28A — April 14 - 27, 2017 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

KLNB announces retirement of managing partner Georgelakos

For $15 million all cash; the property was 98% leased Ghp Office Realty and Rd Mgmt. sell shopping center

Baltimore, Md — KLNB announced that An- drew Georgelakos , prin-

erties and Merritt Properties expanded from the Baltimore region into the burgeoning Northern Virginia market, and the sales that resulted led to expansive growth in revenue, company size and geographic reach for KLNB. Looking back at his 31 years at KLNB, Georgelakos says what he is most proud of is the firm’s status as an employee-owned company. “Young people who are will- ing to work really hard and embrace their entrepreneurial spirit have the very special opportunity to earn a share of the business. We end each year debt-free, with the ability to reward those shareholders with the profit,” he said. “The success of our company is fu- eled by employees who own the company.” n Agreements about repairs and renovations should be in writing and, in the best case scenario, come complete with a detailed floor plan and a cost estimate from a reputable contractor. But, it’s important to note that this standard is different from property to property. 9. Who is responsible for insurance? When signing a lease for an office space, we tend to skip over insurance. And, as a result, a lot of buildings (especially those with sev- eral tenants) are coverable by insurance policies that are inadequate in some respects and overlap in others. Thus, if a major disaster (like a fire) occurs, it can take years for the various insurance com- panies involved to check out the claims and decide where coverage begins and ends. 10. Will the office space meet your technology needs? Most commercial properties offer tenants networking op- tions like T1s, fiber, DSL, and Cable. If your business will require a ton of bandwidth for its successful operation, make sure that the property has the infrastructure to support your needs. Moving to a new commercial space can be a hassle. But, if you ask your commercial agent the aforementioned ques- tions, it can take a lot of the headache out of the process. Good luck! James Malcolm is the marketing specialist at RAM Real Estate Asset Management. n

c i p a l a n d m a n a g i n g partner will retire June 3 0 , 2 0 1 7 . Georgelakos w i l l l e a v e KLNB after leading the f i rm to i ts

ORT WORTH, TX — GHP Office Realty and its partner, RD Management , are pleased to announce that they sold a 136,000 s/f grocery-anchored shopping center located across from Texas Christian Uni- versity in Fort Worth for $15 million all cash; the property was 98% leased at the time of the sale. The New York based part- nership purchased the proper- ty during the economic down- turn in 2008 for a substantial discount to replacement value. After an extensive capital and repositioning campaign, the property’s two major build- ings were net leased to credit tenants, Albertsons and Cook Children’s Health Founda- tion. The large multitenanted retail building is essentially fully occupied with such ten- ants as Dollar General, Ace Hardware and Subway. The 10 acre property is three miles from downtown Fort Worth, and located within an in-fill affluent area. The group invested the pro- ceeds in the acquisition of 660 White Plains Rd., Tarrytown, NY. RD Management is based in Manhattan and was repre- sented by managing partner, Rick Birdoff . It is one of the country’s leading shopping center owners and develop- ers. The company owns and operates over 20,000,000 s/f in 15 states and is currently de- veloping major projects in the New York area, Minnesota, Florida and Austin, Texas. In Tarrytown, NY — GHP Office Realty announced that, along with a group of pri- vate investors, it has acquired one of the largest and most F NY, NY — WiredScore announced the formation of the WiredScore Connectivity Advisory Committee. Appoint- ing ten professionals to serve as its inaugural members, the WiredScore team will receive strategic counsel as they con- tinue to improve the Wired Certification product, provide industry thought leadership and expand into new markets and verticals. WiredScore is the pioneer behind the internationally- acclaimed Wired Certification standard, which evaluates and distinguishes best-in-class

Andrew Georgelakos

two most successful years, with nearly $1.5 billion in an- nual transaction volume for both 2015 and 2016. Among his many achieve- ments, one of the most notable was Georgelakos’ foresight in the early 2000s about the po- tential for expansion around the Washington Dulles In- ternational Airport. With his encouragement, St. John Prop- 5. Do you have “right of first refusal” if the space next to your becomes va- cant? There are some instances when a tenant is faced with unexpected growth and, when that happens, there are some landlords that will move you to a larger space with no penalty. But, it’s important to note that is dependent on the landlord. If there is a “right to refusal” clause in your lease, it will ensure that you get first dibs if any adjacent spaces become vacant. 6. Is it possible to secure a non-compete clause so that a competitor cannot open up shop in your center or building? Having a competitor in close distance can spell disaster for your business but usually, there are zoning laws in place to protect your company. Still, it may be possible for you to negotiate stricter limits with your landlord. 7. Is it possible to enter into a CAM Stop Lease? A lot of leases today are triple net i.e you are respon- sible for paying the rent as well as a share of the property taxes and CAM fees for the property. A Cam Stop Lease will ensure that you are only responsible for the increase in property taxes and CAM fees above your initial base year. You may also want to ask for a cap on the CAM so that it won’t increase by more than a certain percentage. 8. What happens in if a major system (like electri- cal, plumbing, or HVAC) fails?


iconic office buildings in West- chester County – 660 White Plains Rd. in Tarrytown. The six-story building is 280,000 s/f and is presently 85% occupied with more than 30 tenants. The pyramid shaped building is visible from the New York State Thruway, I-287, the Sprain Brook Parkway; it is 2 miles from the Tappan Zee Bridge and 30 minutes north of New York City. The building was purchased at a substantial discount to replacement cost. The pur- chasers intend to initiate a substantial capital campaign to restore the building to a premier position as one of the most sought after properties in the suburban New York Area. The property was one of the last speculative office buildings built in Westches- ter. GHP principal Andrew Greenspan confirmed that the new owners are intent on bringing their considerable expertise and resources to the property. “We live and work in Westchester. We are head-

quartered in Westchester. We own and manage a dozen other properties nearby. We have the capital plan and “know how” to restore this property to the highest level.” Greenspan added that renovation plans will include upgraded land- scaping, lighting, parking lots, renovated lobbies and common areas, new state of the art fit- ness center, modernized food service and a revamped build- ing and mechanical systems. “The acquisition of 660 White Plains Rd. is a natural exten- sion of what we do,” he added. Mortgage Financing was provided by James Houli- han and Bryan Houlihan of Houlihan-Parnes Real- tors, LLC . Andrew Merin of Cushman & Wakefield’ s Capital Markets Team rep- resented the seller. The pur- chaser was represented by Andrew Albstein, Esq of Goldberg Weprin Finkel Goldstein, LLP . Title was provided by John Martin, Esq of the All New York Title Agency. n of real estate, Zayo ; John Gilbert III ,COO and execu- tive VP, Rudin Management Company ; Tim Lehotsky , VP, building technology sys- tems, WSP / Parsons Brinck- erhoff ; Neil Pennell , head of engineering and design, Land Securities Group PLC ; Scott Puopolo , executive VP, infor- mation solutions, iconectiv ; Jim Read , consultant, digital & smart building technologies, Arup ; Chris Smith , senior program manager, innovation, Google Fiber ; Bill Tyson , group VP, business operations, Charter Communications n

continued from page 2A 10 Questions to ask your . . .

WiredScore forms of connectivity advisory committee internet connectivity in com- mercial buildings. Trusted by tenants in over 80 cities includ- ing, London, Paris, and soon, Berlin, the Wired Certification seal signifies that buildings have been independently evalu- ated and guaranteed to provide internet infrastructure that today’s businesses require to thrive.

The inaugural members in- clude: Bill DelGrego , ex- ecutive director, business de- velopment, Extenet ; Susan Gerock , VP, IT and chief in- formation officer, Washington REIT ; Kevin Gerson , director

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