28C — July 26 - August 15, 2013 — Brokerage Directory — Mid Atlantic Real Estate Journal
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Emory Hill welcomes new CFO Steve Endres
In leasing a 4,000 s/f pad site Equity Retail Brokers’ Wherty &SamtmannrepresentVerizon
Emory Hill Companies an- nounced that Steve Endres has joined the firm as the new CFO. Endres has
businesses including Mid-At- lantic Properties, Inc., Not- tingham Properties, Inc., and the James F. Knott Realty Group. His responsibilities will include overseeing all ac- counting functions of the firm, overseeing the accounting staff, working with the various department heads on budgets and operations, procurement and establishing and main- taining relationships with banking institutions and out- side accountants. n
B
rick, NJ — Equi- ty Retail Brokers agents Brian Wherty
what is usually a smaller and refundable deposit under a purchase and sale agreement. This allows the seller to keep the option payment and the property if the purchaser fails to exercise during the term of the option. Purchase and sale agree- ments likely are the best op- tion when you have fewer long term contingencies and all the parties are more certain that the deal will close within sev- eral weeks or months. Charles M. Katz-Leavy is an attorney at Verrill Dana LLP, which has offices in Maine, Massachusetts, Con- necticut and Washington, D.C. Charlie handles commer- cial and residential real estate transactions. n cellent condition and includes a large tiled lobby and with four medical suites. Gralla represented both parties in the transaction. “The seller engaged us on an exclusive basis to market and sell the property,” said Gralla. “We generated strong interest among local investors given the condition and ideal location.” Financing was provided by PNC Bank. The seller was rep- resented by Michael Halkias, Esq. and the purchaser was represented by Clara Harelik, Esq. Julie Gralla joined Kislak in 2011 and specializes in the sale of investment properties throughout northern New Jer- sey. She was recognized as Kis- lak’s 2012 Rookie of theYear. In addition to the foregoing sales, Gralla recently completed two lease transactions – a 2,500 s/f office lease in Millburn and a 946 s/f retail lease in Short Hills. n VerizonWireless was formed in the year 2000 and has in- vested more than $80 billion into their nationwide network to increase its coverage and capacity. They operate more than 1,900 retail locations, including kiosks, across the country. n Sporting Goods and Christmas Tree Shops. Equity Retail Brokers cur- rently represents Verizon Wireless in New Jersey, Penn- sylvania, and Delaware.
mo r e than 25 years of expe r i enc e as a Certi- fied Public Accountant i n c l u d i n g working for
when to acquire the property. Recording Purchase and sale agree- ments usually are not recorded in the applicable land records office because the closing usu- ally will occur within a short time frame following execu- tion of the contract. In some instances, parties will record a notice or memorandum of pur- chase and sale agreement. On the other hand, parties often record a notice or memoran- dum of an option agreement in the applicable land records office, putting third parties on notice of your option rights in the property. Conclusion In summary, option agree- ments tend to work better for on their behalf,” said Keenan. “After orchestrating the pre- vious sale of this property to them when it was distressed, we executed a plan whereby they would hold the property for one year, renovate each unit and then market it. The exten- sive renovations allowed the sellers to fully maximize the return on their investment.” “The sellers are longtime multifamily owners and op- erators and are now in the market to purchase a replace- ment property,” added Keenan. “The purchaser was a client for whom we recently sold a prop- erty and this sale completed his Section 1031 like-kind ex- change,” added Gralla. The seller was represented by David Faloni, Esq. and the purchaser was represented by JohnAmbrosio, Esq. Financing was provided by Regal Bank. At the time of closing, the prop- erty was 100% occupied. The Millburn property con- continued from page 7C and Rob Samtmann recently represented Verizon Wireless in leasing a 4,000 s/f pad site at the heavily‐trafficked Mar- ket Place at Brick, located on eastbound Route 70 in Brick. Market Place at Brick is located in the heart of the market with immediate ac- cess to many major highways and is owned and managed by Edgewood Properties . Veri-
Steve Endres
Ernst & Young in Baltimore and the past 15 years as a CFO/Controller for real estate
Eagle Village Shops
zon Wireless will open in late 2013, joining national co‐ten- ants Costco Wholesale, Dick’s
By Bryan Cole, NAI Keystone Commercial . . . Washington, D.C. — Skanska USA Commer- cial Development Inc. has secured two more leases at its project 1776 Wilson Blvd. with 100 Montaditos and Pier 1 Imports. 100 Montaditos will occupy 2,940 s/f of ground floor corner retail space at the intersection Skanska signs two more leases in DC of Wilson Boulevard and North Quinn Street. The restaurant will be able to serve approxi- mately 140 customers inside and an additional 50 diners on the patio. Pier 1 Imports will lease 11,083 s/f of ground floor space on the Clarendon Boulevard side of the building. n
continued from page 5C By Charles Katz-Leavy, Verrill Dana, LLP
transactions where you may not want to close for a longer period of time. For example, option agreements work well where your decision on wheth- er to close depends on future market conditions, raising capital, securing contracts or permits, or other matters that could take months or years to resolve. You also benefit by being able to (i) “lock up” the property for a longer period of time, (ii) eliminate exposure to liability if you elect not to ex- ercise, and (iii) record a notice of option to put third parties on notice of your rights in the property. Sellers can ben- efit from option agreements because they will receive a significant nonrefundable option payment instead of sists of 0.35 acres of land for development on Millburn Ave. in downtown Millburn. Gralla represented both parties in the transaction. “Development deals can of- ten be lengthy and problem- atic especially when seeking approvals or variances,” said Gralla. “But given the A+ lo- cation in Millburn, one of the most desirable communities in the state, the purchaser was willing to proceed and obtain approvals post-closing. I look forward to the transformation of the site.” This was an all-cash transac- tion. The seller was represented by Lawrence Levitt, Esq. and the purchaser was represented by Gil Slingerland, Esq. The Belleville medical office building is located on the cor- ner of Newark Ave. and Flor- ence Ave. and consists of 5,275 s/f of space in a two-story all- brick building with an elevator and pitched roof. Constructed in 2002, the property is in ex-
the yellow fever epidemic of 1798 that killed 10% of the Philadelphia population). Two weeks later his grown son and business associate Williamwas dead from the epidemic. Morris languished in prison for 3.25 years while his part- ner, John Nicholson, died there less then a year after entering prison. Federal Bankruptcy laws were established in 1802, continued from page 9C Landlord perspective: (As a Landlord Representative) Greater Reading’s recent activity will sway some land- lords to think the market has completely turned around. Be which have allowed Tenants to continue to capitalize on past market conditions. However, as expected and outlined in the 1st quarter report; conces- sions are beginning to limit themselves and rates are be- ginning to increase. Tenants should begin to negotiate any leases that are within 18 months of expira- tion. This allows for enough room to negotiate and capital- ize on the current conditions. Although the markets are improving and landlords will begin to lock in better terms, we feel the market will contin- ue to be a “Tenant’s Market” into the late stages of 2013 based on current vacancies and leasing activity. continued from page 8C
which helped free Morris. Morris was the Merchant Prince who died in 1806, a pauper, in a rented house while being subsidized by a pension or annuity given to his wife Mart from the Holland Land Company in compensation for her signing away her dower rights to land. James J. Reis The North American Land Company. n cautious as we feel well into 2013 the market will maintain its “Tenant Market” status. Interest Rates have been low over the past few years and although they are begin- ning to rise, Landlords should continue to take advantage of these rates for Improvements or refinancing. By offering free rent on the front end and maintaining higher base rates, Landlords will not only provide tenants the ability to get into the space on a lower initial cost for year 1, it will allow landlords to maintain higher valuations on their assets since most “Free Rent” is outside the term. This allows landlords to still get effective 3, 5, or 7 year terms while limiting their exposure long-term. Bryan Cole, NAI Key- stone Commercial & Indus- trial, LLC Office &Medical Real Estate Specialist. n
Gralla leads sales of 73 apartments, a medical
James J. Reis The North American . . .
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