8-17-12

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

ISSUE HIGHLIGHTS Volume 24 Issue 15 August 17 - 30, 2012 RIVERWALK: NJ Project of the Month

A S B R O U C K HEIGHTS, NJ — Jai- me Weiss, president of 338 unit Skyline & Boulevard apt. complexes in Hasbrouck Heights, NJ Weiss Realty orchestrates $57.5 million multi-family sale to Kushner Cos. H

“Our close relationship with the Klein family and our local Bergen County area market knowledge played an impor- tant role in the completion of this deal” commented Jaime Weiss. “This is the highest price on record we are aware of for a garden apartment complex in Bergen County and speaks volumes for the property owners, Hekemian & Company and Herbert Klein, recognized leaders in apart- ment rental property owner- ship and management. “Multi-family vacancies are in the low single-digit range and rent growth is rising providing a perfect selling opportunity for our client and we were able to work out a suc- cessful deal with Kushner.” ■

Moonachie basedWeiss Realty has announced the completion of a major sales transaction with the of the 338 unit Sky- line and Boulevard apart- ment complexes in Hasbrouck Heights to the NewYork based Kushner Companies for $57.5 million. Weiss Realty represented owners Skyline and Boulevard Associates in the investment transaction, one of the larg- est real estate transactions in Bergen County in recent history. Jaime and Matthew Weiss brokered this transac- tion on behalf of the selling entitles Herbert Klein and Hekemian & Company.

7-10B

Mericle Comm’l. leases 198,400 s/f in CenterPoint

Boulevard Apartments, Hasbrouck Heights, NJ

115,394 s/f former Railway Express Building in Washington, DC Shister of Cassidy Turley represents Potomac Development Corporation in $30.5 million sale

2C

WASHINGTON, DC —Cas- sidy Turley, a real estate services provider in the U.S., announced today that it ar- ranged the sale of 900 2nd Street, NE, formerly known as the Railway Express Building, in Washington, DC. Jayne Shister of Cassidy Turley rep- resented the seller, Potomac Development Corporation. 900 2nd Street, a 115,394 s/f, 4-story office building, is

Mid Atlantic Real Estate Journal — Pennsylvania —August 17 - 30, 2012 — C

5-12C

mpany Name: Liberty Property Trust peofFirm&OverviewofCompany: LibertyProperty ust is a $6.9 billion (as of 3/31/2012) real estate vestment trust which owns over 79.3 million s/f of ce in 21 markets throughout the United States and d in 1972 and headquartered outside Philadelphia nearly 40 years of experience in development, ingof commercial realestatewith themission rough extraordinary work environments. Liberty’s ndustrial properties offer exceptional locations, menities, cost efficient operations and state-of- mpany’s over 2,000 tenants. Liberty continuously tfolio through expert management, marketing, and gover10.4million s/f of LEED® spacecompleted over 10.9 million s/f in 77 Energy Star certified elop green office space, ndustrial a d warehouse ildings and even clean our properties in an envi- berty Property Trust has been awarded the 2011 ear; NAREIT’s 2011 Small Cap–Gold Leader in the rd of Excellence; NAIOP’s 2008 Developer of the 2008 Sustainability Leadership Award for Design 07GreenDevelopmentAward;U.S.GreenBuilding adership in LEED® Award; and was also awarded l Estate’s Customer Service Award for Excellence eople’s lives through extraordinary work environments. A ffices throughout the U.S. and U.K. 50 employees ered: As one of the nation’s largest real estate Trust offers in-depth local knowledge in multiple lopmentexpertiseanda focusoncustomerservice dustry, all backed by the financial strength of a . Liberty is also the nation’s leading commercial cegreenbuildings.Weprovide realestatesolutions ustomers’ bottom line by focusing on our core , leasing, acquisition and property management.

Company Name: Mericle Commercial Real Estate Services TypeofFirm&OverviewofCompany: Founded in 1985 by Robert K. Mericle, Mericle

Directory Commercial Real Estate Services is a full-service commercial real estate developer and brokerage firm. Mericle has developed close to 16.5 million s/f of bulk industrial, flex, and office space in 15 NortheasternPennsylvaniabusinessparksand lists30Fortune1000 companies among its many tenants and clients. MissionStatement: : Usingamasterbuildermodel,Mericlewilldevelop a variety of speculative, quality, affordable, commercial buildings and prepare pad ready sites throughout Northeastern Pennsylvania and will recruit tenants to these properties, thus creating job opportunities for the residents of Northeastern Pennsylvania. Headquarters: Corporate Center at East Mountain, 100 Baltimore Drive, Wilkes-Barre, PA, 18702 Additional locations: A satellite brokerage office in Williamsport, PA No. of employees: Approximately 200 employees Services and or Products offered: Mericle specializes in the construction of speculative bulk industrial, flex, and office space. Mericle is a vertically integrated, “master builder” that self performs all phases of its projects from acquiring sites, to designing the infrastructure and buildings, to obtaining permits and approvals, to constructing the buildings, to maintaining the buildings after they are completed. What isyourVisionandStrategy in thenextyear: Mericlewillcontinue to build industrial, flex, and office buildings on speculation and will prepare sites for new construction. Whatprojectsareyou involved incurrently: Mericle ispreparingmor than 90 “Ready to Go Sites” in 10 business parks in Northeastern Pennsylvania. For its Ready to Go Sites, Mericle clears and grades the sites, obtains all permits and approvals including all subdivision, land development, and subdivision approvals, installs utilities, and places compacted stone sub-base in the building and pavement areas. Mericle then constructs speculative industrial, office, and flex buildings on its Ready to Go sites. Mericle currently has three spec buildings under construction in on these sites. Upcoming Spotlight Commercial Real Estate Law — August 31 st Auction Directory ......................... 4-5A Financial..................................... 7-18A DelMarVa ................................... 19-24A Calendar of Events......................... 29A TriState Organization ................ 30-31A New Jersey ............................ Section B Pennsylvania ......................... Section C

900 2nd Street

located at the intersection of the NoMa submarket and the H Street Corridor. Originally designed by Daniel Burnham

and constructed in 1908, the asset underwent a full reno- vation in 1989. 900 2nd St. is proximate to the Senate Office

building, the U.S. Capitol and Union Station. Its largest ten- ant is Amtrak, which occupies 30% of the building. ■

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