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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 25 Issue 3 FEBRUARY 8 - 21, 2013 22nd Annual Merit Construction Awards of Excellence
Fund has capacity to invest over $500 million in DC, Maryland, Virginia The Meridian Group closes real estate fund with over $160 million to invest
B
ETHESDA, MD —De- spite a troubled econo- my and uncertainty in
on real estate in the Washing- ton metropolitan area. “We are delighted to have this discretionary fund that enables us to capitalize on the attractive investment opportunities that we are seeing in our market as a re- sult of the slow economy, soft market conditions and low interest rates,” said David Cheek , president of Merid- ian. “We believe that it is a good time in the cycle to se- lectively invest inWashington real estate, and we expect to achieve our targeted returns as the market improves over the next several years and beyond.” With the new fund, Merid- ian already has completed three office acquisitions, to- taling 572,000 s/f, and a loan purchase, all in Northern Vir- ginia. The office acquisitions include One Ballston Plaza (148,000 s/f) in Arlington,
Cameron Run (144,000 s/f) in Alexandria, and Tysons Technology Center (280,000 s/f) in Tysons Corner. All of these buildings were approximately 75 percent leased at acquisition, and Meridian plans to add value through leasing the vacant space and repositioning and stabilizing the assets. In addition, Meridian is also currently working on several other transactions. “We are very proud to have completed one of the few first discretionary real estate funds raised in the U.S. since the financial crisis in 2008,” said Gary Block , managing director of Meridian. “Our proven track record, invest- ment strategy and capabili- ties, along with the long-term strength of the Washington real estate market, attracted our investors, and we appre- ciate their confidence in us.”
“Our investment strategy is focused on well-located, institutional quality assets near Metro rail, major high- ways and walkable ameni- ties in submarkets such as Arlington, Alexandria, Tysons Corner, Reston, Bethesda, Chevy Chase, Rockville and Washington, DC,” said Bruce Lane , executive vice presi- dent and managing director of Meridian. “These are all places where we can create value through repositioning assets, leasing vacant space, extending leases, renovations, redevelopment, new develop- ment, and rezoning and sell- ing land. “We have achieved excel- lent investment returns by doing all of this over a 20- year period and through five economic cycles now,” Lane said. “And we look forward to continuing this success with our new fund.” n
the real es- tate market, the Merid- ian Group has complet- ed the final closing on its first real es- tate private equity fund,
10-11A
David Cheek
Prism set to launch Edison Village
attracting more than $160 million of discretionary capi- tal from institutional inves- tors. With leverage, Meridian has the capacity to invest a total of over $500 million. Meridian also has an ad- ditional $160 million of avail- able co-investment capital committed from its limited partners on a deal-by-deal basis. The fund, Meridian Realty Partners I, is now one of the largest equity funds focused
3C
PA Engineers Week
7-10C
Property Mgmt. Featuring IREM Tri-State Conference & Expo
Tremont Realty Capital structures JV equity on $46 million Maryland apartment acquisition
Owings Mill, MD — The Boston office of Tremont Realty Capital arranged the joint venture equity for the $46 million purchase of the Falcon Crest Apart- ments. David Ross , managing director, arranged the JV
Section D
Directory
Upcoming Spotlight Commercial Office Properties Financial. .................................... 5-10A DelMarVa.................................. 13-15A New Jersey. ............................ Section B Central NJ Spotlight....................... 5-7B Pennsylvania.......................... Section C Western PA................................... 5-6C Property Management Spotlight.... Section D
Falcon Crest Apartments
equity, which was funded through a private invest- ment firm. The property was over 90% occupied at the time of closing. Amenities include a resi-
dent clubroom, fitness cen- ter, business center, and an outdoor swim club. Accord- ing to Ross, “The sponsor and investor were delighted to close on the Falcon Crest
transaction, further expand- ing the relationship Tremont arranged. This is the lat- est of multiple multifamily transactions they have done together.” n
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— Mid Atlantic Rea Featuring Commercial O February
Estate Journal — ur Annual fice Spotlight 22, 2013
This issue will publish as a special pullout section… featuring:
• A special LISTING of all the Office Space transactions recorded in MAREJ throughout 2012 • Bi-lined Articles submitted by Expert office brokers • Office Market Reports compiled by major companies • Society of Office and Industrial Realtors Organization • Special feature on NAI and it’s member firms • National Association of Industrial and Office Properties
DEADLINE: February 14 Click Here for DetailS
Inside Cover A — February 8 - 21, 2013 — Mid Atlantic Real Estate Journal
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10th Annual Special Edition March 29th spotlighting . . . The
BEST of 2012
Deadline is March 1, 2013 You are invited to participate in MAREJ’S “BEST of 2012” MID ATLANTIC REAL ESTATE JOURNAL 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 Best Shopping Center Development of the Year • Best Developer of the Year Best Financial Institution • Largest Financial Transaction of the Year Top Brokers List • Top Owners List Most Innovative Architect • Best Renovation Project
Help us select the Best of 2012! Call or email to receive your nomination form Ph: 800-584-1062 • Email: [email protected]
MAREJ’s Best of 2012 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 2012. Submissions from mid-Atlantic states outside of NJ, PA, DE, MD & VA will be judged in separate categories. All are welcome to participate.
Mid Atlantic Real Estate Journal — February 8 - 21, 2013 — A
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SEALED BID SALE Getty Realty Corp. directs
6 REDEVELOPMENT & INDUSTRIAL SITES 2.3 AC to 15.5 AC
$BUTLJMM /:t1PSU&XFO /:t3IJOFCFDL /: #SPOY.U7FSOPO /:t-POH*TMBOE$JUZ /:t/FXBSL /+
BID DEADLINE: MARCH 7, 2013
/3$DPN t Y Sale is conducted in conjunction with Auction Advisors, NJ (R.E. Lic #0785210) and NY (R. E. Lic #10491202531) state licensed broker
A — February 8 - 21, 2013 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher ............................................................................Linda Christman Section Publisher ................................................................Elaine Fanning Section Publisher ..................................................................Andrew Hicks Section Publisher ....................................................................Steve Kelley Senior Editor/Graphic Artist ................................................ Karen Vachon Graphic Artist/Social Media Specialist ............................ Rachel Rugman Office Manager ....................................................................Joanne Gavaza Editorial Consultant .............................................................. Ben Summers Guest Columnist ................................................................... Michael Mullin 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 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
Multi-FaMily apartMent lender & HealtHcare Finance
direct cMBS/conduit, nnn, FHa-Hud, portFolio & agency - nationwide.
By Michael Mullin Multifamily Resident Portals Moving to the Next Level
lowest Fixed rates, non-recourse.
Purchase/Refinance/New Construction.
M
ultifamily owners, operators and ten- ants have embraced
MAREJ A dvertisers D irectory Red Star Commerical Real Estate Funding 125 Woodgate Lane • Pauli, PA 19301 P: 610-578-0715 F: 610-578-0716 [email protected] Gary Polao
resident portals as a conve- nient conduit for paying rent and submitting work orders. Now industry forward-thinkers are looking at additional ways to make these websites more relevant so they will draw visi- tors on a daily basis. Clearly, multifamily portals designed to accomplish busi- ness between landlords and tenants make sense from an operational standpoint. Money comes in online and is routed electronically, and these pay- ments automatically update the ledger and statements via the accounting system. Or, if someone submits a work order, it will route to the appropriate person. Residents can check on the progress, and once their job is completed they receive an automated notification. Nobody has to touch anything from the operational side, which can cut down processing expenses significantly.
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Yet these “Version 1.0” por- tals provide little motivation for residents to log on frequent- ly. So what else can they be engaged to do? Simply put, In- ternet portals provide a launch point for people when they go online. General portals like AOL, MSN and Yahoo! include information from multiple sources, such as news, stocks, weather and other items of interest. Niche portals – like those being used inmultifamily – are specialized to emphasize a particular interest or sub- ject area. To that end, multi- family owners are starting to customize their portals with information pertinent to their
individual communities. In taking a resident portal to the next level, as with any technology-related venture, it is important to work with the right partner. The first step in selecting a vendor should involve identifying the portal’s requirements and desired fea- tures, followed by interviews with and demos from two or three established players. Several portal companies spe- cializing in multifamily have strong reputations, with El- lipse, Property Solutions and Active Buildings among them. Be sure that the service and support culture, as well as the continued on page 3A
Auctioneers Directory..................4A B.R. Kreider & Son, Inc............ 12C Barry Isett & Associates, Inc....11C Bennett Williams Realty Inc. FC-C BL Companies............................. 7C Brasler Properties................... IC-C Business Card Directory...........17A Bussel Realty Corp.................. IC-B Cenova Snow & Ice Solutions.... 4C Cooper Horowitz..........................7A Corbett Exterminating............. 18D CP Rankin Inc.........................BC-D Delran Builders.........................10A Drexel........................................ 22D Earth Engineering Inc............. 10C Ehrlich, Petriello, Gudin & Plaza 12D Falcon Group............................ 14D Fitzpatrick Lentz & Bubba.......11C Geotechnical Engineering Consultants................................. 8C Gerber/Somma Associates.......... 1B Greater Newark DE..................14A Greater Reading Economic Partnership................................. 2C H.T. Lyons................................. 10C Harkin Builders.........................10A Hawley Realty, Inc...................... 4C Heller Industrial Parks.............. 6B Hillcrest Paving & Excavating...24D Hinerfeld Comm’l. RE.... IBC-A ,1C Kaplin | Stewart.........................2A Keast & Hood Co........................ 9C Landcore Engineering Consultants, P.C....................... 10C Landmark Commercial Realty... 3C Liberty Elevator. ...................... 24D LMS Commercial Real Estate.. 12C M Miller & Son..................12A,11D McMahon Transportation Engineers & Planners.............. 10C Mericle Commercial RE......... BC-C
Montecalvo Material Recovery Facility........................................ 2D NAI Keystone Commercial & Industrial, LLC........................... 3C NAI Summit................................ 2C Nave Newell................................ 9C Northern Waterproofing & Restoration................................ 16D NorthMarq.................................. 6C NRC Realty Capital Advisors.....1A Onorati Construction Inc........... 6D P Cooper Roofing Inc................ 15D Penn’s Northeast........................ 2C Penn-Northwest Development Corporation................................. 5C Pilera........................................... 5D Poskanzer Skott Architects........ 9B PRD Management, Inc............... 3D RCP Management..................... 13D Real Property Capital..................6A RealTime Technology Group...... 1D Red Star Mortgage Co.................2A Regal Bank........................ BC-A,3B Robert E. Blue. ........................... 8C Rose Metal Systems. .................. 2C SEBCO Laundry Systems...2B,21D Sheldon Gross Realty, Inc.....2B,4D Stafford Smith Realty................ 4B Subway...................................IBC-A The Green Group.........................3A The Kislak Company, Inc........... 3B Thesing Companies.................. 19D Thompson Management LLC.... 4B Transportation Resource Group. . 7C TriM............................................11A Warfel Construction..................11A Whitesell................................. BC-B Wohlsen Construction...............11A
Contact: Jeffrey A. Silberman 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-260-6000 • www.kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart At t o rne y s a t Law Getting you through the maze of real estate law. Strategy. Skill. Success.
To advertise, call 1-800-584-1062
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Mid Atlantic Real Estate Journal — February 8 - 21, 2013 — A
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M id A tlantic R eal E state J ournal G Jonas, Waisbrod, Weilheimer & Holland coordinated sale Kislak completes $13.5m sale of Glen Brook Apartments lenolden, PA — The Kislak Co. announced the $13.5 million sale
of Glen BrookApts., a 174-unit apartment complex with three commercial spaces in Gle- nolden. VPs Andrew Jonas, Barry Waisbrod and Matt Weilheimer and president Robert Holland coordinated the sale of the property on be- half of a NY Stock Exchange publicly-traded REIT to a private investor. “Our team did a fantastic job marketing the property, gen- erating tremendous interest among well-qualified investors and selling it,” said Jonas. “The seller engaged Kislak on an exclusive basis and the sale marked our 11th suc- cessful transaction together. The seller also realized the highest price per unit for any multifamily property sold in Delaware County.” Financing was provided by Spencer Savings Bank. At the time of closing, the property was 95% occupied. n technology, provide a good fit. Finally, a multifamily firm’s enterprise property manage- ment and accounting software should be able to integrate its systemwith the portal. Service representatives from both the enterprise system provider and the portal development company can work together to set up and ensure that the >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
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