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HFF’s Jose Cruz and Kevin O’Hearn represent owner Mack-Cali sells 22 SylvanWay inMorris County, NJ for $96.6mtoGriffinCapital P ARSIPPANY, NJ — Mack-Cali Re- alty Corporation
ISSUE HIGHLIGHTS Volume 26 Issue 9 May 16 - 29, 2014
level. Wyndham extended the lease term to coincide with the term on its recently completed headquarters ex- pansion at the adjacent 14 Sylvan Way, also developed and owned by Mack-Cali. Mack-Cali was represent- ed in the transaction by Jose Cruz and Kevin O’Hearn , both of HFF. Mitchell Hers h, president and chief executive officer of Mack-Cali, commented, “Due to the long-term lease with Wyndham, this was an excel- lent opportunity to monetize the value of this class A corporate headquarters. The proceeds will be reinvested into more strategic growth opportunities throughout the Northeast.” n
NJAA SPOTLIGHT
announced that it has sold its com- mercial of- fice property located at 22 SylvanWay, in Mack-Ca- li Business Campus in Parsippany f o r $ 9 6 . 6 mi l l i on t o Griffin Capi- tal Corpora- tion. In ad- dition to the sales price, Griffin is as-
Section D
Jose Cruz
Gebroe-Hammer orchestrates a 4.3 million sale
22 Sylvan Way
improvement allowance and commission obligations. 22 Sylvan Way was de- veloped in 2009 pursuant to a long-term, net lease to serve as the headquarters for Wyndham Worldwide Corp. Located in Mack-Cali
Business Campus, 22 Syl- van Way is a three-story, 249,409 s/f, class A office building that has achieved LEED for Commercial Inte- riors and LEED for Existing Buildings: Operations & Maintenance to the Silver
Kevin O’Hearn
suming responsibility for $7 million in future tenant
Institutional Property Advisors sells nursing home for $33.5 million in Beaver County, PA
FC-B
BEAVER, PA — Institu- tional Property Advisors (IPA) , a brokerage division of Marcus &Millichap serving the needs of institutional and major private investors, has arranged the sale of Friend- ship Ridge, a 605-bed nursing home in Beaver, a suburb of Pittsburgh and the seat of Beaver County. The sales price is $33.5 million. IPA senior director Joshua Jandris and IPA executive director Mark Myers , along with IPA associate Charles
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Friendship Ridge
Pennsylvania with Friendship Ridge as its initial invest- ment,” said Jandris. “The state’s strong reimbursement system is especially attractive for investors from New Jersey and NewYork where the intro- duction of managed Medicare is creating uncertainty.” “The opportunity to acquire a large concentration of beds in a major Pennsylvania metropolitan area generated
significant interest in the property,” adds Myers. “The asset’s large size means that incremental revenue increases and expense management strategies can greatly impact the bottom line.” Friendship Ridge is located on 25 acres 246 Friendship Circle in Beaver. Additional acreage is available for expan- sion. The facility has been in operation since 1959. n
Hilding and Matthew Gor- man , a vice president in- vestments in Marcus & Mil- lichap’s Philadelphia office, represented the seller, Beaver County, PA. The buyer is a private consortium of owners and investors based in New Jersey and New York. “The new ownership group has more than 50 years’ expe- rience in long-term care and is eager to begin operating in
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Metro New Jersey Chapter P.O. Box 6045 Bridgewater, NJ 08807 Phone: 732-560-0072 Email: appraisal,[email protected] www.ai-newjersey.org Metro New Jers y Chapter P.O. Box 6045 Bridgewater, NJ 08807 Phone: 732-560-0072 Email: appraisal,in titute@verizon. et www.ai-ne jersey.org
Metro New Jersey Chapter 2014 President, Joseph E. Baldoni, MAI Metro New Jersey Chapter 2014 President, Jo eph E. Baldoni, MAI
As the President of the Metro New Jersey Chapter for 2014, I am privileged to be able to serve in this capacity. The Chapter’s goals and its mission have always been to provide services to its members through the full time staffed Executive Director’s office and to provide a strong educational venue for individuals who have an interest in the Appraisal Profession. In addition, Metro New Jersey sponsors the annual, day long, Princeton Conference, which is the longest continuous educational appraisal conference in the country. This year’s conference, the 78 th year, was held on April 11 th at the Marriott Hotel and Conference Center in Princeton. Our Fall Conference will be held on October 24 th at the Woodbridge Hilton. These conferences provide CE credits for appraisers, tax assessors, and attorneys as well as a forum for networking. A Dinner Meeting is scheduled for October 2 nd , at the Woodbridge Hilton, in Iselin and we welcome you to attend. Our educational calendar provides classes throughout the year to facilitate candidates with the ability to meet their educational requirements for designation and to assist members in their continuing education requirements. The Chapter also supports various charities with fund raiser events during the year. A very successful one has been the Baseball Fund Raiser that is held at Patriots Stadium, in Bridgewater, NJ. This is a fun, family oriented event, with all proceeds going to a charitable organization. This year it will be held on May 18 th and proceeds will go to The Sharing Network that provides for organ and tissue donation and transplantation. The Officers and the Board of Directors, along with various Committee Chairs are continuously working hard to plan our programs, meet the Chapter requirements and stay abreast of developments within our industry. They are all available to assist with any questions a candidate or member may have. They give of their time for which the Chapter and I are grateful. In addition, the Mentoring Program, whereby candidates receive assistance from designated members, has been and will be instrumental in helping candidates achieve their designations. I have been a member of Metro New Jersey Chapter since 1968 and during those years I can say that the Chapter and the Appraisal Institute has always met the needs of its members and candidates and they have both changed and grown in a positive manner that positions the Appraisal Profession for the future. Change is always necessary to meet challenges on a local, national and international level. I believe that despite the challenges to our profession, the need for qualified appraisers, with strong educational backgrounds and specific education as provided by the Appraisal Institute will ensure the future of the Appraisal Profession Please check our website for upcoming educational offerings, events, and government relations updates. The Appraisal Institute is a leader in education, communication and information and the Metro New Jersey Chapter is your source to stay current. Joseph E. Baldoni, MAI, 2014 Metro New Jersey Chapter President The Metro New Jersey Chapter Education: To inquire about Discounts when registering for more than 1 course, e-mail [email protected] . State Qualifying Education: Register two weeks or more before course start date to avoid late fees Real Estate Finance, Statistics and Valuation Modeling - April 25 & 26 15 Hour USPAP - May 2 & 3 General Appraiser Income Approach Part 2 - May 2, 3, 9 & 10 General Site Valuation and Cost Approach - October 10, 11, 17 & 18 General Report Writing & Case Studies - November 17 - 20 Continuing Education 7 Hour USPAP - June 5 & December 4 – Days Hotel Advanced Education Advanced Market Analysis and Highest & Best Use – September 12, 13, 18, 19 & 20 Advanced Concepts and Case Studies – December 8 - 13 QE Course Location: Raritan Valley Community College, Branchburg, NJ General Report Writing, 7 Hour USPAP and Advanced Education - Days Hotel, 195 Route 18 South, East Brunswick, NJ M tro New Jersey Chapter for 2014, I am privileged to be a le to serve in this c ity. The Chapter’s goals and i s mission have always b en to provide services to it members through the f i e staffed Executive Dir ctor’s office and to provide a st ng educational ve ue for indivi uals who have a t rest in the Appraisal Profession. In addition, Metro New J rsey spon or the annual, day long, Princeton Conf e, which is the longest ontinuous educational appr isal conferen e in the country. This year’s conferenc 78 th year, was held on April 11 th at the Marriott Hotel and C nference C t r in Princeton. Our Fall Confere ill be held on October 24 th at the Woodbridg Hilt n. Th se conferen es provide CE credits for appraisers, t assessors, and attorneys as well as a forum for networking. A D ner Meeting is scheduled for October t the Woodbridge Hilton, in Iselin and we w lcome you to attend. Our e ucational calendar provides clas es t ghout the year to facilita e candid tes with the bility to meet their ducational requir ments for designation a a ist members in their continuing edu ation requirements. The Chapt r also supports various charities with f raiser events during the y ar. A very successful one ha been the Baseball Fund Raiser that is held at Patriot dium, in Bridgewater, NJ. This is a fun, family orie ted event, with all proceeds going t a ch rit ble organizati his year it will be held on May 18 th and proceeds will go to The Sharing Network that provides for rgan and donation and transpla tation. The Officers and th Board of Dir ct rs, along with various Committee Chairs are continuo sly workin to plan our programs, meet the Chapter requirements and stay abreast of developm nts wi hin our industry. T re all available to assist with any que tions a candidate or membe ay have. They give of their t me for whic Chapter and I are gr t ful. In addition, the Mentoring Prog am, whereby candid tes r ceiv assi tanc designated memb rs, has be n and will b instrumental in h lping candidates chieve th ir designatio I have been a member of Metro New Jersey Chapter since 1968 and duri g those years I can say that t hapter and the Appraisal I s itute h s lways met the needs of its members and c id tes and they have bot nged and grown in a positive ma ner that positions the Appraisal Profession for the future. Change is always sary to meet challenges on a local, nati n and in ernational level. I b li ve that despit th challenges to o profession, the need for qualified appraisers, with strong educational backgrounds and specifi educati provided by the A praisal Institute will e ure the fut of the Appraisal Profession Pleas check our websit for upcoming edu at onal offeri gs, vents, a d government relations t s. The Appraisal Institute is leader in educ tion, commu ication and informati n nd the M tro New Jers apter is your source to stay current. Joseph E. Baldoni, MAI, 2014 Metro New Jersey Chapter Pr sident The Metro New J rsey Chapt r Education: To inquire about Discounts when regi tering for more than 1 course, e-mail apprais l.institute v .net . State Qualifying Education: Register two weeks or more bef cou se start d e to avoid late f Real Estate Financ , Statistics and V luation Modeling - April 25 & 26 15 Hour USPAP - May 2 & 3 General Appraiser I come Approach Part 2 - May 2, 3, 9 & 10 General Site Valuation and Cost Approach - October 10, 11, 17 & 8 General Report Writing & Case Studies - November 17 - 20 Continuing Educatio 7 Hour USPAP - June 5 & Decemb r 4 – Days Hotel Adva ced Education Advanced Market An lysis and Highe t & Best U e – September 12, 13, 18, 19 & 20 Advanced Concepts d Case Studies – December 8 - 13 As the President of t
Joseph E. Baldoni, MAI 2014 Chapter President
Robert J. Bovasso Jr., MAI 2014 Chapter Vice President
Gregg Manzione, MAI 2014 Chapter Treasurer
2014 Board of Directors
Carol E. Angle, SRA Claire Caffrey, MAI Steven C. Fleming Brandon M. Frank, MAI John S. Gillooly Kristen Helmstetter, SRA
Michael G. Leist, MAI James L. Meehan, MAI Matthew S. Nemeth Thomas Sapontzis, MAI Joseph E. Traks Gary M. Wade, MAI
2014 Board of Directors Carol E. Angle, SRA Claire Caffrey, MAI Steven C. Fleming Brandon M. Frank, MAI John S. Gillooly
Joseph C. Baldoni, MAI 2014 Chapter Secretary
Joseph E. Baldoni, MAI 2014 Chapter President
Immediate Past President – Paul W. Korch, MAI
2A — May 16 - 29, 2014 — M id A tlantic
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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..........................................................Chuck Lanyard 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 9 Subscription rates: $99 - one year, $198 - two years, $4 - single copy
Mid Atlantic Real Estate Journal
Chuck Lanyard
Retail vacancy dips below 7 % for first time in 5 years
T
he retail vacancy rate has dropped under 7% for the first time in 5
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years according to the results of The Goldstein Group’s year end survey of 22 retail corri- dors in Northern and Central New Jersey. The most exten- sive survey for retail vacancy report for New Jersey, totals over 4,250 properties and over 100 million s/f of retail space. The retail vacancy rate dropped to 6.9%, a .3% de- crease fromwhat we saw in the 2013 midyear report. Retail- ers – both existing and new, coming to New Jersey for the first time – continue to absorb retail space. “This is the lowest retail vacancy %age we’ve seen in the Northern and Central New Jersey markets in over 5 years,” noted Chuck Lanyard, president of The Goldstein Group. The strongest retail markets with the lowest availability rates include: Rte. 3 – Clif- ton (1.9%); Rte. 1 – Wood-
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bridge-Edison (2.8%); Rte. 17 – Rochelle Park-Rutherford (2.99%); Rte. 37 – Toms River (3.79%); Rte. 46 – Montville- Rockaway (4.72%). Markets with the highest vacancy rates include: Rte. 10 – Livingston-East Hanover (12.39%); Rte. 18 – East Bruns- wick (11.4%); Rte. 4 – Paramus (10.89%); Rte. 17 – Paramus (10.22%); Rte. 35 – Shrews- bury-Ocean (9.1%). “There was a substantial increase in leasing activity throughout 2013 with several markets having minimal space available in corridors such as Clifton Rte. 3, Woodbridge/
Edison Rte. 1 and the Rte. 46 Montville/Rockaway market,” said Lanyard. Leasing velocity through 2014 totaled over 1.5 million s/f, with over 800,000 s/f of space currently being built in various communities such as Paramus, Ramsey, Mahwah, Rochelle Park, Rutherford, Morris Plains, Ledgewood, Montville, Rockaway, Union, Springfield, North Brunswick, Lawrence Township, East Brunswick, Sayreville, Howell, Shrewsbury, Ocean Township, and Brick Township. The market has continued continued on page 3A
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M id A tlantic R eal E state J ournal By Pamela A. Michaels and Scott R. Saunders Capital Gain Tax Rates “Exchanges Defer The 3.8%Net Investment Income Tax And 20% Capital Gain Tax” I CAPITAL GAIN TAX RATES “EXCHANGES DEFER THE 3.8% NET INVESTMENT INCOME TAX AND 20% CAPITAL GAIN TAX” By: Pamela A. Michaels and Scott R. Saunders Investors from the Northeast and Mid-Atlantic regions are typically in a state of shock upon hearing for the first time the extent of the capital gain tax liabilities they will face upon the sale of appreciated real Federal Capital Ga in Tax Rates nvestors from the North- east and Mid-Atlantic regions are typically in a state of shock upon hear-
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Section 1411: Net Investment Income Tax*
Married Filing Jointly
Capital Gain Tax Rate
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\
ing for the first time the extent of the capital gain tax liabili- ties they will face upon the sale of appre- ciated real estate. The familiar ad- age, “It’s not h ow mu c h you make , b u t h o w mu c h y o u keep” rings t ruer than ever for real
0%
$0 - $36,250
$0 - $72,500
0%
0%
15%
$36,250 - $200,000
$72,500 - $250,000
15%
0%
18.8%
$200,000 - $400,000
$250,000 - $450,000
15%
3.8%
Bryn Merrey Washington, D.C. (202) 536-3700 J.D. Parker Manhattan (212) 430-5100
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23.8%
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20%
3.8%
Pamela Michaels
• The 3.8% Net Investment Income surtax only applies to “net investment income” as defined in IRC Section 1411.
provides critically needed tax relief. Reflected below is a summary of the four ways in- vestors will generally be taxed on the sale of an investment property if they do not take advantage of Section 1031: Pamela A. Michaels is an attorney and Vice President of Asset Preservation, Inc. Ms. Michaels is located in Manhattan and can be reached at 866-317-1031 or at [email protected]. API is a nationwide Qualified Intermediary and wholly owned subsidiary of Stewart Title. Asset Preservation, Inc. h s facilitated more than 150,000 excha ges since 1991 and performs all types of exchanges. This information is not intended to replace qualified legal and/or tax advisors. Every taxpayer should review their specific transaction with their own leg l and/or tax couns l. © 2014 Asset Preservation, Inc. All rights reserved 1. Depreciation Recapture: First, taxpayers will be taxed at a rate of 25% on all depre- ciation taken during their ownership of their property, commonly known as deprecia- continued on page 16A As noted above, State and local tax rates must be added to the above rates to determine an investor’s total tax liability. As always, taxpayers should consult with a competent tax advisor to review their specific circumstances.
www.marcusmillichap.com
Scott Saunders
estate investors facing today’s high tax rates. Fortunately, IRC Section 1031, a provision in the tax code since 1921, Retail vacancy dips below 7 %... continued from page 2A to rise over the past two years from the downturn that hit retailers in 2008 and 2009. However, we still continue to see space become vacant due to closings throughout the state Leasing activity continues to be driven by retailers opening shops in the 1,000 to 5,000 s/ frange. However, we have seen a substantial increase in big box retailers taking advantage of favorable market conditions and rental rates. New Jersey’s long list of restaurant choices and eat- ing establishments continued to grow as new restaurant concepts and established ones have opened or announced planned openings. Health and Wellness in- dustry retailers continue to flourish in the Garden State. Including , medical tenants who continue to open facilities in traditional retail spaces and shopping centers more and more. “Consumer confidence con- tinues to rise with our improv- ing economy as results have shown a continuing decrease in New Jersey’s retail vacancy rate.” said Lanyard. “These numbers confirm that the re- tail climate is improving. We will still have some retailers who will conservatively wait for a more sustained improve- ment, but, all in all, 2014 looks to be another good year for retail space being leased, and as a result, desirable retail locations will soon be at a pre- mium.” n
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M id A tlantic R eal E state J ournal A uctions
26+ & 77+ Acres Interstate 80 & Rt 487 Interchange (Exit 236) COMMERCIAL LAND AUCTION Scott Township • Columbia County
SEALED BID AUCTION
Bids due FRIDAY, JUNE 20, 2014 by 1PM
102,0000 +/- SF Storage Facility
26+ ACRES
• Excellent Commercial Site • Endless Opportunities • Water/Sewer Access Available • I-80 Exposure • Easy Access to I-80 • Next to Hampton Inn Hotel • 2% Realtor Participation Invited
Vision Warehousing & Distribution, Inc . 144 Cleveland Ave., Waynesboro, PA 17268
77+ ACRES
• Excellent Visibility from I-80 • Ideal Distribution Site • Near Downtown Bloomsburg & Bloomsburg University • Zoned: Light Industrial
Owners retiring & offering this successful Mid-Atlantic business: —With all real estate & business assets, forklifts, etc. — 102,0000 +/- SF storage facility including approx. 75,000 SF cold storage, approx. 15,000 SF freezer storage, approx. 3,500 SF office space — Fully operational and up to current codes — 10 min. from I-81 and 30 min from I-70
Auction Held on Site... 400 Paper Mill Rd, Bloomsburg, PA 17815 Saturday, June 14 th @ 12:00 pm Directions: From Rt 487 and I-80 Interchange (Exit 236), travel south on Rt 487 approximately 2,000 ft. to Paper Mill Rd. Land is on left along Paper Mill Rd. Please watch for auction signs. • Water/Sewer Access Available • Flat to Gently Sloping Site • High Traffic Counts/Rt 487/Interstate 80 • 2% Realtor Participation Invited
REP ON SITE: June 7, 2014: 1-3 PM. Bids due at offices of Hurley Auctions-Greencastle, PA
I would like to thank the family for hiring my services.
AY 2123 [email protected] 570.441.9357 www.dustinsnyderauctioneer.com
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See internet or call for terms and conditions or bidder’s packet.
Mid Atlantic Real Estate Journal — May 16 - 29, 2014 — 5A
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USAA Real Estate Company to develop new office property in Alexandria, Virginia NGKF represents the Hoffman Family in the sale 704,571 s/f of the National Science Foundation HQ
A LEXANDRIA, VA — The Hoffman family has sold a 2.03-acre development site in Hoffman Town Center in Alexandria, which will become the National Science Foundation (NSF) headquarters, to USAA Real Estate Company , according to the seller's representative N ewmark Grubb Knight Frank (NGKF) . The sale brings to life the original vision put forth by Hubert Hoffman to create a dynamic, master- planned entertainment, busi- ness and residential mecca in the Eisenhower Valley. The class A, 704,571-s/f NSF building will include two in- BALTIMORE, MD — The Traffic Group, Inc. (TTG) has been awarded four sepa- rate contracts, valued at more than $11 million, from the Virginia Department of Trans- portation toprovide traffic >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 Page 103 Page 104 Page 105 Page 106 Page 107 Page 108 Page 109 Page 110 Page 111 Page 112 Page 113 Page 114 Page 115 Page 116
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