R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 26 Issue 22 Nov. 28 - Dec. 11, 2014
Representing seller, Prism Capital Partners in sale to Clarion Partners CBRE Group announces the $100m+ sale of Parkway Lofts in Bloomfield, NJ
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from tenants has been very strong. “Equally strong was the interest from investors, like Clarion, who recognize the long-term value of transpor- tation-oriented locations, as Parkway Lofts is adjacent to a NJ Transit station. From a broader perspective, northern New Jersey is experiencing a renaissance that is exciting. There are more than 8,600 apartments under construc- tion that come right behind more than 4,000 units that have been completed in the past 18 months. Jersey City, Hoboken, Edgewater, Ft. Lee, Morristown, Harrison and Bayonne all have multiple significant projects under construction by developers like Avalon , Mill Creek , BNE , Mack-Cali/Roseland , Kushner and Ironstate , to name a few. These companies are making these communi- ties relevant again and part of the national conversation on what renters expect in a modern apartment.” n
LOOMFIELD, NJ — CBRE Group Inc. announced that Jef-
Professional Services 3-4A
freyDunne , Gene Pride and Patrick Carino , of CBRE Group Inc.’s Institutional Properties team, represented a joint venture comprised of Prism Capital Partners and an institutional investor in the sale of Parkway Lofts to Clarion Partners for more than $100 million. Parkway Lofts is an 8-story industrial building that was originally built in 1897 and was redeveloped into 361 “loft style” apartment units. The class A finishes include gour- met kitchens with stainless steel appliances and quartz countertops, walk-in closets, 17-foot ceiling height in some units, oversized windows and in-unit washer/dryers. The property also features an oversized 2-story fitness cen- ter, rooftop deck with fire pit and ample garage parking. The location in Bloomfield is within walking distance to NJ Transit’s Watsessing Sta-
NY ICSC Deal Making
Parkway Lofts
tion, which provides access to Manhattan in 30 minutes. The Garden State Parkway is less than a half mile from the property. Dunne said, “The sale of Parkway Lofts is another ex- ample of the strong demand for apartments in northern New Jersey. The demand is coming not only from inves- tors, but from tenants who are eager to lease space in unique, Farms neighborhood. The property was master leased by St. Joseph’s University at the time of sale and had been under a master lease since the late 1990’s. “Given the master lease structure we were able to attract both national student housing players as well as regional private capital buy- ers looking to raise rents if the lease expires,” said Ken Wel- lar , managing partner of RRA. The buyer is very active in New York and Northern New Jersey, however this is the first deal that they have purchased in the Philadelphia MSA. “Through our unique marketing process we are able to not only identify new poten- tial buyers to our marketplace, but ensure that they can close for our clients,” said Mark Duszak also of RRA. On trail- ing 12 month numbers the property traded at just north of
high-quality communities like Parkway, as evidenced in east Essex County’s class A apartment occupancy of nearly 98%. Prism Capital Partners and their institu- tional partner identified an underservedmarket in Bloom- field that would be attractive to commuters and delivered a property with the finishes and amenities that renters expect today. The initial reaction
Section B
UPCOMING CONFERENCE 2014 Dec. 11 NJ Real Estate
PHILADELPHIA, PA — Rittenhouse Realty Advi- sors announced the sale of the Metropolitan at Overbrook, a 128 unit, 222 bed apartment community located in Philadel- phia’s prestigious Overbrook Rittenhouse Realty Advisors sells 128-unit, 222 bed apartment complex for $10.7 million
To Register www.marejournal.com Capital Markets Summit Crown Plaza Newark Airport 8 a.m - 12 p.m
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Metropolitan at Overbrook
Upcoming Spotlight December 12, 2014 TAX ISSUES/ACCOUNTING
a 6% cap rate. “This was a win for all parties involved. The sell- er was able to maximize value given low interest rates and the buyer gets a great property at a stable and growing university,” said Corey Lonberger, amanag- ing partner at RRA.
St. Joseph’s is a private school with just over 8,000 students enrolled. Built in the 1920’s and renovated in the early 2000’s, the Metropolitan at Overbrook is a fixture in one of Philadelphia’s premier neighborhoods. n
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Inside Cover A — November 28 - December 11, 2014 — M id A tlantic
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Real Estate Journal — November 28 - December 11, 2014 — 1A
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Mid Atlantic R eal E state J ournal Publisher .............................................................................. Linda Christman Publisher ................................................................................. Joe Christman Section Publisher ...................................................................... Steve Kelley Senior Editor/Graphic Artist ...................................................Karen Vachon Production Assistant . ....................................................................Julie King Associate Publisher ...............................................................Danielle Welch Office Manager ...................................................................... Joanne Gavaza Guest Columnists .......................................... Bruce Johnson, Bedford Cost Segregation; Steve Bussel, Bussel Realty Corp.; Lee Wasserman, LEWCorp.; Glenn Ebersole, Hollenbach Construction; Marc Snyder, Kaplin Stewart; Suzanne Schiller, MGKF; Chuck Lanyard, The Goldstein Group; Jerry Nelson, Stark & Stark; Ahsin Rasheed, DDG; Barry Schmidt, Schmidt Construction 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. 26 Issue 22 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
888.299.1438 / maxspann.com 23 Opportunities NY & NJ Executive Home, Firehouses, Restaurants, Professional Buildings, Residential Lots Attention Real Estate Investors & Developers! MA REJ A dvertisers D irectory To advertise, call 1-800-584-1062 A&S Boiler and Burner.......................................................................... 10A American Architectrual........................................................................... 1A Arrow...................................................................................................... 10A Azarian Group.......................................................................................... 1B Bedford Cost Segregation........................................................................ 2A Bennett Williams................................................................................... 16B Billboards & Business Cards..............................................................IBC-A BKR Retail...........................................................................................IBC-B BL Companies.......................................................................................... 6B Bohler Engineering................................................................................ 10B Capitol Aerials........................................................................................ 21A CBRE-FAMECO..................................................................................... 16B Cenova.................................................................................................... 21B Crossroads.............................................................................................. 11B Crystal Window & Doors......................................................................... 3A Cuhaci & Peterson................................................................................... 7B DDG........................................................................................................ 13B D.F Pray.................................................................................................. 15B Earth Engineering..............................................................................9A,9B Elias B. 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C&W Compares Industrial Market Predictions to Actual Trending John Morris
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ushman & Wakefield’s Industrial Services for the Americas and Re-
search for the Americas teams this week released “Reality Check: Evaluating Seven Indus- trial Real Estate Predictions” which looks at how closely the industry has tracked to expecta- tions, and highlights the trends that areworthy of continued con- sideration as companies address their supply chain strategies. “As the U.S. economy started to creep down the road to recov- ery, fundamental shifts in retail shopping patterns and manu- facturing strategies were begin- ning to manifest themselves in the industrial landscape,” said Cushman & Wakefield’s John Morris , leader, Industrial Ser- vices for theAmericas. “Avariety of industry watchers and media outlets contributed to the buzz, and we made our own predic- tions about which trends would likely bring wide-reaching, last- ing changes and which were likely to be short-term blips.” PREDICTION 1 : E-com- merce growth will outpace growth in overall retail sales, causing fundamental shifts in order fulfillment strategies and models. Status check: On track. The growth of online retail sales as a percentage of total retail sales is showing no signs of slowing. Forester Research Inc. projects it will reach 11% by 2018, up from about 8% today. “The new retail ecosystem will requiremorewarehouses (many of them highly specialized), dif- ferent methods for the delivery of purchases, and new hybrid fulfillment center formats,”Mor- ris said. PREDICTION 2 : To meet e- commerce service expectations for a new kind of shopper, DCs will be located closer to urban centers. Status check: On track. “As delivery evolves from two- to-three-day models to one-day and same-day delivery, facilities are frequently being clustered closer to population centers,” Morris noted. E-commerce is fuelingnewDCprojects inmajor regional distribution hubs like Dallas, which currently has 16 million s/f under development. Demand around the edge of major cities for smaller infill fa- cilities is on the rise, a response
to the increasing trend toward same-day fulfillment. PREDICTION3 :Warehouse/ Distribution centers will contin- ue to grow bigger. Status check: On track . The averagewarehouse/distri- bution facility in the U.S. is 42% larger than it was in 2000. And mega-sized distribution centers greater than 1.0 million s/f are becoming more prevalent in several markets. PREDICTION 4 : Clear heights will continue to rise as fulfillment facilities requiremore sophisticated levels of automa- tion and efficient use of space. Status check: On track. “As warehouse distribution buildings have been expanding out, their ceilings have been going up,” Morris commented, adding that direct-to-consumer sales often require retailers to consolidate online and store- based fulfillment operations un- der one roof. The higher ceiling height improves racking options andmaximizespallet capacityby up to 25% in comparison to 32’ clear height. The higher formats increase cube capacity by up to 15% as well. PREDICTION 5 : Demand for large, modern warehouse space will outweigh supply in primary hubs, pushing activity into secondary markets. Status check: Wait and see. Although it is true that sec- ondary markets have seen an increase indevelopment, activity in primary markets has been stronger, particularly in core markets. But if top markets are not constrained yet, that scenario may not be far off, ac- cording to Morris. “Companies seeking good highway access, proximity to intermodal or ports, and strong labor are finding it increasingly difficult to secure sites that meet these criteria,”
he said. PREDICTION 6 : Construc- tion costs, construction labor supply and growing product demandcouldpresent challenges to progress, both for developers and end-users. Status check: On track. Construction costs for indus- trial product vary by city and market. New York/New Jersey and Chicago saw the most sig- nificant increases (10% and 5% respectively) in average costs in the last year. “These escalations are mainly due to rising labor costs (up 2.8% in the last year) and land constraints in the face of strong demand,” Morris ex- plained. “Overall development costs will likely continue mov- ing up.” PREDICTION 7 : Reshoring will bring more jobs, capital investment and demand for in- dustrial space back to the U.S. Status check: Between on track, and wait and see. “While the debate about how much reshoring is actually tak- ing place continues, there is no doubt it is happening, and companies are at the very least examining their options more closely,” Morris observed. In a 2012 Boston Consulting Group (BCG) survey, 37%ofU.S.manu- facturerswith sales above $1 bil- lion said they were considering shifting some production from China to the United States. Clearly, several industry pre- dictions are playing out as an- ticipated, though a few remain fluid. “As e-commerce adoption continues to grow at about 15% annually, and asmanufacturing continues to be more cost- and service-justified in locations where demand is strong (like here in the U.S.), it seems likely that the market for industrial space will remain resilient,” he concluded. n
M id A tlantic Mid Atlantic
Real Estate Journal — Professional Services — November 28 - December 11, 2014 — 3A l The Road to Recovery 2 5, 2013 — 1
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T ax I ssues By Bruce A. Johnson, Bedford Cost Segregation Permanent repair versus capital regulations t A i ss es By Bruce A. Johnson, Bedford Cost Segregation, LLC t i i l l ti
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of these rules. Not to be overstated, planning for the use of these tools is critical to ensure proper application of them as well as claiming the full benefit provided. Recently, one of Bedford’s clients was able to justify writing-off the remaining depreciable cost basis of a building assets that were replaced during a complete building expansion and ret- rofit project. The result was the ability to dispose of over $1,000,000 in existing build- ing cost basis, generating over $400,000 in federal of these tools is critical to ensure proper application of them as well as claiming the full benefit provided. Recently, one of Bedford’s clients was able to justify writing-off the remaining The benefit of these regulations pair quite well with other depreciation derived federal tax incentives such as co t segregati n and EPAct 179D initiatives. The combined effects can be substantial, and perhaps make a marginal renovation project exceed the required fin ncial performance r quirements. tax savings. This deduction represented over 10% of the renovation projects capital depreciable cost basis of in- terior lighting systems that were replaced during a full cost, which greatly enhanced the clients return on invest- ment. In addition, the client was able to clear up poten- tial ghost assets on their tax books, which is one of building energy retrofit proj- ect. The result of this effort was the generation of an ad- ditional $450,000 deduction
the objectives of these new regulations. The benefits of these regu- or roughly a $150,000 tax savings. This deduction rep- resented almost 10% of the projects capital cost, which greatly enhanced the clients return on investment. In addition, the client was able to clear up potential ghost assets on their tax books, which is one of the objectives of these new regulations. The benefits of these regu- lations pair quite ell ith other depreciation derived federal tax incentives such as cost segregation and EPAct 179D initiatives. The combined effects can be sub- lations pair quite well with other depreciation derived federal tax incentives such as cost segregation and EPAct 179D initiatives. The com- bined effects can be substan-
he IRS issued the fi- nal pieces of its long awaited permanent his past September, the IRS issued its long a aited per anent
stantial, and perhaps make a marginal renovation project exceed the required financial performance requirements. In closing, these regula- tions can provide a substan- tial benefits to tax payers going forward. In preparing for your 2013 tax filings, be sure to cover this topic with your tax professionals and consultants to start the process of implementing a strategy that is right for you and your organization. Bruce A. Johnson is a partner with Bedford Cost Segregation, LLC. n tial, and perhaps make a arginal renovation project exceed the required financial perfor ance require ents. In closing, these regula- tions can provide a substan- tial benefits to tax payers going for ard. In preparing for your 2014 tax filings, be sure to cover this topic ith your tax professionals and consultants to start the process of i ple enting a strategy that is right for you and your organization. ruce A. Johnson is a partner with Bedford ost Segregation, LLC. n
repair ver- sus capital regulations t h i s p a s t s u m m e r . These regu- lations ush- er in a new era of deci- s i on mak - repair ver- sus capital regulations. These regu- lations will affect most b u s i n e s s o w n e r s , particularly those with commercial
“While these regulations have added a level of co plexity to tax payer’s business operations, they do provide potentially significant opportunity to reduce tax liabilities. The best way to take advantage of these tools is to plan ah ad of any investments that are foreseen.”
Bruce Johnson Bruce A. Johnson
ing for US tax payers the own commercial real estate. These new, more complicated rules will require more tax resources for compliance, but also hold a trove of po- tentially significant benefits. The regulations officially take effect on January 1, 2014, so it will be important for this to be a tax planning topic of discussion with busi- ness owners and their CPA’s. The compliance aspect of these rules may require ex- isting expensing policies to be altered to meet the new outlined processes, and perhaps the need to make elections for things such as for partial disposition or one of the levels of de mini- mus, which creates a process which allows a tax payer to expense all items under the regulations specified level; $5,000 or $500. While these regulations have added a level of com- plexity to tax payer’s busi- ness operations, they do provide potentially signifi- cant opportunity to reduce tax liabilities. The best way to take advantage of these tools is to plan ahead of any investments that are fore- seen, be it the construction of a new facility, purchase of a new property or improve- ment to an existing one. An example of how tax pay- ers can leverage these rules could be the writing-off of assets currently capitalized that are being replaced as part of a renovation proj- ect. Another would be the preparation of asset descrip- tions to comply with the regulations new concept of unit of property. The unit of property is the amount you compare the current expense to in determining whether to expense new costs or capital- ize the new and dispose the replaced/retired asset. These are just a few of the many strategies that can be employed to take advantage real estate, creating new ar- eas of compliance as well as opportunities to take advan- tage of potential benefits. The regulations officially take effect on January 1, 2014, so it will be important for this to be a tax plan- ning topic of discussion with business owners and their CPA’s. The compliance aspect of these rules may require existing expensing policies to be altered to meet the new outlined processes, and perhaps the need to make elections for things such as for partial disposition or one of the levels of de mini- mus, which creates a process which allows a tax payer to expense all items under the regulations specified level; $5,000 or $500. While these regulations have added a level of com- plexity to tax payers business operation’s, they do provide potentially significant op- portunity to reduce tax lia- bilities. The best way to take advantage of these tools is to plan ahead of any invest- ments that are foreseen, be it the construction of a new facility, purchase of a new property or improvement to an existing one. An example of how tax pay- ers can leverage these rules could be the writing-off of assets currently capitalized that are being replaced as part of a renovation proj- ect. Another would be the preparation of asset descrip- tions to comply with the regulations new concept of unit of property. The unit of property is the amount you compare the current expense to in determining whether to expense new costs or capital- ize the new and dispose the replaced/retired asset. These are just a few of the many strategies that can be employed to take advantage of these rules. Not to be over- stated, planning for the use
4A — November 28 - December 11, 2014 — Professional Services — M id A tlantic
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M anufacturing From humble beginnings in a garage to one of the largest fenestration manufacturers Crystal Window & Door kicks off 25th Anniversary year celebration
LUSHING, NY — Crystal Window & Door Systems an- nounced the start of its 25th Anniversary celebration year. Launched in May 1990, the vinyl and aluminum window and door manufacturer has grown from very humble be- ginnings in a New York City garage into one of the largest fenestration manufacturers in the nation. The company will recognize and celebrate the 25th Anni- versarymilestone in numerous ways in the coming months, culminating in planned grand F
employee and customer galas in February and May of next year. “Besides customer and employee celebrations, we’ve planned recognitions which in- clude revisions to the company logo and tag line; additions to the company print, trade show and radio advertising; and website and social media promotion,” said Steve Chen , Crystal’s COO. Crystal Window & Door Systems was started almost a quarter century ago by Tai- wanese-American immigrant Thomas Chen with a small operation fabricating alumi-
Crystal’s New York headquarters and primary manufacturing plant
Insulating glass unit fabrication
num windows for the local neighborhood in the New York City Borough of Queens. Through hard work, initiative and perseverance, Crystal grew dramatically and now has a major national presence. Today the Crystal family of companies boasts more than one-half million s/f of manu- facturing space in New York, Chicago, Missouri and South- ern California, state-of-the-art automated production equip- ment, vertically integrated operations, a broad energy efficient vinyl and aluminum product line, and a national sales and distribution net- work. The company, through subsidiaries, has expanded be- yond window production into solar energy and aluminum extrusion and finishing. The Crystal companies em- ploy more than 300 workers in New York City and about 500 across the nation. Thomas Chen, the founder and CEO, has been assisted for more than a decade by his son, Steve Chen, COO, who is responsible for the company’s day to day operations. n Extruded aluminum profiles
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Designed in collaboration by HWKN and Handel Architects KRE Group and National Real Estate Advisors break ground on 53-Story, 538-unit building J
short of something that the entire City should be proud of.” Phase I of Journal Squared will be a 53-story building with 538 rental apartments that is scheduled for completion by the end of 2016. Phase II will include 700 rental residences in a 70-story building, while Phase III will feature 600 rental homes in a 60-story building. The developers will pursue LEED certification for all three buildings. Designed in collaboration by HWKN and Handel Ar- chitects , the new develop- ment will take full advantage of Journal Square’s exten- sive transportation network highlighted by covered ac- cess from the residential lobby to the entrance of the PATH Station which offers rail service to lower and mid- townManhattan, Jersey City, Hoboken and Newark. “While Journal Squared
was designed to meet the ever-increasing demand for a desirable urban living experi- ence near public transporta- tion, the broader intent is to complement the existing mass-transportation infra- structure with new residen- tial, retail and open space to create a well-balanced destination that becomes a center point for community life,” said Murray Kushner , chairman of The KRE Group. “We successfully executed this formula at our Grove Pointe development across from the Grove Street PATH Station in downtown Jersey City, and believe Journal Squared will achieve similar results, but on a much larger scale. This development will help Journal Square reach its potential as a dynamic urban neighborhood for those who choose to live, shop, dine and work here.” n
HI-LIGHTS N ov . 28 - D ec . 11, 2014 The new development will comprise 1,838 rental resi- dences and 36,000 s/f of retail and restaurant space in 53-, 60- and 70-story towers – the latter of which will be the ERSEY CITY, NJ — Jersey City mayor Steven Fulop joined officials from development partners The KRE Group and Na- tional Real Estate Advisors to officially break ground on “Journal Squared,” a three- tower, mixed-use development adjacent to the Journal Square PATH Station.
Journal Squared
said. “This project is going to change Jersey City, and it’s certainly going to change Journal Square. When all three towers are complete, it will literally transform and recreate the entire Jersey City skyline. That is no small accomplishment and nothing
tallest residential building in New Jersey. The transforma- tive project will also include a pedestrian-friendly public plaza. “This is an exciting day because this is really a game- changer for Jersey City in so many ways,” mayor Fulop
CONSTRUCTION MANAGEMENT
Chesapeake Real Estate Group and USAA Real Estate Co. acquire nearly 50 acres
11-15A
HFF arranges joint venture equity for View at Waterfront
BALTIMORE, MD — Chesapeake Real Estate Group, LLC and their fi- nancial partner USAA Real Estate Company have an- nounced the acquisition and groundbreaking of a 48.4 acre, 571,000 s/f warehouse distri- bution building on a specula- tive basis in the Aberdeen section of Harford County, Maryland. The companies’ development of the Perry- man Logistics Center will be a state-of-the-art project located at 610 Chelsea Rd., with completion expected in summer 2015. Bill Pellington, Toby Mink and Jon Casella of CBRE represented the buy- ers in this land sales trans- action and their team has been selected as the broker to market and lease Perryman Logistics Center. The land was formerly owned by FO Mitchell Bro. The class A industrial build- ing will feature 36 foot clear ceiling heights, 175 rear load-
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Becker Morgan Group acts as associate architect on library
610 Chelsea Road
ing docks and two drive-in docks, a 130 foot truck court and an adjacent surface park- ing area that can accommo- date more than 500 vehicles. The project is situated within immediate proximity to Per- ryman Rd. (MD Rte. 159), and is less than four miles from US Rte. 40, eight miles from I-95 and approximately 30 miles from the Port of Baltimore.
“Strong and sustained mar- ket fundamentals, led in par- ticular by the enormous appe- tite in the e-commerce sector for large-scale distribution and warehouse projects, have given us extreme confidence to move forward with this strategically- located speculative project,” said Jim Lighthizer , founder and owner of Chesapeake Real Estate Group. “The e- commerce industry is growing
at the rate of 15 to 20% an- nually, and we are aware of numerous manufacturing and distribution companies that are searching for fulfillment centers close to significant population markets such as Baltimore. Our development team has deep experience in this product category and we are seizing this opportunity to leverage short-term and long- term market conditions.” n
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O wners , D evelopers & M anagers Of a $20 million brewery in Virginia Beach Green Flash & The Miller Group kicks off construction V
Our Capital Connections Deliver the Right Results
ANOTHER SUCCESSFUL TRANSACTION $27,450,000 Cherry Ridge Apartments SIZE: 144 UNITS CITY: LIMERICK, PA LENDER: REGIONAL BANK
IRGINIA BEACH, VA — Mike and Lisa Hinkley, co-founders of Green Flash Brewing Co., along with brewmaster Chuck Silva, Virginia state sena- tor Jeffrey McWaters, secre- tary of commerce and trade Maurice Jones and Virginia Beach mayor William Ses- soms officially broke ground in Virginia Beach for the San Diego-headquartered brew- ery’s first East Coast location. The ground-breaking ceremo- ny marked the official start of construction of the 58,000 s/f Green Flash brewery, tasting
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Green Flash Brewing Co. rendering
room and beer garden at the corner of General Booth Blvd. and Corporate Landing. Green Flash teamed up with Hampton Roads-based devel- opers, The Miller Group, to proceed with land acquisition, design and permitting. “We couldn’t be happier that Green Flash has chosen Vir- ginia Beach as its East Coast location,” said Mayor William Sessoms. “When they reach capacity, Green Flash will be producing 100,000 barrels of beer every year from Virginia Beach, and that is certainly something to celebrate.” “After announcing plans to build our facility in Virginia Beach, we have been moving forward step-by-step towards breaking ground,” said Mike Hinkley co-founder and CEO of Green Flash Brewing Co. “We are breaking ground to enter the first phase of con- struction, focused on the layout and building orientation on the nine-acre lot. We want to be sure we are mindful of our impact on the immediate sur- roundings, so we are planning to incorporate the pre-existing landscape and trees into our spacious beer garden and will develop routes for smart traf- fic flow, accessible walkways and ample parking for guests. We extend many thanks to everyone in the community for making us feel welcome and at home from day one and look forward to celebrating our opening upon completion of construction in 2016.” The steadily growing de- mand for Green Flash beers on the East Coast prompted the need for a second brewery. Virginia Beach was chosen due to its ease of access from all mid-Atlantic corridors as well as for its coastal landscape and cultural similarities to San Diego. n
Real Estate Journal — Owners, Developers & Managers — November 28 - December 11, 2014 — 7A
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O wners , D evelopers & M anagers REact integrates with the IBS property mgmt. system IBS releases Version 2.0 of REact warning system
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They have some great ideas, and we have incorporated many of them into an even stronger, user-friendly inter- face.” REact integrates seam- lessly with the IBS property management and accounting system, enabling users of that platform to take advantage of enterprise information already captured within it. The IBS system – developed over 35 years – today is used by more than 75 prominent New York/New Jersey cli- ents and addresses virtually all property management,
accounting and construc- tion management tasks. The system is scalable and cus- tomizable for private and public enterprises of any size. It also integrates with dozens of best-in-breed third-party software applications across multiple real estate services categories. Additionally, the IBS man- aged services department, established 15 years ago as an outgrowth of its offerings for real estate clients, provides full IT outsourcing for a grow- ing, diversified customer base in a range of industries. n
OTOWA, NJ — One year after the initial launch of its REact
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455 Third Street Jersey City, NJ 07302 Ph: 201-653-1613 Fx: 201-653-5470 Bob Kilroy bkilroy@Jewelelectric.com
Mike Mullin
software application. The enhanced product includes improved dashboard and search capabilities, among other updates. The Totowa-based firm, which provides high-quality property management and accounting software and ser- vices for commercial and mul- tifamily property owners and operators, developed REact in response to demand from its real estate client base. At the same time, the product is applicable for businesses in any industry where missing date-sensitive tasks carries measurable financial risk. “Managing a company in- herently comes with a slew of easy-to-miss tasks, from forgotten renewal deadlines, to expired warrantees, to late safety inspections and insurance payments, among other oversights,” said Mi- chael Mullin , IBS president. “REact helps businesses keep track of date-sensitive items and reminds them to follow through. The user can set up tasks – whether one-time or recurring – within REact in a way that escalates non- compliance with completion by automatically generating emails ‘up the line’ as time passes without action.” For example, within a com- mercial real estate organiza- tion, REact might be set up to send the first-level person an email reminder that an elevator inspection needs to be completed in 30 days. If in two weeks that person has not responded, the system might send an email to a supervisor indicating that the task is now 14 days from expiration. If the task is not completed within the next week, the VP of property management might be notified. “REact Version 2.0 includes a number of enhancements suggested by its early adopt- ers,” Mullin said. “Our clients who are already using REact are excited about the product.
Markets we serve:
When it comes to third-party applications, IBS brings IT all together.
Providing real estate technology solutions with deep functionality, flexibility and scalability
Contact us today. sales@ibsre.com www.IBSRE.com (973) 575-4950
Our property management and accounting system interfaces with dozens of best-in-class software products. Leasing · Tenant and Building Portals Modeling and Projecting · Space Management Accounts Payable · Utility · Banking
Serving the N.J./N.Y. region for 35 years
8A — November 28 - December 11, 2014 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers “Elevator Interface for Emergency Operations” SimplexGrinnell hosts PWC Continuing Ed Program N EW YORK, NY — On Wednesday, October 22, Pro-
presents
fessional Women in Con- struction (PWC) offered its latest installment in an ongoing series of Continuing Ed programs, a presenta- tion on “Elevator Interface for Emergency Operations” by Robert Turgeon, SET , NE region A & E busi - ness development manager, SimplexGrinnell . The pro- gram explained the ways in which elevators, fire alarms, smoke detectors and sprin- kler systems interface in
Guests of Honor: Jeannie Kwon, MTA Capital Construction Caroline Weiss, Weidlinger Associates
MMSON_MidlanticRealEstate_B&W_Layout 1 5/9/14 11:51 AM Page 1 * for more information & reservations * Professional Women in Construction 212-486-7745 * pwc@pwcusa.org * www.pwcusa.org/ny PWC is a non-prot 501(c)3 organization Contributions are tax deductible Cancellation: 48 hour notice
Attending PWC’s Continuing Ed program were L-R: Olga Vino- gradova, esq.; Emily Kotsaftis, AIA, LEED AP BD + C, Dattner Architects; Robert Turgeon, SET, SimplexGrinnell (instructor);
the event of an emergency and detailed the evolution of the complex system. Said Turgeon, “Over the past 40 years, elevator in- terface controls have been significantly upgraded to maximize speed and safety for the public, the workers and all personnel involved in an emergency situation.” Participants found the program extremely helpful. Said Wendy Castro-Far- rell , senior project man- ager, design & construction, The Rockefeller Group , “I gained insights from this which will be helpful in my work with the design team.” Emily Kotsaftis, AIA, LEEDAPBD + C , Dattner Architects , said, “I wanted to learn more about fire operations so I could bet- ter understand the relation between smoke detection, sprinklering and elevator operations. This was defi- nitely helpful.” Olga Vinogradova, Esq. , said, “I represent clients, construction companies or developers, who often face issues of building according to code including fire safety. By offering information on how elevator interface is structured for emergency operations, this course add- ed a technical perspective to the legal one.” The course offered CEU credit. Contact pwc@pwcusa.org, visit www.pwcusa.org/ny or call 212.486.7745. n Heather Fraser, AIA, LEED AP, Martinez + Johnson Archi- tecture PC; Wendy Castro-Far- rell, The Rockefeller Group; Nancy Czesak, RA, Tishman, an AECOM Company
they wrote the policy. we make sure they write the check.
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Real Estate Journal — Owners, Developers & Managers — November 28 - December 11, 2014 — 9A
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M id A tlantic
O wners , D evelopers & M anagers For Morris Corporate Center III in Parsippany, NJ JLL-managed building earns TOBY Award from BOMA
ARSIPPANY, NJ — JLL announced that Morris Corporate Center III, 400 Interpace Parkway in Parsippany, was selected by the Building Owners and Managers Association of New Jersey to receive the organization’s 2014 BOMA NJ Outstanding Building of the Year Award. BOMA recognized the class A, 530,000 s/f office property as the best-managed building in its Suburban Office Park (Low Rise) category. The Suburban Office Park (Low-Rise) category includes properties with two or more buildings, with the tallest build- ing not exceeding five stories, that occupy a landmass greater than five acres and are located outside of a central business district. The TOBY Award honors the JLL team’s excel- lence in building management, operational efficiency, tenant retention, emergency planning and community impact. JLL has served as property manager and exclusive leas- ing agent at Morris Corporate Center III sinceDecember 2007. Property management services at the complex are overseen by Dana Getz , group man- ager and vice president; Brian Finnerty , chief engineer; and ShannonHarrington , finance manager. JLL also serves as leasing agent for the build- ing, with Jonathan Meisel , managing director, and Fred Hyatt , vice president, oversee- ing marketing and transaction services. Building improvements were overseen through a partner- ship between JLL’s property management, and project and development services groups, with the effort led by Getz, Jerry Sullivan , senior vice president, and Susan Pady , project manager. Morris Corporate Center III is a class A, 530,000-square- foot commercial office complex comprised of four four-story buildings, connected by a grand atrium. The property is situated on a 182-acre master planned corporate campus in Parsip- pany and was constructed in 1988. The building has a three- story parking garage inaddition to surface parking options. The property hosts a diversified ten- ant profile, as evidenced by the varied cross-section of business including communications and marketing, pharmaceutical, real estate and other profes- sional services. n P
Morris Corporate Center III
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For further details on how to gain the rewards of participating in the new Professional Real Estate Owners and Managers Association Inc. Safety Group #204, please contact: Neil Owens, CIC, Esq. Safety Group Administrator neil_owens@cohenins.com Tel: 973-403-9500 • 800-277-9505 Fax: 973-403-7755
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10A — November 28 - December 11, 2014 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers Planned development includes two new apt. buildings HFF arranges joint venture equity forViewatWaterfront W ASHINGTON , DC — HFF an- nounced that it
has brokered a relationship for the purchase and develop- ment of the View at Water- front, a two-tower, 256-unit apartment complex with two future development sites in Washington, DC. HFF worked on behalf of Mill Creek Residential to procure John Hancock as their development partner in the transaction. Designed by I.M. Pei in 1960 and fully renovated in 2008, the property is 93.6%
View at Waterfront
leased with existing units av- eraging 688 s/f each. Planned development includes two new apartment buildings with ap- proximately 250 additional units and new amenities, in- cluding a rooftop terrace with wet bar and grilling space, state-of-the-art fitness center with yoga studio, business center and 8,900 s/f of retail space. The property is located at 6th St. SW and M St. SW in Washington, DC’s Southwest submarket. The HFF equity placement team was led by Walter Cok- er , Brian Crivella , Sue Car- ras and Dave Nachison . n IREM participates in initiative to establish common approach to ethics NEW YORK – The Insti- tute of Real Estate Man- agement (IREM) was one of 15 organizations representing property and related profes- sional services fromaround the world that met at the United Nations in New York in Octo- ber to establish the Interna- tional Ethics Standards Co- alition (IESC) . The Coalition aims to develop and implement the first industry-wide ethics standards for property and related professional services. “By being part of this co- alition, IREM is proactively engaging in the process of in- troducing international ethics standards that will improve the delivery of professional services and enhance the pub- lic perception of the real es- tate profession,” said Nancye Kirk , IREM’s chief strategy officer. The Coalition is hopeful that the new International Ethics Standard will be ready in early 2016. n
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