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

ISSUE HIGHLIGHTS Volume 25 Issue 2 Jan. 25 - Feb. 7, 2013 Project of theMonth at Dewey Beach, DE

Reece Crossings at Fort Meade in Maryland Picerne Military Housing enters prs. with US Army to build $72m apts.

ORT GEORGE G . MEADE, MD — Picerne Military Housing, a di- vision of Corvias Group , a privately-owned, vertically-in- tegrated real estate solutions group, announced today that it has closed on a $72 million public-private partnership deal designed to give more than 1,400 junior enlisted single service members a choice to live on post at Fort Meade. Named Reece Crossings, the development will break ground this month with anticipated completion of the first apart- ment building and clubhouse December 2013. Reece Cross- ings is the U.S. Army’s first- ever privately-developed, on- post garden-style apartment community for unaccompanied junior enlisted soldiers, sailors, airmen, marines and coast guardsmen. “Thanks to our innovative public-private partnership arrangement, this project will be built at no cost to the Army, and will greatly improve the F

May 2008 and secured a lease with HMart. Over the course of the following three years, the borrower embarked on a campaign to expand and rebrand the center, which has outstanding regional ac- cess and visibility from the heavily travelled Rte. 27 and Plainfield Avenue. Festival Plaza has become a retail destination and draws from an affluent, densely populated trade area and has a tenant roster boasting of a diverse lineup of quality retailers, most of which are Asian-inspired. Festival Plaza is located in the 24th largest of the retail markets tracked by CBRE Econometric Advisors. Ap- proximately 280,000 people live within five miles and more than 100,000 vehicles pass through the area on a daily basis. ■ “Through our partnership with Picerne, we will be able to deliver this groundbreaking project that will give our single service members the high-qual- ity homes they deserve,” said Colonel Edward Rothstein, Garrison Commander at Fort Meade. “These apartments are not something we could build on our own with our dwindling resources. This new community will improve the military expe- rience for our unaccompanied junior enlisted troops, giving them the opportunity to live on post, close to the community, work and training resources here to support them.” ■ living at Reece Crossings will also enjoy private master suites which include individual bath- rooms, walk-in closets, person- al climate controls, and private climate-controlled secure stor- age for military gear. Apart- ments will come furnished with a sofa, media cabinet and coffee table, in addition to a queen- size bed, desk and night stand in each bedroom.

HyattHotel-condo. project underway


Reece Crossings

quality of life for young, single service members,” said Corvias Group president and CEO John Picerne . “When com- pleted, I believe that Reece Crossings will help reshape expectations about what hous- ing for young, single service members can and should be. In addition to improved living conditions, community-based, on-post housing has the ability to provide young service mem- bers with the much-needed support, mentorship and ca- maraderie of their peers and

commanders.” Reece Crossings is a mod- ern apartment community comprised of 432 one- and two-bedroom apartments with 816 beds. The project will of- fer 1,126 s/f one-bedroom plus den and 1,186 s/f two-bedroom apartments. The apartments will feature large kitchens with a breakfast bar and full- size appliances, spacious living rooms, a laundry room with washer and dryer and free cable, high-speed Internet and utilities. All service members

Economic Development Spotlight Section B Mid Atlantic R EAL E STATE J OURNAL S POLIGHT Economic Development InDelaware,we recognize,atall levelsofgovernment, thevalueand importanceof thecommercial realestate market in recruiting companies to theFirstState.We appreciate thecollective roleyouplay inoureconomic development.Delaware is the legalhome tomore than 900,000businessentities, includingmore than50%of allU.S.publicly tradedcompanies.Companieschoose Delawarebecauseweprovideacomprehensivebusiness environment,modernandflexiblecorporate tax laws, a highly respected judiciary, a business-friendly state government and a superior customer service-oriented staff in theDelawareDivision ofCorporations. D ELAWARE N EW J ERSEY ICSC 2013 Mid-Atlantic Conference & Deal Making Program February 19 – 20, 2013 GaylordNational Resort&ConventionCenter National Harbor, MD Shopping Centers Spotlights Dear Friends: Iampleased toaddresscommercial realestateprofes- sionals throughout theMidAtlantic States in this issue of theMidAtlanticRealEstate Journal. Under the oversight of LieutenantGovernorKim Guadagno, theNew Jersey Partnership forAction has made tremendous strides in revitalizing our state’s economy. The Partnership’s three agencies -ChooseNew Jersey, the BusinessActionCenter and the EconomicDevelopmentAuthority - have attracted new business and helped existing busi- nesses thrive by focusing on relationship building andperson topersonoutreach,promoting the state’s GovernorChristie GovernorMarkell

MidAtlantic RealEstateJournal—EconomicDevelopment—January 25 -February7, 2013—25A


CBRE completes $36million loan for grocery- anchored retail center in Edison, New Jersey

Creating and expanding business and job opportunities inDelaware is one ofmy top priorities asGovernor.When Imeetwith business leaders, I ask onequestion:how canwe facilitateyour success?Often, the answers focuson creating an environmentwhere businesses feelwelcomed and supported and theiremployeescan liveandworkandenjoyagreatqualityof life.That’swhat we’re focused on inDelaware. I look to your continued success as an industry and extendmy regards to the commercial real estate professionals ofDelaware,Maryland,New Jersey and Pennsylvania. I encourage you to visitDelaware and talk to us aboutwhat Delawareuniquelyoffersbusinesses and families, aswework together tokeep Delaware – and the entireMid-Atlantic region –moving forward. Sincerely, JackA.Markell Governor

incentivesand resources,developingpro-growthpoliciesandassistingbusinesses in navigating state government and programs. In addition, we have reduced administrative red tape, restrictivemandatesandprohibitive taxes tomakeNew Jersey’s business climatemore favorable. As theGardenState recovers from the devastation ofSuperStormSandy, I am encouragedby the resolveof itscitizensandbusinessowners.New Jerseyanshave endured and I am confident thatwewill rebuild - stronger and better than ever. I look forward toworkingwith all those affiliatedwith the real estate profession on investing in our shared future. Bestwishes to all for a successful year.

Sincerely, ChrisChristie Governor



SADDLE BROOK, NJ — James Gunning and Donna Falzarano of CBRE New Jersey’s debt & equity fi- nance group recently secured a $36 million loan for Fes- tival Plaza, a repositioned grocery-anchored retail cen- ter, anchored by H Mart, an

Virginia:Open forBusiness The Commonwealth of Virginia was founded as a business venturemore than 400 years ago, and that legacy continues today asVirginia remains the top state in which to do business, as rated by several independent industry publications. Virginiacontinues toearnaccoladesandattractbusi- nesses fromaround thecountyandaround theworld because of our pro-business environment that offers lower operating costs, a stable six percent corporate income tax that hasn’t increased since 1972, prop- erty tax exemptions, a highly skilled and available workforce, strategic location at theheart of theEast Coast,andoneof the lowestcombined state/local/use

It ismypleasure toextendmybestpersonal regards and appreciation to the real estate professionals of theMid-Atlantic Region. I commend you for contributing to thevitalityof theCommonwealth’s economyand forworking towardsamoreprosper- ous future forPennsylvaniaandourneighbors.The Commonwealth remains committed to economic growthand jobcreation forour state’scitizens.My administration recognizes thatgrowing theprivate sector is theonlyway to accomplish these goals. I



taxes at fivepercent. Virginiaalsooffersavarietyofperformance-based incentives that ituses toattract and retain business investments and to attract new jobs to theCommonwealth. From taxcredits to taxexemptions,Virginiacontinues todemonstrate itswilling- ness to invest in thosewho invest and reinvest in theCommonwealth. Virginiahasoneof thecountry’smost technicallyadvanced,on-line site selection search tools—VirginiaScan.VirginiaScan allows companies to search a database ofmore than 1,800 qualified sites and buildings across theCommonwealth. In addition to site and building specifications,VirginiaScan enables companies to search for an ideal business location usingVirginiaworkforce statistics, existing businessdata and ahostofother information that isdriving today’sbusiness site- selection process. Sincerely, BobMcDonnell,Governor

am confident that you sharemy passion for creating economic growth and I look forward to continueworkingwith you in the years ahead tobetter serve Pennsylvania’s citizens andmakeour region anattractiveplace forbusinesses to grow and succeed.AsGovernor, andonbehalfof allPennsylvanians, I am pleased toextendmybestwishes to the realestateprofessionalsofPennsylva- nia,Delaware,Virginia andNew Jersey for continued success in growing the economy in our state and our region. Sincerely, TomCorbett,Governor



Green Buildings ............................ 5-9A Calendar of Events......................... 10A Owners, Developers & Managers.. 11-21A Economic Development............ 23-32A Shopping Centers ..................Section B

Asian grocer and located in one of the state’s strongest retail markets. The transaction refinanced an acquisition and construc- tion loan for the 151,429 s/f site at 1711-1783 Rte. 27 in Edison, New Jersey. The financing, which has a five-

year term with a floating interest rate at 275 bps over Libor, was secured through Capital One. The borrower, a partner- ship of Lubert Adler and McCarthy Properties , purchased the former Tops- anchored shopping center in

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