at Renaissance Square Route 70 & N. Locust Avenue 176,519 SF GLA Plus Luxury Rental Homes Major Redevelopment Underway Marlton Marlton Plaza State Highway 73 & Sunbird Drive New Development Coming Spring 2016 26,016 SF GLA Mount Olive Vacant Land - 16.963 Acres Adjacent to Foreign Trade Zone Across from Walmart, Sam’s, TJ Maxx Vineland Vineland Marketplace / Kmart Plaza S. Delsea Dr. (Route 47) & College Dr. Future Development Anchor Space / Outlots Available Williamstown Williamstown Shopping Center Black Horse Pike (Route 42) & Main St. CVS, Dollar General 95,802 SF GLA Anchor Space Available NEW YORK Cortland Future Development Route 13 & Bennie Road 26 Acres across from Walmart NEW NEW
midwest
ILLINOIS Downers Grove
Freestanding Building Route 7 & Swatling Rd. 118,863 SF GLA Anchor & Outlot Available Monroe/Woodbury Harriman Commons Routes 17 / 6 & Route 32 Walmart, Home Depot, BJ’s, Target 687,724 SF GLA Future Phase III Office or Retail Nanuet Home Depot Plaza Route 59 & Hutton Ave. Home Depot, Staples / 276,792 SF GLA In-Line Space Available Orangetown Orangeburg Commons Route 303 & Palisades Parkway Super Stop & Shop Future Strip, Pads Available Stony Point Stony Ridge Plaza Route 9W & Park Rd. US Post Office / 21,212 SF GLA Southampton The Mill Montauk Hwy. (Rte. 27) & Station Rd. Prime for Specialty Foods & Boutiques PENNSYLVANIA Allentown Home Depot Plaza Lehigh St. & Route 78 134,271 SF GLA 9.82 Acres Available Carlisle Home Depot Shopping Center Hanover Street (Route 34) & I-81 Home Depot, Chili’s / 140,715 SF GLA 10,584 SF Future Expansion/Pad Montgomeryville Five Points Plaza Cowpath / Horsham Rd. at Rte. 309 & Rte 202 BJ's, Lowe's / Anchor Space Available 133,000 SF GLA UPDATED NEW
Marshall’s at The Grove 75th St. & Lemont Rd. 400,000 SF GLA Anchor Space Available 43,264 SF INDIANA Evansville
Evansville Shopping Center Morgan Ave. & Boeke Rd. Rural King, Dollar General / 153,000 SF GLA Indianapolis Pendleton Plaza Pendleton Pike & Shadeland Ave. Rose's Department Store / 134,797 SF GLA Anchor Space & Outlots Available Warsaw The Market Place at Warsaw U.S. Hwy. #30 & Water St. Carson's Dept. Store, Sears, Dunham's, Pier 1 180,000 SF GLA MICHIGAN Flint (Former) Kmart Shopping Center Dort Hwy. (Rte. 54) & Atherton Hwy. 92,691 SF GLA Livonia Office Depot Plaza Plymouth Rd. & Middlebelt Rd. Office Depot, Party City, Walgreens 108,820 SF GLA Muskegon Muskegon Shopping Center Henry St. & Norton Ave. 187,000 SF GLA Anchor Space Available Port Huron Howard St. & 24th St. Big Lots, Save-A-Lot, Family Dollar 118,000 SF GLA Redford Redford Plaza Plymouth Rd. & Inkster Rd. CVS, Planet Fitness 114,865 SF GLA / Anchor Opportunity
UPDATED
Thomas G. Mirandi 212.265.6600 x239 tmirandi@rdmanagement.com Fax: 212.459.9133
Real Estate Journal — Shopping Centers — July 29 - August 11, 2016 — 7A
www.marejournal.com
M id A tlantic
S hopping C enters
200+ Properties
MICHIGAN Southgate Fort St. & Burns Ave. Vacant Land – 9.37 Acres MINNESOTA St. Paul Midway Shopping Center University Ave. & Snelling Ave. Rainbow Foods, Office Max, Walgreens 293,732 SF GLA OHIO Ashtabula Home Depot Plaza Route 20 (N. Ridge Rd.) & Orchard Rd. 148,440 SF GLA In-Line, Future Expansion & Pad Columbus Great Western Commerce Center No. Wilson Rd. & Valleyview Dr. at Broad St. Great Western Academy, Restaurant Depot 300,254 SF GLA Mixed Use Commercial Space Holland (Toledo) Spring Meadows Place II Airport Hwy. & I-475 Dick’s, Best Buy & Expansion Space Oregon (Toledo) Vacant Land – 4.645 Acres Dustin Rd. & Isaac Street Dr. 1 block So. of Navarre Ave. (Rte. 2) & Kmart UPDATED ALABAMA Huntsville Redevelopment Opportunity South Memorial Parkway & Drake Ave. SW 104,000 SF on 8.03 Acres FLORIDA Fern Park Fern Park Plaza Semoran Blvd. (Hwy. 436) & Hwy. 17/921 Ross, Beall's Outlet, Aldi, Dollar Tree 131,646 SF GLA Fern Park Future Shopping Center 26 Acre Jai Alai Redevelopment Site 6405 Hwy. 17/92 & Fernwood Blvd. Gainesville Mixed Use Development NW 13th St & University Avenue 26,000 SF Ground Floor Retail 312,498 SF Mixed Use 6-Story Bldg. Lakeland The Groves US Hwy 98 N & Lakeland Park Center Drive Adjacent to Lakeland Square Mall 54,434 SF GLA plus 5.8 Acres for B-T-S NEW NEW NEW NEW south
FLORIDA N. Fort Myers, FL Merchants Crossing US Hwy 41 & SR 78
VIRGINIA Winchester Winchester Plaza
NEW
UPDATED
S. Pleasant Valley Rd. & E. Jubal Early Dr. Dick’s Sporting Goods, The Fresh Market, Planet Fitness / ±90,000 SF GLA WEST VIRGINIA St. Albans St. Albans Shopping Center Route 60 & MacCorkle Ave. SW Kmart, Super Kroger, Goody’s, CVS 263,323 SF GLA ARIZONA Phoenix Freestanding Barnes & Noble 1035 N. Metro Pkwy. West & 28th Dr. Adjacent to Metro Center Mall 19,360 SF on 1.48 Acres NEVADA Las Vegas Kmart Plaza E. Sahara Ave. & McLeod Dr. 127,754 SF GLA Anchor Space & Pad Available Las Vegas Kmart at Sunset Plaza 3780 E. Sunset Rd. & S. Sandhill Rd. Kmart / 86,479 SF GLA OREGON Salem Kmart Shopping Center Mission Street S. E. & 25th St. 116,866 SF GLA UTAH Salt Lake City west
Beall’s Outlet, AMC Theatres, JoAnn Fabrics, Dollar General 323,061 SF GLA Ocala
NEW
Shady Oaks Shopping Center SW 27th Ave & College Rd Burlington Coat Factory, Best Buy, Staples, JoAnn Fabrics / 260,419 SF GLA Sanford Seminole Centre S Orlando Dr. (Hwy. 17/92) & Lake Mary Blvd. Walmart Supercenter, Ross, Aldi 370,936 SF GLA Tampa University Mall E. Fowler Ave. & Bruce B. Downs Blvd. / N. 30th St. Macy’s, Sears, Dillard’s, Burlington Coat Factory Anchor Space, Outlots & Redevelopment Opportunities / 675,294 SF GLA KENTUCKY Ashland Russell Centre Route 23 & Diederich Blvd. Lowe’s, Super Kroger 257,761 SF GLA / In-line Space & Outlot Potomac Ave. (Route 60) & Northern Ave. CVS, PA Dutch Market / 164,293 SF GLA Anchor Space & Pad Available Randallstown Brenbrook Plaza Liberty Rd. & Brenbrook Dr. Home Depot / 146,586 SF GLA TENNESSEE Nashville Marketplace at Rivergate Gallatin Pike (Hwy. 31-E) & Conference Dr. Harbor Freight Tools, The Avenue 111,463 SF GLA TEXAS Ft. Worth Westcliff Shopping Center Albertson’s Market, Dollar General Alton Rd. & Biddison St. / 136,221 SF GLA VIRGINIA Richmond Food Lion Plaza Rte. 1 (Jefferson Davis Hwy.) & Chippenham Pky. 4.97 Acres & 5.23 Acres Available NEW NEW UPDATED MARYLAND Hagerstown Long Meadow Shopping Center
410 S. 900 E. & 400 S. Freestanding Office Max Future Redevelopment
puerto rico
PUERTO RICO Arecibo Arecibo Towne Center Routes 2 & 22 Future Development Anchor Position & Outlots Available Ponce Reina del Sur; Outlots at Ponce Towne Center II Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52 Walmart Supercenter, Home Depot New Development & Pads ± 525,000 SF GLA
Thomas G. Mirandi 212.265.6600 x239 tmirandi@rdmanagement.com Fax: 212.459.9133
8A — July 29 - August 11, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
CAN YOUR DO THIS ? BROKER
-YEAR LOAN FIXED RATE OF 3.75% 7 $22 , 000 , 000 PERMANENT FINANCING BALANCE SHEET LENDER
Lyndhurst Towne Center Lyndhurst, NJ Shopping Center 92,200 SF
Steven Tessler | Senior Vice President 732.301.3213 | stessler@meridiancapital.com
MeridianCapital.com
AMERICA’S MOST ACTIVE DEBT BROKER
MAREJ – CYBDT - $22MM – Lyndhurst Towne Center 7-29-16.indd 1
7/22/16 2:13 PM
Real Estate Journal — July 29 - August 11, 2016 — 9A
www.marejournal.com
M id A tlantic
THERE IS NOTHING CERTAIN EXCEPT THE UNFORESEEN. “ ”
The person quoted never worked with Berkadia. We strive to remove the unforeseen from our relationships. Certainty is what our customers come to expect from us. We have earned their trust with our ability to secure financing from capital sources of all kinds. Coupled with decades of experience, Berkadia offers a complete package for the life cycle of your asset.
BERKAD I A .COM / 800. 446 . 2226
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Investment sales/real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx. © 2016 Berkadia Commercial Mortgage LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
10A — July 29 - August 11, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
Richmond office completes six leases for 18,068 s/f Divaris Real Estate’s Virginia Beach office completes four leases totaling 36,953 s/f V
lease on behalf of the landlord, American General Life Insur- ance Company. As tenant representatives, Divaris has handled in over eight transac- tions throughout Virginia on behalf of Ross Stores. Visionworks leased 2,560 s/f of retail space in the Divaris- leased Marketplace at Tech Center located at 12080 Jeffer- son Ave. in Newport News, VA. DRE’s Erica Rorrer and MaryMcGovern represented the landlord, The Marketplace at Tech Center, LLC, in the lease negotiations. OneMain Financial Group
leased 2,400 s/f of retail space inWilliamsburgMarketcenter. Missy Martinovich worked on behalf of the landlord, American General Life Insur- ance Company, in the lease negotiations. bevello leased 1,806 s/f of retail space on the first floor of the Divairs-leased and man- aged One Columbus Center office building at the corner of Town Center and Main Street in the Town Center of Virginia Beach. bevello is a contem- porary and fashion forward company for women’s clothing, shoes, accessories, and gifts with 34 locations across the U.S. The boutique is relocating from The Cosmopolitan Block 10 in The Town Center to across the street from Anthro- pologie, DestinationMaternity and lululemon athletica. Ger- ald Divaris, Erica Rorrer, and Sezin Cortinas handled the lease on behalf of the land- lord, Columbus Tower, LLC. RICHMOND, VA — Ger- ald Divaris announced the completion of six leases total- ing 18,068 s/f , including five for new and renewed retail space in the Divaris-leased and –managed 360 West Shopping Center located at 7226 Hull Street Rd. in Richmond. Other tenants in the center include: Rite Aid, Dollar General, Auto Zone, Subway, and Boost Mo- bile. DRE’s Sara Goodall represented the landlord, 360 West Shopping Center, in the lease negotiations. The leases were signed with: • Jerusalem Deli and Mar- ket renewed its lease for 5,111 s/f of retail space; • Taj Mahal Grocery leased 3,375 s/f of retail space; • Iglesia Camino de Santi- dad renewed its lease for 2,750 s/f of space; • The New Deliverance Tab- ernacle renewed its lease for 2,750 s/f of space; • Jackson Hewitt renewed its lease for 2,082 s/f of retail space. The Richmond office of Diva- ris Real Estate also completed the signing of a lease with Michael Cole for a 2,000 s/f barber shop in the Divaris- leased and -managed Village Commons Shopping Center located at 20833 Woodpecker Rd. in South Chesterfield. DRE’s Read Goode and Cheryle Toy represented both the tenant and the landlord, HODA Investments, in the lease negotiations. n
IRGINIA BEACH, VA — GeraldDivaris , chairman and CEO of Divaris Real Estate, Inc. (DRE) , announced the comple- tion of four lease transactions totaling 36,953 s/f of commer- cial space. All of the leases were handled through the Virginia Beach office of Divaris Real Estate. Ross Dress for Less Inc. re- newed its lease for 30,187 s/f of retail space inWilliamsburg Marketcenter located at 6610 Mooretown Rd. in Williams- burg. Gerald Divaris handled the
Real Estate Journal — July 29 - August 11, 2016 — 11A
www.marejournal.com
M id A tlantic
Thank You to SPONSORS, SPEAKERS & ATTENDEES
Doug Hershman
Todd Breck
Larry DiSabatino
Kevin Wilson
Greg Wolfgang
Paul Chantler
Joy Barrist
Pete Davisson
Susan Eliason
Corey Longberger
Steve Schmid
James Peffley
Sheila Miller
Matthew Rosenberg
Jeff Lang
12A — July 29 - August 11, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
Bisgaier Hoff Strengthens its boutique real estate practice
HITEPLAINS, NY — Jeanne Cronin , managing director Worked with Barry Stein of Rohman & Stein Associates Q10 |NYRealty Advisors closes four loans totaling $4.515m W
LEHIGH VALLEY, PA — The Construction Man- agement Association of America (CMAA) Mid-At- lantic Chapter awarded Boyle Construction, Inc. its 2016 Infrastructure Projects under $20 Million Project of the Year Award for its work on the BethlehemRedevelopment Authority’s Hoover-Mason Trestle project. Boyle received the award at the CMAA Mid- Atlantic Chapter Awards Ban- quet at the Adventure Aquari- um, in Camden, NJ. The CMAA’s annual Con- struction Management Project Achievement Awards Pro- gram recognizes outstanding achievement in construction management and was designed to recognize and promote pro- fessionalism and excellence in managing the construction process. Awards are given to construction management practitioners for projects and programs that reflect this mission. Located on the United States’ largest brownfield site, the one-third-mile-long Hoover- Mason Trestle (HMT) in Beth- lehem, PA, is part museum, part circulation walk and part attraction that ties together the SteelStacks arts and en- tertainment complex that now occupies the former Bethlehem Steel site. The Bethlehem Re- development Authority revital- ized the historically significant HMT as part of redeveloping the overall former Bethlehem Steel 160-acre site. The HMT’s adaptive reuse goal was to use the existing trestle structure— a former steel interior ore rail line—to create connectivity through a pedestrian-oriented promenade. n Boyle receives 2016 CMAAMid-Atlantic Infrastructure Project of Year Award “Clients have been asking us to do more complex transac- tional and redevelopment work. With these quality additions, we’re are able to assist our cli- ents in areas well beyond land use and affordable housing, the areas we have become known for,” Hoff, managing partner at the eight-lawyer firm, says of the expanded practice. n tensive large-firm experience. The attorneys who recently joined are Matthew Azou- lay , previously with Dilworth Paxson in Cherry Hill, and Peter Flannery , previously with Sills Cummis & Gross in Princeton. Both joined Bisgaier Hoff as partners.
HADDONFIELD, NJ — Bisgaier Hoff opened its doors in 2010 as a law firm primarily focused on land use and related litigation, a practice area many firms were avoiding as the depths of the real estate reces- sion were still being tested. Despite the challenges of the times, founding partners Carl Bisgaier and Richard Hoff Jr. remained confident they could grow a firm dedicated to the needs of their real estate client base. The strategy paid off. The Haddonfield firm has trans- formed itself into a true real estate boutique, and, to help expand its practice base even further, recently brought on board two attorneys with ex-
the fact that all four proper- ties are leased to tenants with national or strong regional brands, the leases are triple net and have long lease terms with multiple renewal options, and the locations are in metro areas with strong populations and projected growth. Q10NY is a member of Q10 Capital, LLC, a commercial mortgage banking company. Q10NY worked with Barry Stein of Rohman & Stein Associates , a seasoned broker who has had a long standing relationship with the bor- rower. n
bank. Loan terms ranged from 10 years to 25 years. Both lenders fixed the interest rate for the initial 10-year term at 4.25% to 4.5%. The insurance company provided a fixed-rate reset feature for the remaining 15 years. The properties were ac- quired by a Long Island-based based real estate family with an extensive portfolio of pri- marily multi-tenanted com- mercial properties located in metro New York. This was their first foray into the single tenant arena. They were at- tracted to the product type by
of Q10 | New York Re- alty Advisors (Q10NY) an- nounced the closing of four loans totaling $4.515 million on four, free-standing, fast- food/casual dining restaurants located in North Carolina, Georgia and Tennessee. The restaurant chains included an Olive Garden (Darden Restaurants), Arby’s, Wendy’s and Bojangles’. Financing was provided by two different lend- ing sources, a national insur- ance company and a regional
www.sitarauctions.com www.Auctionzip.com ID#4898 OWNERS SAY SELL! TERRIFIC HOME & ACREAGE . it ti . . ti i . #4898 1). Terrific Native Stone Home, 3,000 Sq.Ft. , Pool, Pond, Large 36’ X 60’x 12’h, Commercial Garage +2 attached 16’ X 30’ Stalls on 17.87 ACRES. PRIVATE and SERENE! This woodland setting is nature at its finest near game-lands, fishing & skiing. Close to Philadelphia and NY! 2). 25.50 ACRES WITH 1,264.8’ Road Frontage on Rte. 115 & 254’Rd Frontage on Old White Haven Lane. TERMS OF SALE 1. A Non-Refundable Fifteen Percent (15%) deosit by the successful and highest Bidder at the time of sale. Balance to be paid upon closing. Closing to be within Forty Five (45) days, Time being of the Essence. Sale Subject to approval of a motivated Seller. 2. Possession to be delivered at time of closing. 3. Taxes and other carrying charges shall be adjusted at the time of closing. Closing costs to be divided accordingly. Transfer Taxes to be paid by Buyer! 4. Title shall be good and marketable. Free and clear of all leans and encumbrances with the exception of back taxes related to the property being in Clean & Green, which will pass on to the buyer. Property sold “As Is”. INSPECTION: Sunday July 31st, 2:00 P.M. to 4:00 P.M. or BY appointment Only For more Information & Photo’s, check our Web Site! Col. Steve Sitar /Sitar Auctions Ph:(570) 586-1397 P.O. Box 779 Cell: 570-954-7001 Waverly, Pa. 18471 Pa.Lic.AU2124-L
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80Made with FlippingBook HTML5