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Title Insurance Spotlight ISSUE HIGHLIGHTS Volume 25 Issue 19 October 11 - 24, 2013
On Richmond’s $110 million Gateway Plaza Project Hirschler Fleischer Commercial Real Estate team provides counsel
R
ICHMOND, VA — Hirschler Fleischer announced its involve-
Jones estimates that the project will generate 812 construction jobs with more than $50.7 mil- lion in wages. “Wo r k i ng c l o s e l y wi t h Hirschler Fleischer has enabled us the opportunity to incorpo- rate innovative and mutually- beneficial legal and financial approaches that benefit the City of Richmond, its residents and the businesses who operate there,” said Larry Chapman, principal of Clayco. Dan Siegel of SandsAnder- son also represented Clayco Inc. in the legal work related to the city’s issuance of bonds. Paul Macon and David Orwick of the St. Louis office of Thompson Coburn , rep- resented Clayco in connection with leasing matters and the construction loan financing for Gateway Plaza. ■ and large funds (such as pri- vate equity or pension funds) in particular are among the most active investors in single tenant net lease properties, which are also attractive to 1031 Exchange buyers.” “We saw the current market climate as being an advanta- geous time to capitalize on the demand for high-quality, long-term leased assets in solid locations, and are extremely pleased to have been able to complete this transaction with Inland”, said Profeta. CBRE executive VP Ster- ling Champ , one of the lead- ers of CBRE’s Net Leased Property Group, brokered the transaction on behalf of Profeta. Stated Champ: “We were pleased to assist Paul V. Pro- feta andAssociates on this im- portant transaction. The qual- ity of the properties attracted a strong buyer pool, and we were fortunate to be able to work with Inland Real Estate Acquisitions as the ultimate buyer of the portfolio.” ■
also signifies a turning point in our local economy. The col- laboration between the City of Richmond and the developer, Clayco, is reflective of the private-public commitment to revitalizing downtown.” The City of Richmond is financing construction of the public portion of the develop- ment’s parking garage through the issuance of general obliga- tion bonds that will be paid primarily by incremental gains in real estate taxes. Gateway Plaza, located on the site of a former parking lot fronting Canal Street between Eighth and Ninth streets, is slated for completion at the end of 2014. The 18-story office tow- er includes 315,000 s/f of office space, 14,000 s/f of retail space and over 500 parking spaces. Richmond Mayor Dwight C.
ment in the downtown Rich- mond commercial develop- ment, Gateway Plaza. The firm’s commercial real estate team represented Chicago- based developer Clayco, Inc., in the legal and government relations work required for the acquisition of multiple land parcels, closure and vacation of a public street, creation of a commercial condominium and ground lease structure, a master development agreement and other contracts, easements and municipal requirements for the $110 million project. Hirschler Fleischer partners involved in the project include Brian Jackson and Michael Terry . “Gateway Plaza is a land-
Gateway Plaza
mark property that represents the growth of downtown Rich- mond,” said Jackson. “Not only does the project create new jobs – both short-term in the development stages and in the long-run, thanks to the retail, restaurant and commercial leasing space created – but it
14-16A
Southern NJ Spotlight
To Inland Real Estate Acquisitions for $60 million Paul V. Profeta & Associates completes sale of 12 Walgreens-occupied properties
5-15B
Eastern PA Spotlight
WEST ORANGE, N J — Paul V. Profeta and As- sociates announced that the
company has c o mp l e t e d the sale of 12 properties in nine states to Inland Real Estate Ac- quisitions . The proper-
5-12C
Paul Profeta
Directory
DelMarVa ..........................................5-8A New Jersey .................................Section B Southern New Jersey....................... 5-15B Pennsylvania ..............................Section C Eastern PA ....................................... 5-12C
Walgreens stock photo
ties, all of which are occupied under long-term leases with theWalgreens pharmacy chain, were sold for $60 million. The Walgreens leases are 75 years in duration with Walgreens maintaining the right to cancel after 25 years. The properties are located in Illinois, Kentucky, Michigan, Minnesota, Missouri, Mon- tana, North Carolina, Ohio and Texas. “Single tenant leases that
are triple net and leased by a credit worthy tenant such as Walgreens are extremely appealing and very fungible, much more so than typical commercial real estate,” said Paul Profeta , principal of Paul V. Profeta and Associ- ates. “There is a very large, vibrant market for these types of assets, which are the least management-intensive com- mercial properties to own. Real estate investment trusts
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2A — October 11 - 24, 2013 — Mid Atlantic Real Estate Journal MAREJ a dvertisers d ireCtorY A Greener NJ................................................... 21A Asset Preservation .......................................... 10A Bayshore Recycling ........................................... 4B Benchmark Construction Co. ........................... 2C BL Companiesq ................................................. 9C Bohler Engineering........................................... 8C Brasler Props.................................................. IC-C Bussle Realty Corp............................................ 1B Campanelli Construction.................................. 8B CAMPBELL....................................................... 2C CBRE ............................................................... 12B Cenova ........................................................... FC-C Commercial Choice Realrty ............................ 13C Conestoga Title Insurance.............................. 16A Cooper Horowitz................................................ 1A Cushman & Wakefield .................................... 13B Deerwood Real Estate Capital ....................... 16B Earth Engineering ............................................ 7C Equity Realty Brokers .................................... 13C Exchange Strategies Corp. ............................. 13A Feinberg RE Advisors ..................................... 21A FORTNAAuctioneers ....................................... 4A Gebroe-Hammer Associates.............................. 3B GFCIB.............................................................. 18A GREP ................................................................. 6C Griffin Land....................................................... 9C Harvey Hanna & Associates............................. 8A Hawley Realty ................................................. 12C Heller Industrial Parks .................................... 4B Hinerfeld............................................................ 1C Kaplin | Stewart............................................... 2A Keast & Hood Co. ............................................ 15C Land Dimensions Engineering....................... 14B Landcore Engineering COnsultants ................ 9C Langan............................................................... 4C M. Miller & Son................................................. 3A Madison Capital ................................................ 6A Mericle ...........................................................BC-C Meridian ......................................................... IC-B NAI CIR............................................................. 3C NAI Keystone .................................................... 5C Nave Newell .................................................... 15C NorthMarq....................................................... 10C PennCap Props.................................................. 9C POA NJ ............................................................ 19B Poskanzer Skott Architects ............................ 16B Productive Painting .......................................... 2B Real Property Capital ..................................... 21A Regal Bank ............................................ BC-A,17B Revoltagen ....................................................... 21A SEBCO............................................................... 2B Security Resources .......................................... 19B Sheldon Gross Realty........................................ 3B Singer Financial...............................................11A SNJ AI ........................................................ 10-11B Sorce Cos .......................................................BC-B Spencer Savings Bank ...................................... 9B The James Balliet Commercial Group............. 2C The Kislak Co. ................................................. 17B Thompson Management ................................... 2B TTI Environmental ........................................... 7B Verrill Dana LLP............................................. 14A WCRE ................................................................ 6B Whitesell...................................................... IBC-B
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal e state J ouRnal Publisher ............................................................................ linda christman Publisher ............................................................................... Joe christman Publisher/Senior Account Executive ................................. elaine fanning Section Publisher .................................................................... Steve Kelley Section Publisher ...........................................................Janine Hennessey Senior Editor/Graphic Artist .................................................Karen Vachon Production Intern .........................................................................Julie King Office Manager ................................................................... Joanne Gavaza Guest Columnists ............................. Stan freeman, Scott Hartstein, Sanford Herrick, pamela a. michaels, esq., Steve milona and Brent Shaffer esq. 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. 25 Issue 19 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY mare Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
By Sanford Herrick, Steve Milona & Scott Hartstein A Window of Opportunity,” Particularly for Transitional Assets
T
he supply of real estate properties will continue to grow, more
assets are changing hands, increased competition for those assets has begun to drive up values and interest rates have started to rise. The bottom line for situational lenders, as well as owners and developers, is that the next few years will continue to provide a window of opportunity. This commercial real estate market investment forecast for the remainder of the year and 2014 is being offered by the principals and co-founders of Case Real Estate Capital LLC, a private direct lender whose middle-market situ- ational lending platform tar- gets transitional assets. Case also has the ability to purchase sub and non-performing loans direct from lenders. In the following commentary, managing principal Sanford Herrick and principals Steve Milona and Scott Hartstein provide a forecast for the highly
profitable opportunities ahead as traditional and institutional lenders continue to shed their sub- and non-performing loan portfolios. Q: Has the pace and height- ened volume of sub-performing properties coming to market started to wane? A: “The number of available properties is actually on the rise and will continue to in- crease well into the coming year and beyond. Interestingly, this trend has not dropped prices be- cause the competition for these properties and this business is mounting. This should continue for at least another two or three
continued on page 20A Q: What is a “typical” profile for today’s value-add prop- erty? A: “A good majority of these years, since so much product – a result of previous price declines – has been on the sidelines. Banks or institutional lend- ers will have more assets that will increase inventory of REO assets, which should increase internal pressure to shed them from their balance sheets as soon as possible,” said Herrick, who has invested in more than $4 billion of commercial prop- erties during the course of his 30-year career.
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M id A tlantic R eal E state J ournal 229 residential units trade in Whitehall and Reading Kislak completes $14.7m sale of PA multifamily properties
FOR LEASE IN YOUNGWOOD, PA YOUNGWOOD INDUSTRIAL CENTER
W
OODBRIDGE, NJ— TheKislakCompa- ny, Inc. announced
the $14,733,685 sale of two multifamily properties in east- ern Pennsylvania. The transac- tions include the $8,935,000 sale of Independence Square, a 133-unit property in White- hall, and the $5,798,685 sale of Washington Towers, a 96-unit property in Reading. “The demand for multifamily properties throughout eastern Pennsylvania remains very strong with local, regional and national investors vying for available properties,” said Robert Holland, president and co-managing director. “We are experiencing a surge of activity from New York and New Jer- sey investors given the area’s close proximity and its growth potential.” Independence Square is a brick apartment building with 133 one-, two- and three-bed- room apartments. Holland represented the seller and VP Jonathan Greenberg represented the purchaser. The seller was Independence Square, a subsidiary of Geller Associates of Roseland, NJ. “Rob Holland understands the Lehigh valley market and always delivers,” said Adam Geller , principal of Geller As- sociates. The seller was represented by Anthony Pantano, Esq. , and the purchaser was repre- sented by Louis Sroka, Esq. Financing was provided by Northfield Bank . At the time of closing, the property was 95% occupied. Washington Towers is a 12- story brick structure’s 96 units. The property is located in downtown Reading. Holland represented the seller and senior VP Joni Sweetwood represented the buyer. “The professional manage- ment of this property resulted in excellent cash flow from the apartments, which attracted the purchaser,” said Sweet- wood. “The additional upside potential of rent from the va- cant retail space helped close the deal.” The seller was represented by Michael Setley, Esq. , and the purchaser was represented by Scott Herzog, Esq. Fi- nancing was provided by Sov- ereign Bank . At the time of closing, the property was 95% occupied. n
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A — October 11 - 24, 2013 — Mid Atlantic Real Estate Journal
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A 10-building apartment community near the border of Washington, D.C. Greysteel’s Firoozabadi,Mullen, Tangney, Brown, Ahmadian & Bediones sell $7.09 million apt.
S
uitland, MD — Greysteel , a invest- ment real estate servic-
land I LLC on the successful $7.09 million sale of Regency CourtApartments to Regency Court DNB LLC. “With your knowledge, guidance, and market con- tacts, we realized a higher than anticipated sales price. We appreciate Greysteel’s hard work and look forward to working with you again,” said a principal of the seller, Miles-Suitland I LLC. The 10-building property is conveniently located across the street from the Suitland Metro Station and is nearby several major employment drivers, including The Suit-
land Federal Center and Andrews Air Force base. “The Suitland Federal Cen- ter and Metro station is a major economic driver for the submarket,” stated Director, John Mullen. “Other neigh- boring planned developments including the Suitland mixed- use town center, Tanger Out- lets, and the casino at the National Harbor are evidence that Prince George’s County is not only a growing employ- ment market but also a desti- nation for the D.C. region.” Greysteel served as ex- clusive advisor and agent to Miles-Suitland I LLC. n
es firm has sold Regency Court Apart- ments, a 115- unit walk up apar tment community l o ca t ed i n Suitland. Greysteel’s
John Mullen
multifamily division led by Ari Firoozabadi, John Mullen, W. Kyle Tangney, Caleb Brown, Lance Ah- madian, and Mike Bedio- nes congratulates Miles-Suit-
Regency Court Apartments
Burke of NorthMarq arranges $5m mortgage for Danville Square in MD
Marcus &Millichap brokers sale of two apartment bldgs.
Dundalk, MD — Jo- seph Burke , executive vice president and senior manag-
ing director o f No r t h - Marq ’s Bal- t imo r e r e - gional office, arranged first mortgage re- financing of $5 mi l l i on for Danville Square, an
Joseph Burke
614 Longfellow St. NW
82,000 s/f neighborhood shop- ping center located in Dundalk, MD. Pep Boys, PetSmart and IHOP are major tenants at the site. Financing was arranged for the borrower, Merritt Bou- levard Partnership, by North- Marq through its relationship with a correspondent life com-
WASHINGTON, DC — Marcus & Millichap Real Estate Investment Services has announced the sale of two boutique apartment buildings in D.C.’s Northwest quadrant totaling 44 units, according to Bryn Merrey , regional man- ager of the firm’s Washington, D.C. office. Marty Zupancic , a DC multi-family investment spe- cialist in Marcus & Millichap’s Washington, D.C. office, had the listing to market 6921 Georgia Ave. NW. The building sold for $1.75 million or $83,333 per unit. The property consisted of one efficiency unit, sixteen one-bedroom units, and four two-bedroom units. At approxi- mately 18,624 gross square feet, the 21-unit building was sold in a Chapter 7 Bankruptcy Trustee Sale, making the sale
exempt from D.C’s TOPA (Ten- ant Opportunity to Purchase Act) regulations, which allowed the buyer to close very quickly relative to other D.C. trans- actions. The amount of time between listing and closing was sixty-five days. The property is located directly across the street from the historic Walter Reed Army Medical Center, a future site of major retail and residential development in the District. Zupancic and his D.C. multi-family team represented both the seller and the buyer in the sale. Zupancic also had the exlist- ing to market the Longfellow St. Apartments located at 614 Longfellow St. NW. At 17,984 gross s/f, Longfellow Street Apartments sold for $1.475 million or $64,130 per unit at a 6.34% capitalization rate. n
Danville Square
pany lender. “NorthMarq was able to secure 10-year fixed-rate fi- nancing from one of their life
company correspondent lend- ers for this very successful and well-maintained shopping center,” Burke said. n
Annapolis Junction, MD — Corporate Office Properties Trust (COPT) COPT signs lease for 100% of The National Business Park Park in Annapolis Junction. The company recently com- pleted shell construction on the approximately 125,000 s/f, class A office building and anticipates the tenant will oc- cupy NBP 312 during the first quarter of 2015.
pre-leased. “We are pleased to be able to serve another strategic custom- er at The National Business Park,” said Roger Waesche, Jr., COPT’s president & CEO. “Despite the cuts to the federal budget that went into effect in the wake of the Budget Control Act of 2011, this lease at NBP 312 brings our total new devel- opment leasing, since year-end 2011, to 1.9 million s/f.” n
announ c ed it executed a lease with a strategi c t enan t f o r 100% of 312 Sentinel Way (NBP 312) at The Nation- al Business
As a result of this leasing, the company’s 1.5 million square foot construction pipe- line, which was 74% pre-leased at June 30, 2013, is now 82%
Roger Waesche, Jr.
6A — October 11 - 24, 2013 — Mid Atlantic Real Estate Journal
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d el M AR V A
2013 C alendar e ditorial and a dvertising F oCus
By Brent Shaffer Esq., Young Conaway Stargatt & Taylor delawarepermitscommercial real estate broker’s liens R egardless of your view of whether commer- cial real estate brokers
Code as Title 25, Chapter 26, available at http://delcode. delaware.gov/title25/c026/ index.shtml (I’ll refer to it as the “Act”). Maryland’s com- mercial real estate broker’s lien statute applies only to leasing commissions, but similar to Pennsylvania’s, Delaware’s Act pertains to both sale and leasing transac- tions. Unlike Pennsylvania’s law, the Act can also be used to enforce payments to a broker for “management” and other services for “con- veyance or acquisition of commercial real estate.” The “broker” claiming the lien must be an individual who holds a broker license from the Delaware Real Estate Commission and who is self- employed or employed direct- ly or indirectly by a brokerage organization. The broker’s agreement must have been signed on or after August 1, 2013 (or earlier only if the parties agree in writing). Delaware’s definition of “com- mercial real estate” to which the Act applies includes any real estate with improve- ments other than one to four residential units; unimproved
land zoned or available for commercial, manufacturing, industrial, retail or multi- family use; unimproved land of any zoning classification being purchased for develop- ment or subdivision other than land with four or fewer single-family residential lots; and even real estate used for agricultural purposes un- less the purchaser is buying the property for the purpose of continuing agricultural use. This is broader than in Maryland (where the lien ap- plies only to real estate with building floor space intended to be used by the tenant for non-residential use). Penn- sylvania defines “commer- cial real estate” subject to a broker’s lien more simply – any real estate other than real estate containing one to four residential units or real estate zoned agricultural not subject to an agreement of sale contingent upon rezon- ing to non-agricultural uses. Delaware clarifies that itsAct also applies to mixed-use real estate, including real estate with one to four residential units that also has another continued on page 18A
need a right to impose a special lien against real estate, the time for de- bate on the sub j e c t i s over in Dela- ware, as the
Brent Shaffer
Delaware Commercial Real Estate Broker ’s Lien Act became effective August 1, 2013. This new law gives brokers the ability to quickly place a lien on real estate for commissions – previously brokers had to sue for pay- ment and attain a court judg- ment first. While Delaware waited longer than its two closest neighboring states to establish a statutory lien for commercial real estate brokers – Pennsylvania did so in 1998 and Maryland in 1994 – in certain respects the protections for brokers in Delaware are the broadest of the three. The Delaware Commercial Real Estate Broker’s LienAct is codified in the Delaware
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Commercial-Industrial Realty Council (CIRC) Membership Events and Continuing Education Clarion Hotel-The Belle, 1612 N. Dupont Hwy.,New Castle, DE 19720 www.circdelaware.org
O ctober 9, 2013 - Lunch and CEU classes at Clarion Hotel-The Belle. Lunch is at 11:30 and Class- es are at 8:30 a.m. and 1:30 p.m.
N ovember 21, 2013 - Joint Dinner Event with SIOR-CCIM-CIRC- TRISTATE RCA at Harry’s Savoy Ballroom from 5:30 to 8:30
D ecember 11, 2013 - Holiday Luncheon Mixer and Charitable Event at University & Whist 11:30- 1:30
A lan Levin, the state of Del- aware’s Cabinet Secretary and Director of the Delaware Economic Developoment Of- fice, spoke at our September 11 meeting and addressed the membership about matters of interest, some hopeful, some wanting. D uring the Annual Meet- ing, Greg Ellis stepped down as CIRC’s president for the past two years and passed the gavel to John Birmingham, principal broker with Cush- man and Wakefield of Dela- ware. John will now assume leader- ship of CIRC for a two-year period that continues through June 30, 2015. S chedule of Events you will wan tto attend. You can REGISTER for lunch, dinner and classes at: www.circdelaware.org
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