R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 20 Oct. 26 - Nov. 8, 2012 Retail Design Competition S HOPPING C ENTERS 5 TH A NNUAL R ETAIL D ESIGN C OMPETITION
Marcus & Millichap’s Nathanson assisted parties in arrangement Vastgood Properties acquires $104m retail portfolio in a joint venture
P
er’s expanding textile busi- ness, the new owner plans to use the 141,000 s/f building for industrial purposes. “The building will be ex- tensively modernized and improved,” said Scott Belfer. “In today’s manufacturing industry, all the amenities offered in this building, such as the 30-to-40-foot-high ceilings and heavy power and rail capabilities, are nec- essary, making this building a desirable property for any business in that industry.” Originally built by the American National Can Company, the building was last sold in 2003 by Rexam PLC, a consumer packaging company. ■ and eastern Pennsylvania. They include the following: Aston Center, Aston; Ayr Town Center, McConnells- burg; Parkway Plaza, Me- chanicsburg; Pennsboro Com- mons, Pennsboro; Scott Town Center, Bloomsburg; Spring Meadow Shopping Center, Reading; Stonehedge Square, Carlisle. The properties reflect an oc- cupancy rate of greater than 95%; the supermarkets rep- resent approximately 80% of the total GLA for the portfolio and have average remaining lease terms of more than 10 years. VastgoodProperties through wholly-owned affiliates will provide management and re- porting services for the prop- erties to the joint venture. Vastgood is wholly-owned by Leo Ullman, founder and for- mer chairman and CEO of Ce- dar Shopping Centers (now Cedar Realty Trust ). ■
ORTWASHINGTON, NY — VastgoodProp- erties, LLC of Port
Washington announced that wholly-owned affiliates of a newly-organized joint venture between Vastgood Proper- ties, LLC and an affiliate of a fund managed by Pruden- tial Real Estate Investors have acquired a portfolio of seven supermarket-anchored shopping centers aggregating approximately 561,000 s/f of GLA previously owned by affiliates of Cedar Realty Trust Partnership, L.P. and Homburg Holdings Inc. The purchase price, exclu- sive of transaction and closing costs and adjustments, was approximately $104 million. Brad Nathanson , first vice president in Marcus & Mil- lichap’s Philadelphia office, assisted the parties in arrang- ing the joint venture. The properties, six of which are anchored by Giant Food
M OST U NIQUE /M IXED -U SE • M IXED -U SE /R E -D EVELOPMENT •
E • I NTERIOR D ESIGN
5-13B
Pennsboro Commons, Pennsboro, PA
Section C
Executive Women in Business
ExecutiveWomen in Business
Spring Meadow Shopping Center, Reading, PA
October 26 -November8, 2012
SectionD
Stores LLC, (a wholly-owned subsidiary of Ahold N.V.) and
one by a Nell’s Supermar- ket, are located in central
HeatherLynne The JamesBallietComm’l. Group-KWCommercial
IdaMcMurray, CCIM, SIOR, NAICIR
JoniSweetwood TheKislakCompany
KathyAnderson ProgressRealty Advisors,LLC
Catherine (Kate)Durso FitzpatrickLentz& Bubba,P.C.
Lubin of Jones Lang LaSalle represents buyer CBRE completes sale of 141,000 s/f, industrial manufacturing warehouse
JanetBortz TheKislakCompany
Trish Faidiga AdvantageBuilding& FacilityServices,LLC
DebbiePomerantz Gebroe-Hammer Associates
RebeccaMachinga,CPA WithumSmith+Brown,PC
KellyL.Berfield,Esq. TheDietrickGrp., LLC
JenniferR.Thesing- Sauder,CPA,The ThesingCompanies
Carol Shelby MeridianCapital Group,LLC
NicolettaM.Pagnotta MeridianCapitalGroup, LLC
DebraTantleff RoselandProperty
AmyL.Hawley, HawleyRealty, Inc.
SharonN.Humble LinebargerGoggan Blair& Sampson,LLP
LisaKeane,CPA EisnerAmperLLP
JacquelineBuhn AthenianRazakLLC
JanetKimbletonGrace AthenianRazakLLC
RachelYoka,LEED AP,BD+C,CPSM TimothyHaahs&Assoc., Inc.
SOUTH BRUNSWICK, NJ — CBRE , One of New Jersey’s largest commercial real estate brokerage firms,
KarenZinn,CRE KBZAdivsors
BernadetteM.Daniel, CPA,MT Asher&Company,Ltd.
KristinaHarshany,CES SEIPrivateWealth Management
Pamela J. Shupp,AICP,CEcD GreaterReadingEconomic Partnership
DebHeffner,EDP GreaterReadingEconomic Partnership
Section D
Directory
Auction Directory ......................... 4-5A Owners, Developers & Managers 7-17A Green Buildings ........................ 19-26A People on the Move ...................... 30A Calendar of Events......................... 32A Shopping Centers .................. Section B MABFM’12 ............................SectionC Executive Women in Business..Section D
925 Georges Road in South Brunswick, NJ
announced it has completed the sale of the former Ameri- can National Can building, an industrial manufacturing warehouse at 925 Georges Rd. in South Brunswick. CBRE’s Lou Belfer and Scott Belfer , both senior
vice presidents, represented the seller, Niki International Inc., a textile company. Man- aging director Joel Lubin of Jones Lang LaSalle repre- sented the buyer. Situated on 30 acres and previously used for the sell-
www.marejournal.com Upcoming Spotlight Lenders Directory
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14A — November 12 - 25, 2010 — Financial Digest — Mid Atlantic Real Estate Journal
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L ENDER ’ S D IRECTORY
CALIFORNIA Marcus & Millichap Capital Corporation 19800 MacArthur Boulevard • Suite 150 Irvine, CA 92612 P: 949-851-3030 F: 949-851-4345 whughes@marcusmillichap.com www.mmcapcorp.com William E. Hughes DELAWARE
Meridian Capital Group, LLC Maryland Of? ce 7600 Wisconsin Avenue • Suite 800 Bethesda, MD 20814 P: 240-507-1919 F: 410-504-5748 jkatz@meridiancapital.com Jacob Katz
Columbia Bank 19-01 Route 208 North Fair Lawn, NJ 07410 P: 201-599-7076 F: 201-599-7063
pheilmann@columbiabankonline.com Paul A. Heilmann, Senior Vice President Commercial Real Estate Lending
Applied Bank 601 Delaware Ave • Wilmington, DE 19801 P: 302-326-4200 (Ext. 29512) www.appliedbank.com Carl Kruelle, SVP Chief Lending Of? cer carl_kruelle@appliedbank.com Tim Cole, VP Commercial Real Estate Lending timothy_cole@appliedbank.com Louis Stackeni, Business Development lou_stackeni@appliedbank.com
NorthMarq Capital, Inc. 33 Of? ces Nationwide 2330 West Joppa Road • Suite 200 Lutherville, MD 21093 P: 410-296-6565 7700 Wisconsin Avenue • Suite 1150 Bethesda, MD 20814 P: 301-654-2400 www.northmarq.com
Commercial Mortgage Capital 615 West Mount Pleasant Avenue Livingston, NJ 07039 P: 973-716-0006 F: 973-215-2904 mscott@newcommercialmortgage.com Mark M. Scott, Principal Stanley M. Weeks, Senior Vice President Eastern Union Funding 805 Cross Street • Suite 3 • Lakewood, NJ 08701 P: 732-942-5557 Ephraim Barkai • David Retesh • Eliezer Breiner • Yossi Belbman • Barry Lefkowicz • Sean Levitin • David Metzger • Mendy Pollack • Jeff Seiden? eld •Aron Stern • Isaac Sternhill • Shaya Ackerman ira2@easternuc.com www.easternuc.com
Commercial Capital Ltd. 31362 Edgewood Drive • Lewis, DE 19958 P: 888-929-3247 richard.hartnett@yahoo.com Richard Hartnett MARYLAND
NEW JERSEY
Berkadia 230 Half Mile Road • 2nd Floor • Red Bank, NJ 07701 P: 732-758-0004 F: 732-741-0033 Bill Kitley • John Matzel • William Collopy • Marc Reed • Robert Lipson
The Henley Group, Inc. 8A Pleasant Street South Natick, MA 01760 617.512.1135 www.thehenleygroup.com Tammy Gold? sher
Capital One Bank 710 Route 46 East • Suite 306 Fair? eld, NJ 07004
Beech Street Capital 7600 Wisconsin Avenue • Suite 800 Bethesda, MD 20814 P: 240-507-1901 www.beechstcap.com Grace Huebscher, President & CEO
P: 973-439-7600 Douglas Kennedy
Carl Berger Associates 17 Furler Street Totowa, NJ 07512 973-256-5330 973-256-7424 Fax dberger@carlberger.com www.carlberger.com David A. Berger
Holliday Fenoglio Fowler (HFF) 200 Campus Drive • Suite 205 Florham Park, NJ 07932 P: 973-549-2000
BlueWater Financial Partners Real Estate Loans and Investments 7501 Wisconsin Ave • Suite 125 W Bethesda • Maryland 20814 Jason Goozh Neil Siman (o) 301.656.6566 | (f) 240.766.0609 (d) 240.223.4500
Kennedy Funding Two University Plaza • Suite 402 • Hackensack, NJ 07601 P: 800-342-8500 F: 201-342-8373
www.kennedyfunding.com info@kennedyfunding.com
Kennedy Funding is a direct lender which provides mort- gages/loans - secured by real estate – for all commercial property types and other ? xed assets nationwide. We consider any property type, including raw land. Kennedy Funding speci lizes in development loans that need to close quickly, loans from $1 million and up.
Coastal Commercial Group 1882 Route 1 North • North Brunswick, NJ 08902 P: 732-297-4700 F: 732-297-7999 johnburke@coastalcommercial.com www.sbacoastal.com
www.bwfpartners.com info@bwfpartners.com
Publication Date: November 9, 2012 Deadline for submission: October 26, 2012
This issue will print as a pull-out section LISTING Commercial Real Estate Lending Institutions who are active in the New Jersey, Pennsylvania, Delaware, Virginia, Maryland and DC areas. This exclusive opportunity is an excellent way to reach 25,000 Commercial Real Estate professionals,
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Mid Atlantic Real Estate Journal — October 26 - November 8, 2012 — 1A
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2A — October 26 - November 8, 2012 — Mid Atlantic Real Estate Journal
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ABC Delware ................................................................. 29A ABC Eastern PA............................................................ 29A Advantage........................................................................6D Aldo Design Group .......................................................... 8A AmeriBid.......................................................................... 5A Auctioneer Directory ....................................................... 4A Bennett Williams.................................................IBC-A, 2B Bohler Engineer .............................................................. 8B BPG Properties................................................................ 3A Business Card Directory ............................................... 31A Cenova .........................................................................FC-B Citizens ........................................................................BC-A Cooper Roofing................................................................. 9A CREW PHILAdelphia ...................................................15D Crystal Window & Door Systems, Ltd. ........................ 22A D. F. Pray ....................................................... Back Cover B DePaul Group ............................................................ IBC-D Earth Engineering .......................................................... 7B ENCORE Construction ................................................... 9B FL&B ...............................................................................2D FOWLER ....................................................................... 27A Gebroe-Hammer ..............................................................7D GeoStructures................................................................ 12B Gilbeaux Associates, PC................................................ 25A GREATER Reading Economic Partnership ...................1D Haftek CWS................................................................... 12A Hinerfeld.................................................................... IBC-A Hutchinson .................................................................... 21A HAWLEY .......................................................................13D IREM.............................................................................. 15A Joseph P Gilroy RE ................................................... IBC-A JOTTAN Inc................................................................... 17A JRS Architect, PC.......................................................... 11B K&W ................................................................................3D Kaplin | Stewart ...................................................... 2A, 7B Landcore .......................................................................... 3B M. Miller & Son ............................................................... 3A Marcus & Millichap......................................................... 2B Martin Architectural ....................................................... 6B McMahon Transportation Engineers & Planners ......... 7B Meridian Capital ........................................................... 11D Metro Commercial........................................................... 7B MGKF .............................................................................. 8B MORRISSEY Design, LLC ........................................... 10B NAI CIR ...........................................................................4D Nave Newell .................................................................. 12B NJ Paving ...................................................................... 10A PennCap Properties ................................................... BC-D Poskanzer Skott Architects........................................... 11A ProExpos.......................................................................... 1A PROGRESSIVE REALTY............................................IC-D RCX Building Diagnostics ............................................ 23A RD Management ........................................................IC-1B Retail Brokerage Directory........................................... 16B River Drive Construction.............................................. 16A ROCK............................................................................... 2B Roseland ........................................................................12D Royer Cooper Cohen Braunfeld LLC............................ 20A SaulEwing, LLP ............................................................ 13B SHAH Electric & Builder.............................................. 10A Sheldon Good & Company .............................................. 5A SUBWAY..............................................................IBC-A, 3B The Kislak Company.......................................................5D THESING Companies.......................................... 13A, 10D TRAIMAN........................................................................ 5A Tranzon Auction .............................................................. 5A Vantage Landscaping...................................................... 8A Vantage Services ........................................................... 12A Withum + Smith..............................................................8D The Dietrick Group .........................................................9D MAREJ A DVERTISERS D IRECTORY
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 Contributing Columnist ..................................................... Joseph Langan 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 20 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
Mid Atlantic Real Estate Journal
By Joseph Langan lSRP: Helping to expedite environmental Cleanups
L
ast year, River Drive Construction, along with a partner, bought
a 1.4-acre property with a 10,000 s/f industrial building in Montvale, NJ, that was contaminated with pesticides from its former use as an apple orchard. Previously, no one hadwanted to buy it because of the length of time required under the NJ Department of Environmental Protection (DEP) for the clean- up process. But as the result of a new privatized environmental cleanup program, the Licensed Site Remediation Professional (LSRP) Program, River Drive was able to remove 700 tons of contaminated soil and resell the property within the space of 90 days. The result: a vacant, under- utilized property was returned to productive use (it was pur- chased by the business next door), the municipality reaped increased tax revenues as a result of the improvements, the
business that purchased the property was able to add to its employment rolls and environ- mental contaminants with pos- sible harmful effects to public health and to the environment were remediated. Moreover, all of this was ac- complished in months rather than years and at less expense than under the old system. (Full disclosure: yet another benefit of the program is that it allows entrepreneurially minded companies such as River Drive Construction and our partner, First Evergreen
Properties, to make a profit.) Although the property in Montvale was small, with relatively minor levels of con- tamination, its cleanup is indicative of what is happen- ing all over New Jersey as the innovative LSRP program, which has been phased in over the past three years, comes fully online. The program, which was established under the Site Remediation Reform Act of 2009, took full effect as of May 7. Under the LSRP program, 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.
Contact: GEORGE BROSEMA
To advertise, call 1-800-584-1062
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Mid Atlantic Real Estate Journal — October 26 - November 8, 2012 — A
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M id A tlantic R eal E state J ournal Including a $35m loan for 15-19 West 55th St., New York Cooper -Horowi t z funds $109.5m in retail/commercial
They wrote the policy.
We make sure they write the check.
EWYORK, NY — Coo- per-Horowitz, Inc. recently arranged fi- nancing for the following prop- erties: 1. TheHampton Portfolio: seven retail properties located in East Hampton and Southampton. The loan was for $19 million. George Stergiopoulos and Jayson Schwartz represented the firm 2. Oak Ridge Corporate Cen- ter, 151 Lafayette Dr. and Oak Ridge Tech Center 1,2,3,4,5 and 6, Commerce Park Dr., Oak Ridge, TN. Seven office buildings. The loan was for $28 million. Richard Horowitz and Nick Barbato represented the firm. 3. 170 West 233rd St., Bronx and 101-115 West 116th St., New York, NY: Mixed use re- tail/commercial buildings. The loan was for $14 million. Adam Horowitz and Jeffrey Horowitz represented the firm. 4. 173-181 High St., Portland, N NorthMarq arranges $3.5m mortgage
ME. A 5 story, 650 space park- ing garage. The loan was for $7 million. Adam Horowitz and Mark Waldman represented the firm. 5. 1400 Fifth Ave., New York, NY: Retail/condominium build- ing. The loan was for $6.5 million. Malcolm Jacobs and Jayson Schwartz represented the firm. 6. 15-19 West 55th St., New York, NY: Two 9 story adjacent buildings containing a total of 82,420 s/f. The loan was for $35 million. Richard Horowitz and Jayson Schwartz repre- sented the firm. n
M. MILLER & SON Public Adjusters Since 1960
1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com
15-19 West 55th St., New York, NY
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334 Rising Sun Road, Bordentown, New Jersey
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Rutherford, NJ — Gregory Nalbandian , senior VP and managing director of NorthMarq’s New Jersey Regional office, arranged first mortgage refinancing in the amount of $3.5 million for Sig- nature Properties . This asset is a newly renovated 23,501 s/f medical office building located at 75 Orient Way. Financing was based on a 10-year term and a 30-year amortization schedule through NorthMarq’s relationship with a correspon- dent life company. “The Sponsor made a stra- tegic decision to complete an early refinance and pay the prepayment penalty in order to lock in a very low 10-year fixed rate with one of our life company correspondents with no reserves of any kind,” said Nalbandian. n
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A — October 26 - November 8, 2012 — Mid Atlantic Real Estate Journal www.marejournal.com 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
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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 — October 26 - November 8, 2012 — 5A M id A tlAntic R eAl e stAte J ouRnAl A uctions
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FORECLOSURE AUCTION
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BANK OWNED & RECEIVER ORDERED FIVE COMMERCIAL PROPERTIES
AL111312A
AL111312B
AL111212B
AL111212A
AL111312C
800-577-8845 Tranzon Alderfer | Len Walter,Auctioneer, NJ Broker Lic. #9913359 | Sale Subject to Terms & Conditions and Sale Prior to Auction Broker Participation Offered Jersey City, NJ | Former Auto Repair Center | 458 Tonnelle Avenue AL111312C | 5,125± sf Building on 5,869± sf Corner Lot | (2) 12 Foot Roll-up Doors Tuesday, November 13 at 3:00pm ET Ridgefield Park, NJ | Former 2,086± sf Restaurant | 36 Mount Vernon Street AL111312A | 0.21± Acre Corner Lot | Seating for 80 Patrons | Parking for 14 Vehicles Tuesday, November 13 at 11:00am ET Perth Amboy, NJ | Mixed-Use Property | 517-519 State Street AL111212A | 2,420± sf | 1st Floor: 1,400± sf Restaurant | 2nd Floor: 4 BR Apartment Monday, November 12 at 12:00pm ET Perth Amboy, NJ | 3-Story Mixed-Use Property | 521 State Street AL111212B | 2,556± sf | 1st Floor: 1,000± sf Bar | 2nd Floor: 2 BR Apt | 3rd Floor: 3BR Apt Monday, November at 12:00pm ET Jersey City, NJ | Mixed-Use Property | 150 West Side Avenue AL111312B | 1st Floor: Former 2,020± sf Restaurant/Bar | 2nd Floor: 2 Apartments Tuesday, November 13 at 1:00pm ET Auction 35± Acres Approved for Light Industrial (3) Contiguous sites...land development approvals for (3) 80,000± sq ft light industrial buildings (total 240,000± sq ft) t5PCFTPME BTPOFQBSDFMt&YDFMMFOU*OE0GmDFBSFB 2801 Bergey Road, )BUmFME5PXOTIJQ Montgomery County, PA 1/8 mile west of Route 309 TRANZON.COM
November 2 ND 30 t -PDBUFEPČPG* t 3FT.VMUJ'BN6OJUT1MBOOFE t 1BSUPG8PPENPSF5PXOF$FOUSFBU(MFOBSEFO t %FUBJMFE4JUF1MBO"QQSPWBM1FOEJOH t ;POFE.95
Campus Way N. & Ruby Lockhart Blvd., Lanham, MD
877-895-7077 AmeriBid.com See Trustee’s Notice of Sale for Complete Terms.
The Mid Atlantic Real Estate Journal, 1/4 pg, Oct. 26
Real Estate AUCTION Nov. 29
Multi-Building Medical Office Campus on 1.46 Acres To Be Sold at or Above $749,000
Suggested opening bid $1,500,000 $50,000 bank check to bid
Auction: Tuesday, Dec. 4, 2:00 PM "VDUJPOIFMEBUi)PMJEBZ*OO-BOETEBMFw
Adjacent to Pottstown Hospital 1630 E. High Street, Pottstown, Pennsylvania
For more information and copies of approvals: www.traiman.com or 215-799-0655 .
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A — October 26 - November 8, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M id A tlantic R eal E state J ournal Over $2 million in transactions NAI Emory Hill’s Morrison executes 10 office, retail leases W the Blue Hen Corporate Center in Dover. ilmington, DE — NAI Emory Hill broker Dave Morri-
Other transactions included: a lease of 6,500 s/f of office space to DTS Co., an electric utility consulting firm which opened in the Brandywine Realty Trust building at 100 Commerce Dr. in Newark; 5,000 s/f of office space leased to Westside Family Healthcare in the Middletown Crossing Shop- ping Center, scheduled to open in mid-November; 4,500 s/f of retail space at 111 Patriot Dr. in Middletown leased to The Early Essentials Preschool and Innovative Learning Academy; and 2,500 s/f of office space to the University of Delaware in
Morrison is also the broker of record for Springside Plaza, a medical office complex in Glasgow for which he negoti- ated five transactions with a combined value of close to $1 million over the past two months. n HFF works on behalf of J.G. Petrucci
son, CCIM , executed over $2 million in o f f i c e a n d retail trans- actions this past month, including a lease to De- l o i t t e Con-
for more information
Dave Morrison
sulting, one of the world’s largest management consult- ing firms, for 7,200 s/f of office space at Emory Hill’s portfolio property, Penns Plaza in New Castle.
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Warminster, PA , — HFF has arranged $34 million in financing for The Station at Bucks County, a newly-com- pleted, 233-unit multi-hous- ing community in a suburb of Philadelphia. HFF worked on behalf of the borrower, J.G. Petrucci Co. Inc. to secure the 10-year, fixed-rate loan through Web- ster Bank . The HFF team representing J.G Petrucci Co. Inc. was led by senior managing director Jon Mikula . n The Station at Bucks County WRRI receives Relocation Mgmt. Company of the Year award MORRIS PLAINS, NJ — Weichert Relocation Re- sources Inc. ( WRRI ) was named RelocationManagement Co. of theYear during the Expa- triate Management and Mobil- ity Awards (EMMA) ceremony held in Las Vegas, NV. Presented by the Forum for Expatriate Manage- ment , the EMMAs celebrate excellence in global workforce mobility. “Our colleagues and sup- plier partners work tirelessly to optimize our clients’ work- force mobility programs and make a positive impact on the lives of the relocating employ- ees we serve each day,” said AramMinnetian , president of WRRI. “This award is a great testament to the effectiveness of their efforts, and evidence that the impact of their com- mitment is felt not only across our client base but throughout our industry.” n
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O WNERS , D EVELOPERS & M ANAGERS
Mid Atlantic Real Estate Journal — October 26 - November 8, 2012 — 7A
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INE BROOK, NJ — GSH Group, Inc. an- nounced that Maryland Also renews two contracts with the Port Authority GSH Group to provide HVAC/operations & maintenance services to BWI Airport P
AviationAdministration (MAA) has awarded a three-year contract, with two two-year options to GSH Group for the provision of HVAC/operations and maintenance services at Baltimore/Washington Inter- national Thurgood Marshall Airport (BWI) and Martin State Airport (MTN). Under the agreement, worth $7.5 million annually, GSH Group will deliver an operations and maintenance solution covering all HVAC systems, including central utility plant, build- ing management system, fire alarms, and water treatment services. GSH Group will provide me- chanical and electrical services including all planned preventa- tive, routine and emergency maintenance requirements at both airports. Mark Thomas , president at GSH Group said: “Our techni- cal engineering and energy management expertise com- bined with an advanced tech- nology platform is making us partner of choice for an increasing range of private and public sector organizations. We look forward to establishing a strong relationship with Mary- NEW CASTLE, DE — Em- ory Hill & Company was awarded the contract for con- struction of the new Multi- Purpose Juvenile Facility on the campus of the Department of Services for Children, Youth & Their Families in Wilming- ton where the Ferris School for Boys in Wilmington is located. The project consists of a 13,135 s/f single-story build- ing to be constructed at 1825 Faulkland Rd. (on the open lot at the corner of Centre Rd. & Faulkland Rd.) and will be a Level 4 Juvenile Facility. The building will feature
Baltimore/Washington International Thurgood Marshall Airport
Cape Liberty Port Jersey Marine Terminal
land Aviation Administration to drive operational improve- ments and performance at both airports.” BAYONNE, NJ — GSH Group, Inc. has renewed their contract for building engineer services with the Port Author- ity of New York and New Jer- sey for the Cape Liberty Port Jersey Marine Terminal. The three year contract is valued at over $3.5 million. GSH will continue to operate and maintain the property’s equipment located at 51 Port Terminal Blvd. Additionally, GSH´s engineers will perform repairs and upgrades as needed, multipurpose meeting rooms that will house flexible learn- ing and meeting environments including a classroom, large meeting room for speakers and presentations, several multi-purpose meeting rooms for family therapy, group meet- ings, skill-based recreation and staff training, a library and media center, technology center and dining room. Emory Hill & Company Se- nior Estimator Ken Robert- son said the project is seeking a minimum of LEED Silver, and possibly LEED Gold, Cer- tification. Emory Hill & Com- pany has completed several
whichmay pertain to site safety or electrical distribution. GSH will upgrade the appearance of the location and will assist the Port Authority with managing traffic flow alterations. Paul Weiss , project manager at GSH Group, stated, “GSH is thrilled to continue working with the PortAuthority. Our en- gineers, electricians, mechanics and specialists will continue to provide the Authority with the highest level of service.” JERSEY CITY, NJ — GSH Group has announced the re- newal of its contract for build- ing operations and mainte- nance services with the Port LEED certified projects includ- ing the Delaware Technical and Community College Energy House which award LEED Platinum certification. Robert- son is among three Emory Hill employees who are now LEED certified. Emory Hill will be working with BSA+A architects and the State of Delaware on the project, which is slated to begin this winter and be completed by the fall of 2013. The facility is being funded in part by the State of Delaware’s “Building Delaware’s Future Now Fund” according to Mau- reen Rozanski of BSA+A. ■
Authority Trans-Hudson’s (PATH’s) MacMillian Bloedel Building through the upcom- ing year. The contract, valued at over $1.2 million includes the PATH’s MacMillan Bloedel Building, Train Control Center and Storage Building located in Jersey City. As part of the contract, GSH provides a team of on-site skilled personnel for the provi- sion of operations and main- tenance of the building sys- tems, equipment, facilities and structure. This includes the provision of licensed building engineers and electricians, as well as support staff. LOUDOUN CTY., VA — Corbelis has been named the development manager for Willowsford, a master planned community. Garrett Solomon founder of Corbelis has been integral to the vision for Willowsford and led the project’s acquisi- tion, the creation of the local development team and the subsequent planning and development effort. Pat Fox , managing mem- ber of Rockpoint noted that, although the development manager is changing, the people behind it are not. “The complete continuity in lead-
In total, GSH holds three operations and maintenance contracts with the Port Author- ity. In addition to the MacMil- lan Bloedel Building, GSH also provides services to the Port Authority of New York and New Jersey’s 100 Academy St. in Jersey City. Reed Ell , director of opera- tions at GSH Group said, “At GSH, we believe the key to customer retention is deliver- ing first-class service. We are proud that the Port Authority Trans-Hudson has renewed our contract, and we will con- tinue to put customer service first.” ■ ership ensures Willowsford’s growth and development will stay on the same steady course.” “Willowsford could have easily been developed as just another subdivision. Instead it is an example of unique community develop- ment taking the longer-term perspective. With Corbelis’ leadership and on the ground experience, Willowsford will continue to be an example of real estate development in- novation and success,” said Brian Cullen president of the local Corbelis team. ■
Willowsford names Corbelis development manager
Emory Hill to begin construction on Ferris School multi-purpose bldg.
8A — October 26 - November 8, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS By George Broseman, Kaplin Stewart The entitlement process – Some key early steps A s a facilities manage- ment pro f ess i onal bringing a new project
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prepared an experienced land use professional should con- duct a review. A review is valuable for several reasons. First, the regulations are often complex and unclear, and may be modified by court rulings. Second, the design professional may be: (a) too conservative in failing to take advantage of Code interpretations that you may be entitled to or (b) too aggressive with Code inter- pretations putting your proj- ect at risk. Third, the design professional may be too quick to suggest a waiver rather than pursuing an interpreta- tion or a design alternative that provides for regulatory compliance. Someone on the team should question each waiver. An unneeded waiver request can make approvals more difficult to obtain and make your project susceptible to challenge. Approval Review Internal and municipal re- cords of past approvals should be reviewed. This can reveal contentious issues from the past, how various Codes were applied and whether there are any conditions of approval that affect your project. Amu- nicipal file review will ensure that you have the information available to the municipality an overview of the Rehabilita- tion Plan by Francis Reiner, PP-LLA, DMR Architects , who worked with the city, in- cluding members of the Upper Main Street Business Alliance, to develop the plan. The plan, which encompasses 163 acres, includes strategies to revital- ize the downtown, such as im- provements to infrastructure,
and any objectors. Application of Regula- tions There is often an urge to rush to meet with the local municipality to discuss the project. These meetings may be for the purpose of getting a reaction to your plan and being “told” what the requirements are. While early municipal insight is valuable, doing so prematurely can hamper your efforts. As a general rule I do not engage with the municipality on the project specifics until a thorough Code and approval history review are complete. These reviews should flag issues to allow you to strategize with your team on the desired results. Armed with that information you can set the agenda for the meeting and work towards the results you want. This is preferable to the “hat-in hand” approach of being “told” what the require- ments are. Employing these early steps should help you meet your objective –getting your project approved on-time, on-budget and without unacceptable conditions. George Broseman is a prin- cipal in the LandUse, Zoning & Development department at Kaplin Stewart. ■ residential, retail and enter- tainment options and parks and open space. The presentation also in- cluded details of Hackensack’s inherent assets for develop- ment, including proximity to NY, accessibility to major highways and public transpor- tation, and surrounding major retailers. ■
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on-line can be challenging. Hitting snags in the entitle- ment process c a n kn o c k y o u r p r o j - ect off track. This article d e s c r i b e s some ear l y
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steps you can take to help avoid snags in the entitlement process. Let’s start with your objec- tive. You need to have your project approved on-time, on- budget and without unaccept- able conditions. Under the law a governmental agency is required to approve a project if it complies with applicable regulations. Therefore, where possible, your plans should comply. This sounds simple. But how do projects get off- track? In my experience proj- ects get off track by (1) failing to conduct an independent Code review; (2) ignoring past approval history, and (3) allow- ing governmental officials too much latitude in applying the regulations. Code Review Once a conceptual plan is HACKENSACK, NJ — The City of Hackensack welcomed major developers from the state of New Jersey to the Stony Hill Inn in Hackensack to learn more about the City’s Down- town Rehabilitation Plan, de- veloped by DMR Architects . More than 60 developers and organizations attended the meeting, which included
YOU are invited to PARTICIPATE IN in THE MID ATLANTIC REAL ESTATE JOURNAL !!!
CONSTRUCTION MANAGEMENT November 23 issue deadline November 9
Hackensack rehabilitation plan attracts developers
Annual Review December 21 issue deadline November 30
If you would like to submit articles or news to appear in the Mid Atlantic Real Estate Journal, please contact:
Michael Campisi 800-584-1062 x 208 or email Mike at: mcampisi@marejournal.com
ADVERTISE TODAY! CALL 800-584-1062 www.marejournal.com
Mid Atlantic Real Estate Journal — Owners, Developers & Managers — October 26 - November 8, 2012 — 9A
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O WNERS , D EVELOPERS & M ANAGERS
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10A — October 26 - November 8, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS From The Apartment Association of Central PA Solomon Organization wins 12 “Best Of Living Awards”
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UMMIT, NJ — Solomon Organization picked up a dozen awards at the Apartment Association of Central PA’s annual “Best of Living” ceremony. Awards included recognition for curb appeal at several properties, exceptional staff, and the company’s overall website. Solomon Org.’s Kensington Club is one of the company’s four properties in Lancaster to win awards. Landscaping upgrades, renovations to its clubhouse to include media and game rooms, a clubroom, and fitness center, and a man- agement team helped the 517-unit community receive recognition for Curb Appeal Excellence, Leasing and Mar- keting Excellence, and Overall Community Excellence. “Lancaster is a great exam- ple of our philosophy, which is to improve well-located prop- erties in a desirable location -- and increase our holdings if we can,” said Evan Rosen , man- aging director at the Solomon Organization. “In addition to purchasing Kensington to add to our Lancaster holdings, we also made several acquisi- tions this year in New York’s Hudson Valley region, where we now own more than 1,700 units in five communities,” Solomon Organization staff members, Melissa Good , vice president for Solomon Organization’s PA region, and Latesha Boots , leasing representative at Stone Mill Station in Manor Township, were named “Regional Man- ager of the Year” and “Rookie of the Year” respectively in recognition for their efforts to ensure that they provide the best living spaces and com- munity experience for their residents. ■
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Mid Atlantic Real Estate Journal — Owners, Developers & Managers — October 26 - November 8, 2012 — 11A
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O WNERS , D EVELOPERS & M ANAGERS SUNY and Urbahn Architects also attended Stalco Construction breaks ground on $26.7m school F ARMINGDALE, NY — Political leaders and representatives of the
Farmingdale State College SUNY, general contractor Stalco Construction and Urbahn Architects broke ground for the new, 42,000 s/f School of Business building at the college’s campus in Farm- ingdale. The School of Business has the largest enrollment at the College. There are 2,032 stu- dents enrolled in business programs including Business Management, Visual Commu- nications, Ornamental Horti- culture, Sport Management and Computer Systems. New York State Senator Charles Fuschillo, Jr. and assembly member Bob Swee- ney , who secured the funding for this and many other proj- ects that are part of a $185- million campus-wide capital campaign, were on hand to begin the excavation. Also in attendance were campus offi- cials and representatives from Urbahn Architects, Stalco Construction and the SUNY Construction Fund. The project team includes general contractor Stalco Con- struction, architect and interi- or designer UrbahnArchitects, structural engineer Consult- ing Engineers Collabora- tive , civil engineer BET Engi- neering Consultants , MEP (mechanical, electrical and plumbing) engineer Vander- weill Engineers , Lighting designer Domingo Gonzalez Associates , and Landscape architect Starr Whitehouse Landscape Architects . Many of the building’s en- vironmentally responsible features will be related to the mechanical, electrical and plumbing systems. Accord- ing to Vanderweill Engineers Associate principal Gregory Sibley , “The building will incorporate high efficiency heating, cooling and lighting systems that will significantly reduce the energy use. The en- tire building will be managed by the DDC (Direct Digital Control)-controlled Building Energy Management System, which will optimize the energy use based on occupancy, air quality, natural lighting levels and other variable factors. The college’s facility management teamwill be able to control the building’s systems remotely, from the campuses’ central control room.” ■
School of Business at Farmingdale State College
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