R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

Trammell Crow Co./Clarion Partners property leased to U.K Primark CBRE represents both parties in 677,088 s/f distribution center lease B ETHLEHEM, PA — CBRE, Inc. (CBRE) has brokered the lease

ISSUE HIGHLIGHTS Volume 27 Issue 3 February 13 - 26, 2015

Property Management

former Bethlehem Steel Com- pany properties. The neighbor- hood now includes Wal-Mart, who recently leased 2.4 million s/f of space in two buildings, Crayola, who leased 800,000 s/f, and Zulily, who also leased 800,000 s/f. The property offers immedi- ate access to I-78 and is adja- cent to the Norfolk Southern Bethlehem Intermodal Ter- minal, making it ideally situ- ated for a distribution center. Primark took advantage of the LERTA tax abatement zone and signed a 10-year lease. They have also recently leased the former Sears store at the King of Prussia Mall, and will be opening several more retail locations along the east coast. n

WOODSTOWN, NJ — War- ner Real Estate & Auction Company , a real estate firm in New Jersey, has been selected by the U.S. Department of Agriculture (USDA) to sell 25 foreclosed single-family homes throughout New Jersey. War- ner, located in Woodstown, NJ will sell all properties through online auction, without re- serve, beginning at 9:00am (EDT) on February 19th, 2015 and ending at 12:30pm (EDT) on March 4th, 2015. #1 : 820 Thoreau Lane, Wil- liamstown, NJ 08094 #2 : 57 Old Salem Rd., Wood- of 2485 Commerce Center Blvd., a 677,088 s/f facility within Lehigh Valley Indus- trial Park VII. The property is a joint-venture between Trammell Crow Company and Clarion Partners . The space was leased by U.K. retail company Primark, and will serve as their primary east coast distribution facil- ity as the company makes its first venture into the United States. CBRE’s Joe McDer- mott represented the tenant, while Vincent Ranalli and Jake Terkanian of CBRE represented ownership. “This is a truly significant


HFF closes the $10.95 million sale of 177,820 s/f

2485 Commerce Center Blvd.

transaction for the entire Le- high Valley community,” said

Ranalli. “This site is part of the overall redevelopment of the

Warner Real Estate to sell 25 USDA foreclosure homes throughout NJ at online only auction


ACE Program EPA adds Healy & Harrington toBOD

2375 Bellevue Ave., Atco, NJ

820 Thoreau Lane, Williamstown, NJ

stown, NJ 08098 #3 : 48 Tecumseh Trail, Browns Mills, NJ 08015 #4 : 4936 Denbigh Court, Mays Landing, NJ 08330 #5 : 434 Payson Ave., Water- ford Works, NJ 08089 #6 : 775GartonRd., Deerfield Township, NJ 08302 #7 : 709 Nautilus Blvd., Forked River, NJ 08731 #8 : 2 Clearview Circle Dr., Newton, NJ 07860 #9 : 14 Glenn St., Browns Mills, NJ 08015 #10 : 1508 W. Cleveland St., Egg Harbor City, NJ 08215 #11 : 48 Blue Spruce Court, Lumberton, NJ 08048 #12 : 2375 Bellevue Ave., Atco, NJ #13 : 335 Woodruff Carmel Rd., Deerfield Township, NJ


#25 : 202 Cedar Lake Dr., Williamstown, NJ 08094 RichWarner , president and founder of Warner Real Estate and Auction Company, said, “This is an incredible oppor- tunity for buyers to purchase USDA foreclosed homes at ab- solute auction with no reserve prices and bid their price! Best of all, the entire auction pro- cess will take place online, so it couldn’t be more convenient for buyers.” Properties may be accessed for inspection if a realtor ac- companies the buyer. Closing will be on or before 30 days from the conclusion of the on- line auction, at 12:30pm (EDT) on 3/4/15. All properties are being sold in “AS-IS” condition with no contingencies. n

#14 : 1757 Main St., Port Norris, NJ 08349 #15 : 286 S. Golfwood Ave., Carneys Point, NJ 08069 #16 : 97 N. Lincoln Ave., Washington, Focus NJ 07882 #17 : 2344 Primrose Court, Mays Landing, NJ 08330 #18 : 203 Allen Rd., Browns Mills, NJ 08015 #19 : 569 Copley Place, Bay- ville, NJ 08721 #20 : 451 Rte. 206, Branch- ville, NJ 07826 #21 : 401 Summer St., Flor- ence, NJ 08518 #22 : 136 Jones Way, Browns Mills, NJ 08015 #23 : 579 Clarks Pond Rd., Bridgeton, NJ 08302 #24 : 2712 Goldenrod Court, Mays Landing, NJ 08330



DelMarVa.................................................................5-6A Financial Digest......................................................7-10A New Jersey....................................................... Section B Central New Jersey.................................................5-11B Pennsylvania.................................................... Section C Western PA/PA’s Engineer Week. .............................5-8C

Upcoming Spotlights February 27, 2015 Commercial Office Properties


Inside Cover A — February 13 - 26, 2015 — M id A tlantic

Real Estate Journal


M id A tlantic ABSOLUTE-No Reserve Auctions! 2 AUCTIONS Kensington/Port Richmond Neighborhood Two Redevelopment Opportunities

Real Estate Journal — February 13 - 26, 2015 — 1A


56,499 +/- SF Former Blossburg State Hospital In the Heart of the Marcellus Shale Gas Region Auction: On- ite March 12 th , 1 PM 2 ABSOLUTE AUCTIONS (Without Reserve)


Warehouse, Retail, Restaurant...You Choose!

Former Colorado Beef Cold Warehouse 24,344 +/- SF with Retail Store

Parcel 2: • 24,344+/- SF Warehouse on .62+/- Acres • Refrigeration/cold storage warehouse with 2 loading docks • Retail store on 1st floor • 7,812+/- SF 2nd floor office with kitchen, conference and storage rooms • Closed circuit camera security system • Close proximity to Aramingo Avenue & Tioga Stations • Convenient access to I-95 and the Betsy Ross Bridge Preview Dates: Wednesday, February 25 th , 12-2 PM Wednesday, March 4 th , 12-2 PM

Parcel 1:



2060 E. Tioga Street, Philadelphia, PA 19134 Kensington/Port Richmond Neighborhood

56,499 +/- SF Complex on 8.77 +/- Acres-Redevelopment Opportunity for Apartments, Multi-Family, Nursing Home, Assisted Living, School/Training, etc. 2

Preview Dates: Thursday, February 26 th , 12-2 PM Thursday, March 5 th , 12-2 PM

Auction: On-Site March 19 th , 1 PM

Parcel 1:

Parcel 2:

520 Ruah Street, Blossburg, Tioga County, PA, 16912 Marcellus Shale Region Parcel 1: 3.08 +/- Acres Parcel 2: 5.67 +/- Acres To be sold separately and then offered together • Fantastic opportunity to re-purpose the complex • Commercial Kitchen, New HVAC Systems, Water and Sewer on-site • Close to Route 15 (The future 1-99 Corridor), Wellsboro and Williamsport the Home of the Little League World Series

• Ready for Reuse - Bid Your Price • Includes gas and mineral rights

888-299-1438 maxspann.com

The former State Hospital for Injured Persons in Blossburg contains 3 main buildings connected by walkways with an attached gymnasium and several out buildings. Tioga County, conveniently located within a day’s trip from nearly 80% of the US Population and is the epicenter of the Marcellus Shale Natural Gas Industry

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2A — February 13 - 26, 2015 — M id A tlantic

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MAREJ A dvertising D irectory ACE Mentor Program. ...........................4C Advantage Engineers.............................4B Barley Snyder.........................................2C Bussel Realty Corp............................. IC-B Columbia Bank.......................................9B Cooper Horowitz.....................................9A CREW Lehigh Valley PA. ....................12C CREW NJ..............................................16B Crude Royalties. ................................. IC-A Crystal Window & Door Systems. .......12A Cushman & Wakefield. ..........................1B Deerwood Real Estate Capital ..............8A Earth Engineering..................................7C Ehrlich, Petriello, Gudin & Plaza........14A Electronic Office Systems.....................15B Elias B. Cohen & Associates................15A Friedman, LLP. ......................................4B Gebroe-Hammer Associates...................2B Harvey, Hanna & Associates.................6A Heller Industrial Parks..........................7B Hinerfeld Commercial Real Estate........1C Kaplin Stewart. ......................................2A Keast & Hood..........................................2C M&T Realty Capital Corporation........10A M. Miller & Son....................................16A Marcus & Millichap................................3A Martin Architectural Group...................9C Max Spann..............................................1A Mericle Commercial RE Services. .... BC-C Meridian Capital Group.......................13B NorthMarq Capital.................................6C Orndee Omnimedia..............................11A POA.......................................................18A Poskanzer Skott Architects....................3B Provident Bank.................................. BC-A Rittenhouse Realty Advisors. ................3C SEBCO Laundry Systems......................2B Sheldon Gross Realty, Inc....................17A Specialty Building Systems. ................13A Team Resources....................................14B The Berger Organization. ................. BC-B The Kislak Company..............................8B Warner Real Estate & Auction..............3A Whitesell.................................................3B Zimmel Associates..................................6B

Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Section Publisher .................................................................... Steve Kelley Associate Publisher .............................................................Alissa Aronson Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Contributing Columnists ........ .Steve Bussel, Bussel Realty Corp.;Sheldon Gross, Sheldon Gross Realty; David Zimmel, Zimmel Associates 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. Rockland, MA 02370 USPS #22-358 | Vol. 27 Issue 3 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

Mid Atlantic Real Estate Journal

Will Sales Cool Down in the NJ Industrial Market This Year? Steve Bussel I n the last fourth quarters, the Northern/Central New Jersey industrial market has experienced leasing and sales activity unseen since 2008, and some of the stron- gest market dynamics since I started in the business 40 years ago. But the BIG story is the “for sale” market. We are experiencing the lowest number of buildings for sale in a generation. Properties are selling 20-30% higher than 2 years ago, depending on the market and the property class. Investor buying frenzy is un- derway between Edison and Port Newark/Elizabeth. Cap rates for leased properties are as low as 5% in areas close to Port Newark/Elizabeth. Buy- ers are less fearful of overpay- ing for properties “betting on” a continued rise in rental rates. With the pace not subsid- ing anytime soon, will sale prices continuing rising, or are we at the cusp of a bubble? If you listen to economists,

they are predicting solid eco- nomic growth this year of 3% to 4% GDP. However, they expect interest rates to rise. If interest rates rise, we expect it to have a potential dampening effect on sales and pricing as properties become even more expensive. Also, many of these investment purchases are being underwritten at rental rates never seen before. It is questionable whether these rent projections can be sus- tained over the longer term. All of this we believe, will cause sales prices to moder- ate or level off and may scare off some potential investors. Nonetheless, cash-flush us- ers with solid business plans and profits will continue to

purchase properties as part of their strategy for business growth. Interest rates and rents being of secondary -- if any -- importance to them. On the leasing side, the Edi- son/287 and the Port Newark/ Elizabeth markets have avail- ability rates around 6% for quality product, with rental rates escalating. Exit 12 and the ports command some of the highest rates. On the flip side, we see weakening in the Exit 8A-7A market. We see spec building causing a potential oversupply. Asking rents for these spec properties are at historical high levels and may not be sustainable. Steve Bussel is president of Bussel Realty Corp. n

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Real Estate Journal — February 13 - 26, 2015 — 3A


M id A tlantic

M id A tlantic R eal E state J ournal 108 units along Washington Ave. in Belleville, NJ Gebroe-Hammer arranges 3 multi-family sales for $9.2m

Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.

ELLEVILLE, NJ — In the Township of Bel- leville, where asking prices for multi-family proper- ties continue to trend upward, Gebroe-Hammer Associates has arranged three trades total- ing $9.2 million/108 units along Washington Ave. in the past 12 months. The brokerage team of man- aging director Joseph Brech- er and senior vice president Nicholas Nicolaou repre- sented the seller and procured the buyer in the most recent transaction, the $4.375 mil- lion sale of 43 units at 574-582 Washington Ave. The very well-maintained three-story building features a mix of 6 studio, 29 one-bed- room, 7 two-bedroom and 1 three-bedroom units. Nicolaou also was involved in two other Belleville transac- tions. He, along with Stephen Tragash , senior vice president, represented the seller and iden- tified the buyer in the $3.77 million sale of 242 Washington Ave. The five-story, 51-unit el- evator building is comprised of 36 studio, 9 one-bedroom and 6 two-bedroom units. Nearby, at 475 Washing- ton Ave., Nicolaou closed the $1.115 million sale of 14 units to kick off the firm’s Belleville activity earlier last year. The three-story building, built in 1927, also has three ground- floor retail units. n B CenterPoint completes built- to-suit container yard for KW Int’l SAVANNAH, GA — Cen- terPoint Properties an- nounced the completion of a built-to-suit container yard for KW International, an inter- national third party logistics provider, at CenterPoint In- termodal Center – Savannah. KW International commenced operations at the 3.14-acre built-to-suit property on Janu- ary 1. JohnNeely and Danny Chase of Colliers Interna- tional represented Center- Point and KW International, respectively, in the transaction. KWInternational’s new facil- ity is four miles from the Geor- gia Ports Authority, adjacent to Highway 307 and within minutes of I-95 and I-16. Facility features include a 900 s/f office, 105 trailer-park- ing stalls and 12 car-parking stalls. n

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4A — February 13 - 26, 2015 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal Both properties offer redevelopment opportunities Max Spann to auction PA warehouse and hospital

Don’t Miss Our Commercial Office Properties Spotlight!

ENNSYLVANIA — A cold-storage ware- house in Kensington/ Port Richmond neighborhood Philadelphia and a former hospital in the heart of the Marcellus Shale Gas Region in Central Pennsylvania are being sold at auction in March regardless of price. Max Spann Real Estate & Auction Co. has scheduled the Philadelphia auction for March 12 at 1 p.m. on site at 60 East Tioga St. The auction of the former State Hospital for Injured Persons in Tioga County has P

60 East Tioga St. (top) and 520 Ruah St.

To participate, please call Linda Christman at 781-871-5298 x 203 or Email Lchristman@marejournal.com

been scheduled for March 19 at 1 p.m. on site at 520 Ruah St., Blossburg. “Both of these offer tre- mendous redevelopment op- portunity for investors,” said Bob Dann , the executive vice president and chief operations officer of the firm. The 24,344 s/f cold-storage warehouse, the former lo- cation of Colorado Beef, is located on .62 acres in North Philadelphia near Armingo Ave. and Tioga Stations with convenient access to I-95 and the Betsy Ross Bridge. The building has a 7,800 s/f sec- ond-floor office with kitchen, conference and storage rooms as well as a close circuit cam- era security system. The 54,500 s/f former State Hospital for Injured Persons consists of three main build- ings connected by walkways with an attached gymnasium and several out buildings. The former hospital con- tains a commercial Kitchen, newHVAC systems and water and sewer on-sit. It sits on 8.77 acres near Rte. 15 (the future 1-99 corridor), Wells- boro and Williamsport, the Home of the Little League World Series. Mineral and gas rights are included with the property. “The former hospital can be repurposed as apartments, multi-family, a nursing home, assisted living, a school or training facility,” Dann said. Both properties are being sold absolute, meaning they will be sold regardless of price. To take the next step, call 888-299-1438 for the property information package, attend the auction and bid. For more information about this and other Max Spann’s auctions, visit maxspann.com. n

SAVANNAH, GA — Cen- terPoint Properties an- nounced the completion of a built-to-suit container yard for KW International, an inter- national third party logistics provider, at CenterPoint In- termodal Center – Savannah. KW International commenced operations at the 3.14-acre built-to-suit property on Janu- ary 1. JohnNeely and Danny Chase of Colliers Interna- tional represented Center- Point and KW International, respectively, in the transaction. KWInternational’s new facil- ity is four miles from the Geor- gia Ports Authority, adjacent to Highway 307 and within minutes of I-95 and I-16. Facility features include a 900 s/f office, 105 trailer-park- ing stalls and 12 car-parking stalls. n Today’s complex real estate market is more demanding than ever. The stakes are higher and the risks are greater, but so are the potential rewards. Wolff & Samson’s Real Estate, Development and Land Use Group combines experience, creativity and business acumen to skillfully navigate clients rough the multitude of real estate and regulatory issues involved in the acquisition, financing, development, redevelopment, leasing and management of property. Our results-driven, transaction-orient d practice is equipped to take on the full spe trum of real estate legal matters.

Attorneys at Law www.wolffsamson.com

Real Estate Journal — February 13 - 26, 2015 — 5A


M id A tlantic

W Armada Hoffler Properties sells 49,200 s/f office bldg. Divaris inks sale of medical office building for $15.45m ILLIAMSBURG, VA — Michael Di- varis , president of

DTZ selected to manage renovation Beacon Capital leases 112,000 s/f for project

Divaris Real Estate, Inc. , announced that Armada Hoffler Properties has sold the Sentara New Town Medi- cal Office Building to an un- disclosed purchaser for $15.45 million ($314 p/s/f). The 49,200 s/f office building is fully occupied by Sentara Medical Group. The property, which was constructed by Armada Hoffler as a build-to- suit for Sentara in 2008, was under a long-term lease to the group at the time of sale. The building is located at 4374 New Town Ave., within the BALTIMORE, MD — St. John Properties, Inc. has revealed the company’s list of 2014 corporate highlights and accomplishments. The company signed 291 leases throughout its Maryland-Virginia portfolio in 2014, totaling more than 1.7 million s/f of R&D/flex, office, retail and warehouse space. Some highlights are: • Signing the 50th lease at The Government and Technol- ogy Enterprise (The GATE at APG) project, a 416-acre business community located in- side Aberdeen Proving Ground (APG) inHarford County. Since assuming full construction, marketing and leasing rights in 2009 to continue the develop- ment of The GATE at APG, St. John Properties has developed 12 office and research and development (R&D) buildings totaling more than 600,000 s/f of space, and has leased ap- proximately 530,000 s/f of new space. • Launch of the company’s Gaming Division to acquire, stabilize and improve exist- ing casino properties situated throughout the country, as well as develop and construct new projects. • Sale of 16.5 acres of land at Ashburn Crossing in Loudoun County, Virginia for $8.6 mil- lion. The property is located

4374 New Town Ave.

New Town mixed-use complex in Williamsburg. Alex Divaris, CCIM , vice president, and Jason Oliver, CCIM , senior associate, of Di- varis Real Estate's Investment

Sales Group, together with Michael Divaris, represented the seller, Armada Hoffler Properties. The sale reflects a capitalization rate of 6.31% on in-place income. n

MedStar Health at Lafayette Centre rendering

WASHINGTON, DC — MedStar Health has signed a long-term lease agreement with Beacon Capital Part- ners, LLC , to develop a 112,000 s/f ambulatory care campus at Lafayette Centre, between 20th and 21st streets in northwest Washington, DC. Bob Gilbert, president of Med- Star Ambulatory Services, said, “Organizing care around patients’ needs, with respect for their busy work and life schedules, makes it easy and convenient to get care—and a lot less likely that someone will put off seeing a doctor or ignore symptoms altogether. Building facilities around the patient is a proven model for efficient, effective care, and MedStar is excited to be bring- ing this to Washington.” MedStar will occupy 92,000 s/f of the Lafayette Centre’s Building 2, which will be re- named the MedStar Health building. MedStar will have clinical treatment areas and offices on six floors and a dedicated lobby off 21st St. In addition, MedStar will lease 20,000 s/f of Building 1 on 20th St. This space will be redeveloped as a sports medi- cine center that will serve all levels of athletes and weekend warriors in the District and surrounding communities. The MedStar Surgery Cen- ter, which has served the community for more than 35 years at its 19th St. location, will also be relocated to the MedStar Health building, with state-of-the-art surgical capabilities. Primary care and specialty physicians currently

practicing nearby will relocate their offices to the center. “Our physicians look for- ward to working in a setting that brings together primary and specialty care, and a range of other clinical and diagnostic services,” said Andrew Lee, MD, regional primary care medical director for MedStar Medical Group. “This center will make clinical collabora- tion as seamless as possible, benefiting both the patients and the clinical team. It is a significant development in improving the way health care is being delivered today.” Services at MedStar Health at LafayetteCentrewill include: • Men’s health • Women’s health • Primary and preventive care • Heart and vascular care • Orthopaedics and sports medicine • Rehabilitation • Same-day surgery • Full-service medical imaging • Laboratory services • Other specialty services The new facility will have dedicated patient parking spaces in the Lafayette Centre garage. “One of the attrac- tive features of this location was its convenient access and parking, with a 533-car garage and two entrances off 20th and 21st streets,” said Gilbert. The location is also close to Metro’s Orange, Blue and Red lines. The center is expected to be operational in mid-2016. DTZ (formerly Cassidy Turley ), a commercial real estate ser- vices firm, has been selected to manage the renovation for Beacon Capital. n

St. John Properties 2014 highlights include 97,000 s/f lease with Cisco Systems in MD

8135 Maple Lawn Blvd.

ing in the Maple Lawn mixed- use community in Howard County. “2014 was a very good year for St. John Properties, as our team exceeded every leasing, acquisition, sales and construc- tion goal, as well as establish- ing strong momentum as we move into 2015,” said Larry Maykrantz , president of St. John Properties. “We remain among the few commercial real estate companies in the Mary- land area that anticipate the marketplace and consistently construct speculative real estate projects. In addition, our leasing and retention rate exceeds the industry standards, based on our ability to identify and satisfy the real estate requirements of our more than 2,000 clients.” n

along Gloucester Parkway. • Groundbreaking for a new 12-screen, 45,000 s/f movie the- atre for R/CTheatres at Lexing- tonExchange, amixed-use proj- ect located at the intersection of Three Notch Rd. and Wildwood Blvd. in California, MD. • Acquisition of a three- building, 125,000 s/f office/flex portfolio located in Sterling, Virginia for $11.65 million. St. John Properties now owns and manages more than 570,000 s/f of office and flex space in the Northern Virginia market, and owns approximately 83 acres of land for several future develop- ment projects. • Signing of a 97,128 s/f lease with Cisco Systems, Inc. at 8135 Maple Lawn Blvd., a four-story, 138,900 s/f class “A” office build-

6A — February 13 - 26, 2015 — M id A tlantic

Real Estate Journal


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F inancial D igest

Real Estate Journal — February 13 - 26, 2015 — 7A


M id A tlantic

HFF secures $65.5 million in financing for a 4-building office park in Florham Park, NJ HFF secures $103m refinancing for a class A office building in downtown Bethesda, MD B

ETHESDA, MD — HFF announced that it has secured a $103 million refinancing for an 11-story, 274,526 s/f office building at 7200 Wisconsin Ave. in downtown Bethesda. Working on behalf of the bor- rower, an affiliate of The JBG Companies, HFF placed the four-year termwith a one year extension option, floating-rate loan with SunTrust Bank . 7200Wisconsin Ave. is locat- ed at the corner of Wisconsin and Bethesda Avenues, one of the most sought-after locations in the Washington, DC metro area. The Bethesda Metro Station (Red Line) is less than a five minute walk from the building, and the property features a 7,000 s/f landscaped plaza that serves as the Wis- consin Ave. entrance. Tenants include Edens, Linowes & Blocher, Singapore Economic Development, University Re- search, Enviva and Stone- bridgeCarras. The HFF debt placement team representing the bor- rower included Sue Carras , Walter Coker , Brian Criv- ella , Neil Campbell and Nicole Snarski . ENGLEWOOD CLIFFS, NJ — Procida ’s 100 Mile Fund recently ended 2014 with over $100 million in closed loans, its best year since inception in 2011. Highlights of the Fund’s 2014 activity include; - A $13 million 1st mortgage bridge loan secured by aMedi- cal health campus known as Kirkbride Medical Center in Philadelphia, PA. - A $3.8 million 1st mort- gage bridge loan secured by a hotel in Bronx, NY. - A $3.85 million 1st mort- gage loan secured by a 100% occupied mixed-use property located in Maplewood, NJ. - A $1.75 million 1st mort- gage acquisition / construc- tion loan for a multi lot sub- division in East Hampton,

Park Place

Florham Park. HFF worked on behalf of the borrower, Normandy Real Estate Partners , to secure the loan with First Niagara Bank and Principal Real Estate Investors . Loan pro- ceeds will be used to retire existing debt, upgrade ameni- ties to meet “Best in Class” standards and fund leasing costs for new tenants. Park Place is situated on 30.06 acres at 200-230 Park Ave. along the Rte. 24 cor- ridor in the western part of Florham Park, a northern New Jersey township in Mor- ris County approximately 30 miles west of Manhattan. Amenities include an on-site cafeteria and fitness center, MORRISTOWN, NJ — G.S. Wilcox &Co. announced today that they have arranged financing on several properties in the amount of $26.15 mil- lion, arranged by Gretchen Wilcox , president, Al Ray- mond , principal, and David Fryer , principal of G.S. Wil- cox & Co. Financing includes several industrial/flex properties to- taling $13.2 million, which includes refinancing of an 117,340 s/f industrial/ware- house property located in Wayne, New Jersey. The loan has a 5 year term and 25 year amortization. A loan for $4 million was secured for a 26,000 s/f office building located in Warren, New Jersey. The property was 70% occupied at the time

70-seat conference center and parking for 1,405 vehicles. All four of the three-story build- ings were reconstructed from the steel frame in 2001 and are leased to Fairleigh Dickinson University, M&T Bank, Sun Bank and several of the state’s leading law firms. The HFF debt placement team representing the borrow- er was led by senior managing director Jon Mikula and as- sociate director Mike Lachs . “We were excited to be a part of the Normandy team helping to re-introduce Park Place to the market,” Mikula said. “By partnering First Niagara with Principal, we were able to pro- vide a creative, cost effective solution.” n of closing and includes a 4% fixed interest rate for the ini- tial five years and a 25 year amortization. Two borrowers financed a total of $4.6 million of ware- house space located in Secau- cus, New Jersey for a total of 125,000 s/f. Financing totaling $4.35 million was made for an in- dustrial/office/entertainment property located in Warren, NJ and a retail center located in Denville, NJ. G.S. Wilcox & Co., located in Morristown, NJ, is a full service mortgage banking firm which originates, un- derwrites, and services com- mercial real estate mortgage loans. Founded in 1994, they have been servicing clients for over 20 years. n

7200 Wisconsin Ave.

“This refinancing affords the sponsor maximum flexibility to use additional proceeds to fund tenant and capital im- provements and leasing com- missions and create additional street-level retail, including a future jewel box concept, to take advantage of its loca- tion at the center of one of the

strongest office, retail and residential enclaves in the DC metro area,” Coker said. FLORHAM PARK, NJ – HFF announced that it has secured $65.5 million in financing for Park Place, a four-building, class A office park totaling 351,684 s/f in

Procida’s 100 Mile Fund closes $86m+ in loan originations for 2014

G.S. Wilcox & Co. closes $26.15m for multiple props.

NY. - A $3 million 1st mort- gage bridge loan secured by a mixed-use property located in the Jersey City Heights sec- tion of Jersey City, NJ. - A $3.65 million 1st mort- gage bridge loan secured by a medical office facility located on a prime Rte. 17 location in Hackensack, NJ. - A $16.2 million 1st mort- gage bridge loan secured by a multifamily building known as Mural Arts Lofts located in Philadelphia, PA. The 100 Mile Fund is un- wavering from its middle- market strategy and remains focused on small and mid- sized real estate transactions often neglected by larger institutions. “This series of transactions highlights our

activity in the market as a provider of flexible financing for complex and time sensi- tive real estate transactions,” said Kyle Funsch , director of originations and principal of Procida Funding.” The 100 Mile Fund provides bridge, mezzanine, construc- tion and equity capital to the real estate industry and mid- dle market companies. Since 1995, the firm has completed over three billion dollars of transactions ranging from $500,000 to $50 million. The firm’s founder William Procida has been a promi- nent leader in the tri-state area real estate market for over 30 years, building over one billion dollars in projects and financing more than two billion dollars. n

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Real Estate Journal


F inancial D igest The deal team at Hunt Mortgage included Steven Cox and Michael Powell Hunt Mortgage Group provides $46 million refinancing for a multifamily property in NJ

OORHEES TWP., NJ — Hunt Mort- gage Group , a com- mercial real estate lender, an- nounced that it has provided a $46 million Freddie Mac loan facility to refinance a multifamily property located in Voorhees Township. Village at Voorhees Apart- ments is an 856-unit, garden style apartment complex located at 10 Lucas Dr. Voor- hees Township, New Jersey is located 16 miles southeast of the Philadelphia central business district. The term of the loan is 10 V

years with a 30-year amorti- zation schedule. The financ- ing was structured utilizing both the Freddie Mac Index Lock program and the Fred- die Mac 120-day ERL Pro- gram – two loan structures Hunt began offering earlier this year. The borrower is a New Jersey limited partner- ship. “The borrowers have owned Village at Voorhees Apart- ments since 1998 and are experienced commercial real estate investors and repeat Freddie Mac clients,” said Steven Cox , managing di-

rector at Hunt Mortgage Group. “They have success- fully managed the property since purchase, handling the daily operations and perform- ing basic maintenance work in-house. “In addition, the borrower

Village at Voorhees

HUNTINGDON VALLEY, PA — Gelt Financial Cor- poration , in business since 1989, announced its nation- wide strategic partnerships to bring its clients CMBS loans. This service focuses on loan amounts from $5 to $200 mil- lion. It provides up to 80%LTV with non-recourse and 30 year amortizations. This product will allow our continuously growing cus- tomer base to receive the most competitive terms the indus- try has to offer. Another prime benefit is maximizing their leverage to receive the highest returns on their investments. Gelt Financial is a commer- cial mortgage banker, focused on servicing real estate inves- tors and owner of mid-sized businesses on a nationwide basis. n was able to take advantage of improved property perfor- mance to achieve an increase in loan proceeds to the maxi- mumLTV of 70%,” added Cox. “At the same time, apartment demand in the Philadelphia area has been strong over the past year and is expected to remain that way for the fore- seeable future. These factors made this an attractive deal for Hunt.” Village at Voorhees Apart- ments is comprised of 40 two- and three-story buildings. Property amenities consist of two tennis courts, two swimming pools, two fitness centers, and a clubhouse with internet access. The deal team at Hunt included Cox and Michael Powell , originator. n Gelt Financial brings clients CMBS loans

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F inancial D igest $59,600,000

SYLVAN CORPORATE CENTER 910 & 920 Sylvan Avenue 930 & 940 Sylvan Avenue Englewood Cliffs, NJ The undersigned arranged the above financing

622 Third Avenue New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com

Real Estate Financing

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Real Estate Journal


F inancial D igest Cronheim Mortgage and Cronheim Hotel Capital close $280m in one month Cronheim arranges $19.6m on behalf of Monmouth Real Estate Investment Corp.

RANKFORT, KY — Dev Morris and An- drew Stewart have arranged acquisition financ- ing of $19.6 million for a new distribution facility located in the heart of “Bourbon County”. The 10-year fixed-rate loan was placed with Integrity Life Insurance Company, whom Cronheim represents as corre- spondent and servicing agent. The interest rate was locked on a forward commitment ba- sis, 6 months prior to closing. The subject property is a newly constructed 599,840 s/f, class A industrial build- F

CEDAR KNOLLS, NJ — Woodmont Properties has secured a long-term per- manent loan for Woodmont Knolls at Hanover, the com- pany’s newest luxury apart- ment community in the Cedar Knolls section of Hanover Twp. The financing, provided by Valley National Bank , enables Woodmont to secure permanent financing for the property, which is now fully leased. “With Woodmont Knolls at Hanover benefitting from high occupancy in a robust rental market, we received a high level of interest from a large number of real estate lenders including banks and insur- ance companies,” said David Trager , chief investment of- ficer of Woodmont Properties. “Ultimately, we chose to work with Valley National Bank due to their flexibility and favorable terms.” n mortgage financing forWoodmont Knolls at Hanover We are looking for new, quality transactions to add to our already strong pipeline for 2015. Low rates and capital liquidity are creating a very attractive borrowing climate. It’s not too early to discuss 2015 or 2016 loanmaturities. n Woodmont Props. receives first ing, situated upon 92 acres in Frankfort, Kentucky. The facility is adjacent to one of the tenant’s main distilleries and one mile north of I-64, the major distribution corridor be- tween Louisville and Lexing- ton, and is ideally situated to capitalize on the international resurgence of bourbon sales. IN ADDITION. . . CronheimMortgage and its hotel finance affiliate, Cron- heim Hotel Capital , have closed $280m in transactions in the past 30 days to end 2014 with a bang. This caps another strong year for Cron- heim with 2014 financings closed in 13 states on retail, hotel, industrial, multifam- ily, office and medical office assets. Our clients continue to rely on us for our strong capital relationships, including our 13 insurance company cor- respondents, creativity and superior transaction skills.

FANNIE MAE LOAN $27,075,000 Acquisition of 196-unit garden apartments Yardley, PA

FREDDIE MAC LOAN $10,137,000 Acquisition of 120-unit garden apartments Dover, DE

FHA 221(D)(4) LOAN $23,025,300 Newconstruction financing 160-unit garden apartments Frederick, MD

CONDUIT LOAN $20,000,000 Acquisition of 182,583 sf retail center Phillipsburg, NJ

Building relationships is important.

Understanding what’s important. At M&T, we know that growing and maintaining strong relationships with our customers truly matters. This is how our experienced origination, underwriting and asset management teams provide financing solutions that meet each borrower’s unique needs. And our customers like the way we do business. We’re proud that 75% of our new business comes from repeat borrowers. Find out how you can become one of them.

Contact us at 1-800-737-2344. mandtrealtycapital.com

Basedon internalcustomerdata.All loansandall terms referencedhereinaresubject to receiptofacompleteapplication,creditapprovalandotherconditions. ©2015 M&T Realty Capital Corporation.

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P roperty M anagement

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Real Estate Journal


P roperty M anagement

LUSHING, NY — Steve Chen , chief operating officer for national man- Crystal Windows executive’s presidency extended for additional year Chen of Crystal Windows to lead Northeast Window & Door Association through 2015 F exciting things coming this year. I welcome the opportunity to champion these efforts for another year.” He was also featured in 2014 by The New York Real Estate Journal as its April “Executive of the Month.”

for an additional year and he accepted the request. Chen has led the NWDA since January 2013 and his normal two-year term would have concluded at the end of 2014. NWDA focuses on issues critical to the fenes- tration industry and represents approximately 100 window and door manufacturer and supplier companies. “I am honored to be asked to continue in a leadership role with NWDA,” said Steve Chen. “The Association accomplished a great deal for its members in 2014 as part of its overall stra- tegic plan, and there are more

and the Queensborough Com- munity College Advisory Board on Continuing Education. He also acts as a national judge for Window & Door Magazine’s an- nual industry awards program in the manufacturing category. Steve Chen has received many notable business and industry recognitions. Glass Magazine named him a top “20 Under 40” industry executive, the Queens Chamber of Com- merce ranked him as one of the borough’s “Top Executives Under 40,” and he received the “Rising Star” Award from a leading Queens newspaper.

u f a c t u r e r C r y s t a l Window & Door Sys - t ems , wi l l continue as president of the North- eas t Wi n - d o w &

The Northeast Window & Door Association regionally represents the fenestration in- dustry, offering seminars on the latest technologies and product innovations, as well as speakers on important legislative and regulatory issues impacting the industry. In recent years, the organization has increased its advocacy role, working with key government officials and influencers that help shape the industry and marketplace. n The Goldstein Group welcomes 3 new salespeople to their team PARAMUS, NJ — Chuck Lanyard , president of The Goldstein Group , New Jer- sey’s leading retail real estate brokerage firm, announced that three new salespeople have joined the firm as part of the company’s continuing expan- sion plans of their leasing and sales team. Vincent Giambona brings over 20 years of experience own- ing and operating restaurants throughout the states of New Jersey and Florida. As a general contractor and project manager for numerous investments, he was responsible for develop- ing and overseeing numerous real estate developments to completion. Leslie Small worked as a real estate manager for nu- merous national and regional tenants across the east coast including T-Mobile, Metro PCS and Bechtel Power—a major vendor for AT&TWireless. Her responsibilities included the handling of site acquisitions and subsequent leasing to land use and zoning. Amir Sankar worked for Costanza Commercial Real Estate where he was in charge of acquisitions for franchise development sites in addition to handling a portfolio of both residential and commercial properties. “We are pleased to welcome Vincent, Leslie, and Amir to our team,” said Lanyard. “The three bring with them a unique and diversified background making them all an integral part in the enhancement of the retail real estate services we provide to our clients and landlords.” n

In addition to being COO for New York-based Crystal Windows, Steve Chen oversees operations for Crystal’s Chicago and Riverside (CA) manufac- turing facilities. He is also the president of Crystal’s Missouri- based aluminum extrusion subsidiary. Along with his NWDA posi- tion, Steve Chen serves on several other boards, includ- ing the Board of Directors for Queens Theatre in the Park

Steve Chen

Door Association (NWDA) through 2015. Chen was re- cently asked by the Associa- tion’s Board of Directors to extend his term as president

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P roperty M anagement Specialty Building Systems


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P roperty M anagement

Over 50 years of experience The Law Firm of Ehrlich, Petriello, Gudin & Plaza

T he law firm of Eh- rlich, Petriello, Gu- din & Plaza has pro- vided quality legal services to clients in New Jersey and New York for more than five decades. Our law firm pro- vides a variety of services for individuals and businesses in many areas of law. Ehrlich, Petriello, Gudin & Plaza is a full-service law firm with offices in Newark, New Jersey, Morristown, New Jersey and New York City. You can feel confident placing your legal needs in the competent, capable hands

Partner Profile

Derek D. Reed department a n d h a s e x t ens i v e experience in complex c o m m e r - c i a l , r ea l estate, ad- mi n i s t r a - tive, land- lord/tenant, property tax ap- D erek D. Reed is a se- nior associate in the firm’s civil litigation

peals and family/matrimonial law matters. He has handled numerous cases venued in the state courts of NJ and NY, along with the U.S. District Court, District of NJ and in the Eastern and Southern District Courts of NY. Reed handles matters in the NJ Office of Administrative Law regarding challenges to vio- lations of the NJ Hotel and Multiple Dwelling Law cited by the NJ Department of

Community Affairs and has successfully represented and advised numerous property owners, developers and man- agement companies regarding negotiation of these penalties and abatement of violations. His administrative experience also extends to defending prop- erty owners in actions brought by the NJ Department on Civil Rights for alleged violations of the Fair Housing Act and NJ Law Against Discrimination.

Additionally, Reed is an in- structor with the Rutgers Uni- versity School of Continuing Legal Education, lecturing on trial testimony and adminis- trative procedure. He has also lectured extensively on various aspects of owning and manag- ing multi-family real estate in NJ, including commercial and residential leasing, the New Jersey Fair Housing Act, New Jersey Security Deposit Act and Abandoned Property Statute. of our experienced attorneys. Founded in 1955, the firm has grown in diversity of practice areas and accumu- lated experience to become one of the premier mid-sized law firms in the New Jersey- New York metropolitan area. Our clients include individu- als, small businesses, large corporations, publicly traded companies and government agencies. Our attorneys have lec- tured to industry groups, providing our expertise in diverse areas of law to other attorneys and interested members of our community. We are active members of the state and local Bar Asso- ciations and industry groups that serve the needs of our clients. We are active in local government, with one of our attorneys currently sitting on a local zoning board of adjustment. We are assist- ing citizen groups and are active in local government in Newark in an effort to make Newark a better place to live and work. For over 50 years, we have successfully represented our clients in cases arising from breach of contracts, business disputes, divorce and family law issues, negligence and personal injuries, collections of debts, and other varied and important matter. We are one of the highest volume filers of landlord-ten- ant eviction cases in New Jer- sey. Partner Bruce E. Gudin is the author of The Guide to Landlord Tenant and Related Actions in the Superior Court of New Jersey , which publica- tion is considered to be the leading landlord-tenant law treatise relied upon by both judges and practitioners. n


represented owners, managers and developers for over 40 years in all aspects of real estate matters including:

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60 Park Place Suite 1016

555 Fifth Avenue

14 Floor

Newark, NJ 07102 973-643-0040

New York, NY 10017


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