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4-25-14

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

Posner of Bussel represents owner in the transaction Bussel Realty Corp. leases 111,000 s/f at 150 Pacific Ave. in Jersey City, NJ J ERSEY CITY, NJ — Bussel Realty Corp. (BRC) , a leading corpo-

ISSUE HIGHLIGHTS Volume 26 Issue 8 April 25 - May 15, 2014 CMC arranges $16.05m loan for portfolio

rate and in- dustrial real estate ser- vices firm in New Jersey, announced A t l a n t i c USA Hold- i n g s I n c . has l eased

David Posner

111,000 s/f of industrial space at 150 Pacific Ave. in Jersey City, New Jersey. Senior vice president David Posner of BRC was responsible for the transaction and represented the owner, Eden Wood Re- alty . “150 Pacific Avenue’s im- mediate proximity to I-78, the Holland Tunnel and the Port of Newark/ Elizabeth provides Atlantic USA Holdings with the access needed for its cus- tomers to reach the Port and Manhattan quickly,” said Pos-

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Spring Preview

150 Pacific Ave.

ner. “This transaction brings the 350,000 s/f property to 100 percent occupancy.” 150 Pacific Ave. is a 350,000 s/f industrial facility located near I-78, Routes 440 and 1&9 with immediate access to the

Holland Tunnel, the Pulaski Skyway, the Port of Newark/ Elizabeth and Newark Liberty International Airport. The property features 15-foot to 28-foot clear ceiling heights, 50-foot by 35-foot column spac-

ing, 2000 amps of power, eight loading docks and 35 parking spaces. Atlantic USA Hold- ings is a public warehouser and will utilize the facility to service the distribution needs of its customers. n

Smith of NAI Summit represents the owner in the 44,489 s/f deal NAI Summit represents owner in $6.15 million sale of Muhlenberg medical office building

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Shopping Centers Featuring Las Vegas RECon

With NAI Summit’s lengthy history and involvement with the building, it was a clear choice for the owners on who would represent them in the sale. According to Robert D. Solomon, D.D.S., P.C., manag- ing partner for MHC Associ- ates, “it has been a pleasure working with NAI Summit over the past 20 +years” and that he felt like NAI Summit was with them “every step of the way.” The medical office building was relatively new when MHC engaged the firm to handle the property man- agement for the partnership. Solomon said that NAI Sum- mit’s “team of professionals has always been responsive, accurate and reliable with any request we made. NAI Summit’s market knowledge was second to none and your financial analysis and insights proved to be invaluable in guiding us through all of the negotiations and the process to closing.” n

BETHLEHEM, PA – NAI Summit ’s Frank Smith rep- resented the owner, MHC Associates, in the sale of a recently renovated three story premier medical office build- ing to Lehigh Valley Health Network. The building sold for $6,150,000. Built in 1989 and renovated

Section C

Directory

Shopping Centers..........................Section C Owners, Developers & Managers..Section B Restoration/Renovation.................... 5-9B Green Buildings............................. 11-14B Spring Preview................................ 5-21A

325 S. Salem Church Rd.

Upcoming Spotlight May 16, 2014 NJAA EXPO & CONFERENCE

2597 Schoenersville Rd.

in 2011, NAI Summit has pro- vided management services for the medical office building located at 2597 Schoenersville Rd. in Bethlehem, PA for the past 27 years. The 44,489 s/f building sits on the Lehigh

Valley Hospital Muhlenberg Campus and has easy access to Route 22. This building fit well into the overall strategic plans for LVHN. NAI Summit assisted both parties to make the process seamless.

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2A — April 25 - May 15, 2014 — M id A tlantic

Real Estate Journal

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M id A tlantic Real Estate Journal

A Greener NJ��������������������������������������������������������������������10A Accutech��������������������������������������������������������������������������� 13B All-Rite Construction ���������������������������������������������������������9C AMC Fire Protection ����������������������������������������������������������8B American Architectural �����������������������������������������������������1B Azarian Group ��������������������������������������������������������������������1C Barley Snyder�������������������������������������������������������������������16A Bayshore ���������������������������������������������������������������������������13B Bennett Williams �������������������������������������������������������������10C Berkadia ��������������������������������������������������������������������������IC-A BKR Retail Services�����������������������������������������������������IBC-C BL Companies ������������������������������������������������������������������12C Bohler Engineering ������������������������������������������������������������3C Calkain �������������������������������������������������������������������������������4C Capital & Venture Resources .........................................18A Capital Aerials �����������������������������������������������������������������14B Colliers Int’l ����������������������������������������������������������������������16C CREATE ���������������������������������������������������������������������������20C Earth Engineering ��������������������������������������������������� 3B & 2C Eastern Union ������������������������������������������������������������������15A Elliot-Lewis�����������������������������������������������������������������������12B Entech �������������������������������������������������������������������������������12B Exchange Solutions������������������������������������������������������������1A First Potomac Realty Trust................................................7A Fowler Route Co. ��������������������������������������������������������������15B Gilbeaux Associates, P.C. ������������������������������������������������14B Haftek CWS������������������������������������������������������������������������2B Hollenbach Construction ���������������������������������������������������6B ICREW NJ ��������������������������������������������������������������������IBC-A IREM..................................................................... 16B-IBC-B Jeffery Realty ������������������������������������������������������������������10C Jewel Electric Supply Co. ��������������������������������������������������4B Jottan Inc.���������������������������������������������������������������������������9B Kaplin Stewart �������������������������������������������������������������������2C Katz Properties�������������������������������������������������������������� BC-C Lew Corp. �������������������������������������������������������������������������13B M. Miller & Son ������������������������������������������������������������������3B MaGrann���������������������������������������������������������������������������12A Marcus & Millichap������������������������������������������������������� BC-A Metro Commercial������������������������������������������������������������13C Meyner & Landis����������������������������������������������������������������9A MGKF ���������������������������������������������������������������������������������8C NAI Keystone ���������������������������������������������������������������������2C NJAA��������������������������������������������������������������������������������IC-B NorthMarq������������������������������������������������������������������������17A Onyx Equities ������������������������������������������������������������������IC-C P. Cooper Roofing ���������������������������������������������������������� BC-B PA DCED��������������������������������������������������������������������������11A PennCap ���������������������������������������������������������������������������13A Poskanzer Skott Architects................................................4B PWC ������������������������������������������������������������������������������������2B Rational Contracting����������������������������������������������������������7B RD management��������������������������������������������������������������6-7C Real Property Capital ������������������������������������������������������21A Rhino Realty ���������������������������������������������������������������������12C Rittenhouse Realty Advisors..............................................2A Sheldon Gross Realty�������������������������������������������������������19A Silbert Real Estate �����������������������������������������������������������11C Singer Financial �����������������������������������������������������������������3A Sitar Auctions���������������������������������������������������������������������4A Specialty Building Systems...............................................5B Subway �����������������������������������������������������������������������������15C Target Building ������������������������������������������������������������������2C The Aztec Corporation �������������������������������������������������������6A The Goldstein Group����������������������������������������������������������8C Traffic Planning & Design �������������������������������������������������4C Transwestern��������������������������������������������������������������������14A VanDemark & Lynch ���������������������������������������������������������8A Weiss Realty ��������������������������������������������������������� FC-C & 5C MAREJ A dvertisers D irectory To advertise, call 1-800-584-1062

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. Rockand, MA 02370 USPS #22-358 | Vol. 26 Issue 6 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

Kenneth Gruskin The Green Lane building at Kean U. showcases new trends in academic bldgs.

T he web and explosion of personal technology has transformed how people live and work, while empowering the individual to expect everything “their way” whenever they want it, from the palm of their hand. The same can be said for we learn today. Higher educa- tion institutions that fail to recognize and embrace trans- formative technology may not exist as we now know them in 50 years or so. This is not to say that education and learn- ing will not continue; it will as an inherent aspect of hu- man nature. But traditional university and college cam- puses that cannot evolve will become a relic of a bygone era if they cannot adapt to the

The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

quickly-evolving empower- ment and socialization that personal technologies provide the individual. The features, spaces, and educational experiences showcased in the recently- completed Green Lane Build- ing at Kean University in Union, NJ, illustrate some of the trends that traditional universities and colleges can begin to use to remain relevant and engage the imaginations of future stu- dents in this developing age of online learning and virtual universities. Typically, uni- versities and colleges build

only classrooms and offices- -anything else is often con- sidered a waste of space and money. Online degrees have over time become a more ac- ceptable mainstream option. These virtual universities provide its students with the value-added benefits of reduced tuition costs and the ability to take your classes whenever and wherever. This growing online pres- ence, coupled with increased student expectations for a more engaging, social, and less formal learning envi- ronment, is driving higher continued on page 22A

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1628 John F. Kennedy Boulevard 8 Penn Center, Second Floor Philadelphia, PA 19103

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Real Estate Journal — April 25 - May 15, 2014 — 3A

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M id A tlantic R eal E state J ournal Tulip Apartments in Passaic, NJ Marcus & Millichap arranges $1,112,500 sale of 15 units

F U L L S E R V I C E

N J & PA

R e a l E s t a t e B r o k e r a g e a n d A d v i s o r y F i r m

focus integrity quality

P ASSAIC, NJ — Mar- cus &Millichap Real Estate Investment Services announced the

Landlord Representation Tenant Representation Investments Property Management

sale of Tulip Apartments, a 1 5 - u n i t m i x e d - u s e property lo- cated in Pas- saic, accord- ing to Brian Hosey, sales manager of t h e f i rm ’ s New Jersey of f i ce . The asset sold for $1,112,500. T h o m a s M c C o n - nell, CCIM and Kevin McCr ann ,

Research & Marketing Information Corporate Real Estate Representation Appraisal & Advisory Services Construction Services

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Tom McConnell

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Tulip Apartments

Kevin McCrann

Keystone Property announces $12m sale of 290,000 s/f ALLENDALE, PA — Key- stone Property Group announced that it has sold a warehouse and distribution facility at 7132 Daniels Dr. in Allendale, to an industrial real estate investment trust (REIT) for approximately $12 million following the completion of a full-building, 290,000 s/f lease at the prop- erty with Knoll, Inc. 7132 Daniels Dr. consists of cross-dock warehouse, manu- facturing and office space. Knoll, a leading designer and manufacturer of branded furniture and textiles, signed a lease in 2013 to occupy the entirety of the building for distribution and light as- sembly use. A CBRE team led by ex- ecutive vice president Mi- chael Hines and senior vice president Brian Fulmara represented Keystone in the building sale. n Tulip Apartments is located at 430 Monroe St. in Passaic. McCrann said, “The lack of available for sale multifam- ily properties combined with favorable financing has cre- ated a seller’s market. We believe this trend will continue throughout 2014.” n Directors in Marcus & Mil- lichap’s National Multi Hous- ing Group (NMHG), had the listing to market the property on behalf of the seller, a local private investor. McConnell andMcCrann also represented the buyer.

4A — April 25 - May 15, 2014 — M id A tlantic

Real Estate Journal

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M id A tlantic R eal E state J ournal For Independence Realty’s multi-tenant portfolio Mark Scott’s CMC arranges $16.05m loan for portfolio T AMPA, FL — Mark Scott’s Commercial Mortgage Capital

UPCOMING SPOTLIGHTS!

MAY 16 NJAA Expo & Conference DEADLINE: April 25

(CMC) announced that it has arranged a $16.05-million, 10-year, 30 year amortization on a fixed rate, non-recourse loan for Independence Re- alty’s multi-tenant flex port- folio in Tampa, which con- sists of Brandywine Business Center, Corporex Plaza and President’s Plaza. The three-building, 95,761 s/f Corporex Plaza is situated on 6.55 acres and is fully occupied. Brandywine Busi- ness Center consists of two single-story buildings total-

June 13 Creative Financing DEADLINE: May 30

Submit artwork and editorial today! email [email protected]

President’s Plaza

SVN–MillerComm’l. expandsofficestaff SALISBURY, MD — Amy Miller, CPM , managing di- rector of Sperry Van Ness – Miller Commercial Real Estate announced a promo- tion and a new hire within the company. Janiene Thompson has been promoted to property management assistant. She previously served as the ad- Corporex Plaza and Bran- dywine Business Center are located within Corporex Park. President’s Plaza is located at 4801 & 4803 George Rd. n ing 75,378 s/f and situated on 5.54 acres. The 42,655 s/f President’s Plaza consists of two single-story, class-B multi-tenant office flex build- ings on 3.96 acres, with 11 tenants.

Public AUCTIONS (2) #1 COMMERCIAL REAL ESTATE Waterfront Income Property On Peck’s Pond • 9,840 Sq. Ft. Building on 2.27 ACRES #2 BOATS & Inventory of the FISHING TACKLE Shop SATURDAYMAY 17TH at 11:00 A.M. 1270 Route 402, Dingmans Ferry, PA 18328

REAL ESTATE FACTS: 2.27 Acres, Owns part of Lake frontage (Pecks Pond) It appears there is one acre of land above the Pond shore line and 1.27 acres under the pond. It appears to be approximately 166 ft, of road frontage 131 ft. of lake front, And 200’+- Straight out into Peck’sPond. • Building 9,840 SQ. FT. (1962)*Rentals: 2 Bedroom, 1 Bedroom, 2 Bedroom,v Restaurant. Separate Utilities, One unfinished Apartment*Boat Rental, Fish & All separate utilities. *Shore has Docks*Pike County; Deed Book: R247, Page 0138 • Terms & Conditions of Real Estate: Successful Bidder required to pay a Ten Percent (10%) non-refundable deposit, the balance due upon closing within 45 Days, Time Being of the Essence. No Buyer’s Premium. “Property to be Sold As Is.” Sale, Subject to Approval of a motivated seller. • DISCLAIMER: All information in this brochure was derived from reliable sources, believed to be correct, but not guaranteed! Bidders shall rely entirely on their own information, judgment & inspection. All announcements from the Auction Block will take precedence over any previously printed matter or oral statements made! NO warranties expressed or implied. This brochure is only a guide. Inventory May vary. Everything sold “As is &Where is”. Hire The Commercial, Industrial & Real Estate Auctioneers! MORE PICTURES ON THEWEB SITE! Col. Steve Sitar/Sitar Auctions P.O. Box 779Waverly, PA 18471 PH: (570) 586-1397 Pa.Lic. AU2124-L FAX:(570) 586-6058 www.sitarauctions.com • Inspection of facility, by appointment and 1 ½ half hours prior to sale. • Terms of sale of #2 Auction, Boats and Contents of Fishing Tackle Shop.

ministrative a s s i s t a n t f r om Ju l y 2013 to Feb- ruary 2014. Her job re- spons ibi l i - ties include a s s i s t i n g the Proper- ty Manage- ment Divi- s i o n w i t h maintenance and tenant r e l a t i o n s , and she also handles col- lections. A m b e r Bo s tw i c k

Janiene Thompson

Amber Bostwick

joins the Salisbury office as the administrative assistant. Amber will serve as the first point of contact for clients and customers in the Salisbury office. n

M id A tlantic R eal E state J ournal S pring P review

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Real Estate Journal — Spring Preview — April 25 - May 15, 2014 — 5A

M id A tlantic

Pat Bunn

Derek Dissinger

Joseph Gore

R. Brenner Green

Glenn Jaffe

Steve Johns

Kurt Kalafsky

William Libercci

Rick Rizzuto

Sara Schoen

Albert Telsey

David Ward

Inside:

Architecture Kurt Kalafsky, The Aztec Corporation Energy and Sustainability Sara Schoen, First Potomac Realty Trust Engineering Steve Johns, VanDemark & Lynch Environmental Law Albert Telsey, Meyner & Landis

Retail Trends Rick Rizzuto, Transwestern Legal Construction/Lending Derek Dissinger, Barley Snyder Mortgage Lending William Libercci, NorthMarq

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14A

7A

16A

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Mortgage Markets Joseph Gore, Capital & Venture Resources Property Management Glenn Jaffe, Sheldon Gross Realty Commercial Banking R. Brenner Green, Real Property Capital

9A

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Facility Lighting David Ward, A Greener NJ Energy Efficiency Pat Bunn, MaGrann

10A

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12A

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6A — April 25 - May 15, 2014 — Spring Preview — M id A tlantic

Real Estate Journal

A rchitecture

By Kurt Kalafsky, The Aztec Corporation New Jersey building codes: “Do I really have to follow them?”

p r o j e c t ? ” The qu i c k a n swe r i s “All of them” but it’s a bit more com- p l e x t h a n that. Build- ing codes are written into W

eareoftenasked the question “Which codes impact my

ing to anyone not familiar with them. You should first know how New Jersey building codes are put into law. The New Jersey Legislature can pass construction laws. It can also delegate rulemaking authority to administrative agencies like the New Jersey Department of Community Affairs. In most cases, it is this Department that authorizes New Jersey building codes. Like most states, however, what the Department of Com- munity Affairs does is adopt third-party building codes.

For example, the International Code Council and the National Fire Protection Association.

Department of Communit Af- fairs has a Division of Codes and Standards. Individuals

adopted, you can go to the New Jersey Department of Commu- nity Affairs Codes and Regu- lations website (http://www. state.nj.us/dca/divisions/codes/ codreg/). On this page, you will find a list of Adopted Codes and Standards. For example, at the time of this writing, the first code listed was the Inter- national Building Code-NJ ed., 2009 which means that New Jersey has adopted the 2009 International Building Code with certain changes that have been made spe- cific for New Jersey. There is also a National Electric Code 2011 and many other building codes. — Below the code names the source of each adopted code is listed. While the codes can come from either the International Code Council or national associations deal- ing with certain construction industries, the State of New Jersey can also create its own sub-codes like the rehabilita- tion sub-code which pertains specifically to existin, previ- ously occupied buildings. — To the right of each code is information on state amend- ments. If a specific code is applicable to your project, you should always know what am- mendments have been made, as they override the standard code. Even if you purchase a code book, you cannot rely solely on that code book when engaging in construction and building projects in New Jer- sey. The Uniform Construction Code (UCC) is part of the New Jersey Administrative Code. It also lists which codes have been adopted by the State of New Jersey but more importantly it spells out all of the exceptions. For example, New Jersey has adopted the American National Standard ICC/ ANSI A117.1- 2003 for its accessibility codes but the UCC has 41 exceptions that ovverride and/or omit specific items and/or complete sections of this code. In Closing, Codes and Stan- dards can be confusing and are subject to interpretation, but that may be the subject of my next article. It’s always a good idea to consult a professional that has the knowledge and ex- perience of working with them on a daily basis. Kurt Kalafsky is the prin- cipal of quality control and compliance at the Aztec Corporation of Aztec Archi- tects, LLC. n

“Building codes are written into law to protect the health, safety and human welfare of the general public, but the volumnious codes, sub-codes and ordinances can be daunting.”

These outside organizations create building codes that are adopted by states. New Jersey will also amend parts of the adopted international or national codes to suit local needs or desires. The State of New Jersey

and companies must comply with the various New Jersey building codes. Here is what you need to know to find out which codes apply to your project: — To find what New Jersey building codes are currently

Kurt Kalafsky

law to protect the health, safety and human welfare of the general public, but the volumnious codes, sub-codes and ordinances can be daunt-

NEVER COMPROMISE

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From clients to employees, your environment has an effect on everyone. It’s often the first…and last impression they see. Can your image afford to let those opportunities pass without making the most of them? “Total Architecture” is our mantra at Aztec. Let it make a difference for you.

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Call 732.636.8989 or visit www.aztec-architects.com

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Real Estate Journal — Spring Preview — April 25 - May 15, 2014 — 7A

M id A tlantic

E nergy & S ustainability

By Sara Schoen, LEED AP O+M, First Potomac Realty Trust Harnessing the power of >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

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