R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 3 February 10 - 23, 2012 Cushman &Wakefield Capital Markets Team inks $1.3 billion in 2011
New core property in New Jersey commands $255,555 per unit Kislak completes $23 million sale of 90-unit multi-family property
PRINGFIELD, NJ —The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $23,000,000 sale of a newly constructed core multifamily property located at 102-114 and 118-120 Victory Road in Spring- field, New Jersey. The property consists of 90 new luxury one, two, and three- bedroom bedroom units. Presi- dent and co-managing director Robert Holland and sales asso- ciate Scott Davidovic together represented the purchaser, a longtime Kislak client, in the transaction. “This sale represented an extraordinary opportunity to ac- quire a new, class ‘A’ multifam- ily property in northern New Jersey,” said Holland. It is rare for a new property of this caliber to trade. The premium price re- flects the quality of the property, the desirability of the location, rental rates, and the strength of the multifamily market in New S
Jersey.” “Given our long-stand- ing relationship with both the developer and purchaser, we were able to successfully nego- tiate and close the sale within 40 days,” added Davidovic. “The purchaser appreciated the cur- rent and potential value of the property as new multifamily construction in the area with such luxury amenities is usu- ally not available.” The units include spacious floor plans with large balconies. Unit amenities include stain- less steel appliances, washers and dryers, hardwood floors and car-
peting, and bathrooms with ce- ramic tiles. The buildings also have elevators and garages for residents, and a clubhouse and gym are planned to be built. The property is located off of Route 78 in Springfield, New Jersey near the borders of Millburn/Short Hills, Summit, Union/Vauxhall and Moun- tainside, among the strongest rental markets in the state. Residents will have an easy commute to New York City and the vari- ous employ- m e n t
centers in northern and central New Jersey. The seller was represented by Robert Trav- ers, Esq. of Edgewater, New Jersey and the purchaser was represented by Kenneth Gleid- man, Esq. of Lichter Gliedman Offenkrantz, PC of New York City. Robert Mendeles of Ar- bor Realty Trust arranged an $18,000,000 bridge loan for the purchaser. ■
17A
Skanska awarded $63m contract
29A
Gebroe-Hammer Associates arranges $7.25 million sale of Pewter Village
Property Management Spotlight Featuring IREM
and Joseph Brecher repre- sented the seller, Pewter Re- alty LLC, and procured the buyer, a long-time Gebroe- Hammer client. “This extremely well-main- tained three-acre proper- ty has historically demon- strated a high occupancy rate thanks to its 55+ tenant
Located in suburban Cam- den County, Collingswood is 35 miles southwest of Tren- ton and seven miles east of Philadelphia. The borough’s popular historic retail district boasts an array restaurants, cafés and boutiques as well as convenient access to mass transit. Metro Philadelphia’s subur- ban multi-family investment market continues to become more and more attractive to investors thanks to an ever-strengthening tenant pool,” said Brecher. “With oc- cupancies consistently at the 95-percent rate, rents have appreciated, as has property pricing.” Legal counsel was provided by Carol Stern of McCarter & English, LLP of Newark, N.J., and Richard Kelin, Esq. of Feinstein Raiss Kelin & Booker LLC of West Orange, N.J., on behalf of the seller and buyer, respectively. ■
base and strategic location near Collingswood’s vibrant commercial district,” said Schwartz. Pewter Village’s six two- story buildings are comprised of 64 one-bedroom and 20 two- bedroom units featuring gas fireplaces, washers/dryers, dishwashers and individually controlled climate c o n t r o l s .
COLLINGSWOOD, NJ — has arranged the $7.25 mil- lion sale of Pewter Village, an 84-unit active-adult garden- apartment complex at 1058 EldridgeAve. in Collingswood, announced Ken Uranowitz, managing director. Executive vice presidents Joel Schwartz
Section B
Financial Digest .................................. 7-9A DelMarVa ........................................... 11-15A New Jersey ........................................ 17-28A Pennsylvania .......................................... 29-49A Property Mgmt featuring IREM............... Section B Directory Upcoming Spotlight Best of 2011 — February 24th
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1058 Eldridge Ave.
A Inside Cover — February 10 - 23, 2012 — Mid Atlantic Real Estate Journal
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Real estate financing experts are easy to find...
$24,000,000 Multi-Family Rental Bethlehem, PA
$15,000,000 Office Building Summit, NJ
$22,000,000 Multi-Family Rental Morris Township, NJ
$4,550,000 Industrial Building Secaucus, NJ
$11,000,000 Office Building Iselin, NJ
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Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 1A
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REAL ESTATE FINANCING
2A — February 10 - 23, 2012 — Mid Atlantic Real Estate Journal A Greener New Jersey ...................................................... 1B Accent Group................................................................... 23B Accurate Reconstruction................................................. 17B Advantage Building & Facility....................................... 30B AL Services...................................................................... 18B All Seasons Maintenance................................................ 25B allRisk.............................................................................. 19B B.R. Kreider & Sons. Inc. ............................................... 34A Barry Isett & Assoc, Inc.................................................. 47A BELFOR .......................................................................... 20B BL Companies. ................................................................ 37A Bohler Engineering......................................................... 40A BOMA NJ .................................................................... IBC-B BR Water Meters............................................................. 29B Brasler Properties ........................................................... 31A Bruce Coin ....................................................................... 21A BSS .................................................................................. 13B Business Card Directory. ................................................ 45A Bussel .............................................................................. 19A CBC Bennett Williams............................................... 34,43A Cervelli Management ....................................................... 3B Columbia Bank.................................................................. 8A Cooper Roofing .................................................................. 9B Cooper-Horowitz, Inc.. ...................................................... 1A Cushman & Wakefield. ................................................... 18A Deerwood RE Capital........................................................ 9A DelMarPa Janitorial Svcs............................................... 29B DesignPoint, Inc.............................................................. 47A DJ’s Painting ................................................................... 14B Earth Engineering .......................................................... 35A Elite Landscaping ........................................................... 29B FCM Consulting Group .................................................. 28B FL & B.. ........................................................................... 47A Gebroe-Hammer.............................................................. 27A Gerber/Somma Associates .............................................. 24A Griffin Land..................................................................... 30A Gutter Master ................................................................. 12B Harvey Hanna & Associates...................................... 12,15A Hawley Realty, Inc .......................................................... 45A Heller Industrial Parks .................................................. 23A High Associates. .............................................................. 32A Hillcrest Paving .............................................................. 25B Hinerfeld.......................................................................... 33A Hylant Environmental.................................................... 44A IMPAC Property Management....................................... 29B Integrated Business Sys ...............................................BC-B Kaplin Stewart Attorneys................................................. 2A Keast & Hood Co............................................................. 37A Kislak Company, Inc.. ..................................................... 20A Landcore Engineering..................................................... 35A Levy, Ehrlich & Petriello ................................................ 31B LMS Commercial Real Estate. ....................................... 49A M. Miller & Son......................................................... 3A,10B Marcus & Millichap ........................................................ 30A Mavickar Environmental................................................ 38A McMahon. ........................................................................ 36A Mericle ......................................................................... IBC-A Meridian Capital Group ................................................... 3A Michael Baxter & Assoc. ................................................. 29A NAI CIR........................................................................... 34A NAI Summit .................................................................... 45A Nave Newell .................................................................... 36A NCCDE.. .......................................................................... 14A NorthMarq.................................................................. 13,43A Ondra-Huyett Associates................................................ 44A Orndorf & Associates ...................................................... 37A Penn’s Northeast............................................................. 30A Pincus Elevator ............................................................... 15B Poskanzer Skott Architects ............................................ 26A Prince Williams .............................................................BC-A Provident Bank. ............................................................. IC-A RCP Management ............................................................. 2B Republic Services ............................................................ 25B REZKOM ......................................................................... 21B Riker Danzig ................................................................... 18A Robbins Roofing............................................................... 28B ROCK Commercial.......................................................... 32A Rose Metal Systems ........................................................ 44A RT Environmental Services............................................ 30A Sebco Laundry. ................................................................ 20A Sheldon Gross......................................................... 18A,IC-B Southern Company ......................................................... 17B Specialty Building Systems .............................................. 4B Stantec............................................................................. 38A Survpro ............................................................................ 27B Tranzon Auction ................................................................ 4A Tri-County Region........................................................... 25A Tristate Realtors. ....................................................... 50-51A Whitesell.......................................................................... 22A Wilkin & Guttenplan P.C................................................ 11B MAREJ A DVERTISERS D IRECTORY
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Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist .................................................................Scott Friedman Mid Atlantic R EAL E STATE J OURNAL ~ Published Bi-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 3 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 Scott Friedman Five ways to Green your building for free
hear a lot of complaints about the costs associated with sustainability retro- fits. People say, “They are too expensive, they don’t provide a quick enough payback, etc.” There are also problems with most commercial real estate because there is a gap between tenants and landlords with re- gard to who pays for upgrades and who benefits (the “what’s in it for me issue?”). I believe that people are causing climate change and that we should all do as much as we can to change the way we do things. With that said, I understand that business and property owners need to watch their expenses and make the best decisions for themselves and their companies. Here are 5 ways to reduce your carbon footprint that will cost you little or nothing: 1. Do your Own Energy Audit. Energy audits mostly consist of checking that major building systems are in proper working order. Tightening up the building envelope by seal- I
ing leaks, adding insulation and evaluating lighting and HVAC systems are the main tasks. Professional auditors provide a comprehensive report with lots of suggestions for best practices. However, if you are not willing to pay for this, you can do it yourself. Have your facility maintenance personnel do a thorough walk through of your property and take notes on anything that is not in working order. Have them pay attention to windows and doors to make sure they are properly sealed. Evaluate lighting and consider replacing burnt out bulbs with energy efficient light fixtures and bulbs (there may be rebates that apply). Fix problems with
continued on page 16A 3. Buy Green Power. Many states are unregulated for vents, fans, belts, etc. Small unaddressed airflow issues add up. Starting somewhere and doing something is better than ignoring easily addressed problems. 2. Create anAwareness Buzz. Get the occupants in your build- ing involved. Educating people on what they can do may have a huge effect. Recycling, turn- ing off lights, powering down equipment and double sided printing are all behavioral items that can easily be worked into people’s regular routines. Behavioral changes can make a big difference.
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 2EAL ESTATE LAW FROM THE GROUND UP Experience Counts. Count On Us.
Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 3A
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M ID A TLANTIC R EAL E STATE J OURNAL Adam Taylor becomes a partner in the firm KaplinStewart’s Cohn speaks at a Philadelphia joint meeting
They wrote the policy.
We make sure they write the check.
P
HILADELPHIA, PA — Andrew Cohn, a con- struction group part-
Court of Appeals. Andrew Cohn is a senior member of Kaplin Stewart’s construction group,
regional and local owners of multi-use properties, ware- houses, industrial parks, retail facilities, shopping centers, and office buildings and complexes, in connection with the financ- ing, leasing, management and operation of such properties. In addition, Taylor has repre- sented both sellers and pur- chasers of multi-use, office and retail properties throughout the United States. Taylor ’s practice also includes entity formation ancillary to the real estate transactions work. Prior to joining Kaplin Stew- art, Taylor was an associate attorney with Ballard Spahr Andrews & Ingersoll, LLP in Philadelphia. Taylor is licensed to practice in Pennsylvania, New Jersey and New York. ■ inmarketing and financial data analysis in the industrial real estate industry, Vera will be a central resource for our region- al offices. She is responsible for Dermody Properties’ investor and client presentations, real estate broker materials, pro- posals and investment packag- es and marketing collaterals. ■
ner of Kaplin Stewart was a f e a t u r ed speaker at a joint meet- i ng o f t h e Philadelphia Construction Management Financial As-
and focuses his practice in construc- tion law and l i t i g a t i o n , representing owners, con- tractors, sub- contractors, sureties, and
M. MILLER & SON Public Adjusters Since 1960
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
Andrew Cohn
Adam Taylor
sociation and the Subcontrac- tors Association of the Dela- ware Valley. The meeting was attended by over 100 members of both construction focused associa- tions. Cohn spoke on “pay if paid” clauses in construction contracts, and the significance of the recently decided Sloan decision in the Third Circuit
design professionals in con- struction matters and claims. In other Kaplin Stewart news, Adam Taylor has become a partner in the firm. Taylor’s practice involves all aspects of commercial real estate includ- ing acquisition, sale, leasing, property development, and fi- nance transactions. Taylor has served as counsel to national,
Recent Financings Arranged By Meridian Capital Group
PORTLAND, OR — Bloom- ington Wholesale Garden Sup- ply (BWGS) is the newest ten- ant in LogistiCourt at Portal Way, Dermody Properties’ class A business park in Portland. Gary Randles of Cushman & Wakefield represented BWGS, and representing Der- mody Properties were Tony Dermody Properties signs new tenant at Portal Way Reser and TomTalbot of Kidder Mathews. Dermody Properties worked closely with the Portland Devel- opment Commission to develop LogistiCourt at Portal Way. Vera Harder has joined Der- mody Properties as the compa- ny’s marketing specialist. With 13 years of experience
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
EDITORIAL DEADLINES ARE 14 DAYS PRIOR TO PUBLICATION DATE
Sustainable Design & Construction Renovation/Restoration February 24 Deadline: February 10 Renewable & Alternative Energy March 30 Deadline: March 16
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
Editorial Requirements: Press releases and announcements: 250 words with photo. Expert articles: 460 words with photo. Expert articles (for spotlights): 500 words with photo.
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4A — February 10 - 23, 2012 — Mid Atlantic Real Estate Journal
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M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS
As president VAAuctioneersAssn. elects Jones, Jr.
Owner ordered auction of Retail Pad Site National Commercial Auctioneers to conduct
FREDERICKSBURG, VA — Nicholls Auction Market- ing Group, Inc. announced that the VirginiaAuctioneers Association elected Shields Jones to serve as president at its recent 54th Virginia Auctioneers Association edu- cational convention held in Charlottesville. The VAA represents auc- tioneers in the Common- wealth of Virginia and cel- ebrated over five decades of service at this year’s confer- ence. In comments made to the VAA, Jones challenged the association to promote the auction industry and make the association a viable ele- ment of the auction industry to enhance its image to the general public and the busi- ness world. As marketing director of Nicholls Auction Marketing Group, Inc., Jones oversees the day to day marketing operations of the company. A graduate of Virginia Tech, Jones, a second generation
N
ATIONAL CITY, CA — National Com- mercial Auctioneers
“This is a great easily-accessible corner location in a high traffic area,” said Vaughan. “It is next door to a brand new Auto Zone parts store with frontage on both Highland Avenue and East 21st Street.”
announces the owner-ordered auction of a vacant retail pad on Wednesday, February 29, 2012, at 1pm, according to Christopher Vaughan, region- al vice president and broker. “This is a great easily-ac- cessible corner location in a high traffic area,” said Vaughan. “It is next door to a brand new Auto Zone parts store with frontage on both Highland Avenue and East 21st Street.” Located at 2100 Highland Avenue, this 0.3382 acre vacant retail pad is com- plete with curbs, gutters, site drainage, sidewalks, landscaping, utilities and 36-space concrete parking lot. The pad would accommodate a retail store of approximately 2,150 square feet and is zoned MXC-2. The lighted, four-way inter- section includes an MTA bus stop with a traffic count of
approximately 17,700 cars per day. It is close to Sweetwater High School, South Bay Shop- ping Center, Wal-Mart, and Paradise Valley Hospital. The property is only 11 miles of the International Border of Mexico and close to Interstates 805 and 5 and State Highway 54. “This site is also in close proximity to Coronado Island, a major employer in nearby downtown San Diego, as well as the Naval Air Station in North Island, the Naval Base in San Diego and the Naval Base in Point Lorna,” said Vaughan. Broker participation is en- couraged. Property may be inspected any time.
The auction will be con- ducted onsite. For more details on how to receive the prop- erty information package and complete terms visit National Commercial Auctioneers’ web- site. National Commercial Auc- tioneers is a national commer- cial property auction company dedicated to the sale of com- mercial property for commer- cial lenders, bankruptcy trust- ees, private equity funds, and public and private companies throughout the United States. NCA has the knowledge and expertise to effectively de- liver a market driven auction for every kind of commercial property. ■
Shields Jones
auctioneer from Albemarle County Virginia, is the son of Calvin and the late Tasca Jones of Esmont, VA. Jones has most recently represented the Virginia auction industry as the 2008 Virginia Auctioneer of the Year For more information about Shields Jones, Nicholls Auc- tion Marketing Group and the VAA, visit the Nicholls Auction website. ■
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6A — February 10 - 23, 2012 — Mid Atlantic Real Estate Journal
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C OMMERCIAL R EAL E STATE O RGANIZATIONS ’ E VENTS C ALENDAR
FEBRUARY 8 – CIRC DE Event: Monthly Membership Networking Luncheon Time: 11:30 – 1:30 PM Location: Clarion Belle Hotel
FEBRUARY 16 – BOMA PHILADELPHIA Event: Monthly Luncheon Meeting Time: 11:30 AM – 2:00 PM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA P: 215-567-1775 www.bomaphila.com FEBRUARY 16 – ICREW NJ Event: Multifamily – Where is it Heading? Time: 11:30 AM Location: Hilton Woodbridge Address/City: 120 Wood Ave. South, Iselin, NJ Cost: $50 Members $75 Nonmembers P: 609-585-6871 E: icrewnj@icrewnj.org www.icrewnj.org FEBRUARY 16 – NAIOP PITTSBURGH FEBRUARY 16 – ULI PHILADELPHIA Event: How Urban Arts Big & Small Drive Real Estate & Economic Development Time: 8:00 AM – 10 AM Location: Delaware Valley Regional Planning Commission Address/City: 190 N. Independence Mall West, 8th Fl., Philadelphia, PA Cost: $40 Members $55 Nonmembers P: 215-446-2930 www.philadelphia.uli.org FEBRUARY 17 – NAIOP NJ Event: Preparing for Mandatory LSRP plus Roundtables with Industry Experts Time: 7:45 AM – 11:00 AM Location: NJ Inst. for Continuing Legal Education Address/City: New Brunswick, NJ Cost: $110 Members $135 Nonmembers E: morford@naiopnj.org www.naiopnj.org FEBRUARY 21-22 – ICSC Event: Mid-Atlantic Conference & DM Location: Gaylord National Resort & Convention Center Address/City: 201 Waterfront St., National Harbor, MD Cost: $210 Members $440 Nonmembers P: 646-728-3800 www.icsc.org FEBRUARY 21 – CREW PITTSBURGH Event: Connect with CREW Happy Hour Time: 5:00 PM – 6:30 PM Location: Elements Address/City: Four Gateway Center, 444 Liberty Ave., Pittsburgh, PA P: 724-864-0814 E: francolby@gmail.com www.crewpittsburgh.org FEBRUARY 21 – DVGBC Event: Emerging Professionals Committee Leadership & Learning Series-Selling Sustainability Time: 6:00 PM – 8:00 PM Location: DVGBC Address/City: 1617 JFK Blvd., Philadelphia, PA Event: Chapter Meeting: Transportation Update Time: 7:30 AM Location: Omni William Penn Hotel Cost: Members Free/$40 Nonmembers P: 412-928-8303 www.naioppittsburgh.com
FEBRUARY 22 – CFA PHILADELPHIA Event: How to Start an Investment Management Firm Time: 6:00 PM Location: Marriott Hotel Address/City: 111 Crawford St., Conshohocken, PA Cost: $25 Members $40 Nonmembers P: 215-320-4980 E: pconners@cfaphil.org www.cfaphil.org FEBRUARY 22 – CREW LEHIGH VALLEY Event: Lunch & Learn: Regulatory Trip-Ups that Could Derail Your Project Time: 11:30 AM – 1:00 PM Location: Principal Investments Conference Room Address/City: 3500 Winchester Rd., 3rd Fl., Allentown, PA Cost: $15 per Person-Members & Invited Guests Only www.crewlehighvalley.org FEBRUARY 22 – ULI PHILADELPHIA Event: Lehigh Valley Roundtable: The Impact of Neighborhood Improvement Zones Time: 12:00 PM – 1:30 PM Location: City Center Lehigh Valley Address/City: 702 Hamilton St., Allentown, PA Cost: $15 Members $25 Nonmembers P: 800-321-5011 www.philadelphia.uli.org FEBRUARY 23 – CREW PHILADELPHIA Event: Continuing Education Series Time: 8:30 AM – 10:30 AM Location: Davio’s Northern Italian Steakhouse Address/City: 111 S. 17th St., Philadelphia, PA
Address/City: 1620 N. DuPont Hwy. Cost: $30 Members $40 Nonmembers P: 302-633-1705 E: janet@circdelaware.org www.circdelaware.org FEBRUARY 10 – CCIM Event: Creating & Sponsoring Real Estate Investment Groups Time: 8:30 AM – 4:30 PM Address/City: Philadelphia, PA P: 312-321-4460 E: membership@ccim.com www.ccim.com Time: 5:30 PM – 8:00 PM Location: Spanish Tavern Address/City: 103 McWhorter St., Newark, NJ Cost: Free-Members Only www.siornj.com FEBRUARY 13 – USGBC NJ Event: Networking Dinner Time: 6:00 PM – 8:30 PM Location: Maggiano’s Little Italy Address/City: Hackensack Ave., Space 70 Hackensack, NJ FEBRUARY 14 – CIA NJ Event: Real Property Roundtable Time: 8:00 AM – 9:30 AM Location: Saddlebrook Marriott Address/City: 138 Pehle Ave., Saddlebrook, NJ P: 201-368-2100 E: nharencak@cianj.org www.cianj.org FEBRUARY 15 – ABC EPA Event: Beer Tasting & Networking Time: 5:00 PM – 7:00 PM Location: Allentown Brew Works Address/City: 812 W. Hamilton St., Allentown, PA P: 610-279-6666 E: rkelsh@abceastpa.org www.abceastpa.org FEBRUARY 15 – ICSC Event: Pennsylvania Economic Outlook Luncheon Location: Granite Run Mall Address/City: 1067 W. Baltimore Pike, Media, PA Cost: $40 Members $55 Nonmembers P: 646-728-3800 www.icsc.org FEBRUARY 15 – SMPS PHILADELPHIA Event: Writing Workshop: From the Basic to the Sublime Time: 8:00 AM – 10:00 AM Location: Pennoni Associates Address/City: 3001 Market St., 2nd Fl., Philadelphia, PA Cost: $25 Members $35 Nonmembers www.smpsphiladelphia.org FEBRUARY 13 – SIOR NJ Event: Membership Meeting Cost: $35 Members $40 Nonmembers P: 973-290-0013 E: info@usgbcnj.org www.usgbcnj.org
Cost: $55 Members $75 Nonmembers E: crewphiladelphia@crewnetwork.org
FEBRUARY 23-24 – IREM Event: Tri-State Conference & Expo Location: Borgata Hotel & Casino Address/City: Atlantic City, NJ www.irem1.org
MARCH 1 – ULI PHILADELPHIA Event: Transformative Regional Game Changers-Let’s Dare to Dream (and Evaluate) Time: 8:15 AM – 10:30 AM Location: The Union League Address/City: 140 S. Broad St., Philadelphia, PA Cost: $65 Members $90 Nonmembers P: 800-321-5011 www.philadelphia.uli.org MARCH 8 – IREM 101 & IREM 3 Event: Create Your Brand of Personalized Service Time: 1:00 PM – 3:30 PM
Location: Stonegate @ St. Stephen Address/City: 5101 Stonegate Dr, Pennsauken, NJ Cost: $25 Members $35 Nonmembers P: 856-829-8939 www.irem101.org/www.irem3.org
P: 215-399-5790 www.dvgbc.org
M ID A TLANTIC R EAL E STATE J OURNAL F INANCIAL D IGEST
Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 7A
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Webb and Butler advises Donatelli Development on financing Cassidy Turley arranges $66 million permanent loan for Highland Park Phase I
W
ASHINGTON, DC — Cassidy Turley has secured a fixed-
as advisor to Donatelli De- velopment on the financing transaction. Cassidy Turley completed a $122 million re- capitalization of both phases on behalf of Donatelli Develop- ment with a client of Invesco Real Estate in December 2010 and subsequently secured a $26.1 million construction loan for Phase II in September of this year. The existing 229 unit build- ing is consistently recognized as one of the premier apart- ment projects in the region. In 2009, Highland Park received the National Association of Homebuilders Award for Best Mid-Rise Apartment. The
This regional borrower also elected to refinance their exist- ing loan early with a new 10 year term through the Freddie Mac Capital Markets Execu- tion. Finally, Cohen arranged a $12 million loan on a 115 unit CO- OP apartment building inHack- ensack. This property was a failed conversion and the spon- sor purchased the unsold units and has managed this asset as a rental property. APennsylvania based regional bank understood the asset, liked the sponsorship and provided a facility which allowed the borrower to pay off the existing underlying debt and take out a significant equity component in order to facilitate the acquisition of another mul- tifamily asset. Taking advantage of the very strong apartment fundamentals here in the northeast, North- Marq is also actively working on several other prominent multifamily assignments rang- ing from construction financing to institutional joint venture equity. Two deals of note are the arrangement of permanent financing for a major high-rise that was recently constructed in Jersey City and securing thirty year self-liquidating financing with a life insurance company on a class A luxury complex in another major NJ market. ■ combined project offers ten- ants a two-story fitness center, high-tech party and billiards rooms, expansive rooftop deck with panoramic views, and over 18,000 s/f of ground floor retail including Potbelly Sandwich Works, Five Guys Famous Burgers and Fries, Tynan Coffee and Tea, Signal Financial, Pete’s New Haven- Style Apizza, Acre 121, and Lou’s City Bar. In addition to the onsite amenities, High- land Park is located atop the Columbia Heights Metro sta- tion (Green and Yellow lines), directly across the street from DC USA, a 500,000 s/f retail complex. ■
rate loan on behalf of Do- natelli Development, Gragg & Associates, and a client of Invesco Real Estate for High- land Park Phase I, a 229 unit apartment building. It adjoins a future 144 unit building, Highland Park Phase II, which began construction earlier this year for delivery in early 2013. The permanent loan for Phase I was provided by Key Bank Real Estate Capital’s Fannie Mae DUS platform. David Webb and Jamie But- ler of Cassidy Turley acted ROANOKE, VA—Deerwood Real Estate Capital, a com- mercial mortgage brokerage and advisory firm, recently closed on a $9.5 million loan MORRISTOWN, NJ—Cron- heim Mortgage has arranged financing totaling $9.4 million on the Lindsley Arms apart- ments, located at the corner of Whippany Rd. and Lindsley Dr. Dev Morris and Andrew Stewart arranged the 10 year financing withAviva Investors whom they represent as both a correspondent and loan ser- vicer. The rate was locked on the loan four months prior to closing with no additional cost or spread premium. The subject, built in 1962, consists of 116 1 bedroom units; the balance are equally split between 2 and 3 bedroom units, all of which are gener- ously sized relative to the average unit square footage in competing properties. Lindsley Arms is located adjacent to the Morristown Westin Hotel; it is also near the historic Ford Mansion (Washington’s Head- quarters), one mile from the Morristown train station (with direct access to Midtown Man- hattan), and two miles west of
Highland Park
DeerwoodReal Estate Capital closes VA office loan totaling $9.5 million for a 300,000 s/f office building in Roanoke.
Cohen of Northmarq Capital closes nearly $200 million
PARSIPPANY, NJ — Gary Cohen, senior VP of the New Jersey Office of NorthMarq
nance the existing loan with a 5-year term and a 30-year amortization. The deal was arranged by David Rosenberg and Mark Silbersher. ■ Moosic Heights, located in Moosic, PA has 153 total sites, Maple Manor, located in Taylor, PA is just four miles from the Moosic Heights Community and has 311 total sites, Oak- wood is located in Tunkhan- nock, PA and is 32 miles from the Maple Manor Community - it is the smallest of the 5 with 79 total sites, Pleasant View Estates is located in Blooms- burg, PA and has 111 total sites and Brookside Village is located in Berwick, PA and is only 4 miles from Pleasant View Estates, it is a 39 acre community situated on top of a spacious valley with beautiful views of the mountains in ev- ery direction and has 171 total sites. Moosic and Maple Manor have public utilities whereas the other three are served by private water and sewer. Nu- merous improvements have been made by the owner since purchasing the asset in 2010 including paving, drainage improvements, new signage, water plant upgrades and up- dated rental offices. ■
Capital, has closed $191 m i l l i o n o f multifamily loans during t he f our t h qua r t e r o f 2011. High- lighting this string of suc-
The loan provided the bor- rower with 75% LTV to refi-
Cronheim Mortgage’s Stewart & Morris completes $9.4m the Morristown Municipal Air- port. Access to Routes 287 and 24 help make this a convenient location.
Gary Cohen
According to Dev Morris, principal of Cronheim, “This was a very low loan to value and the borrower had numer- ous options. He chose to work with us and Aviva due to our ability to lock in an interest rate early, provide competi- tive pricing and terms, as well as a simple closing process. Cronheim acting as a portfolio servicer is another benefit the borrower pointed to when mak- ing a decision.” Cronheimarranged financing totaling $15.5 million on five mobile home park communi- ties, three of which are located in the Scranton area and the other two in the Bloomsbury areas of PA. Dev Morris and Andrew Stewart arranged the 10 year financing for an af- filiate of United Mobile Homes. The interest rate on the 30 year amortizing loan is 4.25%. The subject properties con- sist of 824 home sites and are:
cess was a portfolio of 15 proper- ties located in NJ, NY, PA and CT that were refinanced early through the Capital Markets Execution program of Freddie Mac for $158 million. Working on behalf of a major apart- ment investor, Cohen noted that most of these deals were existing Freddie Mac loans where the borrower elected to refinance now and lock in low interest rates. Despite many years remaining on the existing loans, reducing the coupon by anywhere from 100- 300 basis points coupled with a very meaningful cash out component, which more than covered the prepayment penal- ties, enabled our client to lock in these 10 year deals through our seller/servicer relationship with Freddie Mac. Cohen also arranged a $21 million refinance for a 298 unit apartment in Burlington Cty.
8A — February 10 - 23, 2012 — Financial Digest — Mid Atlantic Real Estate Journal
www.marejournal.com
F INANCIAL D IGEST
By Bruce Coin, Bruce Coin Consulting, Inc. The Current Commercial Mortgage Market
T
he Commercial Real Estate arm of the Mort- gage Bankers Associa-
nies have acknowledged that they want to fund more volume and some, like Principal, are rolling out new products. They are venturing into the mezza- nine debt market to capitalize on the now relatively stabilized commercial real estate market (with exceptions) to fund the “delta” between what is avail- able as a standard first lien mortgage and what a borrower needs to refinance or make an acquisition. One could equate a program like that to pseudo “joint venturing” depending upon the structure. I see abun- dant opportunities that will
allow them to pick and choose excellent assets and borrowers while enjoying the premium yields available in the “mezz debt” arena. On the economic front many, but not all, of the carefully watched barometers are con- firming a continued but modest growth. At their January meet- ing the “Fed” left interest rates unchanged and commented that “the expectation is that they (the fed funds rate) will remain exceptionally low (now) until late 2014”. For borrowers that is good news. They also estimated a growth rate of be-
tween 2.2 and 2.7 percent and reiterated that they will con- tinue to reinvest their principal payments received from their mortgage backed securities back into “agency sponsored” MBS. As the largest current MBS buyer their purchases have been an important sup- port of the mortgage market. Consistent with that was Fannie Mae’s announcement that its total multifamily is- suance for 2011 was approxi- mately $23.8 billion reflecting a 45 % increase over 2010’s $16.4 billion. Kimberly John- son, Vice President of Fannie’s
multifamily capital markets said “right now it looks like new issue DUS will probably be in the same range as 2011”. Life companies and banks will need to be aggressive to compete for multifamily business. CMBS volume should con- tinue to increase slowly with a number of $1 billion pools being brought to market. Look for rating agency newcomers, Morningstar and Kroll to win an increased portion of that rating business. Standard and Poor’s has become “persona non gratta”. Congress continues to ago- nize over the Dodd Frank Act’s Volker risk retention rule and its QRM provision. The latest is that they want to impose a Pre- mium Cash Capture Reserve Account or PCCRA. The pre- miums earned on the retained portion of a sold loan (or pool) would be escrowed into a cash reserve at the institution hold- ing the retention to be available in the event of default. Propo- nents, including the Mortgage Bankers Association, argue that such a requirement could severely curtail issuance of non-agency RMBS and CMBS and that it was not specifically addressed by Dodd Frank. A final thought concerns the way Discounted Cash Flow analysis continue to be per- formed. Many commercial ap- praisers continue to project that rents and expenses of multi-tenant properties will still escalate on a straight line basis over a 10 year holding period using annual factors of 2.5 to 3 percent. They are obvi- ously ignoring the lessons of the past 4 years and the post WWII history of recessions. Since WWII, recessions have occurred in a range of two to ten years with two and ten year hiatus being atypical. Most occur every four to eight years and close to national elec- tions. If one is projecting for ten years, and how good is anyone’s “crystal ball” after three or four years anyway, wouldn’t it be prudent to assume that a re- cession is going to occur within that time frame? When reces- sions occur, property vacancy rates increase, rents go flat or actually decline while most operating expenses continue to increase. Defenders say “that’s the way all investors make their forecasts”. I submit that is inaccurate and that prudent investors and analysts all vary
tion had its annual con- vention this year at Super Bow l t ime in Atlanta. While much of the focus this year will be on the na-
Bruce J. Coin
tional election, it is clear that cautious optimism abounds as mortgage bankers and lenders are anticipating more lending. The major insurance compa-
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continued on page 9A
Mid Atlantic Real Estate Journal — Financial Digest — February 10 - 23, 2012 — 9A
www.marejournal.com
F INANCIAL D IGEST
Meridian Capital Group originates the transaction Beech Street Capital provides $9.35m Freddie Mac loan to acquire rent stabilized apartments S
their projections to allow for such occurrence. If 2012 will be the better year that is expected let’s all be prudent when we are performing or reviewing a DCF. Bruce Coin is director of Bruce Coin Consulting, Inc. ■ continued from page 8A with a specialized focus on multi-housing throughout the northeastern United States. He worked at HFF for more than 10 years as an analyst and later a managing director before spending two years as a senior vice president in CBRE’s debt and equity finance department. Prior to working for HFF, he spent nearly 10 years employed with “Big Four” accounting firms where he advanced to become a tax manager in the Pittsburgh office of Pricewa- terhouseCoopers. Matt has a Bachelor of Science degree from Saint Vincent College, an MBA in Finance from the University of Pittsburgh and a Masters in Taxation from Robert Morris College. ■ The Current Commercial . . . TATEN ISLAND, NY — Beech Street Capital, LLC announced that it has provided a $9.35 million Freddie Mac CME loan for the acquisition of Trantor Place Apartments, a 178- unit, rent stabilized property located in Staten Island, New York. The transaction was origi- nated by Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relation- ship with Meridian. Key to the transaction was the borrower’s plan to invest over $700,000 in capital improvements to the asset after purchase. The improvements, planned over the next two years, will Matt rejoins HFF Pittsburgh as managing director PITTSBURGH, PA– HFF an- nounced that NicholasMatt has rejoined the firm as a managing director in its P i t t sbur gh office. Matt will focus on debt and invest- ment sal es transactions for all prop- e r t y t y p e s Nicholas Matt
further enhance the rent sta- bilized property which con- tributes to quality housing in the New York market. “Given the importance of maximizing proceeds, we chose to engage Freddie Mac who structured the deal to include the bor- rower’s cap ex budget along with closing costs,” comments Mike Edelman, senior vice president of Beech Street Capital. “Freddie offered us 85% of the cost to purchase, which included the $700,000 in capital enhancement funds
that were escrowed at closing.” Barry Lefkowitz, the Meridian mortgage finance advisor on the transaction was pleased. “Although the financial mar- kets remain volatile, Beech continues to beat the compe- tition in rate, structure and service,” states Lefkowitz. Built in 1964-1966, the gar- den-style apartment complex is comprised of 16 three-story buildings situated on 5.7 acres. The fixed-rate loan has a term of ten years with two years interest-only. ■
Trantor Place Apartments
$5,850,000 Eastern PA Refinance Multifamily 98 Units
$50,000,000 Newark, NJ Centre Market Bldg. Office 380,000 S/F
$19,990,000 Charleston, WV Chase Tower Class A Office 280,761 S/F
$10,000,000 Ridgefield, NJ Shopping Center Retail 132,400 S/F
180 Sylvan Avenue Englewood Cliffs, NJ 07632 | P 201-947-2300 | F 201-947-2323 | Deerwoodcap.com
10A — February 10 - 23, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com MAREJ M ONTHLY S ALES AND L EASE R E PORT As Reported In The Mid-Atlantic R EAL E STATE J OURNAL ~ J ANUARY 13 - F EBRUARY 9,2012
SELLER/ OWNER/ LESSOR
REP. OF SELLER/ LESSOR
BUYER/ TENANT/ LESSEE
REP. OF TENANT/ BUYER
PROPERTY
NAME
ADDRESS
PRICE
SIZE
DESC.
S/L
PG
Former Eighty-Four Lumber Fruitland, MD
SVN Miller
5 acre
Retail
S S L L L L L L L S S L S L S S L L L S S L L L L S S L L S S L S L L L L L L L S S S S S S L S L L L L S L L L L L L S S L L S S S L L L S S S S S S S L L L L L L L L L
4A
1400 Wilson Blvd
Rossyln, VA
Great Point Investors Matrix, Morgan Stanley
HFF
Salus Prop Investments
$57m
10A
Perth Amboy Buss Pk
Perth Amboy, NJ
Bunzl NE Ansell Ltd
Cassidy Turley
132,410 SF 43,210 SF 32,654 SF
Ind Off
FC-B FC-B
Metrotop Plaza II 145 Talmadge Rd 145 Talmadge Rd 145 Talmadge Rd
Islen, NJ
Atlantic Realty Avidian Mgmt Avidian Mgmt Avidian Mgmt
JLL
Newmark Night Frank
Edison, NJ Edison, NJ Edison, NJ Summit, NJ
Cross Docks Solutions Janice Staib & Assoc
Whse/Off Whse/Off Whse/Off
2B 2B 2B 2B 3B 3B 4B 5B 5B 5B 9B 2C 2C 4C 5C 5C 5C
1785 SF 1255 SF
C Mgmt
Summit Executive Ctr.
Summit Executive Ctr. Brandywine Realty
CBRE Bleiler
Pennant Capital Mgmt
JLL
13,000 SF
Off Off Off
701 East Gate Ctr
Mount Laurel, NJ Mount Laurel, NJ
Foundations Free For All
CBRE CBRE
921 Pleasant Valley Ave RWJ University Hospital
Marceim-Chalmers
15,300 SF
Trenton, NJ
HPA
Richardson Comm’l
5117 SF
Medical Off L
Hamilton Campus 99 Hudson
Jersey City, NJ Secaucus, NJ
Bank of America
Hartz Mountain
$35m
1 acre
200 Plaza Dr 20 Fairfield Pl 50 Harrison St
ACS
JLL
36,758 SF 22,000 SF
Off Ind Off Ind Ind
West Caldwell, NJ
20 Fairfield Place Assoc CBRE
UANJ Plumbers Local 24
Cushman & Wakefield
Hoboken, NJ
JDA Grp BA Ptrs
Chronakis Siachos Acero Precision
2800 SF
1340 Enterprise Dr
West Chester, PA Lancaster, PA Allentown, PA Bethlehem, PA
Beacon
Beacon Beacon
$3.7m
76,000 SF 105,392 SF 32,445 SF
FC-C FC-C
311, 411 West Stiegel St
Arbee Realty Trust, M&H Inv Beacon
Bond Family RAS Delivary
$2.865m
966 Postal Rd 1988 Friebly Ave
NAI Summit NAI Summit
Flex
Blair Custom Homes
NAI Summit
MasterCuts Lawncare
5,000 SF
Whse
610 W. Germantown Pike
Plymouth Meeting, PA Brandywine
JCP
LarsonAllen
2011 Woodhaven Rd 465 N. Reading Rd
Philadelphia, PA Lancaster, PA
Manna Realty Inv
NAI Mertz
Peapod
12,900 SF 136,196 SF 25,000 SF
Homette Corp
NAI Comm’l Ptrs NAI Comm’l Ptrs NAI Comm’l Ptrs
LNR Property LP
NAI Comm’l Ptrs
$2.5m $965k
Ind Ind Ind
1886 Commerce Park East Lancaster, PA
JEL Property
Prudential Homesale
66 Keller Ave
Lancaster, PA
Susquehanna Valley
JG Environmental
NAI Comm’l Ptrs
2900 SF
Emergency Medical Svcs Former Hockersville Rd Hotel Derry Twp., PA
Derry Twp Industrial
NAI CIR
Central PA Equities 13
Springwood Comm’l
$1.2m
6 Parcels
5C
& Comm’l Dev Authority Market Square
Shrewsberry, PA Harrisburg, PA
CBC Bennett CBC Bennett
352 SF 1880 SF 1800 SF
Retail Retail Retail Whse Land
6C 6C 6C
4071 Lind Rd
1040 W Crestview Dr
Lebanon, PA Lemoyne, PA
CBC Bennett
50 S Cameron St
Bomar
RSR Realtors RSR Realtors RSR Realtors RSR Realtors RSR Realtors
PA Self Storage One Hertzler Road Assoc Tim Kushner Consulting GDD Pharmacy Svcs
70,000 SF 145 acres
13C 13C 13C 13C 13C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 14C 15C 15C 15C 15C 15C 15C 15C 15C
Holder Farm
Upper Allen Twp. Harrisburg, PA
Holder Family Hughes Props
RSR Realtors RSR Realtors RSR Realtors
5821 Linglestown Rd 2250 Millenium Way Former M&T Office 3315 Walnut St. 1400 Hagy Way 1740 Lincoln Way 5340 Jaycee Ave 4423 N Front St
Off Off Off Off
Enola, PA
Millenium RE Ptrs
2000 SF
Pembrook, PA
ARC of Dauphin & Lebannon RSR Realtors
Susquehanna Twp., PA
Basil Papoutsis
NAI CIR
1380 SF
Susquehanna Twp., PA Pagliaro
NAI CIR NAI CIR
Hershey Creamery Co.
10,000 SF 10,000 SF
Whse
Gilford, Twp., PA
Hoss’ Corp
Dimitro Hronis
Comm’l
Lwr Paxton, Twp., PA Triple Crown Corp
Bill Gladstone Grp
Cheap Cheap Moving Boxes
9800 SF 8200 SF 6840 SF 3080 SF 2200 SF 1700 SF 1458 SF 750 SF
Whse
Susquehanna Twp., PA
NAI CIR
Riverwatch Props
Off
5223-5225 Simpson Ferry Rd Hampden, PA
Richardson
Bill Gladstone Grp Bill Gladstone Grp Bill Gladstone Grp Bill Gladstone Grp
P&D Discount Tobacco
Retail
5001 Carlisle Pike
Hampden, PA
Agarwal
Peterson
875 Poplar Church Rd
E Pennsboro, Twp., PA Kinsley Prop
DeAment Endocrinology Pinnacle Health Hosp Watts Marketing Svcs
Off Off Off Off Off
900 Century Dr
Lwr Allen Twp., PA
Shawn Ellis South Third
22 S 3rd St
Harrisburg, PA Hampden, PA
Landmark
NAI CIR
4076 Market St 600 Bent Creek 134 Old Rte 26 788 Raystown Rd
4076 Market St
Bill Gladstone Grp
Intela Global
Silver Spring Twp., PA RSM Associates
NAI CIR
SLCS
Hanover, PA Hanover, PA
ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK ROCK
Highlands Tire Highlands Tire
ROCK ROCK ROCK ROCK
4095 SF
Garage
14,436 SF
Whse Whse
State St
York, PA York, PA
First Capital Fibers York Cty Solid Waste PA CVS Pharmacy
7268 SF
2685 Blackthorne Ct
7.93 acres 2.60 acres
Ind
725,735 & 745 Lombard Rd Red Lion, PA
Comm’l
Hillside Medical Ctr
Hanover, PA Hanover, PA
Penn State Milton S Hersey
ROCK
3080 SF 2300 SF 2015 SF 800 SF
Medical Off L
100 Kindig Ln
Neighoff Mechanical
Ind
2131-2139 Ind Hwy
York, PA
Star Bldg Svcs Ox Paperboard
ROCK ROCK ROCK ROCK ROCK
Retail
228 Broadway 1170 Loucks Rd
Hanover, PA
Off
York, PA
Two Farms
Retail Land L
Gateway SC
Hanover, PA
Petsmart
12,176 SF 11,700 SF 2366 SF 1734 SF 1447 SF 740 SF 7478 SF 1100 SF 2906 SF 2741 SF 9000 SF 33,600 SF
Retail
3635-3725 Board Rd Performance Glass 9 Rathton Rd 1700 W Market St
York, PA
William Penn
Ind
York, PA York, PA York, PA York, PA
NHS PA Sidique
Medical Off L
ROCK ROCK ROCK
Retail
1 Waterford Coloniel SC
Justice Works
Off
Ken Bruggeman Photo American Freight Black Comm’l Svcs Horn African Grocery
Retail Whse
6305 Allentown Blvd 5115 E Trindle Rd 5252 E Trindle Rd
Harrisburg, PA
Hayden Dauphin Assoc
Landmark
Mechanicsburg, PA Mechanicsburg, PA Mechanicsburg, PA Mechanicsburg, PA Wilmington, DE Arlington, VA Washington, DC Allentown, PA Allentown, PA Nesquehoning, PA Salisbury, MD Pikesville, MD North Wales, PA Langhorne, PA Woodbridge, NJ Kaiserman Cos Harrisburg, PA Harrisburg, PA York, PA
Blue & Gray Acquisitions Landmark
Keller Williams
Off
Landmark Landmark Landmark Landmark High Assoc High Assoc
Landmark NAI CIR Landmark Landmark High Assoc High Assoc
Retail
323 Reily St
Limelight
Comm’l
100 Sterling Pkwy 100 Sterling Pkwy
114 Associates 114 Associates
Del Monte Corp. Keller Finacial Grp
Off Off
1104 Herr St Robinhood Dr
Baklayan Treffinger
Vasquez Gilmore
Comm’l
Retail
101 Bellevue Pkwy One Virginia Sq
NAI Emory Hill Cassidy Turley Colliers Int’l Colliers Int’l Colliers Int’l SVN-Miller Equity Retail Equity Retail
Berkley Technology Svcs
70,000 SF
Off Off Off
9A 9A
TIAFF-CREF
LaSalle Inv
2001 L St, NW
LB3
WLS
13,153 SF 33,844 SF 37,484 SF
13A
NE Corner of 4th St Former Circuit City 1125 E. Catawissa
Posh Props
Checkers Drive-In
Colliers Int’l
Retail Land L
FC-B FC-B FC-B FC-B
Hibachi Grill
Huggins Realty Grp
Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail L
Providance Prop
Colliers Int’l SVN-Miller
$565k $280k
9100 SF
Pecan Sq SC Slade Village
Dairy Queen
1 acre
Marcus & Millichap Phila
Marcus & Millichap Phila
$1.55m
13,780 SF 165,800 SF 167,600 SF
4B 4B 4B 4B FC FC 3A 3A 3A 2B 5B 5B 5B 5B 5B 5B 5B 5B 5B 5B 5B 5B 5B
Mongomery Mall
Oxford Valley
The Streets of Chester Philadelphia, PA Festival at Exton Berkshire Square Coloniel Village SC Kennedy Medical Center Kennedy Medical Center
Fameco Athleta
Platypus Custom Home
Welco Realty
5005 SF
Metro Comm’l.
4000 SF
Retail
4B
Exton, PA Exton, PA Edison, NJ Union, NJ Union, NJ
WP Realty WP Realty
Marcus & Millichap Phila Paramount Realty Marcus & Millichap Phila Paramount Realty
Marcus & Millichap Phila Marcus & Millichap Phila
$24m
152,000 SF 323,044 SF
$16.6m
Weiss Realty
Brooklyn Boys Pizza Sana Sleep Study Dr. Juan A. Gonzalez
1350 SF
TREECO TREECO
Resorce Realty Medwin Grp The Kislak Co
combined below
Medical Off L Medical Off L
5316 SF 116 unit
Sevilla Apts
Jersey City, NJ Allentown, PA Lancaster, PA Forestville, NJ Odenton, MD Fredericsburg, VA Chesterfield, VA
The Kislak Co NAI Summit
Apt/Retail
13A
501 Cetronia Rd 10 Eisenhower Blvd
First Star Bank Bernstein Family
St. Luke’s Hospital
$6.43m
107,770 s/f 13,000 SF 19,620 SF
FC-B
NAI Comm’l Ptrs, LMS Marcus & Millichap Marcus & Millichap
PEC Grp
NAI Comm’l Ptrs, LMS Marcus & Millichap
$149k
SC
$10.8m $4.025m
M&T
Cosner Corner Hancock Village
GLL BVK
Taylor Long Taylor Long Taylor Long
Five Below
10,000 SF
EDCO Cooks
JL Cos
1454 SF 1000 SF 2702 SF
Huguenot Pl
Midlothian, VA Henrico, VA
Peoples Income Tax
Towne Center Shoppes 201 Allendale Rd Bensalem, PA Former Pathmark Super Fresh Center
Towne Center Shoppes
Kabab Grille The Tile Shop Prime Realty
Taylor Long
L L L L L L L L
King Of Prussia, PA
Green St Realty Ptrs
Metro Comm’l.
25,522 SF 48,000 SF 46,000 SF 50,000 SF 48,000 SF 48,000 SF
Redner’s
Bensalem, PA Lionville, PA Dundalk, MD Milford, DE Camden, DE
CW Bensalem Lionville Station
Redner’s Redner’s Redner’s Redner’s
Prime Realty Prime Realty Prime Realty Prime Realty
East Pointe SC Cypress Hall
Baltgem Dev
Shawnee Farms
CR Plaza
CR Plaza
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