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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 26 Issue 3 February 14 - 27 , 2014 Property Managment- IREM Conference & Expo Spotlight
For Camelot at Cinnaminson Harbour in Cinnaminson, NJ Meridian Capital Group arranges $40m in permanent financing C INNAMINSON, NJ – Mer idi an Capi ta l Group, LLC , a leading
Philadelphia, PA, Trenton and Cherry Hill, NJ. The commu- nity features state-of- the-art amenities including an outdoor pool, fitness center and business center. “When we began working on the financing for this property it was 55% occupied. Merid- ian leveraged its long-standing lender relationships andmarket knowledge to obtain 75% loan- to- value terms for our client based on a stabilized occupancy proforma,” said Munk. “This financing structure is extremely desirable for developers because they can forgo waiting for the property to lease up to 90% oc- cupancy for 90 days; it provides them with the ability to tap their equity quickly and invest in new projects,” he added. n
BALTIMORE, MD — Fin- marc Management, Inc. , a Bethesda, Maryland-based commercial real estate firm, has announced the sale of the Port Covington property in the southern section of Bal- timore City for $35 million to 2701 Port Covington Drive, LLC and their affiliates. Since 2002, the 58.71-acre site has supported a 142,000 s/f Wal-Mart, which continues to operate, and a 130,000 s/f former Sam’s Club, which closed in 2008. national commercial real estate finance and advisory firm, nego- tiated $40 million in permanent financing for Camelot at Cin- naminson Harbour, a luxury multifamily complex located in Cinnaminson. The five-year loan features a competitive fixed-rate of 3.64% and a 30-year amortization period. This transaction was negoti- ated byMeridian Capital Group vice president, Josh Munk . Camelot is a recently con- structed 405-unit waterfront multifamily complex. The property is part of Villages at Cinnaminson Harbour, conve- niently located just outside of
Section D
Gebroe-Hammer arranges $4.655m sale of multi-family package
Camelot at Cinnaminson Harbour
Finmarc Management sells 58-acre Port Covington retail development for $35 million
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Finmarc acquired the Port Covington property in March 2005, which is ideally posi- tioned off East Cromwell St. and the Hanover Rd. exit off I-95, with initial plans to de- velop approximately 150,000 s/f of additional retail space. “We realized the property was suitable for many dif- ferent development options,” said David B. Fink , prin- cipal – managing director for Finmarc Management. “Given its strategic position- ing on the waterfront, imme- diate proximity to the down- town core and large amount of available acreage, the site has long been considered ideal to support a mixed use of residential, retail and office development. It remains one the largest urban waterfront development sites available in the Mid-Atlantic region and could easily support a user in need of several million square feet of new develop- ment.” “With sale of this asset, over the last 18 months, along with our partners we have acquired or disposed of over $279,000,000 in assets and
Rittenhouse Realty Advisors sells housing portfolio for $23.8m
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Directory
DelMarVa........................................................ 7-10A Financial Digest............................................. 11-18A New Jersey.................................................Section B Central New Jersey.......................................... 7-11B Pennsylvania..............................................Section C Western PA................................................... 12-16C PA’s Engineer’s Spotlight. ................................ 5-11C
Port Covington, Baltimore, MD
60 acres in the early 1990s and subsequently constructed a state-of-the-art printing and distribution plant. The newspaper explored the pos- sibility of re-locating its entire operations from its current site on Calvert Street to Port Covington, although the plan never materialized. n
are actively seeking addi- tional real estate investment opportunities,” Fink added. The Port Covington retail development was part of a 130-acre assemblage formerly owned by CSX and used by Western Maryland Railway as a rail yard. The Baltimore Sun acquired approximately
Upcoming Spotlights February 28, 2014 Commercial Office Properties
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Inside Cover A — February 14 - 27 , 2014 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — February 14 - 27, 2014 — A
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MAREJ A dvertisers D irectory A — February 14 - 27, 2014 — Mid Atlantic Real Estate Journal ACE Mentor..................................................... 10C All-Rite Construction. ...................... IC-C & BC-B Altoona Blair...................................................... 2C Barry Isett.......................................................... 5C Bayshore Recycling. .............................6A, 6B, 2D BL Companies.................................................... 8C Bohler................................................................. 4C Bussell............................................................. IC-B Commercial Choice.......................................... 15C Cooper Horowitz.............................................. 18A Cushman & Wakefield....................................... 5B Deerwood.......................................................... 14A Diversified Financial....................................... 13A Diversified Rack............................................... 11B Door & Gate USA. ........................................... 13D Earth Engineering....................................6B & 9C Entech Digital Controls. ................................... 4D EPG &P............................................................ 11D G & C Electronics............................................ 14D Gebroe Hammer. ............................................. 14B Gerard Construction........................................ 10B GFCIB.............................................................. 16A GNDEP............................................................... 8A Grant Street..................................................... 13C GREP.................................................................. 2C Griffinland. ........................................................ 4C Harvey Hanna. .................................................. 9A Heller Industrial ............................................... 3B Hinerfeld............................................................ 1C HT Lyons............................................................ 5C Kaplin Stewart. ................................................. 2A Kearny Federal Savings................................. IC-A Keast & Hood................................................... 11C The Kislak Co. ................................................. 13B Landcore............................................................. 8C Landmark. ......................................................... 2C Lee & Associates................................................ 1B M. Miller & Sons................................................ 3A Marcus & Millichap........................................... 3A MBA.................................................................... 9B Mericle............................................................BC-C Meridian............................................................. 8B Michael Cervelli RE. .....................................BC-D MSB.................................................................... 6D NGKF............................................................... 14C NJ IFMA. ........................................................... 6A Northern Waterproofing.................................. 15D NorthMarq....................................................... 16C O’Donnell & Naccarato...................................... 7C Oppenheimer. .................................................... 1A P.O.A................................................................... 5A Penn-Northwest............................................... 12C Poskanzer Skott............................................... 12B Precis Engineering............................................ 6C Procida. .......................................................... FC-C Provident Bank..............................................BC-A PWC. .................................................................. 6A Rational Contracting......................................... 4B Real Property Capital...................................... 12A Rittenhouse........................................................ 3C Robert Blue........................................................ 9C Sebco......................................................... 2B & 1D Sheldon Gross ......................................... 3B & 3D Singer Financial.............................................. 15A Specialty Building Systems. ............................. 5D TUG Branding................................................... 6A WCRE................................................................. 4B Whitesell............................................................ 2B Wilkin & Guttenplan P.C...............................IC-D
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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 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. Rockland, MA 02370 USPS #22-358 | Vol. 26 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 Correction: A headshot In the Jan. 31st issue of the Mid Atlantic RE Journal ran incorrectly. Michael Smith should have ran in the Greater Newark editorial piece. The Mid Atlantic RE Journal apologizes for the mistake. We take full responsibility . The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Mid Atlantic Real Estate Journal
John Morris
Cushman & Wakefield: U.S. industrial sector performance strongest since 2005
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EWYORK,NY —Inits strongest performance since 2005, the U.S.
industrial real estate market saw 328.5 million s/f in leasing activity and 117.2 million s/f of positive absorption in 2013, ac- cording to Cushman &Wake- field . The commercial real estate service firm this week released its year-end national market research >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
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