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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 2 January 27 - February 9, 2012 Development of the Month: DBSi’s TekPark
Marcus & Millichap represent buyer & seller in $16.6m sale WP Realty sells Festival at Exton & Berkshire Square for $40.6 million
E
xton, PA—WP Realty announced the $24 mil- lion sale of Festival at
Exton. Festival at Exton is a 152,000 s/f shopping center. The center, originally con- structed in 1991, was rede- veloped in 2008 to expand the vacant Clemens box to 52,748 s/f to accommodate Marshalls / Home Goods. WP Realty also announced the $16.6 million sale of Berk- shire Square located in Wyo- missing. Berkshi re Square i s a 323,044 s/f shopping center an- chored by Wal-Mart, Redner’s Markets, and Staples. WP Realty purchased a 112,119 s/f portion of the property in August 2005, with an occu- pancy rate of 100% including Redner ’s in 51,335 s/f and Staples in 23,144 s/f. Through a difficult economic environ- ment, WP Realty has main- tained near 100% occupancy
20-21A
Economic Development Spotlight
Festival at Exton
at the center and has added long term stability to the asset by extending Redner’s term by 15 years through November 2020. Marcus & Millichap Real Estate Investment Services, Mark Taylor and Dean Zang, senior directors in the firm’s Washington, D.C. and Phila- delphia offices, represented
the seller, WP Realty, and the buyer, Paramount Realty Ser- vices Inc. “Berkshire Square is part of a larger nine-parcel condominiumproject known as Berkshire Square Condomini- ums,” said Taylor. “The shop- ping center is located within the condominium units and is shadow- anchored by Walmart and LA Fitness.”
“In addition to the complica- tion of the condominium issue, the property had a loan that needed to be assumed,” Taylor continues. “The assumption process was long and ardu- ous, but the seller and the buyer worked together to get through several obstacles pre- sented by the lender and the special servicer.” n
25-37A
Jeffrey S. Horowitz of Cooper-Horowitz arranges financing totaling $32.7 million
Max Spann to speak at Network Conference
Jeffrey S. Horowitz of Cooper- Horowitz, Inc. has arranged the financing totaling $32.7 million on the following properties: 1. 183-11 Hillside Ave., Ja- maica, NY: An existing apart- ment building containing 163
units, medical offices and on- site parking. The loan was for $6 .million 2. 31-19 Newtown Ave., As- toria, NY: An existing 10 story office building. The loan was for $12.7 million. 3. 633-647 Old Post Rd., Bed- ford Village, NY: An existing historic 3-story building with 25 apartments and 6 retail stores The loan was for $3.8 million. 4. 299 St. Marks Pl., Staten Island, NY: An existing 6 story apartment building containing 70 units. The loan was for $4 million. 5. 116-118 MacDougal St., New York, NY: Two 5-story walk up apartment buildings containing 38 units and 4 re- tail stores. The loan was for $5million. 6. 105 Ave. B, New York: mixed-use building containing 12 apartments and 2 retail stores. The loan was for $1.2 million. n
4A
Green Buildings........................................ 5-12A Owners, Developers & Managers. ......... 13-24A Economic Development......................... 25-37A Shopping Centers featuring ICSC Show....Section B Directory Upcoming Spotlight Property Management Spotlight February 10th Extra distribution at IREM Conference & Expo
www.MAREjournal.com
183-11 Hillside Avenue, Jamaica, NY
A Inside Cover — January 27 - February 9, 2012 — Mid Atlantic Real Estate Journal
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Real estate financing experts are easy to find...
$24,000,000 Multi-Family Rental Bethlehem, PA
$15,000,000 Office Building Summit, NJ
$22,000,000 Multi-Family Rental Morris Township, NJ
$4,550,000 Industrial Building Secaucus, NJ
$11,000,000 Office Building Iselin, NJ
When you know where to look. The current economy has everyone looking for ways to reduce costs. Refinancing your property can make a big difference. At The Provident Bank we make loan decisions locally. Why wait for someone in another state or time zone to review your application, process it and make their lending decision? Our commercial real estate specialists are right here where you are. We can build customized lending solutions to meet your needs and timeline. Custom solutions, local decision-making, quick turnaround – call us today and experience the Provident difference.
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Mid Atlantic Real Estate Journal — January 27 - February 9, 2012 — 1A
YRC Worldwide Directs
INDUSTRIAL PROPERTY AUCTION
61 SURPLUS CROSS-DOCK TERMINALS
Spec Buyers · Industrial Developers · Logistics Users
Salisbury, MD, Bangor, ME, Buffalo and Syracuse, NY,
Akron, Cincinnati and Toledo, OH, Erie, PA, Providence, RI,
Chesapeake, Danville & Richmond, VA,
North and South Carolina, and other locations coast-to-coast.
, Ê Ê-/ -ÊUÊ-/,/ Ê " /" - PRICED TO SELL QUICKLY!
Sealed Bid Deadline: March 15, 2012
800.747.3342 EXT. 1120
www.NRC.com/1120
2A — January 27 - February 9, 2012 — Mid Atlantic Real Estate Journal
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A Greener NJ............................................................ 6A Aegis Energy Services.............................................. 7A A-L Services, Inc. ................................................... 18A Aldo Design Group ................................................. 14A Allied Building Corp. ............................................. 30A All-Rite Construction ............................................... 8B Atloona Blair County ............................................. 33A Auction Directory ..................................................... 4A Barry Isett & Associates ........................................ 20A BEP......................................................................... 29A Bill Board Directory............................................... 40A BL Companies. ......................................................... 8B Brasler Properties ...............................................IBC-A BR Kreider & Son, Inc. ............................................ 2B Capitol Aerials.......................................................... 7A Carl Berger Associates........................................... 36A CBC Bennett Williams.......................................... IC-B Cooper Roofing ....................................................... 15A CREATE ................................................................... 8B D2CAArchitects LLC............................................. 21A Delmarpa Janitorial Svcs. ..................................... 16A E&R Properties. ..................................................... 14A Earth Engineering ................................................... 2B Final Flat Roof (Hudson Valley Coatings, LLC.).. 19A Fowler ..................................................................... 24A Gilbeaux Associates ................................................. 7A Greenville - Reynolds............................................. 34A H.T. Lyons............................................................... 21A Haftek CWS............................................................ 24A HESS ...................................................................... 14A Hylant Environmental............................................. 3B Interchange ............................................................ 31A IREM ................................................................. 22-23A Jersey City Economic Dev...................................... 27A Katz Properties ........................................................ 1B Lipinski................................................................... 13B M Miller & Son......................................................... 3A Marcus & Millichap. ................................................ 7B Mercer County........................................................ 26A Meridian Capital Group. ......................................... 3A Metro Commercial ................................................... 9B Mid Atlantic BC Directory..................................... 39A NAI Summit ................................................. 40A,FC-B Nave Newell ............................................................. 3B New Castle County, DE ......................................... 37A NJ Meadowlands Commission .............................. 28A NRC Realty & Capital Advisors .............................. 1A Ondra-Huyett Assoc. Inc........................................ 20A PennCap ............................................................... BC-A Penn’s Northeast .................................................... 35A Penn-Northwest Dev. Corp. ................................... 34A Poskanzer Skott Architects ................................... 16A Provident Bank ..................................................... IC-A RD Management LLC....................................... 10-11B Remco........................................................................ 3B Renewable Power ..................................................... 9A Retail BC Directory................................................ 15B Retail Brokerage Directory................................16-I7B ROCK Commercial................................................... 2B RT Environmental Svcs. ........................................ 32A Spillman Farmer Architects .................................. 30A Subway ..................................................................... 6B Sun Farm Network .................................................11A TRG........................................................................... 3B West Side Hammer Electric. ................................. 21A MAREJ A DVERTISERS D IRECTORY
Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist .......................................... Dennis A. Scardilli, Esq., MAI Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 2 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
Mid Atlantic Real Estate Journal
By Dennis A. Scardilli, Esq., MAI Tax Appeals & Real Estate Professionals - Perfect Together
N
o, I can’t say it with the Brahman accent of former New Jersey
Governor Thomas Keane, but I believe it with the same level of sincerity he put into those 1980s tourism ads. Not exactly Arnold and Maria, but then again, the dynamic of that, now shattered, relationship is not so different from the one between taxpayers and the tax appeal process. Without going into lawyer- speak, here’s what a real estate professional needs to know about the tax appeal sorted state of affairs (besides con- tinuing to read the MAREJ). Every municipality in New Jersey, and probably in the entire MAREJ publication area, relies primarily upon real estate taxes to fund their budgets. Real estate taxes rely on the market value of real property, as expressed in real property assessments. Real estate values have plummeted from when most assessments were set and values are still going south. As a result, the declining real estate market means that municipal budgets are tighter than the pants on the Jersey Shore cast. So, don’t expect a high five when you or your client file an appeal, but don’t take it personally. It gets worse. In New Jersey, the municipality is required to credit the taxpayer with the full amount of the real estate taxes when an assessment is reduced. By the time that judg- ment is rendered, taxes have already been paid.
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
While the municipality must credit the taxpayer with the full amount of overpaid taxes, the municipality does not get that money back from the school board and county. In many jurisdictions, the school board and county tax account for at least 50%, and perhaps up to 70 or 80% of the real property tax burden. To minimize the effect of this, you may want to cut a deal where a minimal reduction is granted in the current year, but more signifi- cant reductions are granted in subsequent years. New Jersey’s tax assessment and budgeting process is quill pen and green eyeshade in a digital world. Almost every one of the state’s 566 munici- palities has an assessor. Most of them are part time, with minimal and/or antiquated resources. Except for a few large jurisdictions, local gov- ernments cannot afford the high-tech valuation tools nec- essary to keep up with the real estate market. As a result, it is more diffi- cult for a municipality to keep up with changes in real prop- erty value than it is for anyone
over 21 to keep up with Kim Kardashian’s paramours. Many other state’s taxing jurisdictions utilize linear re- gression computer programs to track changes in market value and revise assessments annually. While that does not facilitate get-out-the-vote on Election Day, voters actually have the power to reward pub- lic officials for doing the right thing. What can a real estate pro- fessional do about the current state of affairs of real property assessments in New Jersey (and other MAREJ states)? 1) Do not feel bad about filing, or encouraging your clients to file, a tax appeal. Do not even feel bad if you are a municipal government official. Look at it this way. It is not the government’s money. It is the people’s money. 2) Make a realistic evalua- tion of whether or not the prop- erty is due a reduction in as- sessment. Do some homework, hire an appraiser and/or talk to an attorney who is familiar with the real property tax as- sessment appeal process. continued on page 3A
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Mid Atlantic Real Estate Journal — January 27 - February 9, 2012 — 3A
M ID A TLANTIC R EAL E STATE J OURNAL Hali of Resource Realty represents Sana Sleep Study Weiss Realty orchestrates two leases totaling 6,666 s/f E lease transactions totaling 5,316 s/f at Kennedy Medical Center with Sana Sleep Study, DISON, NJ — Jaime Weiss, managing mem- ber of Colonial Village
They wrote the policy.
We make sure they write the check.
Equity Company of New Jer- sey, the owner and prop- erty manager. “Our signing of these leases further confirms that Kennedy Medical Center is an attractive and highly desirable location for medical/ office tenants.” Kennedy Medical Center located at 3196 Kennedy Bou- levard is a 4-story art-deco building located off Rte. 3 in Union City, one of the nation’s most densely populated cities. The 100,000 s/f building now has 8,000 s/f of medical office space available. Situated in an Urban Enterprises Zone and zoned for most medical uses, the building features include treatment rooms with spacious waiting areas for patients and family mem- bers. ■
Assoc i ates and pres i - dent of Weiss Realty, the c e n t e r ’ s leasing and ma n a g i n g agent, has announced that Brook-
Inc. and Dr. JuanA. Gon- zalez, Surgi- cal Special- ist of North Jersey. Todd Hali, VP of Resource Re- alty repre- sented Sana
M. MILLER & SON Public Adjusters Since 1960
Jaime Weiss
Matthew Weiss
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 [email protected] ● www.mmillerson.com
lyn Boys Pizza & Deli has leased 1,350 s/f at Colonial Village Shopping Center lo- cated at Rte. 27 and Parson- age Rd. With this lease, the retail portion of The Shops at Colonial Village is now one hundred percent leased. UNION, NJ — Matthew Weiss, VP of Weiss Realty announced the signing of two
Sleep Study. Maria Zamora, president of the MedWin Group advised Dr. Gonzalez in the long-term lease trans- action. “We are very pleased with the signing of these newmedi- cal/office tenants to long term lease commitments” said An- drew Fish, managing member of TREECO, The Real Estate
Recent Financings Arranged By Meridian Capital Group
3) File timely. The statutory NJ tax appeal deadline is April 1 for municipalities in which a revaluation did not go into ef- fect (which meansApril 2, 2012 since April 1st is a Sunday). If there was a reevaluation, the deadline is May 1, 2012. 4) Treat the tax assessment continued from page 2A Tax Appeals & Real Estate Professionals - Perfect . . . process seriously and the tax assessor with respect. Don’t bring the tax assessor the competitive market analysis (CMA) prepared by your Re- altor brother-in-law at 3:30 PM on filing day. If you are a single-family homeowner, hire an appraiser and talk to the as- sessor. If you own commercial or industrial properties, hire a knowledgeable attorney and appraiser early in the process. Follow the MAREJ through- out the year for more on filing, and winning, real estate tax appeals. Dennis A. Scardilli, Esq., MAI, Admitted to Practice Law in NJ & PA. ■
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
8th Annual Special Edition spotlighting . . .
Receive a nomination form by e-mailing [email protected] or by calling 800-584-1062...
BEST of 2011
The
The Final Nomination Deadline is February 10, 2012
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
You are invited to participate in MAREJ ’s “BEST of 2011” Mid Atlantic R EAL E STATE J OURNAL will be hosting a “Best of the Best,” a “Who’s Who” of owners, brokers, developers, architects and financial institutions within the commercial real estate community.
MAREJ will be compiling information and selecting the: Largest office, Industrial & Retail Transactions of the Year
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Best Shopping Center Development of the Year 4 Best Developer of the Year Best Financial Institution 4 Largest Financial Transaction of the Year Top Brokers List 4 Top Owners List Most Innovative Architect 4 Best Renovation Project
Help us select the Best of 2011! Send in your submissions today or call for an application form
800-584-1062 x203 FAX : 781-871-5299 Email : [email protected] MAREJ’s Best of 2011 is a juried competition based on submissions and nominations from MAREJ’s commercial real estate community. Winners will be selected based on company size (# of employees) and size of the deal/transaction. Top brokers will be selected based on largest deal for 2011. Submissions from Mid-Atlantic states will be judged in separate categories.All are welcome to participate.
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4A — January 27 - February 9, 2012 — Mid Atlantic Real Estate Journal MARE journal.com M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS
3rd Annual Real Estate Conference MaxSpann to speak at IMN Conference
HICAGO, IL—NRC Realty & Capital Advisors, LLC, an- To coordinate sale of 62 industrial sites YRCWorldwideretainsNRC Realty & Capital Advisors C
NEW YORK, — President and Chief Executive Officer Max Spann, of Max Spann
an industry leader in acceler- ated marketing and consulting services since 1890. Spann will discuss real estate auctions for bank- owned properties as the most efficient way for finan- cial institutions to dispose of their non-performing assets. The Information Manage- ment Network’s (IMN) series of Bank and Special Asset Forums on Distressed Real Es- tate addresses issues such as single asset vs. portfolio sales, FDIC sales, selling assets in a bankruptcy setting, selling to foreign buyers, collecting and enforcing judgments as well as many other issues. IMN hosts 15 real estate conferences a year where panelists discuss critical real estate issues. ■
Real Estate and Auction C o m p a n y, will address the 3rd An- nua l Bank and Finan- cial Institu- tions Special Asset Execu- tive Confer-
nounced that it has been retained by YRC Worldwide to coordinate the sale of 62 surplus cross-dock industrial sites located throughout the country. Geographically, the sites are primarily in the Southeast and Midwest with the remaining sites in New England, TX and LosAngeles, CA. While the sites are im- proved with cross-dock termi- nals, they are also adaptable to a variety of industrial, and in some cases retail, uses. YRC Worldwide has one of the largest less-than-truck- load (LTL) networks in North America YRC Worldwide has designated these sites as surplus and has closed the facilities over the past several years. “Our vacant sites are cur- rently a liability with sub- stantial holding cost, mainte-
828 Seaboard Ave. in Chesapeake, VA
nance and real estate taxes”, said Jamie Pierson, chief financial officer of YRCWorld- wide. “We have chosen the auction process to monetize these properties and turn a liability into an asset which can be quickly reinvested in our business. Some of these sites have been on the market for over three years, and YRC Worldwide is marking them down to sell”. The properties will be sold through NRC’s sealed bid format. The bid deadline has been set for March 15, 2012. To view property specific in-
formation and to receive sale updates, register online visit the NRC website. “This sale offers some great opportunities” said Evan Gladstone, NRC’s executive managing director. “While the demand for industrial real estate has been gradu- ally improving over the past 12 months, many of the sites will likely sell to smaller or other types of trucking users, investor buyers and for adap- tive reuse. We expect interest from adjacent property own- ers, industrial developers and opportunistic investors.” ■
Max Spann
ence on Real Estate Workouts which will be held onMarch 12 and 13 at the Hotel Marriot in downtown New York City. Spann will discuss real es- tate auctions for bank-owned properties as the most efficient way for financial institutions to dispose of their non-per- forming assets. Max Spann, Real Estate & Auction Co., a multifaceted national real estate company and auction house, has been
Mid Atlantic R EAL E STATE J OURNAL
N E W J E R S E Y • P E N N S Y LVA N I A • D E L AWA R E • M A RY L A N D • W A S H I N G T O N D . C . • V I R G I N I A • Auctioneers Directory
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Dixon’s Auction House 2426 New Dorset Circle, Powhatan, Va . Auction Every Wed. At 4pm Live In Gallery & Live Webcast also Online only Auctions
Richard G. Warner, President NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710 Website: www.WarnerRealtors.com
We Sell On Consignment— Estates, Gold, Silver, Autos, Tools, Collectibles, Jewelry, Coin’s, Paper Money, Antiques, Real Estate, Land Or Any Thing Of Value ONE CALL DOES IT ALL 804-683-0133 www.dixonsauction.com
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Please contact Mr. Kelly Strauss for more information 40 CARRIAGE HILL LANE, FREDERICKSBURG, VA 22407 NICHOLLS AUCTION MARKETING GROUP (540) 226-1279 www.nichollsauction.com
www.AuctionBrokers.net 410-426-2622
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Mid Atlantic Real Estate Journal — January 27 - February 9, 2012 — 5A
G REEN B UILDINGS M ID A TLANTIC R EAL E STATE J OURNAL
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Mid Atlantic Real Estate Journal — January 27 - February 9, 2012 — 5A
OLUMBIA, MD—Lib- erty Property Trust today announced it has Also ranked in the top three among 64 Liberty Property Trust earns Energy Star Cert. C
By Mike Mumper, High Construction If LEED is green, Why am I operating in the Red?
When building owners and developers think about sus- tainability and saving en-
simply having a commission- ing plan and providing the resulting documentation, not necessarily from acting on any of the findings. The NBI study does indicate that projects that achieved LEED points for performance measurement showed better energy performance than the average sample group as a whole. Performance measure- ment provides the ability for system performance monitor- ing on an ongoing basis. Sug- gested changes in the LEED process for 2012 continue to emphasize these options. How- ever, without involvement from the building operator, simply having the ability to monitor performance does little, if no one is actually monitoring or knows what to look for. Does this mean that LEED design and certification pro- vides no value? Absolutely not. The LEED process addresses the sustainable aspects of the building process. Owners of LEED buildings have been rewarded for use of building sites that would have otherwise been considered unsuitable. Similarly, local sourcing of building materials has reduced the carbon footprint of the building process itself. Water conservation and recycling are also significant pieces of the process as well. However, what may gain points on a LEED score card may not be the right solu- tion for your building. More- over, simply choosing LEED as means of showing environmen- tal stewardship can provide mixed long-term performance results. Following these tips will help to assure that you get the maximum benefit from the LEED process: • Stay involved in the process to understand the basics of the design • Engage an owner’s repre- sentative that understands building operation, building performance, and building construction • Use the knowledge gained from the first two steps to es- tablish criteria for monitoring your building’s performance so you will know, in real time, continued on page 6A
ergy in new construction, t h e y t y p i - cally think LEED. The US G r e e n B u i l d i n g Council de- veloped this certification
added Energy Star certifica- tion at a sixth building in it Maryland region, the 71st in its national portfolio. The office building is located at 9770 Patuxent Woods Drive in Columbia. “Our experience has been that Energy Star buildings are saving on average more than a third of energy costs when compared to traditional buildings, and these are sav- ings that pass directly to our tenants when they pay their energy bills,” said Lisa Sul- livan, vice president and city manager, Liberty Property Trust. “We remain focused on proactively managing energy efficiency and are working to certify as many of our build- ings as possible.” Five Liberty buildings in Maryland were Energy Star recertified earlier this year. These include 4 North Park Drive (North Park Business Community) and 307 Interna- tional Circle (Longview Busi- ness Center,) both in Hunt Valley, and 6220 and 6230 Old Dobbin Lane (Columbia Cross- ing) and 9755 Patuxent Woods Drive (Patuxent Woods Busi- ness Center) in Columbia. Across the nation, Liberty has received Energy Star cer- tification for 71 buildings in 14 regions from Philadelphia to Florida, Illinois to Arizona. Buildings are measured on a points system that consid- ers energy use, location, size, weather patterns and sev- eral operating characteristics. Those that receive a score of 75 points or more (out of 100) are honored with the designa- tion. Energy Star was introduced in 1992 as a voluntary, mar- ket-based partnership to re- duce air pollution through increased energy efficiency. Today, in partnership with the Department of Energy, the program offers businesses and consumers efficient solutions to save energy, money and help protect the environment for future generations. More than 17,000 organizations have be-
Mike Mumper
process to provide indepen- dent, third-party verification that a building is designed and built using strategies aimed at achieving high performance in key areas of human and environmental health: sustain- able site development, water savings, energy efficiency, materials selection and indoor environmental quality. It would stand to reason that a project certified by the USGBC LEED program would achieve maximum energy per- formance. But, the two are not necessarily mutually in- clusive. A study conducted a few years ago by New Buildings Institute (NBI), White Salmon, WA, showed that about half of the projects certified by the USGBC LEED program that were included in the study did not meet EPA-certified ENERGY STAR certification criteria. ENERGY STAR scores are used to assess a building’s energy performance, and are based upon building type, size, and a minimum of one year of energy use >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22-23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64
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