9-13-13

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

ISSUE HIGHLIGHTS Volume 25 Issue 13 Sept. 13 - 26, 2013

Team members in the NJ and Baltimore offices rep. buyers & sellers Cassidy Turley negotiates sale of three truck terminals for $12 million

Contributing Columnist

C

HATHAM, NJ — Cas- sidyTurley announces three industrial truck

Licht continued, “It has been a pleasure to work together with Jim Petrucci and Greg Rogerson to complete the hat trick sale of these three properties. JG Petrucci and my sellers, L & L Properties, were the perfect pairing of parties to work together with toward this result. I am grateful to be involved in these transactions which will yield the second phase of a first class multi- use redevelopment project for the residents of Warminster Township.” Licht, Senior vice president at NAI Mertz, was recognized as Broker of the Year by JG Petrucci via receipt of their “2013 Leadership Award”. JG Petrucci principal, Greg Rogerson commented, “Trans- acting business with Jeff is always professional and his upbeat personality makes it fun too. He is always positive and prides himself on creat- ing ‘win-win’ scenarios. It’s difficult not to become a new friend of Jeff ’s if afforded the opportunity to transact busi- ness together.” ■ from Old Dominion Freight Line. The Cassidy Turley team of Casey, Ritter-Ceriello, Oare and Orman represented the buyer and the seller. The 59- door truck terminal is set on 10 acres with access to I-95 and I-195. The team helped Old Dominion dispose of sur- plus property while securing a facility for a long-time client to enter into the market. A. Duie Pyle Inc., plans to renovate and occupy the facility to meet its current transportation and warehousing needs. At 541 Hollow Rd. in Phoe- nixville, PA, Casey and Ritter- Ceriello worked with Matthew Collins of M. M. Collins Real Estate to represent the seller, Realterm NAT, and the buyer, Pitt Ohio Express, in the sale of the 66-door truck terminal on 20.3 acres. ■

terminal sales inMaryland and Pennsylvania totaling in excess of $12 million. Cassidy Turley team members in the New Jer- sey and Baltimore offices repre- sented the buyers and sellers in the transactions. The team was comprised of Larry Casey , senior vice president, principal; JonathanCarpenter , manag- ing director, principal; Robert Oare , senior vice president, principal; Andrew Houston , vice president; Alan Orman , vice president and Robin Rit- ter-Ceriello , associate. Casey led the team of Carpen- ter, Houston and Ritter-Ceriello to negotiate the sale of 6351 South Hanover Rd. in Elkridge, MD, serving as representatives for the owner, A. Duie Pyle Inc.,

Neil Stein

6351 South Hanover Road

2A

and the buyer, Gramercy Prop- erty Trust. A. Duie Pyle Inc. initially bought the property as an investment and leased it back to New Penn Motor Express, which will continue to occupy the space. The terminal at 6351 South Hanover Rd. has 61-dock doors on 10.5 acres

located between Interstate 95 and I-195. The team leveraged its market expertise by mon- etizing an investment property to expand the buyer’s portfolio into a new region. In a second transaction, A. Duie Pyle Inc. purchased 7070 Brookdale Dr. in Elkridge, MD,

Spotlight 15-21A

Also worked with seller, L & L Properties Licht of NAI Mertz sells 110,000 s/f industrial facility to JG Petrucci in Warminster, PA totaling $4.2m

Northern NJ Spotlight

WARMINSTER , PA — NAI Mertz announced the sale of 65 Steamboat Dr. in Warmin- ster to JGPetrucci . The team of Jeffrey Licht and Adam Lashner were responsible for the marketing of this asset. 65 Steamboat is a 110,000 s/f hi-tech industrial facility on 7+ acres. The building fea- tures 15,000 s/f of office space, is 100% air-conditioned, heavy

5-15B

65 Steamboat Drive

Directory

power, 15-24’ ceiling height, 12 tailgate doors and 1 over-sized drive-in door. The building has been prepared for multi- tenancy and NAI Mertz has already leased 65,000 s/f to IWCO. Licht and Lashner now seek to lease out the remain- der 45,000 s/f. Licht was the point man for this project and worked together with seller, L & L Properties , and JG Petrucci to realize this second transac- tion between same parties as last year Licht sold 375 Jack- sonville, a 67,000 s/f first class warehouse distribution center

on 10 acres. “JG Petrucci was the natural buyer of these two properties as a direct result of their well deserved success at Station at Bucks County”, said Licht. Station at Bucks County rep- resents the redevelopment of the former Drager Medical property into a luxury unit residential transit community. The recent property purchases are located directly across the street and contiguous to each other to ensure Bucks Sta- tion Phase 2 and maybe even Phase 3, if deemed appropriate at some point in the future.

DelMarVa ........................................5-10A New Jersey .................................Section B Northern New Jersey....................... 5-15B Pennsylvania ..............................Section C Central PA........................................ 5-10C

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