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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 March 14 - 27 , 2014 Hawley Realty’s closes $2.662 million
Combs of KLNB represents owner in 1,130 s/f lease WPC closes $35.5 million loan for 8757 Georgia Ave. in Silver Spring, MD S ilver Spring, MD — Washington Prop- ertyCompany (WPC)
ant. A ten year lease of 1,955 s/f of retail space at 100 Water St., Red Bank by Jersey Mike’s Subs from City Centre Plaza, LLC. Edward Hughes and JanTausch represented the tenant. A three year lease of 11,776 s/f of office space at 2100 Route 35, Sea Girt by Roof Diagnos- tics Solar from Sea Girt Center, LLC. Schrader Jr. represented the tenant, and Gregg Nowell and Helena Loelius repre- sented the landlord. A five year lease of 12,500 s/f of office space at 200 Helen St., South Plainfield by G&W Laboratories from Nakash 200 Helen St., LLC. Sitar Jr. and Thomas Monte represented the landlord. A three year lease of 9,105 s/f of office space at 1 Evertrust Plaza by the Highway Toll Authority from Prestige Hospi- tality Service. Robert Giordano and Sitar Jr. represented the tenant. n Real Estate Services rep- resented the tenant. Tim Jaeger and Todd Bosley of CBRE and Joshua Gur- land of WPC represented the owner. 6900 Wi s cons in Ave . , Bethesda, MD – 1,336 s/f Howard Insurance expand- ed by leasing 1,336 s/f. Joshua Gurland of WPC represented the owner. Bethesda Corner, 4719 Hampden Lane, Bethesda, MD – 2,424 s/f KBRKitchen&Bath leased 1,294 s/f. Joshua Gurland of WPC and Matt Skalet of KLNB Retail represented the owner. EmbroidMe leased 1,130 s/f Marathon Property Solu- tions represented the tenant. Joshua Gurland of WPC and Steve Combs of KLNB rep- resented the owner. Patriot Business Park, 7850 Walker Dr., Greenbelt, MD – 4,691 s/f. n
Edison, NJ — Sitar Re- alty Company announced the following real estate transac- tions: The sale of a 332,000 s/f in- dustrial building at 45 Bruns- wickAve. in Edison fromNJND Brunswick Ave., LLC to 45 Brunswick Ave., LLC. The sales prices was $22,444,000. Thomas Monte and William has closed $35.5 million in permanent financing for its 242,000 s/f office building at 8757 GeorgiaAve. in the heart of Silver Spring,MD. USBank provided the loan. Walker & Dunlop represented WPC in the transaction. Originally built in the 1970s, 8757 Georgia Ave. was acquired WPC in 2001 following completion of a $20 million renovation. Current tenants include Social & Sci- entific Systems, Inc., Corin- thian Colleges, and Synergy Enterprises. During the last half of 2014, WPC leased 18,186 s/f of of- fice, retail, and medical space in its MD and VA properties: 8757 Georgia Ave, Silver Spring, MD – 3,226 s/f National Council for the Traditional Arts leased 3,226 s/f. Tom Long of Donohoe
NorthMarq secures $17m refinancing 7A
FC-B
1031 Exchange Spotlight
8757 Georgia Ave.
Sitar Realty Company’sMonte and Sitar Jr. brokers $22.444 million industrial building sale in NJ
Section C
Directory
45 Brunswick Avenue in Edison, NJ
DelMarVa..........................................................7-8A Pennsylvania................................................... 7-21A TriState Organization.......................................... 22A New Jersey.................................................Section B Northern New Jersey. ..................................... 5-12B Financial Digest..........................................Section C
Sitar Jr. represented the buyer. The sale of a 25,900 s/f lot, zoned light industrial, at 201 Memorial Dr., Asbury Park from 917 Cookman, LLC to Asbury Park Developers. The sales price was $550,000. Mar- garet Harvey represented the seller. Afive year lease of 7,984 s/f of office space at 2109 Heck Ave., Neptune by SBH Oceanfront from JLRZ Holdings, LLC. Brian Schrader and Ronald
Schrader Jr. represented the landlord. A five year lease of 5,099 s/f of office space at 90Woodbridge Center Dr., Woodbridge by Modis Inc. from Cenwood As- sociates. Robert Giordano represented the tenant. A five year lease of 6,000 s/f of office space at 1715 Route 34, Wall Township by WaWa, Inc. from Third Ave. Realty, LLC. Robert JanTausch and Douglas Sitar represented both the landlord and the ten-
Upcoming Spotlights March 28, 2014 Best of 2013
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Inside Cover A — March 14 - 27 , 2014 — Mid Atlantic Real Estate Journal MidAtlanticREJfullAd_Layout 1 2/12/14 7:57 AM Page 1
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MAREJ A DVERTISERS D IRECTORY 2A — March 1 - 27, 201 — Mid Atlantic Real Estate Journal All-Rite Construction ...................................... BC-B Asset Preservation ...............................................7C Bayshore Recycling ..............................................4B BL Companies ....................................................15A Bussel .............................................................. IC-B Capital & Venture Resources, Ltd. .....................3C CBRE Griffin Land ............................................19A Cooper-Horowitz .............................................. IC-C CREW Lehigh Valley .........................................20A Cushman & Wakefield .........................................3B DEERWOOD ........................................................2C Earth Engineering .............................................21A Exchange Solutions..............................................6C Exchange Strategies Corp. ............................. BC-C Gebroe-Hammer.................................................13B GFCIB...................................................................1C Hawley Realty ....................................................18A Heller Industrial ..................................................4B Hinerfeld...............................................................9A IPX1031 ................................................................9C Keast & Hood .....................................................17A Kennedy Funding.................................................7B Landcore .............................................................13A Landmark ...........................................................13A Lee & Associates ..................................................1B LVEDC................................................................ 11A Madison Exchange .............................................12C Marcus & Millichap ......................................8&15B Mericle ................................................................14A Meridian ...............................................................9B Mick & Associates, P.C., LLO ............................10C NAI CIR..............................................................16A NorthMarq............................................................6B PA DCED ............................................................12A Poskanzer Skott .................................................10B PWC ....................................................................21A Rational Contracting ...........................................2B REISA .................................................................13C Rittenhouse Realty Advisors .............................10A RPC.......................................................................2C Sheldon Gross.......................................................2B Singer Financial Corp..........................................4C The Kislak Co. ....................................................14B TPD.....................................................................17A Value Companies................................................11B WCRE .................................................................15B www.1031tax.com.................................................8C
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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 Contributing Columnist .......................................................Debra Stracke 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 5 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
Mid Atlantic Real Estate Journal
Debra Stracke
ITRAGlobal Warns Commercial Tenants of Operating Expense Increases
W
A S H I N G T O N , DC — According to Debra Stracke An-
derson , president and CEO of Sloan Street Advisors / ITRA Global , who specializes in com- mercial tenant representation, most tenants have received their 2013 expense reconcili- ation statements of operating expenses and taxes from their landlords. Typically, tenants have 30-60 days after receiving these statements to give notice to the landlord if they wish to perform an audit. If a company is leasing office space, industrial space, warehouse or other com- mercial real estate, now is the time to determine if the landlord is over-charging for expenses by performing a lease audit. For many commercial real estate tenants, rent is the second largest operating expense after personnel costs. Auditing the landlord’s expenses provides confidence that these costs are being properly billed. Not all tenants need to audit lease ex- penses annually, but here are a
few examples of situations that could trigger an audit: 1. If a gross-leasewas executed in 2013, the tenant will have only one opportunity to audit the base year (2013) expenses. If a ten- ant waives this right, he may be overbilled for all ensuing years due to a landlord understating the base year expenses. Even a tenant with a net-lease signed in 2013, while these don’t typically have a base year dollar amount, should consider an audit to verify they are only being charged for permitted expenses. 2. Landlords of mixed-use properties routinely overcharge tenants for operating expenses
and real estate taxes, because the landlord allocates expenses to the various components of the complex using methods which don’t reflect the actual usage of services by each component. Substantial operating expense increases often signal that a landlord has improperly cal- culated the expenses. A tenant should look at specific line items of expense when reviewing the year-to-year increases. 3. Buildings in which land- lords have expendedmajor capi- tal on building systems, exteri- ors or common areas certainly should be considered as an audit continued on page 3A
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M id A tlAntic R eAl e stAte J ouRnAl T Tenafly’s 9-unit complex trades for +$21,000 per unit Gebroe-Hammer inks $10. million Apartment sale ENAFlY, NJ — Ge- broe-Hammer As- sociates has orches- buildings feature slate roofs and original windows “in ex- cellent condition,” according to Pine.
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trated the $10.5 million sale of Stonegarth Apartments, a 49-unit, four-building garden complex at 30 Engle St. The firm’s executive vice president David Jarvis and senior vice president Greg Pine repre- sented the seller and identified the buyer, a long-time Gebroe- Hammer client, in the transac- tion, which factors out to more than $214,000 per unit. “While we have seen higher per-unit sales for new con- struction, the sale price is ex- traordinary for a garden-style Prestige Grp. appoints Cohen to exec. VP & dir. of RE consulting target. The lease should dictate if such capital expenditures are permissible. 4. The gross-up of expenses is addressed in most leases and if applied properly, is fair to both the tenant and the land- lord. When a building has high vacancy, a landlord can make significant errors when applying this gross-up adjustment, which negatively impacts a tenant’s share of the annual operating expenses, resulting in the tenant paying too much. Paul Stevens, a lease audit specialist said, “Tenants should protect themselves by hiring a professional lease auditor to review their lease and operating expenses to determine if they are being fairly charged. Many tenants have found, by being proactive, they have been able to save thousands of dollars over the term of their lease.” n continued from page 2A ITRAGlobal warns commercial . . . Cohen comes back to Pres- tige Group after a five year en- gagement withOrens Brothers Real Estate, Inc. where he was their director of acquisitions. Cohen previously spent 10 years as Prestige Group’s se- nior vice president of the com- mercial brokerage division. n DEVON, PA — Richard Natow , president of Prestige Group, Inc. announced that Bob Cohen has been appoint- ed executive VP and director of the real estate consulting division.
“This is a rare gem to come on the market,” said Pine. “The pricing was very aggres- sive, and the sale was not con- tingent on financing. The fact that this property did become available was based on the owner capitalizing on the cur- rent multifamily investment market demand, especially for desirable Bergen County properties. There still exists, however, a tremendous sup- ply/demand imbalance.” n
Bryn Merrey Washington, D.C. (202) 536-3700 J.D. Parker Manhattan (212) 430-5100
Spencer Yablon Philadelphia (215) 531-7000 Ryan Nee New Jersey (201) 582-1000
David Jarvis
Greg Pine
property originally construct- ed in the 1930s,” said Pine. “With its park-like setting – Stonegarth occupies just 20 percent of its well-landscaped and partially forested site – it is one of the nicest complexes in Bergen County.” Stonegarth’s four brick
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A — March 14 - 27, 2014 — Mid Atlantic Real Estate Journal www.marejournal.com M id A tlantic R eal E state J ournal A uctions SEALED BID REAL ESTATE AUCTION 60+- ACRES ZONED INDUSTRIAL SEALED BIDS DUE FRIDAY MARCH 21, 2014 @ 12PM
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Mid Atlantic Real Estate Journal — March 14 - 27, 2014 — 7A
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W Zupancic & Smith, DC multi-family investment specialists had the listing Marcus & Millichap arranges the sale of a boutique apartment building totaling $875,000 ASHINGTON, DC — M arcus &Milli- chap Real Estate
written offers. The asset ul- timately went under contract with a local real estate inves- tor for $1,000,000. However, the tenants formed a tenant association, exercised their TOPA rights, and eventually closed on the transaction on the last legal day that the TOPA statute provided for, over a year later. The property is located just east of 16th St. and south of Piney Branch Park, a tributary of the larger Rock Creek Park. The building is adjacent to the Pershing House (3701 16th St NW), a 59-unit apartment building purchased by Van Metre Companies in August 2011 for $4,712,000 (or $79,864 per unit), and across the St. fromThe Fitzgerald (3625 16th St. NW), a 23-unit apartment building that has undergone extensive renovations under the ownership of the partner- ing CAS Riegler, JCR, and SNEAD Construction compa- Arlington, VA — Fed- eral Capital Partners (FCP) and RESI Management have signed Marymount University to an 87,000 s/f lease at 4040 N. FairfaxDr., a ten-story, 184,213 s/f office building in the heart of the Ballston submarket of Arlington. FCP, in partnership with the McMullin family, re- cently completed a significant renovation and repositioning of 4040 N. Fairfax. ”Marymount University is a vital and integral part of the Arlington community and we are thrilled to welcome them to 4040 N. Fairfax,” said FCP managing partner, Tom Carr . FCP and McMullin took the opportunity in January 2013, as part of the Base Realign- ment and Closure (BRAC) initiative, to do an extensive renovation of 4040 N. Fair- fax that allows the building to compete with new class A buildings at a discount to com- petitor pricing. 4040 N. Fairfax renovations
nies. The Fitzgerald was origi- nally planned to be a condo- minium conversion project af- ter its purchase in December of 2012 for $1,800,000 (or $78,261 per unit), but the owning entity has chosen to keep the asset as a rental building accord- ing to CAS Riegler’s website. Also in December of 2012, the apartment building located at 1575 Spring Place NW traded for $1,200,000 (or $75,000 per unit). When commenting on this abundance of recent trans- actions in the North Columbia Heights neighborhood, Marty Zupancic pointed out, “1445 Spring Rd. NW is the fourth small multifamily deal to trade in this pocket of North Colum- bia Heights in the last couple of years. The location next to a tributary of Rock Creek Park, the proximity to 16th St., and strong rent growth in this submarket, all contributed to the strong level of interest in this asset.” n
Investment Services has an- nounced the sale of a 13-unit boutique apartment build- ing in the Columbia Heights neighborhood of D.C.’s North- west quadrant, according to Bryn Merrey , regional man- ager of the firm’s Washington, D.C. office. Marty Zupancic and Peg- gy Brooks Smith , DC Multi- Family investment specialists inMarcus &Millichap’s Wash- ington, D.C. office, had the listing to market 1445 Spring Rd. NW. The building was listed for $875,000 (or $67,308 per unit) and sold on Febru- ary 10, 2014 for $1,000,000 (or $76,923 per unit), which was 12.5% above the asking price. The property consists of ten one-bedroom units, two two-bedroom units, and one efficiency. At approximately 12,888 gross s/f, the 13-unit
1445 Spring Road NW
building was owned by the Quick family for fifty-two years, and was originally built by Morris Cafritz, patriarch of the powerful Cafritz real
estate family, in 1923. Marcus & Millichap extensively mar- keted the building, running over twenty-five tours and eventually receiving over ten
Patterson-Woods/CORFAC Int’l. sells brownfield site for $850,000
Federal Capital Partners signs 87,000 s/f in Virginia
Wilmington, DE — Pat- terson-Woods Commercial Properties/CORFAC In-
and make way for a new retail development on the land. According to Latina, the buyer has entered the property into the DNREC Brownfields Development Program as a first step toward cleaning the site for redevelopment. DN- REC is an abbreviation for The Delaware Department of Natural Resources and Environmental Control and the state entity that oversees brownfield-site redevelop- ment. “The buyer paid a premium for the land on a per-square- foot basis (the equivalent of slightly over $2.4 million per acre) but given the strong de-
mand for class A retail along the Concord Pike corridor, and the lack of available opportuni- ties, I am confident that they will be able to redevelop the property and demand a strong enough rent get to a good return on their investment,” said Latina. It is the second investment property sale on the Concord Pike corridor completed by Patterson-Woods/CORFAC International this year. Last month Tom Ryan (with Pat- terson-Woods) sold a retail property located at 2702 Con- cord Pike that is occupied by Delaware Gold Exchange and Casapulla’s Subs. n a smoothly run operation,” said Eddie Goldmeier , senior managing director for NGKF, who represented Mariner in the transaction and represents the company in its retail leases around the country.” n
ternational p r e s i d e n t D u n c a n Patterson, CCIM , an- nounced that Joe Latina represented Ac e Pe t r o - leum Inc. in
Joe Latina
an investment property sale located at 2801 Concord Pike in Wilmington. The buyer, HP Concord LLC paid $850,000 for .35 of an acre and a 1,296 s/f garage build- ing that it plans to demolish
4040 N. Fairfax
began with the demolition of the entire interior to shell con- dition, including the removal of partitions, ceilings and flooring, allowing maximum flexibility for full floor or multi- tenant layouts. FCP extends its apprecia- tion to Josh Peyton, Peter Berk and Dave Millard of Avi- son Young, who represented Marymount and Rob Walters, Mike Shuler and Nate Krill, also of Avison Young, who represented the ownership in the lease transaction. n
Nottingham, Md — Mariner Finance is ex- panding and relocating its corporate headquarters to 8211 Town Center Dr., ac- cording to Newmark Grubb Knight Frank (NGKF) . The consumer-loan com- Newmark Grubb Knight Frank negotiates 69,401 s/f pany will occupy the former William Scottsman building, for a total of 69,401 s/f. “Mariner Finance is on track to more than double in size by the end of next year due to its growth from
6A — March 1 - 27, 201 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — Pennsylvania — 7A
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Weiss & Satkovich of Hawley Realty represent buyer & seller in $900K sale of 11,500 s/f Hawley Realty’s associate broker Paul Weiss closes $2.662 million in 4 transactions L EHIGH VALLEY, PA – Hawley Realty, Inc . announced that Paul
PITTSTON TOWNSHIP, PA — Greiner Packaging In- ternational, one of the leading companies in the European packaging industry, will open a manufacturing plant at 225 Enterprise Way in Center- Point Commerce &Trade Park West, Pittston Township. The company expects to create more than 100 full-time jobs at the facility within three years. The company has leased 113,871 s/f in a 223,387 s/f in- dustrial building constructed by Mericle Commercial Real Estate Services on speculation in 2013. Mericle developed the building as part of its ReadyToGo Program. Mericle’s construction crews are busy getting the front half of the building ready for the company. Greiner Packag- ing International will begin installing its manufacturing systems in the building in April and anticipates an Oc- tober grand opening. Mericle vice president Dan Walsh coordinated the real estate transaction. Greiner Packaging International was represented by Brandon Podolski, JD and Adam the east. Weiss and Pat Sat- kovich , sale associate with Hawley Realty, teamed up to complete this in-house trans- action value of $900,000 rep- resenting the buyer & seller. Weiss sold a 10,000 s/f com- mercial building for $510,000 in Palmer Twp. The former Moose Club on Fox Hill Rd. was sold as an investment is being offered for lease or resale. Weiss represented the buyer and Gary Roberts of Remax 440 represented the Moose organization. Weiss also sold a 28,362 s/f industrial building for $637,000 with 12.74 acres to ASGCO Manufacturing Co. Weiss represented the
Weiss , associate broker with Hawley Realty Inc., of Allen- town, recently sold four com- mercial/industrial buildings in the Lehigh Valley region. Stained Glass, LLC pur- chased an 11,500+ s/f com- mercial building inWhitehall. The building is a freestanding building with excellent high- way visibility to US Route 22 and immediately neighbors the Lehigh Valley Mall to
603 8th St., Whitehall, PA
s/f former food distribution building with 2+acres to ICS Systems for $615,000 on Fox Hill Road, Palmer Twp. This
building was acquired by Flowers Foods of Georgia. Weiss represented Flower Foods in the transaction. n
buyer and James Barbour of Keller Williams Commer- cial represented the seller. Weiss also sold a 23,000
March 14 - 27, 2014
HI-LIGHTS
Podolski, Burgess & Marshall of Cresa represented the tenant Walsh of Mericle Commercial coordinates 113,871 s/f industrial transaction in Pittston Twp.
Central PA
SPOTLIGHT
11-16A
Rittenhouse Realty Advisors celebrates 1 year anniversary
Grant Street Associates subleases 11,200 s/f 10A
Greiner Packaging Facility Interior Greiner Packaging Interna- tional required,” said Walsh. “Our design and construction teams are doing a great job customizing the building to the company’s exact needs.” Walsh said Greiner Packag- ing International was intro- duced to the area by the Office of International Business Development of the Penn-
sylvania Department of Community and Economic Development . He said incen- tives offered by DCED and Lu- zerne County’s Office of Com- munity Development and site selection assistance provided by the Greater Pittston Cham- ber of Commerce helped bring the company to Northeastern Pennsylvania. n
Burgess of the Southfield, Michigan office of real estate consulting firm Plante Mo- ran CRESA and by Matt Marshal l of the real estate brokerage firm CRESAPhila- delphia . “Our building in Center- Point West is less than one mile from I-81 and I-476 and has the expansion capabilities
18A
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PA Project News................. 17A
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8A — March 14 - 27, 2014 — Pennsylvania — Mid Atlantic Real Estate Journal
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Excellent crane-served warehouse building totaling 378,148 sq. ft. on 24.79 acres in B ensalem , P ennsylvania
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