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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 3 February 10 - 23, 2012 Cushman &Wakefield Capital Markets Team inks $1.3 billion in 2011
New core property in New Jersey commands $255,555 per unit Kislak completes $23 million sale of 90-unit multi-family property
PRINGFIELD, NJ —The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $23,000,000 sale of a newly constructed core multifamily property located at 102-114 and 118-120 Victory Road in Spring- field, New Jersey. The property consists of 90 new luxury one, two, and three- bedroom bedroom units. Presi- dent and co-managing director Robert Holland and sales asso- ciate Scott Davidovic together represented the purchaser, a longtime Kislak client, in the transaction. “This sale represented an extraordinary opportunity to ac- quire a new, class ‘A’ multifam- ily property in northern New Jersey,” said Holland. It is rare for a new property of this caliber to trade. The premium price re- flects the quality of the property, the desirability of the location, rental rates, and the strength of the multifamily market in New S
Jersey.” “Given our long-stand- ing relationship with both the developer and purchaser, we were able to successfully nego- tiate and close the sale within 40 days,” added Davidovic. “The purchaser appreciated the cur- rent and potential value of the property as new multifamily construction in the area with such luxury amenities is usu- ally not available.” The units include spacious floor plans with large balconies. Unit amenities include stain- less steel appliances, washers and dryers, hardwood floors and car-
peting, and bathrooms with ce- ramic tiles. The buildings also have elevators and garages for residents, and a clubhouse and gym are planned to be built. The property is located off of Route 78 in Springfield, New Jersey near the borders of Millburn/Short Hills, Summit, Union/Vauxhall and Moun- tainside, among the strongest rental markets in the state. Residents will have an easy commute to New York City and the vari- ous employ- m e n t
centers in northern and central New Jersey. The seller was represented by Robert Trav- ers, Esq. of Edgewater, New Jersey and the purchaser was represented by Kenneth Gleid- man, Esq. of Lichter Gliedman Offenkrantz, PC of New York City. Robert Mendeles of Ar- bor Realty Trust arranged an $18,000,000 bridge loan for the purchaser. ■
17A
Skanska awarded $63m contract
29A
Gebroe-Hammer Associates arranges $7.25 million sale of Pewter Village
Property Management Spotlight Featuring IREM
and Joseph Brecher repre- sented the seller, Pewter Re- alty LLC, and procured the buyer, a long-time Gebroe- Hammer client. “This extremely well-main- tained three-acre proper- ty has historically demon- strated a high occupancy rate thanks to its 55+ tenant
Located in suburban Cam- den County, Collingswood is 35 miles southwest of Tren- ton and seven miles east of Philadelphia. The borough’s popular historic retail district boasts an array restaurants, cafés and boutiques as well as convenient access to mass transit. Metro Philadelphia’s subur- ban multi-family investment market continues to become more and more attractive to investors thanks to an ever-strengthening tenant pool,” said Brecher. “With oc- cupancies consistently at the 95-percent rate, rents have appreciated, as has property pricing.” Legal counsel was provided by Carol Stern of McCarter & English, LLP of Newark, N.J., and Richard Kelin, Esq. of Feinstein Raiss Kelin & Booker LLC of West Orange, N.J., on behalf of the seller and buyer, respectively. ■
base and strategic location near Collingswood’s vibrant commercial district,” said Schwartz. Pewter Village’s six two- story buildings are comprised of 64 one-bedroom and 20 two- bedroom units featuring gas fireplaces, washers/dryers, dishwashers and individually controlled climate c o n t r o l s .
COLLINGSWOOD, NJ — has arranged the $7.25 mil- lion sale of Pewter Village, an 84-unit active-adult garden- apartment complex at 1058 EldridgeAve. in Collingswood, announced Ken Uranowitz, managing director. Executive vice presidents Joel Schwartz
Section B
Financial Digest .................................. 7-9A DelMarVa ........................................... 11-15A New Jersey ........................................ 17-28A Pennsylvania .......................................... 29-49A Property Mgmt featuring IREM............... Section B Directory Upcoming Spotlight Best of 2011 — February 24th
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1058 Eldridge Ave.
A Inside Cover — February 10 - 23, 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
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Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 1A
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$18,000,000
HOOPER COMMONS 1350 HOOPER AVENUE TOMS RIVER, NJ 120,653 square foot shopping center
The undersigned arranged the above financing
51 East 42nd Street New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
REAL ESTATE FINANCING
2A — February 10 - 23, 2012 — Mid Atlantic Real Estate Journal A Greener New Jersey ...................................................... 1B Accent Group................................................................... 23B Accurate Reconstruction................................................. 17B Advantage Building & Facility....................................... 30B AL Services...................................................................... 18B All Seasons Maintenance................................................ 25B allRisk.............................................................................. 19B B.R. Kreider & Sons. Inc. ............................................... 34A Barry Isett & Assoc, Inc.................................................. 47A BELFOR .......................................................................... 20B BL Companies. ................................................................ 37A Bohler Engineering......................................................... 40A BOMA NJ .................................................................... IBC-B BR Water Meters............................................................. 29B Brasler Properties ........................................................... 31A Bruce Coin ....................................................................... 21A BSS .................................................................................. 13B Business Card Directory. ................................................ 45A Bussel .............................................................................. 19A CBC Bennett Williams............................................... 34,43A Cervelli Management ....................................................... 3B Columbia Bank.................................................................. 8A Cooper Roofing .................................................................. 9B Cooper-Horowitz, Inc.. ...................................................... 1A Cushman & Wakefield. ................................................... 18A Deerwood RE Capital........................................................ 9A DelMarPa Janitorial Svcs............................................... 29B DesignPoint, Inc.............................................................. 47A DJ’s Painting ................................................................... 14B Earth Engineering .......................................................... 35A Elite Landscaping ........................................................... 29B FCM Consulting Group .................................................. 28B FL & B.. ........................................................................... 47A Gebroe-Hammer.............................................................. 27A Gerber/Somma Associates .............................................. 24A Griffin Land..................................................................... 30A Gutter Master ................................................................. 12B Harvey Hanna & Associates...................................... 12,15A Hawley Realty, Inc .......................................................... 45A Heller Industrial Parks .................................................. 23A High Associates. .............................................................. 32A Hillcrest Paving .............................................................. 25B Hinerfeld.......................................................................... 33A Hylant Environmental.................................................... 44A IMPAC Property Management....................................... 29B Integrated Business Sys ...............................................BC-B Kaplin Stewart Attorneys................................................. 2A Keast & Hood Co............................................................. 37A Kislak Company, Inc.. ..................................................... 20A Landcore Engineering..................................................... 35A Levy, Ehrlich & Petriello ................................................ 31B LMS Commercial Real Estate. ....................................... 49A M. Miller & Son......................................................... 3A,10B Marcus & Millichap ........................................................ 30A Mavickar Environmental................................................ 38A McMahon. ........................................................................ 36A Mericle ......................................................................... IBC-A Meridian Capital Group ................................................... 3A Michael Baxter & Assoc. ................................................. 29A NAI CIR........................................................................... 34A NAI Summit .................................................................... 45A Nave Newell .................................................................... 36A NCCDE.. .......................................................................... 14A NorthMarq.................................................................. 13,43A Ondra-Huyett Associates................................................ 44A Orndorf & Associates ...................................................... 37A Penn’s Northeast............................................................. 30A Pincus Elevator ............................................................... 15B Poskanzer Skott Architects ............................................ 26A Prince Williams .............................................................BC-A Provident Bank. ............................................................. IC-A RCP Management ............................................................. 2B Republic Services ............................................................ 25B REZKOM ......................................................................... 21B Riker Danzig ................................................................... 18A Robbins Roofing............................................................... 28B ROCK Commercial.......................................................... 32A Rose Metal Systems ........................................................ 44A RT Environmental Services............................................ 30A Sebco Laundry. ................................................................ 20A Sheldon Gross......................................................... 18A,IC-B Southern Company ......................................................... 17B Specialty Building Systems .............................................. 4B Stantec............................................................................. 38A Survpro ............................................................................ 27B Tranzon Auction ................................................................ 4A Tri-County Region........................................................... 25A Tristate Realtors. ....................................................... 50-51A Whitesell.......................................................................... 22A Wilkin & Guttenplan P.C................................................ 11B MAREJ A DVERTISERS D IRECTORY
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Mid Atlantic Real Estate Journal
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 .................................................................Scott Friedman Mid Atlantic R EAL E STATE J OURNAL ~ Published Bi-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 3 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 Scott Friedman Five ways to Green your building for free
hear a lot of complaints about the costs associated with sustainability retro- fits. People say, “They are too expensive, they don’t provide a quick enough payback, etc.” There are also problems with most commercial real estate because there is a gap between tenants and landlords with re- gard to who pays for upgrades and who benefits (the “what’s in it for me issue?”). I believe that people are causing climate change and that we should all do as much as we can to change the way we do things. With that said, I understand that business and property owners need to watch their expenses and make the best decisions for themselves and their companies. Here are 5 ways to reduce your carbon footprint that will cost you little or nothing: 1. Do your Own Energy Audit. Energy audits mostly consist of checking that major building systems are in proper working order. Tightening up the building envelope by seal- I
ing leaks, adding insulation and evaluating lighting and HVAC systems are the main tasks. Professional auditors provide a comprehensive report with lots of suggestions for best practices. However, if you are not willing to pay for this, you can do it yourself. Have your facility maintenance personnel do a thorough walk through of your property and take notes on anything that is not in working order. Have them pay attention to windows and doors to make sure they are properly sealed. Evaluate lighting and consider replacing burnt out bulbs with energy efficient light fixtures and bulbs (there may be rebates that apply). Fix problems with
continued on page 16A 3. Buy Green Power. Many states are unregulated for vents, fans, belts, etc. Small unaddressed airflow issues add up. Starting somewhere and doing something is better than ignoring easily addressed problems. 2. Create anAwareness Buzz. Get the occupants in your build- ing involved. Educating people on what they can do may have a huge effect. Recycling, turn- ing off lights, powering down equipment and double sided printing are all behavioral items that can easily be worked into people’s regular routines. Behavioral changes can make a big difference.
Contact: NEIL A. STEIN (ARVEST$RIVE "LUE"ELL 0! s s www.kaplaw.com Other Offices: s#HERRY(ILL .* s0HILADELPHIA 0! Kaplin Stewart A t t o r n e y s a t L aw 2EALESTATELAWFROMTHEGROUNDUP Experience Counts. Count On Us.
Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 3A
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M ID A TLANTIC R EAL E STATE J OURNAL Adam Taylor becomes a partner in the firm KaplinStewart’s Cohn speaks at a Philadelphia joint meeting
They wrote the policy.
We make sure they write the check.
P
HILADELPHIA, PA — Andrew Cohn, a con- struction group part-
Court of Appeals. Andrew Cohn is a senior member of Kaplin Stewart’s construction group,
regional and local owners of multi-use properties, ware- houses, industrial parks, retail facilities, shopping centers, and office buildings and complexes, in connection with the financ- ing, leasing, management and operation of such properties. In addition, Taylor has repre- sented both sellers and pur- chasers of multi-use, office and retail properties throughout the United States. Taylor ’s practice also includes entity formation ancillary to the real estate transactions work. Prior to joining Kaplin Stew- art, Taylor was an associate attorney with Ballard Spahr Andrews & Ingersoll, LLP in Philadelphia. Taylor is licensed to practice in Pennsylvania, New Jersey and New York. ■ inmarketing and financial >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 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92
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