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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 26 Issue 2 Jan. 31 - Feb. 13, 2014 Economic Development Spotlight
Holland and Weilheimer represent parties in the transaction Kislak completes $14.75 million sale of Greentree Village Apartments
C
and mezzanine loans for a wide range of commercial properties including multifam- ily, office, retail, industrial and healthcare facilities primar- ily in New York, New Jersey and Connecticut, announced that it recently arranged two multifamily loans for a total of $5.18 million. “These deals, which range from New Jersey to Texas, are indicative of our versatility and experience as a mortgage broker,” said Mark Scott , founder and president of Com- mercial Mortgage Capital. “Though we do most of our business in the Northeast and Mid-Atlantic regions, being in touch with the capital markets every day allows us to find the best loan product for our bor- rowers’ appetites - wherever their properties are located.” CMC arranged a $3.1-mil- lion fixed-rate, first mortgage loan for an 80-unit apartment complex in Cedar Park, TX. “Greentree Village was a distressed property that of- fered a purchaser a value- added opportunity to reposi- tion it in a strong market,” said Holland. “Most of the nearby competitive properties operate in the 95% occupancy range. Greentree is well lo- cated with very good floor plans. The purchaser plans extensive renovations and up- grades including new kitchens and bathrooms and installing washers and dryers in each unit. These improvements and the property’s other amenities will make Greentree competi- tive with other area proper- ties and a desirable home for tenants.” The seller was led by an af- ways including Routes 95 and 495, easily commutable to Philadelphia andWilmington, DE. Amenities include a club house, storage facilities and playground.
LAYMONT, DE — The Kislak Compa- ny, Inc. announced the
$14 , 750 , 000 sale of Green- tree Vi l lage Apartments, a 286-unit apart- ment complex in Claymont, DE. President and co-manag-
Robert Holland
ing director Robert Holland and senior vice president Matt Weilheimer represented the parties in the transaction. Greentree Village Apart- ments is an all-brick, well landscaped property with on-site parking situated in a residential neighborhood of Claymont, which is a suburb of Philadelphia. It includes 88 one-bedroom apartments, 169 two-bedroom apartments and 29 three-bedroom apart- ments in eleven buildings. It is located near major high-
Greentree Village Apartments
filiate of a large international insurance company that fore- closed on the property and engaged Kislak on an exclu- sive basis to market and sell it. The purchaser was The Galman Group , a longtime Kislak client. “The Galman Group is an experienced mul- tifamily owner and operator that owns in the area and will surely make the property a great success,” added Hol-
land. The property has since been renamed the Edge at Greentree. Financing was provided by M&T Bank . The seller was represented by Michael Roth of Sheppard, Mullin, Rich- ter &Hampton, LLP and the purchaser was represented by Howard Grossman, Esq. of CozenO’Connor . At the time of closing, the property was 92% occupied. n
Section A Healthcare
Two apartment complexes in Cedar Park, TX & Roselle, NJ Commercial Mortgage Capital arranges two multifamily loans totaling $5.18m
9-10B Mid Atlantic ICSC
Conference & Deal Making
The 10/30 loan was placed with a correspondent life com- pany lender.Buttercup Creek Apartments is a mix of seven one-bedroom and 73 two-bed- room apartments for a total of 65,200 rentable s/f. The garden apartment complex consists of 20 two-story buildings situ- ated on 4.81 acres. Located just 17 minutes from downtown Austin, TX, Cedar Park is now the third largest city in the Austin area with a population exceeding 54,000 within its city limits. The property is easily acces- sible from highway 183 and within walking distance to stores, restaurants and medi- cal offices. It is also in close proximity to ACC, Concordia, and Lakeline Mall. In addition, CMC recently arranged a $2.08-million fixed- rate loan for a modern garden style apartment in Roselle, NJ. The loan was placed with a local New Jersey bank. The
LIVINGSTON, NJ – Mark Scott’s Com- mercialMort- gage Capi - tal (CMC) , a leader in real estate finance that arranges p e rman e n t , construction Mark Scott
5-14C
147 East 5th Ave
property, which features 20 one-bedroom and four two- bedroom units, is located in Central New Jersey, which of- fers year-round outdoor activi- ties and recreational offerings and is currently experiencing an uptick in service-oriented employment opportunities such as leisure and hospital- ity. 147 East 5th Ave. is located in close proximity to major roadways including the Gar- den State Parkway, New Jer- sey Turnpike and Routes 1 & 9, as well as a variety of shop- ping and dining options. n
Directory
People on the Move.............................. 18A Owners, Developers & Managers..Section B Green Buildings............................. 13-19B Shopping Centers................... Section C
Upcoming Spotlight February 14th, 2014 Property Management
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Inside Cover A — January 31 - February 13, 2014 — Mid Atlantic Real Estate Journal
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WANTED 150 Acres for a 800,000 square foot Manufacturing Plant Needed: 40 Megawatts of Electricity, Natural Gas and 1.5 million gallons of water and sewerage Level Land is ideal with rail access to a major highway
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Accutech Environmental.............................................16B AKRF........................................................................... 14B All Rite Construction..................................... IBC-A & 9C Altoona Blair County.................................................. 12A AMC Fire..................................................................... 10B American Architectural................................................ 1B Azarian Group. .........................................................BC-C Bennett Williams.......................................................... 3C BL Companies............................................................... 6C Calkain Companies....................................................... 7C Capitol Aerials.............................................................. 2B Earth Engineering...............................................2B & 4C Eastern Union............................................................... 5C Elliott Lewis................................................................ 16B EMCO.......................................................................... 10C Entech Digital Controls.............................................. 15B Exchange Solutions. ..................................................... 1A Fowler.......................................................................... 19B G&C Electric................................................................. 8B Genova Burns..............................................................12B Gilbeaux...................................................................... 14B Greater Newark............................................................ 8A Greater Reading Economic Partnership...................... 6A Griffinland................................................................... 15A Haftek............................................................................ 2B Henry’s RE................................................................. IC-A Hollenbach Construction.............................................. 9B Hylant Group ................................................................8C IREM....................................................................... IBC-B Jewel Electric................................................................ 3B Jottan. ......................................................................... 11B Lee & Associates............................................................7A M. Miller & Sons........................................................... 4B Marcus & Millichap ................................................. BC-A McMahon........................................................................4C Mercer County.............................................................. 7A Metro Commercial........................................................ 2C Michael Baxter & Associates........................................ 2C MSB............................................................................... 7B NJAA........................................................................... 19B NJSS.............................................................................11A P. Cooper Roofing......................................................BC-B Penn’s NE.................................................................... 13A Penn’s NW................................................................... 14A Poskanzer Skott.............................................................3B Preferred Construction Mgmt...................................... 6B Professional Women in Construction........................... 4B Rational Contracting.................................................... 5B RD Management...................................................... IC-1C RT Environmental........................................................ 9A Singer Financial. .......................................................... 3A Subway........................................................................ 13C Transportation Resource Group................................... 8C MAREJ A dvertisers D irectory
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Publisher/Senior Account Executive ................................. Elaine Fanning Section Publisher .................................................................... Steve Kelley Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Contributing Colomnist .......................................................Adam Kleeman Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 25 Issue 22 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 Adam Kleeman
Strategic Choices Maximize Green Investments
G
reen, renewable, sus- tainable; they’re all big buzzwords in to-
day’s real estate market. From our experience working with real estate owners, developers and property managers, we’ve found that strategic investment in green energy products and services can provide opportuni- ties to increase the profitability of both new and existing prop- erties. Many of the energy saving products and services available today allow for the reduction or even the elimination of equip- ment traditionally needed to complete new construction or restoration of an existing property. These products and services are designed to save so much in energy costs that they pay for themselves over an increasingly short time frame, thereby reducing total capital costs for the project. In addition to cost savings and increased profitability, integrating green energy prod- ucts and services into new construction or renovation projects can help to reduce the negative environmental impact of building, while at the same time improving the health and well-being of occupants. It seems like a win-win sce- nario, but how do you deter- mine which green building products and services are most appropriate for your project? To get the most out of your investment in green building products and services, focus on features that will help your project earn Leadership in En- ergy & Environmental Design (LEED) certification. Developers of new construc- tion are focused on LEED cer- tification because it is quickly becoming standard. Any de- PHILADELPHIA, PA — NAI MERTZ has just an- nounced the sale of a 24,000 s/f institutional facility at 6632-46 Bustleton Ave. in Northeast Philadelphia. Rick Gordon and Marc Cutler are the bro- kers at Mertz who negotiated the transaction of the former synagogue between Bustleton
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
veloper not focused on LEED certification or incorporating green energy solutions risks falling behind the competition. Those developers working with existing properties are also managing their renovations with LEED certification in mind. Getting certified allows real estate owners, developers and managers to take advantage of a number of state and lo- cal government incentives. As the number of tax incen- tives and credits continues to grow, LEED certification will also continue to build interest among prospective tenants in new or renovated properties. LEED certifications range from certified to silver, gold and platinum. When aiming for LEED certification of a new or existing building, make sure you’re hiring experienced, LEED-accredited service pro- viders who can help you get the highest rating. Their deep understanding of LEED re- quirements will help guide you through the different levels and various credit categories. The right service provider should provide recommendations on how to earn LEED credits without incurring additional expenses and identify ways to offset certain costs by saving costs in other areas. Look for Realty, LLC and the new own- er, Kingdom Empowerment International Ministries. Sale price is undisclosed. The Min- istries provides mentoring, life coaching and consulting servic- es, and with this purchase they will be able to expand their educational and community outreach programs. n
service providers who have a track record of helping proper- ties become more efficient and save on utilities. On the product side, the most effective ways to satisfy green building requirements include energy efficient lighting, solar panels and HVAC improve- ments. Solar panels can offer a huge savings. While the initial investment can be fairly significant, repayment on solar panels takes an average of only three to four years, depending on the size of the building. If the energy savings from solar panels means you can cover the cost within five years, then everything from that point for- ward is pure profit. Upgrading HVAC to modern standards will help to achieve the energy savings the owner demands and the efficiency that tenants expect. In short: green is good. But being strategic about what makes the most sense for your property is key to taking ad- vantage of the benefits of LEED certification and maximizing your return on investment in green products and services. Adam Kleeman is a part- ner in CohnReznick’s Com- mercial Real Estate Indus- try Practice. He is based in the Firm’s Baltimore, MD office. n
Gordon & Cutler of NAI Mertz negotiate sale of 24,000 s/f synagogue in Northeast Philadelphia
To advertise, call 1-800-584-1062
6632-46 Bustleton Ave.
Mid Atlantic Real Estate Journal — January 31 - February 13, 2014 — A
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M id A tlantic R eal E state J ournal Tillsley announces top closings in 2013 CORFAC Int’l. announces year-end transactions
UPCOMING SPOTLIGHTS!
FEBRUARY 14 PROPERTYMGMT. & IREM CONFERENCE AND EXPO DEADLINE: FEB. 7
F
ALLS CHURCH, VA — CORFAC Inter- national 2014 presi-
dent Robert Tillsley, SIOR , announced top transactions that closed prior to the end of 2013. Detroit, MI: Jason Capi- tani, SIOR, CCIM and Gar- ry Rogers of Troy-based L. Mason Capitani/CORFAC International represented the buyer of a 438,860 s/f free- standing industrial building in Warren, MI. In a major expan- sion, Isabella Ventures LLC purchased the property, located at 21439-21445 Hoover Rd., from AIC Ventures LP. Seattle, WA: Brian Bru- ininks, CCIM , and Dave Baumer of Seattle-based The Andover Co./CORFAC Inter- national represented building owner Morgan Stanley Real Estate in the lease of 135,300 s/f to Coast Aluminum and Ar- chitectural, Inc. The industrial building is located at 18805 80th Place South, Kent, WA. Atlanta, GA: Alan Joel, CCIM and Dan Granot, SIOR , of Atlanta-based Joel and Granot Real Estate/ CORFAC International rep- resented the buyer, SCPAcqui- sitions, LLC, D/B/ASouth City Partners in the acquisition of 5.17 acres of land from City Shopping Center, Inc. for $5 million. The property is located at the corner of 10th Ave. and 15th St., Tuscaloosa, AL. South City Partners plans to build student housing on the site. Chicago, IL: In a two-state transaction between a private equity fund and a private in- vestment LLC that involved three properties, Steve Podol- sky, SIOR , Randy Podolsky, SIOR , AlissaAdler andA dam Tarantur, CCIM , of Chicago- based Podolsky|Circle COR- FAC International were the only brokers/advisors involved in an investment sale and leaseback of the properties. The assets, which total approx- imately 243,000 s/f of indus- trial facilities, are located in Bensenville, IL and Valparaiso and Elkhart, IN. Milwaukee, WI: Samuel M. Dickman Jr. and Samuel D. Dickman of Milwaukee-based The Dickman Company/ CORFAC International rep- resented building owner CJF2 LLC in a 58,500 s/f lease to Fe- dEx Ground Package System Inc. The industrial property is located at 5110 S. 6th St. in Milwaukee. n
FEBRUARY 28 COMMERCIAL OFFICE PROPERTIES DEADLINE: FEB. 14
SUBMIT ARTWORK AND ED ITOR IAL TODAY ! EMAI L LCHR I STMAN@MAR EJOURNAL .COM
18805 80th Place South Kent, WA Photo Courtesy of CORFAC Group
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Mid Atlantic R eal E state J ournal S polight Economic Development We are committed to ensuring Delaware is a place where innovation and the entrepreneurial spirit thrives, and one where businesses of all sizes can grow and build into the future. Our economic development focus is aimed at bringing in new businesses on the cutting edge of technology, while also growing and educating our workforce to accommodate those new and growing employers. We have been proud of the effectiveness of our D elaware Mid Atlantic Real Estate Journal — Economic Development — January 31 - February 13, 2014 — 5A Dear Friends: I am pleased to address commercial real estate professionals throughout the Mid Atlantic N ew J ersey
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States in this issue of the Mid Atlantic Real Estate Journal.Under the oversight of Lieutenant Gov- ernor KimGuadagno, the New Jersey Partnership for Action has made tremendous strides in revital- izing our state’s economy. The Partnership’s three agencies - Choose New Jersey, the Business Action Center and the Economic Development Authority - have attracted new business and helped exist- ing businesses thrive by focusing on relationship
business financing strategies and programs that have helped companies relocate to or expand in Delaware, even in the difficult economic climate of the past few years.
Governor Markell
Governor Christie
Delaware continues to be one of the lowest business cost locations with one of the best tax climates in the nation, and we are planting the seeds of our economic future now by focusing on goals with far-reaching, long-term economic impact. Improving education and developing renewable energy have been top priorities since my administration took office in early 2009. Delaware is the home of tax-free shopping, five-star beaches, acres of preserved natural beauty and a rich history captured and documented museums and sites. Our strengths are aerospace and aviation, green and material sciences, biotech- nology and banking and financial institutions, but our backbone is also the small start-up or the 50-year-old mom-and-pop company. On behalf of the State of Delaware, I extend my best regards and wishes to the commercial real estate professionals of New Jersey, Pennsylvania, Delaware, Maryland, and Virginia. I look forward to your continued success as an industry and working with you to continue to grow the First State’s economy.
building and person to person outreach, promoting the state’s incentives and resources, developing pro-growth policies and assisting businesses in navigating state government and programs. In addition, we have reduced administrative red tape, restrictive mandates and prohibitive taxes to make New Jersey’s business climate more favorable. As the Garden State recovers from the devastation of Super Storm Sandy, I am encouraged by the resolve of its citizens and business owners. New Jer- seyans have endured and I am confident that we will rebuild - stronger and better than ever. I look forward to working with all those affiliated with the real estate profession on investing in our shared future. Best wishes to all for a successful year.
Sincerely, Chris Christie Governor
Sincerely, Jack A. Markell Governor
P ennsylvania
V irginia
It is my pleasure to extend my best personal regards and appreciation to the real estate professionals of the Mid-Atlantic Region. I commend you for contribut- ing to the vitality of the Commonwealth’s economy and for working towards a more prosperous future for Pennsylvania and our neighbors. The Common- wealth remains committed to economic growth and job creation for our state’s citizens. My administration recognizes that growing the private sector is the only way to accomplish these goals. I am confident that
Virginia: Open for Business The Commonwealth of Virginia was founded as a busi- ness venture more than 400 years ago, and that legacy continues today as Virginia remains the top state in which to do business, as rated by several independent industry publications. Virginiacontinuestoearnaccoladesandattractbusinesses from around the county and around the world because of our pro-business environment that offers lower operating costs, a stable six percent corporate income tax that hasn’t increased since 1972, property tax exemptions, a highly skilled and available workforce, strategic location at the heart of the East Coast, and one of the lowest combined state/local/use taxes at five%.
Governor Corbett
Governor McDonnell
you share my passion for creating economic growth and I look forward to continue working with you in the years ahead to better serve Pennsylvania’s citizens and make our region an attractive place for businesses to grow and succeed. As Gov- ernor, and on behalf of all Pennsylvanians, I am pleased to extend my best wishes to the real estate professionals of Pennsylvania, Delaware, Virginia and New Jersey for continued success in growing the economy in our state and our region.
Virginia also offers a variety of performance-based incentives that it uses to attract and retain business investments and to attract new jobs to the Commonwealth. From tax credits to tax exemptions, Virginia continues to demonstrate its willingness to invest in those who invest and reinvest in the Commonwealth. Virginia has one of the country’s most technically advanced, on-line site selection search tools—VirginiaScan.VirginiaScanallows companies to searcha >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 Page 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 Page 65 Page 66 Page 67 Page 68
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