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Posner of Bussel represents owner in the transaction Bussel Realty Corp. leases 111,000 s/f at 150 Pacific Ave. in Jersey City, NJ J ERSEY CITY, NJ — Bussel Realty Corp. (BRC) , a leading corpo-
ISSUE HIGHLIGHTS Volume 26 Issue 8 April 25 - May 15, 2014 CMC arranges $16.05m loan for portfolio
rate and in- dustrial real estate ser- vices firm in New Jersey, announced A t l a n t i c USA Hold- i n g s I n c . has l eased
111,000 s/f of industrial space at 150 Pacific Ave. in Jersey City, New Jersey. Senior vice president David Posner of BRC was responsible for the transaction and represented the owner, Eden Wood Re- alty . “150 Pacific Avenue’s im- mediate proximity to I-78, the Holland Tunnel and the Port of Newark/ Elizabeth provides Atlantic USA Holdings with the access needed for its cus- tomers to reach the Port and Manhattan quickly,” said Pos-
150 Pacific Ave.
ner. “This transaction brings the 350,000 s/f property to 100 percent occupancy.” 150 Pacific Ave. is a 350,000 s/f industrial facility located near I-78, Routes 440 and 1&9 with immediate access to the
Holland Tunnel, the Pulaski Skyway, the Port of Newark/ Elizabeth and Newark Liberty International Airport. The property features 15-foot to 28-foot clear ceiling heights, 50-foot by 35-foot column spac-
ing, 2000 amps of power, eight loading docks and 35 parking spaces. Atlantic USA Hold- ings is a public warehouser and will utilize the facility to service the distribution needs of its customers. n
Smith of NAI Summit represents the owner in the 44,489 s/f deal NAI Summit represents owner in $6.15 million sale of Muhlenberg medical office building
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With NAI Summit’s lengthy history and involvement with the building, it was a clear choice for the owners on who would represent them in the sale. According to Robert D. Solomon, D.D.S., P.C., manag- ing partner for MHC Associ- ates, “it has been a pleasure working with NAI Summit over the past 20 +years” and that he felt like NAI Summit was with them “every step of the way.” The medical office building was relatively new when MHC engaged the firm to handle the property man- agement for the partnership. Solomon said that NAI Sum- mit’s “team of professionals has always been responsive, accurate and reliable with any request we made. NAI Summit’s market knowledge was second to none and your financial analysis and insights proved to be invaluable in guiding us through all of the negotiations and the process to closing.” n
BETHLEHEM, PA – NAI Summit ’s Frank Smith rep- resented the owner, MHC Associates, in the sale of a recently renovated three story premier medical office build- ing to Lehigh Valley Health Network. The building sold for $6,150,000. Built in 1989 and renovated
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in 2011, NAI Summit has pro- vided management services for the medical office building located at 2597 Schoenersville Rd. in Bethlehem, PA for the past 27 years. The 44,489 s/f building sits on the Lehigh
Valley Hospital Muhlenberg Campus and has easy access to Route 22. This building fit well into the overall strategic plans for LVHN. NAI Summit assisted both parties to make the process seamless.
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A Greener NJ��������������������������������������������������������������������10A Accutech��������������������������������������������������������������������������� 13B All-Rite Construction ���������������������������������������������������������9C AMC Fire Protection ����������������������������������������������������������8B American Architectural �����������������������������������������������������1B Azarian Group ��������������������������������������������������������������������1C Barley Snyder�������������������������������������������������������������������16A Bayshore ���������������������������������������������������������������������������13B Bennett Williams �������������������������������������������������������������10C Berkadia ��������������������������������������������������������������������������IC-A BKR Retail Services�����������������������������������������������������IBC-C BL Companies ������������������������������������������������������������������12C Bohler Engineering ������������������������������������������������������������3C Calkain �������������������������������������������������������������������������������4C Capital & Venture Resources .........................................18A Capital Aerials �����������������������������������������������������������������14B Colliers Int’l ����������������������������������������������������������������������16C CREATE ���������������������������������������������������������������������������20C Earth Engineering ��������������������������������������������������� 3B & 2C Eastern Union ������������������������������������������������������������������15A Elliot-Lewis�����������������������������������������������������������������������12B Entech �������������������������������������������������������������������������������12B Exchange Solutions������������������������������������������������������������1A First Potomac Realty Trust................................................7A Fowler Route Co. ��������������������������������������������������������������15B Gilbeaux Associates, P.C. ������������������������������������������������14B Haftek CWS������������������������������������������������������������������������2B Hollenbach Construction ���������������������������������������������������6B ICREW NJ ��������������������������������������������������������������������IBC-A IREM..................................................................... 16B-IBC-B Jeffery Realty ������������������������������������������������������������������10C Jewel Electric Supply Co. ��������������������������������������������������4B Jottan Inc.���������������������������������������������������������������������������9B Kaplin Stewart �������������������������������������������������������������������2C Katz Properties�������������������������������������������������������������� BC-C Lew Corp. �������������������������������������������������������������������������13B M. Miller & Son ������������������������������������������������������������������3B MaGrann���������������������������������������������������������������������������12A Marcus & Millichap������������������������������������������������������� BC-A Metro Commercial������������������������������������������������������������13C Meyner & Landis����������������������������������������������������������������9A MGKF ���������������������������������������������������������������������������������8C NAI Keystone ���������������������������������������������������������������������2C NJAA��������������������������������������������������������������������������������IC-B NorthMarq������������������������������������������������������������������������17A Onyx Equities ������������������������������������������������������������������IC-C P. Cooper Roofing ���������������������������������������������������������� BC-B PA DCED��������������������������������������������������������������������������11A PennCap ���������������������������������������������������������������������������13A Poskanzer Skott Architects................................................4B PWC ������������������������������������������������������������������������������������2B Rational Contracting����������������������������������������������������������7B RD management��������������������������������������������������������������6-7C Real Property Capital ������������������������������������������������������21A Rhino Realty ���������������������������������������������������������������������12C Rittenhouse Realty Advisors..............................................2A Sheldon Gross Realty�������������������������������������������������������19A Silbert Real Estate �����������������������������������������������������������11C Singer Financial �����������������������������������������������������������������3A Sitar Auctions���������������������������������������������������������������������4A Specialty Building Systems...............................................5B Subway �����������������������������������������������������������������������������15C Target Building ������������������������������������������������������������������2C The Aztec Corporation �������������������������������������������������������6A The Goldstein Group����������������������������������������������������������8C Traffic Planning & Design �������������������������������������������������4C Transwestern��������������������������������������������������������������������14A VanDemark & Lynch ���������������������������������������������������������8A Weiss Realty ��������������������������������������������������������� FC-C & 5C MAREJ A dvertisers D irectory To advertise, call 1-800-584-1062
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Publisher/Senior Account Executive ................................. Elaine Fanning Section Publisher .................................................................... Steve Kelley Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza 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 6 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
Kenneth Gruskin The Green Lane building at Kean U. showcases new trends in academic bldgs.
T he web and explosion of personal technology has transformed how people live and work, while empowering the individual to expect everything “their way” whenever they want it, from the palm of their hand. The same can be said for we learn today. Higher educa- tion institutions that fail to recognize and embrace trans- formative technology may not exist as we now know them in 50 years or so. This is not to say that education and learn- ing will not continue; it will as an inherent aspect of hu- man nature. But traditional university and college cam- puses that cannot evolve will become a relic of a bygone era if they cannot adapt to the
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
quickly-evolving empower- ment and socialization that personal technologies provide the individual. The features, spaces, and educational experiences showcased in the recently- completed Green Lane Build- ing at Kean University in Union, NJ, illustrate some of the trends that traditional universities and colleges can begin to use to remain relevant and engage the imaginations of future stu- dents in this developing age of online learning and virtual universities. Typically, uni- versities and colleges build
only classrooms and offices- -anything else is often con- sidered a waste of space and money. Online degrees have over time become a more ac- ceptable mainstream option. These virtual universities provide its students with the value-added benefits of reduced tuition costs and the ability to take your classes whenever and wherever. This growing online pres- ence, coupled with increased student expectations for a more engaging, social, and less formal learning envi- ronment, is driving higher continued on page 22A
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M id A tlantic R eal E state J ournal Tulip Apartments in Passaic, NJ Marcus & Millichap arranges $1,112,500 sale of 15 units
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sale of Tulip Apartments, a 1 5 - u n i t m i x e d - u s e property lo- cated in Pas- saic, accord- ing to Brian Hosey, sales manager of t h e f i rm ’ s New Jersey of f i ce . The asset sold for $1,112,500. T h o m a s M c C o n - nell, CCIM and Kevin McCr ann ,
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Keystone Property announces $12m sale of 290,000 s/f ALLENDALE, PA — Key- stone Property Group announced that it has sold a warehouse and distribution facility at 7132 Daniels Dr. in Allendale, to an industrial real estate investment trust (REIT) for approximately $12 million following the completion of a full-building, 290,000 s/f lease at the prop- erty with Knoll, Inc. 7132 Daniels Dr. consists of cross-dock warehouse, manu- facturing and office space. Knoll, a leading designer and manufacturer of branded furniture and textiles, signed a lease in 2013 to occupy the entirety of the building for distribution and light as- sembly use. A CBRE team led by ex- ecutive vice president Mi- chael Hines and senior vice president Brian Fulmara represented Keystone in the building sale. n Tulip Apartments is located at 430 Monroe St. in Passaic. McCrann said, “The lack of available for sale multifam- ily properties combined with favorable financing has cre- ated a seller’s market. We believe this trend will continue throughout 2014.” n Directors in Marcus & Mil- lichap’s National Multi Hous- ing Group (NMHG), had the listing to market the property on behalf of the seller, a local private investor. McConnell andMcCrann also represented the buyer.
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M id A tlantic R eal E state J ournal For Independence Realty’s multi-tenant portfolio Mark Scott’s CMC arranges $16.05m loan for portfolio T AMPA, FL — Mark Scott’s Commercial Mortgage Capital
MAY 16 NJAA Expo & Conference DEADLINE: April 25
(CMC) announced that it has arranged a $16.05-million, 10-year, 30 year amortization on a fixed rate, non-recourse loan for Independence Re- alty’s multi-tenant flex port- folio in Tampa, which con- sists of Brandywine Business Center, Corporex Plaza and President’s Plaza. The three-building, 95,761 s/f Corporex Plaza is situated on 6.55 acres and is fully occupied. Brandywine Busi- ness Center consists of two single-story buildings total-
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SVN–MillerComm’l. expandsofficestaff SALISBURY, MD — Amy Miller, CPM , managing di- rector of Sperry Van Ness – Miller Commercial Real Estate announced a promo- tion and a new hire within the company. Janiene Thompson has been promoted to property management assistant. She previously served as the ad- Corporex Plaza and Bran- dywine Business Center are located within Corporex Park. President’s Plaza is located at 4801 & 4803 George Rd. n ing 75,378 s/f and situated on 5.54 acres. The 42,655 s/f President’s Plaza consists of two single-story, class-B multi-tenant office flex build- ings on 3.96 acres, with 11 tenants.
Public AUCTIONS (2) #1 COMMERCIAL REAL ESTATE Waterfront Income Property On Peck’s Pond • 9,840 Sq. Ft. Building on 2.27 ACRES #2 BOATS & Inventory of the FISHING TACKLE Shop SATURDAYMAY 17TH at 11:00 A.M. 1270 Route 402, Dingmans Ferry, PA 18328
REAL ESTATE FACTS: 2.27 Acres, Owns part of Lake frontage (Pecks Pond) It appears there is one acre of land above the Pond shore line and 1.27 acres under the pond. It appears to be approximately 166 ft, of road frontage 131 ft. of lake front, And 200’+- Straight out into Peck’sPond. • Building 9,840 SQ. FT. (1962)*Rentals: 2 Bedroom, 1 Bedroom, 2 Bedroom,v Restaurant. Separate Utilities, One unfinished Apartment*Boat Rental, Fish & All separate utilities. *Shore has Docks*Pike County; Deed Book: R247, Page 0138 • Terms & Conditions of Real Estate: Successful Bidder required to pay a Ten Percent (10%) non-refundable deposit, the balance due upon closing within 45 Days, Time Being of the Essence. No Buyer’s Premium. “Property to be Sold As Is.” Sale, Subject to Approval of a motivated seller. • DISCLAIMER: All information in this brochure was derived from reliable sources, believed to be correct, but not guaranteed! Bidders shall rely entirely on their own information, judgment & inspection. All announcements from the Auction Block will take precedence over any previously printed matter or oral statements made! NO warranties expressed or implied. This brochure is only a guide. Inventory May vary. Everything sold “As is &Where is”. Hire The Commercial, Industrial & Real Estate Auctioneers! MORE PICTURES ON THEWEB SITE! Col. Steve Sitar/Sitar Auctions P.O. Box 779Waverly, PA 18471 PH: (570) 586-1397 Pa.Lic. AU2124-L FAX:(570) 586-6058 www.sitarauctions.com • Inspection of facility, by appointment and 1 ½ half hours prior to sale. • Terms of sale of #2 Auction, Boats and Contents of Fishing Tackle Shop.
ministrative a s s i s t a n t f r om Ju l y 2013 to Feb- ruary 2014. Her job re- spons ibi l i - ties include a s s i s t i n g the Proper- ty Manage- ment Divi- s i o n w i t h maintenance and tenant r e l a t i o n s , and she also handles col- lections. A m b e r Bo s tw i c k
joins the Salisbury office as the administrative assistant. Amber will serve as the first point of contact for clients and customers in the Salisbury office. n
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R. Brenner Green
Architecture Kurt Kalafsky, The Aztec Corporation Energy and Sustainability Sara Schoen, First Potomac Realty Trust Engineering Steve Johns, VanDemark & Lynch Environmental Law Albert Telsey, Meyner & Landis
Retail Trends Rick Rizzuto, Transwestern Legal Construction/Lending Derek Dissinger, Barley Snyder Mortgage Lending William Libercci, NorthMarq
Mortgage Markets Joseph Gore, Capital & Venture Resources Property Management Glenn Jaffe, Sheldon Gross Realty Commercial Banking R. Brenner Green, Real Property Capital
Facility Lighting David Ward, A Greener NJ Energy Efficiency Pat Bunn, MaGrann
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By Kurt Kalafsky, The Aztec Corporation New Jersey building codes: “Do I really have to follow them?”
p r o j e c t ? ” The qu i c k a n swe r i s “All of them” but it’s a bit more com- p l e x t h a n that. Build- ing codes are written into W
eareoftenasked the question “Which codes impact my
ing to anyone not familiar with them. You should first know how New Jersey building codes are put into law. The New Jersey Legislature can pass construction laws. It can also delegate rulemaking authority to administrative agencies like the New Jersey Department of Community Affairs. In most cases, it is this Department that authorizes New Jersey building codes. Like most states, however, what the Department of Com- munity Affairs does is adopt third-party building codes.
For example, the International Code Council and the National Fire Protection Association.
Department of Communit Af- fairs has a Division of Codes and Standards. Individuals
adopted, you can go to the New Jersey Department of Commu- nity Affairs Codes and Regu- lations website (http://www. state.nj.us/dca/divisions/codes/ codreg/). On this page, you will find a list of Adopted Codes and Standards. For example, at the time of this writing, the first code listed was the Inter- national Building Code-NJ ed., 2009 which means that New Jersey has adopted the 2009 International Building Code with certain changes that have been made spe- cific for New Jersey. There is also a National Electric Code 2011 and many other building codes. — Below the code names the source of each adopted code is listed. While the codes can come from either the International Code Council or national associations deal- ing with certain construction industries, the State of New Jersey can also create its own sub-codes like the rehabilita- tion sub-code which pertains specifically to existin, previ- ously occupied buildings. — To the right of each code is information on state amend- ments. If a specific code is applicable to your project, you should always know what am- mendments have been made, as they override the standard code. Even if you purchase a code book, you cannot rely solely on that code book when engaging in construction and building projects in New Jer- sey. The Uniform Construction Code (UCC) is part of the New Jersey Administrative Code. It also lists which codes have been adopted by the State of New Jersey but more importantly it spells out all of the exceptions. For example, New Jersey has adopted the American National Standard ICC/ ANSI A117.1- 2003 for its accessibility codes but the UCC has 41 exceptions that ovverride and/or omit specific items and/or complete sections of this code. In Closing, Codes and Stan- dards can be confusing and are subject to interpretation, but that may be the subject of my next article. It’s always a good idea to consult a professional that has the knowledge and ex- perience of working with them on a daily basis. Kurt Kalafsky is the prin- cipal of quality control and compliance at the Aztec Corporation of Aztec Archi- tects, LLC. n
“Building codes are written into law to protect the health, safety and human welfare of the general public, but the volumnious codes, sub-codes and ordinances can be daunting.”
These outside organizations create building codes that are adopted by states. New Jersey will also amend parts of the adopted international or national codes to suit local needs or desires. The State of New Jersey
and companies must comply with the various New Jersey building codes. Here is what you need to know to find out which codes apply to your project: — To find what New Jersey building codes are currently
law to protect the health, safety and human welfare of the general public, but the volumnious codes, sub-codes and ordinances can be daunt-
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E nergy & S ustainability
By Sara Schoen, LEED AP O+M, First Potomac Realty Trust Harnessing the power of data: saving green by going green
green,” but getting there is no walk in the park. The chal- l enge – i n commercial real estate, especially – has been in M
any companies un- derstand the im- portance of “being
In the commercial real estate industry, building data is not always readily available and can be surprisingly difficult for owners to track down. Even when data is available, it is of- ten scattered between multiple sources and it can be time- consuming and expensive to gather it into a usable format. To tackle this challenge, many companies are tapping into technology solutions – from software companies like EnergyPrint, EnerNOC, and Agilis Energy – to transform sustainability data manage- ment into a simpler, more
automated process. Gone are the days when data needs to be entered manually. These platforms can also automate what are called “measurement and verification” calculations, which show howmuch efficien- cy upgrades (such as lighting and HVAC projects) actually save once installed, allowing owners to compare real-life performance with projections that were estimated before a project began. Energy monitoring software that First Potomac implement- ed in 2012 has revealed that some capital upgrades the com-
pany has completed save much more energy and money than anticipated. Sometimes this is due to the fact that installing more efficient lighting can de- crease the amount of heat that lights emit into a space. So the efficiency improvement goes beyond the new lighting and actually reduces the need for air conditioning as well. These secondary effects are more dif- ficult to quantify so are often not included in savings projec- tions, but once the new lighting is in, the additional savings are very real. The software platforms
provided through Demand Response programs display real-time electricity data that allow managers to monitor the electricity use of their buildings every five minutes, in real-time. Managers can then view buildings’ “daily load curves,” which display the 5-minute data points in a graph. This shows a building’s usage throughout the day, and allows us to understand exactly when buildings are consuming energy. When energy manag- ers looks at a daily load curve, they can see very clearly where continued on page 20A
gathering the data needed to manage a property or portfo- lio’s environmental footprint. And even in cases where en- ergy and water usage data is available, companies often struggle with the momentous task of bringing it all together to truly understand the impact a building is having on the en- vironment and the bottom line. The Importance of Being Green The U.S. National Science and Technology Council esti- mates that commercial and residential buildings consume a third of the world’s energy. Building owners can make substantial changes to reverse this, and many are working diligently to do so. From a business perspec- tive, sustainability not only improves the bottom line but is also an attractive selling point with tenants and inves- tors. The LEED (Leadership in Energy & Environmental Design) and Energy Star for Buildings® certifications have become prestigious recogni- tions for which building owners compete. For many employees, efforts to “go green” are an important indicator of their employer’s commitment to environmental and social responsibility. Sus- tainability is often cited as a talent attraction and retention strategy and can help compa- nies keep workers engaged and loyal. The Driver of Sustainability Today One of the most significant changes that is driving the evolution of sustainability in the commercial real estate marketplace is the use of data to measure, track, and bench- mark the footprint of an entire portfolio of buildings. Even companies that have been implementing sustainability practices for years or even de- cades can struggle with the challenge of quantifying their work and establishing ongoing measurement.
8A — April 25 - May 15, 2014 — Spring Preview — M id A tlantic
Real Estate Journal
By Stephen Johns, PE, PLS, VanDemark & Lynch, Inc. Use your computers to prevent potholes
f you own commercial properties, chances are you have a lot of pave-
Most of the time, pavement is neglected until it starts to fall apart, and then it is patched. When the patches fail, and the pavement looks like a ratty quilt, it’s ripped up and replaced. A better option may be to use a Pavement Management System to keep track of the paved surfaces and schedule routine maintenance. Often, completing minor repairs in a timely manner will re- duce the number of potholes produced each winter, and significantly extend the life of a paved surface. Planning
your pavement maintenance by using a Pavement Man- agement System will allow you to reduce your costs by extending the life of your pavements, and by bundling repairs into more cost-effec- tive contracts. A Pavement Manage - ment System starts with a database that catalogs the amount, type, and condition of the pavement you have. The pavement is first parti- tioned into areas that would logically be considered for repair, such as an individual parking lot, road segment,
or stretch of sidewalk. The pavement is then inspected and the condition is entered into a computer program that creates a database with the critical information for each partitioned area of pavement. Once the data is cataloged, the program provides a de- tailed schedule of repairs for each area of pavement, including the type of repair, a timetable for implementa- tion, and the expected cost. This information is broken down into time segments, so you can budget funds each year for expected pavement
repairs. The types and tim- ing of repairs can be adjusted each year to revise the budget to meet expected cash flows. A major benefit of having this database is knowing where repairs will do the most good. There will be some paving that is close to the failure point, but with some minor repairs, the life of the paving could be extend- ed considerably. Other paved areas may have already passed the failure point, and you should spend as little as possible to keep the paving safe until a full reconstruc- tion can be implemented. In either case, the Pavement Management System will provide the information you need to minimize your repair costs while reducing the number of potholes and other vehicle-damaging pavement failures. A Pavement Management System enhances the de- cision making process for maintenance planning by relating an objective evalua- tion of pavement conditions to the owner’s maintenance budget, practices, and pref- erences. A Pavement Man- agement System can help predict the fiscal impacts if maintenance activities are increased, decreased, or de- ferred. The program can also be used to review alternate “what if” scenarios and de- velop the most cost-effective and optimum schedule for repairs for the next five years or further into the future. A Pavement Management System can be an extremely effective tool for making decisions about scheduling and budgeting repairs, and can be helpful in discuss- ing the status of pavements with tenants and custom- ers. VanDemark & Lynch, Inc. has helped a number of clients control the costs and schedules for pavement re- pairs, including Birmingham Township, Chester County, Pennsylvania, and the Dela- ware State Division of Parks and Recreation. Stephen L. Johns, PE, PLS, is Vice President of Engineering, with Van- Demark and Lynch, Inc. He is a registered Profes- sional Engineer in four states and a registered Professional Land Sur- veyor in Delaware and Maryland. n
m e n t t o ma i n t a i n . W h e t h e r that pave- ment is as- phalt, con- c r e t e , o r some other surface, over t h e y e a r s
it will need to be repaired and/or replaced. This winter has been especially hard on paving, causing significant vehicle-damaging potholes.
Real Estate Journal — Spring Preview — April 25 - May 15, 2014 — 9A
M id A tlantic
E nvironmental L aw By Albert Telsey, Esq., Meyner and Landis LLP New Jersey’s environmental kit-and-caboodle
K. It’s a book. The New Jersey Environ- mental Law Hand- b o o k 2 0 1 4 ( 8 t h . E d . ) p u b l i s h e d by Be r nan Pr e s s . But h a n g w i t h me for a few paragraphs. The story of i t s cont ent and popularity is interest- ing. A bus load of the state’s top environmental professionals – 45 in all - joined forces to distill a lifetime of experi- ence into a rich gumbo of environment everything that makes up the content of this book. I quarterbacked the effort. Our goal was to give people what they had been asking for – the Reader’s Digest version of how New Jersey’s best and brightest deal with the state’s envi- ronmental laws and regula- tions so that compliance is achieved without sacrificing business profitability. I addressed the most com- mon topic –how to buy and sell contaminated property. The big issues are figuring out who is going to pay for the cleanup, how much it will cost, where the money will come from and how to walk away without the fear of lingering liability. Some techniques discussed include escrows, liability transfer provisions, remedial action permits, indemnifications, releases and managing en- vironmental legacy issues. George Vallone a real estate deve l oper wi th Hoboken Brownstone Company said, “Al Telsey puts the puzzle pieces together so deals get done. He and his co-authors answer a lot of questions that would otherwise chill real estate deals in New Jersey.” Other chapters in the book related to real estate deals include how to do cleanups cost-efficiently; fixed price cleanups using specially designed insurance; creat- ing the “capital stack” from public and private financing pools to purchase contami- nated property; tax conse- quences of contaminated property deals; financing the public environmental project; lender liability pro- tection statutes designed to O Albert Telsey
encourage lenders to lend on and foreclose upon contami- nated property; recovering environmental cleanup costs from responsible parties and insurance companies; bankruptcy; condemnation; and tax appeals. There is also a section on how to use state redevelopment and rehabilitation laws to better develop contaminated and underdeveloped areas. That’s not all. The book also distills down the pri- mary environmental land use programs impacting real estate deals and provides
practical commentary on wetlands; Pinelands; Mead- owlands; riparian lands; coastlands; waterfront devel- opment; flood hazard areas; farmlands; Green Acres and historic preservation. The primary environmental pro- grams are also provided to the reader in bit-sized nug- gets including air; hazardous waste; solid waste; water quality/water supply; sewer- age/wastewater treatment; health and safety/right to know and wildlife preserva- tion. For those concerned with the enforcement of it all
there are chapters address- ing administrative, civil and criminal enforcement including natural resource damages. This book was written be- cause it did not exist before now. Jerry English, one of the first DEP Commission- ers wrote, “I have seen New Jersey’s environmental laws and regulations grow to an entire library. This book provides the collective wis- dom of its best practitioners and condenses the whole thing into one handy-dandy volume.”
Since its publication ear- lier this year the book is on pace to outsell all prior edi- tions. Order a copy. You will be glad to have it on your shelf for ready reference. To order call 1.800.865.3457 or order online at www.row- man.com/BernanPress. Use this code for a 30% discount: A14NJELH Albert Telsey, Esq. prac- tices environmental law at Meyner and Landis LLP in Newark, NJ. He spends most of his time making contaminated real estate deals happen. n
One Gateway, Suite 2500, Newark, New Jersey 07102 www.meyner.com Ph. (973) 602-3439
Meyner and Landis LLP was formed over 50 years ago by Governor Robert B. Meyner who knew how to pick top- notch legal talent. To this day creative lawyers at the firm continue to provide practical solutions to commercial problems. Albert I. Telsey, Esq., environmental partner at Meyner and Landis and 45 colleagues wrote the NJ Environmental Law Handbook to provide a rich gumbo of practical environmental advice for ready reference by today’s business persons looking for compliance advice to maintain profitability for real estate deals and other ventures. February 2014 • 350 pages
978-1-59888-668-9 • $99.00 • Paper 978-1-59888-699-3 • $97.99 • eBook To order call 1.800.865.3457 or order online at www.rowman.com/BernanPress Use this code for a 30% discount: A14NJELH
10A — April 25 - May 15, 2014 — Spring Preview — M id A tlantic
Real Estate Journal
Monthly cost is LESS than what you are currently paying for your existing lighting!
F acility L ighting By David Ward, A Greener NJ Upgrade YOUR facility to a high productivity, low energy using showpiece - for FREE! S ave Energy’ offers are everywhere, today. What makes A Greener NJ, ZERO up-front cost Quick paybacks (4 months- 3 years) LED is the best in quality, energy efficiency, and longevity - Up to 10 years warranty and 100,000 hours rated life OR try our Sun Tracker Active Skylight which uses natural daylight to save energy! Energy Savings Share Program - use your energy and maintenance savings to pay the note, and keep the rest! Keep the rebate and the money you save on your taxes » » »
what you are currently paying with your existing lighting. In addition, there are tax savings and state rebates that help make this a tremendous busi- ness decision. All the ‘energy guru’s tell companies they should lower the energy costs via upgrading their equipment before install- ing any renewable solutions. The easiest and quickest way to achieve this is through lighting upgrades. LED Lighting is, by far, the best lighting - in quality, en- ergy efficiency and longevity. The solutions we offer have
very quick paybacks (4 months to 3 years, tops!), outstanding light distribution and quality, and excellent warranties and life ratings - up to 10 years war- ranty and 100,000 hours rated life - that’s 22 years of dusk to dawn lighting. All our technologies offer 70% or more in energy savings and 50%-90% in maintenance savings. And we can fine tune the lighting to provide youwith better quality lighting - no compromise just to savemoney. Our goal is to give you superior light with tremendous savings. And through our Energy Sav- ing Share Program - you can take your energy and mainte- nance savings and use some to pay the note and then keep the rest. When the rebate comes in, you keep it. When you save money on your taxes every quarter, you keep it. This cre- ates Immediate Positive Cash Flow - actually better than free! This is a true Win-Win-Win scenario like never before. While LED lighting has been shown in several studies to im- prove productivity and learn- ing; the real gain in produc- tivity comes through natural DAYLIGHT. A Greener NJ, LLC is proud to offer NJ/NY/PA businesses the SunTracker Active Sky- light. This incredible break- through in skylight technol- ogy brings in FUNCTIONAL daylight all day long. Literally, you will be able to turn OFF all your lights ALL day long. There are no better energy savings than OFF! Unlike every other skylight, there is NO Heat Gain, HVAC loss, Glare or UVDamage. Just abundant, fully diffused natu- ral light from an hour after dawn to an hour before dusk. No other skylight can compare. Under daylight, human per- formance soars. It only makes sense since before 1900, day- light is ALL we had. Carnegie Mellon University has 11 studies that show the Productivity Gains under Day- light are worth 10-20 TIMES the energy savings. Again, it’s all about the people inside! We can also provide complete lighting automation so you always have a pre-decided op- timal light level for as long as your facility is open every day. Let us know howwe can help you. Once again, it’s a totally free evaluation! David Ward is president of A Greener NJ, LLC. n
LLC differ- ent? We o f f e r a c omp r e - hensive ap- proach - sig- nificant en- ergy savings and dramatic productivity
gains, all while improving the value of the property. And we can finance everything so you have zero up front cost while the monthly cost is LESS than David Ward
The SunTracker Active Skylight For more information, please give David Ward a call at 908-240-7484 for a FREE, NO OBLIGATION evaluation of your facility.
YOUR facility could look like this with NO LIGHTS ON!
For more information, contact David Ward at 908-240-7484 or David@agreenernj.com for a FREE, NO OBLIGATION evaluation Keep all your lights OFF 9 hours a day with NO Heat Gain, Experience Dramatically Improved Productivity, Learning, Safety and Accuracy! 100% Financing Available. Energy & Maintenance Savings pay for EVERYTHING!
Real Estate Journal — Spring Preview — April 25 - May 15, 2014 — 11A
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Every day, Pennsylvanians enjoy a lower cost of living than all 7 northeastern states.
Pennsylvania has the location and access your business needs. We’re strategically located in the heart of U.S. population centers, and have a lower cost of living than New Jersey, New York, Massachusetts and Washington, D.C. It’s one of the reasons why we’re home to 2,000 century companies and 21 Fortune 500 companies. Thinking of relocating? Our experienced economic development team can help your business find the right location, skilled workforce and shovel-ready site to meet your needs. So if you and your employees want to experience a lower cost of living with a high quality of life, your next real estate deal should be in Pennsylvania.
Tom Corbett, Governor newPA.com/advance
4/15/14 4:53 PM
12A — April 25 - May 15, 2014 — Spring Preview — M id A tlantic
Real Estate Journal
E nergy E fficiency
partment building owners may currently be enjoying low va- By Patrick Bunn, MaGrann Associates The key to reducing operating costs is lowering utility bills through energy savings A are paying too much on utility bills, you are investing in the utility company rather than your own property. of individual components of a typical building have improved over the years, the efficiency of buildings as a whole has lagged behind.
– eGuarantee. The MaGrann Team will start with a free utility bill analysis, interview and physi- cal inspection of the property. Then MaGrann presents you with an Opportunity Assess- ment Report that focuses on “master-metered” usage and identifies the potential for en- ergy and water savings from retrofit measures. If sufficient opportunity is identified in this initial assessment, MaGrann Associates will provide a pro- posal to perform an in-depth Whole Building Retrofit Analysis . This investment
grade report will describe in detail one or more packages of energy and water saving measures. Each package will include a fixed-price total cost (inclusive of the analysis, the retrofit and all related ser- vices), the projected annual energy and water savings, and the annual cost of financing (loan payments). At least one package will be presented that assures a positive cash-flow for the term of the loan or the Analysis is free. Other packag- es may include measures that are recommended byMaGrann or requested by the owner even if the payback is longer than the term of the loan. The Whole Building Retro- fit Analysis will provide the basis for a design/build con- tract between the owner and MaGrann Associates. This Energy Retrofit Project Agreement will include a guarantee that for the first two years after completion of the work, if your actual annual energy and water savings do not exceed the financing cost, the difference will be paid by MaGrann. Even if the owner selects a package predicted to exceed these criteria, Ma- Grann will pay any additional amount beyond the amount stated in the Analysis. If needed, MaGrann Associ- ates will help the owner take advantage of financing from the region’s most experienced energy efficiency lenders – the Sustainable Energy Fund or The Reinvestment Fund. Ma- Grann Associates will coordi- nate and manage the project on behalf of the owner. Our technical experts will commis- sion all upgraded equipment and perform any additional monitoring needed to ensure the projected cost reductions are achieved. Both the improvements and the energy savings be- long to the property owner . All MaGrann requires is that a suitable maintenance contract be in place with MaGrann or a contractor of the owner’s choice for the duration of the guaran- tee. There is no payment to MaGrann directly – all costs are included in the financing along with the improvements. Patrick Bunn is the op- erations manager for ex- isting multifamily and commercial properties at MaGrann Associates, man- aging projects from incep- tion to completion . n
cancy rates b u t s t i l l find profits reduced by rising oper- ating costs. W h e t h e r rising costs are related to payroll ex-
Reducing your fuel and wa- ter consumption is best done by looking at the whole building, rather than tackling individual measures one at a time as they become crises. The size and specifications for a boiler replacement may be differ- ent and more cost effective if you consider other energy saving issues, such as insula- tion, air sealing, ventilation or mechanical delivery systems. While the energy efficiency
Building owners have been hesitant to pursue energy con- servation retrofit projects for a number of reasons – predicted energy savings may not be achieved, costs of projects may result in a negative cash-flow, managers may not be equipped to take on management of a project. MaGrann Associates has a program for multifamily buildings that addresses the concerns of the building owner
penses, taxes or the need for infrastructure improvements, reducing utility bills should be a prime strategy for hold- ing the line. After all, if you
Building Science for a Better Environment
Your expert source for all energy efficiency and green building needs.
Green Building Consulting & Certifications Energy Code Compliance Testing HUD Utility Allowance Analysis Multifamily eGuarantee Program Design & Management Engineering Design HERS Ratings
www.magrann.com firstname.lastname@example.org 1-888-MAGRANN New Jersey . Pennsylvania . New York . Kentucky . Ohio . Hawaii
Real Estate Journal — Spring Preview — April 25 - May 15, 2014 — 13A
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87 S. Commerce Way Bethlehem, PA 18017 9,070 SF
83 S. Commerce Way Bethlehem, PA 18017 3,639 SF
FEATURED PROPERTY 1495 Valley Center Parkway
Bethlehem, PA 18017 2,100 SF • 12,490 SF
57 S. Commerce Way Bethlehem, PA 18017 34,800 SF•22,800 SF 7,200 SF•4,800 SF
1605 Valley Center Parkway Bethlehem, PA 18017
3,760 SF•3,263 SF 4,298 SF•5,922 SF
7277 William Ave. Allentown, PA 18106 12,000 SF
964 Marcon Blvd. Allentown, PA 18109 11,200 SF
Exceptional commercial real estate solutions and services for businesses who demand more for their space.
1660 Valley Center Parkway Bethlehem, PA 18017 5,218 SF
1510 Valley Center Parkway Bethlehem, PA 18109 7,935 SF
3,600 SF •7,935 SF
974 Marcon Blvd. Allentown, PA 18109 16,200 SF•18,700 SF 8,950 SF•2,500 SF 974 Marcon Blvd.
1525 Valley Center Parkway Bethlehem, PA 18017 2,900 SF
1455 Valley Center Parkway Bethlehem, PA 18017 6,750 SF
559 Main Street, Suite 300 Bethlehem, PA 18018
Phone: 610•332•1100 Fax: 610•332•1111Page 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
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