11-25-2011 Mid Atlantic Real Estate Journal

the most comprehensive source for commercial real estate news

Real estate JouRnal

Inside:SectionsMid Atlantic .......................................................Section A

Shopping Centers ......................................... Section B

Contractors, Owners & Managers ........ Section C

Spotlights / FeaturesAuctions ........................................................................ 4-6A

Professional Services ......................................... 7-23A

DelMarVa ........................................................................ 24A

Business Card Directory ........................................25A

Calendar of Events .....................................................26A

People on the Move ...................................................28A

BillBoards .................................................................. IBC-A

ColumnistRich Rhodes .....................................................................2A

Next IssueDecember 9, 2011

• Mid Atlantic

• NJ featuring Northern New Jersey

• PA featuring Central Pennsylvania

• Insurance/Title Spotlight

3 sections, 80 pages

Vol. 23, Issue 22 November 25- December 8, 2011

Food Lion, Burwood Village Center in Glen Burnie, MD ............................................................................FC-B

Expert articles on the current state of commercial real estate market and its respective fields ...............................................................................................................Pages 7-23A

ABC Eastern Pennsylvania Chapter Construction Awards ......................................... 8-9C

A Inside Cover — Novmeber 25 - December 8, 2011 — Mid Atlantic Real Estate Journal MAREjournal.com

Limestone Shopping Center

Creekwood Corporate Center

For more information: Phone (302) 323-9300 Fax (302) 323-495129 East Commons Boulevard, Suite 100, New Castle, Delaware 19720

Operating and Managing over 3 MillionSquare Feet of Industrial and Commercial

Real Estate in the Mid Atlantic Region

• 66,000 Square Feet of Class A Office Space

• 3,888 Square Feet of Class A Office Space Available

• Strategically located at the I-95 / Rt. 141interchange in New Castle, Delaware

• 5 parking spaces per 1,000 square feet

• Previously a corporate headquarters facility

• Part of pre-planned suburban office campus

91 0 Basin RoadCreekwood Corporate Center

Class A Office Space AvailableFrom 1 ,61 0 Sq. Ft. to 2,278 Sq. Ft.

• +/- 4.7 Acre (43,889 sq. ft.) of retail space inthe center of New Castle County.

• Minutes away from I-95/I-295, I-495 and Routes41 and 141.

• Site offers convenient access from K irkwoodHighway (Rt.2) and Limestone Rd. (Rt. 7).

• Perfect for stores, businesses and banks withoptimum exposure from Rt 7.

• 198 parking spaces• 2,009 SF available on the second floor.

Limestone Shopping Center43,889 Square Feet of Retail Space

Available Belle HillCecil County, Maryland

• Phase I of a III Phase Development • 50,266 SF Available – New Construction • Includes 11,747 SF of finished office and mezzanine space area • 4 Acres of Paved Truck Display & Storage Area • 120 Truck and Trailer Parking Spaces • 15 Ton Bridge Crane • T5 Fluorescent Lights • Geothermal HVAC

RGI 05-05-08

Belle Hill

www.harveyhanna.com

MAREjournal.com Mid Atlantic Real Estate Journal — Novmeber 25 - December 8, 2011 — 1A

960 Holmdel Road, Holmdel, NJ9,485 sq.ft.

100-110 So. Jefferson Road, Whippany, NJ

155 Passaic Avenue, Fairfield, NJ

510 Thornall Street, Edison, NJ

8,283 sq.ft.

25 A & B Vreeland Road, Florham Park, NJsq.ft.sq.ft.

sq.ft.

1 Kalisa Way, Paramus, NJ2,852 sq.ft.

333 Meadowlands Parkway, Secaucus, NJ

25 East Spring Valley Road, Paramus, NJ

299 Market Street, Saddle Brook, NJ

45 Eisenhower Drive, Paramus, NJ

sq.ft.

1001 Durham Avenue, South Plainfield, NJsq.ft. sq.ft.

555 Route One South, Iselin, NJ

www.bergmanrealty.com

For Leasing Information Please Contact:

John G. Osborne, Executive Director, Leasing, 732-855-8600 x 115Kelly Ziegenfuss, Assistant Director, Leasing & Marketing, 732-855-8600 x 109

FLEXIBLE& CREATIVEOWNERSHIP

SUPERIOROFFICE SPACE

AVAILABLES

hile the economy of the Maryland sub-urbs around Wash-

ington, DC is fairly diversi-fi ed, the core economic driver has been, and continues to be the Federal Government. Whether it is government contractors such as Lockheed Martin or Federal Agencies like the Department of Health and Human Services, federal spending has historically fu-eled the vast majority of job development in the area. Even during economic downturns, the constant flow of federal dollars has bolstered the econ-omy, offsetting the impacts of the economic woes felt by the rest of the nation.

This was, however, before Congress started focusing on controlling federal spending. While getting the defi cit under control is good for the national economy in the long run, re-ductions in spending have cascaded through Suburban Maryland economy, leaving uncertainty in its wake.

As of August last year, the office market in Suburban Maryland was poised for con-tinued expansion. Offi ce-using employment had been acceler-ating, and demand for offi ce space was growing. In total, net absorption, the primary measurement of demand, av-eraged 162,379 s/f per quarter. Since the beginning of the year, the economic situation changed as the government slowed its procurement of new services and leasing of new space. As a result, govern-ment contractors have laid off a number of employees to re-

Mid Atlantic REAL ESTATE JOURNALPublisher ............................................................................Linda Christman

Co-Publisher .........................................................................Joe Christman

Section Publisher ..............................................................Michael Campisi

Section Publisher ................................................................Elaine Fanning

Senior Editor/Graphic Artist ................................................ Karen Vachon

Production Assistant ........................................................ Rachel Rugman

Offi ce Manager ...................................................................Joanne Gavaza

Editorial Consultant ............................................................. Ben Summers

Guest Columnist .................................................................... Rich Rhodes

Mid Atlantic REAL ESTATE JOURNAL ~ Published Semi-Monthly

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The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

They wrote the policy.

We make sure they write the check.

M. MILLER & SONPublic Adjusters

Since 1960

1211 Liberty Ave., Hillside, NJ 07205 ● Tel: [email protected] ● www.mmillerson.com

2A — Novmeber 25 - December 8, 2011 — Mid Atlantic Real Estate Journal MAREjournal.com

Mid AtlanticReal Estate Journal

Relationship Driven.Execution Focused.Only Meridian Capital Group’s powerful financing relationships can consistently achieve the unparalleled results our clients require.

Meridian Capital Group, LLC proudly advised on financing for the following transaction:

Hudson Square South150 Unit Multifamily Property

Hoboken, NJ

$33,000,000Permanent Financing

This transaction was negotiated by:

Israel Schubert, Managing Director

W

By Rich RhodesUncertainty in the

Marketplace Reducing Tenant Demand

duce excess capacity and have given back surplus space. The Federal Government’s require-ments have also dwindled, fur-ther reducing new demand for offi ce space. So far in 2011, net absorption averaged 83,983 s/f per quarter, which is signifi -cantly less than last year.

Leasing activity has also fallen as companies put off making real estate decisions. When leases are being execut-ed, they are typically renewals or consolidations. This has led to an increase in medium to small blocks of vacant space. Landlords have responded by offering significant conces-sions and for some spaces have started to reduce their rental rates.

There are some areas where competition for office space remains brisk, and landlords have been able to maintain their rents. Demand has been high for space along the I-270 Corridor. Most companies are looking for metro served space or space closer to their workforce. As a result, ten-ants have located to areas like Gaithersburg, North Rockville, Twinbrook, White Flint and

Rockville Town Center. Even in areas around Rockledge Drive in North Bethesda, landlords have been able to backfi ll space but have had to be fl exible on the terms of the lease to do so.

In contrast, demand for offi ce space has remained stagnate in Prince George’s County, and has been falling in Bethesda and Silver Spring. Only 21,369 s/f of space has been absorbed in Prince George’s County this year, and Bethesda and Silver Spring have seen 247,601 and 34,762 s/f, returned to the market, respectively.

These market conditions will most likely persist over the next few years. It is un-likely that the private sector will generate signifi cant new demand while the national economy remains stagnate. Additionally, not much new spending should be expected from the Federal Government until the Financial Super Com-mittee addresses the spending cuts, and the presidential elec-tion is completed. As a result, expect government contractors to continue to reduce access ca-

continued on page 3A

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MID ATLANTIC REAL ESTATE JOURNAL

SELIN, NJ – Meridian Capital Group announced the following transac-

tions:M e r i d i a n

n e g o t i a t e d a new mort-gage in the a m o u n t o f $4.3 million on Oakwood Apartments

In fi nancing for properties in NY, NJ, DE & PA

Meridian Capital Group, LLC negotiates $16.1 million loansI

IImmediate Occupancy • Plug & Play Suite

Contact: Steven Hercman609-689-4670

[email protected]

• Competitive Rates

• Ample Parking

• Easy Access to Route 1…. & Route 295

• Minutes from Princeton….…. & Hamilton Train Station

• Mercer County, NJ

University Office Plaza II

HERCMAN PROPERTIES

Fully Furnished

pacity and surplus offi ce space, and expect federal agencies to holdover until their prospectus passes the hill. Even then, new federal leases should be smaller in size as the Govern-ment pushes for effi ciency.

Rich Rhodes is a manag-ing principal for Cresa-Partners of Washington, DC based in Bethesda, MD with over 25 years of expe-rience in the DC area. ■

continued from page 2A

Uncertainty in the Marketplace . . .

located in New Windsor, NY. The transaction was negotiated by Jim Bologno.

A new mortgage of $3.9 mil-lion was arranged by Meridian for a 68-unit fractured con-dominium complex in Iselin, NJ. The loan features a rate of 4.62% and a fi ve-year term. The transaction was negotiated by Elliot Treitel.

Meridian negotiated a new mortgage in the amount of $3.4 million on a mixed-use building on East Main St. in Newark, DE. The property contains eight apartments and fi ve commercial units. The loan features a rate of 4.99% and a

five-year term. The transac-tion was negotiated by Jim Bologno.

A new mortgage of $3 million was placed by Meridian on a 109-unit garden apartment style multifamily complex in Lindenwold, NJ. The loan features a rate of 4.66% and a seven-year term. The transac-tion was negotiated by Israel Schubert.

Meridian negotiated a new mortgage in the amount of $1.45 million on a multifamily building on Locust S. in Phila-delphia, PA. The transaction was negotiated by Marvin Jeremias. ■

FORT LEE, NJ — Jaime Weiss, president of Weiss Re-alty headquartered in Moon-achie, NJ has announced it has completed the sale of 1073 Palisades Ave. to RTK Law Of-fi ces LLC. Weiss Realty acted as sole broker for the property owner, Anthony Rinaldi.

“Weiss Realty really put a great deal together as we looked to expand our law of-fices” said purchaser Raffi Khorozian. The building is a two-story, 2,616 s/f professional offi ce building. “Anthony Rin-aldi, the prior owner, obtained a variance and converted the two-story building to profes-sional offices” commented Matthew Weiss who arranged the sale.

CARLSTADT, NJ — Jaime Weiss announced his firm’s appointment as broker for a free standing 3,000 s/f drive-thru location. The building is located at 440 Veterans Blvd. with frontage on Washington Ave. and is being offered for long-term lease.

“It’s highly visible location represents a great opportu-nity for a bank, fast food or restaurant, retail, wholesale or commercial business looking for a desirable location in the shadow of Metlife Stadium, Meadowlands Racetrack and American Dream” said Jaime Weiss. ■

Weiss Realty handles 2,616 s/f offi ce sale

Jim Bologno

4A — November 25 - December 8, 2011 — Mid Atlantic Real Estate Journal MAREjournal.com

MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS

Mid Atlantic REAL ESTATE JOURNAL

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 R Y 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

VIRGINIA

★ ★ ★ ★ ★ ★ ★ ★ ★

AREA Auctions461 North 3rd Street

Philadelphia, PA 19123215.821.1441 888.527.0401

Fax: 215.279.8829

www.AssociatedAuctioneers.com

PENNSYLVANIA

Please contact Mr. Kelly Strauss for more information

40 CARRIAGE HILL LANE,FREDERICKSBURG, VA 22407

NICHOLLS AUCTION MARKETING GROUP

(540) 226-1279www.nichollsauction.com

VIRGINIAPA-MD-VA-W.VA

CALL NOW

FOR A FREE CONSULTATION

866.4 BIDDERS

HURLEY AUCTIONS

www.HURLEYAUCTIONS.com

P U B L I C R E A L E S TAT E AU C T I O N

COMMERCIAL

www.AuctionBrokers.net410-426-2622

MARYLAND

Dixon’s Auction House2426 New Dorset Circle, Powhatan, Va.Auction Every Wed. At 4pmLive In Gallery & Live Webcastalso Online only Auctions

We Sell On Consignment—Estates, Gold, Silver, Autos,

Tools, Collectibles, Jewelry, Coin’s,Paper Money, Antiques, Real Estate,

Land Or Any Thing Of ValueONE CALL DOES IT ALL

804-683-0133www.dixonsauction.com

P

VIRGINIA BEACH, VA — In a real estate auction for Vir-ginia Beach, Armada Hoffl er and Accelerated Marketing Partners, drew homebuyers off the sidelines and galvanized market demand for remaining luxury condominiums at The Residences at The Westin Vir-ginia Beach Town Center. 16 homes were put up for sale at the Nov. 13 event and a total of 18 homes sold in 30 minutes. More than $7.5 million worth of luxury real estate was gen-erated and sales at Virginia’s tallest building were virtually closed-out.

“The auction conducted by Accelerated Marketing

Luxury condominiums in 30 minutes

Armada Hoffl er, Accelerated Marketing Partners sell 18

Partners was a resounding success that allowed us to ac-celerate the velocity of sales without sacrificing value,” said Lou Haddad, president and chief executive offi cer of Armada Hoffler. “We were especially pleased to see how refi ned and dignifi ed the en-tire auction experience was for the buyer as well as for us. The transparent bidding environment gave homebuy-ers comfort in knowing they were not overpaying and in fact, were establishing their own value.”

Homes had selling prices ranging from $311,000 to $750,000. ■

The Residences at The Westin Virginia Beach Town Center

HILADELPHIA – No-vember 16, 2011 – Max Spann Real Estate &

Auction Co. sold nearly 400 par-cels owned by the Philadelphia Housing Authority today in a groundbreaking auction that will begin the process of revital-izing neighborhoods blighted by abandoned homes and lots.

The parcels, including town homes, building lots and mul-tiunit buildings, were offered individually and in bundles up to 25. They were located throughout the city on blocks from Rocky Balboa ‘s neighbor-hood to the great northeast.

The three-hour auction in the Grand Ballroom of the Westin Hotel in Center City Philadelphia drew more than 700 interested bidders. Because of the massive response to the event, a second auction of as many as 100 parcels has been scheduled for Dec. 7 to give more individual homeowners an opportunity to purchase property.

“We are pleased with the way

the auction turned out,” said Max Spann, the president and CEO of the fi rm. “These prop-erties are now in the hands of individuals who will be able to return them to productivity, put people to work, provide hous-ing, and get the city and the country back on track. This is a signifi cant step that will begin the process of turning around neighborhoods throughout Philadelphia.”

The auction generated $6.4 million for the Philadelphia Housing Authority, which ac-

quired the properties during the 1960s and 70s and cannot afford to maintain or develop them.

“These properties are part of a large inventory not being used and we felt that an auc-tion is one of the best ways to put these properties into the hands of those who can make productive use of them,” said PHA executive director Michael Kelly. “We are looking forward to working with Max Spann on the next auction on December 7.” ■

Blighted & abandoned properties will return to productive use

Max Spann sells nearly 400 Philadelphia properties


MID ATLANTIC REAL ESTATE JOURNAL AUCTIONS

Tuesday Nov. 29th at 12 NOON13439 Hull Street Rd., Midlothian, VA

10.31 Acres-House-Commercial-BusinessBid Package at www.dixonsauction.com

Dixon's Auctions 804-683-01332426 New Dorset Circle, Powhatan, VA

Ed Dixon Auctioneer VAAFL 575

32 One-Bedroom MFH Apartments for SaleOxford Heritage Manor

Maple & Pine Sts., Oxford, NJ 07863

Minimum Bid is $832,000Sealed Bids Due – January 9, 2012 by 4:30PM(EST)

Property Sold “AS IS”

Terms – Property is being sold out of the Section 515 MFH Program.Agency nancing is not available. Tenant Rental Voucherswill be provided to existing tenants when property is sold.

For Bid Applications/Details/Visits to the property contact, Donna L. O’Brien, Senior Area Specialist at

609-267-1639, Ext: 126 or [email protected] Rural Development is An Equal Opportunity Lender

AUCTION Thursday, Dec. 15 @ Noon ON SITE

2nd Floor Elkins Park Professional Plaza Condominium 7848 Old York Rd., Elkins Park, PA 19027

(Old York Rd and Spring Ave.)

7,500 SF with parking area! 17 offices, 16 cubicle workspaces, 2 conference rooms, spacious reception area and break room.

Associated Real Estate Auctioneers 461 N. 3rd St. Philadelphia, PA 19123 P: 215.821.1441

�A — November 25 - December 8, 2011 — Mid Atlantic Real Estate Journal MAREjournal.com

Mid AtlAntic ReAl estAte JouRnAl Auctions

AUCTIONA B S O L U T E

December 15th At 1:00pmAuction on-site: 744 W. QuilleytoWn Rd,

CaRneys Point, salem County, nJ 08069

Attention fArmers, hunters, builders, developers And investors!

5 fantastic carneys Point, salem county oPPortunties!

MAx spAnn Real estate & auction co.

888-299-1438www.MAxspAnn.coM

ProPerty Previews: December 1st & 8th

pArcel 1:

pArcel 3:

pArcel 2:

pArcel 4:

pArcel 5:

117+/- Acres Preliminary approvals for 114+/- lots

on an incredible piece of land! Frontage on laytons lake

1.59+/- AcresBuilding lot with house!

43+/- AcresMostly wooded!

0.63+/- AcreBuilding lot with house!

33.3+/- Acre lot with 1,000+/- Delaware river Frontage

ARNEYS POINT, NJ — Both end-users and investors will

have a once-in-a-lifetime opportunity to own five fan-tastic waterfront properties in Salem County, perfect for fishing, farming, family retreat or development op-portunities, including home-building, a solar/wind farm, or a sand quarry.

Max Spann Real Estate and Auction Co., the national real estate auction house, has scheduled an absolute auction of the properties at 1

Rare Investment Properties in Carneys Point, New Jersey

Max Spann Real Estate & Auction Co. schedules absolute auction of five waterfront properties

p.m., December 15 at 744 W. Quilleytown Road in Carneys Point. An absolute auction means the properties with-out a minimum bid.

The properties at 744 W. Quilleytown Road, 800 W. Quilleytown Road, 732 W. Quilleytown Road, 760, W. Quilleytown Road and 81 7th Avenue in Carneys Point are between 22,000 square feet and 117 acres and feature rivers, lakes and ponds, per-fect for a variety of outdoor activities.

“The properties can be enjoyed for hunting, fishing or as a family retreat today and then developed later as a residential community, wind or solar farm, sand quarry or other possibilities,” said Max Spann, the president and CEO of the firm. “Step right in and enjoy the income from the tenant farming operation already in place.”

Open houses for these prop-erties will be held December 1st and December 8th be-tween noon and 2 p.m.

The township of Carneys Point has the best of both worlds, brimming with na-ture but also situated within driving distance of New York, Washington D.C., Philadel-phia and Baltimore.

“This is a great opportunity to invest in one of South Jer-sey’s prime locations along the Delaware River,” Spann said. “It’s rare to have the oppor-tunity to purchase such large pieces of property with as much potential as these.” n

C

Retail Leasing Attorney

Jeffrey L. Silberman, Esq.Kaplin Stewart Meloff Reiter & Stein, P.C.

Green Economics

Lawrence M. DiVietro Jr.PLS, PP, AICP

Land Dimensions Engineering

MAREjournal.com Mid Atlantic Real Estate Journal — November 25 - December 8, 2011 — 7A

MidAtlantic REAL ESTATE JOURNAL

PROFESSIONAL SERVICES

INSIDE:BRASLER PROPERTIES ......................................................................................................................................................... 8AEASTERN UNION COMMERCIALMarc Tropp .............................................................................................................................................................................. 13AEDISON INSULATION ............................................................................................................................................................ 16AKAPLIN STEWART MELOFF REITER & STEIN, P.C.Jeffrey L. Silberman, Esq. ....................................................................................................................................................... 19ALAND DIMENSIONS ENGINEERINGLawrence M. DiVietro Jr., PLS, PP, AICP ................................................................................................................................ 14ALANDMARKJCMTed C. Williams, P.E., FACEC ................................................................................................................................................. 11ALEW CORPORATIONLee E. Wasserman .................................................................................................................................................................. 12AMARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICESDavid E. Thurston .................................................................................................................................................................... 17ASHELDON GROSS REALTYSheldon A. Gross .................................................................................................................................................................... 18AVANDEMARK & LYNCHAlan G. Steinle, PE and Darryl C. Jones ................................................................................................................................... 9A

Environmental

New Jersey Broker

EngineeringBuilding Codes Construction Law

Financing

Marc TroppEastern UnionCommercial

Investment

David E. ThurstonMarcus & Millichap RE Investment Services

Sheldon A. GrossSheldon Gross Realty

Lee E. WassermanLEW Corporation

Ted C. Williams, P.E., FACEC

LandmarkJCM

Deborah Hollander, Esq.Sheak & Korzun, P.C.

Darryl C. JonesVanDemark & Lynch

Alan G. Steinle, PEVanDemark & Lynch

8A — November 25 - December 8, 2011 — Professional Services — Mid Atlantic Real Estate Journal MAREjournal.com

Delaware River Industrial Park

Twin Spans Business Park,City of New Castle, DE

• +/– 135 Acre Business Park in the City of New Castle

• Minutes away from I-95/I-295, and Routes 9 & 13.

• Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor.

• Perfect for Office, Laboratory or Manufacturing / Distribution

• Recently completed new access boulevard with signal controlled intersection on Route 9.

• Park tenants include:Winterthur Catalog Operations,Hibbert Group,Tire Rack, Speakman Co., Mattress Giant, Schindler Elevator, Philadelphia Gear,Agilent Technologies

Newport Industrial Park

For more information: Phone (302) 323-9300 Fax (302) 323-495129 East Commons Boulevard, Suite 100, New Castle, Delaware 19720

Operating and Managing over 3 Million Square Feet of Industrial and Commercial

Real Estate in the Mid Atlantic Region

• 45 Acres of industrial zoned land (HI) located ideallynear the Port of Wilmington, the Delaware MemorialBridge, I-95 and I-295; with great access to entire northeast corridor.

• High quality constructed buildings with space as small as +/– 14,500 sq. ft.

• 24'–31' clear ceiling height

• HI (Heavy Industrial) zoning allows for a wide arrayof uses

• Park tenants include: Iron Mountain, National RollKote, DHL, Carlyle Cocoa, Harbour Textile,Waste Management, SKW Hardcore, Freeze, RecyClean

• +/- 400,000 Sq. Ft. business park in the town of Newport.

• 1/2 mile from I-95/Rt. 141 interchange with immediate access to I-295, I-495 north and south.

• Site offers convenient access to the Delaware Memorial Bridge, Port of Wilmington and the entire northeast corridor.

• Park tenants include: AIG, Sieck Wholesale Florist,First State Paper, Qwest Communications, C-Cert,Apex Piping and Conectiv.

MAREjournal.com Mid Atlantic Real Estate Journal — Professional Services — November 25 - December 8, 2011 — 9A

reating a set of build-ing plans that “Meet the requirements of

the Interna-tional Build-ing Code” sounds like a n o r d i -nary task. Yo u h i r e Design Pro-fess ionals to prepare IBC-compliant designs for your new building. But after your contractor submits the plans for the actual building permit, the local building department requests correc-tions and changes necessary to comply with the Code. Sometimes these changes are elementary and easily corrected, but often there are issues that may require major changes, resulting in delaying your project sched-ule along with substantial contractor change orders before the job even begins. In this article, we highlight sev-eral IBC requirements that are often missed in building designs.

1. Locating a building too close to another building or lot line. Failure to maintain minimum fire separation distances (IBC Table 602) will require fi re ratings for exterior walls. These fi re rat-ings often result in expensive construction materials for exterior walls and windows that may not have been re-quired if certain minimum separation distances had been followed.

2. Including the existing structure in Height and Area requirements when propos-ing an addition. The Code requires that the total aggre-gate area of the New and Ex-isting portions of the building comply with the Height and Area requirements (IBC Table 503). Often plans are submitted considering only the addition area, which can lead to expensive separation walls between the existing and new addition to meet the Code requirements.

3. Including upgrades to Accessibility Features for existing structures. Most existing code deficiencies for existing structures are “Grandfathered in” and can remain, if they are not being altered. One exception is the Accessibility of a structure - up to 20% of the proposed

By Alan G. Steinle, PE and Darryl C. Jones, PE, VanDemark & Lynch

Common InternationalBuilding Code (IBC) defi ciencies

Cconstruction budget must be dedicated to upgrading non-compliant accessibility

(IEBC Sec-t ion 605) . T h i s r e -quirement i s o f t e n missed, and may lead to substantial and expen-sive design

changes for accessible toilet facilities, new elevators, etc.

4. Misinterpreting the pro-visions of Fire Rated Con-struction (Chapter 7 of the

IBC). This section of the Code lists the specifi c requirements of the three (3) main elements of fi re resistance in buildings: Fire Walls, Fire Barriers and Fire Partitions. Each has specifi c requirements, but a common mistake is provid-ing membrane protection (2 sides) instead of individual protection (4 sides) of build-ing structural elements.

5. Fire rating Mixed Use Occupancy separation walls when not required. Sometimes buildings need fi re-rated in-terior walls to separate Uses. However, most times, these

Uses can be considered as Mixed Use Non-Separated, eliminating expensive and unnecessary interior wall fi re ratings (IBC Section 508.3.2).

During the complex pro-cess of designing a building, Design Professionals often miss these requirements. Carefully addressing poten-tial Code defi ciencies during the design process, especially before contractor bidding and permit submission, can help eliminate construction delays and contractor change orders. It is often very economical to engage a qualifi ed Building

Alan G. Steinle

Code Consultant who can assist you during the design process to help your Building Plans comply with the Build-ing Code and receive faster Permit approval.

Alan G. Steinle, PE is the vice president of struc-tural engineering with VanDemark & Lynch, Inc. in Wilmington, DE.

Darryl C. Jones, PE is an Associate with Steinle Construction Engineers, a subsidiary VanDemark & Lynch, Inc. ■

BUILDING CODES

Darryl C. Jones


CONSTRUCTION LAW

successful project to build space for a commercial tenant

r e q u i r e s sa t i s f y ing the varying agendas of the landlord, tenant and contractors. Leases and construction c o n t r a c t s with clear terms coordinating construction procedures and scope maximize the chances to meet budgets and sched-ules.

By Deborah Hollander, Esq., Sheak & Korzun, P.C.

Construction contractingissues for tenant space

ACoordinating

Construction DetailsSophisticated tenants, such

as national chains, issue com-plex technical, environmental and architectural requirements which the landlord must satisfy. Sometimes, however, a landlord will agree to the construction quality and scheduling de-mands of the anchor tenant, but then the landlord will sign construction contracts which do not meet the standards prom-ised to the tenant. For instance, the lease may require a heavy duty paving parking lot, but the site work specifi cations may

only require a lighter level of paving. At best, such discrepan-cies will require change orders; they are also likely to result in delays and disputes.

National chains often hire their own contractors for their particular space. Where the landlord and tenant each have their own contractors on site, they must ensure that their re-spective contractors coordinate their efforts. A bare directive to the contractors to “coordinate” with each other is insuffi cient. Schedules, designated work space and staging areas, clean up and disposal responsibilities

should be explicit and should be consistent in both the tenant’s and the landlords’ agreements with their contractors. When a new tenant fi ts out space in a building already partially occupied, coordination is nec-essary to avoid disturbing other tenants. The lease and construction contracts should address designated parking, delivery and entrances for the construction workers, hours of construction work and freight elevator access.

Coordinating Insurance Construction contracts typi-

cally allocate responsibility, so

Deborah Hollander

that one party buys a particular scope of insurance and lists the other as a “named insured.” Usually, the contractor will secure worker compensation and liability insurance for the owner and itself. A construction contract should also provide for builder’s risk, i.e., property insurance on the work as it pro-gresses. Broader coverage may be available if the owner or ten-ant purchases this policy with the contractor (and its subcon-tractors) as the named insured. A landlord should require that the tenant arrange for all of these insurance coverages in the construction contracts, preferably with the landlord and its contractors also named as additional insureds. Where the tenant is fi tting out space in an occupied building, the policies should include fire, smoke, mold and business disruption insurance to cover the common spaces and other tenants, should damage result from construction. Finally, the construction contracts, leases and insurance policies should also include “anti-subrogation” clauses which will prevent the insurer from suing to recover funds it had to pay; litigation which would end up involving the landlord, tenant and con-tractors.Minimizing Financial Risk

Sometimes a tenant aban-dons the lease before the

continued on page 19A

ATTORNEYS AT LAW

Admitted in New Jersey, New York, Pennsylvania and the District of Columbia

ProfessionalServicesa section of the

Mid Atlantic Real Estate Journal

P.O. Box 26, Accord, MA 02018781-871-5298 • 800-584-1062

fax 781-871-5299MAREjournal.com

Publisher/CEOLinda Christman

[email protected]

Section EditorKaren Vachon

[email protected]


efore we can answer the question of whether spending on infrastruc-

ture could help lead to the end of the current e c o n o m i c downturn, we must ad-dress wheth-er we need to improve the infrastructure in the United States, and, more particularly, in Pennsylva-nia, New Jersey, Delaware and Maryland.

The American Society of Civil Engineers (ASCE) in it’s most recent “Report Card for America’s Infrastructure” found that our Aviation had a grade of “D,” Bridges had a grade of “C,” Dams a grade of “D,” and Drinking Water had a grade of “D-”. If this is not enough of a justifi ca-tion for upgrading the in-frastructure in the United States, then the results of a supplemental study by ASCE entitled “Rough Road Ahead” in which it was found that a subpar road system costs each family in the United States $1,050 per year in ad-ditional cost for repairs, etc.

So, if we invest in infra-structure, what economic benefit does the economy realize? The ASCE “Rough Road Ahead” study also iden-tified the potential impact of spending $94 billion per year on (the current annual shortfall in spending is sub-stantially greater than this amount) just transportation alone will create more than 2.5 million jobs, save another 1.1 million jobs, save over $2 billion in travel time, save each family $1,050 each year and add over $2,600 per per-son in the United States to the GDP.

In a separate study, The Associated General Contrac-tors of America (AGC) found that of the created jobs, ap-proximately one-third would be direct on-site construction jobs, approximately one-sixth would be indirect jobs for suppliers of materials and services such as engineer-ing, and approximately one-half for induced jobs from the spending of additional income by the direct and in-direct jobs.

The revenue necessary for the increased infrastructure

By Ted C. Williams, P.E., FACEC, LandmarkJCM

Infrastructure Spending –an End to the Economic Downturn?

Bspending can be realized from a combination of user fees, private investment and

increased tax revenue from newly-created jobs.

Based upon the above stud-ies, spending dollars on the upgrade of our infrastructure

will not only improve the quality of life in the United States by providing a better

transportation system, safer drinking water and a better environment realized by the more efficient transporta-tion system, but also fuel

the economic machine that is necessary for the Country to move forward and restore the United States’ image throughout the world.

It is the opinion of the author that the question of spending dollars on infra-structure as a means of lead-ing us out of the economic downturn is a resounding YES.

Ted C. Williams, P.E., FACEC, is a principal with LandmarkJCM—an integrated civil engineer-ing and environmental sciences consulting fi rm

Ted C. Williams

based in New Castle, DE. Williams is a civil engineer

with an expertise in traffi c and transportation engi-neering. He is a member of the Institute of Transporta-tion Engineers, the State of Delaware’s Council on Transportation (COT), and served as chairman of the Transportation Trust Fund’s Task Force. He is Chairman-Elect of American Council of Engineering Companies (ACEC) and was recently inducted into the prestigious College of Fellows of ACEC (FACEC). ■

ENGINEERING/CIVIL

Spending dollars on the upgrade of our infrastruc-ture will not only improve the quality of life in the United States by providing a better transportation system, safer drinking water and a better environment realized by the more effi cient transportation system, but also fuel the economic machine that is necessary for the Country to move forward and restore the United States’ image throughout the world.

(302) 323-9377 Serving clients in Headquarters 00 30 9720

ces

LandmarkJCM

SUSTAINABLE–INTEGRATEDE &E

SERVICES

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fter 20 years of being a leader, pioneer and principal in the en-

vironmental i n d u s t r y, and working with clients from every a s p e c t o f our society, I can hon-estly share one th ing about environmental mat-ters for certain; Times Have Changed!!! When I began my career, laptops, which were mostly for large companies,

ENVIRONMENTAL

By Lee E. Wasserman, LEW Corporation

Times havechanged!

to bear. The single biggest reason in my 20yr. opinion is the unfortunate reality, of costly, timely and mostly unnecessary litigation, not too mention, frivolous, all too frequently, as well.

So after 20 years of running an environmental company – LEW Corp., working with our governmental partners, assisting clients all across the country, participating on numerous panels, associa-tions, boards…

These are NOT the times to play ostrich and put your head in the sand!! The risk has become too great and I will assure you it will be a costly and bad bet should you be dragged into an enforce-ment action or worse yet, litigation. I have 20 years of war stories and documented proof! As litigation will rise, likely enforcement will also rise, which in turn will cre-ate more media hype. Which unfortunately stimulate the self fulfi lling prophecy, “Per-ception becomes reality.”

So if I can offer my best strategic positioning moving forward to minimize risk, it is to align yourself and business with a property ori-ented environmental entity, that has the experience, ex-pertise, resources, relation-ships, insurances, and most importantly a reputation that you can trust!!! Trust to a point that you consider them a partner of yours!! The environmental rules are incredibly cumbersome, layers on top of layers, the government potentially in a bad economic climate will increase enforcement actions and unfortunately until we have litigation reform, litiga-tion will likely rise. Whether it’s your clients, residents, occupants or even employees, I strongly believe the prob-ability of environ-litigation or violation will increase in the future.

Lee E. Wasserman is president & CEO of LEW Corporation headquar-tered in Mountainside, NJ.

LEW Corporation is a full service environmental con-sulting company that con-ducts environmental test-ing and provides consulting and remediation services for lead based paint, mold/IAQ, asbestos, USTs, Radon and Phase I ESAs. ■

Aists in society today. Times have changed because sci-ence and medicine have got-ten substantially better and more precise in identifi cation of environmental concerns which has been linked to many diseases. Times have changed because of the size and disfunctionality of many of our governmental systems/programs, where many envi-ronmental insurance and fi -nancial programs exclude en-vironmental concerns unless specifically requested and paid for, all too often leaving behind a liability for society

were just entering the con-sumer market, the internet craze was just ready to kick off, and wall street and the housing market were hot. After 20 years in the envi-ronmental industry, it’s now the environmental industry that is HOT!

Why you ask? Because Times Have Changed!! Environmental regulations

are cumbersome and highly litigious, because the media loves to play on the fears of people “Danger, Envi-ronmental Hazard” – head-line coupled with - “Hot off

the press.” Additionally, the availability of the internet al-lows people to falsely believe they can become subject mat-ter experts within minutes of a Google search.

Times have changed, be-cause we truly have done more damage to mother earth and we must protect the re-mainder of our existence for our benefi t and our children after us. Times have changed because the current economic condition of society is so depressed; a substantially larger than normal burden of a sense of entitlement ex-

Lee E. Wasserman


n today’s every changing commercial financing market, the most reli-

able lend-ing sources a r e l o c a l and region-a l b a n k s . T h e s e banks have i n c r e a s e d their mar-ket presence in the commercial arena by competitively lending while their Wall Street competitors wait on the side lines. Local lenders had limited exposure to the housing bust and now have a treasure chest of capital that they are eager to deploy.

Despite what many be-lieve, recovery of the com-mercial real estate market in not predicated on Wall Street opening the coffers for lend-ing. Local and regional banks are creating opportunities for property owners to return to the game.

Prior to the recession, real estate owners did not con-sider their local lenders for anything more than personal banking. Historically, lo-cal banks could not provide large loans with high lever-age, non-recourse and low rates. The current recession has drastically changed this trend. The American public’s reservations about invest-ing in the stock market led more people to keep their money in money market and savings accounts. This gives the local and regional lend-ers more money to deploy into the market. With this new found capital at the local level, these banks are not just competing on larger deals, but closing them! This is a drastic change from a few years back when these deals would not have been presented to them.

The recession has made property owners think twice about closing a CMBS loan. Today, successful owners approach their local lending institutions before thinking about Wall Street banks. The process of working with a local lender is simpler. CMBS loans are commonly sold to a third party servicer, which leaves the borrower with no direct contact with the note holder. In today’s troubled market it is critical to negotiate directly with

FINANCING

By Marc Tropp, Eastern Union Commercial

Local and regional banks: The mostreliable lending sources in today’s market

Ithe note holder if problems arise, which is an option only when working with a local or regional bank.

As long as the Treasury Department keeps interest rates low, the local and re-gional banks will be a better lending option then Wall Street. Owners benefi t from low interest rates and from working with a banker who is familiar with the local real estate market, which is a critical element for securing loans in the rapidly chang-ing fi nancial world. However

Nationwide Relationships with Local Representation

there is one glaring differ-ence between Wall Street and local lender which is a negative if you are not prop-erly represented. Wall Street lenders have the capacity to continuously lend due to unlimited capital and thus able to process an onslaught of deals. Local lenders are limited in this regard and therefore prefer to work on deals that come from existing relationships. As those rela-tionships understand their model and know what deals work for them. The key to success in having your loan

strongly considered thru a local lender is working with somebody who has a strong relationship with them.

Eastern Union Commer-cial, a national mortgage bro-kerage company, has experi-enced unprecedented success during the recession due to our strong relationships with the local and regional banks. Our broad network of lenders enables us to close a wide variety of transactions and gives us the fl exibility to ca-ter to each client’s individual needs. We have offices in

Washington, D.C., New York City and Howell, NJ.

Marc Tropp is a manag-ing director of the mid-At-lantic Division at Eastern Union Funding, LLC a national mortgage bro-kerage company.

He has been in the fi nanc-ing fi eld for 8 years and has successfully brokered over half a billion in senior debt fi -nancing. Marc has personally overseen every aspect of deal from inception to close and is well respected by his clients and bankers alike. ■

Marc Tropp


GREEN ECONOMICS

civil engineeringland surveyingland planning

environmental scienceforest management

www.landdimensions.com

6 East High Street, Glassboro, NJ 08028 Phone: 856/307-7800 Fax: 856/307-7805

IT’S NOT EASY BEING GREEN

t ’s N o t E a s y B e i n g Green.

So lamented Kermit the Frog in 1970 at the begin-ning of the song “Bein’ Green.” Also, in 1970, a nationwide grassroots demonstra-tion on be-half of the environment occurred. It was a forum for the American people to ex-press concern about what was

happening to the land, rivers, lakes, and air.

Forty-one years post Kermit and the fi rst Earth Day, we are singing the same song with a double meaning – green now represents the state of the environment and the economy. We are experiencing a double whammy.

Striking the right balance between preservation and sustainability is an art and a science. Actually, it is a juggling act; how to not just preserve, but manage and sustain green.

While sustainability is the

buzz word, economics is the bottom line. We have learned a hard lesson over these past forty plus years. The focus on preservation needs to be broadened to encompass good stewardship. The green that needs to be multiplied is the color of money. The economi-cal management of our green spaces is critical to their sus-tainability in the new econ-omy.

Whether it is a downtown revitalization plan, smart growth planning, open space management, food policy plan-ning, or renewable energy

By Lawrence M. DiVietro Jr., PLS, PP, AICP, Land Dimensions Engineering

Return on environmentStrategic planning for the green economy

planning, the common factor in the world we live in today is clear. Land use profession-als need to continue to lead society’s focus on the promo-tion of self-sustaining poli-cies that move us away from being dependent on resources beyond our control and toward promoting support to our land owners, our farmers, and our country’s own natural and renewable resources.

Examples of existing land uses that are experiencing new thinking as it pertains to environmental sustainability and economics are varied:

Golf Courses - Land use planning is a vital component for a golf course’s economic and environmental health. Be-cause of the new norm, it is to the benefi t of existing courses to evaluate their lands within the context of environmental and economic sustainability.

Public Spaces – It is no lon-ger enough to have a bench in a park as a place to read, have lunch, or simply enjoy the setting. Public spaces are an additional strain on the bud-gets of large cities and small municipalities alike. Public spaces need to become self-sustaining through a process of land use planning which incorporates a business plan and a marketing plan in order to make it a performing asset for the community.

Farmland Preservation - From rural farms to urban ag-riculture, regional food system planning is at the forefront of linking the food supply chain to economic development. As local communities become more aware of the importance to “buy local,” food system planning will begin to take us back to our agricultural roots.

Natural Resources – For-ests are our most renewable resource. Long-range forest management planning initia-tives need to address the sus-tainability of our forested land cover while simultaneously addressing the need of wildlife habitat, forest fi re prevention, and healthy promotion of for-est growth.

Land Dimensions is a team of professionals acutely aware of the changing dynamics of sustainable design and the need to represent our clients from the foundational prin-ciple of good land use planning and design, while offering the knowledge and expertise of navigating through the com-plex permitting and approval process.

Lawrence M. DiVietro Jr., PLS, PP, AICP is president of Land Dimensions Engi-neering, a highly sought-after land use planning and site development de-sign company serving the Delaware Valley for over 32 years. ■

I

Lawrence M. DiVietro Jr.


GREEN ROOFER

inal Flat Roof was de-termined to change the industry and as a re-

sult, created an environmen-tally friendly roofi ng product. FFR-K1 is the only one part Kevlar infused thermo-set bonding agent in the world. It is the only roof system that can be installed under water and in subfreezing conditions. Our moisture & UV cured thermo-set has performed in the harshest conditions for over 15 years. Developed in 1950s’ as a thermo-set roof coating, the thermo-set resis-tance in the coating performs equivalent to a R-19 insula-tion and protects the build-ing from extreme weather conditions and guaranteed to keep your building about 10 degrees less than outside temperatures.

Endorsed by the Green Energy Council and EPA Registered, our product is clearly good for the environ-ment. Our product uses no petroleum but contains high refl ective and emissive prop-erties, and its performance reduces both Global Warm-ing and heat island effect. Furthermore, by restoring your roof and extending its life, there is no waste that would generally come from roof tear offs, and thereby, reducing the amount of toxic waste in our landfi lls. Besides extending a roof ’s functional life for up to 20 years, it also encapsulates the toxins in both metal and petroleum roofs to help protect our storm water aqueducts. FFR com-plies with federal and state executive orders in regards to the environment.

Often, budget-friendly choices are not budget con-scious. What makes Final Flat Roof such a great deal for the building owner is that it is both eco-friendly and budget friendly. Recognized as top 81 money-saving products in 2010, our roof system cost about 40 to 60% less than a reroof. Our product is Energy Star Registered because it reduces utility consumption by as much as 40%. In addi-tion, FFR can turn temporary repairs into a permanent roof solution over four years giving customers time to pay for their roof and most im-portantly, FFR is often tax deductible.

Final Flat Roof has started

a roofi ng revolution with over 150 project consultants and 75 certifi ed installers to ser-

vice your roofi ng and water proofi ng needs. FFR has four regional distribution centers and 36 locations nationwide, and 5 international distribu-

tors to assist with projects overseas.

Our goal is to provide our

customers with a product and a service that will exceed all of their expectations while helping the environment at the same time. ■

Final Flat Roof

New York & New Jersey2011 Green Roofi ng System

F REDUCE GLOBAL WARMING & ENERGY CONSUMPTION

BEFORE FFR-K1 AFTER FFR-K1

What makes Final Flat Roof such a great deal

for the building owner is that it is both eco-

friendly and budget friendly.


INSULATION

New Source of Fuel! THERMAL INSULATIONPipes Need Jackets Too!

Our piping insulation specialties including working with:

— Chilled Water— Heating Hot Water— Steam and Condensate— Roof Tanks— Ducts

— Domestic Water— Process Piping Insulation— Boilers— HVAC Piping— Risers

“We can cut your energy bill — Ask us How?”“Insulation = $$ Money in your pocket”“Fight rising energy costs: Insulate!”

Serving New York, New Jersey and Pennsylvania

[email protected]


By David E. Thurston, Marcus & Millichap Real Estate Investment Services

Demand for U.S. investment real estateto increase in wake of global concerns

T

INVESTMENT

Offices Nationwide www.MarcusMillichap.com

Making a Market from Main Street to Wall Street

Expertise Locally, Trusted Nationally

To Access the Investment Market, Contact the Market Leader.Michael J. Fasano

Vice President/Regional ManagerNew Jersey Office(201) 582-1000

[email protected]

BELOW IS A SAMPLING OF OUR CURRENT EXCLUSIVE LISTINGS

Pompton Lakes, NJMixed Use79,062 sf

New Brunswick NJ PortfolioMultifamily94 Units

Lakewood, NJOffice

43,182 sf

Perth Amboy, NJMixed Use32,349 sf

Midland Park, NJOffice

15,200 sf

Hasbrouck Heights, NJRetail

13,000 sf

Northern NJHotel

53 Units

Madison Avenue, NYMixed Use10 Units

he U.S. economy con-tinues to record fairly Spartan incremental

gains, with no headline driver to pro-pel economic growth. Addi-tionally, the p e r s i s t e n t “good news/bad news” theme stil l features prominently in the U.S. and global economies, fanning uncertainty and sti-fl ing consumer and business confi dence. While the economy is not fi ring on all cylinders, many economic indicators generally support expecta-tions that the U.S. will avoid a recession and progress at a measured pace. Contributors to this outlook

include upward revisions to second quarter GDP estimates, retail sales that are well ahead of pre-recession levels, and pri-vate-sector job growth. In addi-tion, corporate profi ts remain higher than the 2006 peak and strong exports are performing much of the economic heavy lifting for now. In addition to domestic challenges, such as renewed foreclosure activity and high unemployment, glob-al economic risks will hamper U.S. economic performance. The potential for fallout from the Eurozone crisis weighs on the U.S. economy, manifesting in severe stock market volatil-ity, uneven commodity prices, and diminished investor con-fi dence.

Retail Sector Skewedby Blackstone Deal

Sales of retail properties in the United States soared in the second quarter of 2011, lifted by the $9.2 billion Blackstone/Centro transaction. Sales vol-ume totaled $11.5 billion in the second quarter for a cumula-tive $21.9 billion for the fi rst half of the year. Sales of single-tenant properties remained relatively fl at through the fi rst half of this year, relative to last year’s volume. However, multi-tenant property sales volume increased 26 percent, possibly a result of the significantly higher number of offerings brought to market and the at-tractive 80-basis-point spread to single-tenant assets.

Today’s dynamics translate to constrained, but solid retail sales that may be insuffi cient to stimulate retailer confi dence enough to spur broad-based ex-

pansion and leasing demand. Fortunately, the pace of store closings continues to deceler-ate. The number of store and restaurant closings announced in the second quarter equaled about 48 percent of the 1,544 announced in the same period last year. Strong national and regional retailers continue to capitalize on weak, small and local competitors, pruning their portfolios and seeking expansion opportunities in profi table markets.

Given the unpredictable nature of current dynamics, commercial real estate inves-

David E. Thurston

tors are well-served to reassess market realities. Fundamen-tally, demand for space should be entering a natural recovery cycle but is being held back by fear and uncertainty. The most probable economic sce-nario through 2012 is a pain-fully gradual recovery with job growth of 1.2% to 1.5%. This is certainly not enough to gener-ate large volumes of demand for commercial properties, but it should be suffi cient to keep the recent improvements in occupancies on track. By the end of 2012, two major clouds should break: 1) The election

cycle should reduce if not break the political paralysis in the United States, and 2) The Eu-ropean Union is likely to work out some version of the pro-posal it announced last week. Should these events occur, the pace of growth moving into 2013 would rise substantially.

In the meantime, low inter-est rates and a preference for high-quality, low-risk proper-ties are safety nets leveraged by active investors. Given the ongoing volatility in the stock market and high degree of uncertainty, global demand for hard-asset investments is likely

to increase, bringing more capi-tal into U.S. commercial real estate. Yield compression in the upper tier of the market is already starting to push capital into Class B, value-add and secondary market investments. However, the capital migration to higher-risk assets is still cautious and gradual, and will remain so into the new year.

David E. Thurston is a vice president investments in the New Jersey offi ce of Marcus & Millichap Real Estate Investment Ser-vices. ■


he intent of this re-port is not to deter-mine specifi c fi gures

for vacancy, absorption, construction or any form of indicator of the real estate mar-ket but rath-er to look at trends and determine where we are now with rela-tion to the historical cycles which have been here before

By Sheldon A. Gross, Sheldon Gross Realty, Inc.

Third quarter report forNorthern and Central New Jersey

NEW JERSEY BROKER

Tand will appear again. There are so many companies and individuals calculating exact numbers for each phase of the commercial real estate busi-ness that no one can be sure what facts are being used. It therefore becomes diffi cult if not impossible to compare two different analyses.

It is very interesting to contemplate the numbers for the activity in an area. Most companies that calculate activity eliminate all build-ings that are less than 10,000 – 15,000 s/f. In our market

the bulk of the buildings are under 15,000 s/f. Therefore this report will look at all ac-tivity, including the smaller buildings.

Vacancy for industrial space has tended to fl atted out in the period from the beginning of this year. Prices have dropped slightly and the net absorption rate has increased, which will give a positive feeling to anyone who studies this market-place. Companies will contin-ue to reconfi gure themselves as some businesses increase

activity and some decrease activity. Either situation most likely will require a re-location of the space utilized, or needed.

In offi ce space, the vacancy has tended slightly upward. The net absorption has been negative. The rental rates have declined slightly in this quarter. Vacancy rates have remained consistent and have not appeared to either increase or decrease. If you consider class A offi ce space the net absorption has

turned positive, indicating the opportunity exists for anyone in the market to improve the quality of their space without increasing their costs too greatly.

In general the situation ex-ists for anyone considering a move of any kind to take ad-vantage of the present situ-ation and get whatever they need or desire at a price that will probably not be available for another generation.

New construction in both industrial and offi ce space has been at a minimum. This will provide a great opportunity for the few new buildings under construction or proposed as the market begins to turn upward gen-erally.

Both industrial and offi ce space are being impacted by a change in the way business is done. If anyone thinks we will return to the old market-place, they should only look at the newspapers or TV to understand that all commer-cial activity is undergoing a historical change.

Business activity is gener-ally picking up and the feel-ing is beginning to be more positive as we see signs of a slow but positive increase in the marketplace. In particu-lar we have seen quite a bit of movement in companies looking to extend their leases now while they can take ad-vantage of lower rentals. In addition to the increase in regular leasing activity, SGR had several lease extensions signed during the third quar-ter of 2011 both for offi ce and industrial spaces totaling over 90,000 s/f.

The uncertainty of the fu-ture is what is causing the entire business community to take a breath and want to wait and see where we are going. But if you look at the historical facts, we have been here before and we should all understand that this situation will end. As a great fi nancial sage has often said, “buy when the others want to sell and sell when everyone else wants to buy.”

Sheldon A. Gross is pres-ident of Sheldon Gross Realty, Inc.

Sheldon A. Gross

We Have The Perfect Location For Your Business

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WAYNE – RETAIL CENTER FAIRFIELD – FOR LEASE ROUTE 46 FRONTAGE OFFICE SPACE – HIGHWAY VISIBILITY Units available from 1,778 square feet to 7,500 square feet. 8,426 square feet space available on first floor. Ample parking. Excellent location with direct frontage on Route 46 west.. 4,500 Square feet unit available on second floorAcross from Willowbrook Mall. Multi-tenanted 60,000 +/- square foot building. Business park setting with ample parking. Very attractive rental rate. Will divide and finish to your specifications.

The information contained herein has been obtained from sources considered reliable, but no guarantee of its accuracy is made by this company. Subject to errors, omissions or withdrawal without prior notice.

Biggerisn’t always

better.You don’t need a large brokerage firm.

You need a firm which understandsyour business and real estate needs and

can give you personal service and attention.

Experience – Knowledge – Success Since 1962

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For information on these or other New Jersey properties please contact Sheldon Gross Realty, Inc.

at 973-325-6200 or see our website atwww.sheldongrossrealty.com

PERTH AMBOY – FOR LEASE EXCELLENT LOCATION – GREAT VISIBILITY 7,500 square feet available. Free standing building. Great location for Medical or Professional Offices Convenient access to Garden State Parkway and Route 440 Ample parking with partially fenced lot.


RETAIL LEASING ATTORNEY

s a dedicated Penn Stater, the news is generally not good

these days. The tragic circus that has engulfed a name and place previ-ously asso-ciated with stability and goodness is about the only thing defl ect-ing the other news of the day, which is the following: from where I sit, the real estate market is not getting any better.

The fundamental problem is the shrinking universe of tenants leasing space in shop-ping centers. Even before the more dramatic changes in the economy in the late 2000s, the number of tenants was on the decline. In the late 1990s and early 2000s, there were at least two, and maybe more, national or regional tenants in each category of retailing (such as home improvement, electronics, books etc). Now, most categories have been reduced to one retailer, and in many instances that retailer

By Jeffrey L. Silberman, Esq., Kaplin Stewart Meloff Reiter & Stein, P.C.

State of the retail industry –The good, the bad and the ugly

Ahas reduced the square footage it requires. In today’s world, new shopping center deals consist mainly of restaurants and other service users. The deals with merchants selling goods are few and far between. It seems that the only retailers fl ourishing in this market are those that offer goods or ser-vices that cannot be purchased over the internet.

The obvious consequence of this indisputable fact is that empty centers remain vacant, and the ability to develop new centers is greatly diminished. Even if an owner is fortunate

enough to secure a national grocer or department store anchor, the owner faces a very diffi cult road in trying to fi ll the rest of the center. While restaurant and services uses are great for shopping centers, many anchor tenants limit the number or square footage of restaurants and service uses due to parking constraints or use issues.

On the positive side, empty stores have generated some redevelopment opportunities, and some of the bigger retail-ers appear to be fairly nimble in adapting to space that may

not be prototype. Redevelop-ments are a boon for existing tenants and for communities otherwise staring at dark centers.

Another positive note is that quick-service restaurants (QSRs) seem to be faring very well in this economy. Some QSRs that had slowed growth in the past have picked up their new store counts, and others are continuing to move forward in new or expanded markets.

Additionally, it appears that lenders are making loans. Bor-rowers now appear to be used

to the newer, stricter lending criteria and lenders are back in the game. The lack of new projects has certainly resulted in less volume, but construc-tion loans (few as they are) and permanent loans are get-ting done.

In summary, while there is some positive news to report, the news on most fronts is less than spectacular. Let’s hope all things turn around soon.

Jeffrey L. Silberman is a principal in the Real Estate Transactions Department of Kaplin Stewart in Blue Bell, PA. ■

Jeffrey L. Silberman

construction is completed or fully paid for. The law var-ies in each state as to when a tenant’s contractor is en-titled to fi le a construction lien against the landlord. Delaware allows contrac-tors to fi le liens against the landlord’s property only if the contractor has obtained the owner’s prior written consent to the tenant en-tering into the construction contract. New Jersey=s law is even more favorable to the landlord; the landlord is only vulnerable to liens where he has consented in writing that its contractors may file liens against its ownership in the property. Regardless of the statute, the owners can avoid lien litigation by requiring the tenant to establish an es-crow or post a bond to satisfy any lien claims.

Deborah Hollander, Esq. is a shareholder in Sheak & Korzun, P.C., a law fi rm which is located in Pen-nington, NJ with attor-neys admitted to practice in NJ, NY, and D.C. ■

continued from page 10A

Constructioncontracting . . .

Contact: Jeffrey L. Silberman 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-260-6000 • www.kaplaw.comOther Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120

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DELMARVA REAL ESTATE JOURNAL


REAL ESTATE JOURNAL Mid

Atlantic

ASHINGTON, DC — The Firoozabadi Group of Marcus &

Millichap Real Estate Invest-ment Services brokered the sale of La Reine Apartments, a 95-unit apartment commu-nity on Connecticut Avenue NW in the affl uent submarket of Chevy Chase for $17.125 million.

The team of Ari Firoozabadi, John Mullen, and Kyle Tang-ney of the Washington, D.C. offi ce represented the seller, Kline Family LLC., in the disposition to Kossow Manage-ment based out of Rockville, MD. Kossow Management is an owner and manager of of-fi ce, industrial and core-locat-ed apartment communities.

The purchasers, John and Andrew Kossow of Kossow Management said, “Buying

A 95-unit multi-housing property

The Firoozabadi Group sells apartments for $17.125m

a multifamily property in the District of Columbia is a complex and involved process. The assistance and guidance that the Firoozabadi Group

W

provided us was instrumental in completing this deal, and we were fortunate to have them as the broker for this transac-tion.” ■

LAUREL, MD — Sperry Van Ness has recently complet-ed two transactions totaling 18,509 s/f led by Scott Skogmo, SIOR of Sperry Van Ness/Sk-ogmo Commercial.

Following are details of the transactions:

Gospel Assembly Church purchased five warehouse condominium units at 8740 Cherry Ln. in Laurel to ac-commodate expansion. Units B-7, 9, 10, 11, and 12, totaling 11,500 s/f, were purchased for $1.08 million.

Scott Skogmo, SIOR of Sper-

Sperry Van Ness/Skogmo announces $1.08m MD sale

ry Van Ness represented the seller, Shaheen Associates, and Ron Ladue of ReMax rep-resented the purchaser.

Pro Finishes Plus leased 7009 s/f of offi ce space at 4303 Forbes Blvd. in Lanham in the Washington Business Park. Pro Finishes Plus consolidated two offices from Baltimore and Temple Hills to create a new corporate headquarters in Lanham.

Skogmo represented the tenant and Colleen Curry of BECO Management repre-sented the landlord. ■

8740 Cherry Lane

OCEAN CITY, MD — The McClellan team, including se-nior advisor John McClellan, with Sperry Van Ness – Miller Commercial Real Estate has announced the acquisition of a new offi ce and manufacturing center by Process Integration, Inc.

The property is located at 12734 Sunset Ave. consists of an 8,000 s/f warehouse and offi ce

and is situated approximately 4 acres just west of the Ocean City harbor. The property sold for $750,000 Process integra-tion Inc. is a developer of inte-grated hardware and software solutions for food processing, bottling, pharmaceutical and a variety of other industries.

According to Mike Wade, president, “We have been searching for several years for

that perfect facility in a cen-tralized location that is both convenient to our customers as well as our valuable workforce. We believe this new facility is a perfect fi t to our growing company.” John McClellan has been involved in real estate in the local market since 1987 and specializes in Commercial & Industrial Real Estate and Tax Deferred Exchanges. ■

The McClellan team of SVN-Miller brokers $750,000 sale

La Reine Apartments

ODESSA, DE — Patterson Woods Commercial Proper-ties/CORFAC International announced that Robert ‘Bob’ Ashby, has leased and is com-pleting the furnishing plan of the historic Brick Hotel with plans to open a restaurant called Cantwell’s Tavern in early December this year.

Cantwell’s Tavern, LLC (Ashby is managing partner) completed a 10-year lease with options to extend its occupancy. Terms of the lease were not dis-closed. The owner of the prop-erty, which originally opened in 1822, is the Historic Odessa Foundation. Joseph Latina, a partner with Patterson Woods Commercial Properties/COR-FAC International, was the only broker involved in the transaction.

Ashby’s group is complet-ing the furnishing plan on the Brick Hotel to operate the property as a restaurant. The majority of the structural renovation, which included the construction of a new wing,

Patterson Woods Commercial Properties/CORFAC Int’l. facilitates 8000 s/f lease

was managed by the Historic Odessa Foundation. Repro-duction lighting fi xtures were recently installed that refl ect the early period of the hotel when candles offered the only light, according to Ashby. The total cost of the furnishing plan is expected to be in excess of $500,000.

The 8,000 s/f Cantwell’s Tavern was originally called the Cantwell’s Bridge Hotel and will only operate as a restaurant and special events venue. The first floor of the three-story building will con-stitute the restaurant and tavern and the second fl oor will be designated a multipurpose space with event dining and meeting space.

“The minute I fi rst sat down with the Historic Odessa Foun-dation and they started to ex-plain to me and what they had and wanted, the fi rst person I thought about was Bob Ashby,” said Joe Latina. “I consider Bob to be one of the top restaurant operators in the state.” ■

TYSONS CORNER, VA — David Garfinkel, senior vice president and manag-ing director of NorthMarq Capital’s (NorthMarq) St. Louis Regional office, and Gary McGlynn, senior vice president and managing direc-tor, Kenneth Gentzel, senior vice president and managing director and Jason Smith, vice president of NorthMarq Capital’s Washington, DC Regional offi ce, cooperated to arrange permanent fi nancing for Tysons Square, a 172,676 s/f retail center located at 8301-8359 Leesburg Pike.

Major tenants at the center are Marshalls, HomeGoods and Sports Authority. Financ-ing for the borrower was ar-

NorthMarq Capital arranges permanent fi nancing for Tysons Square in Tysons Corner, Virginia

ranged by NorthMarq through its correspondent relationship

with American United Life Insurance Company. ■

Tysons Square

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NOVEMBER 29 – SIOR NJEvent: Full Chapter MeetingTime: 6:00 PM – 8:00 PMLocation: TBDCost: Free - Members & Guests Onlywww.siornj.org

NOVEMBER 29 – ULI PHILADELPHIAEvent: Commercial RE Finance WorkshopTime: 4:00 PM - 6:00 PMLocation: Ernst & YoungAddress/City: 2001 Market St., 36th FlPhiladelphia, PACost: Free-Registration RequiredP: 800-321-5011www.philadelphia.uli.org

NOVEMBER 30 – CORENET NJEvent: Critical Value Add: Corporate RE MergerTime: 8:30 AM – 10:30 AMLocation: Park Avenue ClubAddress/City: 184 Park Ave., Florham Park, NJP: 973-992-6773 E: [email protected]

NOVEMBER 30 – SMPS PHILADELPHIAEvent: Fast Forward:Marketing Through Leadership ChangeTime: 5:00 PM – 7:30 PMLocation: Center for ArchitectureAddress/City: 1218 Arch St., Philadelphia, PACost: $25 Members $35 Nonmemberswww.smpsphiladelphia.org

NOV.30 – DEC. 3 – AIA PHILADELPHIAEvent: CitiesAlive: 9th Annual Green Roof & Wall ConferenceTime: 8:30 AMLocation: Sheraton Philadelphia DowntownAddress/City: 201 North 17th St., Philadelphia, PAwww.citiesalive.org

NOVEMBER 30 – SMPS PITTSBURGHEvent: SMPS Morning Show -“Data Mining the PA Websites”Time: 7:45 AM – 9:30 AMLocation: PSI, Inc.Address/City: 850 Poplar St., Pittsburgh, PAwww.smpspittsburgh.org

DECEMBER 1 – CORENET NJEvent: Holiday Networking SocialTime: 5:30 PM – 8:30 PMLocation: Highlawn PavilionAddress/City: Earl Rock ReservationWest Orange, NJP: 973-992-6773 E: [email protected]

DECEMBER 1 – CREW PHILADELPHIAEvent: Continuing Education – Social MediaTime: 8:30 AM – 11:30 AMLocation: The Hub CityviewAddress/City: 30 South 17th St., Philadelphia, PACost: $25 Members $55 NonmembersE: [email protected]

DECEMBER 1 – ULI PHILADELPHIAEvent: Annual Holiday Networking NightTime: 5:30 PM – 7:30 PMLocation: OpaAddress/City: 1311 Sansom St., Philadelphia, PACost: $45 Members $60 NonmembersP: 800-321-5011www.philadelphia.uli.org

DECEMBER 2 – NAIOP NJEvent:Transportation & Logistics Regional UpdateTime: 7:45 AM – 11:00 AMLocation:NY Shipping Association Training CenterAddress/City: Elizabeth, NJCost: $85 Member $135 Nonmemberwww.naiopnj.org

DECEMBER 6 – BERGER ORGANIZATIONEvent: Broker Open HouseTime: 2:30 PMLocation: The Berger Organization’s Offi ceAddress/City: 570 Broad St., Newark, NJE: [email protected]

DECEMBER 6 – IREM NJEvent: Holiday Dinner MeetingTime: 5:30 PMLocation: Renaissance Woodbridge HotelAddress/City: 515 US Highway 1 South, Iselin, NJCost: $55 Members $65 NonmembersP: 856-303-0190 E: [email protected]

DECEMBER 7 – ABC NJEvent: Annual Awards & Holiday DinnerTime: 6:00 PMLocation: Crown Plaza MonroeAddress/City: 390 Forsgate Dr., Monroe Twp., NJCost: 85 Members $95 NonmembersP: 609-989-9110 E: [email protected]

DECEMBER 7 – IREM 101Event: Annual Holiday Dinner, Awards Night & Installation of 2012 Offi cersTime: 6:00 PMLocation: Café Aldo LambertiAddress/City: 2011 Rte. 70 West, Cherry Hill, NJCost: $65 Members $75 Nonmemberswww.irem101.org

DECEMBER 7 – POA NJEvent: Social Media & TechnologyTime: 6:30 PMLocation: Wilshire GrandAddress/City: 350 Pleasant Valley WayWest Orange, NJCost: Members Free/$45 NonmembersP: 732-780-1966 E: [email protected]

DECEMBER 8 – ABC EPAEvent: Holiday PartyTime: 5:00 PM – 7:00 PMLocation: Bear Creek ResortAddress/City: 101 Doe Mountain Ln.Macungie, PACost: $40 MembersE: [email protected]

DECEMBER 8 – AIA PHILADELPHIAEvent: Holiday PartyTime: 5:00 PM – 7:30 PMLocation: Center for ArchitectureAddress/City: 1218 Arch St., Philadelphia, PaCost: Complimentary –Registration RequiredP: 215-569-3186 E: [email protected]

DECEMBER 8 – BOMA PITTSBURGHEvent: Holiday LuncheonTime: 11:30 AMLocation: Grand Hall at the PrioryAddress/City: 614 Pressley St., Pittsburgh, PACost: $35P: 412-261-2884www.bomapittsburgh.org

DECEMBER 8 – CREW BALTIMOREEvent: Annual Meeting & Holiday LuncheonTime: 12:00 PM – 2:00 PMLocation: Admiral Fell InnAddress/City: 888 S. Broadway, Baltimore, MDCost: $40 Memberswww.crewbaltimore.org

DECEMBER 8 – CREW LEHIGH VALLEYEvent: Annual Holiday Luncheon& Optional TourTime: 11:30 AM – 1:00 PMLocation: Ben Franklin Technology Partners NE PA Tech Ventures CenterAddress/City: 116 Research Dr., Bethlehem, PACost: $25 Members Onlywww.crewlehighvalley.org

DECEMBER 8 – CREW PHILADELPHIAEvent: Holiday Party &Board of Directors InductionTime: 6:00 – 9:00 PMLocation: EstiaAddress/City: 1405 Locust St., Philadelphia, PACost: $65 Members Onlywww.crewphiladelphia.org

DECEMBER 8 – SIOR NJEvent: Holiday MeetingTime: 6:00 PM – 11:00 PMLocation: The Huntley TavernAddress/City: 3 Morris Ave., Summit, NJCost: Free Members & Guests Onlywww.siornj.com

DECEMBER 9 – ULI NNJEvent: YLG Breakfast SeriesTime: 8:00 AM – 9:30 AMLocation: AvalonBay CommunitiesAddress/City: 517 Route One South, Suite 550, Iselin, NJCost: $10 Members/$15 Nonmembers/Free to Full Time StudentsP: 800-321-5011www.nnj.uli.org

DECEMBER 14 – CIRC DEEvent: Holiday Luncheon & FestivitiesTime: 11:30 AM – 1:30 PMLocation: University & Whist ClubAddress/City: 805 N. Broom St., Wilmington, DEP: 302-633-1705 E: [email protected]

DECEMBER 14 – ULI PHILADELPHIAEvent: Recent Developments in Lease Accounting Bring Changes Closer to RealityTime: 8:00 AM – 10:00 AMLocation: Villanova UniversityAddress/City: 800 E. Lancaster Ave., Villanova, PAP: 800-321-5011www.philadelphia.uli.org

26A —November 25 - December 8, 2011 — Mid Atlantic Real Estate Journal MAREjournal.com

COMMERCIAL REAL ESTATE ORGANIZATIONS’

EVENTS CALENDAR

MID ATLANTIC REAL ESTATE JOURNAL


OUTH ORANGE, NJ — Paul Washington with Coldwell Banker

Commercial N R T h a s c losed the sale of an 11 ,000 s / f i n d u s t r i a l building lo-cated at 454 Va l ley St . The property was formerly utilized as an auto repair ser-vice center.

Washington represented the seller and provided targeted marketing exposure for the property. The buyer, an ac-complished long-time private investment corporation, was represented by Glenn Fal-livene with Fallivene Agency. The property sold for nearly $500,000.

“The listing at 454 Valley, a value-added bank-owned property, offered signifi cant

11,000 s/f industrial building in South Orange

Coldwell Banker Commercial NRT closes $500,000 saleS

454 Valley Street

Paul Washington

square footage which posi-tioned the new automotive owner and user for immedi-ate business expansion,” said Washington. “South Orange Village benefi ts from regain-ing a functional tax ratable poised to serve the mechanical needs of the immediate area long-term.”

A longtime resident of north-ern New Jersey, Washington has extensive knowledge of the greater Essex County area as well as Union, Hudson and Union counties. He is widely-known for his network of strong private sector relation-ships and knowledge of com-mercial real estate investment

VINELAND, NJ — Eagle Commercial Real Estate an-nounced the completed sale transaction of 1996 N. Mill Rd. from NBVW, LLC to Chem-glass, Inc.

This 16,000 s/f industrial building situated on 5.35 acres within the Vineland Industrial Park near Route 55 contains 1,200 s/f of offi ce area with re-ception area, conference room

Anthony Pustizzi, broker of record

Eagle Commercial REcompletes 16,000 s/f sale

1996 N. Mill Rd.

ALLENTOWN, PA — Col-liers International concluded a 13,300 s/f flex/warehouse lease at Meadows Business Center, a 69,000 s/f facility located at 6390 Hedgewood Dr. between 3Linx, LLC and Liberty Property Limited Partnership.

Colliers was the sole broker

Colliers International concludes two fl ex/warehouse leases

VOORHEES, NJ —Colliers International’s Southern New Jersey office division repre-sented the owner, Quaker Commercial Properties, in facilitating 100% occupancy at their three-building, 83,000 s/f Laurelwood Offi ce Complex, located at 1101-1103-1105

Colliers International Southern New Jersey offi ce facilitates expansion

Laurel Oak Rd. Quaker Commercial Proper-

ties was represented by Evan Zweben, VP and Carlisle and Associates, LLC was repre-sented by Jason Wolf, SVP/principal, both from Colliers International’s Southern NJ offi ce. ■

& kitchen space. The 13,900 s/f shop has 20’ ceilings, (2) overhead doors located on a 900 SF loading dock area equipped with dock levelers. This site is an ideal facility for manufactur-ing/rebuild or packaging with ample parking and outside stor-age and is designed to allow for future building expansion.

Anthony Pustizzi was the broker of record. ■

PARAMUS, NJ — Bergman Real Estate Group announced that SuperMedia Inc. has signed a 14,000 s/f lease at 45 Eisenhower Dr. The new lease brings the building to 87 percent leased.

The space will serve as Su-perMedia’s regional offices. Formerly known as “The Yel-low Pages,” the company helps small- and medium-sized busi-nesses grow through effective local marketing solutions across print, online, mobile and social media.

SuperMedia, which is mov-ing out of an Elmwood Park location in order to accom-modate a larger tenant’s oc-cupancy, was a tenant in 45 Eisenhower more than a de-cade ago.

“We were faced with a very short timeframe of 45 days to construct a full build out of SuperMedia’s space and we met all deadlines,” stated John G. Osborne, executive director of leasing and marketing for Bergman Real Estate Group. “SuperMedia believed the high-quality space offered on the building’s top fl oor was the best alternative in the market. Coupled with the property’s amenities, including on-site, sit-down full-service dining facilities and on-site man-agement, 45 Eisenhower Dr. presented a highly attractive opportunity to SuperMedia for

relocation.”SuperMedia was represent-

ed by Bob Acuff, senior direc-tor, corporate services - CASE Commercial Real Estate Part-ners out of Dallas, TX.

“SuperMedia looked at eight buildings and 45 Eisenhower stood out as being the clear choice,” added Acuff. “Super-Media knew they would be able to work with the Berg-man Group for the long term and appreciated being able to deal openly and make the transaction go smoothly. The company defi nitely exceeded our expectations in meeting a tight timeframe to accommo-date SuperMedia’s move.”

A fi ve-story, 175,000 s/f class A building, 45 Eisenhower Dr. offers immediate access to Rtes. 17 and 4, as well as the Garden State Parkway and I-80. In a prime Bergen Cty. location, 45 Eisenhower is only minutes from some of the county’s most popular shopping centers and notable restaurants at the Riverside Square Mall, Garden State Plaza and Paramus Park Mall.

The property also provides easy access to Manhattan with just a 30-minute drive from both the George Washington Bridge and the Lincoln Tun-nel.

The property features a full-service cafeteria with

patio seating, and a full-time lobby security desk. On-site management, an ATM, inte-rior loading dock, card key access and fi ber optics are also value-added conveniences. Units of 3,400, 4,800, 8,000, 9,900 and 11,000 square feet remain available. All common areas were renovated in 2009 and the bathrooms were done in 2010.

Bergman Real Estate Group owns three other properties throughout Bergen County including 1 Kalisa Way in Paramus, 25 East Spring Val-ley Avenue in Maywood, and 299 Market Street in Saddle Brook. All properties have undergone common area reno-vations this summer.

Bergman Real Estate Group is a privately owned real es-tate investment and manage-ment fi rm that specializes in the acquisition, management, leasing and construction of commercial offi ce properties throughout New Jersey. Since its formation in 1988, Berg-man Real Estate Group has earned a solid reputation as a leader in the New Jersey com-mercial offi ce market with a current portfolio consisting of 16 offi ce buildings comprising 1,890,000 s/f, including two New Jersey properties where Bergman provides third party leasing services on behalf of a pension fund advisor. ■

Bergman Real Estate Group announces 14,000 s/f offi ce leaseon this transaction with Mi-chael Capobianco represent-ing the lessor (Liberty) and Ann Kline representing the lessee (3Linx).

In another Allentown trans-action Kline represented Spruce International in se-curing 5,045 s/f of fl ex space at 7035 Schantz Rd. ■

MOUNT LAUREL, NJ — Dan McGovern, vice president at CBRE, Inc. (CBRE), bro-kered a 16,696 s/f lease with Foundations, Inc. at 701 East Gate Center in Mount Laurel, NJ. The property, owned by Brandywine Realty Trust, is a class A offi ce building with immediate access to Routes 73 & 38, I-295 and Exit 4 of the New Jersey Turnpike.

“701 East Gate Drive was a great opportunity for Founda-tions, Inc. They were able to reduce their occupancy costs and significantly improve their corporate image. 701 East Gate Drive will also al-

CBRE brokers lease with Foundationslow Foundations, Inc. the op-portunity to expand as their business continues to grow.” added McGovern. The fi nan-cial details of the transaction remain undisclosed.

Situated to maximize its parklike setting, 701 East Gate Drive’s dramatic three-story glass facade with stepped balconies affords wide vistas of mature trees and groomed grounds in a vibrant, vital business environment includ-ing other major companies such as MetLife and AIG. Donna Bleiler represented Brandywine Realty Trust in the transaction. ■


PEOPLE ON THE MOVE

PHILADELPHIA, PA — Cushman & Wakefi eld has added Adam D. Campbell as director on the fi rm’s growing in-dustrial plat-form in Penn-sylvania. He joins a team headed by denior direc-tor Gerard J. Blinebury and includes senior director Patrick McBride and associate Leah Balerno.

“Adam’s experience in Cen-tral Pennsylvania’s industrial

Campbell joins Cushman & Wakefi eldmarket makes him a very im-portant addition to our team,” said Blinebury. “He brings strong market knowledge and client relationships with him.”

Focusing on the I-81/I-78 industrial market, Cushman & Wakefield’s Philadelphia-based Industrial Brokerage Group provides agency leas-ing, building and land sales, tenant and buyer represen-tation, and the marketing of investment-grade industrial buildings and parks. The team is currently handling more than eight million square feet

of listings and a comparable amount of tenant representa-tion projects.

“The Central Pennsylvania industrial market continues to grow dramatically,” said Jim Dieter, executive vice president-Industrial Broker-age, U.S. “It is strategically important to expand our team as part of our commitment to support the region’s growth.”

Prior to joining Cushman & Wakefi eld, Campbell was vice president of Campbell Com-mercial Real Estate, Inc., a family-owned and operated fi rm providing local real estate

BARNEGAT, NJ — Sup-porting local charities is an ongoing mission for employ-ees of Walters Group, a leading real estate developer with offi ces in Barnegat and Marlton. The staff has come together to strengthen its community support by orga-nizing collections that benefi t the Salvation Army, Opera-tion Open A.R.M.S., and the FoodBank of Monmouth and Ocean Counties.

The cumulative effect of the Walters Group’s dedication to the community was made clear this summer when the employees collected $2,100 and 825 pounds of food items during their annual food drive benefiting the FoodBank of Monmouth and Ocean Coun-ties. The contributions were collected at the Walters Group Barnegat offi ce during a week-long food drive. Integrated Systems, a subcontractor, supported Walters during the food drive by organizing their own in-house collection.

In another campaign, Wal-ters employees showed their generosity in an effort to ben-efi t Operation Open A.R.M.S., by collecting items for care packages sent to servicemen and women overseas. The project’s sponsor, American Recreational Military Services (A.R.M.S.), Inc. is a non-profi t organization based in Toms River, NJ, which supports all branches of the military.

“One of the good things about working for the Walters Group is that the company feels very connected to the community,” said Candyce Fleming, purchasing manager for Walters Group, who acts as an employee coordinator for several charitable activi-ties. “They have a history of continued generosity and giving. Ed Walters was very supportive of Operation Open A.R.M.S. and within a week of getting the go-ahead, my car was densely packed with

Employees support non-profi ts with donations

Charities benefi t from Walters Grp.’s Generosity

goods for the troops.”Walters Group began the

A.R.M.S. drive by convert-ing $200 in gift certificates won from the Shore Builders Association of Central New Jersey into items for deployed troops. Walters employees were joined by two suppliers – ProBuild in Lakewood, and Ferguson Supply in Forked River, who organized their own in-house collections. As in the past, individual sub-contractors and suppliers gave generously as well. Together they amassed hundreds of toiletry and other essential items, which were packaged and shipped overseas.

“It was a fantastic success, and it led to Ed Walters giving his approval for our corporate address to be used as an of-fi cial drop-off site,” explained Fleming.

In another effort to aid neighbors in need, Walters’ headquarters in Barnegat is a Salvation Army drop-off site for ongoing clothing col-lections. A successful in-house clothing drive held by employ-ees several years ago resulted in the set-up of a donation box in the parking lot for year-round collections.

“I have continually found that when given the opportu-nity to fi t an act of generosity into their day, and within their means, people are genuinely happy to be a part of it,” said Fleming. “Our subcontrac-tors, vendors and employees continuously step-up and actively participate in all of the altruistic ventures that Walters Group gets involved with.”

“We’ve always tried to create a collegial environment for our employees,” said Edward Wal-ters, Jr., the company’s presi-dent. “That type of atmosphere has translated into both good business and good citizenship. We take our responsibilities to the communities we serve very seriously.” ■

NEW YORK, NY — Ameri-can Realty Capital (ARC) received the President’s Award from the Real Estate Invest-ment Securities Association (“REISA”), a trade associa-tion for professionals who of-fer and distribute securitized real estate investments. The President’s Award recognizes an individual or organization that has made outstanding contributions in one or more of the following ways: • Exceptional accomplishment in their chosen fi eld• Exceptional service in local, state or national affairs• Exceptional service in sup-port of the advancement and continued excellence of REISA

American Realty Capital receives award

“On behalf of all of my col-leagues at American Realty Capital and our affi liated bro-ker dealer, RC Securities, it gives me enormous pleasure to accept this award,” said

Michael Weil, executive vice president of American Realty Capital and Chief Executive Offi cer of Realty Capital Secu-rities. “The award recognizes our dedication to industry best practices, including our com-mitment to reduce fees, align interests between shareholders and management, and provide our shareholders greater re-porting transparency and clar-ity. Additionally, we will con-tinue to introduce investment solutions guided by strong, ex-perienced management teams with records of excellence. This award from REISA validates these changes and encourages us to continue to work hard to improve the industry.” ■

Michael Weil and Rick Chess

WASHINGTON, DC — Grubb & Ellis Company an-nounced that Wesley Adams Preuss, fi nancial analyst, and Thomas Leachman, sales associate, joined the company’s Washington, D.C. office. In their new roles, Preuss will pro-vide fi nancial modeling, lease analysis and market research to clients, while Leachman will be responsible for marketing coordination and client services management.

Both natives of Washington, D.C., Preuss joins the company

Grubb & Ellis Company adds Preuss and Leachmanfrom MMG Partners in New York City, where she was an associate principal, responsible for a team of fi nancial analysts that handled the fi rm’s relation-ships with top tier investment banks and financial services institutions. Leachman joins the company from Johnson & Wimsatt Inc., a family-owned lumber company, where his sales team was responsible for generating more than $20 mil-lion in annual sales.

“We are delighted that Wes-ley and Tommy have joined the

Washington D.C. team, said Bruce McNair,” executive vice president. “Both of these talent-ed individuals have commercial real estate in their blood, build-ing on family histories in the in-dustry that are both extensive and impressive.”

Preuss earned a bachelor’s degree from the University of Pennsylvania, where she graduated Summa Cum Laude. She has also completed courses in the New York University Schack Institute of Real Estate graduate program. ■

Adam Campbell

COLUMBUS, OH — Rob-e r t

Korn (shown r ight) , Es-quire, a prin-cipal of Kap-lin Stewart in Blue Bell,

PA, was a presenter at an American Arbitration Associa-tion program on October 31, 2011 entitled “Managing Your First Arbitration.” Korn’s pre-sentation was titled “Getting to Arbitration.” All of the present-ers are Fellows of the College of Commercial Arbitration. Korn,

For the American Arbitration Association

Korn of Kaplin Stewart presents at program

while still actively engaged in the practice of construc-tion and surety law, devotes a considerable amount of his time to resolving construction and commercial disputes as a mediator and also serves as an arbitrator of construction and commercial disputes. ■

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MAREjournal.com Mid Atlantic Real Estate Journal — November 25 - December 8, 2011 — Inside Back Cover A

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Section B, 28 pages

VOORHEES, NJ – Marcus & Millichap Real Estate Invest-ment Services, has negotiated the sale of a retail condominium in Voorhees, net leased to BJ’s Wholesale Club. The sale price of $15.9 million represents $138 per s/f.

Matthew Gorman and Tom Gorman, senior associates in Marcus & Millichap’s Philadel-phia offi ce, along with Michael S. Shover, an associate also based in Philadelphia, represented the seller, a prominent local developer that owns a substan-tial portfolio of offi ce and retail properties. The Gormans and Shover teamed up with Marcus & Millichap’s Mark Taylor, fi rst

Section B of the Mid Atlantic Real Estate Journal

SHOPPING CENTERS


ALSO INSIDE:

HI-LIGHTS

MAREjournal.com

Triangle took responsi-bility for $5.5 million in CMBS debt in Freehold, NJ, a 62,000 s/f retail cen-ter, and earned a controlling stake in the property. See page 7B.

Legend Properties, Inc. announced that Raymour & Flanigan Furniture will relocate to Whitehall Mall.See page 9B.

Triangle Equities recapitalizes $5.5M loan

Legend Properties, Inc. brokers 43,328 s/f deal

BROKERAGE DIRECTORY .............................................. 20-21BICSC ORGANIZATION PAGE ..............................................22BBUSINESS CARD DIRECTORY ..............................................23B

NOVEMBER 25 - DECEMBER 8, 2011

LEN BURNIE, MD —Phillips Edison – ARC Shopping Center REIT

Inc., a publicly registered, non-traded REIT focused on acquiring grocery-anchored shopping centers, announced it has acquired Burwood Village Center, a 105,834 s/f shopping center located in Glen Burnie, Maryland for $16.6 million. Burwood Village Center is an-chored by Food Lion, one of the top grocers in the area, which is on a long term lease through

Phillips Edison – ARC announces third acquisition within the fourth quarter 2011

Phillips Edison – ARC Shopping Center REIT Inc. acquires shopping center for $16.6 million

G

Gorman, Gorman, Shover, Taylor & Zang orchestrate deal

Marcus & Millichap arrange $15.9 million sale of BJ’s Wholesale Club

October 2022. Other key ten-ants include Dollar General, CVS Pharmacy and Dunkin’ Donuts. The shopping center is 98.3 percent occupied.

Burwood Village Center ben-efi ts from a stable market and attractive demographics. The shopping center is located in a suburban community of Baltimore, where more than 180,000 people with average household incomes of $70,000 live within five miles of the shopping center. The Balti-

more Metropolitan Area, the 21st largest in the country, has approximately 2.7 million residents.

This transaction represents the third grocery-anchored property acquisition for the company in the fourth quarter of 2011. This property, along with other properties previous-ly acquired, are expected to be contributed to the PECO-ARC Institutional Joint Venture I, which was announced last month. ■

Food Lion, Burwood Village Center

BJ’S Wholesale Clubvice president investments, and Dean Zang, vice president

investments, to represent the buyer, H&R REIT of Canada.■

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B Inside Cover — Novmeber 25 - December 8, 2011 — Shopping Centers — Mid Atlantic Real Estate Journal MAREjournal.com

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MAREjournal.com Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — 1B

Lenox Plaza Shopping Center1750 Route 46 WestWest Paterson, NJ

Plaza K Shopping Center181 Route 1 South (at Ford Ave.) Woodbridge, NJ

Raritan Center426 Raritan Street, Sayreville, NJ

Rochelle Park Shopping Center, Rochelle Park, NJ 1,099 s.f. availableMountain Plaza, Rockaway, NJ 1,229-1,500 s.f. availableFieldstone Park Shopping Center, Ringwood, NJ 1,250-10,000 s.f. availableHyde Park Mall, Hyde Park, NY 3,000–33,000 s.f. available

Milton Shopping Center, Oak Ridge, NJ 2,500 s.f. availablePine Brook Plaza, Pine Brook, NJAllendale Town Center, Allendale, NJ 1,700–2,008 s.f. available

Raritan Center, Sayreville, NJ 2,500–13,650 s.f. availableMontvale Shopping Center, Montvale, NJTown Plaza II, Orangeburg, NY 900–5,200 s.f. availablePlaza K Shopping Center, Woodbridge, NJ 7,802 s.f. available (will subdivide)Lenox Plaza, West Paterson, NJ 1,700–4,000 s.f. availableThe Azarian Building, Midland Park, NJFair Lawn Medical/Professional Building, Fair Lawn, NJ 1,200-5,300 s.f. availableNeptune Plaza Shopping Center, Neptune, NJ 1,390 s.f. availableNew: Hamilton Square Shopping Center, Waldwick, NJ 2,000–5,040 s.f. available

Hyde Park MallRoute 9, Hyde Park, NY

Fieldstone Park Shopping Center130 Skyline DriveRingwood, NJ

The Azarian Group, L.L.C.

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BREAKING GGROUNDSOON!

BREAKINGGROUNDSOON!

• Busy highway location at traffic signal with jughandle• Easy access to the Garden State Parkway, Route 287 and the New Jersey Turnpike• Daily vehicle count of 100,000• 122,000 people within 3 miles; average HH income of $60,000• 1,000 apartments within 3 blocks• Large pylon sign• Existing tenants include: The Vitamin Shoppe, Sleepy’s, Jennifer Convertibles, Any Garment Cleaners and more• 7,802 s.f. available (will subdivide)

• Busy Route 46 highway location with rear signalized access to Route 46 jug handle and McBride Avenue• Daily vehicle count of 120,000 plus• Shadow anchored by new A&P Fresh Shopping Center• Large pylon signs on Route 46 and McBride Avenue• Primarily occupied by National and Franchise tenants• 115,000 people within 3 miles; average annual HH income $82,000• Existing stores include: Golfsmith, Sleepy’s, Party City, Pizza Hut,TD Bank, Blimpie and more• 1,700 – 4,000 square feet available

• Only area shopping center• 27 stores and offices• 60,000 people in trade area; average annual HH income $92,000• Numerous anchor tenants including: Stop and Shop, US Post Office, Wells Fargo Bank, Coldwell Banker, Dunkin’ Donuts, Dairy Queen, The UPS Store and 18 more• 12 acres, 100,000 s.f. GLA Shopping Center, 356 parking spaces• No competition, no potential for further development in the area• 1,250-10,000 s.f. available

• Only area shopping center• Easy on/off Exit 124 of the Garden State Parkway; Near Routes 35 & 9• 85,000 people in 3 miles; average HH income $71,000• The Learning Experience to open soon in new 10,000 s.f. building• High density housing, apartments, townhomes, new home developments• Entire shopping center to be renovated and expanded in 2011• Located at signalized intersection• 14 acres; 70,000 s.f. GLA Shopping Center; 385 parking spaces• Existing tenants include: Walgreens, Family Dollar, Subway, Eye Doctor,The Learning Experience and more• 2,500-13,650 s.f. available

• Only area shopping center• Brand new Super Stop & Shop and Shop Gas coming soon!• 54,000 people trade area; average annual HH income $72,000• Next to Historic FDR Home and Museum• Nearby Vassar, Marist and Dutchess County Colleges;Culinary Institute• Entire Shopping Center to be renovated and brand new• 15 acres, 130,000 square foot GLA shopping center with 670 Parking spaces• 3,000-33,000 s.f. available

• Busy location at signalized intersection with large pylon signs• 3 colleges nearby with LARGE resident dorm population• 130,000 people within 5 miles; average annual income $85,000• Numerous single family homes, families children and apartments• Existing shopping center store include: Marty’s Bagels, Tiffany Cleaners, A&A Deli, Calabria Pizza, Little Scoops and more• 900-5,200 s.f. available

Town Plaza II Shopping Center500 Route 303, Orangeburg, NY

2B — November 25 - December 8, 2011 — Shopping Centers — Mid Atlantic Real Estate Journal MAREjournal.com

SHOPPING CENTERS

Kenneth A. Gruskin, AIA, The Gruskin Group

It Is Easy Being Green: Tips on USGBC’s New Volume Program F

or large-scale retailers seeking LEED certifi ca-tion for multiple stores

and for the t e a m s i n -volved, be-ing “green” has become a little easi-er. The U.S. Green Build-ing Council’s n e w L E E D Volume Pro-gram allows companies that have prototypical buildings with similar designs to apply for cer-tifi cation in bulk. This can save signifi cant time and money over registering stores one by one. Here are 10 tips for effective use of the program:

1. Determine whether the project lends itself to the Volume Program: Prime candidates are chain retail-ers—including restaurants, C-stores, banks, and many other retail types—that use a stan-dard building or facility design for multiple stores. To qualify, at least 25 projects must be planned within three years.

2. Know how the program works: It allows for stores to be submitted in batches instead of individually. This precludes re-petitive registration and review costs and simplifi es submission, as most locations will be pre-cer-tifi ed within the prototype.

Each project type is devel-oped off of a single prototype document, but the prototype can have variations that are pro-totypical based on the use of a standard kit of parts throughout the portfolio. The program also allows retailers to carry out the commissioning process using their own quality control or con-struction management teams rather than LEED and design consultants. Individual facilities would be subject to spot checks

by USGBC inspectors.3. Know what is in a LEED

prototype document: Since the USGBC requires technical and managerial uniformity across the retail portfolio, a LEED prototype document must represent the baseline standard, with a detailed description of quality-control processes, employee training curricula, a threshold for mechanical units, approved manufacturers, and typical installation require-ments. Fixture and materials suppliers should be prepared to supply backup information about materials and perfor-mance required for compliance, just as they do for any LEED project.

4. Ensure that adapting to the new standards will not alter the brand and customer experience: Only “green” elements that do not un-dermine the brand or customer experience should be included, even if it means a store cannot ultimately be LEED-certified or included in the Volume Pro-gram.

5. Maintain uniformity: Lack of uniformity could call into question all of the stores certified under the Volume Program and possibly lead to fines or a suspension of the prototype’s LEED certifi cation. To develop a consistent and reproducible uniformity among the sites, some teams prefer to use the same suppliers for all locations. For others, sourcing local materials may be more im-portant. Regardless of how the company chooses to work with suppliers, the criteria required to achieve the environmental goals would typically be the same throughout the portfolio.

6. Build around the in-herent culture and existing processes: Rather than trying

to build strategies from scratch, the design team should shift existing standard procedures from the retailer’s culture or the external community toward LEED certifi cation criteria. For example, New Yorkers may be inclined to take public transpor-tation or bike to work. Rather than installing electric car charging stations in a store’s parking lot for employees, the team might consider incen-tivizing carpooling programs, subsidizing train tickets, and installing bike racks.

7. Incorporate easily re-producible “green” features into the prototype design: Lighting, plumbing, materials and furnishings, for example, can be reproduced easily and

a section of the


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Shopping CentersReal Estate Journal

Kenneth A. Gruskin

Continued on page 8B

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perations in the Northeastern Unit-ed States continue

to improve, albeit slowly, as a stable housing mar-ket sustains c o n s u m e r conf idence a n d s o l i d retail sales spur tenant demand. Sin-gle-family home foreclosures are steadily slowing down, with the number of filings decreasing by 40 percent from a year ago, while home values

Christopher Munley, Marcus & Millichap

Suburban Retail Property Operations Improve

are beginning to find equi-librium in the metros. Some retailers who followed rooftops into the suburbs continue to perform well as elevated household incomes supported healthy retail spending. In the urban core, operations will re-main tight as heavy foot traffi c will attract national retailers to infi ll properties near prime shopping districts. As tenant demand strengthens, avail-able space will shrink, apply-ing upward pressure to rents.

Solid retail sales and job growth pushed tenants to ex-pand in the past year, under-pinning a decrease in vacancy

to 8.5 percent at mid-year, a 20-basis point decline from the end of 3Q. Last year, the soft economy and high construc-tion drove up vacancy 40 basis points. Low construction out-put and positive net absorp-tion of 1.6 million square feet will reduce vacancy 60 basis points in 2011 to a three-year low of 7.9 percent. Vacancy contracted 80 basis points in last 12 months. After two consecutive years of rent cuts, owners reversed course in the past year, raising asking rents 0.3 percent to $19.37 per square foot. In the preceding 12-month span, asking rates declined 0.8 percent. Effective rents followed suit, increasing 0.3 percent over the last year to $17.09 per square foot, though rents remain 5.6 percent below peak levels achieved in 2007. Though improving, rents and leasing activity for small retail space remain dormant and lethargic, and will maintain so for the near future.

Institutional capital will continue to fl ood the single-tenant market in a fl ight to quality, driving up prices, while values for Class B/C multi-tenant assets will lag behind. As competition inten-sifies for investment-grade, single-tenant assets net leased to a creditworthy retailer, the median price will trend near peak levels achieved in 2007. Moreover, first-year yields tightened to the high-6-per-cent to low-7-percent range, enticing owners to unload properties with built-up eq-uity and reinvest the capital in discounted assets. REITs and institutions will purchase these newly listed products with long-term leases secured by national retailers such as Walgreens and CVS for stable revenue. In the multi-tenant sector, life insurance compa-nies and banks are beginning to loosen their lending criteria on stabilized shopping centers anchored by a grocery store. As a result, buyers will capital-ize on favorable interest rate spreads for higher returns.

Performing products an-chored by a top-rated gro-cer like Wegmans, Giant or ShopRite will command fi rst-year yields of around 6 percent, while assets with a local grocer will trade 100 to 125 basis points higher. “Mom & Pop” neighborhood centers continue to be complicated assets for

4B — Novmeber 25 - December 8, 2011 — Shopping Centers — Mid Atlantic Real Estate Journal MAREjournal.com

SHOPPING CENTERS


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TURNING VISION INTO VALUEACQUISITION RENOVATION DEVELOPMENT

ALABAMAMidway Plaza - Opelika 206,000

CONNECTICUTMeriden Parkade - Meriden 226,000

MAINEAirport Mall - Bangor 232,500Capitol Shopping Center - Augusta 200,000JFK Plaza - Waterville 174,000Shaw's Plaza - North Windham 124,000Shaw's Plaza - Waterville 119,000Wells Plaza - Wells 133,000

MASSACHUSETTS Cushing Plaza - Cohasset 71,000 Danvers Crossing - Danvers 176,000Foxborough Plaza - Foxborough 121,000

Hannaford Bros. - Waltham 46,000Middleborough Crossing - 132,000Middleborough

Shaw's Plaza - Easton 103,000Shaw's Plaza - Hanover 57,000Shaw's Plaza - Plymouth 178,000Springfield Plaza - Springfield 512,000

NEW HAMPSHIRE Hood Commons - Derry 210,000Hooksett Village Shops - Hooksett 257,000

NEW YORKColonie Plaza - Albany 168,000Columbia Plaza - Rensselaer 136,000Irondequoit Plaza - Rochester 216,000Lake Shore Plaza - 95,000Lake Ronkonkoma

Malone Plaza - Malone 178,000Saranac Lake Plaza - Saranac Lake 68,000St. Lawrence Plaza - Massena 166,000Troy Plaza - Troy 130,000Walden Village - Cheektowaga 209,500

OHIO Boardman Plaza - Youngstown 625,000Fairlawn Town Centre - Fairlawn 447,000Knox Village Square - 207,500 Mount Vernon

PENNSYLVANIABerkshire Square - Wyomissing 323,000

Carlisle Crossing - Carlisle, PA 368,000 Columbia Mall - Bloomsburg 352,000Dauphin Plaza - Harrisburg 216,000Devon Village - Devon 90,000East End Centre - Wilkes-Barre 306,000Festival at Exton - Exton 152,000Franklin Center - Chambersburg 175,000Mayfair Shopping Center - 115,500Philadelphia

Plaza 15 - Lewisburg 117,000Shamokin Plaza - Shamokin 98,500Valmont Plaza - Hazleton 200,000West Side Mall - Edwardsville 423,000

RHODE ISLANDDiamond Hill Plaza - Woonsocket 387,000Marketplace Center - Warwick 194,000

VIRGINIAChesterfield Marketplace - Richmond 428,500

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nalyzing past operations in order to project future property performance is

never a black or white en-deavor - it’s v e r y g r e y. Eva luat ing the true val-ue of retail centers, offi ce towers, indus-trial parks or multi-family buildings is a com-plex, multi-phase undertaking that often eludes complete clar-ity. From complex lease agree-ments and expiration dates to insurance costs and estate taxes, a wide array of variables serve to conceal the true value

of a property.In this post-recession econo-

my, the only way to distinguish between a wise investment and a catastrophic mistake is thorough, in-depth financial due diligence. Investigating or auditing a property’s fi nancials, in advance of an acquisition, can validate a property’s value and provide an accurate assessment of its current income stream as well as operating expenses. A cumbersome, paper-intensive, time-consuming process, fi nan-cial due diligence can determine if an asset will be a positive, high-yield investment or a chal-lenged, undesirable property.

Validating the Numbers in Every Acquisition

Chasing the true value of a property: Third-Party Due Diligence

Financial due diligence is essential for basically any com-mercial real estate acquisition today. There is no such thing as a “small” acquisition that can afford to forgo a rigorous fi nan-cial due diligence review. The current commercial real estate market involves assets typically ranging from $20 to $50 million, but can fl uctuate from $5 million to $500 million. While multi-family investments are current-ly dominating market activity, retail’s Class-A shopping centers and distressed assets are also gaining momentum.

Property values are typically based on annual net operating income (NOI). For a property to be profi table, revenue must exceed expenses. This is a basic concept, yet many buyers by-pass the fi nancial due diligence phase only to discover later NOI gaps of $20,000, $50,000 and even $100,000 per month. Any unaccounted variation on the revenue or expense side directly impacts property management effi ciencies from day one. In cas-es where fi nancial due diligence was disregarded, the larger the property, the larger the dispar-ity between expected and actual NOI. Ultimately, NOI gaps also impact the property’s cap rate and purchase price, for better or worse.

Moreover, most real estate property fi nancial statements are highly complex. Inaccura-cies rarely are egregious but rather are inherent to the pro-cess. For example, common area maintenance (CAM) charges consistently refl ect discrepan-cies. Reimbursable expenses are often not passed through while non-reimbursable expenses are, resulting in miscalculations related to the portion of each tenant’s allocated expense.

Then there is the common practice of “massaging” the numbers, either by rounding them up or down or replacing actual numbers with fi xed stan-dard fi gures. In cases of fi xed standard fi gures, collection rate and repairs/maintenance are two areas that require intense scrutiny. In the more malicious cases, a property’s financial statements can be purposefully misrepresented. In these in-stances, fi nancial due diligence is able to reveal how fi gures are being manipulated.

The Financial Due Dili-gence Window of Opportu-nity

Financial due diligence is best performed by an impartial third-party provider, just after

David Tesler



SHOPPING CENTERS

lenders and purchasers to un-derwrite. The constant issues of short term tenant leases and the difference between actual rent collections versus lease rent, burden the valuation process. Though challenging, low interest rates and value add opportunities through vacancy and depressed net op-erating income’s are attracting buyer’s to the table.

Christopher Munley is a Senior Associate for Mar-cus & Millichap and an Associate Director of The National Retail Group. ■

Continued from page 4B

Suburban Retail Property . . .

Goldman negotiates 62,000 s/f retail deal

Triangle Equities Dev. Corp. recapitalizes $5.5M loan F

200-220 Trotters Way

REEHOLD, NJ — Tri-angle Equities Devel-opment Corp., LLC, a

Queens, NY – based commer-cial real estate development and investment company an-nounced the completion of a joint venture and equity recapi-talization with EF Partners. Triangle took responsibility for $5.5 million in CMBS debt EF Partners had at 200-220 Trotters Way in Freehold, NJ, a 62,000 square-foot retail center, and earned a controlling stake in the property.

By injecting “rescue capital” into the asset, Triangle was able to close the equity gap gen-erated by falling market values and a loss of all of the tenants in this 100% vacant shopping cen-ter. Its capital was used to take out the existing conduit loan and it will also provide funds for re-tenanting the building and capital expenditures nec-essary to bring the property back to life. “We were able to structure a deal that worked for all parties involved – the lender, the former sole owner and our new capital – and effec-tively saved the property from foreclosure,” said Triangle’s Director of Acquisitions Brett Goldman. Triangle was able to recapitalize the asset while keeping the original owner’s equity in the deal byre pricing the equity/debt structure of this asset to today’s value.

“The property features strong underlying fundamentals in-cluding a unique location in a high-income area on the ac-cess road to the second largest indoor shopping mall in New Jersey,” said Josh Weingarten, Triangle’s Associate of Develop-ment and Acquisitions. ■

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SHOPPING CENTERSHamilton Plaza looks brand new

Levin Mgmt.’s 184,272 s/f renovations near completionH

Hamilton Plaza

AMILTON TWP., NJ — Levin Management’s year-long, multi-million

dollar renovation of 59-year-old Hamilton Plaza is nearing completion. The renovation of the 184,272 s/f center, located in Hamilton Twp., N.J., includes signifi cant upgrades to the com-mon areas, and the addition of two pad sites and a 10,000 s/f end cap.

Long-time anchor tenant ShopRite has renovated and expanded its store from some 53,000 s/f to more than 83,000 s/f, and now carries the World Class Store designation. A.C. Moore, another long-time an-chor, has renovated its 20,400 s/f store as well.

“Hamilton Plaza looks brand new, existing tenants are ex-panding or renovating, and great new tenants are joining us,” stated Levin’s president and chief operating offi cer Mat-

thew K. Harding. “We believe strongly in keeping properties looking up-to-date and fresh,” he said, “and the results here are again bearing that philoso-phy out.” ■

consistently over a broad range of localities, while more elaborate systems like green roofs, day lighting strategies, rainwater systems and on site power generation may require more consideration regarding their feasibility and lifecycle costs.

8. Set performance cri-teria for site-specifi c items: The prototype design should establish criteria for site-spe-cifi c items such as mechanical systems and exterior/site ele-ments to ensure that the action plan meets the retailer’s qual-ity-control and management requirements as well as LEED standards.

9. Establish one archi-tecture fi rm as the central LEED contact: Since chains typically use local architects, engineers, and vendors in dif-ferent regions, one fi rm should maintain the prototype specifi -cations and drawings to ensure consistency while laying out strong guidelines in both the prototype set and the quality control/education plan to main-tain a high level of uniformity.

10. Create a plan and stick to it: As with any new, complex endeavor, expect a period of trial and error. Work through the initial hiccups and avoid unnecessary costs by identifying project goals early and establish-ing a LEED team and “captain” at the onset of the project. Then develop and stick to a highly in-tegrated and well-orchestrated plan.

Kenneth A. Gruskin, AIA, is principal and founder of Gruskin Group™, an inte-grated design fi rm based in Springfi eld, NJ. ■

It Is Easy Being Green . . .Continued from page 2B

Hamilton Plaza

Our Core Service Areas: • Site Traffi c Development

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Our Retail / Commercial Sectors : • Retail Centers / Big Box

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SHOPPING CENTERS

Building Maintenance

WOODLAND PARK, NJ —John M. Azarian and Kevin R. Pelio of The Azarian Group, L.L.C. and Azarian Re-alty Co., are p leased to a n n o u n c e t h a t t h e y have negoti-ated three new leases in the past week. The three leases in-clude Great Clips for 1,200 square feet in the Lenox Plaza Shopping Center in Woodland Park, New Jersey; YoFresh Yogurt Café in the Walgreens Shopping Center in Fairfi eld, New Jersey and Subway for 1,170 square feet in the Field-stone Park Shopping Center in Ringwood, New Jersey. ■

The Azarian Grp. negotiates 3 leases

John M. Azarian

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Aristone & Campbell rep landlord

Legend Properties, Inc. brokers 43,328 s/f dealP

MacArthur Road

LYMOUTH MEET-ING, PA – Legend Properties, Inc. an-

nounced that Raymour & Flanigan Furniture will re-locate to the space formerly occupied by Borders Books, Famous Footwear and Tweet-er in the Whitehall Mall on MacArthur Road.

Raymour & Flanigan, one of the Northeast’s fastest growing retailers of brand name furniture and accesso-ries, is presently undergoing a renovation of the 43,328 s/f building and plans a January 2012 opening.

Whitehall Mall is a 592,498 s/f regional mall anchored by Sears, Bed, Bath & Beyond, Michaels and Kohl’s.

Legend president, Ma-ria Rita Aristone and vice president, Dennis Campbell represented the landlord, Simon Property Group in the transaction. “Having such a prominent retailer such as Raymour & Flanigan relocate to the Whitehall Mall makes a great addition to the great retailers who are already part of this shopping center which is located in the “hub” of the Allentown market” says Aris-tone. “It also brings this sec-tion of the center to life with the beautiful store Raymour has planned to open.”

Legend Properties, Inc. is a full-service commercial real estate and brokerage fi rm serving eastern and cen-tral Pennsylvania, southern and central New Jersey, and Delaware with more than

50 agents based in five of-fi ces. An affi liated company, Legend Florida, LLC, serves southeast Florida. Since 1990, Legend Properties has offered expert retail leasing, tenant representation, and investment sales services, as well as development con-sulting and transactional services for commercial land and buildings. The company also provides property man-agement services through an affi liate, Legend Manage-ment Services, LLC. Legend Properties leads commercial real estate brokerage market share in the greater Philadel-phia region. ■


SHOPPING CENTERS

A Sign of Quality Since 1946

Recent New Jersey Projects Stockton CollegeGloucester Cty AdministrationPrinceton U. Quad RenovationsMcGuire AF BasePerth Amboy Housing Authority

Our National Accounts

ORTHFIELD, NJ — A Big “Island” Welcome. Rose Urban of Equity

Retail Brokers was pleased to represent the landlord in leas-ing a total of approximately 8,716 s/f of inline and endcap space at Island Gym Plaza, located at 801 Tilton Road, Northfi eld, Atlantic County, NJ. The two new lease trans-actions are as follows:

Pioneer Education, Inc., d/b/a Jolie Hair and Beauty School, leased approximately 7,500 s/f of endcap space. They were represented by Reeves & Melvin Real Estate. Pioneer signed a ten year lease and plans to spend a signifi cant

Jolie Hair & Beauty

amount on Tenant Improve-ments in the space, showcas-ing a fi rst class beauty acad-

emy. Pioneer Education, Inc. operates 27 different schools, but this is the fi rst Jolie Hair and Beauty School in the State of New Jersey. The school opened in September, 2011.

Joseph Diamond Martial Arts Studio leased approxi-mately 1,216 s/f of inline space. They are relocating from within the market, as Island Gym Plaza continues to attract strong tenants. Joseph Diamond Martial Arts Studio has been serving the Philadel-phia and Southern New Jersey area since 1992. The studio opened in October, 2011. ■

BALTIMORE, Md — Re-gency Centers, a national owner, operator and devel-oper of grocery-anchored and community shopping centers, has leased 10,774 s/f of retail space in Baltimore to four new tenants at Festival at Woodholme.

Slated to open in November 2011, Wine Loft leased 2,405 s/f of space for its upscale wine shop and wine bar. Ann Taylor LOFT leased 5,164 s/f of retail space and is slated to open in March 2012. Women’s apparel retailer Francesca’s Collections, expected to open in February 2012, leased 1,605 s/f of retail space, and high-end men’s and wom-en’s apparel retailer Couture Moda is currently open in 1,600 s/f. José Santana of Segall Group represented Wine Loft, and Mike Pratt of KLNB represented Ann Taylor LOFT.

“Regency is excited to pro-vide the community with a variety of outstanding new re-tailers,” said Regency Centers leasing agent Jack deVilliers. “They will create an added vibrancy and complement the existing retailers well.” ■

Regency Centers leases 10,744 s/f

Urban reps landlord in leasing 8,716 SF

Equity Retail Brokers 7,500 s/f Jolie Hair & Beauty leaseN



SHOPPING CENTERS

ethesda, MD — Six years after working with developer Foulg-

er-Pratt of Rockville, MD to master-plan a new upscale mixed-use community in Po-tomac, MD, Streetsense of Bethesda, MD has success-fully finalized the leasing of Park Potomac’s 110,000 square foot retail center with a 7,000 s/f lease to Founding Farmers restaurant, which is now open.

Under the culinary leader-ship of Executive Chef Joe Goetze, Founding Farmers celebrates American cooking traditions with high-quality,

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Park Potomac 110,000 s/f retail center is fully leased

Streetsense leases 7,000 s/fFounding Farmers RestaurantB

natural ingredients. Like the fi rst Founding Farmers res-taurant in Washington, D.C.,

the Park Potomac space pro-vides a convivial atmosphere with “barnyard chic” décor. ■

Founding Farmers Restaurant

the sales contract is executed. The contract usually defi nes a period of time during which to search and synthesize fi nancial data; conduct and complete a comprehensive review of past statements, income and ex-penses; and compare those fi ndings with the data provided by the seller. Known as the ‘fi -nancial due diligence window,’ the buyer reserves the right during this period to abandon the deal without losing any es-crow money. However, once the window closes, the buyer forfeits the right to walk away. Thus, once the contract is signed, the clock begins ticking and time is of the essence.

However, years of investment and property management expe-rience do not qualify investors and their staff to conduct the kind of intensive, comprehen-sive fi nancial analysis that is required for today’s market. Newcomers and seasoned in-vestors alike will benefi t from utilizing a reputable results-ori-ented third-party due diligence expert.

Utilizing proven method-ologies, depth of expertise and industry resources, third-party financial due diligence offers investors both expediency and effi ciency. From verifying, vali-dating and auditing all income and fi nancial statements, to an-alyzing and documenting 20 to 30+ expense-related line items, a cash-flow model is created. Based on a set of income stream assumptions, an investor then receives the data necessary to make a sound decision about a property.

David Tesler, Esq., is Founder and CEO of Real Diligence, LLC. ■

Continued from page 6B

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SHOPPING CENTERS

RINCETON, NJ — MarketFair, owned by TIAA-CREF, an-

nounced to-day that Ba-nana Repub-lic will open at the mall i n M a r c h 2012, one of only a hand-ful of new stores that the fashion retailer will open next year. Simultane-ously The Gap, which owns Banana Republic, has re-newed its lease at Marketfair for another 10 years.

“Their selection of Market-Fair is a major coup for us and a clear indication that

the improvements we have made in recent years are re-ally paying dividends,” said Richard Kenwood of Madison Marquette, the General Man-ager of MarketFair.

Banana Republic will oc-cupy 6,686 s/f adjacent to the Gap and White House Black Market. Eastern Mountain Sports occupies the space cur-rently, but will relocate across the hall in time for the holiday season.

“This Banana Republic move is just the fi rst of sev-eral exciting announcements we expect to make in the next few months,” said John-david W. Franklin SCLS, senior vice president of Madison Mar-quette, who leases and man-ages the property on behalf of TIAA-CREF. “Its decision comes on the heels of renew-als executed this summer with Williams-Sonoma, Pot-tery Barn and Pottery Barn Kids.” ■

John-david W. Franklin

MEDIA, PA — Madison Marquette announced an ac-tivation program for fall 2011 aimed at helping Granite Run Mall re-establish its role as a community gathering place for the greater Media, Penn-sylvania area. The signature elements of the activation program include Dino Don’s Dinosaurium, a temporary ex-hibit of Dinosaur fossils, skel-etons and interactive displays, and also the Grand Opening of a Habitat for Humanity - Restore.

“We want to reintroduce Granite Run to the communi-ty,” said John-david W. Frank-lin, senior vice president of Madison Marquette. “We also want to show prospective re-tailers that Granite Run still draws a crowd.” ■

Granite Run Mallbegins activation program in media

Glen Eagle Square is pleased to announce the arrival of

Opening March 2012Visit the Madison Marquette Booth # 387 at the NY ICSC Conference to discuss joining an

amazing line-up of national and local retailers, restaurants and boutiques including:

Gap • Gap Kids • Banana Republic • Ann Taylor

Professionally managed and leased by Madison Marquettewww.MadisonMarquette.com

Professionally managed and leased by Madison Marquettewww.MadisonMarquette.com

• White House | Black Market

Pottery Barn

Franklin announces Banana Republic to Open 2012

Madison Marquette leases 6,686 s/f & 10 yr. lease renewalP

Bruce W. Kranz | Senior Vice President6000 Freedom Square Drive Suite 400 | Cleveland, OH 44131

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SHOPPING CENTERS

Agent Ext. Email Address

Chad Stine 253 [email protected]

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Adam Hagerman 235 [email protected]

110 N. George Street; 4th floor York, PA 17401

www.bennettwilliams.com

Contact Any One Of Our Attending Agents To Make An Appointment:

2011 ICSC NEW YORK NATIONAL CONFERENCE & DEAL MAKING

RETAIL COMMERCIAL REAL ESTATE COMMERCIAL REAL ESTATE

The Philadelphia Region’s Leading Full Service Retail

Real Estate Firm...since 1987.

REAL ESTATE - MANAGEMENT - INVESTMENT SALES


Contact: Peter Gallicchio • [email protected]

REMCO REALTY GROUP, LLC525 Milltown Road, Suite 101

North Brunswick, NJ 08902(732) 253-0888 x 11

www.RemcoRealty.net

Sale / Lease: HAZLET, NJUser-Investor Opportunity, 28,000sf on 3 acres, occupy half or whole building, units of 14,000sf and 28,000sf, large two panel pylon sign, 2 loading docks, collect rent from Salvation Army & Sonic Drive-In, additional rear parking lot, located on the thriving route 22 retail corridor!

Sale / Lease: GREEN BROOK, NJ

Free standing 15,000sf retail building on 2.57 acres, up to 100 car parking, with large Two Panel Pylon sign. The building is clear span and column free. Serving: Hazlet, Keyport, Aberdeen and Holmdel. Ideal uses: Home Improvement, Fitness, Appliances, Day Care, Electronics, Party & Rentals, Golf, Liquor Store, Pools & Patio, Marine, Produce Market, Pet Supplies


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NORTH PLAINFIELD, NJ — Retail real estate services fi rm Levin Management Cor-poration has been named among the nation’s top retail real es-tate fi rms by two presti-gious indus-try publica-tions. Levin w a s c i t e d among the industry’s top prop-erty managers in the August issue of Commercial Property Executive magazine, a rank-ing that places the 59-year-old fi rm on an impressive roster of

ICOMMONWEALTH, PA —

In an on going effort to fulfi ll the obligations of our landlord and tenant r e p r e s e n -ta t i on as -signments, Remco has e x p a n d e d its platform of services to inc lude t h e C o m -monwealth of Pennsylvania. Remco was established by Pe-ter Gallicchio in April of 2008, and in three short years has gained recognition in the in-dustry by increasing its sales force, and through the imple-

mentation of new service lines such as our Distressed Assets Group, headed up by Joseph

Marino. We have repre-sented sever-al landlords a n d s h o p -ping centers throughout N e w J e r -sey, includ-ing such well

known tenants as Aamco Transmissions, Enterprise Rental Car, Strauss Auto and Sherwin Williams, to name few. We look forward to con-tinued success throughout eastern Pennsylvania. ■

Joesph Marino

Remco Realty Grp. now licensed in PA

Marino heads up Distressed Assets Grp.

SELIN, NJ — David Tes-ler, Esq., the CEO of Real Diligence, LLC, recently

presented an expert semi-nar entitled “Commercial Real Estate Acquisition: F i n a n c i a l D u e D i l i -gence” to an a u d i e n c e of attorneys at Greenbaum, Rowe, Smith & Davis LLP, of Iselin, N.J. Real Diligence, which is based in Lakewood, N.J., specializes in fi nancial due diligence for commercial real estate acquisitions. The fi rm is part of Madison Com-mercial Real Estate Services , an umbrella organization that offers an array of specialty ser-vices for the commercial real estate market nationwide. In his seminar, Tesler focused on the role and value of fi nan-cial due diligence at all points in the acquisition process, from pre-acquisition screening of a property to post-acquisi-tion property management support. During acquisition, Tesler noted that due diligence is essential for: rental income

verification, including cur-rent and future base rent and miscellaneous income CAM in-come and methodology review, to defi ne all tenants’ accurate Pro Rata share of expenses expense analysis, with records for every expense over the past 12 months and a four-year comparison recovery analysis, to determine whether tenants are paying what they should be in rent “As important as due diligence is during ac-quisition, it is often of equal importance post-acquisition,” said Tesler. “It makes sense to outsource the management and operation of commercial real estate. This ensures that a fi nal rent roll is compiled, that all rent is being billed accord-ing to leases, and that CAM reconciliations and invoicing are accurate.” Supplementing his talk with numerous case studies that illustrated his points, Tesler also noted the importance of lease abstracting as the foundation of financial due diligence. “Since most of a property’s fi nancials emanate from the leases, it is critical that leases are reviewed and abstracted by professional

lease experts,” he said. “CAM reimbursements can only be accurately calculated based on the abstracts (lease ab-stracting) and an analysis of expenses (fi nancial due dili-gence).” In addition to being the CEO of Real Diligence, David Tes-ler is the founder and CEO of LeaseProbe, LLC, a lease abstracting company also af-fi liated with MCRES. In 2008, LeaseProbe acquired Real Diligence. Prior to launching LeaseProbe, Tesler served in the New York offi ces of Skad-den, Arps, Slate, Meager & Flom LLP and Jenkens & Gilchrist Parker Chapin, LLP. During that time, he repre-sented clients in the acquisi-tion and disposition of vari-ous types of commercial real estate. He also represented clients (both landlords and tenants) in commercial lease transactions and real estate fi nance/refi nance transaction. Tesler graduated with honors from Benjamin N. Cardozo School of Law in New York City. He was selected as an “Industry Leader” in 2010 by a major publication serving the real estate industry. ■

Pete Gallicchio

David Tesler

LAKEWOOD , NJ — Madi-son Commercial Real Estate Services president Joseph I. Rosenbaum, a n n o u n c e d that Keren P e t e r s - A t -kinson, the company’s di-rector of sales and market-ing, has been promoted to chief market-ing offi cer. In her new role, she will direct the traditional and online marketing plans for the 10 companies and 12 joint ven-tures that are part of the Madi-son organization and related entities nationwide. She will focus on brand and reputation expansion and management, corporate vision and synergistic opportunities.

In her new role, Peters-Atkin-son’s responsibilities include de-veloping and deploying MCRES’ marketing programs for each of its divisions; expanding the organization’s online and social media efforts; increasing brand awareness; and expanding MCRES’ national sales efforts. In addition to heading a market-ing team of 15 professionals in two countries and collaborating with a sales team nationwide, she writes the company’s award-winning weekly work-life ad-vice e-newsletter/blog, Monday Mornings with Madison, and serves as editorial director of its commercial real estate blog, The Trusted Advisor.

“In her three years with MCRES, Peters-Atkinson has brought our marketing and PR efforts to an entirely new level, helping us to grow our business even in an exceptionally chal-lenging economy,” said Rosen-

baum, in making the announce-ment. “Under her direction, we have developed new websites and collateral materials, capi-talized on media opportunities, instituted ‘The Trusted Advi-sor’ blog, expanded trade show participation and presented at top-level professional seminars. We are pleased to recognize her many achievements and look forward to the continued suc-cess of our marketing efforts under her leadership.”

Peters-Atkinson has 15 years experience in marketing, com-munications, public relations, sales management, and event planning for the real estate and financial services indus-tries. Prior to joining MCRES, she was National Marketing and Business Development Manager at Bayview 1031, a division of Bayview Financial, L.P. Earlier positions included Director of Marketing and Busi-ness Development at Southern Homes a/k/a SH Communities, a builder-developer of residen-tial and commercial property in Florida; and Director of Com-munications and Marketing for the Builders Association of South Florida.

From 1999 to 2003, Peters-Atkinson was President and CEO of Image Builders Pub-lic Relations, a Florida-based boutique PR firm providing marketing and PR support for the real estate and travel in-dustries. She holds a masters degree in Leadership with high honors from Nova Southeastern University, a bachelor’s degree from Florida International University, and an associates degree from Miami-Dade Col-lege. Raised in South Florida, Peters-Atkinson resides in Pembroke Pines, Florida. ■

Keren Peters-Atkinson

leaders that have helped their clients weather a challenging period for real estate across industry sectors. And the No-vember issue of Chain Store Age, for the second year in a row, places Levin among the nation’s top 10 redevelopers for 2010-2011.

According to Commercial Property Executive, the top property managers survey “was about performance, not only from the perspective of revenue generated and portfo-lio size but also due to changes in market conditions over the very difficult time period of 2009 into and through 2010. We evaluated the effectiveness

of the management teams ac-cording to property sector, the number of clients and proper-ties per client, client tenure, volume and changes in square footage or units managed, occupancy and rent trends, and derived fee income from operations.”

Matthew K. Harding, Levin’s president and chief operating offi cer, noted that the criteria for selection make both recog-nitions particularly rewarding. “This wasn’t about being the biggest company out there,” said Harding, who has been af-fi liated with Levin since 1986 and has guided the company’s strategic growth. ■

Matthew K. Harding

CEO Tesler of Real Diligence, LLC seminar presents

“Comm’l RE Acquisition: Financial Due Diligence”

Levin Mgmt. Corp. among nation’s top RE fi rms

Peters-Atkinson promoted to chief marketing offi cer of Madison Comm’l.

PEOPLE ON THE MOVE

PHILADELPHIA, PA — Mar-cus & Millichap Capital Cor-poration (MMCC) has hired Matthew Mc-Manus, for-merly of NAI B l u e s t o n e Real Estate Capital LLC, as a senior director, ac-cording to William E. Hughes, senior vice presi-

dent and managing director of MMCC. NAI Bluestone, a Philadelphia-based commercial real estate fi nance fi rm, brings a team of fi nance professionals led by Matthew McManus. “The collaborative culture cre-ated by McManus mirrors our own approach to arranging and structuring all types of commer-cial real estate fi nancing,” says Hughes. “Bluestone’s execu-tives work together to provide capital markets solutions that

not only meet, but exceed the expectations of borrowers and lenders, making Matt a natural fi t with MMCC.” MMCC’s Philadelphia of-fi ce will have a team of seven originators and support staff, including Bluestone’s former head, McManus. Joining him from NAI Bluestone are Kris-topher Wood, John Banas, Mat-thew Rosenberg, Garrett Miller, Patricia Henne and Suzanne Moses. ■

Marcus & Millichap hires McManus as senior director

Matthew McManus


SHOPPING CENTERS

A

YORK COUNTY, PA – ROCK Commercial Real Es-tate leased 11,600 s/f of retail space:

Bauernhof Brewing Com-pany, LLC leased 4,000 s/f of retail space at 15564 Elm Drive in New Freedom, PA. ROCK Commercial Real Es-tate, LLC represented both the Landlord and the Tenant in this transaction.

Inkworks,Inc leased 4,000 s/f of retail space at 204 North Constitution Avenue in New Freedom, PA. ROCK Com-mercial Real Estate, LLC represented both the Land-lord and the Tenant in this transaction.

Finder’s Keeper’s South leased 3,600 s/f of retail space at 2797 South Queen Street in York, PA. Finder’s Keeper’s South will add a second loca-tion for the upscale furniture consignment store in York County. ROCK Commercial Real Estate, LLC represented both the Landlord and the Tenant in this transaction. ■

L L E N T O W N P A — Berger-Epstein As-sociates, Inc. has com-

pleted a lease transaction with Bixler’s Jewelers for 5,600 s/f in The Shops at 3900 Hamilton Center, 3900 Hamilton Boule-vard, in Allentown.

3900 Hamilton Center has become the prime location for upscale shopping in the Lehigh Valley and features high end, premium tenants: Talbots, Milk and Honey Kids, Edward Jones, Swartz Kitchen & Bath Showroom, Sovereign Bank, H&R Block, The Paperbag and ReVive for Hair.

“Through this new facility we can better serve our com-munity, our clients and our brands by the quality of the facility and location. Thanks to the team at Berger-Epstein Associates, Inc. who has made the transition into this facility much better than I could have ever imagined,” says Mark Maurer, President of Bixler’s

Nicholson from LMS Comm’l. represented tenant

Berger-Epstein Assoc. signs 5,600 s/f lease at The Shops at Hamilton

ROCK Comm’l REleased 11,600 s/f

Jewelers. Jonathan Epstein, CCIM of

Berger-Epstein Associates, Inc. represented the landlord of the Property at 3900 Hamilton

Center in Allentown. Bixler’s Jewelers was represented by David Nicholson from LMS Commercial Real Estate of Lancaster. ■

3900 Hamilton Center

15564 Elm Drive

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TollesonFreestanding Kmart

West McDowell Road & North 86th Drive86,479 SF GLA

FLORIDAGainsville

Mixed Use – Grocery Store & Student HousingNW 13th St & University Avenue

1.74 AcresOver 27,500 SF Ground Floor Retail in

Proposed 171,000 SF 6-Story Residential Bldg

Fern ParkLowe’s Shopping Center

6735 Hwy. 17-92 & Fernwood Blvd. near Hwy. 436129,085 SF GLA

Proposed Retail Strip: 9,000 SF

ILLINOISDowners Grove

Marshall’s at The Grove75th St. & Lemont Rd.

400,000 SF GLAAnchor Space Available 43,264 SF

NilesGolf Glen Mart (Outparcel)

Golf Rd. & Dee Rd.Up to 12,000 SF Outlot, B-T-S

INDIANAEvansville

Evansville Shopping CenterMorgan Ave. & Boeke Rd.Rural King, Dollar General

153,000 SF GLA

IndianapolisPendleton Plaza

Pendleton Pike & Shadeland Ave.Kmart

134,797 SF GLA

South BendSouth Bend Shopping Center

US Hwy. 20 & US Hwy. 31112,900 SF GLA

Anchor Space Available

MICHIGANGrand BlancVacant Land

Holly Rd. & I-7522 Acres For Sale

MuskegonMuskegon Shopping Center

Henry St. & Norton Ave.187,000 SF GLA


Port HuronPort Huron Shopping Center

Howard St. & 24th St.Big Lots, Save-A-Lot, Family Dollar

118,000 SF GLAAnchor Space & Outlot Available

RedfordRedford Plaza

Plymouth Rd. & Inkster Rd.CVS/114,865 SF GLA


SaginawSaginaw Square

Tittabawasse Rd. & Bay Rd.Target, JoAnn Etc., Staples

94,891 SF GLAAnchor Space Available

SanduskyKmart Shopping Center

M-19 & Gates Rd.176,248 SF GLA


SouthgateFort St. & Burns Ave.

60,800 SF GLAFreestanding / Redevelopment Opportunity

MINNESOTASt. Paul

Midway Shopping CenterUniversity Ave. & Snelling Ave.

Rainbow Foods, Office Max, Walgreens280,353 SF GLA

Anchor Space Available 40,262 SF

NEVADALas VegasKmart Plaza

E. Sahara Ave. & McLeod Dr.127,754 SF GLA

10,945 SF Outbldg. Available

NEW JERSEYMarlton (Evesham)

Tri-Towne Plaza Route 70 & Plymouth Dr.

Superfresh/176,519 SF GLAAnchor Space Available/Redevelopment Opportunity


200+ retail projects

Management LLCRD Thomas G. MirandiEmail: [email protected]: 212-459-9133

212-265-6600 Ext. 239

NEW YORKNanuet

Home Depot PlazaRoute 59 & Hutton Ave.Home Depot, Staples

250,000 SF GLA/Pad Available

OrangetownOrangeburg Commons

Route 303 & Palisades ParkwayFuture Retail Development

Anchor Space, In-Line Space & Pads AvailableAdjacent to Lowe’s

Staten IslandLowe’s West Shore Center

Veterans Rd. West (I-440) & Arthur Kill Rd.Pad Building Available

7,000 SF New Retail Bldg. Available166,600 SF GLA

Stony PointStony Ridge Plaza

Route 9W & Park Rd.US Post Office, Curves For Women

21,212 SF GLA

Williamsburg (Brooklyn)North Side Piers Retail

20 North 5th St. & Kent Ave.Tower I: 181 Condos, 113 Apts. & 17,167 SF RetailTower II: 250 Condos & 5,178 SF Specialty Rest.

OHIOAshtabula

Home Depot PlazaRoute 20 (N. Ridge Rd.) & Orchard Rd.

130,000 SF GLA18,440 SF Expansion & Pad

FindlayHobby Lobby Plaza

Tiffin Ave. & Croy Dr.Hobby Lobby


Oregon (Toledo)Vacant Land – 4.645 Acres

Dustin Rd. & Isaac Street Dr.1 block south of Navarre Ave. (Rte. 2) & Kmart

116,805 SF GLA

OREGONSalem

Kmart Shopping CenterMission Street S. E.

116,866 SF GLA

PENNSYLVANIAAllentown

Home Depot PlazaLehigh St. & Route 78

220,000 SF GLA9.82 Acres Available

CarlisleHanover Street (Route 34) & I-81

Home Depot, Chili’s140,715 SF GLA

10,584 SF Future Expansion/Pad

TrexlertownTrexlertown Marketplace

Hamilton Blvd. (Route 222) & Mill Creek Rd.Walgreens, Panera Bread, Verizon

36,068 SF GLA

TENNESSEEHermitage (Nashville)

Freestanding Bldg. adjacent toJackson’s Courtyard Shopping Center

3445 Lebanon Pike 24,040 sf GLA

36,000 sf GLA Possible Redevelopment

TexasFt. Worth

Westcliff Shopping CenterAlbertson’s Market, Dollar General

Alton Rd. & Biddison St.133,332 sf GLA

VIRGINIARichmond

Food Lion PlazaRoute 1 (Jefferson Davis Hwy.) &

Chippenham Pkwy.Outlots Available

WEST VIRGINIASt. Albans

St. Albans CenterRoute 60 & MacCorkle Ave. SW

Kmart, Super Kroger, Peebles, CVS230,000 SF GLA

PUERTO RICOArecibo

Arecibo Towne CenterRoutes 2 & 22

Future DevelopmentAnchor Position & Outlots Available

PonceReina del Sur; Outlots atPonce Towne Center II

Rtes. #2 & Baramaya Ave. (Rte. 10) @ PR-52Wal-Mart SuperCenter, Home Depot

New Development & Pads525,000 ± SF GLA

NEW JERSEYMt. Olive

Pad Sites AvailableAdjacent to Foreign Trade Zone

Across from Wal-Mart, Sam’s, TJ Maxx

Old BridgeA & P Shopping Center

Route 9 & Ferry Rd.64,920 SF GLA

Up to 4,000 SF Outlot

VinelandVineland Marketplace

Delsea Dr. (Route 47) & College Dr.New Development

273,657 ± SF GLA / Outlots Available

WilliamstownWilliamstown Shopping Center

Black Horse Pike (Route 42) & Main St.CVS, Fashion Bug, Dollar General

85,000 SF GLAAnchor Space Available

NEW YORKDeer Park

Kohl’s PlazaCommack Rd. & Grand Blvd.Kohl’s, Super Stop & Shop

182,875 SF GLAProposed Pad 3,800 SF

Glenville/Scotia (Albany)Freestanding Building

Saratoga Rd. (Route 50) & Glenridge Rd.128,485 SF GLA


HoltsvilleIsland 16 Cinemas Shopping CenterNicholls Rd. & Long Island Expwy.

National Amusements Theater, Chili’s117,342 SF GLA

Pad Bldg. Available with Drive-thru

Latham/Colonie (Albany)Kmart Shopping CenterRoute 7 & Swatling Rd.

118,863 SF GLAUp to 10,000 SF Outlot Available

Monroe/WoodburyHarriman Commons

Routes 17 / 6 & Route 32Wal-Mart, Home Depot, BJ’s,

Target, Home Goods, Best Buy687,716SF GLA

Anchor Space & Outlots AvailableFuture Phase III Office Bldg.


Azarian Realty Co.The Azarian Building • 6 Prospect St.Suite 1B • Midland Park, NJ 07432 F: 201-444-9888 F: [email protected] M. Azarian • Donna M. Azarian • Kevin Pelio Nicole Critelli • Matt Scozzari

Azarian Realty Co.The Azarian Building • 6 Prospect St.Suite 1B • Midland Park, NJ 07432 F: 201-444-9888 F: [email protected] M. Azarian • Donna M. Azarian • Kevin Pelio Nicole Critelli • Matt Scozzari

Calkain Companies, Inc. 11150 Sunset Hills Rd. • Suite 300Reston, VA 20190P: 703-787-.4714 F: 703-787-4783Jeff Bogart • Gerald E. Burg • Jonathan W. HippAndrew M. Fallon • W. Douglas WrightRick Fernandez

4600 West Cypress St. • Suite 110Tampa, FL 33607P: 813-282-6000 F: 813.282-6098David Sobelman • Teal M. HendersonGuenter Manczur, CCIM • Patrick R. Nutt

1521 Concord Pike (US 202) • Suite 301 Wilmington, DE 19803P: 302-235-3017 F.: 775-667-2874Bob Browning • Andrew M. Fallon

Calkain Asset Management200 Wheeler Rd. • 2nd Floor • Burlington, MA 01803P: 781-694-0410 F: 781-694-0415Richard T. Murphy

Calkain Realty Advisors11150 Sunset Hills Rd. • Suite 300 • Reston, VA 20190P: 703-787-4714 F: 703-787-4783 Betty Learned Friant • Brian O’Hear

Capital Retail Group1401 14th St. NW • 3rd Floor • Washington, DC 20005P: 202-319-2884www.capitalretailgroup.comRobert E. Tack • Michelle Tack

Capital Retail Group is founded on the belief in doing a few things very well. It’s straight forward. We know commercial real estate leasing, sales and property management. We know our business.

Coldwell Banker CommercialBennett Williams Inc.110 N. George Street • 4th Floor York, PA 17401P: 717-843-5555 F: [email protected] Behler Jr. • Bobby Traynham Dennis Neiman • Chad StineChris Seitz • Bradley Rohrbaugh • David Schad

Coldwell Banker Commercial Pennco Real Estate1250 North 9th Street • Stroudsburg, PA 18360P: 570-476-7711 F: 570-476-6130email: [email protected] Bilianis, CCIM • James FondiTeresa Mickens, CCIM • Susan Mikels Northeast Pennsylvania Experts

Colliers International – Philadelphia, PA (HQ)399 Market St. Ste. 350Philadelphia, PA 19106P: 215-925-4600 F: 215-925-1040www.colliers.com/philadelphiaMichael Barmash • Despina BelsemesDavid Dunkelman • Michael KahanTodd Sussman

Colliers International – Conshohocken, PA161 Washington St., Ste. 825Conshohocken, PA 19428P: 610-684-1850 F: 610-684-1857Damon DiPlacido

Colliers International – Allentown, PA7535 Windsor Dr., Ste. 208Allentown, PA 18195P: 610-770-3600 F: 610-770-3100Derek Zerfass

Colliers International – Harrisburg, PA300 N. Second St., Ste. 1203Harrisburg, PA 17101P: 717-730-3752 F: 717-238-3299William Aiello • George Lulos

Colliers International – Mount Laurel, NJ1317 Route 73, Ste. 109Mt. Laurel, NJ 08054P: 856-234-9300 F: 856-222-1115David Dunkelman

Colliers International – Wilmington, DE300 Delaware Ave., Ste. 1018Wilmington, DE 19801P: 302-425-4000 F: 302-425-4700Mark Undorf

Dietrick Group, LLC5100 W. Tilghman St. • Suite 320 • Allentown, PA 18104P: 610-391-8888 F: 610-391-8830www.dietrickgroup.comKelly L. Berfi eldkberfi [email protected] C. Dietrick [email protected] H. [email protected] G. Vasta, [email protected] Estate Sales, Appraisal & Property Management

Equity Retail Brokers101 West Elm St. • Ste. 370 •Conshohocken, PA 19428P: 610-645-7700 F: [email protected] Conston • Lee Cooper • Bart Delfi nerEd Ginn • Kathy Haines • Conrad HeckmannKen McEvoy • Rob Samtmann • Rose UrbanBrian Wherty • Rich Zeller • Gregory Jones Chris Lee • David Goodman

Fameco - Woodbridge, NJWoodbridge Towers • 555 U. S. Hwy 1Iselin, NJ 08830P: 732-526-9000 F: 732-526-9101www.famecoretail.comTyler Bennett • Carlo CaparruvaMike Horne Scott Jennerich • Dan SpectorSteven Winters

Fameco - Philadelphia, PA 1425 Walnut Street, Suite 200Philadelphia, PA 19102P: 215.557.0050 F: 215.557-0053www.famecoretail.comJackie Balin • Paige BarrowMichael Gray • Eva Redette

Fameco - Plymouth Meeting, PA633 West Germantown Pike • Suite 200Plymouth Meeting, PA 19462P: 610-834-8000 F: 610-834-1793www.famecoretail.comCathy Agnew • Brian Bruzek • Jeff CohenJim Creed • Scott Dennis • Brandon FamousJohn Fasciano • Dana Hawkins Jerry Johnson • Jon KiesermanAdam Kohler • John Krause • Jon KushnerGary Leone • Marc Mandel • Matt MandelJay Miller • Steve O’Malley • David OrkinDale Peterson • Rick SchuchJulie Tanpitukpongse • Dave VitaliRick Weinberg • Marissa VisconsiFred Younkin

RETAIL BROKERAGE DIRECTORY

Azarian Realty Co.The Azarian Building • 6 Prospect St.Suite 1B • Midland Park, NJ 07432 P: 201-444-9888 F: [email protected] M. Azarian • Donna M. Azarian • Kevin Pelio Nicole Critelli • Matt Scozzari

William Barglow • Matthew Behr Timothy Behr • Joanne Berardi Harvey Levine • Nicole SnyderJennifer Yacovelli

Barglow Companies878 Georges RoadMonmouth Junction, NJ 08852www.barglowcompanies.com P:732-297-8700 F:[email protected]

Fameco - Woodbridge, NJWoodbridge Towers • 555 U. S. Hwy 1Iselin, NJ 08830P: 732-526-9000 F: 732-526-9101www.famecoretail.comTyler Bennett • Carlo CaparruvaMike Horne • Anthony PalmiottoKim Kretowicz • Scott Jennerich Dan Spector • Steven Winters

Fameco - Philadelphia, PA 1425 Walnut Street, Suite 200Philadelphia, PA 19102P: 215.557.0050 F: 215.557-0053www.famecoretail.comJackie Balin • Paige BarrowMichael Gray • Eva RedetteLarry Steinberg

Fameco - Plymouth Meeting, PA633 West Germantown Pike • Suite 200Plymouth Meeting, PA 19462P: 610-834-8000 F: 610-834-1793www.famecoretail.comCathy Agnew • Brian Bruzek • Jeff CohenJim Creed • Scott Dennis • Brandon FamousJohn Fasciano • Dana Hawkins Jerry Johnson • Jon KiesermanAdam Kohler • John Krause • Jon KushnerGary Leone • Marc Mandel • Matt MandelJay Miller • Steve O’Malley • David OrkinDale Peterson • Rick SchuchJulie Tanpitukpongse • Dave VitaliRick Weinberg •Fred YounkinColin Behr • Daniel Sonnentag


Michael J. FasanoVice President and Regional Manager

611 River Dr. • 4th Floor • Elmwood Park, NJ 07407P: 201-582-1000 F: 201-582-1010

www.marcusmillichap.com

Urszula Zoltek, David E. Thurston,Michael Lombardi, Greg Babaian, David Cafi ero

Spencer YablonVice President and Regional Manager

101 West Elm Street • Suite 600 • Conshohocken, PA 19428P: 215-531-7000F:215-531-7010

www.marcusmilllichap.com

Derrick Dougherty, Matt Gorman, Andy Kaplin, Jordan Muchnick, Chris Munley,

Brad Nathanson, Michael Shover, Mark Taylor, Dean Zang

Metro Commercial – Mt. Laurel, NJ303 Fellowship Rd • Suite 202 • Mt. Laurel, NJ 08054P: 856-866-1900 F: 856-866-1611Brandon Anapol • Brent Barbehenn • Dan BricknerRob Cooper • Mark Gerlach • Perry GraBoisTom Londres • Lauren McDermott • Pete NicholsonKurt Rumley • Paul Rumley • George Wisnoski Metro Commercial - Conshohocken, PAEight Tower Bridge • 161 Washington St. • Suite 375Conshohocken, PA 19428P: 610-825-5222 F: 610-825-5156Phil Azarik • Joe Dougherty • Donna Drew •Steve Gartner • Brian Goodwin • Randy HopeGlenn Marvin • Mike Murray • Steve NiggemanRoy Perez-Daple • Aaron Repucci Metro Commercial - Center City123 S. Broad St. • Suite 1835Philadelphia, PA 19109Michael Gorman • Steve Gartner

Kay Realty Services, LLC1989 Jumping Brook Rd.Tinton Falls, NJ 07753P:732-918-1148 F:732-918-1628www.kayrealtyholdings.comWilliam Klein, Broker • DeveloperProperty Management • Leasing

Levin ManagementP. O. Box 326 • Plainfi eld, NJ 07061P: 800-755-7194 F: 908-755-7194www.levinmgt.comDale Mulartrick • Jake Frantzman • Barry GreenbergPina Hoel • Stan Bernstein • Dennis Larrison

Joe R. Deerin, CSM • Donna Deerin Ward120 North Pointe Blvd., Suite 301, Lancaster, PA 17601

P: 717-569-9373 T: 800-864-2633www.LMS-PMA.com

Dave Nicholson, Blaze Cambruzzi,Michael Boden, SCSM, Chad Ward, Blake Gross, Joe Spagnola, CCIM

Ted Hummel, CCIM, e-pro, Wilay Boensch

David S. FeldmanRegional Manager – Washington DC Offi ce

Special Assets Services – Regional Director7200 Wisconsin Ave. • Ste. 1101 • Bethesda, MD 20814

P: 202-536-3700 F: 202-536-3710www.marcusmillichap.com

Danny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, Ed Laycox, Nathan Pealer, Rudolph Rueda, Peter Snell

NAI Keystone Commercial & Industrial, LLCExeter Ridge Corporate Center •3970 Perkiomen Ave. • Ste. 200• Reading, PA 19606P: 610-779-1400 F: 610-779-1985John Buccinno • Bryan Cole • Steve Willems

Remco Realty Group525 MIlltown Rd. • Ste. 101 • North Brunswick, NJ 08902P: 732-253-0888 F: 732-253-0887www.remcorealty.netPeter Gallicchio, Owner/PresidentNicole Zeller - Christopher Virgo - Brian HellerJoseph Marino – Mark DiGiovanni

R. J. Brunelli & Co.400 Perrine Rd. • Suite 405 • Old Bridge • NJ 08857P: 732-721-5800 F: 732-721-9241www.njretailrealty.comRichard J. Brunelli • William A. Lenaz Carl J. Minue • Martin Yaged • John LenazRon DeLuca • Edward AbaidDanielle Brunelli-Albrecht • Michael MurphyAssunta Spedaliere

Rock Commercial Real Estate LLC221 W. Philadelphia • St. Suite 19 • York, PA 17401www.rockrealestate.netRyan Myers, CCIM, • Larry O’Brien, CCIMBenjamin Chiaro, CCIM • Cami Spiridonoff, CPM David Bode, CCIM, SIOR • Dave Keech, CCIM, SIOR Jason Turnbull, CCIM • Kevin Hodge, CCIMMichael Katz, CCIM • Russ Bardolf, CCIMTed Turnbull, CCIM

RETAIL BROKERAGE DIRECTORY

Check here if you’d like a special listing (includes logo and border)

Single Block (2x2) — $50.00 Double Block (2x6) — $100.00

Company Name: _________________________________________________________________

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E-Mail: _____________________ ___________________________________________________

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Elaine Fanning Mid Atlantic Real Estate Journal | 1-800-584-1062 | fax: 781-871-5299 | e-mail: [email protected]

If you would like to appear in the Retail Directory,

please fi ll out coupon and fax

Ph: 800-584-1062 x 212 Fax: [email protected]

www.marejournal.comP.O. Box 26 Accord, MA 02018

REAL ESTATE JOURNALNJ-PA-DE-MD-VA The Most Comprehensive Source

For Commercial Real Estate News

Elaine Fanning, Publisher

James Balliet, Robert Thompson, Melanie StockerDr. Rex D’Agostino, Cheyenne Reiman

Pete Ambrosino, Heather LynneChristopher Milotich

KW Commercial-The James Balliet Commercial Group

40 S. Cedar Crest Blvd.Allentown, PA 18104

P:610-435-4711F:610-435-2800

www.lehighvalleycommercial.com

David S. FeldmanRegional Manager – Washington DC Offi ce

Special Assets Services – Regional Director7200 Wisconsin Ave. • Ste. 1101

Bethesda, MD 20814P: 202-536-3700 F: 202-536-3710

www.marcusmillichap.comDanny Brooker, Josh Feldman, Brandon Jenkins, Kirk Knight, Ed Laycox, Nathan Pealer, Rudolph

Rueda, Peter Snell

Michael J. FasanoVice President and Regional Manager

611 River Dr. • 4th Floor • Elmwood Park, NJ 07407P: 201-582-1000 F: 201-582-1010

www.marcusmillichap.comUrszula Zoltek, David E. Thurston,

Michael Lombardi, Greg Babaian, David Cafi ero

Spencer YablonVice President and Regional Manager

101 West Elm Street • Suite 600 • Conshohocken, PA 19428

P: 215-531-7000F:215-531-7010

www.marcusmilllichap.comDerrick Dougherty, Matt Gorman,

Andy Kaplin, Jordan Muchnick, Chris Munley,Brad Nathanson, Michael Shover,

Mark Taylor, Dean Zang

Madison Marquette1717 Arch St. • Suite 3930

Philadelphia, PA 19103

Joseph D. MorrisP: 215-399-4186

John-david W. Franklin SCLSP: 215-399-5606


Member of International Council of Shopping Centers

www.icsc.orgMichael KerchevalPresident & CEO

ICSC

David HenryICSC

Chairman

Northern NJ

State Director

Steven H. Gartner

Metro Commercial Real

Estate

Government Relations

Committee Chair

Michael A. Mozzachio

Chancellor Development

Group

Alliance Co-Chair

Edward A. Shriver, Jr.

Strada

Operations Co-Chair

Lynda E. Benedetto,

SCSM

Kravco Simon Co.

Retail Co-Chair

Roy T. Perez-Daple

Lowe’s Companies

Next Generation Chair

Eric S. Penney

Centro Properties Group

Idea Exchange

Program Planning Com-

mittee Co-Chair

Timothy Rubin

PREIT

Idea Exchange

Program Planning Com-

mittee Co-Chair

Brandon Famous

Fameco

State Directors

PA/DE/S.NJ: John-david W. Franklin

Madison Marquette

DC/MD/N.VA: Larry M. Spott, CDP

The Rappaport Companies

S.VA: Susan F. Jones

Grubb & Ellis

Government Relations Committee Chair

PA/DE/S.NJ:Ed Kochman

KochmanConsulting Services

DC/MD/N.VA:Thomas C. Barbuti

Whiteford, Taylor and Preston LLP

S.VA:Roger R. Rodriguez

Timmons Group

Alliance Co-Chair

PA/DE/S.NJ: Russel Jenkins

Zamias Services Inc.DC/MD/N.VA:

Patricia PalumboKlein Enterprises

S.VA:Matthew L. Lafl erCommercial Real Estate Services

Next Generation Chair

PA/DE/SNJ:Jordan Claffey

Centro Properties GroupSNJ:

Lindsey C. FloydThalhimer

DC/MD/N.VA:Jarett L. Parker

Kimco Corporation

Adam IfshinEastern Division

VP & Trustee

John-david Franklin Director,

PA/DE/S.NJ

Larry M. SpottDirector,

DC/MD/N.VA

Susan JonesDirector,

S.VA

Exciting News!This year, Retailers are being offered

a FREE table and chair on “Retailer Row” for the duration of the event.

ICSC 2012 Mid-AtlanticConference & Deal Making

February 21-22, 2012Gaylord National Resort & Convention CenterNational Harbor, MD

To market your companies show presence, submit an expert article, recent press releases, company

announcements or project news This issue will add additional exposure at

the February 22nd showDeadline: January 16, 2012

January 27th Shopping Centers featuring the 5th Annual “Mid Atlantic ICSC Show Issue”

Contact Elaine Fanning: 1-800-582-1062 ext. 212email: [email protected]

ICSC

President and CEO International Council oShopping Centers New York, NY Outlook for Retail RealEstate 1:15 – 1:30 pm DAVID HENRY ICSC Chairman

President & Chief Executive Offi cer

Kimco Realty Corp. New Hyde Park, NY Women’s SIG 4:00 – 5:30 pm Join a group of industry

leaders at a special network-ing luncheon and an interac-tive presentation. This is a rare opportunity to meet with colleagues, form new relation-ships, share best practices and enjoy the camaraderie that’s the hallmark of this very spe-cial Special Industry Group! Don’t miss this opportunity to become part of a Global Network of Women.

Member-Hosted Cocktail Reception

5:30 – 7:00 pm Sponsorship Opportunities Corporate sponsorship is

$750 per company. If you are interested in being a sponsor, log on to www.icsc.org and click on Events & Programs to get a copy of the Sponsorship Form or please contact Jason Richter at +1 718 596 1414.

Tuesday, December 6 Registration - SheratonHotel 8:00 am – 4:00 pm Deal Making 8:30 am – 4:00 pm General Session 8:00 – 9:30 am Urban Retail: The Vertical Integration of Retail Urban cities such as New

York City, Boston, Washington, D.C. and Miami have recently embraced vertical integra-tion of traditional suburban shopping center retailers. The panel will discuss vertical re-tail development, leasing and merchandising challenges. Topics to include: urban store formats and design, site selec-tion, approvals, expansion is-sues and preparing for 2012.

Moderator KEN NARVA, AIA Co-Founder and Managing Partner Street Works Panelists DENNIS P. BACHMAN Senior Real Estate Representative Wakefern Food

Corporation -ShopRite G. LAMONT BLACKSTONE Principal G.L. Blackstone & Associates, LLC DAN CASIERO Vice President Real Estate Forest City Enterprises JAMES DEWEY Director of Real Estate The Fresh Market PETER RIPKA Partner Ripco Real Estate DANIEL SHALLIT Director of Real Estate - Northeast Region Sports Authority MICHAEL J. SHANAHAN Vice President of Real Estate Burlington Coat Factory PATRICK SMITH Vice President of Real Estate BJ’s Wholesale Club Coffee Service 8:30 am – 10:00 am Box Lunch Served – Sheraton Hotel Only 12:00 noon – 1:00 pm Conference Adjourns 4:00 pm

Monday, December 5 Registration – SheratonHotel 7:30 am – 7:00 pm Coffee Service 7:30 – 9:00 am Deal Making 9:00 am – 5:30 pm General Session 9:30 – 10:30 am THE HONORABLE MICHAEL R. BLOOMBERG Mayor New York City Retail Runway 10:30 – 11:45 am Popular national retailerswill showcase their business and expansion plans in an excitingrunway format. *As of September 9, 2011 Athleta Denny’s Fairway Market Five Below L.A. Fitness Modell’s Sporting Goods Party City Retail Group Smashburger Unleashed by PetCo Lunch Served 12:00 noon – 12:30 pm

(No lunch service after 12:30 pm) Industry Update 12:45 – 1:15 pm MICHAEL P. KERCHEVAL

New York National Conference & Deal Making

December 5- 6, 2011 Schedule

REGISTRATIONAt Sheraton New York Hotel

Monday, December 5th

Tuesday, December 6th


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direct 610.435.4712main 610.435.4711

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MAREjournal.com Mid Atlantic Real Estate Journal — Shopping Centers — November 25 - December 8, 2011 — Inside Back Cover B

Offices Nationwide www.MarcusMillichap.com

Talk vs. ExecutionYear to date, our New Jersey, Philadelphia and Washington, D.C. offices have closed over $804 million in real estate and financing transactions. The three offices currently have $293 million in properties under contract.

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U.S. Investment Sales Brokerage Company Ranking

* Includes sales of apartment, office and retail properties of $1 million and above nationally, 12 months ending 6/30/2011; list side. Source: CoStar Group, Inc.

1,518

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390

257

224

223

216

209

182

176

Marcus & Millichap

CB Richard Ellis

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Eastdil Secured

Washington, D.C.David Feldman(202) 536-3700

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Z

B Back Cover — November 25 - December 8, 2011 — Shopping Centers — Mid Atlantic Real Estate Journal MAREjournal.com

•Former Chevrolet Car Dealership •10,000 +/- square feet •3 +/- acres •270 feet of frontage along Route 130 •HC-Highway Commercial Zone •Real Estate Taxes: $27,000.00 •Sale: $1,300,000.00 / Lease: $17.00 SF•Retailers in the Market Place: Target, Home Depot, Wal-Mart, Advanced Auto, Staples,Burlington Coats, Walgreens, Chase Bank

•Adjacent to La-Z-Boy Furniture Gallery •7,000 +/- square feet

•Space Dimensions 48’ x 144’ •Real Estate Taxes $3.00 per square foot

•Immediate Occupancy •Asking Price: $18.00 SF

•Retailers in the Market place: Costco, Christmas Tree Shops, Target,

PC Richard & Sons, Dicks, Petco, Lowes Hardware

•4.2 +/- acres •230 feet of frontage along Route 9 •Zoning: C-1 General Commercial

•Across from newly developed 110,000 square foot grocery anchored

Town Center at Ocean Township •Signalized Intersection •All Utilities at the site

•Real Estate Taxes $26,000.00 •Asking Price: $1,800,000.00

•Retailers in the Market Place: Shop Rite Supermarket, Ocean First Bank, Dunkin Donuts, Sonic, CVS Pharmacy,

Game Stop

•Former La-Z-Boy Furniture Gallery •Up to 21,000 +/- Square Feet

•2.7 +/- Acres •380 feet of frontage

along Route 35 •66 Parking Stalls

•Real Estate Taxes $3.15 per square foot

•Immediate Occupancy •Asking Price: $15.00 SF

•Retailers in the Market Place: Stein Mart, Kohls, Foodtown, Wegmans,

Pier 1 Imports, Staples, Frank’s Big & Tall

FOR SALE OR LEASE449 Route 130, East Windsor, New Jersey

FOR LEASE540 Route 70

Brick, NJ

FOR SALERoute 9 & Lighthouse Dr.

Waretown, NJ

FOR LEASE1500 Route 35

Ocean, NJ

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For more information on the above properties and others, visit our web site:

Brokerage, Management & Development of Commercial & Investment Real Estate

CONTRACTORS, OWNERS & MANAGERS

ALSO INSIDE:

HI-LIGHTS

Section C of the Mid Atlantic Real Estate Journal

MAREjournal.com

ATLANTIC REAL ESTATE JOURNALMID

Gebroe-Hammer Associates completes 5 multi-familiesGebroe-Hammer Associates has completed five multi-family investment sales involving a total of 95 units that traded for $7.305 mil-lion.See Page 2C

ABC EPA CHAPTER:

21ST MERIT CONSTRUCTION AWARDS OF EXCELLENCE..........8-9C

GREEN BUILDINGS ........................................................... 10-13C

USGBC NJ ........................................................................12C

NJAA ORGANIZATION .........................................................15C

IREM ORGANIZATION ............................................... 16-IBC-C

Section C, 20 pages

CIS Management wins four NJAA Garden State AwardsCIS Management,the devel-oper and builder of apart-ment-rental communities has won four awards at the 18th Annual Garden State Awards. See Page 4C

Sales associate Andrew Scheinerman leads sale of 67 units

Kislak completes $6.68 millionBergen County, NJ multifamily sales

NOVEMBER 25 - DECEMBER 8, 2011

EANECK, NJ — The Kislak Company re-cently completed three

multifamily sales in Bergen County, New Jersey totaling $6.68 million.

Alma Terrace, a 25-unit property in Teaneck, and Lin-den West, a 32-unit property in Elmwood Park, together sold for $5.08 million. Presi-dent and co-managing director Jeffrey Wiener represented the seller and sales associate Andrew Scheinerman rep-

ALSO INSIDE:

HI-LIGHTS

Section C of the Mid Atlantic Real Estate Journal

MAREjournal.com

marked the second time that Kislak sold the properties.”

The purchaser assumed an existing first mortgage on the properties. The seller was represented by Rich-ard Kelin, Esq. of Feinstein, Raiss, Kelin & Booker, LLC of West Orange. The purchaser was represented by Stephen Russo, Esq. of Russo & Russo of Teaneck.

The Edgewater property is a three-story brick apartment building with a combination of one and two bedroom units located less than two blocks from Edgewater Town Center and Grand Cove Marina. “The $160,000 per unit price demon-strates the demand for quality Bergen County multifamily properties,” added Scheiner-man.

Financing was provided by North Jersey Community Bank. The seller was represented by Michael Jimenez, Esq. of Edge-water. The purchaser was rep-resented by Joseph Behot, Esq. of Hackensack. At the time of closing, the property was fully occupied. ■

resented the purchaser. In a separate transaction, a 10-unit property in Edgewater sold for $1.6 million. Scheinerman represented the seller and vice president Jonathan Greenberg represented the purchaser.

“Bergen County continues to be one of the strongest and most desirable markets for multifamily properties with some of the highest oc-cupancies within the state and nationally,” said Robert Holland, senior vice president and co-managing director. Bergen County is the most

populous county within New Jersey and is ranked 16th among the highest per capita income counties in the United States. It is close to many em-ployment centers in northern New Jersey and neighboring New York City and offers abundant highway and mass transit links throughout the metropolitan area.

Alma Terrace and Linden West are brick garden apart-ment complexes constructed in the mid 1940s with pitched roofs, on-site parking, and laundry facilities. Alma Ter-race includes studios and one-bedroom apartments. Linden West includes one and two bed-room apartments. Both com-plexes are conveniently located close to many commercial and retail establishments, schools, houses of worship and trans-portation. The seller recently completed major improve-ments to both properties.

“The strong demand among investors for Bergen County properties increased the de-mand for these complexes,” said Scheinerman. “These sales also

EDGEWATER, NJ — Smith-Midland Corporation (SMC) is pleased to supply its SLEN-DERWALL architectural pre-cast concrete panel system as the exterior cladding for a Daibes Enterprises project, The Alexander located on the Hudson River in Edgewater. This unique 290-unit nine story apartment building is designed to replicate the architecture of New York City’s 1940-1950’s era Park Avenue.

The contract awarded to SMC is valued at more than $4 million dollars and fea-tures 1,024 LEED friendly exterior panels combining SLENDERWALL and tradi-tional architectural precast totaling approximately 99,579 s/f. The panels will be a buff

Contract valued at more than $4 million

Smith-Midland Corp. supplies SLENDERWALL for Daibes Ent.

color with an acid etched fi n-ish and historical details such as cornices, reveals, and bull noses. Daibes Enterprises has elected to have the SLEN-DERWALL precast panels insulated with closed cell foam insulation performed by SMC at their Midland, Virginia production facility. This value-added option offers a savings in both time and labor.

Production of the SLEN-DERWALL panels started in September 2011 and delivery is scheduled to begin in Janu-ary 2012. Fred Daibes, presi-dent of Daibes Enterprises, shared a special note that this building is being built as a tribute to his father.

SLENDERWALL, because of its lightweight design (30 lbs/s/f), can reduce building founda-

tion and structure costs, ship-ping and installation costs. The proprietary 360º concrete-to-stud connection isolates the exterior precast concrete cladding from the structural stresses associated with wind loading, steel frame move-ment, expansion and contrac-tion and seismic shock.

SLENDERWALL combines time-proven components to create a true composite, light-weight wall system for both new construction and reclad-ding projects. The combina-tion of architectural precast concrete, insulated Nelson anchors, welded-wire fabric and heavy-gauge stainless or galvanized steel studs create a single, effi cient exterior wall system with unlimited design freedom. ■

T

Alma Terrace

C Inside Cover — November 25 - December 8, 2011— Contractors, Owners & Managers — Mid Atlantic Real Estate Journal MAREjournal.com

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MAREjournal.com Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — 1C

Residential • Commercial • Industrial

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2C — November 25 - December 8, 2011 — Contractors, Owners & Managers — Mid Atlantic Real Estate Journal MAREjournal.com

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IVINGSTON, NJ — Gebroe-Hammer As-sociates has completed

fi ve multi-family investment sales involving a total of 95 units that traded for $7.305 million. Gebroe-Hammer’s brokerage specialists repre-sented the sellers and buyers in each of the trades.

Greg Pine, senior vice presi-dent, arranged the $3.2 mil-lion sale of 25 units located at 34 Wisse St. in Lodi, a south-western borough of Bergen County.

“Although population growth has slowed, Bergen County remains the most populous county in the state, boasting solid occupancy rates and a high concentration of multi-family complexes that run the span of garden apartments to luxury high-rises,” said Pine. “Because of this diversity, any

Transactions involve 95 units

Gebroe-Hammer Associates completes 5 multi-familiesL

a section of the


P.O. Box 26, Accord, MA 02018781-871-5298 • 800-584-1062


Section PublisherJoe Christman

[email protected]

Section EditorKaren Vachon

[email protected]

Contractors, Owners& Managers

property that comes on line is heavily contended by investors seeking to establish a fl agship property or expand their local portfolio.”

Highlights include the $1.5 million sale of 16 residential and two commercial units at 519 Central Ave. and the $855,000 disposition of 16 units at 96 Storms Ave. In Union City, Gebroe-Hammer also concluded the $1.6 million

ePrintsReprint your articles and press releases as they appeared in the Mid Atlantic Real Estate Journal.

Introductory rate for an e-print (printable pdf): $50(one sided, 8.5 x 11 pdf); regular rate: $65

For double sided, larger versions, or traditional hard copies, please call for pricing.

for more information

800-584-1062/781-871-5298

sale of a 23-unit building.Gebroe-Hammer also ne-

gotiated the $150,000 note sale of 13 distressed units at 1348 West Front St., in Plain-fi eld. David Jarvis, executive VP, and Steve Tenenbaum, assistant VP, represented the lender and identifi ed the buyer. ■

34 Wisse St. in Lodi

WEST ORANGE, NJ — Join POA on Wednesday, Dec. 7th, as Ellen Thompson, CEO & co-founder of 4 Walls along with Sunny Kancherla founder of GardenStateApartments.com and Hans Kaspersetz president of On Interactive as they dis-cuss marketing, technology and security on the web for multi-family owners. The meeting will take place at the Wilshire Grand located at 350 Pleasant Valley Way beginning at 6:30p.m. and is sponsored by David Lerner Associates and Proponet Federal Credit Union.

Marketing your units effi-ciently and effectively is a vital part of owning rental property. Why work harder when you can work smarter? Allow our distin-guished panel of noted experts to share their knowledge and

POA presents “Social Media and Marketing”

expertise on the subject. We will also discuss publishing and search engine optimization.

The evening will begin at 6:30 p.m. with a First Time Inves-tors Forum followed by a brief business meeting. At 7:15p.m. the Legal Forum hosted by Bruce Gudin, Esq of Levy, Ehrlich and Petriello will be-gin followed at 7:45p.m. by the featured presentation.

Attendance to this meeting is free for POA members, who are also encouraged to bring a guest with them at no charge. Super-Star members are welcomed to bring three non-members with them. Non-members $35.

Please note there will be a toy drive and please bring an unwrapped toy and someone from the Armed Forces will be picking them up that night. ■


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MAREJ COM

REEHOLD, NJ — CIS Management, Inc., the property management

affi liate of Community Invest-ment Strategies (CIS), Inc., the developer and builder of apartment-rental communities throughout New Jersey, has won four awards at the 18th Annual Garden State Awards. The awards, sponsored by the New Jersey Apartment As-sociation (NJAA), recognize achievement among the lead-ers in one of the state’s most important industries – rental housing.

The prestigious Management

Management Company of the Year Award

CIS Management wins four NJAA Garden State Awards

Company of the Year (Afford-able) award was presented to CIS Management Inc. This award recognizes excellence in property management and resident service.

“This is an important indus-try award and we are honored to be recognized along with all of the individuals whose dedicated efforts have contrib-uted to the advancement of the affordable housing industry in New Jersey,” said William Dailey, president of CIS Man-agement, Inc.

In addition, three CIS com-munities were distinguished in several award categories. All of the properties are managed by CIS Management Inc. Heritage Village at Manalapan, an af-fordable senior rental commu-nity in Manalapan, N.J., won the award for best curb appeal (Central Jersey), built after 2000. Heritage Village at Eliza-beth received the award for best managed properties mid/high-rise apartments (affordable) built after 1981 (North Jersey.) Finally, Heritage Village at Elton Corner, a senior rental community in Freehold, N.J., won in the category of best managed properties garden/low-rise apartments (afford-able) built after 2000.

Established in 2004 as an extension of CIS’ “with you for life” philosophy, CIS Manage-ment Inc. oversees comprehen-sive and responsive property management services. Commit-ted to a hands-on, round-the-clock approach, the company provides regulatory compli-ance; administrative agent services; market repositioning, renovation oversight; contract administration; marketing, leasing and sales services; resi-dent services; social activities programming; senior services; and third-party, facilities, asset and fi nancial management. ■

F

1970 Brunswick Avenue, Suite 100, Lawrenceville, NJ 08648 609.298.2229 www.CISnj.com

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MAREJ COM

EWARK – Aspen Stratford, a 115 unit HUD subs id ized

rental complex located at 19 and 29 Stratford Place in the Essex County, City of New-ark, has been purchased by TreeTop Development.

Aspen Stratford features one-, two- and three-bedroom homes situated in two sepa-rate fi ve story and six story buildings. Andrew Daitch of Marcus & Millichap served as broker in the transaction. Steven Fleissig of Greenberg Traurig represented TreeTop as legal counsel.

At a time when many prop-erty owners have slowed pur-suing multi-family invest-ments, TreeTop Development has implemented an aggres-sive acquisition strategy that has raised the total number of apartment homes in its portfolio to more than 1,250 in the City of Newark alone and 2,000 in Essex County, according to Adam Mermel-stein, a principal of TreeTop Development.

Aspen Stratford is the next in a long line of HUD apart-ment assets purchased by TreeTop Development and renovated to bring to market standards. TreeTop plans in excess of $1 million in capital improvements for the complex, including upgraded building systems, common areas and unit interiors.

“Two years ago we made a conscience decision to invest in Newark HUD properties and take the steps needed to improve and modernize the assets and reintroduce them to the market,” said Mermelstein.

“It’s an investment strat-egy that has had great suc-cess at rental buildings in-cluding Aspen Riverpark in the Ironbound district and Aspen Temple on the cor-ner of South 10th and 11th streets.

Aspen Stratford will be the fifth HUD apartment building in Newark that follows this acquisition and improvement model and will strengthen our commitment to investing in this City by creating strong and stable communities at affordable rental pricing.” ■

Daitch of Marcus & Millichap serves as broker

Treetop Developmentpurchases 115 unit apts.

N

Aspen Stratford


MAREJ COM

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REAL ESTATE JOURNAL

EW CASTLE COUNTY , DE — VanDemark & Lynch, Inc. announced

the addition o f S t e i n l e Construction Engineers as a new Divi-sion of the c o m p a n y to prov ide Structura l Engineering and Building Code Review Services. Founded by Alan G. Steinle, PE, Steinle Con-struction Engineers has pro-vided structural engineering services for over 18 years to a wide range of public and

A new Division of the company

Vandemark & Lynch adds Steinle Construction Engineers

private clients, including New Castle County and the State of Delaware.

S t e i n l e C o n s t r u c -t ion Engi -neers’ staff of Professional E n g i n e e r s has prepared designs and s p e c i f i c a -tions for ren-

ovations, new construction, repairs and improvements for commercial, institutional, resi-dential, industrial, and gov-ernmental clients. Their staff of Certified Building Plans Examiners has performed over

2,000 project reviews for the New Castle County Depart-ment of Land Use for compli-ance with International Build-ing and Residential Codes since 2000. Steinle Construc-tion Engineers received the prestigious 2008 Engineering Excellence Grand Conceptor Award from the American Council of Engineering Com-panies (ACEC) of Delaware.

Alan G. Steinle, PE (top), Darryl C. Jones, PE (bottom) and their staff look forward to contributing their combined 93 years of structural engineer-ing experience to the clients of VanDemark & Lynch.

VanDemark & Lynch, Inc. is an engineering, planning, and surveying fi rm with a success-ful record of service to com-mercial, institutional, utility, industrial, and governmental clients. Founded in 1937, the fi rm is comprised of a staff of more than 35 civil engineers, surveyors, technicians, and experienced managers who represent a full range of pro-fessional disciplines. They provide complete engineering, planning, surveying, construc-tion management, and inspec-tion services to customers throughout the Mid-Atlantic area. ■

N

Alan G. Steinle Darryl C. Jones

BLANDON, PA, November 1, 2011 – Schlouch Incorporated has been named by Volpe Truck-ing, Inc. to prepare a six-acre site for a parking lot on Hollow Road, Phoenixville, PA.

Schlouch is providing clear-ing, grubbing, survey, stake-out, earthwork, storm sewer, sediment/erosion control, curbs, paving and seeding.

Doug Gable is Schlouch’s site coordinator and Michael Laudermilch is project coordi-nator/estimator. Work will be completed by Fall 2011.

Schlouch Incorporated spe-cializes in site design and site construction throughout East-ern Pennsylvania.

Schlouch has been named by Southern Berks Land Co. LP to provide mass excavation for a 40-acre site in New Morgan Borough, Berks County.

Schlouch is providing clear-ing, grubbing, survey, stake-out, earthwork, storm sewer, sediment/erosion control and seeding.

Don Swasing is Schlouch’s site coordinator and Michael Laudermilch is project coordi-nator/estimator. ■

Schlouch prepares site for parking lot


Robin Crow In the Music Box Theatre

The Power of Service: How to Energize Your Business by Developing a Culture ofExceeding Expectations

doors open boils down to one thing... how well their customers are served. OK, weall know that. But the critical distinction is knowing how to expand your resources,

Robin presents vivid examples of how great companies (including his own, Dark Horse Recording) have applied these principlesto achieve sustained success. ? Robin Crow has forged a remarkable career on his journey from RCA recording artist to success-ful entrepreneur, and has built several world-class businesses from scratch. He is an acclaimed public speaker with a client listthat is a who’s who of blue chip corporations and forward thinking organizations. Robin doesn’t just talk business; he lives it. Hiscompany Dark Horse Recording, a four-studio complex and resort has set the gold standard for customer service and excellencein the recording industry. It is home to Faith Hill, Ashley Judd, Neil Diamond, Taylor Swift, Tim McGraw, Michael W. Smith, Jewel,

Alison Krauss, and many others.

James A. Evans, CPM® 2012 IREM PresidentMr. Evans is president and CEO of Bruce G. Pollock & Associates, Inc., Realtors, AMO® wherehe is responsible for the commercial, residential and property management divisions ofthe company. He is also president and CEO of KEB Investments, a real estate developmentcompany, with responsibility for acquiring, leasing and managing all company properties.

? Mr. Evans earned the CPM® designation in 1998 and has been active in the organization ever since then. Hehas held numerous positions with IREM’s Michigan Chapter No. 5, serving as chapter president in 2004. At the national level, hehas been a regional VP and a member of several committees, including the Legislative and Public Policy Committee, the AssetManagement Committee, Success Series 2007 Advisory Board and the Income/Expense Analysis Committee and Advisory Board.In addition, he currently serves on IREM’s Executive Committee.

Book your room early!A special room rate of $119 at The Borgata will be available for

book early!

Contact Borgata Hotel Reservation Dept. at 866-MYBORGATA(1-866-692-6742) for the special IREM Tri-State Conference ratesby February 1, 2012. You may also reserve your room online atwww.theborgata.com with code #GBIRB12. YOU MUST mentionthe “IREM Conference” when you call. After 2/1/2012 requests willbe honored on a space available basis but may be at The Borgata’sregular published rates.

THURSDAY, FEBRUARY 238:00 AM – 9:00 AM Conference Attendee Registration

9:00 AM – 10:00 AM 3 Concurrent Education Sessions10:15 AM–11:15 AM 4 Concurrent Education Sessions11:15 AM– 2:00 PM Expo & Lunch

2:15 PM–3:15 PM 4 Concurrent Education Sessions3:15 PM–3:45 PM Afternoon Break3:45 PM–4:45 PM Keynote Session in the Music Box Theatre5:00 PM–7:00 PM

9:00 PM–12:00 AM Networking Event at MIXX Nightclub at theBorgata

FRIDAY, FEBRUARY 248:00 am – 11:00 am Networking Breakfast with IREM Presentations

IREM President Keynote AddressGrand Prize Drawing

AGENDA

THURSDAYKEYNOTE

PRESENTATION

IREMPRESIDENT

KEYNOTEADDRESS

IREM New Jersey Chapter No. 1 • Delaware Valley Chapter No. 3 and Southern New Jersey Chapter No. 101

present

The event that includes a full slate of educational programs, an industry partners expo and networking for real estate professionals!

Name______________________________________________________________________

Company __________________________________________________________________

Address ____________________________________________________________________

___________________________________________________________________________

Phone _____________________________________________________________________

Fax________________________________________________________________________

E-mail _____________________________________________________________________

I am paying by m check m credit card Visa / MasterCard / Discover (No AMEX)

Card number _______________________________________________________________

Exp. Date___________________________ Amt. $________________________________

Signature __________________________________________________________________

CITY STATE ZIP

Full registration includes: February 23rd luncheon and education sessions, admissionto IREM Industry Partner Expo and Reception, Keynote Presentation, two beveragetickets, evening networking event at MIXX Nightclub, breakfast and IREM presentationon February 24th.

Mail form with payment to: IREM–Del Val Chapter No. 3, P.O. Box 65, Riverton, NJ 08077-0065; fax to 856-786-3894

Please make check payable to: IREM–Del Val Chapter No. 3

FULL CONFERENCE/EXPO REGISTRATIONEarly Bird Registration (registration & payment received by 1/20/2012)m $229 per member m $279 per non-member m Free 11th registration*

Regular Registration (registration & payment received after 1/20/2012)m $259 per member m $299 per non-member m Free 11th registration*

*Any company who sends ten attendees gets the eleventh one free!(All eleven must be registered at the same time with payment included to receive this special rate.)

DAY PASS Pass can be purchased for one day only. Does not includeadmission to Networking Reception at MIXX.

Early Bird Registration (registration & payment received by 1/20/2012)February 23 only: m $159 per member m$199 per non-memberFebruary 24 only: m $59 per member m$79 per non-member

Regular Registration (registration & payment received after 1/20/2012)February 23 only: m $179 per member m $229 per non-memberFebruary 24 only: m $79 per member m $99 per non-member

On-Site Registration: $299

Registration Deadline: February 10, 2012

A special room rate is available. See opposite side of brochure for details.

I AM REGISTERING FOR:

For more information and directions to the conference visit WWW.IREM1.ORG or WWW.IREM3.ORG or WWW.IREM101.ORGor contact the chapter office at 856-786-9260; fax 856-786-3894.

ETH800: ETHICS FOR THE REAL ESTATE MANAGER, A REQUIRED COURSE FOR THE CPM DESIGNATION.

8C — November 25 - December 8, 2011— Contractors, Owners & Managers — Mid Atlantic Real Estate Journal MAREjournal.com MAREjournal.com Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — 9C

21st Annual Merit ConstructionAwards of Excellence

ABC EAstErn PEnnsylvAniA ChAPtEr ConstruCtion AwArds

Excellence Winner EDiS CompanyDelaware Welcome Center, Newark, DE

Merit Winner Pancoast & Clifford, Inc.1190 Devon Park Drive, Wayne, PA

Commercial — Over $10m Category

Excellence Winner Heim Construction Co., Inc.Empire Education Group, Pottsville, PA

Merit Winner C. Raymond Davis & Sons, Inc.Allegheny East Conference Center, Boyertown, PA

Commercial — Over $5-$10m Category

Commercial — Under $5m Category

Excellence Winner EDiS CompanyOne Research Way Façade Renovation, Plainsboro, NJ

Merit Winner Ehret Construction Co., Inc.Merion Golf Club Operations & Turf Maintenance

Complex, Ardmore, PA

Excellence Winner Thompson Masonry Contracting Lehigh Carbon Community College –

Community Service Center, Schnecksville, PA

Merit Winner Thompson Masonry Contracting Riverside Medical Campus, Bethlehem, PA

Specialty-Masonry Category

Excellence Winner The Tri-M Group, LLC Longwood Gardens East Conservatory Plaza, Kennett Square, PA

Excellence Winner The Tri-M Group, LLC Bethlehem School District - Solar Arrays at 5

schools, Bethlehem, PASpecialty-Mechanical Category

Excellence Winner Worth & Company, Inc.PA Turnpike Industrial Park Building,

Middletown, PA

Specialty-Solar Category

Merit Winner Gillespie Electric, IncVWR International, Wayne, PA

Specialty-Electrical Category

CONTACT

Lori Sullivan Ehret 302.477.6920 [email protected]

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VISIT

www.EHRETCC.com

PRECONSTRUCTION I GENERAL CONTRACTING I CONSTRUCTION MANAGEMENT

Institutional — Over $5m Category

Excellence Winner E. Allen Reeves, Inc.Calvary Baptist Church of Bethlehem, PA

Merit Winner Veterinary Specialty & Emergency Center, Levittown, PA

Institutional — Under $5m Category

Excellence Winner The Cap and Gown Club ofPrinceton University, Princeton, NJ

Merit Winner Pancoast & Clifford, Inc.Camp Galil, Ottsville, PA

Public Construction — Over $6m Category

Excellence Winner E. Allen Reeves, Inc.Mercer Museum, Doylestown, PA

Merit Winner Wohlsen Construction CompanyBensalem High School - Gymnasium Addition,

Bensalem, PA

Public Construction — Under $6m Category

Excellence Winner Wohlsen Construction CompanyI-95 Welcome Center, Lower Chichester Township, PA

Merit Winner Wohlsen Construction CompanyWest Reading Elementary School, West Reading, PA

Residential — Multi Unit Over $10m Category

Excellence Winner Berks Ridge Co. EnterprisesBrightview Greentree, Evesham, New Jersey

Merit Winner Harkins Builders, Inc.Delaware County Fairgrounds, Phase II,

Chester, PAResidential — Multi Unit under $10m Category

Excellence Winner C. Raymond Davis & SonsSall Villas at Waverly Heights, Gladwyne, PA

Merit Winner Harkins Builders, Inc.Mary Taylor House at The Hickman, West Chester, PA

Residential —Single Category

Excellence Winner C. Raymond Davis & SonsPrivate Residence, Lackawaxen, PA

Excellence Winner Worth & Company, Inc.Kreider Farms – Phase II, Manheim, PA

Restoration/Renovation Category

Excellence Winner Ondra-Huyett AssociatesDBSi Data Center, Allentown, PA

Merit Winner W.S. Cumby, Inc. Bryn Mawr College – Smart Women Strong Women Gymnasium

Industrial —Single Category

Heavy Construction Public Works Category

Excellence Winner Worth & Company, Inc. Lititz Waste Water Treatment Plant Upgrade, Lititz, PA

Excellence Winner Brubacher Excavating, Inc.Bowmansville Service Plaza, Bowmansville, PA

Heavy Construction-Infastructure Category

Excellence Winner Allan A. MyersState St. Bridge Reconstruction, Hamburg, PA

Heavy Construction Public Works Category

Merit Winner Allan A. MyersSEPTA R-3 Track Bed Repair, Lenni, PA

Construction, Preconstruction andDesign-Build Excellence Since 1965

harkinsbuilders.com

BALTIMORE / WASHINGTON / PHILADELPHIA

ABC Eastern Pennsylvania Chaptercongratulates the Merit Construction

Awards of Excellence Winnersand thanks the banquet sponsors.

Diamond Sponsor

Platinum Sponsors

Gold SponsorsBerks Ridge Company Enterprises

Harkins BuildersO’Donnell & Naccarato

Oliver MechanicalSteven Kempf Building MaterialsWohlsen Construction Company

Worth & Company, Inc.

548 Steel Way, P.O. Box 7066Lancaster, PA 17604-7066(717) 299-2500 www.wohlsen.com

First Place Merit Award of Excellence forBensalem High School - Gymnasium Addition, Bensalem, PA,

I-95 Welcome Center, Lower Chichester Township, PA and West Reading Elementary School, West Reading, PA

Bensalem High School -Gymnasium Addition, Bensalem, PA

I-95 Welcome Center, Lower Chichester Township, PA

West Reading Elementary School, West Reading, PA

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CORPORATE OFFICESCORPORATE OFFICES204-206 Gale LanePO Box 69Kennett Square, PA 19348Phone: 610.444.1000BRANCH OFFICESBRANCH OFFICES

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CongratulationsExcellence in Construction Award Recipients!

Electrical Solutions. Professional Results.


GREEN BUILDINGS

AWTHORNE, NJ — Pfi ster Energy, a turn-key solar and renew-

able energy system installer for commercial, industrial and in-stitutional facilities, announced today that the Bergen County Parking Garage Solar Canopy project, a project spearheaded by Pfister Energy, has been awarded the Steel Joist Insti-tute’s 2011 Design Award.

“We are delighted that our partner, Innovative Engineer-ing, has been recognized as a Design Award Winner by the Steel Joist Institute,” said Wayne Pfi sterer, president of Pfister Energy. “This project required a complicated rack-ing system to keep the panels stable and angled correctly. Working with our solar design team, Innovative was able to design a stable and long-lasting racking system for this large project. As an EPC provider, we recognize that a well-designed and built support system is a critical component to the over-all success of a project.”

Pfister Energy served as the general contractor, solar engineering and designer, and technology supplier of the solar panels for the construction of a 627.9 kW solar photovolta-ics (PV) system on the top level of the parking garage

Bergen County Parking Garage Solar Canopy project

Bergen County Parking Garage Solar Canopy project

Pfi ster Energy partner of national 2011 winning team H

located at One Bergen Plaza in Hackensack, New Jersey. The system is expected to gen-erate 690,690 kWh of energy in the fi rst year of operation. The joist and joist girder sys-tem efficiently supports the solar panels while limiting the required number of supports and the overall steel tonnage required, as well as minimiz-ing the number of columns required to maintain an open space below. The structure’s galvanized finish also gave the project an advantage over its competitors, as it prevents the need to protect the struc-

ture from the weather while providing a durable structure. Further, the steel in the joists was primarily produced from recycled scrap.

The energy produced by the system will yield estimated pollution offsets equivalent to deterring an estimated 14.4 million lbs. of carbon emis-sions, saving 15,198 barrels of oil, or taking 1,419 passenger vehicles off the road. The proj-ect and design award establish Bergen County and New Jersey as role models in solar engi-neering innovation and clean energy practices. ■

LANCASTER, PA — With the addition of its Energy So-lutions Group, High Construc-tion Company has evolved its offerings to provide the needed resources and a full array of options to reduce energy use and operating costs of new buildings. High Construction is the only design/build gener-al contractor in Central Penn-sylvania offering dedicated energy solutions professionals and comprehensive design and construction services.

The Energy Solutions Group provides lifecycle design input that can reduce the operating costs of new buildings by at least 30 percent over tradi-tionally constructed buildings. The analysis and input process may include the steps needed for LEED certifi cation, but it can also adjust the focus away from the scorecard concept and onto the building’s actual energy performance without the application process and signifi cant administrative ex-pense of LEED certifi cation.

“What may gain points on a LEED score may not be the right solution for a par-ticular building, and it takes operational and fi eld experi-ence to know the difference,” explains Michael Mumper, Energy Solutions Group direc-tor. “The forecasted results of our solutions are based on operational parameters that can be explained to an owner or building operator. This is vitally important in that once those parameters are estab-lished and understood, they become the key pieces of infor-mation to monitor and verify, so that the expected energy performance will, in fact, be realized,” Mumper said.

Energy Solutions applies

Energy reduction & building performance

High Construction Co. offers array of options

performance models to develop design predictions, and that analysis is used to help build-ing owners establish fi nancial performance criteria over the life of their buildings. When assessing the total cost of owning a building, from design until the end of life of that building, 75 percent of costs occur after construction in the form of utility expenditures and equipment replacement. In real numbers, if a building costs $6 million to build, it will cost approximately $18 million to maintain over its life.

The Energy Solutions Group provides the input to the build-ing design process that allows owners and decision makers to be informed of not only the general opportunity for savings, but also the precise quantifi cation of those savings over time.

With that information, it is possible to build fi nancial mod-els that can contrast the initial cost of design and construction to the operating cost over fu-ture years. This approach has provided building owners the ability to save money starting the day their buildings are completed.

This new offering also helps building owners understand the vast amount of new tech-nology that is being offered in building equipment and systems today. The Energy Solutions Group possesses the operational experience and engineering expertise to cut through vast amounts of ven-dor marketing data to match the right technology with the proper building application.

The Energy Solutions Group also provides retrofi tting anal-ysis and services for existing buildings. ■

PITTSBURGH, PA and CHARLESTON, WV — The law fi rm of Babst Calland today an-nounced the opening of its new-est offi ce in Charleston, West Virginia at the United Center on Virginia Street East.

The expansion of the Firm’s already well-established natu-ral resources practice is taking place at a time when many of the energy companies partici-pating in unconventional gas development are tapping Babst Calland’s multi-disciplinary practice group for its Marcellus and Utica Shale development initiatives.

Babst Calland of Pittsburgh, PA opens offi ce in Charleston, West Virginia

The Firm was founded 25 years ago and has represented energy clients since its incep-tion. The Firm has developed a multi-disciplinary practice to address the wide range of issues affecting its clients, including environmental, busi-ness services, title, litigation, land use, construction, and employment and labor. More than 30 lawyers in the fi rm cur-rently are involved in servicing the Firm’s energy clients.

Energy Attorneys Matthew Casto and Steven Green join Babst Calland as shareholders of the fi rm. ■

OWINGS MILLS, MD — Representatives from Merritt Properties and Centric Busi-ness Systems were joined by Baltimore County executive Kevin Kamenetz to celebrate the completion of Centric’s new 39,000 s/f headquarters building. The ribbon cutting ceremony included remarks by County executive Kamenetz, Centric Business Systems president Rick Bastinelli and Merritt Properties director of leasing Lou Boeri.

“As two companies that have both been based in the area for more than 40 years and share a similar business philosophy, it was a pleasure for Merritt to partner with Centric in creat-ing a new home for their busi-ness,” remarked Boeri.

Located at 10702 Red Run Boulevard, the single-sto-ry, build-to-suit project was constructed on a 5.7 acre lot within Merritt’s Owings Mills business park. The lot and

building will be jointly owned by Merritt Properties and Bastinelli. Centric Business Systems will be the sole tenant while Merritt Properties will serve as managing partner.

“It’s gratifying to see a suc-cessful Baltimore County busi-ness growing here and position-ing itself for future expansion,” said Kamenetz. “This new green corporate headquarters is a good fi t in the Owings Mills business community.”

The building, which includes corporate offices, a product showroom and warehouse space, is slated for LEED Gold certifi cation from the US Green Building Council. Specific green elements incorporated in the project include:

• Enhanced building enve-lope through the use of im-proved roof and wall sections and high-performance glass.

• Water-effi cient restroom fi xtures and self-metering fau-cets that reduce water demand

by approximately 40%.• High effi cient VRF (vari-

able refrigerant fl ow) heating and cooling system.

• Solar Power- 24kW photo-voltaic array located on roof.

• Carbon dioxide monitoring system to enhance indoor air quality.

• Low- to no VOC materi-als to reduce the possibility of indoor air pollutants.

• Preferred parking for hy-brid and carpool vehicles.

• Green housekeeping.• Use of FSC-certified

wood.• Landscaping with reduced

turf areas and drought-toler-ant plants to reduce irrigation needs.

• T5 lighting with occupant sensors.

• Green power purchase.Merritt Construction Ser-

vices, a division of Merritt Properties, completed the shell construction and interior build-out in just fi ve months. ■

Merritt Properties celebrates completion of Green Building slated for LEED Gold cert.


GREEN BUILDINGS

FULL SERVICE SOLAR

Trust your Solar Project to One of NJ’s Solar Founders,SUN FARM NETWORK, a Full Service Solar Project Developer!

For a Free Solar Evaluation and Site Survey -Call: 908.782.4172 or

Visit www.SunFarmNetwork.comEmail: [email protected]


U. S. Green Building Council, NJ Chapter

Number of New Jersey chapter members: 818

Number of USGBC member Companies in NJ: 372

Number of LEED Accredited Professionals in NJ: 3105

Number of LEED registered projects in NJ: 396

Number of LEED certifi ed projects in NJ: 133

BOARD OF DIRECTORSCHAIRAnastasia Harrison, AIA, LEED APGannett Fleming, Inc.

VICE CHAIRWilliam G. Lashbrook IIIPNC Real Estate

TREASUREREd SeligaAdvanced Solar Products, Inc.

SECRETARYWayne D. DeFeo, LEED APDeFeo Associates

PAST CHAIRWilliam Amann, P.E., DCEP, LEED APM & E Engineers, Inc

DIRECTORSDavid CardellaCardella Waste ServicesRJ Donnelly, LEED APDonnelly Industries, Inc.Nicholas Fabbroni, LEED APUMDNJBill Gates, LEED AP BD&CHunt ConstructionGerard Hazel, LEED AP, HBDPSustainable Systems, LLCRey MontalvoConsolidated Energy DesignJoe Porrovecchio, LEED AP, CRMCarbon-Key, LLCPaul Qvale, LEED APHillmann GroupLisa San Filippo, AIA, LEED AP, BD&CTurner Construction Co.Faith TaylorWyndham WorldwideAndrew Topinka, CPMRTechnical Group Services, IncGregg Woodruff, PP, AICP,LEED AP, BD&CLangan Engineering &Environmental Services, Inc.

EXECUTIVE DIRECTORFlorence Block, LEED Green Associate

GENERAL COUNSELHarry E. McLellan, Esq, LEED Green AssociateMcLellan & Associates, LLC

FLORENCE BLOCK

Dear Friends and Colleagues:The questions that keeps arising about green buildings and LEED ® is: “Well it costs more, so why do it?”The answer is: Green buildings provide long-term savings and solid returns on investments. They also command much more than similar non-LEED® buildings due to the economic benefi ts they offer. Soon Class A offi ce buildings that do not attain LEED® certifi cation will see their property value decline as LEED® becomes the de facto benchmark in measuring quality in construction.Also, years ago sustainable materials and resources were at a premium cost due to rarity. Today sus-tainable materials and practices are the norm rather than the exception. The market is demanding high effi ciency buildings – thereby supporting the supply and demand model.Green development is becoming more business-savvy. Many developers and building owners consider it a smart business decision to invest a down payment of 1 to 2 percent of project cost to ensure long-term savings. It is based on a framework of several rewards and benefi ts but the two most obvious benefi ts are long-term fi nancial savings and returns on investments (ROI). Keep in mind that benefi ts

and rewards for constructing green/LEED® buildings vary by type of ownership, type of use, owner’s and project team’s level of investment and the team’s drive to build a sustainable building.Regardless of variations, according to the U.S. Green Building Council (USGBC), projects that achieved LEED® and Energy Star status normally garner an internal rate of return of 20% or more. This is achieved by increased annual energy savings. Many more LEED® buildings are specifi ed to use 30 to 50 percent less water and energy use than current codes.According to Ed LeBard, 3 Design Consulting, if you compare a 100,000 square foot LEED® building that saves $1.50 per square foot in energy costs to a similar building built to code – resulting in savings of $150,000 per year. In order to get $1.50 in energy savings, the building owner had to invest $400,000 on green / LEED® related items; in other words, put down a $4.00 per square foot premium. As a result, it would take a little over 2.5 years to receive your investment back and then some.The result of investing $400,000 in annual savings of $150,000 would be to yield a return on investment of 625% .Another way of looking at it, would be to give the 100,000 square foot building costs of $275 per square foot (industry aver-age is between $150 to $300 per square foot). Multiply $275 per square foot by 100,000 square feet and you end up with $27.5 million in overall construction costs. The savings of $150,000 may appear diminutive compared to the cost of $27.5 million to build the project – but it’s a savings nevertheless.As previously stated, with the going rate of roughly 6 percent annual capitalization rate, the green / LEED® investments made by the owner and project team would add $2.5 million to the value of the building ($150,000 savings divided by 6% rate) – an increase of $25.00 per square foot compared to a investment of $4.00 per square foot. That’s a net increase value of $21.00 per square foot. The value of the LEED® project when completed would increase from $27.5 million to $30 million.In the end, when the building owner or developer arrives at the decision to sell their LEED® building on the market, it is the norm for green buildings to command 30% premium price over similar non-LEED® buildings due to the economic benefi ts they offer. It’s a matter of time before Class A offi ce buildings that do not attain LEED® certifi cation see their property value decline as LEED® is becoming the de facto benchmark in measuring quality in construction. This is an example of true value of green/LEED® buildings by long-term savings and solid returns on investments. Indeed, less is more.We will keep tracking the numbers, but LEED® buildings are where the future lies - The Empire State Building, which recently received LEED ® Gold Certifi cation is a testament to the trend.Sincerely,

Florence Block LEED Green AssociateExecutive Director USGBC NJ

Citations: U.S. Green Building Council, Making the Business Case for High-Performance Green Buildings (Washington, D.C.: U.S. Green Building Council, 2002); Green Building Through Integrated Design (Jerry Yudelson, Green Source / McGraw-Hill Construction, 2009)

Chapter Events

USGBC NJ Annual Holiday Party and Meet the Candidates 14-Dec-2011

6:00 PM • The Olde Mill Inn, 225 Route 202 (Morristown Road I-287, Exit 30B)

Basking Ridge, NJ 07920

Letter from the Executive Director

LEED CMP Workshop: LEED For NewConstruction (BD&C) - Credit by Credit

Review 15-Dec-2011 8:00 AM • NJ Carpenters Fund Training Center,

91 Fieldcrest Avenue, Edison, NJ 08837

For details on all USGBC-NJ events, visit www.usgbcNJ.org


GREEN BUILDINGS

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President

Jeff Smith,

Kriegman & Smith

Regional VP North Jersey

Brent Kohere,

Home Properties

Regional VP Central

William Dailey,CPM

CIS Management Inc.

Regional VP South

Joe Spadaccini

The Kamson Corporation

VP Associate Affairs

Ray Fiorica

AFR Furniture Rentals

Legislation VP

Michael C. Haydinger

First Montgomery Group, AMO

Treasurer

Lynne Aber

Bertram Associates

Secretary

Stephen Waters

Morgan Properties

New Jersey Apartment AssociationAdvance & protect the welfare of the apartment industry in NJ

ANNUAL CHILDREN’S HOLIDAY PARTY - NEW VENUE !!!

Save the Date - Monday, December 12, 2011

Mark your calendars for the 14th Annual Children’s Holiday Party, which will be held on

December 12th. This is a wonderful event where we provide a day of fun for over 1,000

underprivileged children.

Contact Niambi Ivery by e-mail:[email protected] or at 732-992-0606 for more information.

THANK YOU TO OUR 2011 HOLIDAY PARTY SPONSORS

HARTZ MOUNTAIN

THE KAMSON CORPORATION

FIELDSTONE PROPERTIES

KRIEGMAN AND SMITH

P. COOPER ROOFING

MASTERGRAPHX

AMERICAN ARCHITECTURAL WINDOW & DOOR

CENTRAL WHOLESALERS

AVALONBAY COMMUNITIES, INC.

AARON & COMPANY

GUTTER MASTER, LLC

MULTIFAMILY


2011 OFFICERSNEW JERSEY CHAPTER NO.1

PRESIDENTSCOTT DALLEY, CPM®

ACCESS PROPERTY MANAGEMENT, AMO®

VICE PRESIDENTLAWRENCE SAUER, CPM®

TAYLOR MANAGEMENT CO., AMO®

SECRETARYMARK PHILLIPS, CPM®

PHILLIPS ASSET MANAGEMENT CO., INC.

TREASURERMICHAEL FRIED, CPM®

BOSTON PROPERTIES

DELAWARE VALLEY CHAPTER NO. 3

PRESIDENTJODY DIMPSEY, CPM®

JLD MANAGEMENT GROUP

PRESIDENT-ELECTMICHAEL CARR, CPM®

WELLS FARGO WEALTH MANAGEMENT

VICE PRESIDENTJERRY NEILL, CPM®

CB RICHARD ELLIS CO., AMO®

VICE PRESIDENTRICH SKOCZYLAS, CPM®

AIMCO

VICE PRESIDENTSTEPHANIE BURG-BROWN, CPM® CANDIDATEBSA MANAGEMENT CORP., LLC

VICE PRESIDENTANNE-MARIE NIKLAUS, CPM®

MADISON APARTMENT GROUP

SECRETARY/TREASURERINGO KRAUS, CPM®

CITIZENS BANK

SOUTHERN NEW JERSEYCHAPTER NO. 101

PRESIDENTSANDRA E. CIPOLLONE, CPMINTERSTATE REALTY MANAGEMENT CO., AMO

VICE PRESIDENTDIANE WERSLER, CPM® CANDIDATEINTERSTATE REALTY MANAGEMENT CO., AMO®

VICE PRESIDENTMARIA AVERY, CPM® CANDIDATEMANHATTAN MANAGEMENT CO.

SECRETARY/TREASURERPATRICIA BALDT, CPM® CANDIDATEWESTGATE MANAGEMENT CO., INC.

WWW.IREM.ORG

Institute of Real Estate Management

IREM® Announces New 2012 Chapter Presidents

IREM New Jersey Chapter No. 1

Lawrence N. Sauer, CPM®, Executive Vice President, Taylor Management Company,AMO, AAMC, Whippany, N.J. Sauer has over 25 years of specialization in community association management, residential conversions, consulting, the formation of new communities as well as marketing and business develop-ment. Licensed as a real estate salesperson in New Jersey, Sauer has been a member of IREM since 1984 and has served as 2011 President-elect of NJ Chapter No. 1.

IREM Delaware Valley Chapter No. 3

Michael J. Carr, CPM®, Senior Real Estate Asset Manager, Wells Fargo Bank, Philadelphia, PA. Carr’s responsibilities include management of a diversifi ed portfolio of real estate assets under the Wealth Management Group of Wells Fargo. A licensed PA Real Estate Broker, Carr served as 2011 President-elect of Delaware Valley Chapter, and has held the offi ce of 2010 Secretary/Treasurer along with serving as 2008/2009 Vice President of Membership Outreach. He was awarded 2009 CPM of the Year by Del Val Chapter.

IREM Southern New Jersey Chapter No. 101

Sandra E. Cipollone, CPM®, Senior Vice President of Interstate Realty Management Company, a Member of The Michaels Organization, Marlton, N.J. Cipollone, a Certifi ed Public Accountant, has over 30 years experience in real estate accounting and property management and oversees a portfolio of 65 properties and four district managers. She has served as SNJ101 chapter President for 1998-1999 and again in 2010. She served as Secretary/Treasurer for 12 years and was awarded CPM of the Year by SNJ101 for 1994 and 2010.

Lawrence N. Sauer, CPM®

Michael J.Carr, CPM®

Sandra E.Cipollone, CPM®

MAREjournal.com Mid Atlantic Real Estate Journal — Contractors, Owners & Managers — November 25 - December 8, 2011 — Inside Back Cover C

C Back Cover — November 25 - December 8, 2011 — Contractors, Owners & Managers — Mid Atlantic Real Estate Journal MAREjournal.com

www.fdsnnj.com

Documents

11-25-2011 Mid Atlantic Real Estate Journal