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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 15 August 17 - 30, 2012 RIVERWALK: NJ Project of the Month
A S B R O U C K HEIGHTS, NJ — Jai- me Weiss, president of 338 unit Skyline & Boulevard apt. complexes in Hasbrouck Heights, NJ Weiss Realty orchestrates $57.5 million multi-family sale to Kushner Cos. H
“Our close relationship with the Klein family and our local Bergen County area market knowledge played an impor- tant role in the completion of this deal” commented Jaime Weiss. “This is the highest price on record we are aware of for a garden apartment complex in Bergen County and speaks volumes for the property owners, Hekemian & Company and Herbert Klein, recognized leaders in apart- ment rental property owner- ship and management. “Multi-family vacancies are in the low single-digit range and rent growth is rising providing a perfect selling opportunity for our client and we were able to work out a suc- cessful deal with Kushner.” ■
Moonachie basedWeiss Realty has announced the completion of a major sales transaction with the of the 338 unit Sky- line and Boulevard apart- ment complexes in Hasbrouck Heights to the NewYork based Kushner Companies for $57.5 million. Weiss Realty represented owners Skyline and Boulevard Associates in the investment transaction, one of the larg- est real estate transactions in Bergen County in recent history. Jaime and Matthew Weiss brokered this transac- tion on behalf of the selling entitles Herbert Klein and Hekemian & Company.
7-10B
Mericle Comm’l. leases 198,400 s/f in CenterPoint
Boulevard Apartments, Hasbrouck Heights, NJ
115,394 s/f former Railway Express Building in Washington, DC Shister of Cassidy Turley represents Potomac Development Corporation in $30.5 million sale
2C
WASHINGTON, DC —Cas- sidy Turley, a real estate services provider in the U.S., announced today that it ar- ranged the sale of 900 2nd Street, NE, formerly known as the Railway Express Building, in Washington, DC. Jayne Shister of Cassidy Turley rep- resented the seller, Potomac Development Corporation. 900 2nd Street, a 115,394 s/f, 4-story office building, is
Mid Atlantic Real Estate Journal — Pennsylvania —August 17 - 30, 2012 — C
5-12C
mpany Name: Liberty Property Trust peofFirm&OverviewofCompany: LibertyProperty ust is a $6.9 billion (as of 3/31/2012) real estate vestment trust which owns over 79.3 million s/f of ce in 21 markets throughout the United States and d in 1972 and headquartered outside Philadelphia nearly 40 years of experience in development, ingof commercial realestatewith themission rough extraordinary work environments. Liberty’s ndustrial properties offer exceptional locations, menities, cost efficient operations and state-of- mpany’s over 2,000 tenants. Liberty continuously tfolio through expert management, marketing, and gover10.4million s/f of LEED® spacecompleted over 10.9 million s/f in 77 Energy Star certified elop green office space, ndustrial a d warehouse ildings and even clean our properties in an envi- berty Property Trust has been awarded the 2011 ear; NAREIT’s 2011 Small Cap–Gold Leader in the rd of Excellence; NAIOP’s 2008 Developer of the 2008 Sustainability Leadership Award for Design 07GreenDevelopmentAward;U.S.GreenBuilding adership in LEED® Award; and was also awarded l Estate’s Customer Service Award for Excellence eople’s lives through extraordinary work environments. A ffices throughout the U.S. and U.K. 50 employees ered: As one of the nation’s largest real estate Trust offers in-depth local knowledge in multiple lopmentexpertiseanda focusoncustomerservice dustry, all backed by the financial strength of a . Liberty is also the nation’s leading commercial cegreenbuildings.Weprovide realestatesolutions ustomers’ bottom line by focusing on our core , leasing, acquisition and property management.
Company Name: Mericle Commercial Real Estate Services TypeofFirm&OverviewofCompany: Founded in 1985 by Robert K. Mericle, Mericle
Directory Commercial Real Estate Services is a full-service commercial real estate developer and brokerage firm. Mericle has developed close to 16.5 million s/f of bulk industrial, flex, and office space in 15 NortheasternPennsylvaniabusinessparksand lists30Fortune1000 companies among its many tenants and clients. MissionStatement: : Usingamasterbuildermodel,Mericlewilldevelop a variety of speculative, quality, affordable, commercial buildings and prepare pad ready sites throughout Northeastern Pennsylvania and will recruit tenants to these properties, thus creating job opportunities for the residents of Northeastern Pennsylvania. Headquarters: Corporate Center at East Mountain, 100 Baltimore Drive, Wilkes-Barre, PA, 18702 Additional locations: A satellite brokerage office in Williamsport, PA No. of employees: Approximately 200 employees Services and or Products offered: Mericle specializes in the construction of speculative bulk industrial, flex, and office space. Mericle is a vertically integrated, “master builder” that self performs all phases of its projects from acquiring sites, to designing the infrastructure and buildings, to obtaining permits and approvals, to constructing the buildings, to maintaining the buildings after they are completed. What isyourVisionandStrategy in thenextyear: Mericlewillcontinue to build industrial, flex, and office buildings on speculation and will prepare sites for new construction. Whatprojectsareyou involved incurrently: Mericle ispreparingmor than 90 “Ready to Go Sites” in 10 business parks in Northeastern Pennsylvania. For its Ready to Go Sites, Mericle clears and grades the sites, obtains all permits and approvals including all subdivision, land development, and subdivision approvals, installs utilities, and places compacted stone sub-base in the building and pavement areas. Mericle then constructs speculative industrial, office, and flex buildings on its Ready to Go sites. Mericle currently has three spec buildings under construction in on these sites. Upcoming Spotlight Commercial Real Estate Law — August 31 st Auction Directory ......................... 4-5A Financial..................................... 7-18A DelMarVa ................................... 19-24A Calendar of Events......................... 29A TriState Organization ................ 30-31A New Jersey ............................ Section B Pennsylvania ......................... Section C
900 2nd Street
located at the intersection of the NoMa submarket and the H Street Corridor. Originally designed by Daniel Burnham
and constructed in 1908, the asset underwent a full reno- vation in 1989. 900 2nd St. is proximate to the Senate Office
building, the U.S. Capitol and Union Station. Its largest ten- ant is Amtrak, which occupies 30% of the building. ■
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Inside Cover A — August 17 - 30, 2012 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — A
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2A — August 17 - 30, 2012 — Mid Atlantic Real Estate Journal MAREJ a dVErtisErs d irEctorY Alen Security..................................................................... 9B Auction Directory .............................................................. 4A B.R. Kreider & Son, Inc. ................................................. 10C Barry Isett &Assoc., Inc.................................................. 15C Bayshore ............................................................................ 8B Bergman Real Estate Group ............................................ 6B BL Companies ................................................................... 6C Brahney Paving................................................................. 5B Brasler Properties............................................................. 1C Bruce Coin Consulting.................................................... 11A Business Card Directory................................................. 25A Bussel Realty Corp............................................................ 1B CBC Bennett Williams............................................. 27A, 7C Cenova Snow & Ice Solutions........................................IC-C Cerullo Fire Protection ..................................................... 7B Charles Friel Inc. ............................................................ 11C Chartwell Group ............................................................... 4A Columbia Bank................................................................ 15A Commercial Mortgage Capital ....................................... 12A ConnellFoley...................................................................... 6A Cooper-Horowitz ............................................................. 17A D2CAArchitects LLC...................................................... 13C Deerwood Real Estate Capital ....................................... 12A Earth Engineering Inc. ..................................................... 7C Eastern Union Commercial ............................................ 10A Fitzpatrick Lentz & Bubba............................................. 15C Floorcom ............................................................................ 8B GA Keen Realty................................................................. 3A Greater Reading Economic Partnership.......................... 4C Griffin Land..................................................................... 12C Harvey Hanna & Associates...................................... 21,24A Hawley Realty, Inc. ......................................................... 11C Heller Industrial Parks .................................................. 13B High Associates LTD......................................................... 3C Hinerfeld Commercial Real Estate ....................27A, IBC-C J&J Tile ........................................................................... 10B Jenkintown Building Services, Inc .................................. 5C JMOTA Construction ...................................................... 10B Kaplin | Stewart............................................................... 2A Keast & Hood Co............................................................. 13C KW Comm’l. – The James Balliet Comm’l. Group .......... 6C Landcore Engieering Consultants, P.C. ........................... 2C Liberty Environmental, Inc.............................................. 2C Liberty Property Trust...................................................... 9C LMS Comm’l. Real Estate ................................................ 8C M. Miller & Son................................................................. 3A Marcus & Millichap Taylor Zang ..................................... 2C McMahon Transportation Engineers & Planners ......... 12C Meli Corp. .......................................................................... 9B Mericle Comm’l. Real Estate ........................................BC-C Meridian Capital Group .............................................. 3,16A MGKF LLP........................................................................ 2C NAI Keystone Commercial & Industrial .....................FC-C NJ Paving .......................................................................... 3B NorthMarq.................................................................. 9A, 4C PennCap Properties .......................................................... 8C Penns Northeast ............................................................... 3C Poskanzer Skott Architects .............................................. 5B ProExpos...................................................................... IBC-A Regal Bank ....................................................................BC-A Riker Danzig ............................................................... 1A,2B River Drive Construction...............................................8-9B Salon Interiors .................................................................. 8B SAMPAUL ......................................................................... 7B SEBCO Laundry Systems ................................................ 2B Sheldon Gross Realty........................................................ 2B Sponzilli ........................................................................... 10B Subway ............................................................................ 27A The Berger Organization.................................................. 1B The Kislak Co.................................................................... 3B Thesing ............................................................................ 27A Tighe & Cottrell, P.A....................................................... 23A Tranzon Auction ................................................................ 5A TriState Realtors Commercial Alliance ......................... 31A Warfel Construction ........................................................ 10C Warner Real Estate & Auction Co.................................... 5A WCRE ................................................................................ 2B
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Mid Atlantic Real Estate Journal
Mid Atlantic r eal e state J oUrNal Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist ....................................................Gregg I. Adelman, Esq. 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. 24 Issue 15 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 Gregg I. Adelman, Esq. Right to Convert and Withdraw Real Estate Extended Under Permit Extension Act
K
aplinStewart continues to be at the forefront of obtaining time exten-
sions of development related approvals under Pennsylva- nia’s Permit Extension Act. On July 19, 2012, in a case of first impression, Judge Ste- phen P. Linebaugh, the Presi- dent Judge of the York County Court of Common Pleas, dis- missed a quiet title action in Logan Greens Community Association, Inc. v. Church Re- serve, LLC (York CCP Case No. 2011-SU-794-93) wherein the Logan Greens Commu- nityAssociation sought to force developer-declarant Church Reserve, LLC (“Church Re- serve”) to turn over real estate that Church Reserve had not withdrawn from the planned community within the initial seven (7) years provided for under the declaration. In defense, Church Reserve asserted that the time to with- draw real estate from the planned community was ex- tended until January 30, 2015 under the Permit Extension
Act (Act 46 of 2010). Church Reserve’s withdrawal period under the declaration had ex- pired on July 30, 2010. Church Reserve argued that the Permit Extension Act tolled the run- ning of the withdrawal period as of December 31, 2008 and that the withdrawal period did not run again until July 2, 2013 after the Extension Period un- der the Permit Extension Act expired. In its Opinion, the Court agreed that Church Reserve’s withdrawal period had been ex- tended until January 30, 2015 by holding that the Permit Ex- tension Act applied and tolled the running of the withdrawal period. To support its decision,
the Court adopted the holding from In re: Appeal of Keystone Custom Homes, Inc. and Fox Clearing, LLC (Lancaster CCP Case No. CI-10-03933, October 22, 2010), which was another Permit ExtensionAct case that Kaplin Stewart successfully litigated. The net effect of Judge Line- baugh’s decision in Logan Greens is that a developer- declarant now has additional time in which to convert or withdraw real estate. In ad- dition, with the recent enact- ment of Act 87 of 2012 further extending the Extension Period under the Permit Extension Act until July 1, 2016, the time continued on page 3A
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Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 3A
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M id A tlAntic R eAl e stAte J ouRnAl Centralize prospect leasing pipeline & communications Whitestone REIT adoptsYardi CRM as its management sys. S ANTA BARBARA, CA — Whitestone REIT has selected Yardi CRM as
They wrote the policy.
We make sure they write the check.
with our existing Yardi opera- tional >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 46-47 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
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