6-12-15

- DC

Led by Rotchford, the team included Wenk, Elms, Todrys and Bernhaut Cushman &Wakefield arranges $650m sale-leaseback of Verizon Ops. Center B ASKING RIDGE, NJ — Cushman & Wakefield has closed

ISSUE HIGHLIGHTS Volume 27 Issue 11 June 12 - 25, 2015 Financial Digest Featuring. . . Creative Financing

structure.” Led by Rotchford, the Cush- man & Wakefield investment banking team included David Wenk, Robert Elms and Mark Todrys . They worked in conjunction with both Kuriloff and with David Bernhaut , vice chairman of the Cushman & Wakefield capital markets group in New Jersey. Cush- man & Wakefield maintains its relationship with Verizon through its Corporate Occupier and Investor Services (CIS) group. The Verizon team was led by Vazquez and included James Tousignant and Robert Haines , as well as internal Verizon counsel Steven Cohen . DLA Piper served as counsel for Verizon under the leadership of Mark Hurel . Mesirow Realty Sale-Lease- back, Inc. was led by Garry Cohen and Douglas Barker with legal representation by Goldberg Kohn . n

a sale-leaseback transaction valued at $650.3 million for the 1.4-million s/f Verizon operations center in Basking Ridge. The Cushman &Wake- field team was led by its real estate investment banking group in combination with the company’s New York broker- age and New Jersey invest- ment sales teams. Cushman &Wakefield acted as financial advisor and place- ment agent for Verizon on the transaction, which represents the largest sale-leaseback ever completed in suburban NJ. Also, the sale value repre- sents one of the highest sales prices per square foot of any suburban sale-leaseback in the United States. The facility, which employs 3,900 full-time employees, was acquired by Mesirow Realty Sale-Leaseback, Inc., a divi- sion of Mesirow Financial, a SPRINGFIELD /MOR- RISTOWN, NJ — Gebroe- Hammer Associates has represented Forest Realty in the estate sale of two separate multi-family properties sold for a combined $113.5 million in Springfield and Morristown. The firm’s brokerage teams, led by managing director Joseph

11-18A

WCRE facilitates $9.5 million sale of 53,100 s/f

Verizon operations center in Basking Ridge

diversified financial services firmheadquartered in Chicago. As part of the transaction, Verizon will lease back the en- tire facility from Mesirow for a 20-year term. The campus houses a full range of busi- nesses within Verizon Com- munications and also serves as headquarters for Verizon’s wireless unit. “This real estate deal provides

our company with immediate financial benefits and allows us to extract significant value from this asset while continuing to occupy the entirety of its office space,” said John Vazquez , senior vice president and head of global real estate for Verizon. “Cushman&Wakefield achieved our strategic objectives by maxi- mizing value and flexibility through the best possible deal

FC-B

Gebroe-Hammer arranges two separate NJ multi-family trades totaling $113.5 million

RRA sells 46 housing units for $6.4 million

FC-C

Directory

Franklin Manor; Morristown, NJ

Short Hills Village Club; Springfield, NJ

DelMarVa • DC.........................................................5-10A Pennsylvania.................................................... Section C Central PA................................................................5-7C Financial Digest....................................................11-18A New Jersey....................................................... Section B Northern New Jersey. ............................................5-12B

community located at 67A Forest Dr., on the Millburn/ Short Hills border of Spring- field. The 26-building complex is comprised of three different phases, each of which has been newly renovated or newly con- structed in the past five years. Seven laundry facilities, an on- site fitness center, swimming pool, playground, 489 parking spaces and 116 garages also are located throughout the 19.8- acre complex. The second property, located

at 114 Franklin St. in Mor- ristown, was acquired by RK Franklin LLC, for $30 million. Franklin Manor is a 140-unit garden-style apartment com- munity where free on-site park- ing is available in a 177-space lot that also houses 57 garages. In addition to the Spring- field and Morristown property trades, Brecher recently ar- ranged the sale of the lease- hold interest for Forest Glen in Highland Park, NJ on behalf of the seller’s estate. n

Brecher , also identified the buyers of Short Hills Village Club (Springfield) and Frank- lin Manor (Morristown). The sale of the properties, which were owned by Forest Realty for over 40 years, represents one of the state’s largest multi- family transactions recorded in 2015 thus far. Short Hills Village Club, which was acquired for $83.5 million by SH Club Village, LLC, is a unique 286-unit gar- den-apartment and townhome

Upcoming Spotlights June 26, 2015 Mid-Year Review

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C ommercial R eal E state O rganizations ’ E vents C alendar

JUNE 15 – BOMA PHILADELPHIA Event: Golf Reception & Dinner Time: 5:00 PM – 7:30 PM Location: Dupont Country Club Address/City: 1001 Rockland Rd, Wilmington, DE Cost: $110 Members $135 Nonmembers P: 215-567-1775 www.bomaphila.com JUNE 16 – CIANJ Event: Plant Tour and Manufacturing Roundtable Time: 4:30 PM – 6:30 PM Location: Sandvik Coromant Address/City: 17-02 Nevins Rd., Fair Lawn, NJ P: 201-368-2100 www.cianj.org JUNE 16 – CREW NJ Event: Summer Kick Off Location: The Liberty House Address/City: 76 Audrey Zapp Dr., Jersey City, NJ Cost: $90 Members $115 Guests

JUNE 17 – ULI PHILADELPHIA Event: 2nd Annual Willard G. “Bill” Rouse III Awards for Excellence Time: 5:30 PM – 7:30 PM Location: The Ballroom at the Ben Address/City: 834 Chestnut St., Philadelphia, PA Cost: $45 Members $75 Nonmembers P: 800-321-5011 www.philadelphia.uli.org JUNE 18 – CIANJ Event: Generation Now: Millennial Survival Guide Time: 6:00 PM – 8:00 PM Location: ConnectOne Bank - Englewood Cliffs Address/City: 301 Sylvan Ave., Englewood Cliffs, NJ P: 201-368-2100 www.cianj.org JUNE 18-19 – CREW BALTIMORE Event: 2015 CREW Network Leadership Summit Location: Renaissance Baltimore Harborplace Hotel Address/City: 202 E. Pratt St., Baltimore, MD E: events@crewnetwork.org www.crewbaltimore.org JUNE 18 – CREW PHILADELPHIA Event: Center City Retail Transformation, Block by Block Time: 4:30 PM – 6:30 PM JUNE 18 – IREM NJ Event: Friends of IREM Beer and Wine Tasting Time: 6:00 PM – 9:00 PM Location: MJ’s Buttonwood Manor Address/City: 845 New Jersey 34, Matawan, NJ Cost: $50 Member/Non-Member Attendee/ $20.15 ARM Member P: 856-303-0190 E: irem1@comcast.net www.irem1.org JUNE 18 – NAIOP PITTSBURGH Event: Chapter Meeting Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers www.naioppittsburgh.com JUNE 19 – ABC BALTIMORE Event: ABC Golf Classic & Golf Sponsorships Time: 8:00 AM – 6:00 PM Location: Woodlands Golf Course Address/City: 2309 Ridge Rd., Windsor Mill, MD www.abcbaltimore.org JUNE 22 – USGBC NJ Event: 12th Annual Golf Outing Time: 11:30 AM – 8:00 PM Location: New Jersey National Golf Club Address/City: 579 Allen Road, Basking Ridge, NJ www.usgbcnj.org JUNE 24 – CCIM Event: Lunch & Learn-Auction.com: Inside The Selling Machine Time: 11:30AM - 1:30 PM Location: 30 Main Address/City: 660 Lancaster Avenue, Berwyn, PA Cost: $15 Members $20 Guests P: 610-416-2970 E: donna.siter@ccimchapter.com www.ccim.com Location: 1501 Walnut Street Address/City: Philadelphia, PA www.crewphiladelphia.org

JUNE 24-25 – MBA Event: Strategic Markets & Diversity Summit 2015 Location: Marriott Marquis Address: 901 Massachusetts Ave., NW, Washington, DC Cost: $550 Members $775 Nonmembers www.mba.org JUNE 24 – NAIOP NJ Event: Seminar: Regulatory, Legislative & Legal Update Time: 7:45 AM – 11:00 AM Location: NJ Law Center/ICLE Address/City: New Brunswick, NJ Cost: $95 Members $125 Nonmembers www.naiopnj.org JUNE 24 – NJIFMA Event: Summer Social Time: 5:00 PM – 9:00 PM Location: The Stage House Tavern BBQ Bar & Patio Address/City: 1719 Amwell Rd., Somerset, NJ www.njifma.com

P: 609-585-6871 www.crewnj.org

JUNE 25 – ULI PITTSBURGH Event: Garfield’s Small Adventure Time: 5:30 PM – 7:00 PM

JUNE 16 – IOREBA 46th Annual Jeffrey Siegel Memorial Golf & Tennis Outing Time: 11:00 AM – 8:30 PM

Location: Bloomfield-Garfield Community Activity Center Address/City: 113 North Pacific Avenue, Pittsburgh, PA P: 724-687-0707 www.pittsburgh.uli.org

Location: Crestmont Country Club Address/City: West Orange, NJ E: info@ioreba.com www.iroeba.com

JUNE 26 – CIANJ Event: Healthcare Roundtable Time: 9:00 AM – 11:00 AM Location: Holy Name Medical Center Address/City: 718 Teaneck Rd., Teaneck, NJ Cost: $55 Members $85 Nonmembers P: 201-368-2100 www.cianj.org

JUN3 16 – NJAMB Event: MBA-NJ Annual Golf Outing Location: Beaver Brook Country Club Address/City: Annandale, NJ P: 908-852-2498 E: mcedeno@mbanj.com www.njamb.org

JUNE 16 – NJBA Event: Property Owners Risk Management & Insurance Time: 8:15 AM – 10:45 AM

JUNE 26 – CREW PITTSBURGH & NAIOP Event: 7th Annual Sporting Clays Shoot Time: 11:00 AM Location: Seven Springs Mountain Resort Sporting Clays Complex Address/City: 777 Waterwheel Dr., Seven Springs, PA E: admin@crewpittsburgh.org www.crewpittsburgh.org JUNE 29 – CIRC DE Event: Annual Golf Outing Time: 11:00 AM – 7:00 PM Location: Hartefeld National Golf Course Address/City: One Hartefeld Dr., Avondale, PA P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org JUNE 30 – MID ATLANTIC REAL ESTATE JOURNAL Event: New Jersey Commercial Real Estate Forecast Summit Time: 7:30 AM – 12:00 PM Location: Sheraton Parsippany Hotel Address/City: 199 Smith Rd., Parsippany, NJ P: 781-871-3456 E: lchristman@marejournal.com www.marejournal.com

Location: Raritan Valley Country Club Address/City: Rte. 28, Bridgewater, NJ P: 609-587-5577 www.njba.org

JUNE 16 – SMPS CPSM Event: Meet & Eat: CPSM Information & Call for Study Group Participation Time: 11:30 AM – 1:00 PM Location: Kinsley Education Center (2nd Floor, Chestnut Room) Address/City: 350 Hill St., York, PA www.smpscentralpa.org JUNE 17 – AIA PHILADELPHIA Event: Special Inspections for Building Construction under the Pennsylvania Uniform Construction Code in the City of Philadelphia Time: 9:00 AM – 1:00 PM Location: Center for Architecture, Address/City: 1218 Arch Street, Philadelphia, PA Cost: $10 Members $20 Nonmembers P: 215-569-3186 www.aiaphiladelphia.org Time: 6:00 PM – 9:00 PM Location: Maritime Parc Address: 84 Audrey Zapp Dr., Liberty State Park, Jersey City, NJ Cost: $125 Members $150 Nonmembers P: 973-771-5201 E: newjersey@corenetglobal.org www.corenetglobal.org JUNE 17 – CORENET NJ Event: Summer Social

JULY 8 – BOMA PITTSBURGH Event: Annual Pirates Tailgate!! Time: 4:30 PM

Location: Hyde Park Lot (under the bridge) Cost: $60 *includes Game, Pirates Cap, Food, Beverages, & Fun! P: 412-261-2328 www.bomapittsburgh.org

Real Estate Journal — June 12 - 25, 2015 — 1A

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Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Section Publisher .................................................................... Steve Kelley Associate Publisher .............................................................Alissa Aronson Associate Publisher ..........................................................Barbara Holyoke Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Contributing Columnists ..................................Jon Penndorf, Perkins+Will Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 27 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

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Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.

“When Worlds Collide – Spots for Collaboration in the Modern Office” Jon Penndorf R ecently, a lot of talk has centered on the positives and nega- tives of the open office en- vironment. Proponents note how an open office plays well into the reduction of an individual’s “work zone” without sacrificing aesthet- ics – making downsizing less of a downer. Critics cite the lack of privacy and acoustics as reasons to preserve walls. What few in either camp focus on is the diversity of spaces that often accompany an open office environment. Less personal space in an of- fice may allow for more com- munal space and, therefore, more options on where one gets work done. These spaces – sometimes called collaborative spac- es, collision spaces, or “we” spaces – allow for greater versatility in accommodating work styles and tasks. They also provide places to spark creativity and dialogue. Collision spaces in offices

J.D. Parker Manhattan

Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700

(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000

The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

Offices Throughout the U.S. and Canada

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are not a new concept. Ever since staff gathered around the proverbial water cooler, we have recognized the need for interaction away from a personal desk. Formal interaction occurs in confer- ence rooms, but it’s usually too structured to allow for creative dialogue to occur spontaneously. These col- laborative spaces create an area for conversation to flow freely and comfortably. It’s human nature to socialize and seek out these places for more informal interactions with co-workers. Where should collisions happen? In the past 20 years, we’ve seen a surge in recog- nizing “third places,” such

continued on page 3A Many workspaces have at- tempted to bring in the “third place” environment to pro- vide employees with a choice in how, and where, they get work done. The break room of 20 years ago has evolved into the pantry or café. This space is typically centrally located, offers exposure to daylight, has seating options with mul- as coffee shops and libraries, where people go to get work done. These locations usually include some level of toler- ated background noise and visual distractions (that are easy on the eyes), as well as the chance to interact with others – whether planned or not.

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AUCTION July 8TH

M id A tlantic R eal E state J ournal NAI Hiffman worked on behalf of CenterPoint CenterPoint announces built- to-suit wheeled storage yard O AK BROOK, IL — CenterPoint Prop- erties announced the

Chesapeake Bayfront Waterfront Development Opportunity 724 Water Street, Charlestown, Cecil County, MD

• 5.4± Acres with Riparian Rights • Marina Site for 108 Slips • Potential to Develop as Multi-Unit Residential Community

Minimum Bid $395,000

an ideal location that aligns so well with CMI’s supply chain operations,” said BrianMcKi- ernan , senior vice president of development for Center- Point. “We’re confident that this partnership will not only benefit CMI’s presence and ca- pabilities in the Midwest, but also contribute to CIC-Joliet’s sustained growth.” The CMI wheeled storage yard will be equipped with secure perimeter fencing, 40 Hav i ng t he s e s pa c e s placed in strategic locations throughout the office enable such opportunities to occur more frequently. The key is to have a variety of options and locations to encourage acci- dental interactions between staff members. Collaboration among employees garners a sense of camaraderie and support. It also levels the playing field, with no one in the conversation having a “home court” advantage. In return, informal dialogue can turn into opportunities and productivity gains. We can agree that the need for human interaction is a low for a break from being seated.

block heater receptacles, and a 2,500 s/f stand-alone office building. The new facility will provide CMI with the region’s most competitive drayage rates and immediate access to the Union Pacific Joliet and Burlington Northern Santa Fe Intermodal Terminals, facili- tating more efficient distribu- tion of domestic and interna- tional cargo. Construction of the facility is expected to be complete by fall 2015. n constant in the ever-shifting office landscape. Technology may change, but creative col- laboration will still require that human interaction. And creativity – as a byproduct of interaction – cannot be planned for as much as en- couraged and accommodated by our surroundings. Where in your office are you most creative? Where do you prefer to have an in-person conversation? Jon Penndorf, a senior associate and project manager inPerkins+Will’s Washington, DC office, wrote this article, with contributions from the firm’s Emily McVeigh and Jennifer Rogers. n

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continued from page 2A tiple postures, and provides access to food and drink. The walls around the space have come down to allow for visual and interpersonal connection to other parts of the office. Most importantly, this concept offers a place to engage with co-workers in a much different way. There are other types of collaborative spaces that may get incorporated into an office environment. However, they don’t have to appear formal. Casual seating groups allow for alternate postures during work and may spark con- versation between workers. Bar-height counters invite shorter dialogue but also al- development of an 8.67-acre build-to-suit wheeled storage yard for California Multimod- al, LLC (“CMI”) at CenterPoint Intermodal Center – Joliet. Adam Roth of NAI Hiffman worked diligently with Center- Point on the transaction. “We’re thrilled to welcome another new tenant to CIC- Joliet, and fortunate to provide

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4A — June 12 - 25, 2015 — M id A tlantic

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M id A tlantic R eal E state J ournal

nvestors who see Sec- tion 1031 as a useful tax strategy need to take ac- By Pamela A. Michaels, Esq. and Scott R. Saunders, Asset Preservation, Inc. Tax reform and Section 1031: “Congress threatens to eliminate exchanges” I tom lines of many, especially those in the Northeast and Midatlantic where real estate

considering adopting aspects of Dave Camp’s recent tax reform bill, which included a proposal to completely eliminate Section 1031 tax deferred exchanges. The Senate Finance Committee Chair, Orrin Hatch (UT), is also working on a tax reform bill that will likely include eliminating 1031 exchanges. Like-kind exchanges ben- efit millions of American investors and businesses every year by encouraging businesses to expand and by moving dollars within the U.S. economy. Without

the tax deferral benefit that 1031 exchanges provide, reinvestment by all inves- tors would be inhibited, real estate values would decline and the U.S. economy would suffer. The repeal of Sec- tion 1031 would impose a targeted tax increase on economically sound commer- cial real estate investment and adversely impact New York City and the Northeast generally where real estate investments are the basis for significant wealth. Ernst & Young 1031 ex- change study supports

the economic value of exchanges A recent Ernst and Young study, The Economic Im- pact of Repealing Like-Kind Exchange Rules, finds that the repeal of Section 1031 would result in less federal revenue, shrink the economy by $8.1 billion, discourage investment, create an unfair concentration of negative impacts in certain industries, and is at cross-purposes with the goals of tax reform. The analysis finds that the re- peal of Section 1031 would increase the cost of capital in the economy, even when com- bined with lower tax rates. The higher cost of capital would discourage business investment, to the detriment of the overall economy. Re- pealing Section 1031 would subject many businesses to higher tax burdens, resulting in longer holding periods for capital assets, greater reli- ance on debt financing and less efficient deployment of capital. Although it is argued that the revenue generated by the repeal of Section 1031 could be used to lower the corporate income tax rate, many affected businesses are non-corporate, pass-through entities which would not receive this benefit. For an overview of this study go to: www.1031taxreform. com/1031economics/. Take action now to sup- port 1031 exchanges Contact your congressional representatives using the link below and send a message to Congress that Section 1031 provides a powerful economic tool for stimulating the econ- omy. It only takes 2 minutes to voice your opposition to any repeal of section 1031. Pamela A. Michaels is an attorney and vice Ppresi- dent of Asset Preserva- tion, Inc., a nationwide Qualified Intermediary and wholly owned subsid- iary of Stewart Title. Scott R. Saunders is se- nior vice president with Asset Preservation, Inc. Scott has an extensive background in Inter- nal Revenue Code §1031 tax deferred exchanges, having been involved in structuring thousands and thousands of §1031 ex- changes during his twenty six years in the exchange industry. n

tion now. If action is not taken imme- diately, Sec- t i on 1031 exchanges may be abol- ished or its application severely lim-

values have i n c r e a s e d significant- ly in recent years. Paul Ryan (WI ) , t h e Chair of the House Ways & M e a n s

Pamela Michaels Scott Saunders

ited soon. Given the number of investors in the northeast performing Section 1031 ex- changes routinely, this would significantly affect the bot-

Committee, has said he in- tends to pass a tax reform bill through the House prior to the Congressional recess in August. It appears he is

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Real Estate Journal — June 12 - 25, 2015 — 5A

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Manekin LLC anounces new ownership for 60-acreBaltimore Washington Logistics Center

F Plans to build 518 luxury homes at Westview South Matan sells 25 acres for over $13.88m to Mitchell & Best REDERICK, MD — Matan Companies has sold 25 acres of

its 106-acre Westview South development site to Mitchell & Best Home Builders for over $13.88 million, as part of Phase 1 of 2. The self-contained West- view South campus is a true ‘live, work, play’ environ- ment, strategically located along the Route 85 Corridor with easy access to major interstates I-70 and I-270. Westview South is within walking distance of a thriv- ing amenity base and offers a park like setting with 31 acres of preserved green space and walking trails along Bal- lenger Creek. Mitchell & Best Homes, now celebrating their 40th

Baltimore Washington Logistics Center

existing building by 120,000 s/f, the new ownership plans to speculatively develop an ad- ditional 160,000 s/f industrial building on the site, resulting in over 1 million s/f available for lease. Once the expansion is complete, the site will still be able to accommodate at least 400 trailer parking spac- es (one of the largest counts in the region). Rouse said that “the size, location and logistical capacity are the elements of the prop- erty that make this invest- ment a great opportunity. It is the absolute bullseye between Baltimore and Washington DC, and there is nothing like it in the market,” said The Baltimore/Washington Consolidated Metropolitan Statistical Area comprises the 4th largest and most af- fluent, educated population in the U.S. and encompasses 10.2 million residents growing at 4% annually. As many as 120 million consumers can be reached overnight making the area a huge draw for distribu- tion companies that need to get their goods to consumers. Additionally, the property has a substantial locational advantage over other “big box” distribution and logistics facilities that serve the Mid- Atlantic from Lehigh Valley as the Jessup facility is located closer to the population of the CMSA and thus able to under- cut drayage costs and times from Eastern Pennsylvania. Michael Elardo , Jared Ross and Michael Kimmel out of Cushman & Wake- field’s Baltimore office are handling the leasing for Bal- timore Washington Logistics Center. n

JESSUP, MD — Manekin LLC , a leading commercial real estate investor, developer and operating company in the Mid-Atlantic, announced that MCA Assateague JV LLC has acquired the 60-acre Balti- more Washington Logistics Center for an undisclosed sum. The buyer is a joint venture between Boston-based AEW Capital Management and Manekin LLC of Columbia, Maryland. AEW acquired the property on behalf of one of its separate account clients. Manekin LLC’ s Owen Rouse , senior vice president, capital markets and John Graham , managing direc- tor put the deal together as investment advisors and also represented the ownership group in the acquisition, while Cris Abramson and Brian Kruger with Cushman & Wakefield represented the seller. Located at 7600 Assateague Dr. in Jessup, Maryland at the intersection of Route 1 and Route 175, the 730,000 s/f distribution center facility was formerly occupied by Gi- ant Food as its main dry-goods warehouse until 2013. Baltimore Washington Lo- gistics Center was built in phases from 1972 to 1974 as the main distribution facility of Giant Food, a Maryland- based regional grocery chain. When the center became sur- plus property by Giant /Ahold in 2013, the property was acquired by the current seller Madison-SP Assateague LLC, a venture between New York Life Real Estate Investors and a local operator Mosaic Realty Partners . In addition to expanding the

Westview South development site

year, plans to build 518 luxu- ry homes at Westview South, to include 3 and 4 level town- homes, condominiums, and single family homes. Prices are anticipated to start from

the low 300’s to the mid $400’s and will include the distinc- tive exteriors, construction quality, energy savings, and rich feature content that Mitchell &Best is known for. n

UIP completes restoration of 1483 Newton Street in DC’s Columbia Heights

by theDCCondemnationBoard. It was one of the last blighted, vacant multifamily properties in Columbia Heights. “This was the most run-down building we have ever purchased, with holes in the roof, collapsing floors, and a failing façade,” said UIP Principal Steve Schwat. “It’s a joy to see the restoration of this classic structure, and the apartment homes are nothing less than spectacular. This is what we love to do.” UIP General Contracting, Inc. (UIPGC) performed the 1483 Newton St. before (left) and after

WASHINGTON, DC — Ur- ban Investment Partners (UIP) has completed a two-year gut renovation of a formerly vacant apartment building originally developed by iconic Washington, DC real estate en- trepreneur Harry Wardman in Columbia Heights. Isabella now offers 38 modern apart- ments that are now 50% leased. When acquired by UIP in December 2012, the building at 1483 Newton St., NWhad been vacant for more than two de- cades and had been condemned

$4.2 million renovation; Bon- stra Haresign was the archi- tect of record. UIP Property Management Inc. (UIPPM) has taken over management of day-to-day operations. Isabella is one of seven identi- cal buildings between Newton St. and Meridian Place NW, all developed by Wardman and designed by architect Albert H. Beers in the early 20th cen- tury. UIPGC recently renovated another one of the Seven Sis- ters: the 24-unit 1489 Newton St. Cooperative. n

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Phase I plan consists of 240 luxury apartments and townhomes Developers announce construction and leasing timelines for The Enclave at Box Hill B

ments and rental townhomes, with initial product deliveries scheduled for mid-summer. At final build-out, The En- clave at Box Hill will consist of 389 luxury garden-style apartments and townhomes offering one, two and three- bedroom configurations with den and loft options. Bozzuto Management is handling all leasing and management activities. The Enclave at Box Hill will consist of four-story, el- evator buildings containing one, two and three-bedroom luxury apartment units, as

tops and ceramic tile back- splashes, nine-foot ceilings, a full-size washer and dryer, grand bathrooms and soaker tubs and gas fireplaces. A full- range of extras are available including a breakfast area with sunroom, master suite with sitting amenity, private balconies, dens and lofts. The community is adjacent to the Boulevard at Box Hill, which includes Wegmans Food Markets and nearly 20 complementary retailers, and is within close proximity to additional shopping destina- tions. The Enclave at Box Hill also features immediate access to MD Routes 24 and 924 and I-95. The Enclave at Box Hill will contain a 8,500 s/f community clubhouse featuring a two- story community room with a 24-hour state-of-the-art fit- ness center and locker rooms; yoga and aerobics room, a multi-media center featur- ing flat screen television sets and the latest audio visual systems, an adjacent kitchen and bar; billiards room; as well as a meeting and confer- ence center area. In addition, a café with gourmet coffee will contain free WiFit. Connected to the clubhouse is a resort- style outdoor swimming pool outfitted with sunning decks, outdoor furniture, an outdoor fireplace and multiple gas grilling stations. “Our research shows a pent-up demand for new, luxury multi-family product in this marketplace, given the lack of new development within the Route 24 corridor for a significant number of years,” said Rob Bavar , vice president of Bavar Proper- ties. “The Enclave at Box Hill was designed with efficient floorplans and packed with features that reflect the latest thinking in residential living. It will appeal to consumers that demand low-mainte- nance living, combined with the convenience of walkable amenities that addresses and supports a busy lifestyle. Our development team detects a customer migration back to the suburbs, and we are responding with this product offering.” The second and final phase of The Enclave at Box Hill is expected to commence con- struction later this year, to keep pace with expected resi- dential demand. n

EL AIR, MD — The development team of The Enclave at Box Hill - consisting of Bavar Properties , Murn Develop- ment and Ward Properties - have announced construc- tion and leasing timelines for Phase I of the mixed-use resi- dential community situated at 3405 McCurley Dr. in the Bel Air section of Harford County. With construction proceeding on-schedule, on-site leasing activities are expected to commence in May for Phase I of the development plan, con- sisting of 240 luxury apart-

Box Hill apartments rendering

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well as rental townhomes. The available sizes of the resi- dential units range from 800 to 2150 s/f of space. Standard

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Real Estate Journal — June 12 - 25, 2015 — 7A

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ALT IMORE , MD — CORFAC Inter- national president Blue & Obrecht Realty/CORFAC International managed by Blue, Paulson & Obrecht Baltimore’s Blue & Obrecht Realty joins CORFAC International B Latin America, Europe and Asia. president David Paulson, SIOR and senior vice presi- dent Paul F. Obrecht III, SIOR .

region. The company focuses on brokerage services, assist- ing tenants, owners and in- vestors with their real estate requirements in the office, industrial, flex, R&D and to a limited degree, retail sectors. The firm is affiliated with Obrecht Properties, LLC, which offers development and construction services and manages 3 million s/f of com- mercial property. Blue & Obrecht Realty/ CORFAC International is managed by founder/presi- dent Richard “Richie” F. Blue Jr., SIOR , senior vice

in the real estate industry for more than 20 years as a con- struction coordinator, property manager and leasing agent. “While we certainly focus much of our work locally and regionally, we are already in- volved in interstate brokerage services with client require- ments in numerous states. Taking on the CORFAC affili- ation becomes a strong valida- tor that this is a core service offering of ours and it deepens the resources and expertise we have available to serve clients with requirements outside of Maryland,” said Richie Blue. n

Member-driven and entrepre- neurial, CORFAC International (Corporate Facility Advisors) is the only remaining global association of independent bro- kerage firms that wish to stead- fastly maintain their indepen- dence and work collaboratively to serve their clients. Earlier this year, CORFAC added a new affiliate in Chattanooga, TN: McCormick & Company/ CORFAC International. Blue & Obrecht Realty/COR- FAC International serves Bal- timore and the Mid-Atlantic

Scott Sava- cool, CCIM, SIOR , an- nounced that Baltimore’s Blue & Ob- recht Real- ty has joined CORFAC In- ternational

Blue has more than 35 years of experience in commercial real estate and was with Col- liers Pinkard (which became part of Cassidy Turley and now DTZ) before leaving in 2000 to form Blue & Obrecht Realty; Paulson has more than 25 years in the commercial real estate business and for many years he was with the former CORFAC affiliate in the Bal- timore area, Manekin LLC, while Paul Obrecht has been

Richie Blue

as the commercial real estate network’s newest affiliate. CORFAC International now has 59 affiliated locations in North America and more in Athens Health club signs 12,500 s/f lease with St. John Properties BALTIMORE, MD — Ath- ens Health Club has signed a lease with St. John Prop- erties, Inc. for 12,500 s/f of space at 5965 Exchange Dr., a 61,160 s/f commercial office building located within Liberty Exchange in the Eldersburg section of Carroll County. The health club expects to relocate to the mixed-use business com- munity, situated near the inter- section of MD Routes 32 and 26 (Liberty Rd.), this summer. The commercial real estate com- pany has built four buildings totaling more than 126,000 s/f of office, flex and retail space at the business park, and has a 16,645 s/f retail building under construction. Ryan Miller of Colliers In- ternational and Scott Man- hoff represented the tenant, and Will McCullough of St. John Properties represented the landlord in this transaction. Each building at Liberty Exchange is designed to satisfy requirements for Leadership in Energy and Environmental Design (LEED) certification. LEED features include high- efficiency HVAC systems, high performance windows, sustain- able lavatory fixtures, a white thermoplastic polyolefin (TPO) roofing system, significant open space and wetland/forest preserves, drought-tolerant landscaping and the use of VOC (volatile organic compounds) paints, carpets and adhesives. Upon completion, Liberty Ex- change will be a corporate cam- pus comprised of nine buildings offering approximately 225,000 s/f of office and R&D/flex space, plus retail space. n

T HE DEAL JUST ISN ’ T THE SAME WITHOUT US . Today’s complex real estate market is more demanding than ever. The stakes are higher and the risks are greater, but so are the potential rewards. Chiesa Shahinian & Giantomasi’s Real Estate, Development and Land Use Group combines experience, creativity and business acumen to skillfully navigate clients through the multitude of real estate and regulatory issues involved in the acquisition, financing, development, redevelopment, leasing and management of property. Our results- driven, transaction-oriented practice is equipped to take on the full spectrum of real estate legal matters.

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Commercial-Industrial Realty Council Join CIRC Now and Get Great Value! Great CRE Events ...Cont. Education...Speakers...Networking www.circdelaware.org

Schedule of Events ANNUAL MEETING & LUNCHEON May 14, 2015 (Wed.) Clarion Belle Speaker: Paula Swain, Incyte Corporation ANNUAL GOLF OUTING June 29, 2015 (Mon.) Hartefeld National • 11 Lunch • 12 Shotgun Start • 5:00 Happy Hour & Cocktails • 5:30 Dinner • 6:30 Awards Members may register online R.E. CONTINUING ED. * October 14, 2015 (Wed) * Mod. 4 / Office Management Mod. 5 / Legislative Issues: Agency Clarion Hotel-The Belle January 13, 2016 (Wed) * Mod. 7 / Contemporary Issues Mod. 3 / Real Estate Documents Clarion Hotel-The Belle March 9, 2016 (Wed) * Mods #/# to be announced Clarion Hotel-The Belle * Visit us on the web: CircDelaware.org for more information on our educa- tional course provider and credits for DE*MD*PA*NJ: circdelaware.org/education/schedule. cfm

Welcome New CIRC Members (shown below, from left): •Stephen C. Weick, Sperry Van Ness •Jim Manna, CIRC Membership Chairman •Christopher Duke, PE, Becker Morgan •Paul K. Wagner, Servpro •Dev Sitaram, PE, Karins and Associates •Brian Cannelongo, Bryn Mawr Trust Corp. •Drew Romanic, Martin Architectural

2014 (to 6/30/15) Board of Directors President John Birmingham Cushman & Wakefield Vice President Bert Root Harvey Hanna & Associates Treasurer Katherine L. Silicato, CPA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates Directors /Committee Education Chair: Dan Lesher Patterson Woods Associates Legislative Chair: J. Gregory Ellis Patterson-Woods Associates Program Chair: Donald Robitzer The Commonwealth Group Membership Chair: James Manna MidCoast Community Bank Benjamin J. Berger, Esq. Berger Harris, LLC Jim O’Hara, Jr. NAI Emory Hill-Retail Div. Rachael Justice ATAPCO Christiana Marvin Sachs Bellevue Realty Co. BrightFields, Inc. Jeremy Abelson C. S. Kidner & Associates Economic Dev. Liaisons New Castle County Chamber Bob Chadwick NCC Ec. Dev. Council State of Delaware David Archer DEDO NCCo. Rep. City of Wilmington Jeff Flynn Office of Economic Dev. Contact Us www.circdelaware.org (302) 633-1705 janet@circdelaware.org Ex-Officio Members Business Manager Janet S. Pippert CIRC / Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner

Dr. Peter Bailey, Vice-President of Exter- nal Affairs, Wilmington University (above left) spoke with members of Commer- cial-Industrial Realty Council (CIRC) and their guests on plans for a new cam- pus in the area of Route 202 and Bea- ver Valley Road in North Wilmington. Dr. Bailey oversees public relations, the University magazine, government rela- tions, military affairs, academic and corpo- rate partnerships, new site development, community outready and support for the

Other New Members (not shown): •Joy Barrist, Esq., Benesch Law •Joseph Borgia, Wells Fargo •John Johnson, PLS, Karins and Associates •Stacey Kerr, CFI - Knoll •Scott Matthews, Esq., Tarabico Grosso •Ralph Rossi, Buccini/Pollin Group •Nathan Sorenson, RPA, Sovereign Prop.Mgmt. •Andrea Tinianow, Del. Corp. & Int'l. Dev.

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Good Times/Great Reasons to Join! www.CircDelaware.org

Real Estate Journal — June 12 - 25, 2015 — 9A

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M id A tlantic F inancial D igest F eaturing C reative F inancing Three buildings totaling 480,324 s/f are 96% leased $83 million in financing arranged by DTZ for Woodland Park office portfolio

Real Estate Journal — June 12 - 25, 2015 — 11A

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H

Reston Town Center, one of the country’s most successful master-planned communi- ties. Located on Corporate Park Dr., the Woodland Park Of- fice Portfolio is comprised of Plaza Ridge II, a 160,046 s/f, class A office building, and South Point I and II, twin, six story, class A office buildings totaling 320,278 s/f located ½ block to the south at the northwest corner of Sunrise Valley Dr. All three buildings provide parking via both surface lots and adjacent three-story parking struc- tures. Unique to South Point I is above standard “hi-tech” upgrades that are critical to the needs of today’s tenants including abundant electri- cal power, backup generation and a supplemental electrical system available to serve mis- sion critical voice and data systems. n

ERNDON, VA — DTZ , a global leader in commercial real

estate services, announced that it has secured $83 mil- lion in financing for Woodland Park, a three-building portfo- lio located in Herndon, VA. Executive managing di- rector John Campanella arranged the financing on behalf of a joint venture be- tween AEW Capital Man- agement , on behalf of one of its separate account clients, and American Real Estate Partners . A bank provided the borrower with a long-term fixed rate loan. “We had a number of lend- ing institutions quoting on Woodland Park,” said Cam- panella. “The borrower was able to secure a very competi- tive 10-year bank loan with great flexibility.” The three buildings, which total 480,324 s/f and are cur-

Woodland Park

rently 96% leased, are located inWoodland Park, a 175-acre live/work/play office, retail

and residential development along the Dulles Toll Rd. The property is within walking

distance of the future Hern- don-Monroe Street Metro Sta- tion and is easily-accessible to

Cronheim Hotel Capital secures $34.15 million for three-building suburban Richmond hotel portfolio

RICHMOND, VA — David Turley , Janet Proscia and Jeffrey Pacailler secured a

$34.15 mil- lion loan for the refinance of a Home- wood Suites and Court- yard in Ches- ter, VA and Holiday Inn Express in Midlothian, VA. The ho- t e l s w e r e financed si- multaneous- ly but were not cross-col- lateralized. The financ- ing was sized

David Turley

vated 2003-vintage, 96-key, 4-story limited-service hotel located in the upscale Rich- mond community of Midlo- thian. The Chester Homewood is a 2002-vintage, 118-suite extended stay hotel located adjacent to the Chester Court- yard, a 2002-vintage, 135-key, 5-story select service hotel. The Chester properties are located off I-95 south of Rich- mond near the growing 1,300- acre Meadowville Technology Park and Fort Lee, an Army

quartermaster base. “This transaction is a great example of what CHC does best,” noted David Turley. “Our client, a major owner/ operator, approached us with these attractive refinance op- portunities along with a list of priorities that required a cus- tomized financing structure. We made it happen by lever- aging a close lender relation- ship to secure a loan with an unusual number of flexibilities at a very low rate.” n

Janet Proscia

to a 72% LTV and allowed a significant cash out to the bor- rower. The rates were fixed at 4.05%. The borrower had the option, which he opted not to take, of lower proceeds - 65% LTV at a 3.69% rate. The Brandermill Holiday Inn Express is a newly reno-

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