6-8-12

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

ISSUE HIGHLIGHTS Volume 24 Issue 11 June 8 - 21, 2012

Consisting of four properties totaling 1,106 units Beech Street Capital provides $68m to refinance PA & DE apt. portfolio

Development of the Month

oston, MA — Beech Street Capital provided $68 million in Fannie Mae conventional loans to refinance four properties lo- cated in Conshohocken and Philadelphia, Pennsylvania, and Newark and New Castle, Delaware. Brian Sykes, vice president out of Beech Street Capital’s Boston office, origi- nated the transaction. The repeat borrower, the Gal- man Group, approached Beech Street looking to lock in histori- cally low interest rates on four properties in their portfolio that would be maturing over the next year. The properties were encumbered with loans each having a different date on which it could be repaid without penalty, with the payoff dates ranging from a few months to over six months. Beech Street B

rate locking the loans under a standard closing,” said Sykes “This transaction illustrates how well the Fannie Mae for- ward rate lock program can work and confirms that it can be an effective tool to allow borrowers to lock in low rates while at the same time being able to reduce or eliminate prepayment penalties.” The portfolio consists of four properties totaling 1,106 units in the Philadelphia-Cam- den-Willington MSA. North Lane with 101 units is in Conshohocken, Sedgwick Sta- tion with 93 units is located in Philadelphia, Buckingham Place with 278 units is located in Newark, and Castlebrook with 634 units is in New Cas- tle. The fixed-rate loans have a 10-year term with 9.5 years of yield maintenance. n

16-17A

worked closely with Fannie Mae and suggested the forward rate lock program, allowing the borrower to take advantage of the current low interest rate environment while reducing the prepayment penalties. “The Beech Street team

exceeded our expectations with their expertise and re- sourcefulness,” said Sam Goldstein, chief financial of- ficer at the Galman Group. “Beech Street was able to give the borrower an “all-in cost,” which was about the same as

Appraisal Institute Spotlight

AvidanManagement announces 304,000 s/f lease transaction at 99 Hook Road in Bayonne, NJ

21-25A

MBCEA awards Hance Construction

99 Hook Road

BAYONNE, NJ — Avidan Management announced a lease transaction at 99 Hook Rd. RPM Warehouse has renewed a lease for 304,000 s/f of space at the premier industrial facility. “We’re extremely pleased that RPM Warehouse has made the decision to remain at our Bayonne facility,” said Avi Avidan, managing mem- ber of Avidan Management. “As one of the most active and well-established warehousing and transportation companies operating in the port area, RPM is exactly the type of high-quality tenant that we

value.” Situated on 20 acres of land, 99 Hook Road is a 500,000 s/f facility that is located on State Rte. 169. The facility features rein- forced concrete floors, gas-fired space heaters, 40-by-40-foot column spacing, 24-foot ceiling heights, 50 exterior doors with dock levelers, three interior doors, 10 rail doors and ample secured parking. Offering dual feed electric power and gas, the facility provides 400 amps of power per section, and fea- tures an early suppression fast response sprinkler system. Avidan will soon embark on

a site upgrade at 99 Hook Rd. that will include the creation of two new access points. (In addition to the current en- trance on New Hook Road, RPM and other tenants will now be able to access the building from Route 440 and Lafante Way.) The lease transaction leaves just two large-scale avail- abilities remaining inAvidan’s portfolio. The company is cur- rently marketing a 242,000 s/f space at 145 Talmadge Road, a distribution facility in Edison that features a 4.24-megawatt solar electric system, among other amenities. n

Directory

Auctions....................................................6-7A DelMarVa.............................................. 11-18A Financial Digest Featuring the Appraisal Institute........... 19-28A New Jersey.........................................Section B Pennsylvania......................................Section C

www.marejournal.com Upcoming Spotlight Mid Year Review June 22 nd

A Inside Cover — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal

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Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 1A

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2A — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal MAREJ A DVERTISERS D IRECTORY Alan Halpert................................................................................. 3A Apex Realty Advisory................................................................. 21A Appraisal Institute –Region VI ................................................. 23A Atlantic Asset Management Group............................................. 7A Auction Brokers ........................................................................... 7A Barry Isett & Associates Inc......................................................14C Beech Street Capital ................................................................BC-A Berger Organization ....................................................................9B Bergman Real Estate Group .......................................................6B BL Companies ..............................................................................8C Brasler Properties.....................................................................IC-C Bruce Coin Consulting................................................................. 5A Bussel Realty Corp.......................................................................1B Bussel Realty Corp..................................................................... 25A Butler............................................................................................8B CAMPBELL.................................................................................. 9A CBC Bennett Williams......................................................... 33A,7C CBC Pennco..................................................................................2C CBRE ....................................................................................... BC-B Cenova .......................................................................................... 9A Classic Properties ........................................................................3C Columbia Bank........................................................................... 26A Cooper Roofing .............................................................................1C Cooper-Horowitz, inc.................................................................. 11A Cushman & Wakefield ...............................................................10C Deerwood Real Estate Capital .................................................. 20A Earth Engineering Inc .................................................................4C Fitzpatrick Lentz & Bubba........................................................14C Fix Asphalt ................................................................................IC-B Fowler ........................................................................................... 9A Gerber/Somma Associates ...........................................................7B Griffin Land..................................................................................2C Harvey Hanna & Associates, Inc.................................. 13A,17-18A Heller Industrial Parks ...................................................... 31A, 4B High Associates ..........................................................................13C Hinerfeld Commercial Real Estate ....................................... IBC-C Hollister Construction Svcs.......................................................15C Hurley Auctions ..................................................................... 6A,8C Industrial Realty Development...................................................2C Kaplin Stewart ............................................................................. 2A Keast & Hood Co........................................................................15C Kwekel Companies.......................................................................8C Landcore Engineering Consultatants.........................................5C LandmarkJCM.............................................................................5C LandmarkJCM............................................................................. 9A Lebanon Valley Economic Development Corp. ......................... 11C M. Miller & Son................................................................... 3A,IC-C Marcus & Millichap Real Estate Investment Services ...... 18A,3C Max Spann Real Estate & Auction Co. ....................................... 6A Max Spann Real Estate & Auction ............................................. 6A MBC Development .......................................................................1C Mericle Commercial Real Estate Services............................. BC-C Meridian Capital Group, LLC ..................................................... 3A Metro NJ Chapter of the Appraisal Institute........................... 22A MGKF Law...................................................................................3C Mitchell....................................................................................... 15A NAI CIR........................................................................................8C NAI Summit .................................................................................3C New Jersey Paving................................................................. 1A,4B NorthMarq......................................................................... 12A, 11B Patterson Woods......................................................................... 15A Pennsnortheast.com.....................................................................2C Poskanzer Skott Architects .......................................................12B Provident Bank ........................................................... Inside Cover Regal Bank .................................................................................10B Riker Danzig ................................................................................2B ROCK Commercial RE.................................................................6C Rose Metal Systems .................................................................FC-C SEBCO Laundry ..........................................................................2B Sheldon Good & Co. ..................................................................... 6A Sheldon Gross Realty...................................................................2B Southern NJ Chapter Appraisal Institute...........................24-25A The Kislak Company, Inc.............................................................3B The Solomon Organization ..........................................................9C THESING Companies.................................................................. 9A Tighe & Cottrell, P.A.................................................................. 15A TriState Realtors Commercial Alliance .................................... 31A Warner RE & Auction Co...................................................... 6A, 9A Wolf Commercial Real Estate......................................................2B WP Realty..................................................................................IC-B

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Mid Atlantic Real Estate Journal

Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist ........................................................................Ian Wewer Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 11 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

By Ian Wewer Indoor Air Quality: How Healthy is the Air in your Building?

ne of the primary con- cerns of every building owner and property

manager is a building’s indoor air quality. Indoor air quality (IAQ) can be impacted by a multitude of factors, including indoor pollution from smoking or space heaters, chemical emis- sions from cleaning products, volatile organic compounds (VOCs) in building materials and HVAC systems operating below optimum performance. Poor indoor air quality can strongly affect rates of em- ployee absenteeismand produc- tivity. Employees in a typical office setting sit for 90 percent of their workday and work in close proximity to others for extended periods of time. If efforts are not made to remedi- ate improper ventilation and improve IAQ, businesses suffer due to sick, sluggish or gener- ally unhappy employees. The single most important contributor to indoor air qual- ity is a building’s HVAC sys- tem. Regular maintenance and cleaning of the system are

necessary to ensure good IAQ. A balanced ventilation system supplies the right amount of fresh outdoor air, exhausts the appropriate levels of indoor air, expels harmful concentrations of air pollutants, and regulates temperature and humidity levels. Regular, appropriate main- tenance and repair can extend the life of an HVAC system and reduce ongoing operation costs. Investment in regular main- tenance also pays off through healthier employees and less chance of costly remediation of unaddressed HVAC-related issues. If a system is not provid- ing adequate ventilation, oc-

cupants may try to resolve the situation on their own by raising or lowering room temperatures and blocking air supplies with furniture. These activities disrupt the balance of air flow and cause additional problems. Higher temperatures also contribute to an increased release of VOCs found in build- ing materials, thus exposing employees to higher levels of pollutants. HVAC systems should be thoroughly evaluated before and after building renovations, prior to new tenants occupying the building or when the pri- mary purpose of the building changes. It is also important to continued on page 8A

Contact: NEIL A. STEIN (ARVEST$RIVE"LUE"ELL0! s s www.kaplaw.com Other Offices: s#HERRY(ILL.* s0HILADELPHIA0! Kaplin Stewart A t t o r n e y s a t L aw 2EALESTATELAWFROMTHEGROUNDUP Experience Counts. Count On Us.

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 3A

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M ID A TLANTIC R EAL E STATE J OURNAL Office-warehouse at 1615 Wicomico St. in Baltimore, MD Fisher and Brady of Cushman & Wakefield inks 54,600 s/f B redeveloped 325,000 s/f indus- trial facility located in the heart of Baltimore. There is 241,000 s/f available and ready for oc- cupancy. ALTIMORE, MD — Cushman & Wakefield announced that Every-

They wrote the policy.

We make sure they write the check.

ing a master plan for the prop- erty after meeting with local officials and area residents in the weeks ahead. “We invested in this land because it represents an ex- cellent opportunity for us to enter North Carolina’s fastest growing metropolitan area. Such parcels are in the path of development and, in times like these, RedGo can get foot holds in new locations because local developers are nervous and allow good deals to slip by,” Goebert said. Pennsylvania developments completed by RedGo include Lewis Square and the Linfield Office Campus in Royersford, Naamans Creek Corporate Center in Upper Chichester City. “We were able to provide EverythingWarehouse with the expansion space they needed together with secure outside storage in a great location at the right price” said David Berg, managing partner of 1601 Wicomico, LLC. 1601 Wicomico St. is a newly

thing Warehouse, a supplier of industrial material handling equipment, racking and retail store fixtures has signed a long term lease to relocate into 54,600 s/f of office-warehouse at 1615 Wicomico St. in Baltimore

M. MILLER & SON Public Adjusters Since 1960

McLane Fisher and Ned Brady of Cushman &Wakefield of Maryland Inc. represented Everything Warehouse in the transaction. ■

RedGo Development purchases 42-acres for construction of residential complex

1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com

Township, the Willowbrook Business Park in West Ches- ter, Three Tun Business Cen- ter in Frazer, 1055 Andrew Drive in West Chester and the New Continental Plaza of- fice complex in Upper Merion Township. In addition to office and retail complexes, RedGo has constructed residential de- velopments that include the 300-unit Linfield Homes in Linfield Township and Sana- toga Commons in Pottstown. The company is currently in the approval process for a 327-unit senior living facility with 70,000 s/f of office/retail in Limerick Township PA that is scheduled to break ground later this year. ■

GARNER, NC — RedGo Development has purchased 42 acres fronting Rand Rd, where it plans to develop a residential complex. The purchase from Wells Fargo Bank follows RedGo’s acquisition earlier this year of a 32-acre site in Berlin Twp., NJ. According to Fred Goebert, president of RedGo, the Gar- ner parcel was a former mo- bile home park that has since been abandoned. RedGo plans to redesign the site for current market conditions, includ- ing the strong possibility of a single-family rental com- munity. Zoned residential, Goebert said RedGo would be prepar-

Recent Financings Arranged By Meridian Capital Group

Hunters Glen 1,124 Units $49,000,000 Delran, NJ

Steward’s Crossing 241 Units $27,200,000 Princeton, NJ

MILLBURN, NJ Downtown Millburn Retail 284 Millburn Ave. Prime Downtown Location End Cap Unit Millburn Train Station One Block Away Center of Lifestyle Community

6,000 sf for lease

Join Bank of America | Just Salon & Spa Millburn Opitcal & Surgery

West Creek Village 306 Units $16,000,000 Elkton, MD

Woods at Narraticon 150 Units $16,950,000 Deptford, NJ

Dedicated Parking 100 Parking Spots Affluent Market Area

Neighboring Tenants

Demographics

CVS Red Mango Chase Bank Trader Joes Valley National Bank

5 Miles 401,555

3 Miles 107,160

1 Mile 12,203

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Inquire with owner 973-216-1300

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4A — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal

www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL Four lease transactions totaling 24,420 s/f Weiss Realty announces first quarter transactions M 8,042 s/f with Energy Fitness at 50 Piermont Rd., Cresskill. Weiss Realty represented both the landlord, Bren-Cruis and the tenant SDM Fitness. gies has leased 640 s/f. SheldonWaltuch, Orthodon- tist, signed a long-term lease renewal for 1,838 s/f. With these lease signings Colonial Village is now 97% leased. OONACHIE, NJ — Jaime Weiss, presi- dent of Weiss Re-

REQUEST FOR PROPOSAL

The Allentown Economic Development Corporation (AEDC) is soliciting proposals from qualified developers to acquire and renovate 612 W Hamilton Street, Allentown, PA (formerly known as the Schoen’s Furniture Store)

A prime development site for commercial and residential mixed-use development located in the Neighborhood Improvement Zone (NIZ), the Central Business District (B-2), and the Enterprise Zone in Center City, Allentown, Pennsylvania Site Inspection by appointment on: Friday June 8, 2012 and Friday June 15, 2012 Proposal Due Date: Friday June 29, 2012 - No later than 3pm

alty has an- nounced four lease trans- actions the sale of 5,300 s/f medical office build- ing in West NY wi th a total aggre- gate value in excess of $3.4 million. In January Matthew Weiss, VP at Weiss arranged a long- term lease transaction for ENGLEWOOD CLIFFS, NJ — The 100 Mile Fund, a short- duration real estate investment vehicle managed by Procida Funding has announced net returns to investors of 13.8% over its first sixth months of operations. Focused on $2 million to $10 million loans within 100 miles of Procida’s Englewood Cliffs offices, the 100 Mile Fund has originated more than $22 million in loans and utilized leverage through senior par- ticipations. Jaime Weiss

In Edison at Colonial Village Professional Office Park and SC, Weiss Realty, the center’s leasing and managing agent, signed three office leases transactions totaling 3,478 s/f The new tenants include Dr. Yvonne Nelson who has leased 1,000 s/f for internal medicine arranged with MatthewWeiss in cooperation with Paul Sal- vesen of American Properties. SLiQ Information Technolo-

Jaime Weiss, acting on be- half of H.M.L. Realty Corp. arranged the sale of 6701 Bergenline Ave., West NY to an investment client of Weiss Realty for a sale price of $1.42 million. The 5,300 s/f medical office building is leased to Concentra Health Services. Weiss acted as consultant to the landlord H.M.L. Realty in the lease transaction. ■ ect has gone from 10% to 50% leased since securing the loan. “These types of investment opportunities are all over the region,” said president Billy Procida. “Jobs that had stalled during the economic downturn and now just need to secure the right financing and be reposi- tioned for the current market in order to move forward. That’s exactly where the 100 Mile Fund comes in. In addition to the loan, we provide the ad- visory services to make these projects work long term.” ■

For RFP access please visit www.allentownedc.com For questions please contact AEDC at 610-435-8890 905 Harrison Street, Allentown, PA 18103

Procida’s 100 Mile Fund reports 13.8% returns Investments during the fund’s first six months included: A$3.5 million bridge loan to the devel- oper of River Park Estates in North Bergen, a townhome de- velopment that had stalled due to poor market conditions, but has now resumed construction and will convert to rentals.

GENERAL CONSTRUCTION

Commercial • Industrial • Residential

A $4 million bridge loan to the developer of Freehold Commons, a 40,000 s/f office development in Freehold where funds were used to make im- provements to the building’s lobby and entrance. The proj-

HVAC • NETWORK • SOLAR PANEL INSTALLATION • SECURITY • CAMERA • SWIMMING POOL GROUNDING • FIREALARM INSPECTION & INSTALLATION Contact: VINAY SHAH P: 201-488-6088 F: 201-488-6087 Email: shahelec@aol.com 123 Hudson St, Rear Bldg, Hackensack, NJ 07601 Fully Bonded & Insured License #11574

Mid-Year Review

June 22, 2012 Deadline June 12th

This special edition will spotlight topics such as: • New laws, regulations, and policies relating to buying, selling and leasing commercial real estate

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• Dealing with employee issues • New tax laws and regulations • Real Estate Exchanges and TIC • Environmental • Security • Industry Trends • Technology • New Products • Industry Analysis • And More ✩

Interested in writing an

article on your area of expertise, please call 800-584-1062

to reserve your topic

Mid Atlantic Real Estate Journal 781-871-5298 x 203

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Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 5A

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FREE WEBINAR: Tuesday, June 19, 2012, at 2 p.m. E.T., 1 p.m. C.T., Noon M.T & 11 a.m. Pacic time The TASA Group, (Technical Advisory Service for Attorneys) in conjunction with real estate expert Bruce Coin, will present a free, one-hour, interactive webinar, Renancing and Tax Problems for TIC Owners with CMBS Financing, for all legal professionals. In the go-go days of 2004 - early 2007, billions of dollars of TIC - (tenant in common) owned commercial income properties were purchased using 1031 tax deferred exchanges. The majority were nanced with highly leveraged, often fully or partially interest only, debt via the Commercial Mortgage Backed Securities (CMBS) market. The recent great economic recession ofcially began in December of 2007. By January of 2008, over 50% of the world’s investors in mortgage-backed securities withdrew from investing in those securities and what had become the single largest source of mortgage money in the U.S. totally collapsed. Some banks were allowed to fail, some banks were bailed out, and Fannie Mae and Freddie Mac went into government conservatorship.

Since then, rents and property values have fallen. At the same time, the remaining active lenders have become more conservative with their loan underwriting.

Those owners that rolled their previous equities into a 1031 exchange to acquire an interest in a larger property and/or to diversify their investment are now facing disaster as their loans come due. With today’s lower property values and more conservative loan underwritings, it is virtually impossible for a TIC-owned commercial income property to obtain renancing that fully covers what they owe.

During this program, the presenter will cover the following: • The players

o The TIC owners o The bondholders o The trustee o The Master Servicer o The Special Servicer

• 1031 Tax Deferred Exchanges • TIC Ownership and Problems • CMBS Financing and Problems • The Role of the Special Servicer • Problems with the Special Servicer • Potential Solutions

To register for this free program, please visit: https://tasaevents.webex.com/tasaevents/onstage/g.php?t=a&d=667126176

About the Expert Bruce Coin has over 40 years of full-time experience in the interrelated disciplines of commercial income property nancing, valuation and development. He was a co-founder and for 35 years ran Pro-gressive Mortgage Corp., a commercial mortgage banking, brokerage, appraisal and consulting rm and regional commercial mortgage loan and servicing correspondent for a number of major insurance companies. In 2007, he sold Pro-gressive to the Philadelphia ofce of U.S. Realty Capital, LLC. Bruce has personally closed in excess of $1.5 billion of commercial mortgage nancing on all types of income-producing real estate. Structures included 1st and 2nd mortgages, construction loans, permanent loans, immediate and forward commitments, joint ventures, participating mortgages, wraparound mortgages, standbys to lend, standbys to purchase, mezzanine loans and credit enhancements. He has sold, leased, managed and foreclosed a variety of income property types. In 1970 he was instrumental in the formation of Fidelco Growth Investors, the rst commercial mortgage R.E.I.T. in the Philadelphia region. Between 1973 and 2007, he assisted a business partner with the planning, development, nancing, management and leasing of two, one-story ofce developments totaling over 550,000 square feet. Mr. Coin has lectured to joint undergraduate and MBA classes at the University of Pennsylvania’s Wharton School, as well as to classes at Temple and Weidner Universities. His work has been published numerous times, including articles in the NY Times, The Real Estate Review, The Appraisal Journal and other publications. He is an IDECC-Certied Distance Education Instructor (CDEI) and has written four, 7-hour, one 4-hour and one 30-hour IDECC, ARRELLO and AQB-approved online commercial real estate education courses.

He has recently reviewed and evaluated a portfolio of 130 TIC owned and CMBS nanced commercial and multifamily income properties.

Bruce has provided numerous expert reports and court testimony for law rms and clients as both a plaintiff’s and defendant’s expert.

6A — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal

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M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS

HESAPEAKE, VA — Eight class Amedical of- fice condominiums in the Eight class a office condominium units in Virginia Atlantic Asset Management Group to conduct auction C

Properties to be sold at absolute auction Max Spann to auction 53 single family homes & lots

PHILADELPHIA, PA— Sin- gle-family homes and build- able lots scattered throughout Philadelphia are to be sold re- gardless of price at a real estate auction to be held in June. Max Spann Real Estate & Auction Co. has scheduled the auction of 53 Philadelphia prop- erties onWednesday, June 27 at 1 p.m. at First District Plaza, 3801 Market St. The offering comes on the heels of two Max Spann auc- tions, where 500 properties owned by the Philadelphia Housing Authority were sold to homebuyers as well as in- vestors. The auctions, held in November and December last year, provided opportunities for buyers to invest at attrac- tive prices. “For those who are interested in investing in Philadelphia’s future and missed our last auctions in Philadelphia, this is an opportunity that should not be passed up,” said Bob Dann, executiveVP and CEO. “We have a variety of differ- ent neighborhoods and have homes that are ready to rent

partially tenanted Oakbrooke Professional Center, located at 516 Innovations Dr., will be sold to the highest bidder in an on-site auction slated for Thursday, June 28, at 6:30 p.m. (EST). The auction is be- ing conducted byAtlanticAsset Management Group. “This is a phenomenal three- story medical and professional building, constructed in 2008 by one of the premier develop- ers in Hampton Roads,” said William Summs, CEO of Atlan- tic Asset Management Group. “The only reason the building didn’t sell out immediately upon completion was because of the financial crisis that stalled nearby projects that are now coming online.” Atlantic Asset Management Group has scheduled buyer- broker seminar-previews and guided tours (afterward) for anyone interested in bidding on a unit. These will be held June

1139 S. 24th 1343 S. 20th or already leased.” The auction features 43 single-family homes and 10 buildable lots. The first 22 single-family homes selected will be sold at absolute auction, meaning they will be sold re- gardless of price. The first five lots will also be sold at absolute auction. Max Spann is holding 15- minute auction seminars con- tinuously from noon to 2 p.m. on Thur., June 7 and Tue., June 19. The seminar will provide an overview of how to buy at auc- tion, property location review, and property info. package. “I encourage interested bid- ders to come to one of the semi- nars to learn how easy it is to buy at auction,” Dann said. ■

Eight Class A office condominiums in the Oakbrooke Professional Center will be auctioned June 28.

7 and June 21, from 5:30-7:30 p.m. Investment opportunities and financing packages, plus sample build-out plans, will be discussed at the seminars. Full property information (condo documents, comps, floor plans, etc.) may be viewed at the At- lantic Asset website The eight units range in size from 1,402 s/f to 3,467 s/f. Features include pre-wiring for high-speed data, separately

metered utilities running to each suite, a fire suppression sprinkler system throughout, automatic main entry doors, five parking spaces per 1,000 s/ f of office space, an after-hours keyless entry system with building security, an intercom system and more. The condo units may be previewed via guided tour at June 21 seminar or by appoint- ment. ■

Mid Atlantic R EAL E STATE J OURNAL N E W J E R S E Y • P E N N S Y LVA N I A • D E L AWA R E • M A RY L A N D • W A S H I N G T O N D . C . • V I R G I N I A • Auctioneers Directory

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Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 7A M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS

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8A — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal

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M ID A TLANTIC R EAL E STATE J OURNAL

Skanska among team being recognized PWC to Honor CUNY Project at annual awards reception

Stickley purchases property at 55 Rte. 4 West in Paramus Cenicola of NAI Hanson arranges 22,364 s/f retail sale

NEW YORK, NY — On Thursday, June 21, Profes- sional Women in Construction

and carpets. These products are generally more expensive than traditional products, but the payoff comes through better air quality which leads to healthier employees and increased pro- ductivity. Many IAQ issues can be rectified through appropriate maintenance of the HVAC sys- tem, a thorough assessment of cleaning processes and in- vestment in quality, low-VOC building materials. If the issue is not easily resolved, it may be appropriate to have an outside firm conduct a comprehensive building investigation to assess the situation, identify the cause of the issue and implement the appropriate solution. Ian Wewer is property manager for JEM Group, a Harrisburg-based commer- cial construction manage- ment company. ■ Reprinted with permission. Origi- nally featured in the First Quarter 2012 edition of the Harrisburg Commercial Real Estate Review, published quarterly by the Bill Gladstone Group of NAI CIR. Copyright © 2011-2012. All rights reserved. Daryanani has more than 13 years of experience in bank- ing, lending and IT. Prior to joining TD Bank, he served as a relationship manager in commercial real estate at M&T Bank in the Lehigh Valley, and before that, in a similar role at Citizens Bank – Royal Bank of Scotland in Philadelphia. ■ Building as CM with Michael Franco as project director; the Office of Governor Andrew Cuomo, DASNY and Empire State Development Corpora- tion for public agencies; Flad & Associates and Kohn, Ped- erson, FoxAssociates for archi- tecture/design; GPR Planner Collaborative as programmer; Leslie E. Robertson Associ- ates, Cosentini Associates and Affiliated Engineers Inc. for engineering. The CUNY-ASRC project is scheduled for comple- tion in 2014. Andis Woodlief of Skanska USA, a longtime active PWC member and a past PWC schol- arship winner, is the event chair. The PWC event will include an open bar & buffet. Tickets are $225 for PWC members and $325 for Non- members with advance reser- vations. All tickets at the door: $350. ■

ARAMUS, NJ — NAI James E. Hanson an- nounced the sale of a 22,364 s/f retail property at 55 Route 4 West. The buyer, furniture manu- facturer Stickley Furniture, will use the space for its first showroom in New Jersey. The company has 14 other show- rooms throughout the United States and Canada. NAI Hanson vice president Joan Cenicola represented Stickley Furniture in the transaction, while Paramount Realty represented the seller. “Stickley selected this space P

(PWC) will h o n o r t h e project team a n d t h i s year’s Project in Progress, the CUNY- ASRC (Ad- vanced Sci-

Paul Williams

check the location of air supply vents, which should be as high as possible and away from exhaust vents and significant sources of outdoor pollution, such as dumpsters, parking areas and traffic stops on street corners. This is particularly im- portant for older buildings that may be affected by nearby new development or road construc- tion. If these considerations are beyond control, the building owner should install a filtration system to scrub the air. Cleaning of the facility is another important contribu- tor to good IAQ. Carpets and upholstered furniture should be deep cleaned on a regular basis. Cleaning crews should use vacuums with good filtering systems to avoid blowing dust and other contaminants back into the air. Cleaning products should be organic or emit low levels of chemical fumes. Building owners and manag- ers can also improve IAQ by choosing to invest in low-VOC products, such as paints, stains BETHLEHEM, PA — TD Bank has named Jack Darya- nani as VP in commercial lending in Bethlehem. He is responsible for the genera- tion, underwriting and man- agement of commercial and industrial loans as well as commercial real estate loans, serving business customers throughout the Lehigh Valley ence Research Center), at the organization’s annual Awards Reception to be held from 5:30 to 8 pm at The Yale Club in New York City. Paul Williams, president of the Dormitory Authority of the State of New York (DASNY) will be saluted on behalf of the $383M mega- project being built in Harlem that will offer $82 million in construction contracts to MWBEs; 15% to MBEs and 7% to WBEs. The project teambeing recog- nized includes: Skanska USA

55 Route 4 West.

because it’s located along one of New Jersey’s most prominent and well-trafficked retail cor- ridors with exceptional visibil-

ity,” said Cenicola. “This is the perfect space for the company’s expansion into the vital Bergen County retail market.” ■

Jarmel Kizel provides design services for conversion of 15,000 s/f cant changes to the building’s architectural and engineering elements, and our design team provided Coralmay with a myriad of services to meet its objectives for the building.” Jarmel Kizel provided sche- matic design services for this project, as well as architec- tural, structural, mechani- cal, electrical, and plumbing engineering services. Jarmel Kizel also provided civil en- gineering services associated with adjustments to the site plan, and designs for fit-up of the furniture store that leased space in the building. In this role, Robina will lead the sales team and focus on cultivating relationships with new clients and generating business for the firm. “Our firm has worked on many projects with Richard over the years, and we are happy to have him join the Jarmel Kizel team,” Jarmel. “Robina has deep roots in the commercial real estate indus- try and an exceptional knowl- edge of our business—he is a great asset to the firm.” LEVITTOWN, PA— Tryko Partners, LLC has added Galilee Village in Levittown to its growing multifamily portfolio. The 170-unit asset, located at 17 Penn Valley Rd., provides HUD-subsi- dized apartment living for Tryko Partners acquires Galilee Village in Levittown, PA seniors. Tryko Partners purchased Galilee Village from Congre- gation Beth El. Galilee Village includes two components. The 120-unit Village includes traditional apartment living with ef- ficiencies and one-bedroom units. The property is 98 percent occupied. In addition to traditional multifamily product, Tryko Partners is deeply involved in both the affordable housing and senior living niches. ■

Jack Daryanani joins TD Bank as vice president in commercial lending region.

EAST BRUNSWICK, NJ —Jarmel KizelArchitects and Engineers completed architec- ture design and engineering services for the conversion of a single-story 15,000 s/f, single- occupancy industrial building into a new retail facility. Corl- may, the building owner, re- tained Jarmel Kizel to provide core and shell renovations, as well as tenant improvements to the building as part of its first phase of development. Located on Rte. 18, the building was constructed in 1975. Verizon most recently occupied the building as of- fice, storage and data center space. “The location of the build- ing on the southbound side of Route 18, a highly trafficked retail and office corridor, as well as its position in between two traffic signals, made this an ideal building for adaptive reuse,” said Matthew Jarmel, AIA, MBA and principal of Jarmel Kizel. “The conversion of an industrial building into a retail facility requires signifi-

continued from page 2A Indoor Air Quality: How Healthy is . . .

Robina has over 15 years ex- perience in the furniture busi- ness in the commercial real es- tate industry. He has worked with some of the industry’s top real estate brokers and has serviced corporate con- tracts for industry giants like ImClone, Celgene, inVentiv Health and Oticon. Robina specializes in customer service and has worked with clients to modernize their office spaces, and has developed furniture plans for emerging compa- nies that will promote future growth. ■ and is a Professional Engi- neer in the Commonwealth of Pennsylvania and the states of Maryland and West Vir- ginia. In addition, Luciani is a licensed Sewage Enforce- ment Officer and an accredited LEED Green Associate. ■

“Coralmay had a goal to turn this vacant building into a place that will bring jobs and rateables to the community, and we were glad to be a part of the company’s unique vi- sion,” Jarmel added. The project was constructed by 3D Group. In other news, Jarmel Ki- zel announced that Richard Robina has joined the firm as vice president of business development and marketing. practice land surveying in Maryland and most important- ly to seal and certify drawings for projects within the state. He is now a licensed Profes- sional Land Surveyor in the Commonwealth of Pennsylva- nia and the state of Maryland,

YORK, PA — John Luciani, PE, PLS, SEO, LEED Green associate and president of First Capital Engineering, has passed his Professional Land Surveyor exam in the State of Maryland. Luciani is now licensed to John Luciani, FCE president, adds Maryland PLS to resume

Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 9A

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10A — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal

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P EOPLE ON THE M OVE

“Will Your Business Survive?” Kaplin Stewart’s Korn & Quinter present program

Mary Tebeau of Blue Bell selected as president & CEO Zeh to retire as president of ABC Eastern Pennsylvania

BLUE BELL, PA, — Robert A. Korn, Esquire and Joshua C. Quinter, Esquire , princi- pals of the Construction Law and Commercial Litigation groups of Kaplin Stewart pre- sented a program entitled “Will Your Business Survive?” to the Associated Builders and Contractors, Eastern Penn- sylvania Chapter , onMay 10, 2012. Korn was the moderator and Quinter and Philip Glick , an insurance broker, were the instructors. The program cov- ered property and casualty in- surance from an attorney’s and insurance expert’s perspective. Quinter and Glick discussed coverage for construction defect claims, what to do about gaps in coverage of suppliers and subcontractors, certificates of insurance, maximum protec- tion coverage and additional coverage against economic losses. Both Korn and Quinter BALTIMORE, MD — Cush- man & Wakefield announced the appointment of Matthew Melnick as a senior associate in the firm’s Baltimore broker- age services practice group. Melnick will be responsible for landlord and tenant represen- tation in the Baltimore-Wash- ington Corridor and I-95-Cor- ridor office markets. “We are delighted to welcome Matt to our regional office and flex leasing team,” said David Baird, senior managing director and market leader. “Matt’s addition strengthens our presence in the Baltimore- Washington Corridor and his LAKEWOOD, NJ — Steven Rimmer has joined DocProbe LLC , as VP of the company, which provides document so- lutions for real estate lenders, loan servicing professionals and investors. DocProbe re- trieves, scans, manages and stores trailing documentation including mortgages, title poli- cies, POAs, CEMAs, OCCs and assignments for both new and old loans. With more than 15 years of experience in finance and real estate, Rimmer will oversee DocProbe’s custom manage- ment and document storage solutions. The retrieval of trail- ing documents, including title insurance policies and proof of mortgage recordings, is the

AST NORRITON, PA — After 13 years as president and CEO of

dent and chief executive officer and directs a staff of nine pro- fessionals. Under his guidance, ABC built a state-of-the-art headquarters in East Norriton, and purchased and established a successful craft training cen- ter in Kulpsville. Most recently, Zeh led the consolidation of the former ABC Eastern Pennsyl- vania Chapter based in Allen- town and the former Southeast Pennsylvania Chapter based in East Norriton into the new ABC Eastern Pennsylvania Chapter which represents 17 counties in eastern Penn- sylvania, from the New York border to the Delaware line. Zeh is the presidents’ liaison to the ABC National Legislative Committee and is a member of the multi-chapter state peer group. In addition to his leadership at ABC local and national levels, Zeh has served on the Mission Kids board, the Penn- sylvanians for Right to Work board and Whitpain Recre- ation Association board. Prior to his career with ABC, Zeh served as a con- Montgomery Counties during his career. His project experi- ence includes development, design and review of traffic signal systems, highway access plans, and site configurations in Pennsylvania and New Jersey. After graduating from Penn State in 1985 with a Bachelors of Science in Engineering, Wursta started his career with the Pennsylvania Department of Transportation. In 1991, Phil earned his Masters of Science in Transportation Engineering fromVillanova University. Phil was recognized as the Dela- ware Valley “Young Engineer of the Year” in 1995. Wursta sits on the board of

sultant to the transporta- tion industry. He graduated from The George Washington School of Law and Rutgers, The State University of New Jersey-Newark. Following his retirement, Zeh will relocate to Michigan with his wife, Chrys. Mary Tebeau of Blue Bell has been selected as presi- dent and CEO effective June 1. Tebeau joins ABC Eastern Pennsylvania Chapter after 11 years as president of the ABC Central Ohio Chapter. ABC Eastern Pennsylvania Chapter represents more than 15,000 Merit construction em- ployees who work for its more than 500 member companies. It was founded on the shared belief that construction proj- ects should be awarded on merit to themost qualified and responsible low bidders. Na- tionally, Associated Builders and Contractors is comprised of 74 chapters representing more than 22,000 merit shop construction and construc- tion-related firms with nearly two million employees. ■

the leading merit shop construction association in the region, Jeff Zeh is retiring from Associated B u i l d e r s and Con -

Robert A. Korn Joshua C. Quinter

have extensive experience in representing both private and public entities on a wide range of issues, including litigation, mediation, arbitration and contract drafting and review. Their litigation practice cov- ers complex commercial cases, insurance coverage and bad faith issues. Korn has been recognized for many years as a Pennsylvania Super Lawyer and Quinter has been selected for a number of years as a Penn- sylvania Rising Star. They are frequent lecturers on every facet of construction law. ■ experience and market knowl- edge will greatly benefit our clients.” Melnick joins Cushman & Wakefield from Trout Daniel & Associates. He has a diverse background working in Bal- timore office, flex and retail markets as well as working in the commercial real estate auction business with Melnick Auctioneers and E.T. Newell & Co. Melnick is a graduate of Boys Latin School and Hamp- den-Sydney College. He is an active member of NAIOP and a licensed real estate agent in Maryland. ■

Jeff Zeh

tractors Eastern Pennsyl- vania Chapter (ABC) on July 1. “Our chapter has been for- tunate to have Mr. Zeh at the helm for the last 13 years,” said Mark McMahon, 2012 ABC Eastern Pennsylvania Chapter chairman and Vice President at Delran Builders Company. “From fighting against unfair, discriminatory project labor agreements and responsible contractor ordinances to estab- lishing daytime apprenticeship training, his leadership has helped us accomplish much for open shop contractors.” Zeh, a resident of Blue Bell, joined ABC in 1999 as presi-

Cushman&Wakefieldappoints Melnick as sen. associate

POTTSTOWN, PA— Traffic Planning and Design, Inc. (TPD) has added Philip W. Wursta, P.E., joins Traffic Planning & Design directors of The Bucks County Community College Founda- tion, serving as treasurer. He is a past president of the Part- nership Transportation Man- agement Association (TMA) in Montgomery County, and is currently the president of the Bucks County TMA. Wursta is a member and past Direc- tor of the Engineer’s Club of Philadelphia. Wursta, P.E. , as a vice pres- ident. Wursta brings over 26 years of mun i c i pa l , agency, and private-side transporta- t i o n e n g i - Philip W. Wursta

Since 1989, TPD has con- tinually demonstrated a com- mitment to providing excep- tional staff benefits, including technology resources and flex- ible schedules to encourage a healthy work/life balance and aggressive professional development. ■

neering experience to his new role with TPD. Wursta has extensive project management experience in transportation and traffic engineering, and has served as municipal traffic engineer for numerous munici- palities throughout Bucks and

Steven Rimmer joins DocProbe as VP focus of DocProbe’s services. The rise in foreclosures has made it a higher priority for all mortgage lenders to obtain these documents within the timeframes required by the in- vestors purchasing the bundled loans.

P I TTSBURGH , PA — HFF announced that Kyle Prawdzik has joined the firm HFF hires Prawdzik as director in its Pittsburgh office Pr i or t o j o i n i ng HFF, Prawdzik worked for CBRE’s Inves tment Proper t y Group in Pittsburgh where he participated in more than $2 billion of commercial prop- erty transactions. He was recently recognized as one of the top ten investment sales brokers in Pittsburgh by Co- Star Group. Mr. Prawdzik holds a bachelor’s degree from Florida State University and is currently pursuing aMaster of Business Administration from the University of Pitts- burgh. “Kyle is a great addition to the Pittsburgh office of HFF. While we have always been active in the investment sale business, we have reached the point where it makes sense to have a dedicated investment sale professional in the office,” said Mark Popovich, senior managing director in HFF’s Pittsburgh office. ■ Kyle Prawdzik as a director in its Pitts- burgh office. Prawdzikwill specialize ex- clusively in investment sa l es wi th expertise in all product types.

“Stricter oversight by in- vestors increases the need for a cost-effective, compre- hensive and accurate way of obtaining post-closing trailing documentation of real estate transactions,” said Rimmer. “We understand the challenges that investors and lenders face today in securing the trailing documentation required by law in the case of a future foreclo- sure. Clients can now turn their paper chases over to us.” ■

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