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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 25 Issue 13 Sept. 13 - 26, 2013
Team members in the NJ and Baltimore offices rep. buyers & sellers Cassidy Turley negotiates sale of three truck terminals for $12 million
Contributing Columnist
C
HATHAM, NJ — Cas- sidyTurley announces three industrial truck
Licht continued, “It has been a pleasure to work together with Jim Petrucci and Greg Rogerson to complete the hat trick sale of these three properties. JG Petrucci and my sellers, L & L Properties, were the perfect pairing of parties to work together with toward this result. I am grateful to be involved in these transactions which will yield the second phase of a first class multi- use redevelopment project for the residents of Warminster Township.” Licht, Senior vice president at NAI Mertz, was recognized as Broker of the Year by JG Petrucci via receipt of their “2013 Leadership Award”. JG Petrucci principal, Greg Rogerson commented, “Trans- acting business with Jeff is always professional and his upbeat personality makes it fun too. He is always positive and prides himself on creat- ing ‘win-win’ scenarios. It’s difficult not to become a new friend of Jeff ’s if afforded the opportunity to transact busi- ness together.” ■ from Old Dominion Freight Line. The Cassidy Turley team of Casey, Ritter-Ceriello, Oare and Orman represented the buyer and the seller. The 59- door truck terminal is set on 10 acres with access to I-95 and I-195. The team helped Old Dominion dispose of sur- plus property while securing a facility for a long-time client to enter into the market. A. Duie Pyle Inc., plans to renovate and occupy the facility to meet its current transportation and warehousing needs. At 541 Hollow Rd. in Phoe- nixville, PA, Casey and Ritter- Ceriello worked with Matthew Collins of M. M. Collins Real Estate to represent the seller, Realterm NAT, and the buyer, Pitt Ohio Express, in the sale of the 66-door truck terminal on 20.3 acres. ■
terminal sales inMaryland and Pennsylvania totaling in excess of $12 million. Cassidy Turley team members in the New Jer- sey and Baltimore offices repre- sented the buyers and sellers in the transactions. The team was comprised of Larry Casey , senior vice president, principal; JonathanCarpenter , manag- ing director, principal; Robert Oare , senior vice president, principal; Andrew Houston , vice president; Alan Orman , vice president and Robin Rit- ter-Ceriello , associate. Casey led the team of Carpen- ter, Houston and Ritter-Ceriello to negotiate the sale of 6351 South Hanover Rd. in Elkridge, MD, serving as representatives for the owner, A. Duie Pyle Inc.,
Neil Stein
6351 South Hanover Road
2A
and the buyer, Gramercy Prop- erty Trust. A. Duie Pyle Inc. initially bought the property as an investment and leased it back to New Penn Motor Express, which will continue to occupy the space. The terminal at 6351 South Hanover Rd. has 61-dock doors on 10.5 acres
located between Interstate 95 and I-195. The team leveraged its market expertise by mon- etizing an investment property to expand the buyer’s portfolio into a new region. In a second transaction, A. Duie Pyle Inc. purchased 7070 Brookdale Dr. in Elkridge, MD,
Spotlight 15-21A
Also worked with seller, L & L Properties Licht of NAI Mertz sells 110,000 s/f industrial facility to JG Petrucci in Warminster, PA totaling $4.2m
Northern NJ Spotlight
WARMINSTER , PA — NAI Mertz announced the sale of 65 Steamboat Dr. in Warmin- ster to JGPetrucci . The team of Jeffrey Licht and Adam Lashner were responsible for the marketing of this asset. 65 Steamboat is a 110,000 s/f hi-tech industrial facility on 7+ acres. The building fea- tures 15,000 s/f of office space, is 100% air-conditioned, heavy
5-15B
65 Steamboat Drive
Directory
power, 15-24’ ceiling height, 12 tailgate doors and 1 over-sized drive-in door. The building has been prepared for multi- tenancy and NAI Mertz has already leased 65,000 s/f to IWCO. Licht and Lashner now seek to lease out the remain- der 45,000 s/f. Licht was the point man for this project and worked together with seller, L & L Properties , and JG Petrucci to realize this second transac- tion between same parties as last year Licht sold 375 Jack- sonville, a 67,000 s/f first class warehouse distribution center
on 10 acres. “JG Petrucci was the natural buyer of these two properties as a direct result of their well deserved success at Station at Bucks County”, said Licht. Station at Bucks County rep- resents the redevelopment of the former Drager Medical property into a luxury unit residential transit community. The recent property purchases are located directly across the street and contiguous to each other to ensure Bucks Sta- tion Phase 2 and maybe even Phase 3, if deemed appropriate at some point in the future.
DelMarVa ........................................5-10A New Jersey .................................Section B Northern New Jersey....................... 5-15B Pennsylvania ..............................Section C Central PA........................................ 5-10C
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Inside Cover A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal
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2A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal MAREJ a dvertisers d ireCtorY Asset Preservation .......................................... 12A Bayshore Recycling ......................................... 19B Belfor USA...................................................... IC-A Bennett Williams .............................................. 4C Bill Board Directory.....................................IBC-A BL Companies ................................................... 6C Brasler ............................................................... 1C Business Card Directory................................. 27A Bussel Realty Corp............................................ 1B CBRE ...................................................IBC-A, 12B Commercial Choice ........................................... 3C Cooper Horowitz.............................................. 23A CPREA............................................................. 16A Cushman & Wakefield .................................... 15B Deerwood Real Estate Capital ....................... 14A Earth Engineering ......................................4B, 5C Exchange Strategies Corporation .................... 3A Fortna Auctioneers & Marketing Group.......... 4A Delmarpa Janitorial Services........................... 6A Gebroe-Hammer................................................ 3B Greater Newark Delaware ............................... 7A GREP ................................................................. 4C Harvey Hanna & Associates................... 10, BC-A Heller Industrial Parks .................................. 13B Hinerfeld.......................................................IFC-C Kaplin | Stewart............................................... 2A Keast & Hood .................................................. 11C Landmark Commercial ..................................... 9C Lee & Associates ...................................IBC-A, 4B LMS Commercial ............................................ 10C M. Miller & Son............................................... 24A Madison Capital ................................................ 6A Marcus & Millichap ........................................ 11B Max Spann ........................................................ 7B Mericle ...........................................................BC-C Meridian Capital Group ................................ IC-B Metro NJ Chapter Appraisal Institute .......... 20A NAI Summit ...................................................... 3C NorthMarq...................................................8A, 8B PG Commercial ............................................... 27A Philadelphia Metro Chapter Appraisal Institute .. 17A Poskanzer Skott Architects ............................ 17B Productive Painting ..................................27A, 2B Progress Capital Advisors .............................. 13A Real Property Capital ....................................... 3A Regal Bank ........................................................ 9B ROCK Commercial............................................ 8C Rose Metal Systems ............................. 27A, FC-C SEBCO Laundry Systems ................................ 2B Security Resources .......................................... 19B SELA Properties LLC ..................................... 10B Sheldon Gross Realty...................................... 17B Singer Financial................................................ 1A Sorce Companies ...........................................BC-B Southern NJ Chapter Appraisal Institute 18-19A Spencer Savings Bank .................................... 20B The Architectural Appraisal Group................ 21A The Kislak Company ...................................... 14B Thompson Management ................................... 2B Warfel Construction .......................................... 7C WCRE ................................................................ 3B Whitesell...................................................... IBC-B P
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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 Section Publisher ...........................................................Janine Hennessey Senior Editor/Graphic Artist .................................................Karen Vachon Production Intern .........................................................................Julie King Office Manager ................................................................... Joanne Gavaza Guest Columnists ...............................................neil Stein, Stan freeman 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 17 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 Neil Stein The Supreme Court Helps Private Property Owners (At Least For Now)
rivate property own- ers requesting courts to intervene in land use
cases, rarely obtain a favorable outcome when raising constitu- tional claims. Although there have been exceptions. Nollan and Dolan (short titles) were U.S. Supreme Court cases that established that the govern- ment cannot make unreason- able demands as a condition for a permit. Such demands must be both related to the impact of the proposed development and roughly proportional to the expected harm caused by the development. Simply put, a permit application is not al- ways a justifiable opportunity for the government to engage in extortion. On June 25, 2013, in a sig- nificant victory for landowners, the Supreme Court held that the government’s demand for property from a land use ap- plicant must satisfy the Nollan and Dolan requirements even when it denies the permit. In St. Johns River Wa-
ter Management District v. Koontz, the Supreme Court was asked to decide (1) whether Nollan and Dolan protections apply to government permit conditions demanding money or other property (and not just real property); and (2) whether a permit application must be granted in order for Nollan and Dolan to apply to such demands. Koontz owned and sought to develop a small portion of wetland impacted land. To do so, he needed a permit from the Management District and offered to impose a conservation easement on most of the property and to
continued on page 26A The Supreme Court held that under the unconstitutional conditions doctrine, which pre- vents government from coerc- ing people to give up their con- stitutional rights, courts cannot distinguish between approving a permit on a condition and conduct mitigation studies. The District thought these were insufficient concessions and directed Koontz to perform mitigation on a large parcel of land, located elsewhere in the watershed, which he did not own. Koontz refused and the permit application was denied.
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M id A tlantic R eal E state J ournal By Stan Freeman, Exchange Strategies Corporation The Optimal Exchange Strategy – Transaction Timing Control
T
his is the first in a series of articles on the sub- ject of optimizing 1031
kets for multi-family hous- ing and triple-net properties, for example, are intensively competitive and significant cap-rate compression is nor- mal in these locations. With the likely continuation of low interest rates for (near-) cash investments and the attractive arbitrage between CAP rates and the cost of leverage, this type of competition and pres- sure is not expected to abate in the near-term. If you are contemplating a 1031 exchange in order to achieve an investment objec- tive, this market - favoring sellers to an unusual extent
- must be navigated carefully in order to achieve your in- vestment goals and keep your capital continuously deployed, that is, defer the tax on the gain from the sale. Hence, the first aspect of optimizing a 1031 exchange that I describe is “transaction control” and relates to the timing of the acquisition of the Replace- ment (or “New”) Property in an exchange. Here is the danger: if you start a “forward” or “delayed” 1031 exchange, you’ll likely be able to sell what you are plan- ning to exchange with rela- continued on page 26A
exchanges in today’s CRE marketplace. Th i s t op i c should be of keen interest to real estate owners and investors as well as the
Stan Freeman
brokerage, legal and account- ing communities that assist them. Most experienced CRE professionals have some ex- perience with 1031 exchanges but many do not appreciate the full range of sound options that are available. In challenging market conditions, it makes sense to understand and use all of the available tools to help ensure success and reduce risk. The first set of articles will address optimizing in terms of transaction timing and control, return on investment and the integration of 1031 exchange with lending and cost segrega- tion. The second set of articles will describe several popular and effective 1031 strategies for increasing tax deferment potential in today’s CREworld. Our thoughts are informed by information gathered at scores of meetings with investors and CRE professionals all over the country. We promise to keep the discussion pithy (not too much detail) and avoid ir- relevance (e.g. vacation home exchanges). Any reader who wishes to discuss any topic in more detail or to jump forward to a topic of interest is encour- aged to contact me as indicated elsewhere in this publication. The term “optimization” means getting maximal benefit – strategically and financially - from an exchange for you, the person or entity doing the ex- change. This implies that the form of the exchange used (for- ward or reverse) is determined only by what is best for you and not what is best for your QI. As simple as this may seem, it is often an approach that is not encouraged by QIs. In today’s CREmarket, there is a consistent and sometimes overwhelming shortage of high-quality property for sale. The market is strongly aligned in favor of sellers. This short- age is perhaps most acute in the segment consisting of investment-grade, income- producing assets. The primary and secondary regional mar-
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Kohlhoss of the DC office and Ferrell of the Baltimore office orchestrate transactions NorthMarq arranges $5.82 million mortgage for an industrial facility & 66-unit multifamly
G
ermantown, MD — Matthew Kohl- hoss , vice president of
NorthMarq’s Washington, DC regional office, arranged first mortgage refinancing of $3.32 million for Churchill Business Center located at 13210-13220 Wisteria Dr. in Germantown. The property is an attractive, well maintained, 100% leased, 39,917 s/f industrial facility in very good location. Selvadurai Palanivelu, Autobody Connec- tion and Sherwin Williams are major tenants at the site. Financing was based on a 25- year term and a 20-year amor- tization schedule. NorthMarq arranged this financing for the borrower through its relation- ship with a correspondent life company lender. “The lender’s ability to pro- vide long-term fixed-rate fi- Washington, DC —The principals of R ock Creek Property Group announced that they have sold 1438 U Street, NW, a two-story build- ing in the white-hot 14th and U Street corridor of Wash- ington, DC. The property was sold to the Republic of India for $5,750,000, or $467 psf, based on the total build- ing size of 12,325 s/f, which includes two stories plus a small lower level. Rock Creek first acquired the property in December 2010. “The property’s location and special attributes are without equal in this corridor,” said Rock Creek’s Gary Schlager , one of the firm’s principals. “Large, efficient floors sizes, exposed brick, and 10-20 foot ceilings are rare and really differentiated this opportu- nity in the market. We are just thrilled to see the property find the perfect fit in its new owner, the Republic of India, who will invest the requisite capital for its own use and to the benefit of the surrounding, growing community.” 1438 U Street, NW was
Churchill Business Center
Townhomes at River’s Crossing
nancing at an attractive rate won this business,” Kohlhoss said. In a second transaction, Nancy Ferrell , senior vice
president and managing direc- tor of NorthMarq’s Baltimore regional office, arranged first mortgage refinancing of $2.5 million for Townhomes at Riv-
er’s Crossing, a 66-unit, mar- ket rate multifamily property located in Essex, Baltimore County. Financing was based on a 10-year term and a 30-
year amortization schedule and was arranged for the borrower by NorthMarq through its rela- tionship with a correspondent life company lender. n
Rock Creek Property Group sells 1438 U Street, NW for $5.75 million in DC
DelShah Capital completes sale of $3.6 million condo
2523 13th Street NW
Washington, DC — DelShah Capital, LLC , a full-service real estate debt acquisition, development and management company, an- nounced it has completed the sale of 2523 13th Street NW in Washington, D.C. to Aria Investment Group for $3.6 million. Located between the historic U Street Corridor and Colum- bia Heights, the condominium building includes 23 units and 11,210 square feet of rentable space. The property has been substantially renovated and includes a new lobby, laundry facility and bike room. All units feature hardwood floors
throughout, as well as a chef ’s kitchen with granite counters, dishwasher and stainless steel appliances. The Greysteel Company in Bethesda, MD represented DelShah. Aria Investment Group represented itself in the transaction. “It was satisfying to take the deal all the way from acquisi- tion of the non performing debt to fully repositioning the underlying asset, and then selling at a favorable price,” said Michael Shah , principal of DelShah Capital. “Wash- ington D.C. is a great market, but we are focused on our local holdings in New York.” n
1438 U Street, NW
acquired on behalf of Rock Creek’s Opportunity Fund, which has acquired seven as- sets in the District of Colum- bia and in strategic locations in Virginia and Maryland. Recent Rock Creek acquisi- tions have included 810 5th
Street, NW in the heart of Gallery Place/Chinatown, the 88-unit Takoma Flats just off GeorgiaAvenue, NWand 1100 16th Street, NW, a newly de- veloped single-user headquar- ters building located just steps from the White House. n
6A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal
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Greater Newark Economic Development Partnership Greater Newark: It All Adds Up
H
ave you ever been to Newark, DE? If not, you’ve certainly heard
secured co-generation plant. It will also bring thousands of construction jobs during a three- year construction timeline, and nearly 300 full-time and 50 part- time jobs during operation. Central to wherever you want or need to be in Delmarva, the Greater Newark Area has a great story to tell: It all adds up for businesses and residents alike. With convenient access to road, rail, air and sea trans- portation, businesses will be positioned in the heart of the 35 million people of the NY- Philadelphia-DC megalopolis, in a family-friendly, affordable setting. n
of or read about Vice President Joe Biden, NJ Gov. Chris Chris- tie, Super Bowl MVP Joe Flacco or WNBA All-Star Elena Delle Donne. What do they have in common? They all attended the University of Delaware, the flagship of higher education in Delaware, located in bustling downtown Newark. But local leaders isn’t all Newark has to offer! Global leaders such as Air Liquide, AstraZeneca, Chris- tiana Care, DOW Chemical, DuPont, W.L. Gore, FMC, GE Aviation and Siemens Health- care Diagnostics have chosen to locate in the Greater Newark Area because of its strategic location in the Mid-Atlantic near Interstate 95, its highly educated workforce, its proxim- ity to a top research university and its responsive local govern- ment—as well as a quality of life that’s affordable, fun and family-friendly. The advantages to setting up shop in Newark are a result of a concerted effort of the univer- sity, the local government and the business community to move Newark into a new era. When DaimlerChrysler closed its auto- mobile plant in Newark in 2008, the loss was felt throughout the community. During the height of its productivity, Chrysler had employed 5,500 full-time employees. For a town of ap- proximately 32,000 people, the plant’s loss was dramatic—but it also fueled a real renaissance of Greater Newark. Looking to the future, the University of Delaware pur- chased the 272-acre Chrysler site in 2009, rebranding it as the Science Technology and Advanced Research (STAR) Campus—an investment in innovation, research and aca- demia—to create space for labs, health-science initiatives, housing, retail, offices and tran- sit space. Its first occupant, Bloom Energy, recently opened its East Coast operations at STAR Campus. The company manufactures Bloom Energy Servers—also known as a Bloom Box—an innovative distributor power generator that produces clean, reliable and affordable electricity. The university has also inked a deal to bring 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
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