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A multifamily community in Raritan, New Jersey Lefkowitz of Meridian Capital Group negotiates $46 million in financing
ISSUE HIGHLIGHTS Volume 30, Issue 13 July 13 - 26, 2018
Section 7-10A TAX ISSUES & ACCOUNTING
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three-bedroom luxury units. The property underwent ex- tensive renovations in 2016. The Lena is located 40 miles south of Manhattan and easy access to the city via NJ Tran- sit at the Raritan Station and several nearby highways. There is more than five million s/f of retail within a five-mile radius of the property, includ- ing the 900,000 s/f Bridgewater Commons Mall, in addition to 16 million s/f of occupied office space within 10 miles of the property. “This property is a trophy as- set in Central New Jersey with a sterling sponsor,” said Israel Schubert , senior managing director of Meridian’s NJ of- fice. “Meridian’s team worked closely with the sponsor and the lender to customize a deal that surpassed the client’s expectations.” tation into and out of Mexico with customs pre-clearance for faster, lower-cost service than trucks can offer. KCS’ state-of- the-art logistics network keep trains and shipments moving securely and on time through both the U.S. and Mexico. “As one of the best freight rail networks to and from Mexico, more industrial users with com- plex distribution and logistics networks are tapping North America’s impressive freight rail system to help move goods quickly and cost-efficiently to save costs in the last mile,” said Steve Pastor , VP of Global Supply Chain & Ports for NAI James E. Hanson. “As their de- mand for rail-oriented distribu- tion industrial space continues to grow, industrial development projects like the SW Interna- tional Gateway Business Park will become crucial in ensuring these lines can operate both efficiently and seamlessly and provide them with an ideal opportunity to leverage these rail networks to increase their profitability.”
ARITAN, NJ — Me- ridian Capital Group arranged $46 million
in financing to refinance a multifamily communi ty in Raritan, NJ on behalf o f C a s t l e L a n t e r r a Properties . The f i ve - y e a r l o an , provided by a balance sheet lender, fea- tures a rate of 3.75% and one year of interest-only p a y m e n t s followed by a
HURLEY AUCTIONS CELEBRATES 25 YEARS IN BUSINESS
Barry Lefkowitz
The Lena by Castle Lanterra Properties
based in the company’s Iselin office, negotiated the financing for this transaction. “Meridian initiated the loan for the refinance when rates were beginning to rapidly in- crease, and as a result of Me- ridian’s substantial and ongo- ing relationship with lenders, we were able to lock in a 3.75%
interest rate, a phenomenal rate in today’s environment,” said Lefkowitz. Located at 100 River Park Dr., the River Park at Rari- tan, which has since been rebranded to The Lena by Castle Lanterra Properties, is a four-story, class A, commu- nity comprised of 224 one- to
4C
Israel Schubert
30-year amortization schedule. Meridian senior vice president, Barry Lefkowitz , who is
MAREJ EVENTS August 9, 2018
Stonemont Financial provides funding for SW Int’l. Gateway Business Park NJ’s NAI Hanson&NAI Partners celebrate ground- breaking for 540-acre, 10million s/f industrial park
Philadelphia Medical Properties Conference August 23, 2018 Delaware CRE Forecast September 20, 2018 NJ Apartment/Multifamily For speaking and sponsorship information, please contact: Lea at 781-740-2900 or [email protected]
EL CAMPO, TX — NAI James E. Hanson (NAI Han- son) , and NAI Partners , a Houston member of the NAI Global network announced that they held the official ground-breaking ceremony on June 19th for the SW Interna- tional Gateway Business Park, a 540-acre rail-served indus- trial development project in El Campo at the intersection of U.S. 59/I-69 and CR 211. Both
SW International Gateway Business Park groundbreaking ceremony
firms are the marketing agents for the site which is a spec/ build-to-suit industrial park. With development spear- headed by Ridgeline Devel- opment and owner financed by Stonemont Financial Group , the SW International Gateway Business Park will bring up to 10 million s/f of class A industrial space and hundreds of jobs to the Houston area. Other key features of the master-planned multi-modal distribution park include: • 1.375 miles (7,260’) of front- age on US 59/I- 69 • Staging area for more than
200 rail cars • Foreign Trade Zone and addi- tional local and state economic incentives • Six Texas ports within 250 miles (Beaumont, Corpus Christi, Freeport, Galveston, Houston, and Port Arthur) • Kansas City Southern Cer- tification • The ability to deliver build- to-suits within 12 months of executed lease In addition to frontage on I-69 and easy access to Texas port cities, the Kansas City Southern (KCS) railroad offers seamless cross-border transpor-
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Some of our speakers and sponsors!
John Longo Capodagli Property Company
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Ruby Tuesday Jacksonville, FL $2,590,000
Berkshire Place Naples, FL $7,100,000
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Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ...................................... Marisol Chase Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists ............. Jason Price, Cushman & Wakefield Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 13 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Recently Closed Loans
Occupier Trends: Demographics and Talent Driving Space Decisions C Jason Price ushman & Wakefield has released a new re- port, Space Matters, which dives deep into four areas of importance to today’s tenants and landlords. It ana- lyzes the national trends be- hind office density, amenities, parking and concessions. The firm’s New Jersey research team assembled regional com- parison for one of these vital benchmarks. “With unemployment below 4%, companies are focusing on making smart decisions about their space – decisions that keep their employees happy and engaged,” said Revathi Greenwood, Americas Head of Research at Cushman & Wakefield. “Landlords are playing a critical role as well – ensuring their buildings stay competitive with a good mix of amenities, and afford- able parking, and of course concessions where necessary to attract top tenants.” The national report exam- ines in detail four top trends in office space: • Office density : Occupi- ers have been allocating less
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square footage per employee, but that trend is starting to slow down as businesses grap- ple with the right balance of personal, private, communal, and break space. • Amenities : Common ame- nities—such as fitness cen- ters and cost-effective food options—still remain very important. However, there is large opportunity for growth in how technology amenities are leveraged by occupiers and landlords. • Parking : In many urban sub-markets parking supply is a challenge. Prices have been increasing, and occupiers are looking at creative options to meet the challenge. Also looming in the future is what impact autonomous vehicles may have on parking demand. • Concessions : Free rent and tenant improvement allow-
ances increased over the past year, but gains were driven by gateway markets in 2017. This trend will spread and some secondary markets will soften as absorption slows down and/ or new supply comes online. NEW JERSEY CONCESSIONS According to Cushman & Wakefield’s New Jersey re- search team, the Garden State ranked high among U.S. mar- kets experiencing increased concessions in 2017. The re- gion’s 13.5% year-over-year jump is considerably larger than the national average and was only outpaced by San Jose/Silicon Valley and three gateway markets (New York, San Francisco, and Boston). “Free rent grew from an average of $13 to $14 psf last year, and TI allowances continued on page 3A
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M id A tlantic R eal E state J ournal Walgreens, KFC, Pep Boys, and Dunkin’ Donuts Horvath & Tremblay sells four retail properties for $13.59 million
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building is located in an ir- replaceable, urban-infill, location on the edge of the Johns Hopkins Hospital and Medical School Campus. Dunkin' Donuts recently completed a $250,000 reno- vation and modernization of the stand-alone property and store, which opened in December 2017. The initial 10-year lease has 9+ years remaining plus two, 5-year tenant renewal options. Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States.
guaranteed, double net lease that has over 7 years remain- ing plus three, 5-year renew- al options. KFC has over 3.5 years remaining on the triple net lease. KFC has been in oc- cupancy and operating at the premises since 1986 and has consistently exercised their options, demonstrating their commitment to the location. Kyle Danielson and Bob Horvath represented the seller and procured the buy- er of Dunkin’ Donuts in Baltimore, MD. The prop- erty closed at a sale price of $843,000, a 5.93% cap rate. The unique, stand-alone
ID ATLANTIC — Horvath & Trem- blay have success-
fully completed the sale of four retail properties for $13,598,333. The properties include: Walgreens in New Jersey, KFC and Pep Boys in Pennsylvania and Dunkin’ Donuts in Maryland. Bob Horvath, Todd Tremblay , and Peter But- ler have successfully com- pleted the sale of Walgreens in Ewing, NJ. Horvath & Tremblay represented the seller to close the property for a sale price of $10,645,333 a 5.33% cap rate. Walgreens fully occupies a brand new, 14,680 s/f building located along North Olden Ave.. Walgreens operates under a new 20-year corporately guaranteed, triple net (NNN) lease with 50, 1-year renewal options. The quintessential pharmacy location, situated in front of a popular Shop- Rite grocery store, is set on a highly visible, highly traf- ficked, signaled intersection, along a busy retail corridor that serves Ewing Twp. and its 36,000 residents. Matthew Nadler worked to complete the sales of Pep Boys in Irwin, PA and KFC in Erie, PA closing at sale prices of $1.36 million and $750,000 respectively. Constructed as a build-to-suit for Pep Boys in 2015, the 5,546 s/f build- ing is located on an outparcel at the Norwin Town Square shopping center. Pep Boy’s operates under a corporate increased from $30 to $35,” noted Jason Price, New Jer- sey Research Director. “While vacancy rates are in line with historical norms, rental rate growth was strong during 2017; the rent uptick was partially propped up by the cost of concessions. For 2018, we expect free rent averages to remain stable, and TI al- lowances will likely shrink. Conversely, our Space Mat- ters report reveals that half of local markets in the U.S. are expected to see increased TI allowances in 2018.” Jason Price is the Tri State Suburban Director in Cushman & Wakefield’s U.S. Research Services Group. continued from page 2A Occupier Trends: Demographics and Talent Driving . . .
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M id A tlantic R eal E state J ournal
EWARK, NJ — The Kislak Company, Inc. announced the 37,500 s/f medical office building located at 119-137 Clifford Street in Newark Salomon & Gralla of Kislak broker sale of Ironbound Medical Center for $4.25 million N
recent $4.25 million sale of the Ironbound Medical Cen- ter, a 37,500 s/f medical office building located at 119-137 Clifford St. in the heart of the Ironbound section of Newark. Kislak marketed the prop- erty on an exclusive basis. Sales associate Michael Salomon represented the seller, Ironbound Medical, LLC, and sales associate Julie Gralla represented the purchaser, FSG Mazel, LLC. The fully-occupied profes-
Michael Salomon Julie Gralla sional medical building has strong tenants including Ironbound MRT Clinic, La- fayette Chiropractic Center, St. Justine Nursey and many others. The property includes on-site fenced parking for 40 cars.
Ironbound Medical Center
“This transaction exempli- fies the strength of the com- mercial real estate market in Newark, especially in the Ironbound section,” said Sa- lomon. The newly renovated build- ing has undergone extensive capital improvements includ- ing a $1,000,000-plus gut renovation of the top and bottom floors, and half of the lobby. Approximately three miles from Newark Liberty International Airport, it is a prime location in the desir- able Ironbound section of Newark. Newark Penn Sta- tion, about 1.6 miles away, is a hub for trains, buses, and light rail only a short ride to New York City and a mono- rail to the airport, among other destinations. Gralla added, “There has been an unbelievable renais- sance occurring in Newark and this sale is a testament to the ever-growing strength of the market. We are very excited to be a part of the con- tinued improvement through- out this area.” Improvements to downtown Newark include a municipal project which will develop 22 acres between Newark’s central business district and the Ironbound with hous- ing, a three-acre park and a commercial center, linking the two neighborhoods by a pedestrian bridge over a highway. Michael Salomon and Julie Gralla are both rising stars at Kislak. Salomon joined the firm in 2013 and since then has completed transac- tions value at more than $20 million. Gralla joined Kislak in 2011. In 2012, she won the firm’s Rookie of the Year award, and she has com- pleted transactions valued at more than $65 million.
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www.marejournal.com F inancial D igest F eaturing T ax I ssues & A ccounting Gretchen Wilcox & David Fryer arranges financing G.S. Wilcox&Co. secures $25.5million infinancing for new luxury apartments in Warminster, PA M id A tlantic Real Estate Journal — July 13 - 26, 2018 — 5A
m o r t g a g e banking firm based inMor- ristown, NJ has secured $25 . 5 mi l - l i on i n f i - nancing for the Jackson- ville Station Community, a r e c e n t l y constructed 1 5 1 - u n i t , eight build- i ng l uxury c ommun i t y l o c a t e d i n Warminster. W
County, which opened in 2012. In alignment with the Borrow- er’s mission to develop luxury apartment communities that are not only multi-family but also transit-oriented, the Jack- sonville Station Community is optimally located across the street from the Septa Rail Station, which provides direct connectivity to Philadelphia in under 40 minutes. “Working off the strength of ownership’s property across the street, we were able to convince the lender to rate lock the loan very early in the lease up phase of the project,” Fryer said in a prepared statement. Founded in 1994 by Gretch- en Wilcox, G.S. Wilcox & Co. is a leader in the commercial real estate banking industry. The company is known for its success in providing debt and equity solutions to develop- ers, real estate private equity firms, institutional investors, and other owners of commer- cial real estate. laundry, and 24-hour main- tenance in an advantageous location surrounded by shops, restaurants, schools, and em- ployment opportunities. An inner suburb of NewYork City, Hackensack is located 12 miles northwest of Midtown Manhattan and is easily acces- sible via bus and New Jersey Transit in just under an hour, or by car in approximately 30 minutes. “Given Meridian’s substan- tial and ongoing relationship with real estate lenders, we were able to proactively lock the rate for this loan in De- cember, achieving a mid-3% rate in a rising interest rate environment, and holding this rate until the closing in May,” said Hammer. Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms.
ARMINSTER, PA — G.S. Wilcox & Co. , a commercial
Gretchen Wilcox
David Fryer
The financing, arranged by Gretchen Wilcox , president & CEO, and David Fryer , principal, was secured with a 10 year term and a 30 year amortization through Allianz . The client was a repeat bor- rower of the firm’s.
Jacksonville Station Community in-ground pool, the subject property is situated directly
Featuring 12 different unit types with a clubhouse and
across from its sister com- munity, The Station at Bucks
Meridian Capital Group’s Hammer and Karpel arrange $19million in financing for Summit Gardens
HACKENSACK, NJ — Meridian Capital Group ar- ranged $19 million in financing
to refinance a multifamily c ommun i t y in Hacken- sack. The seven- y e a r l o an , provided by a balance sheet lender, fea- tures a rate o f 3 . 6 2 5% and was ne- gotiated by Meridian vice p r e s i d e n t , JudahHam- m e r , a n d senior vice
Judah Hammer
Zev Karpel
president, Zev Karpel , who are based in the company’s New York City headquarters. Located on Acadia Rd. in Hackensack, NJ, Summit Gardens consists of 14 two- story, garden-style buildings
Summit Gardens in Hackensack, NJ fully-equipped kitchens, hard- wood floors, dishwashers, and heat and hot water included in
containing 135 one- and two- bedroom apartments. Units feature amenities including
the monthly rent. The commu- nity also boasts benefits such as lush landscaping, onsite
6A — July 13 - 26, 2018 — Tax Issues & Accounting — Financial Digest — M id A tlantic
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T ax I ssues & A ccounting
Leveraging both firms’ years of experience serving the valuation & appraisals niche market Sobel & Co. Valuation Practice and EAC Valuations LLC merge L CVAs and many other cer- tifications that broaden the scope of both firms.
of experience serving the valuation and appraisals niche market, we are posi- tioned to effectively address the needs of the corporate business community,” Sobel continued. The well-established EAC brand will continue to go to market independently, as well as together, under Sobel Valuations. This flexibility enables them to assemble a team of professionals across a wide range of disciplines. Their combined staff hold designations including CPAs, CFEs, MBAs, CFFs, ASAs,
and IFRS), Appraisals of Intangible Assets, Deferred Compensation, and Purchase Price Allocations for Finan- cial Reporting, and Fair Market Value Appraisals for Property Tax, Insurance, Corporate Planning, Merg- ers & Acquisitions, and Gift/ Estate Appraisal. EAC has almost 50 years as a leader in the valuation community completing more than 14,000 appraisals for clients rang- ing from multi-billion dollar companies to privately-held manufacturing and service companies. Joining our depth
of experience with Sobel & Co.’s 60+ year legacy is a positive step for both orga- nizations, and most impor- tantly, for the clients we serve,” added Merenda. The move will reinforce existing services and further expand the menu of Sobel & Co.’s valuation capabili- ties, which include busi- ness valuations, financial reporting valuations, stra- tegic advisory services, com- mercial damages, corporate and partnership disputes, matrimonial dissolutions, estate and gift valuations, shareholder and partner buy-outs, mergers & acquisi- tions and a diversity of other valuation services. Whether the company is a start-up or a mature established organi- zation, an independent busi- ness valuation is a proven tool for strategic planning. Team members from both practice groups will collabo- rate to enhance and compli- ment these options, adding valuations for machinery and equipment, commercial and industrial real estate, in- tangible assets, and deferred compensation to the mix. The practice will also provide ap- praisals for insurance place- ment, personal property tax disputes and purchase price allocations. Waterstone Defeasance closes on a $11.5 Million CMBS Loan FRESH MEADOWS, NY — Waterstone Defeasance recently closed a defeasance transaction for a $11.5 mil- lion CMBS loan, secured by an office property in Fresh Meadows, NY. Waterstone guided the owners through the defeasance process co- inciding with the owners’ refinance of their loan. As the defeasance consul- tant, Waterstone managed the activities of the numer- ous parties involved with the transaction in order to meet the borrower’s closing schedule. Parties associated with a defeasance transac- tion typically include the servicer, servicer’s counsel, borrower, borrower’s coun- sel, securities broker, cus- todian, accountant, rating agencies, and the successor borrower.
IVINGSTON, NJ — “We are pleased to announce that EAC Valuations PA has joined the Sobel & Co. Valuation Practice to create Sobel Val- uations LLC, a wholly-owned subsidiary of Sobel & Co. ,” said Alan Sobel , managing member of the firm. “From the first time Frank Merenda , president and CEO of EAC Valuations, met with the Sobel & Co. valuation team, we quickly recognized the power of com- bining our two groups. By leveraging both firms’ years
The Sobel & Co. Valua- tion Practice will benefit from Frank’s adherence to EAC’s long standing mis- sion, his deep commitment to its high standards and his well-regarded valuation and appraisal expertise gained throughout his years in the top leadership role at EAC. “I am glad that I have the opportunity to draw on my experiences conducting a wide variety of valuations, such as Fair Value (both ASC
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Recently Closed Transactions
$5.35 Million Commercial real estate loan to refinance a 27,000 square foot medical office building located in Middlesex County, NJ. $32.4 Million Construction to permanent mortgage loan for the development of a 134-unit multi-family property with 14,500 square feet of retail space located in Monmouth County, NJ. $5.0 Million Construction to permanent mortgage loan for development of a 22,000 square foot medical office building located in Somerset County, NJ. $2.4 Million Commercial real estate loan to refinance two mixed use properties with 19 residential rental units and one 2,200 square foot retail unit located in Philadelphia, PA.
$17.25 Million Commercial real estate loan to refinance a 54,000 square foot automobile dealership property located in Bergen County, NJ. $18.0 Million Construction to permanent commercial real estate loan to finance development of an 80-unit multi-family property located in Bergen County, NJ. $4.9 Million Commercial real estate loan to refinance a 72-unit multi-family property located in Orange County, NY. $6.4 Million Commercial real estate loan to refinance an owner-occupied 100,000-square foot warehouse distribution building located in Middlesex County, NJ.
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ead today’s business technology headlines and you’ll see that By Michael Mullin, Integrated Business Systems Why property management, construction and development firms need cloudaccounting functionality R you can scale up or down to meet business objectives with maximum cost efficiency. system with modern applica- tion program interface APIs, such as Smartsheet, Procore and Hyphen Solutions.
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