R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 21 November 9 - 22, 2012 Procida’s 100 Mile Fund Celebrates First Year
ASHINGTON, DC — Hines, Arch- stone and the TFI W Studley and LSM advise Covington & Burling LLP in transaction Hines, Archstone & TFI, developers of CityCenterDC, announce 420,000 s/f lease
international and domestic clients. I want to extend a special thanks to Studley and LSM for their sage advice on this project.” “We are extremely excited to welcome a firm with the stature and prominence of Covington & Burling as the anchor tenant for CityCenter- DC’s office component,” said William Alsup, III , senior managing director of Hines. “It’s symbolic that a firm with nearly a hundred-year-history in Washington has chosen to relocate to the city’s most cut- ting-edge project,” saidAlsup. He added, “Covington’s reloca- tion to CityCenterDC embod- ies one of the most important design themes of the project’s master plan – integrating the new with the old, ‘reweaving’ the fabric of the surrounding neighborhood with the state- of-the-art amenities and com- ponents of CityCenterDC.” ■
US Real Estate Fund , de- velopers of CityCenterDC, an- nounced today the signing of a lease with Covington &Burling LLP as the anchor office tenant of the landmark, mixed-use de- velopment in downtown Wash- ington, D.C. CityCenterDC is one of the largest downtown developments currently under- way in the United States. With the execution of the Covington lease, the office buildings, One and Two CityCenter, are now more than 80% pre-leased. The law firm will occupy 420,000 s/f when it moves into its new space in the summer of 2014. The lease will run 20 years during which time Covington will have options to expand. Covington was advised on the transaction by Thomas Fulcher and Arthur Green- berg with Studley and Debra
11A
2012 Lenders Directory
10th and H Street
MidAtlantic RealEstateJournal—FinancialDigest—November9 -22, 2012 —15A
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L ender ’ s d irectory
RedMortgageCapital,LLC 4300HaddonfieldRoad • Suite 314 Pennsauken,NJ 08109 P:856-662-2166 jszalkind@redcapitalgroup.com www.redcapitalgroup.com
SusquehannaBank TwoAquariumDrive • 4th Floor Camden,NJ 08103 P:856-756-3502 chris.unger@susquehannabank.com UnionCenterNationalBank 2455MorrisAvenue Union,NJ 07083 P:908-688-9500 F:908-687-1796
Lehman-Smith and James McLeish with Lehman Smith McLeish ( LSM ). “We are excited to participate in the redevelopment of this historic section in the nation’s capital, which will have an
enormous positive impact on the city,” said TimothyHester , chair of the firm’s management committee. “CityCenterDC’s proximity to all of Washington’s major institutions makes it an ideal location to serve our
RegionalCapitalGroup 701Route 70 East •BuildingOne •Marlton,NJ 08053 P:856-983-4800F:856-983-5001
TheHenleyGroup, Inc. 8APleasatStreetSouth Natick,MA01760 617.512.1135 www.thehenleygroup.com TammyGoldfisher Kennedy Funding Financing LLC 930 SylvanAvenue • Suite 110 EnglewoodCliffs,NJ 07632 P:1-800-342-8500 F:201-603-6558 info@kennedyfunding.com Lysar Financial Services, Inc. 443NorthfieldAvenue • Suite 306 WestOrange,NJ 07052 P:973-325-2500 F:973-325-7548 spepper@metropolitan-mortgage.com Direct Lenders
info@uncb.com www.ucnb.com
paul@regionalcapital.com www.regionalcapital.com
AnthonyC.Weagley - President&CEO Ronald Shapiro,SeniorVice President
BillBoylan,SeniorVice President PaulHodoanec,Vice President NEWYORK CenterlineCapitalGroup 100Church Street 15th Flor
CapitalOneBank 710Route 46East •Suite306 Fairfield,NJ07004 P:973-439-7600
NewYork,NY 10007 Phone: (212) 317-5700 Fax: (212) 317-5704
CooperHorowitz Inc. 51East 42ndStreet •NewYork,NY 10017 P: 212-986-8400 F: 212-983-0512
www.cooper-horowitz.com BarryHorowitz,President
ColumbiaBank 19-01Route 208North FairLawn,NJ 07410 P: 201-599-7076 F: 201-599-7063 pheilmann@columbiabankonline.com PaulA.Heilmann,SeniorVic President CommercialRealEstateLending
MeridianCapitalGroup,LLC New JerseyOffice 485Route1South•BuildingF•FirstFloor Iselin,NJ08830 P: 732-301-3200F:732-301-3299 ischubert@meridiancapital.com IsraelSchubert,ManagingDirector
EasternUnionCommercialRealEstate,LLC 3839FlatlandsAve •Suite 211 Brooklyn,NY P: 866-862-4800
Newcastle FinancialCompany LLC 1 InternationalBoulevard • Suite 400 Mahwah,NJ 07495 P:201-378-0118F:201-584-9173 victoria@newcastlefn.com www.newcastlefn.com
info@easternuc.com www.easternuc.com IraZlotowitz •AbeBergman MarcTropp
CommercialMortgageCapital 615WestMountPleasantAvenue Livingston,NJ07039 P: 973-716-0006 F: 973-215-2904 mscott@newcommercialmortgage.com MarkM.Scott,Principal StanleyM.Weeks,SeniorVicePresident
FairmontCapital LLC 1333 60th Street •Brooklyn,NY 11219 P:212-710-4018 F:212-937-2034 www.fairmontcap.com BarryKatz bkatz@fairmontcap.com Neal Frohlich nfrohlich@fairmontcap.com Lionsgate Finance, Inc. Real Estate& Franchise Finance 555 FifthAvenue • 14th Floor •NewYork,NY 10017 P:212-378-1720F:917-677-4801
EasternUnionCommercialRealEstate,LLC 1189Route 547 •Howell,NJ07731 P:866-862-4800 16-18A info@easternuc.com www.easternuc.com IraZlotowitz •AbeBergman MarcTropp NorthMarqCapital, Inc. 33OfficesNationwide OneGatehallDrive •Suite 101 Parsippany,NJ 07054 P: 973-538-2330 www.northmarq.com Palisades Financial,LLC 2160NorthCentralRoad • Suite 308 Fort Lee,NJ 0724 P:201-894-5000 F:201-894-8833 www.palfi.net IraBergstein •MarkZurlini • JamesCalvano •DavidMcLain JackChimento Rock FinancialConsulting 117CentralAvenue HasbrouckHeights,NJ 07604 P:201-288-1199 F:201-288-2578 rjarocki309@yahoo.com Richard L. Jarocki jm@lionsgatefinance.com www.lionsgatefinance.com MeridianCapitalGroup,LLC NewYorkOffice –CorporateHQ 1BatteryParkPlaza • 26thFloor NewYork,NY 10004 P: 212-972-3600F: 212-612-0100 www.meridiancapital.com sales@meridiancapital.com JonathanM.Stern
PA Spotlight: Premier Available Properties
Also places two fixed-rate loans with Allianz Real Estate of America HFF secures $91m construction/permanent financing for Cathedral Commons in DC
P
MidAtlantic RealEstateJournal—November9 - 22,2012— B
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WASHINGTON, DC — HFF has secured $91 million in construction/permanent financing for Cathedral Com- mons, a mixed-use develop- ment totaling 264,272 s/f in Washington, D.C.
HFF worked on behalf of the borrower, a joint venture between Giant of Maryland and The Bozzuto Group , to secure the 13-year, fixed-rate, construction/permanent fi- nancing through Northwest- ern Mutual . Upon completion, Cathe- dral Commons will include 137 luxury multi-housing rental units, eight luxury townhomes and 128,852 s/f of ground-level retail space. The retail portion of the prop- erty being leased by H&R Retail is 60% pre-leased and will be anchored by a 56,000 s/f, Giant Food grocery store. The project is located at 3336 Wisconsin Ave. The HFF team representing the borrower was led by man- aging director Mark Rem- ington and director Daniel McIntyre . In a separate transaction, working on behalf of LCOR ,
ennsylvAniA s Potlight
5B-12B Berger-EpsteinAsso., Inc.:Office,EasternPA.........................................................8B BraslerProperties: Industrial,EasternPA...............................................................9B ClassicProperties: Industrial,N.EasternPA...........................................................14B DietrickGroup,LLC:Office,EasternPA..................................................................8B FoxRealty Consultants:Office,EasternPA............................................................10B FrederickGroup:Office&Retail,EasternPA..........................................................14B GriffinLand: Industrial,EasternPA,LehighValley................................................10B HawleyRealty:Commercial Investment,EasternPA..............................................8B HinerfeldComm’lRealEstate: Industrial,N.EasternPA.......................................13B LibertyPropertyTrust: Industrial/Distribution,EasternPA..................................12B LebanonValleyE.D.C: Industrial/BusinessParkAcreage,CentralPA...................14B PennCapProperties:Office,EasternPA..................................................................11B Principal Investment:Office,EasternPA.................................................................10B P remier A vAilAble P roPerties
Directory
Upcoming Spotlight NY ICSC Deal Making — November 23 rd The Lenders Directory............... 11-22A New Jersey ............................... 23-33A Calendar of Events......................... 40A Pennsylvania ......................... Section B Auction Directory ......................... 4-5A Financial Featuring
Cathedral Commons
HFF placed two fixed-rate loans with Allianz Real Estate of America. A $55 million loan was arranged for Greenwich Place and a $41 million loan was secured for Greenwich Oaks. The properties were previously unencumbered with debt. GreenwichPlace andGreen-
wich Oaks are located two miles apart close to Interstate 95 about 35 miles north of New York City. Greenwich Place is situated on 30 acres. The HFF team representing LCOR was led by senior man- aging director Jon Mikula and managing director Jim Cadranel l. ■
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2A — November 9 - 22, 2012 — Mid Atlantic Real Estate Journal MAREJ A DVERTISERS D IRECTORY Applied Bank................................................................... 16A Archer & Greiner, PC...................................................... 12A Auctioneers Directory ....................................................... 4A Barry Isett & Associates, Inc.......................................... 12B Bayshore .......................................................................... 32A Beech Street Capital ....................................................... 16A Bennett Williams Realty Inc ............................................ 2B Billboard Directory ......................................................... 39A BL Companies ................................................................. 11B Blue Water Financial Corporation ................................. 16A BPG Properties ................................................................. 6A Brasler ............................................................................. 10B Business Card Directory................................................. 37A Bussle Realty Corp.......................................................... 24A Capital One Bank ........................................................... 16A Carl Berger & Associates................................................ 16A Columbia Bank.......................................................... 16, 21A Commercial Mortgage Capital ............................. 1, 14, 16A Cooper-Horowitz ....................................................... 13, 17A Earth Engineering ............................................................ 4B Eastern Union Commercial ....................................... 16-17A Federal Capital Partners................................................ 16A Fitzpatrick Lentz & Bubba............................................. 12B Griffin Land....................................................................... 7B Harvey Hanna & Associates............................................. 9A Hawley Realty, Inc. ........................................................... 8B Heller Industrial Parks .................................................. 30A HFF............................................................................. 17-18A High Associates ................................................................. 3B Hinerfeld............................................................................ 9B JOTTAN, Inc. .............................................................. IBC-A Kaplin Stewart .................................................................. 2A Keast & Hood .................................................................... 1B Lafayaette Ambassador Bank ........................................ 18A LVEDC............................................................................... 7B M. Miller & Son................................................................. 3A Mericle ...........................................................................BC-B Meridian Capital Group ...................................... 16-17, 19A Metropolis Capital Finance ............................................ 16A New Jersey Business Finance Corporation ................... 17A NorthMarq.............................................................. 8, 16-18A PennCap ............................................................................ 6B PENNS NE........................................................................ 3B Poskanzer Skott Architects ............................................ 28A Provident Bank .............................................................. IC-A RBS Citizens .................................................................BC-A Red Star Commercial Real Estate Funding .................. 18A Regal Bank ................................................................ 20, 26A Riker Danzig ................................................................... 26A SEBCO Laundry ............................................................. 26A Sheldon Good & Company................................................ 5A Sheldon Gross Realty...................................................... 26A Singer Financial.............................................................. 18A The Berger Organization................................................ 25A The Frederick Group......................................................... 8B The Henley Group..................................................... 15, 17A The Kislak Company ...................................................... 27A TriState REALTORS....................................................... 38A WCRE .............................................................................. 27A Whitesell.......................................................................... 31A
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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 Section Publisher ............................................................... Kevin MacLean Senior Editor/Graphic Artist ................................................ Karen Vachon Graphic Artist/Social Media Specialist ............................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist ....................................................................James Cinelli 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 21 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 James Cinelli Proposed Maryland
NPDES Ind. Stormwater Permit Requires Treatment of 20% of Impervious Surfaces
T
he Maryland Depart- ment of Environmen- tal Protection (MDE)
is proposing to make sig- nificant revisions to its Gen- eral Permit for Discharges of Stormwater Associated With Industrial Activities. These revisions go far beyond the requirements for implemen- tation of Best Management Practices (BMPs), many of which have been non-struc- tural and the core of the in- dustrial stormwater permit- ting program as documented in a facility’s Stormwater Pollution Prevention Plan (SWPPP). The proposed permit will require physical changes to a facility and will likely result in significant costs to the permittee. The revised permit requires specific control measures in the SWPPPbased on the facil- ity type. When this permit is formally adopted, industries will have 90 days to file an application, fee payment, and
SWPPP. Most significantly, the permit requires restora- tion of impervious surfaces using the updated Maryland Stormwater Design Manual or equivalent actions in order to address Maryland require- ments for the Chesapeake Bay and local TMDLs. The requirement mandates that permit holders treat 20% of the impervious surfaces not currently treated to the stan- dards of the Design Manual by the fifth year of the permit term. This might include construction of bioretention basins, conversion of paved areas to pervious paving, or
installation of green roofs. An implementation plan and yearly updates are required to be submitted to the MDE. The new General Permit application now requires more detailed information relevant to the permit condi- tions, such as local stream impairments or TMDLs, and calculated area of impervi- ous surfaces. Also required is an electronic version of a SWPPP including a site map illustrating discharge loca- tions and other information regarding activities of the applicant to protect waters continued on page A
Contact: Neil A. SteiN (ARVEST $RIVE "LUE "ELL 0! s s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0! Kaplin Stewart A t t o r n e y s a t L aw 'ETTING YOU THROUGH THE MAZE OF REAL ESTATE LAW Strategy. Skill. Success.
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Mid Atlantic Real Estate Journal — November 9 - 22, 2012 — A
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M id A tlantic R eal E state J ournal Company offers site assessment & water resources svcs. Liberty Environmental, Inc. purchases AES in Lancaster
They wrote the policy.
We make sure they write the check.
L
ancaster, PA — Lib- erty Environmental Inc. announced the ac-
for a seamless transfer in client relations, the present team of environmental professionals at AES will join Liberty and the existing office at 480 New Holland Ave. Suite 8203 in Lancaster will be maintained. In addition to the site as- sessment and water resourc- es services offered by AES, Liberty offers expertise in air quality management, regula- tory compliance, and envi- ronmental engineering with a proven record of success in managing environmental challenges and sensitive
compliance concerns. “Through the acquisition of the AES assets we gain a healthy portfolio of clients, talented staff and a great office location. We’re excited to build our presence as a trusted advi- sor for environmental affairs in central Pennsylvania”, said James Cinelli, P.E., BCEE , principal. The purchase brings the total number of employees at Liberty Environmental, Inc. to 26 and expands upon current office locations in Reading, Philadelphia, and Atlanta. n to finance this loan through a local bank. Financing was based on a 5-year term and a 30-year amortization schedule. “The existing lender was unable to reach the borrow- er’s desired proceeds and we were able to introduce a new lender who was comfortable with both the property and borrower principal,” said Cohen. n The MDE will be holding public hearings concerning the proposed revisions to the General Permit on Novem- ber 26 and 30, 2012. n Jim Cinelli is a regis- tered professional en- gineer in Pennsylvania, Delaware, New Jersey, Virginia, Maryland, and New York, and a Board certified environmental engineer. n
quisition of the assets of Alternative E n v i r o n - mental So- lutions, Inc. (AES) . The pur - chase affords Liberty the
M. MILLER & SON Public Adjusters Since 1960
1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com
James Cinelli
opportunity to expand relation- ships in the central Pennsylva- nia marketplace and beyond. Providing the infrastructure
NorthMarq Capital arranges $1.7 million mortgage for Kirkview Apartments in NY
Kirkwood , NY — NorthMarq’s New Jersey office recently closed a $1.7 million loan for the refi- nancing of K i r k v i e w Apartments, a 5 4 - un i t three-story market-rate mu l t i f am- ily property located in Kirkwood, New Gary Cohen of the state. Another important change in this permit is the newmon- itoring requirements. These include new requirements to perform quarterly visual examinations of stormwater discharges. The proposed permit also allows the MDE to require monitoring and online electronic submission of Discharge Monitoring
We are inviting industry leaders to be a part of our “year book”. We will preview the top Headlines of the year along with photos of your top executives along with a special season’s greetings or thank you ads to your clients, brokers, owners, architects, and employees that helped make 2012 a winning year. SEND IN YOUR TOP EXECUTIVE HEAD SHOTS Please take this opportunity to review your year’s successes and congratulate all who helped make it happen! 2012 Year in Review
Kirkview Apartments
York. The borrower worked with Gary Cohen , senior vice president and senior di- rector of NorthMarq’s North New Jersey regional office,
Proposed Maryland NPDES Industrial Stormwater . . . continued from page 2A
Reports in specific cases where local discharge is to an impaired water body. Furthermore, it requires monitoring without limits for benchmark parameters for some industrial waste sectors, including Agricul- tural Chemicals, Automobile Salvage, Scrap Recycling and Waste Recycling Facili- ties, and Fabricated Metal Products.
Publication date: December 21, 2012 Deadline: December 14, 2012
Professional Services We are inviting a select group of top professional to write an expert article about the current state of their respective fields. These experts will enlighten our readers on current issues, challenges and obstacles owners, developers and managers face on a project to project basis, focusing on specific business verticals. Deadline: November 12 • Publication Date: November 23 Submit your expert article today! 550 words with author headshot and bio Contact Linda Christman lchristman@marejournal.com | 800-584-1062 x 203 www.marejournal.com
Special advertising rates to all participating firms.
Linda Christman lchristman@marejournal.com Mid Atlantic Real Estate Journal www.marejournal.com Tel: 781-871-5298 800-584-1062 x 203
A — November 9 - 22, 2012 — Mid Atlantic Real Estate Journal
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M id A tlantic R eal E state J ournal A uctions
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 NJ-PA-DE-NY-MD-VA DE, PA, NJ PA-MD-VA-W.VA
Richard G. Warner, President NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710 Website: www.WarnerRealtors.com
Residential, Commercial & Industrial Auction Specialists!
CALL NOW FOR A FREE CONSULTATION 866.4 BIDDERS HURLEY AUCTIONS www.HURLEYAUCTIONS.com
Call us @ 800-584-1062
www.fortnaauctioneers.com 1-855-831-4242
P lace your B usiness C ard in our A uction D irectory T oday ! C ompanies S pecializing in C ommercial /I ndustrial R eal E state C an P romote T heir C ompany and its S ervices in our T wice monthly D irectory P lease F ill O ut C oupon B elow A nd F ax I t T o 781-871-5299 or E mail lchristman @ marejournal . com
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Mid Atlantic Real Estate Journal — November 9 - 22, 2012 — 5A M id A tlAntic R eAl e stAte J ouRnAl A uctions
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Real Estate AUCTION Nov. 29
Multi-Building Medical Office Campus on 1.46 Acres To Be Sold at or Above $749,000
Adjacent to Pottstown Hospital 1630 E. High Street, Pottstown, Pennsylvania
Pottstown.SheldonGood.com 800-516-0012
Jonathan Cuticelli Auctioneer License #AU005637
A — November 9 - 22, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M id A tlantic R eal E state J ournal At auction presented by Alex Coop er Auctioneers Sperry Van Ness’ Skogmo brokers $1,837,500 ind. sale H ANOVER, MD — Sperry Van Ness has recently complet-
Interchange 7 Business Park
334 Rising Sun Road, Bordentown, New Jersey
ed an indus- trial property sale transac- tion totaling $1 , 837 , 500 for 30,175 s/f led by Scott S k o g m o , S I O R o f
1 Advantage Court Ŷ 41,000 SF warehouse space Ŷ Multiple docks/drive-in access Ŷ 8,800 SF ofce also available
Ŷ 39,000 SF distinctive ofce space Ŷ Suites available from 4,023 SF Ŷ Teknion furniture available 2 Advantage Court
Direct access to Exit 7 of the NJ Turnpike, Exit 56 of I-295, and Routes 206 & 130 Centrally located between Philadelphia (32 miles) and New York City (64 miles) Close to a variety of dining establishments, banks, & convenient retail services Owner managed property management services
Scott Skogmo
Sperry Van Ness/Skog- mo Commercial .
856.234.9600 Roy Kardon, SIOR l roy.kardon@naimertz.com Rebecca Ting, SIOR l rebecca.ting@naimertz.com Julie Kronfeld l julie.kronfeld@naimertz.com Leasing Contact:
Advantage Flooring, Inc. has purchased the office/ware- house facility on 1.97 acres at 7240 Standard Drive in the
interchange7businesspark.com
7240 Standard Drive
Parkway Industrial Center in
Hanover. The property will now be used as the new Advantage headquarters, warehouse, and distribution facility. The building features approxi- mately 3,000 s/f of office and the remainder is warehouse and distribution space. Scott Skogmo, SIOR of Sper- ry Van Ness represented the buyer at the auction presented by Alex Cooper Auction- eers . n Liberty Prop. Trust wins A “Toby” Award of Excellence HANOVER, MD — Liberty Property Trust has been honored with the “ Award of Excellence” at The Building of the Year Awards (known as “TOBY”) by the Build- ing Owners and Manag- ers Association (BOMA) of Greater Baltimore . The award honors Liberty’s build- ing at 7361 Coca Cola Drive (Highpoint 100 Commerce Center) in Hanover. TheAward of Excellence rec- ognizes achievement in com- mercial building management and operations, best practices and innovation. “Liberty Property Trust be- lieves in creating work envi- ronments that inspire both creativity and production no matter the setting,” said Lisa Sullivan , vice president and city manager for Liberty’s Maryland region. “We are very pleased to receive this award in recognition of all the hard work the Liberty property management, tenant services and landscaping teams put into our industrial buildings at Highpoint 100, and at all our holdings.” n
MEND’sWestern Round-Up
16West Main St.,Moorestown, NJ
... Seven O’ Clock: Enjoy refreshments and hors d’oeuvres to the saloon stylings of Dishong ... EightO’ Clock: Buffet Dinner
Entertainment: The Ramblin’ Band Sponsorship & Ad Opportunities Available Casual orWestern Attire
2012 Events Committee
Victoria Robertson, Edward & Barbie Omert, Deborah Flick, Louise Carter, Daniel Caldwell, Jennifer Baxter & Stephanie Blackwell
Celebrating 43Years!
MEND’s mission is to maintain and expand affordable housing ooportunities for low and moderate income residents in Burlington County.
Mid Atlantic Real Estate Journal — November 9 - 22, 2012 — A
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Tenant advisers Saffer and Wadeson Cresa expandsDCoffice with industry veterans
USAA Real Estate Co, awards property management Cassidy Turley represents Greenebaum & Rose Assoc.
Washington, DC — Cre- sa has named industry veterans Mindy Saffer, LEEDAP , and Lucy Wadeson, LEED GA , a managing principal and a vice president, respectively, in its Washington, D.C. office. Prior to coming on board at Cresa, Saffer served as a prin- cipal, andWadeson was a senior associate, both at West, Lane & Schlager. “This is a tremendous op- portunity for Lucy and me, and we are extremely excited to join Cresa’s Washington loca- tion,” Saffer said. “My clients, and tenants in general, are demanding more services from their real estate consultants, and Cresa provides a global platform that will enable me to serve my clients in an even more comprehensive manner.” Her new firm’s team-oriented mentality is “completely in line with the way that I practice real estate,” Saffer adds. Wadeson echoes those com- ments, saying that Cresa’s
W
A SH I NGTON , DC — Cas s i dy Tur ley has ar-
more. Goldstar has contracted with The Donaldson Group to manage the property and exe- cute the renovation program. “We have made a concerted effort to focus on distressed residential deals over the last couple of years, successfully identifying and executing a number of deals in the Wash- ington, DCmetropolitan area,” said Michael Brodsky , Gold- star CEO. “As distressed op- portunities in the DC area di- minish, we are looking to other markets where we can leverage our specialized knowledge and experience. Barracks West is a tremendous opportunity for us to reposition an asset and cre- ate significant value.” n The office building, which was converted from an auto- motive use by famedWashing- ton D.C. architect and author Arthur Cotton Moore, had been home to Quinn Evans Architects for the two decades prior to the sale. Quinn Evans has relocated to space in the West End and the purchaser is a local design-builder who plans to occupy the space. n level,” said Bill Grillo , senior managing director with Cassi- dy Turley. “We have developed a robust resource platform that is prepared to support the on-site management team and will facilitate a smooth transi- tion. This is our first oppor- tunity to work with USAA in the DC metro market and we intend to deliver outstanding service to both the client and the tenants of Potomac Yard,” he continued. One Potomac Yard is 100 percent occupied by the U.S. Environmental Protection Agency (EPA), while Two Potomac Yard is 99 percent leased, with the EPA occupy- ing approximately 50 percent of the building. n
stack funded with equity. This acquisition marks the fifth “fractured condo” acquisi- tion that The Goldstar Group has closed in the last three years. To stabilize and enhance the property, Goldstar plans to spend $4.5 million on reno- vations including common area improvements, exterior building and parking lot re- pairs, landscaping, and im- provements to the community clubhouse. Select units, some of which are unoccupied and others that have been rented at below-market rates, will be upgraded with new paint, carpeting, appliances, light- ing, new heating and cooling systems, water heaters, and Arlington, VA — Cas- sidy Turley has been selected by USAA Real Estate Com- pany to provide property management services for two class A office buildings in the Crystal City submarket of Arlington, VA – One Potomac Yard, which has 315,231 s/f and is located at 2777 Crystal Drive; and Two Potomac Yard, which has 306,593 s/f and is located at 2733 Crystal Dr. “We are delighted that USAA has selected Cassidy Turley for this assignment and our team is prepared to work diligently to perform at the highest rey , vice president/regional manager of the firm’s Wash- ington, D.C. office. The asset commanded a sales price of $1,925,000. Josh Feldman , a senior associate in Marcus & Mil- lichap’s Washington, D.C. office, had the listing to mar- ket the property on behalf of the seller, a limited liability company. tenants, including Cable News Network (CNN), Accenture and the U.S. General Services Administration (GSA).
Charlottesville, VA — The Goldstar Group has acquired 265 rental condo- minium flats and townhomes at Barracks West for $13.3 million ($50,000 per unit) in an off-market short sale. Units were placed in receiv- ership by Suntrust Bank in late 2011 after the previous owner defaulted on a $22 mil- lion loan. The new ownership plans to invest an additional $4.5 million in capital improve- ments. Goldstar affiliate Metropo- lis Capital Finance sourced debt capital for the transac- tion. The Goldstar Group’s ac- quisition included $15 million of senior and mezzanine debt with the balance of the capital ranged the sale of 820 First St., NE. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller, Greenebaum & Rose Associates. An affiliate of Harbor Group Interna- tional acquired the property for $107 million. 820 First Street, NE, a 100 percent leased class A office building, is located in the Capitol Hill North submarket of Washington, DC. The 11- story, 298,533 s/f property is situated within Union Center Plaza. The building is cur- rently leased to a variety of
fully integrated, in-house com- mercial real estate services that reach tenants on a global scale will prove instrumental in supporting her existing and future clients. Tom Birnbach , managing principal of Cresa’s Bethesda office, which serves as the firm’s Washington region headquar- ters, said of Saffer and Wade- son: “First and foremost, they fit our culture like a glove, and that is extremely important to us, because getting the right people in the right culture truly benefits our clients. Their collaborative approach, experi- ence, expertise and intellectual capital will help take us to an- other level as a company.” n Mindy Saffer Lucy Wadeson
The Goldstar Group acquires 265 units totaling $13.3 million in off-market short sale
Cushman & Wakefield arranges sale of Delaware apt. community
The Apartments at Pike Creek
NEWARK, DE — Cush- man & Wakefield, Inc. has completed the sale of The Apartments at Pike Creek, a 264-unit complex on 19 acres. Karen Iman, Brian Whitmer, Andrew Merin, and Anthony Liberto of the firm’s Capital Markets Group represented the seller, Hen- derson Global, and procured the buyer, a fund managed by Sentinel Real Estate Corporation . “This offering provided a rare opportunity to acquire an institutional-grade apart- ment community in the af- fluent Pike Creek area of Delaware,” said Iman. “Ap- proximately 70 percent of the market’s inventory was built
before 1979. A testament to the scarcity of newer luxury rental product is the fact that Pike Creek was near full oc- cupancy at the time of sale. The buyer recognized the his- torical stability of cash flow with an ability to improve yield through upgrading unit finishes.” “The Greater Philadelphia area has seen an increas- ingly significant number of opportunities come to market, more so than we’ve seen in several years,” said Whitmer. “But we don’t see many pre- mier assets trade in northern Delaware, which explains the strong response and high five capitalization rate pricing we received for this offering.” n
WASHINGTON, DC — Marcus & Millichap Real Estate Investment Servic- es , the nation’s largest real estate investment services firm, has announced the sale of 1214 28th Street NW, a 5,912-square foot converted office property located in Washington, D.C.’s historic Georgetown neighborhood, according to Bryn D. Mer- Feldman of Marcus & Millichap sells A 5,912 s/f office building
8A — November 9 - 22, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com
d el M AR V A Niggeman & dougherty of Metro comm’l. reps sears sRd’s soloff brokers 6,68 s/f lease at christiana center N EwARK, dE — soloff Realty & develop- ment, Inc. (“sRd”) ,
Gillis team of sVN-Miller closes three state Farm leases
sALIsBURY, Md — Joey Gilkerson and Bradley Gil- lis, ccIM of the sperry Van Ness – Miller commercial Real Estate Gillis team have assisted State Farm In- surance Company in opening up three new locations on the Delmarva Peninsula year to date. Tom Prunty was the first agent assisted by the Gil- lis Team. He has relocated from Court Plaza on South Salisbury Boulevard to 1311 South Salisbury Boulevard, in Salisbury, Md. This was a 5-year lease and commenced in September of 2012. Eric James began his State Farm venture at 38613 Benro Drive, Delmar DE (locally
known as Delmar Commons). This was also a 5-year lease and commenced in September of 2012 as well. Daniel Martin was assisted by Gilkerson and Gillis to open his first office at 1205 Pember- ton Drive in Salisbury. Martin executed a 5-year lease as well, beginning in November of 2012. n the Ezra co. renegotiates dc office lease wAsHINGtoN, dc — Ezra company reports that GlennMeltzer , president, ne- gotiated on behalf of DC Busi- ness Centers in a 14,036 s/f lease extension at 10 G St. NE in the District of Columbia. DC Business Centers, which has three locations in Wash- ington, provides staffed and equipped offices to entrepre- neurs; local, national and in- ternational corporations; and non-profit organizations. TheAmerican Psychological Association owns the 258,000 s/f building at 10 G St. NE. n scheer Partners reps Immunomic therapeut ics in new lease RocKVILLE, Md — A Pennsylvania-based biotech- nology company has opened an R&D facility in Rockville, the result of a transaction completed by two scheer Partners executives. Scheer Partners has negoti- ated on behalf of Immunomic Therapeutics in a 3,500 s/f lease of laboratory space at 15010 Broschart Road, which is owned by Alexandria Real Estate Equities . In this newmulti-year lease, Scheer Partners senior vice president Henry Bernstein and vice president Matt Brady represented Immu- nomic Therapeutics, a clinical- stage biotech company. Previously, Immunomic Therapeutics occupied a small amount of temporary lab space in Montgomery County before recently settling into its new Rockville facility on Broschart Road. The company is develop- ing next-generation vaccines based on the patented Lyso- somal Associated Membrane Protein (LAMP) technology, which emerged from $20 mil- lion of National Institutes of Health-funded research. n
represented the landlord, PR christiana, LLc (PREIt) . Sears is represented by steve Niggeman and Joe dough- erty of Metro Commercial Real Estate. n
on Monday, October 15th. This is a new concept store for Sears, concentrating on “high end” kitchen and house- hold appliance sales. Richard soloff of SRD
a n n o u n c e s tha t Sear s Author i zed Home t o wn Stores, LLC, d/b/a Sears Home Appli- ance opened t h e i r n ew 6 , 6 8 3 s / f
douglasdevelopmentwelcomes Hewlett-Packard company
wAsHINGtoN, dc — Hewlett-Packard Company (HP) has leased 5,689 s/f on the third floor of the doug- las development -owned property located at 707-709 G St, NW. HP signed their lease with
Douglas Development in the third quarter of 2012, and is expected to move into the space in the second quarter of 2013. With the addition of HP, this building is now fully leased. HP joins Eagle Bank and Redline at 707-708 G
Richard Soloff
showroom at Christiana Cen- ter, located at Route 1 and Center Boulevard in Newark, adjacent to the Christiana Mall, anchored by Macy’s, Tar- get, JC Penny and Nordstrom
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Mid Atlantic Real Estate Journal — November 9 - 22, 2012 — 9A
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10A — November 9 - 22, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com
Commercial-Industrial Realty Council
www.circdelaware.org
OFFICERS President & Legislative Affairs Chair J. Gregory Ellis Patterson-Woods Commercial Properties Vice President & Program Committee Chair John Birmingham Cushman & Wakefield of Delaware, Inc. Treasurer Katherine L. Silicato, CPA Gunnip & Company, LLP Secretary Bayard J. Snyder, Esq. Bayard & Associates DIRECTORS Jeremy Abelson Benjamin J. Berger, Esq. Berger Harris, LLC Education Committee Chair Dan Lesher Patterson Woods & Assoc. Membership Committee Chair James Manna BrightFields, Inc. Jim O’Hara Jim O’Hara Realty Assoc. Donald Robitzer The Commonwealth Group Bert Root, V Harvey Hanna & Associates EX-OFFICIO (NON-VOTING MEMBERS) Business Manager Janet Sharpless Pippert CIRC Landmark JCM Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates New Castle County Economic Development Liaison Karl Kalbacher, P.G New Castle County Director of Redevelopment Bob Chadwick, Director New Castle County Economic Development Council State of Delaware Economic Development Liaison Jeff Stone State of Delaware, DEDO City of Wilmington Economic Development Liaison Jeff Flynn City of Wilmington, Office of Economic Development Marvin Sachs Bellevue Realty Co.
CONTINUING EDUCATION SCHEDULE New, Required Delaware CORE MODULES #1 to #7 Earn DE, PA, MD & NJ credits … ALL IN ONE SITTING!
CIRCispleasedtosponsorthisseriesofaccreditedcontinuingeducationtosatisfyallormostofyourcurrentCErequirementsinDE,PA,MD,&NJ.SeePage2forrequirements.
Select
Date
Session
Instructor
Title/ID
Credits
Cost
Jan.9,2013 (Wed.)
8:30AM
Colin McGowan,CDEI
DEMOD.4– RiskManagement
DE3.0COREMOD.4 PA3.5Elective MD3.0Elective NJ3.0Elective DE3.0COREMOD.5 PA3.5Elective
Member:$35 NonͲMember:$45
Jan.9,2013 (Wed.)
1:30PM
AndyTaylor, Esq.
DEMOD.5– Agency
Member:$35 NonͲMember:$45
MD3.0MREC(Req’dAGENCYͲRES.) * NJ3.0RequiredCORE(Pending) ( * MAYNOTHAVEAPPROVEDBY1/2013)
Jan.9,2013 AM&PM Jan.9,2013 AM&PM
FullDay–withLunchBuffet
Member:w/lunch:$105;NonͲMember:w/lunch:$135 Member:wo/lunch:$70;NonͲMember:wo/lunch:$90
FullDay–NoLunch
Member:$35 NonͲMember:$45
May8,2013 (Wed.)
8:30AM
Colin McGowan,CDEI
DEMOD.7– Foreclosures
DE3.0COREMOD.7 PA3.5Elective MD3.0Leg.Required NJ3.0Elective DE3.0COREMOD.6 PA3.5Elective MD3.0Elective NJ(Pending)3.0Elective
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DEMOD.6– RealEstateInvestment Fundamentals
May8,2013 (Wed.)
1:30PM
Duncan Patterson, CCIM
May8,2013 AM&PM May8,2013 AM&PM
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FullDay–NoLunch DEMOD.2– EthicalCaseStudies
Oct.9,2013 (Wed.)
8:30AM
Colin McGowan,CDEI
DE3.0COREMOD.2 PA3.5Elective MD3.0Elective NJ(Pending)3.0Elective
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Annual Joint Dinner - SIOR - CCIM - CIRC - TriState Realtors Thursday, November 15, 2012 4:30 - Optional Walking Tour of LOMA historical restoration, mixed-use area. 5:30 - Cocktail Hours in Balcony of World Cafe Live at The Queen 6:30 - Dinner Program and Welcome by City of Wilmington’s Mayor Elect Dennis P. Williams and organization Presidents. 7:45 - Keynote Speaker: Hal Real, President and Founder of Real Entertainment/ World Cafe Live and Co-Founder of LiveConnections. Hal is an interesting entrepreneur and will be exciting to hear from. 8:30-9:15 Musical entertainment by the Whirled Peas band will be at the beginning and end of the evening’s events.
F inancial D igest F eaturing T he L enders D irectory
Mid Atlantic Real Estate Journal — November 9 - 22, 2012 — 11A
www.marejournal.com
A 15.09% return to investors Procida’s 100Mile Fund celebrates first year
Highlighting the strength of the multifamily market Mark Scott’s Commercial Mortgage Capital closes $51.5m
ENGLEWOOD CLIFFS, NJ — Procida Funding’s 100 Mile Fund announced it
for their borrowers. The 100 Mile Fund’s inves- tors include a broad cross section of high net worth in- dividuals, a public insurance company, and local business owners. “Unlike larger funds we not only lend and invest money but we add value” said William Procida , a former general contractor and award winning real estate developer. “There is nobody else out there like us who can build and mar- ket a building as well as give you the money you need. Our knowledge of construction, development and marketing is second to none and I have the best team in the business.” n “We endeavor to deliver stream- lined, cost-effective solutions tailored to the specific require- ments of our clients’ portfolios in order to smoothly transition receivership assignments to successful execution.” Onyx is currently the ap- pointed receiver and/or manag- er for more than 80 properties on behalf of banks, loan ser- vicers and financial institutions in need of assistance managing defaulted real estate assets for all commercial property types, including office, industrial and retail assets. Additionally, the company has more than 8,000 self-storage units in receiver- ship and/or property manage- ment assignments. n included more than 70 non-per- forming loans grouped in more than 20 different borrower relationships. The collateral for the loans was spread across the Southeast, and was comprised of income-producing assets, de- veloped homes, as well as com- mercial and residential land. Lastly, Roseview advised on the sale of a portfolio comprised of more than 50 commercial real estate notes totaling more than $20 million. Roseview’s bank client sold the notes, all classified as performing and traded at par (or face value) to another commercial bank. n
L ivingston, NJ – MarkScott’s Commer- cial Mortgage Capital
CMC recently secured two loans on behalf of assets locat- ed inWoodbridge, NJ. The first was a $20-million permanent loan to finance a 16-building, 256-unit, recently renovated multifamily complex that of- fers a superior location, with Woodbridge Plaza Center and Woodbridge Center Mall within walking distance. The property is also situated just four minutes from the Wood- bridge train station and less than 10 minutes from the Metro Park train station and the Menlo Park Mall. The second loan arranged was a $15-million first mort- gage refinance for a 24-build- ing, 401-unit garden apart- ment complex that consists of 269 one-bedroom units, 125 two-bedrooms and seven three-bedroom duplexes. Cen- trally located in Woodbridge Township, these luxurious
apartments boast access to the Garden State Parkway, New Jersey Turnpike, I-287 and Routes 1 and 9. The company also arranged a $16.5-million construction loan for a four-story, 60-unit luxury apartment building located in Sleepy Hollow, NY. The waterfront property is part of the Hudson Harbor development project that in- cludes several upscale housing complexes, trendy restaurants and RiverWalk Park, which is on track to run from Pierson Park in Tarrytown to Icabod’s Landing in Sleepy Hollow. In addition to an 888 s/f lobby and 7,813 s/f of amenity space, the building will offer 32 single bedroom units with a den, four two bedrooms, 20 two bedrooms with a den and four three bedrooms. The area of- fers convenient access to the Tarrytown train station, I-287
has achieved a 15.09% net realized gain for its inves- t or s i n i t s first year of operations. The 100 Mile Fund, which launched in
(CMC) an- nounced that it has closed three deals for a total of $51 . 5 mi l - lion worth of multifamily financing. “ W e a r e
William Procida
October of 2011 had a solid opening year having partici- pated in the purchase of over $38 million of non-preform- ing debt, mostly construction loans, and managed to achieve over $23 million in discounts
Mark Scott
pleased to announce our latest Commercial Mortgage Capital transactions, which highlight the continued strength of the multifamily market in the Tri-state region,” said Mark Scott , founder and principal of CMC. “Transactions for top-quality assets in regions such as New Jersey, NewYork and Connecticut are currently experiencing lower loan-to- value ratios and looser lending structures.” LAUREL, MD — Hudson Realty Capital LLC (Hud- son) , a real estate fund man- ager with more than $2 billion in assets currently under man- agement, has funded a $6.8 million bridge loan secured by a 10.95-acre former ship- ping and receiving terminal in Prince Georges County. The loan proceeds were used by the sponsor to effectuate a DPO of the existing mortgage and establish various reserves. The property, which was ac- quired in 2006 by the borrow- er, has been granted rezoning approvals for a mixed-use redevelopment designed to complement Laurel’s planned Town Center area and revi- talization of the U.S. Route 1 corridor. Long-term business plans include the develop- ment of luxury multi-family units as well as office and retail space. A fitness center, theater, day-care facility and 1,800-space parking area are among the proposed future amenities. “Hudson Realty Capital continues to be the leading provider of special-situation
Onyx reaches 16 million+ s/f of receivership/mgmt. assignments
WOODBRIDGE, NJ — Onyx Equities, LLC , a pri- vate real estate investment, development and management firm announced that the firm continues to grow its receiver- ship services division, with more than 16 million s/f of re- ceivership and/or management assignments throughout New Jersey, New York, Pennsylva- nia and Connecticut. “Onyx is uniquely positioned to leverage our fully integrated platform and experience to pro- vide clients of our receivership services division with access to a comprehensive array of resources and expertise,” said Jonathan Schultz , managing principal, Onyx Equities, LLC. BOSTON, MA — The Ros- eview Group announced the sale of three loan portfolios totaling $745 million in unpaid principal balance. Roseview advised a large regional bank client on the sale of national portfolio of non-per- forming residential mortgages. The portfolio’s unpaid principal balance was more than $600 million at the close of the trans- action. Roseview also advised on the sale of a portfolio (the Portfolio) of commercial real estate notes totaling $120 million in unpaid principal balance. The Portfolio
Former shipping terminal site secures $6.8m bridge loan from Hudson Realty Capital LLC
The Roseview Group advises on the sale of three loan portfolios totaling $745m
bridge debt for middle-market commercial real estate trans- actions throughout the coun- try,” said Spencer Garfield , managing director. “In this particular case the sponsors needed reliable and flexible bridge financing to effectuate their discounted payoff. Hud- son was able to offer a short term loan with very flexible pre-payment penalty and to offer the surety of execution that sponsors need when they are negotiating with their cur- rent lenders.” The New York City-based real estate fund manager’s
current focus is originating and purchasing senior debt, as well as large loan-portfolio ac- quisitions and asset manage- ment activities. Hudson’s lat- est transactions involve new originations, note acquisition financing, DPO financing and performing and non-perform- ing loan purchases. The com- pany originates, purchases, participates in, services and restructures special-situation debt. Additionally, Hudson invests directly in real estate and acquires under-perform- ing assets and other real es- tate-related instruments. n
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