14C — June 22 - July 12, 2018 — Mid-Year Review — M id A tlantic
Real Estate Journal
L icensed S ite R emediation
By Rodger A. Ferguson, Jr., PennJersey Environmental Consulting New Jersey moves to clean up and reuse
cleanups under the Site Re- mediation Reform Act (SRRA) of 2009, which created the
New Jersey identified 26,000 sites in need of remediation and most were on a waiting
program. From 2001-2008, just before the LSRP program was created, 2,918 remedia- tion cases were closed, and 6,223 were closed from 2009- 2016. The LSRP program was not fully functional until 2012. • The number of closed sim- ple cases, which are described as the remediation of soil only, increased by 76 percent during that period. •More complex cases, which includes groundwater contam- ination and multi-phase re- mediations, increased by 129 percent between 2009-2016 to 1,783 cases closed, when only 777 complex cases were com- pleted from 2001-2008. • Emergency cases and other categories also saw a large jump from 427 cases in 2001-2008 to 1,241 in 2009- 2016. That’s an increase of 232 percent. In fact, there are more con- taminated sites actively being worked on today than ever be-
for anticipated new construc- tion to begin toward the end of the year and proceed into 2019 and beyond. Lastly, the data center market continues its hellacious pace of the past three years as the ravenous appetite for data consumption, storage and computing power escalate; remaining an investor sweet spot. Companies now list data access as important an infrastructure priority as any of the conventional types. Gaining Steam… or Over- heating? The remainder of 2018 looks to have all the requisite parts in alignment to continue a steady healthy path. As aforementioned not without potential speedbumps or pitfalls. Warren Buffet may have put it best regarding eco- nomic prognostication, “In the business world, the rear view mirror is always cleaner than the windshield.” Jay Haines is vice presi- dent of NAI Summit in Allentown, PA. sales and leasing brokerage services and will assist Jor- dan Metz , vice president of BRC in covering the Northern New Jersey industrial mar- ket, specifically near the ports markets. fore because of the LSRP pro- gram, the NJDEP’s oversight and the SRRA. These sites are in every area of the state and are being cleaned faster than ever before with no loss in the quality of the remediation. On the ground, the statistics mean more fallow brown- fields are becoming produc- tive businesses. Empty lots with contamination beneath the surface are being remedi- ated, protecting surrounding communities and the environ- ment. It’s quite an accomplishment and one that is good for the public, the environment and business. Rodger A. Ferguson, an LSRP since 2009, is the president of the New Jer- sey Licensed Site Reme- diation Professional As- sociation and president of PennJersey Environmen- tal Consulting in Milford, NJ.
f you have travelled through New Jersey in recent years, you may
have noticed a difference. Maybe you saw an old f a c t o r y i s g one , t ha t a new town c ent er has opened, or a new residen-
The LSRP programwas created to help responsible parties move their environmental projects to completion and it has.
LSRP program. This summer, the state may reach 12,000 environmental cleanups and 13,000 by the beginning of 2019 if the trends continue. LSRPs, a new concept in 2009, are now an integral part of New Jersey’s environmental remediation process. They identify and document the steps necessary for remedia- tion, keeping projects on track to meet the timeframes of both regulators and the parties seeking to bring properties back to productive use. The LSRP program was created to help responsible parties move their environ- mental projects to completion and it has. Before the SRRA,
list with the New Jersey De- partment of Environmental Protection (NJDEP). Now, with the assistance of LSRPs, that number has been reduced to around 14,000 sites. LSRPs’ work also has freed up the NJDEP’s staff to focus on sites posing an im- mediate threat to our citizens where a responsible party is not identified or available. Withmore resources dedicated to remediation, more is getting done. NJDEP reports that reme- diation closures in the seven years after the creation of the LSRP program in 2009 are taking place twice as fast as in the seven years before the
tial high-rise or school is under construction in places like Camden, Passaic, Newark, and Jersey City, or even right in your home town. Throughout the state, New Jersey is cleaning contaminat- ed sites and turning them into productive, attractive facilities - and the state’s Licensed Site Remediation Professionals (LSRPs) are proud to be part of this success. By the summer of 2017, New Jersey reached a mile- stone - 10,000 environmental
WILMINGTON, DE — 927 Orange St., located on the corner of 10th and Or- ange Streets in Downtown Wilmington, has been sold. The buyers are WT Part- ners LLC, a local investment group who plans extensive renovations to the property. The mixed-use building features long established retailers Downtown Cleaners and the Benjamins on 10th NAI Emory Hill’s Hickey brokers mixed-use building sale The Society of Industrial and Office Realtors set for Warsaw Restaurant as ground floor tenants. The new owners will construct and deliver six newly renovated apartment units on the upper three floors. The building is located directly across from the Nemours Building and cad- dy-corner to the Hotel Du- Pont. The seller, Tsaganos Brothers Investments LLC had owned the property since 1983. Jon Hickey of NAI Emory Hill was the sole broker in the transaction. 927 Orange St.
Gaining Steamor Overheating? . . . EDISON, NJ — Bussel Re- alty Corp. (BRC) announced Kenneth Yeglinski II has joined the company’s brokerage division as a sales associate. Yeglinski is responsible for new business development, Yeglinski joins Bussel Realty Corp.
continued from page 3C ease as cost efficiencies and improved front-end sales soften losses for the big box retailers. Retail will continue its para- digm trend toward discount and lower priced goods trying to find its equilibrium between e-commerce and conventional bricks and mortar retail sites. Several commercial real es- tate sectors worth a mention are the hospitality industry, seniors’ housing and care along with data centers. Each car- ries its own special strengths through the start of the year and will continue this on this path. Hotel investment and de- velopment are striving to keep pace with the rapid growth of leisure travel nationwide. The well-heeled, travel happy senior citizens supply the lion’s share of spending on lodging. Senior housing and care now has affectionatelymorphed into ‘active adult or age restricted’ housing. Previous overbuilding has been absorbed posturing
WASHINGTON, DC — The Society of Industrial and Of- fice Realtors (SIOR) is holding this year’s European Conference in Warsaw to shine a light on the business opportunities Po- land has to offer. With over 3,200 members worldwide, SIOR is the leading global professional office and in- dustrial real estate association and the European conference is considered one of the most important events in the SIOR schedule. The conference, which takes place from Wednesday 27 June to Friday 29 June 2018, will attract over 150 companies from Poland, including some of the country’s biggest property players. A number of interna- tional investors, developers and consultants working in commer- cial real estate will also be in at- tendance, including members of
the Royal Institute of Chartered Surveyors and the Industrial Asset Management Council. The association’s conference programme will provide mem- bers with a forum for debate as well as an educational platform to share best practice and learn about new initiatives and dis- ruptors in the industry. There will be a mix of sessions, panel discussions, debates, Q&As, workshops and educational sessions, plus social and net- working events. Speakers will debate a range of topics, from traditional office models and whether they’re fit for purpose, to misthinking globalisation and the implications for long-term investors. Keynote speakers include: • President Lech Wałęsa; former president, co-founder of Solidarity trade union and
Nobel Peace Prize winner. • Paul Redmond; researcher, keynote speaker and expert in generation X, Y, and Z theory and employability. • Richard Baldwin; a profes- sor of international economics at the Graduate Institute of International and Development Studies in Geneva and Presi- dent of the Centre for Economic Policy Research. Renata Osiecka, SIOR Europe president, said: “Our conference is designed to bring together the best of commercial real estate under one roof to network and do business. The purpose of this is to help develop and foster international relationships and business opportunities between members, while providing the latest news and insight with our educational programme of events.”
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