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Posts Tagged ' affordability '
Neutralise hidden risks in your mortgage book
By putting data at the heart of their decisions, mortgage providers can be confident that they are making responsible lending decisions and protecting the people they are lending to, while at the same time achieving sustainable growth and profitability.[ READ MORE ]
The Mortgage Market review: Six months on…
It's now six months since the new lending rules came into force. So has the Mortgage Market Review (MMR) contributed to a more sustainable market that serves the needs of customers better or has it added confusion to an already complex choice?[ READ MORE ]
Personal insolvencies fall to pre-recession levels but who is still vulnerable?
New figures published by Experian, illustrating where and for whom UK personal insolvencies are most prevalent, reveal the number of people being declared insolvent has fallen to pre-recession levels, with some towns showing markedly improved rates compared to the same period last year. Despite these findings, the figures also highlight the vulnerability facing young families.[ READ MORE ]
Homeowners face affordability squeeze when rates rise
The affordability of mortgage repayments is once again under the spotlight following recent comments by the Governor of the Bank of England that "gradual and limited" increases in interest rates are "coming nearer".[ READ MORE ]
Customer acquisition: under the microscope
Regulation, cost pressures and increasing complexity are all adding to credit teams' challenges. Nick Vanstone, Experian Decision Analytics Consultant, looks closer at the challenges of acquiring customers...[ READ MORE ]
Data and the board
Credit risk has become a strategic issue. There has never been a time at which customer insight has been so closely reviewed at board level. Read on to see how financial institutions can adopt new data sources to improve their bottom line...[ READ MORE ]
Affordability is paramount: the latest personal insolvency figures reveal
The annual fall in personal insolvencies is certainly a positive picture, but the quarter on quarter change highlights that there are areas still struggling. With Conduct Risk being a subject at the forefront of minds within the lending community, it shows how individual circumstances can change at any time and that on-going affordability assessments are needed. [ READ MORE ]
Credit today and the new 'normal'
In a challenging environment, the credit industry is being forced to continually evolve and cope with the trading conditions. Although volumes of new lending are more stable, the credit industry faces a complex risk environment must evolve to cope with new 'normal' trading conditions.[ READ MORE ]
Innovation in a competitive climate: can you rise above the competition?
The face of lending is changing noticeably. Since the credit crisis of 2007, managing risk is high on the agenda and banks are rightly tentative about extending credit. New regulations imposed by the Financial Services Authority (FSA), mean that lending has to be even more responsible with greater focus on affordability and selling the right products. The multitude of alternative lenders on the scene means that customers have more choice in their borrowing - they're easily provided with quick decisions and flexible products to bridge short-term gaps.[ READ MORE ]


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NJPA REAL ESTATE JOURNAL BROKERAGE DIRECTORY Annual Brokerage Directory Featuring commercial real estate brokers from New Jersey, Pennsylvania, Delaware and Maryland NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 1E SIOR. Membership Preferred. Recognized achievement, accountability and ethical standards in commercial real estate — these are the criteria for the SIOR designation. SIORs meet the industry's highest standards. Professionals strive for it. Clients demand it. Our 2,200 designees form an elite global network meeting the needs of corporate clients with insight, experience and resources to help clients make informed real estate decisions. www.siorphila.com The Philadelphia Regional Chapter SOCIETY OF INDUSTRIAL AND OFFICE REALTORS® The World's Leading Commercial Real Estate Professionals Real stories. Real Success. 2E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY By Bruce S. Katcher, Manko, Gold, Katcher & Fox, LLP Proposed Changes to NJ soil standards could drastically increase brownfield cleanup costs I n an action that could have (including petroleum constitu- - benzene, trichloroethylene the standard will have to meet increasing costs and delays. serious repercussions for ents and common solvents) (TCE), tetrachloroetheylene the new standards when they As to closed cases, state law brown- drastically, meaning that in- (PCE) and toluene - there is a become effective. bars NJDEP from applying new fields rede- vestigation and cleanup costs change in the direction of much For ongoing or future projects standards to site for which a no velopment in will increase and some previ- greater stringency, reducing where excavation or soil treat- further action letter has been New Jersey, ously cleaned up sites may the standards by two orders of ment was the planned remedy, issued, except where standards the New Jer- have to be revisited. magnitude, from parts per mil- the change in standards could change by an order of mag- sey Depart- The proposed standards in- lion to parts per billion. substantially increase cleanup nitude, NJDEP may require ment of En- clude residential, non-residen- In cases pending when the costs, although commercial additional cleanup by a party vironmental tial and impact to groundwater new standards are adopted, if sites using capping remedies that is liable under the Spill Protection cleanup standards for 136 a satisfactory remedial action are less likely to be affected. Compensation and Control Act. (NJDEP) common contaminants found workplan or remedial action Even so, where a site is still in Many, though not all, brown- recently re- Bruce S. Katcher in New Jersey soils. There are report is submitted within six the investigatory phase or has field developers who acquired leased new several contaminants for which months after the standards' ef- completed the investigation, and cleaned up properties after proposed soil cleanup stan- the new proposed standards fective date, the old standards but does not qualify for use of they were contaminated may dards for public comment. are less restrictive, however, will still apply; however, clean- the old standards because of be protected from this type The proposed standards lower for the organic compounds ups involving contaminants the timing, additional inves- of reopener under statutory the existing cleanup levels for that are most prevalent at for which there is an order of tigation may be required to defenses, however, the party many prevalent contaminants New Jersey brownfield sites magnitude or greater change in delineate contamination, also who contaminated the property (regardless of whether they cleaned it up) would not. EX P E R T I S E | RE L A T I O N S H I P S | RE S U L T S The extent to which NJDEP will seek to reopen cases is un- clear. Those that are reopened could be exposed to changes be- yond more extensive investiga- tion and cleanup. For example, vapor intrusion requirements and more conservative analyti- cal procedures have been ap- plied to more recent cleanups that were not in effect for older projects. This could result in the discovery of vapor prob- EXPERTISE OF A SPECIALIST – lems and more extensive soil contamination that will need to be addressed. RESOURCES OF AN INDUSTRY LEADER For all of these reasons, the proposed changes could have serious implications for future redevelopment in the state and the outcome of the O ver 36 years of investment brokerage specialization, Marcus & Millichap has perfected a unique system of matching buyers and sellers. Our investment professionals are powered by the most advanced property marketing technology, market research and access to the largest pool of private and institutional continued on page 4E Brokerage investors. Through our unrivaled expertise and value-added services, we maximize value for each client Directory while helping them meet their investment objectives. a section of the BELOW IS A SAMPLING OF OUR RECENT CLOSINGS: NJPA Real Estate Journal P.O. Box 26, Accord, MA 02018 Ridgewood, NJ Hamilton, NJ Scranton, PA Kennett Square, PA Philadelphia, PA 781-871-5298 • 800-584-1062 fax 781-871-5299 Office and Retail Single-Tenant Industrial Office Office NJPAjournal.com $3,525,000 $1,600,000 $2,075,000 $4,300,000 $15,300,000 Rochester, NY New York, NY West Chester, PA Medford, NY Paterson, NJ Single-Tenant Office Office Office and Retail Office and Industrial Mixed-Use $9,650,000 $13,000,000 $4,600,000 $1,550,000 $2,985,000 For more information contact: Section Publisher Michael J. Fasano Linda Christman Regional Manager firstname.lastname@example.com New Jersey Office (201) 582-1000 firstname.lastname@example.com Section Editor Karen Vachon Offices Nationwide www.MarcusMillichap.com email@example.com NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 3E New York PROWESS New Jersey PRICING High visibility signage and up to 100,000 sf available at METROPOLITAN CENTER East Rutherford, NJ David Stifelman 201.460.3353 firstname.lastname@example.com Katie Kennedy 201.508.5229 email@example.com David DeMatteis 201.460.3383 firstname.lastname@example.com 4E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY By Jon Scott, Berks Economic Partnership Greater Reading and Berks County, Pennsylvania: A perfect business location G reater Reading and region has more than 100 work ethic that is unheard our talented workforce. There's other nearby cities. Berks County is a high- million people within next- of in many other parts of the a strong relationship between 6. Business Assistance. The ly desirable place to lo- morning delivery. Easy access country." the business community and State has invested nearly $50 cate or grow to the Boston-Washington 3. Lower Cost of Doing Busi- the colleges. For example, the million in economic develop- a business. Corridor, plus proximity to rail ness. The costs to lease or Schmidt Training and Tech- ment projects in Greater Read- Site selec- service, airports and seaports, build manufacturing, office or nology Center at Reading Area ing during the past two years. tors and cor- and you understand why site retail space are significantly Community College works A variety of financing and in- porate loca- location experts call Greater lower in Greater Reading than with area companies to pro- centive options are available, tion experts Reading "an East Coast Hid- in other parts of the country. vide customized instruction including a new Keystone In- are noticing den Jewel." In fact, everything is less ex- on advanced manufacturing novation Zone (KIZ), Keystone the many ad- 2. Dedicated Workforce. The pensive here. From the cost of equipment. Opportunity Zone (KOZ), and vantages of workforce in Greater Reading labor, goods and materials to 5. Affordable Commercial Foreign Trade Zone (FTZ). Berks County Jon Scott is skilled and diverse – an affordable housing and health and Industrial Space. The 7. Outstanding Fiber Optic and are putting the region on unbeatable combination for care, it all adds up to a lower area has a variety of available & Telecom Network. Greater their short list. What makes employers. What's more, the cost of living. space – from office buildings to Reading is located in the center this area so attractive for busi- work ethic is unparalleled. As 4. Educational Opportuni- industrial parks and shovel- of a major fiber optic network ness development? one site selector said, "People ties. Five local colleges gradu- ready sites. Rates are much giving it convenient access to 1. Strategic East Coast Lo- in this area want a job and ate 4,000 students every year lower here compared to New New York City, Washington, cation. The Greater Reading want to work. You have a to replenish and complement York City, Philadelphia and D.C. and Midwest markets. It is the ideal location for busi- ness and financial services companies looking for high- speed data connections. Greenspring Industrial Park Liberty at Chambersburg 8. Arts & Culture. Greater 675,000 SF 837,540 SF Reading is home to the Goggle- Works Center for the Arts, the Reading Symphony Orchestra, and the Reading Public Muse- um, which offers one of the fin- est collections in the country. Berks County also plays host to one of the country's largest jazz festivals. 9. Quality Medical Care. Greater Reading has two na- tionally-recognized medical facilities – The Reading Hos- pital and Medical Center, one of the largest hospitals in the state, and St. Joseph Hospital and Medical Center, which recently opened a new 212- room facility near the Reading Regional Airport. 10. Exceptional Quality of 6 Doughten Rd. 381 Independence Life. There are plenty of rec- reational and entertainment 330,000 SF 8,085 – 49,226 SF opportunities in the area in- cluding professional baseball, hockey, and arena football teams. There's also world-class entertainment at the Sover- eign Center and Performing CB Richard Ellis | Harrisburg Arts Center. And beautiful countryside is just a ten-min- Industrial Properties ute drive from downtown. Jon Scott is the presi- dent and CEO of Berks Economic Partnership in Patrick Lafferty, Michael Hess & Bart Anderson Reading, PA. ■ www.cbre.com/harrisburg By Bruce S. Katcher 717.238.9696 continued from page 2E current rulemaking bears close watching by the real estate community. Bruce S. Katcher is a partner with the environ- mental law firm of Manko, Gold, Katcher & Fox, LLP. He is the partner-in charge of the firm's NJ practice and concentrates his prac- tice on brownfields rede- NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 5E BROKERAGE DIRECTORY By Meg Smith, Focus Central Pennsylvania Geothermal Heating and Cooling System makes use of sanitary effluent at Water Tower Square W ILLIAMSPORT, PA the building was located close pipe returning the effluent to permitting and installations thermal pane, tinted GeoEx- — Efficient use of to the Williamsport Sanitary a discharge line, through the costs were lower than for change Heating & Cooling Sys- Geothermal technol- Authority, Keith Eck, manag- force of gravity. The closed other options. Tenants can be tem Capacity: 750 tons plus ogy has been ing partner of Water Tower loop side is currently driven kept comfortable year-round Heatsource/sink: Williamsport in practice Square LLC, and president of by a number of pumps of vari- with this system because the Sanitary Authority treated since 1997 Centura Development thought able speeds. As demands from treated effluent from the sani- effluent at the Water to look into use of the twelve tenants and weather change, tary authority ranges between Effluent Pumps: Two 37 horse Tower Square million gallons of treated efflu- the number of pumps can be 47 F to 78 F, which is less vari- pumps Business ent that was pumped into the changed. able than the river. Finally, Building Circuit Pumps: Three Complex. nearby river on a daily basis The benefits of this system no fossil fuels are burned and 15 hp pumps with variable Early on in to 'power' their heating and are significant. First, mainte- no green house gases are re- speed drives the history cooling system. nance on the system has been leased, allowing Water Tower Maximum closed circuit flow: of the new Meg Smith The system uses open loop practically non existent at Square to be considered a 1500 gpm owner's tenure, this approach and closed loop circuits. On the about $1500.00 over a 12 year green building. Heat pumps: 2 to 8 tons, ex- has been at the forefront of effluent side the system is open period. Next, the monthly util- Specifications tended range the renovations and additions with two pumps which pass the ity costs have been about 50% Building Information Meg Smith is executive completed at this four-story effluent through a PVC pipe of those experienced with the Total Space: 340,000 s/f director of Focus Central brick building, which was built to two plate and frame heat previous boiler system. This Wall Insulation: R-19 Pennsylvania in Shamokin in the 1920's. Recognizing that exchangers with another PVC type of system required less Windows: 1" Double-glazed Dam, PA. ■ Kislak reports strong sales through first half of 2007 Looking for new office space? WOODBRIDGE, NJ — The Kislak Co. announced strong sales through the first half of 2007 closing over 50 investments Then call on the authority! sales transactions throughout NJ, NY, PA and DE. "It has thus far been an out- Over $20 million standing year for The Kislak Company," said Jeffrey Wiener, in office transactions president and co-managing di- rector. "The multi-family invest- last year ment market in the Northeast is thriving with unprecedented demand from both buyers and sellers." Some notable transactions completed in the first half of 2007 Kislak include: Representing • The $26.9 million sale of Olde Forge West, a 123-unit apart- 1.6 million square feet ment complex in Morris Twp. • The $21.5 million sale of a 10- of office space building, 300-unit apartment complex in Jersey City. • The $17.7 million sale of 360 unit multifamily portfolio and office building in Philadelphia, PA. Large & small suites available • Both urban & suburban locations • Various rates to fit all budgets • The 228 unit, $14.8 million sale of Valley Ridge Apts. in Trexlertown, PA, and Mill Run Apts. in Emmaus, PA. • The $11.5 million sale of The Village at Red Clay, a 192 unit apartment complex in Wilm- ington, DE. • The $10.2 million sale of Stonehenge Court Apts., a 151 unit complex in Bethlehem, • Leasing/Sales/Brokerage PA. • The $8.4 million sale of • Property/Asset Management Water Wheel Apts., an 84 unit complex in Montgomery, NY. • Investment Sales • The $8 million sale of Mer- • Building Services riam Gateway Apts., a 112 unit building in Newton. • Project Management Proactive Approach . . . Business Results! • The $7.9 million sale of Beech Spring Apts., a 53 unit • Consulting & Advisory Services Tel: 610-264-0200 · www.summitmrc.com complex in Summit. ■ 6E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY By Michael Fasano, Marcus & Millichap Investors remain focused on Northern New Jersey retail properties D espite only modest eco- the near term. Property own- proposed redevelopment of the More than 550,000 ft. of space market include the closing of nomic growth, retail ers, meanwhile, are expected Varityper site in East Hanover slated for delivery this year is electronics chain CompUSA, properties in Bergen, to continue to implement rent and a similar project in West in either big-box or single-tenant plans to redevelop the old Essex, Hud- increases commensurate with Orange. formats. Modest job growth will Edison Storage Battery factory son, Morris, limited space availability in This year, employers are sustain retailer demand and off- in West Orange and the repo- Passaic and the market. On the supply side, expected to create 6,800 jobs set the increase in completions, sitioning of the Bergen Mall. Union coun- completions are expected to in Northern New Jersey, a leaving vacancy unchanged CompUSA will close 10 of its ties continue accelerate this year but will re- 0.4% gain and a decrease from this year at 4 percent. Vacancy 11 stores in New Jersey by the to perform main low relative to total retail 20,800 positions created in at neighborhood/community end of June. Stores in Parsip- very well. stock. In general, the market's 2006. But, in better news, after centers will track slightly lower. pany, Paramus, East Hanover Drawn by myriad building regulations three years of slight declines, Tight vacancy will support a 4% and Springfield are among t h e a r e a 's and community opposition to employers in the rapidly re- rise in asking rents to $28.11 those scheduled to shut down. high popula- Michael Fasano new projects greatly compli- vitalizing Newark metro area per s/f this year. Effective rents A $250 million redevelopment tion density and significant cate development. As a result, are expected to add 6,600 jobs are forecast to increase 4.2% to of an area in West Orange sur- median household incomes, builders devote considerable in 2007. $26.30 psf. rounding the old Edison Stor- steady retailer demand is ex- attention to the redevelop- Developers will deliver 900,000 Some of the major transac- age Battery factory has been pected to maintain vacancy in ment of old manufacturing s/f of retail space in 2007, com- tions and news shaping the proposed and is expected to the low-4 percent range over sites. Two such projects are the pared with 700,000 s/f last year. Northern New Jersey retail progress through the planning and approval process this year. Plans call for 609 market-rate condominium apartments and an unspecified amount of retail space. If approved, the rede- velopment project could be the largest in the state not located on a waterfront. Finally, the repositioning of the Bergen Mall in Paramus and May- wood has made headlines this year. Vornado Realty Trust is expanding the retail property by 872,000 s/f to encompass 1.5 million s/f. Century 21 and a variety of new upscale out- lets and eateries have signed leases for space. The asset will be anchored by a freestanding Lowe's. Investment activity in the Northern New Jersey area remains steady. Demand is strong for single-tenant assets, especially general freestanding buildings leased to local or re- gional retailers. Some of these properties are also being pur- chased as redevelopment sites. Additionally, restaurants con- tinue to command strong bids from a buyer pool of investors and owner/users. Meanwhile, sales of multi-tenant assets have fallen off recently, as few of the market's premier assets seldom come to market; howev- er, some sales of top properties could provide greater visibility on pricing and stimulate great- er deal flow. Among recent multi-tenant property sales, a few large centers have traded hands with vacancy in excess of the market-wide average. With retail fundamentals in the market in generally sound shape, investors may continue to examine similar opportuni- ties in the months ahead and perhaps assume greater re- ( ) ▲ leasing risk. Michael Fasano is the re- gional manager of the New Jersey office of Marcus & Millichap. ■ NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 7E BROKERAGE DIRECTORY By Bart Delfiner and Rob Samtmann, Equity Retail Brokers Commercial retail market sees strong demand despite rising interest rates onventional wisdom estate and avoiding capital be more affected by the impact real estate investors into able investors to keep demand C should be says the retail com- mercial real estate m a r k e t gains taxes stretches the cash on hand, giving some inves- tors greater ability to of interest rates on mortgage financing. Higher interest rates negatively affect the return on investment for retail properties. Soaring home mortgage rates and the resulting lower housing sales are sending investors for commercial properties strong. Equity Retail Brokers offers expert retail tenant repre- flattening. In purchase traditional buyers who focus into other sectors, creating a sentation, investment sales, the greater replacement more on shopping centers glut of investors competing for leasing, and property man- Philadelphia properties. where they can improve the limited inventory. agement services to retail- region, capi- As pressure cap rate by raising rental Thus, the bottom line is that ers and the commercial real talization drives inter- rates, converting gross leases good retail real estate is still estate industry. Equity Retail ("cap") rates est rates up to triple-net, developing pad attractive in the current ris- Brokers is a member of the are running and some sites, or adding adjacent prop- ing interest rate market, even Retail Brokers Network, and about 6-8%, Bart Delfiner Rob Samtmann investment erties to increase the center's when cap rates are low. While the International Council of as compared to 10-12% a activity down, 1031 exchange gross leasable area. we cannot ignore the effect Shopping Centers. decade ago. Interest rates deals play a more active role The collapse of the housing of interest rates on cap rates Bart Delfiner and Rob are beginning to rise, many in the marketplace. market is also fueling activity and sale prices, we expect Samtmann are principals retailers are reporting lower Investors seeking "upside" in the commercial market by retail store growth coupled for Equity Retail Brokers than expected sales, and in the form of cash flow may driving typically residential with a supply of willing and in Conshohocken, PA. ■ the residential industry has slowed dramatically. But while few would call the retail real estate market hot in the summer of 2007, there is still a warm current of activity keeping properties moving Philadelphia/ in eastern Pennsylvania and southern New Jersey. South Jersey Region What's keeping the ball in Commercial Real Estate Services, Worldwide. play? We see a few factors contributing to the steady demand for good retail prop- erties. As any investor knows, 885,786 Square Feet 416,000 +/- Square Feet Wall Street likes growth. Office Lease and Sale Industrial Lease and Sale For retailers, this means ex- Local Philadelphia, PA Atlantic City, NJ 45 panding into new locations, Class A Office Manufacturing Facility sometimes in spite of the Deals Landlord Representation Landlord Representation Countries interest climate. While we've seen some cooling of retail growth in urban and subur- ban markets, a steady stream 177,627 Square Feet 103,000 +/- Square Feet of stores is still flowing into Office Lease Industrial Sale new markets and the need for Philadelphia, PA Philadelphia, PA new in-fill market locations is Medical Office Building Regional Self-Storage 350 ensuring plenty of opportuni- Tenant Representation Seller Representation Offices ties for developers and owners with good real estate to sell or lease. The supply – or lack of 40,915 +/- Square Feet 60,000 Square Feet – fundamentally good real es- Industrial Lease Office Lease and Sale tate is perhaps the key factor Bucks County, PA King of Prussia, PA keeping the real estate mar- Office/Flex/Warehouse Corporate Center 5,000 ket afloat. Although rising Landlord Representation Landlord Representation Professionals interest rates may deter those real estate investors seeking a higher rate of return, there are plenty of people from single tenant investors to na- Just around the corner. tional retailers who are ready to invest in properties in good condition, with good tenants, All around the world. in a good location. Demand for prime properties will always We've got you covered. be strong, and we've seen this rate environment pose little threat to properties that have intrinsic investment value. Owners seeking 1031 ex- changes, or real estate in- vestors who can accept a long-term investment over naimertz.com an immediate cash return, are well-suited to take advan- Mt. Laurel, NJ • Southampton, PA • Wayne, PA • Philadelphia, PA naigeis.com tage of the current real estate market. Rolling over real 8E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY By Larry O'Brien, Rock Real Estate When can you lease my space? What you can do to change your retail center's vacancy rate A s a commercial real es- realistic and positive leasing with supply and demand re- changes. can obtain national tenants tate agent, I've heard, goals with you. maining largely in balance for Know Your Competition. without other national or "I have a mortgage to Most analysts would agree most of 2006. What differentiates your space strong anchor tenants? Does it pay and emp- that the U.S. has seen a strong As we enter a challenging from your competition's space? make sense to hold your rent ty space is retail real estate market over segment of the business cycle, What advantages / disadvan- rates at their current level if lost money". the past three to five years. it is possible that we will see an tages do you have versus your vacancy is climbing? Are your This sense of During this time, the U.S. increase in the overall vacancy competition? What asking rent rates justified? frustration economy reflected higher con- rate. We can partner with our and actual rent rates is your Be Flexible. What can can be alle- sumer spending and lower landlords to minimize the competition paying and why? you do to improve your cur- viated with interest rates. New construc- vacancy rate in retail centers. Are your rent rates higher or rent market position? Are you help from tion projects worked their way The following questions help lower than the competition, looking to improve your list of your broker. through the pipeline and most you recognize what actions and if so why? tenants with available vacan- It is the bro- Larry O'Brien are fully leased by the time can be made to increase your Be Realistic. Do you have cies? Are you ready, willing, ker's responsibility to promote construction is complete. Rent retail center's marketability. persistent vacancies? Do you and able to provide build out and effectively market proper- rates have risen steadily, if not These issues consist of how to believe these vacancies occur services or refer these services ties to potential users that can spectacularly, as vacancy rates understand your competition, because your property is not to new tenants? minimize losses. It is also a have dropped. B and C retail setting realistic goals, remain- priced right for your market? Ask Myself. Am I doing the broker's responsibility to set class space has been absorbed ing flexible, and how to make Is it reasonable to think you little things to keep and make my center attractive? Am I cleaning up vacant spaces and Philadelphia Office Leasing and returning them to vanilla shell condition for marketing pur- poses? Am I negotiating fairly in the interest of building long Development Opportunities term tenant relationships or am I a tough negotiator work- ing to extract the maximum amount possible? 4 Penn Center 1760 Market St It is my job to ask the diffi- 1600 JFK Philadelphia, cult questions of our landlords. Boulevard Philadelphia, PA These are just some of the Philadelphia, PA questions I think are valuable FOR LEASE when appraising what you cur- FOR LEASE • Suites from 1,301 to rently do and what you can do • 6,000 SF available 4,843 SF available to change your retail center's • Offices, conference immediately vacancy rate. In the long run, rooms and work • 123,359 SF Class A landlords are served, centers stations office building are improved, and positive • Total Building Size - • $25.00/SF plus electric cash flows will follow. 522,600 SF • Prime Market Street Larry O'Brien is a bro- • $25.00/SF plus electric West location kerage advisor for Rock • Direct concourse • All amenities nearby Commercial Real Estate in access York, PA. ■ Black & Co. Center City announces lease Redevelopment/ at Shrewsbury Executive Center Development SHREWSBURY, NJ — The Opportunity Moser IP Group is leasing 13,633 s/f at the Shrewsbury 755 South 11th Street Executive Center, with a pro- Philadelphia, PA jected move in date of August International Plaza 1st. They plan on occupying Philadelphia, PA FOR SALE 2/3 of the 2nd floor at the 1030 • 27,285 SF Building Broad Street building. FOR LEASE • 13,642 SF of land area The Executive Center was • Two Class A office buildings • 160.5' of 11th Street Frontage, 85' deep developed by National Realty • Contiguous space up to 72,000 SF available • Zoning: C-2, Commercial and Development and is part • Complimentary airport shuttle • Ideally Suited for residential conversion of a commercial development • Philadelphia address, suburban taxes • Price: $3,200,000 that consists of a two class A • $23.75/SF plus tenant electric office buildings, The Shrews- bury Shopping Center and King of Prussia, PA Wilmington, DE three office/flex buildings on 610-265-7700 302-792-1301 Shrewsbury Ave. Black & Company is a full Philadelphia, PA Swedesboro, NJ service office leasing & invest- ment sales firm located in 215-564-2720 856-467-8055 Shrewsbury, NJ. The firm was founded in 1996 by Robert F. Advisory Brokerage Investment Financing Black, CCIM, and a former CB Richard Ellis executive. ■ www.jacksoncross.com NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 9E BROKERAGE DIRECTORY By Pete Davisson, Jackson Cross Partners Commercial Real Estate And The World Around T he economy in our great Pennsylvania, Maryland and, of national statistics and trend in wholesale sales. This rise in asking rental rates continued country is good; grow- course, Delaware. That is why I information come from one of the Index means that absorp- to rise and leasing concessions ing albeit at a moderate enjoy doing just this. those national sources. The tion in industrial and office were settling in the range of pace. Our un- Since I am involved in all of local and regional information should be steady into the first normal negotiating balance. employment this every day, I thought I would is gathered personally from my quarter of 2008. Slightly higher Development, while increasing, rate is con- take the liberty of 'tapping' into activities in the market and the completions of new office, ware- was still a bit below volumes sidered good the many sources of data which day to day business of 15 Jack- house, retail and lodging; leas- needed to match demands and at 4.5%. The I have access to, pull out some son Cross brokers in 4 offices ing and sales, activity should it has been a sellers market Consumer of the interesting basic facts throughout the Tri-State area. be up slightly in 3rd quarter for development sites. Leasing Confidence and figures and share with you In general, the commercial of 2007over the same period activity remained strong, but level is up by a synopsis of that information. real estate market is faring in 2006. Flow will be strong not overheated. The continued 2 points over The primary sources for the much better than the residen- through 2007. Office, hospital- escalation of construction costs the previous Pete Davisson data from outside the Delaware tial sector. Commercial Leading ity and industrial are the most meant that transaction values 12 months. Consumer spending Valley area are SIOR (to which Indicators, nationally, are up sought after sectors, while retail in the marketplace were just is up modestly. The Consumer I contribute market information over 4th quarter 2006 and entire and multi-family are down. modestly ahead of the replace- Price Index is also up over the anyway) and NAR. Rather than year 2006. We see this because Local and national economic ment costs. These rising costs 12 months prior to EOY 2006. stop and credit each statistic, of rising industrial production, conditions were strongly in have been keeping building vol- We have experienced massive quote and its source I would a rise in REIT price index, job favor of improving commercial umes in check, which in turn is expansion of purchasing power like to confirm that most of the growth, rising income and gains real estate markets. Generally, continued on page 22E and access to credit as a society. Interest rates are considered low. Record amounts of cash are flowing to private equity, Results are personal to us. hedge funds and the like. The stock market is at or near the all-time high. The Fed Rate is holding at 5.25%. Each of these is a good sign in our lives. At the end of the first quarter of 2007 the major indicators CONSHOHOCKEN … GENE MCHALE … included the GDP@ 2.5, the THE PLACE TO BE THE BROKER TO GET YOU THERE email@example.com and Consumer Con- fidence @ 108. Unemployment was 4.7%. Situated less than 15 miles west of Center City Office located in Conshohocken's Eight Tower OFFICE MARKETS nation- Bridge building ally show a 13.9% vacancy with Business-friendly borough 3.2% RR increases. INDUSTRIAL MARKETS 20 Conshohocken transactions in the past 17 were at a 10.1% vacancy with Centralized Fayette Street amenities months 2.3% RR increases. RETAIL MARKETS were at Outperforming the overall Philadelphia Conshohocken portfolio currently 82 percent an 8.1% vacancy with 1.1% RR increases. commercial market at 12.3 percent vacancy leased MULTI-FAMILY Properties were 5.9% vacant with RR in- Seven new projects in proposal stages Unmatched reputation for broker cooperation creasing 2.8%. HOSPITALITY Properties had occupancies of 68.1% with revenue increases of 5%. For the last 23 years or so I have enjoyed spending my days in the "world" of commercial real estate in the wonderful Wilmington, DE marketplace. It has been a lot of fun. I have en- joyed the interaction with SIOR, CCIM, CIRC, the TriState Real- tors Commercial Alliance and the National Association of Realtors. My company was one of the founders of ONCOR In- ternational and Jackson Cross Partners is still a leader in ON- COR. All of these associations have given me a real apprecia- tion for what is going on in real estate, not only in Wilmington and the Delaware Valley, but regionally and nationally. It does give it all a very interest- ing perspective. I hope it has made me a better "broker" here Eight Tower Bridge | 161 Washington Street, Suite 1025 | Conshohocken, PA 19428 and in the states of New Jersey, 610.828.0100 | 610.828.3873 Fax | www.beaconcre.com 10E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY By Scott Mertz, SIOR, NAI Mertz SNJ off./ind. markets continue strong in 1st half as values spiral up for investment opportunities M T. LAUREL, NJ — that is expected to steady as law, finance, entertainment of a new $72 million, 80,000 up quickly. In neighboring With a healthy demand office construction moderates and healthcare entities that s/f corporate headquarters Pennsauken Township, con- for office space, and following the completion of four are concentrated along the Rte. complex on 110 acres between struction has started on Kevon with strategi- speculative structures by year- 73 corridor from Mt. Laurel I-676 and Admiral Wilson Bou- Office Center II, a new 46,000 cally placed end that will total some 362,000 industrial s/f of class A space. In contrast, High construction costs will continue to temper new development, particularly buildings ful- industrial space has remained speculative projects, to maintain the stability of southern New Jersey's overall ly leased and tight with buildings close to commercial property markets. investment I-295, and the Pennsylvania offerings Turnpike connector. Port facili- to Marlton and in adjoining levard. That project is due to s/f class A office building front- priced ever- ties are being fully leased for a Cherry Hill, Evesham and be completed in November of ing McClellan Avenue. In higher, South wide variety of consumer goods, Voorhees Townships. next year. Burlington County, Liberty Jersey's com- Scott Mertz raw materials and finished Dramatic new development Closer to the Delaware Riv- Property Trust is constructing mercial property markets have products of foreign origin. has been announced for the er, the Technology Center, a the first 100,000 s/f LEEDS continued strong in the first During the first half of 2007, City of Camden with Campbell five-story, 100,000 s/f structure certified building in southern half of 2007. Overall office the demand for office space Soup, the City's last Fortune created by the New Jersey New Jersey on the site of the vacancy on March 31st was ap- continues to be driven by de- 500 Company, to grow its pres- Economic Development Au- former NFL Films production proximately 12.7%, a vacancy fense contractors, as well as ence with the construction thority (NJEDA), is leasing facility in Mt. Laurel Town- ship. Large industrial space con- tracts that were negotiated A lot has changed in the first six months of this year include Dietz & Watson of Philadelphia, which is opening a major distribution center in in a decade... 266,000 s/f of space in Delanco Township; Regency Warehous- ing & Distribution that leased 131,000 s/f at Interstate Busi- ness Park in Bellmawr; Food Sciences Corporation that leased 106,000 s/f in the East Gate Business Center; Office Depot that is occupying some 112,360 s/f in the Rancocas Park Industrial Complex, and Lyons & Sons which is leasing 111,240 s/f in the Pennsauken Industrial Park. Responding to the demand for industrial space, Whitesell has started construction of a 721,000 s/f warehouse within the Haines Center that will feature an 80 ft ceiling heights and offers 52,704,925 cubic ft of storage area. Despite the fact that inves- tors paid some $216 million for 14 South Jersey office build- ings in 2006, the investment market has "bulled" its way into 2007 with seven property offerings containing nearly 26 years Celebrating one million s/f which are pres- ently being eyed by prospective providing 10 years of new owners. Building sites in real estate real estate Evesham, Voorhees and Mt. Laurel Townships that fea- services to the services with ture arterial road exposure of up to 80,000 cars per day are Mid-Atlantic NAI Global commanding unprecedented values of as much as $1 million per acre. However, high con- struction costs will continue From Wilmington to Warsaw. From Dover to Denmark. to temper new development, Committed to Delaware. Connected to the world. particularly speculative proj- ects, to maintain the stabil- ity of southern New Jersey's 10 Corporate Circle, Suite 100 overall commercial property markets. New Castle, Delaware 19720 Scott Mertz, SIOR is vice p 1 888 322 9502 f 302 322 9518 president of NAI Mertz in Mount Laurel, NJ. ■ NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 11E KWARTLER ASSOCIATES, INC. Licensed Real Estate Broker 2 North Street - Suite 1A, Waldwick, NJ 07463 201.652.4242 Visit our website: www.kwartler.com Professionally Managed Class "A" Office & Industrial Space FOR LEASE INDUSTRIAL Bergen County Van Brunt Business Center, Englewood (Smith Street & West Forest Avenue) o (2) Units - 5,000 sf each, (1) Unit - 7,500 sf Middlesex County Center Point @ 8A, 30 Engelhard Drive, Monroe o 198,400 +/- sf – For Sale or Lease 60 & 70 Ethel Road West, Piscataway o (2) Units – 9,800 sf & 12,000 sf 601-629 Montrose Avenue, South Plainfield o (2) Units - 5,000 sf each Passaic County 1200 Madison Avenue, Paterson o 104,873 +/- sf OFFICE Bergen County Cityview Corporate Center, 160 Chubb Avenue, Lyndhurst o Suites from 1,000 sf – 47,850 +/- sf (Entire 3rd Floor) 3 Paragon Drive, Montvale o 66,500 +/- sf Available 8/08 – 44,300 1st Floor, 22,200 sf 2nd Floor Office Center @ Ramsey, 500 North Franklin Turnpike, Ramsey o Suites from 1,835 sf – 4,890 +/- sf (Office/Medical) Morris County 339 Jefferson Road, Parsippany o 60,200 +/- sf – Entire 1st & 2nd Floors, may divide 100 Eagle Rock Avenue, East Hanover o 29,000 +/- sf, will divide Cedar Knolls Corporate Center, 240 Cedar Knolls Road, Cedar Knolls o Suites from 650 sf – 15,281 +/- sf, will divide Somerset County Bernards 78, 110 Allen Road, Liberty Corner o 52,417 +/- sf, Entire 3rd Floor, may divide to 5,000 +/- sf Allen Center, 150 Allen Road, Bernards Township o 9,415 +/- sf, may divide The Offices At Bedminster, 500 & 550 Hills Drive, Bedminster o Suites from 1,092 sf – 8,123 +/- sf BROKERS PROTECTED 12E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY By Peter Schofel, Eastman Management Corp. NJ attracts out of state businesses by proximity, prosperous ind/comm'l markets and much more N ew Jersey is unique in mass transit infrastructure investment in New Jersey. Our assuring its future potential. the northern extremity of the so many ways. and one of the nation's most renowned technology, pharma, The bottom line is that New state, with emphasis upon Ber- For example, the efficient distribution capa- scientific research, manufactur- Jersey has emerged as a domi- gen, Morris and Essex Counties state is na- bilities, the Garden State offers ing capacities, a wide ranging nant location for professional … areas that boast some of the tionally enormous opportunity for busi- scope of financial, marketing and corporate headquarters, nation's finest educational, ranked as a nesses to prosper. and technology services, and an regional sales and communica- cultural, and recreational pro- major trans- That we are one of the top unmatched labor pool, have cat- tions operations, and research grams, are fed by five major portation and ten state economies in the apulted New Jersey to the head and development. airports and one of the world's communica- U.S. therefore comes as no of the class in these fields. At Eastman, our focus is to busiest port facilities, and of- tions hub, surprise. Our ability, both to provide zero in on the specific space fer access to vital business, serving as New Jersey's prosperity is office, industrial and ware- requirements of those compa- professional and high tech op- an important an outgrowth of our own in- house/distribution space to nies that either have selected portunities. link between Peter Schofel terest in attracting quality accommodate new businesses New Jersey for their ongoing Representative of Eastman's the principal northeastern businesses and keeping them of any size and along with the operations or who wish to portfolio in this dynamic West states and the rest of the coun- here. A viable and business- concomitant emergence of vi- expand within the state. Our Essex area of New Jersey is the try. From our port and airport friendly legislature combined able retail outlets throughout range of office space opportuni- jewel in our crown, Eisenhower facilities and our network of with welcoming municipal gov- the state, has proved to be a ties is limited to New Jersey's Corporate Campus. A 385,000 high speed Interstates and erning bodies historically have vital factor in helping to fuel busiest and, arguably, its most s/f class A office facility, Eisen- highways, to a high quality been magnets for corporate the state's growth as well as productive and profitable area: hower Corporate Campus is a unique four building design divided into two buildings with three floors each, and two ad- In Any Direction ditional buildings with four Sheldon Gross Realty, Inc. can steer you to the property floors each; the complex has connecting walkways located in that is right for your company's growth and success. the central atrium that provide easy access to every point in the complex. One of the region's very few office facilities offering Eisen- hower Corporate Campus' size, scope, amenities and location, this complex will be available for occupancy early next year and emerges as an ideal venue for a major user or even a na- tional corporate headquarters WAREHOUSE/MANUFACTURING ROUTE 46 – OFFICE SPACE SHORT OR LONG TERM LEASE operation. Fairfield - Business Park Setting Fairfield - Highway Visibility – Business Park Edison - 31,000 square feet, 22' Clear, As unique as New Jersey 41,158 square feet for lease. 4 Tailgates, Units available from 2,600 sq. ft. to 20,000 sq. ft. 6 Tailgates, 1 Drive-in. Racking available. is, so too is Eastman, with 21' ceiling height, ample parking. Finished to suit, ample parking. Excellent location at Walking distance to Edison Train Station. our range of some of the fin- Route 46 visibility at highway interchange. highway interchange. est high-quality and strategi- cally located office facilities in the northern segment of the state. Our goal is to be a part- ner in New Jersey's growth and development by providing and maintaining quality office space in strategic locations, thus doing our part in helping to attract and keep business to the Garden State. Peter Schofel is president PROFESSIONAL/MEDICAL OFFICE LAB / R&D / FLEX / HIGH TECH GREAT DISTRIBUTION BUILDING Wall Township – Excellent Location Metuchen - For Lease – 28,000 square feet. Sayreville – For Sale - 22,200 square feet of Eastman Management Only 5,600 +/- Sq. Ft. remaining for lease in new 18,000 sq. ft. Office, 1 Tailgate. Will divide. 1,500 sq. ft. office, 4 Tailgates, 21' Clear. Corp. in Livingston, NJ. ■ 24,000 Sq. Ft. building. Will divide and finish to suit. Excellent location off Route 18. King of Summit leases 3100 s/f WHITEHALL, PA — Jody For more information on these and other properties please contact us King of Summit Mgmt. and Realty Co. has leased 3100 s/f of flex/warehouse space to Advanced Window Concepts. SHELDON GROSS REALTY, INC. The company is a local home Corporate Real Estate Brokerage Property Management improvement firm specializing 80 Main Street, West Orange, NJ 07052 in replacement windows, doors, Tel. #973-325-6200 - Fax. #973-325-9090 and siding. The company is lo- E-mail: email@example.com cating their warehouse to 2670 Lehigh St., just north of the Lehigh Valley Mall. King represented the building owner in this transaction. ■ NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 13E BROKERAGE DIRECTORY By Sheldon A. Gross, CRE, SIOR, Sheldon Gross Realty, Inc. Using an experienced regional commercial real estate broker is a client's best move uying, selling or leasing notes, plans and records of properties that will perfectly As a local brokerage firm, great advantage to our clients B property in today's com- mercial real estate mar- ket can be a specific properties that date back so far in history that we sometimes have more fit your business needs. They also have relationships with town officials, which is ben- eficial to companies looking to Sheldon Gross Realty also has a unique advantage of long employee tenures, which is something that larger broker- because it is like working with a team of brokers, rather than just an individual. Finding the perfect piece of challenging information on the building experience, than the current building obtain construction approvals age firms do not have. Many real estate to fit your needs is but by choos- owners. Having such detailed or just interested in getting brokers at sizable firms jump difficult enough and finding ing the right information can be a major information about an area. from company to company the right broker should not broker to headache-saver for a client in Because a local brokerage very frequently, especially in have to be. You should always represent the long run. firm is constantly connected this era of consolidation. At consider using a smaller firm your local Another advantage to work- with local communities, they smaller firms, employees tend that has more knowledge of interests, ing with a small, regional make and keep relationships to create a family atmosphere. the local real estate landscape it does not Sheldon A. Gross brokerage firm is that they with local officials, retail and Most of the brokers at our firm and more contacts within the have to be a painful one. As are usually very involved with restaurant owners, municipal have been with us for close community. our industry continues to the communities in which workers and others, which to 25 years. Everyone at the Sheldon A. Gross is presi- consolidate and the largest they work. They know the greatly helps a prospective firm works extremely well to- dent and CEO of Sheldon firms get bigger and bigger, communities inside and out, new tenant ease into effective gether, and we share informa- Gross Realty of West Or- the advantages to choosing a and can lead you to areas and occupancy. tion and contacts, which is a ange, NJ. ■ local, regional-savvy broker to meet all your real estate goals and objectives becomes more compelling everyday. At niche brokerage firms G R U B B & E L L I S C O M PA N Y like ours, Sheldon Gross Re- alty, brokers have extensive The Best of Both Worlds. Grubb & Ellis Company is one of the world's leading full-service commer- knowledge of every local sub- cial real estate organizations, providing a complete range of transaction, market and of every piece management and consulting services. By leveraging local expertise with of commercial real estate our global reach, Grubb & Ellis offers innovative, customized solutions and property in the region. For seamless service to owners, corporate occupants and investors in Penn- instance, anyone can show a prospective client an aestheti- sylvania, New Jersey, Delaware and throughout the globe. cally pleasing building that they find at an Internet site, but our professionals can also let them know that the same modern-looking building has a history of leaky roofs. Being in the brokerage business for over 40 years, our firm has NAI Hanson named sales agent for 4,700 s/f office WESTWOOD, NJ — NAI James Hanson has been named the sales agent for 4,700 s/f of office space at 25 Charles St. NAI Hanson's associate vice president, Darren Lizzack, MSRE, is handling the assign- ment on behalf of the seller, 25 CENTER CIT Y PHILADELPHIA PHILADELPHIA SUBURBS Charles St. LLC. "This property will be in 1735 Market Street Executive Terrace high demand," said Lizzack. Suite 4000 455 S. Gulph Road, Suite 405 "Presently, there is a limited Philadelphia, PA 19103 King of Prussia, PA 19406 supply of small office buildings 215.561.8300 610.337.1010 on the market for sale. With 215.561.8311 fax 610.337.1616 fax its size and great location, we expect this space will not be on SOUTHERN NEW JERSEY DELAWARE the market for very long." The property is ideally situ- 401 Route 73 N, Suite 120 1001 Jefferson Street ated to meet the needs of small 40 Lake Center Executive Park Suite 104 office users as well the poten- Marlton, NJ 08053 Wilmington, DE 19801 tial for a medical office. The 856.334.2100 302.888.4500 building is located down the 856.334.2129 fax 302.888.2170 fax street from the Pascack Val- ley Hospital, and previously housed a daycare center. The TRANSACTION MANAGEMENT CORPORATE INVESTMENT CONSULTING entire space is available for sale, and offers the buyer a WWW.GRUBB-ELLIS.COM variety of options that meet a tenant's requirements. ■ 14B — NJPA Real Estate Journal — Pennsylvania — July 27 - August 9, 2007 NJPAjournal.com EASTERN PA Sale of Livingston Court Apts. & Julian Court Apts. Studley reps tenant at Quaker Park Sabatino of Marcus & The Buccini/Pollin Grp. inks $2m in leases Millichap completes $3.5m A L L E N T O W N , PA — Marcus & Millichap Real Estate Investment Services, the nation's larg- est real estate investment brokerage firm, has an- Livingston Court Apartments Julian Court nounced the sale of Liv- "This sale shows that there ary and tertiary markets. The ingston Court is still high demand for well Lehigh Valley is seen by many Apartments Nicholas Sabatino located apartment assets in as a high growth market," said- and Julian Court Apartments.. Allentown. As it has become Nicholas Sabatino of Marcus & David Connelly of N. Plain- increasingly difficult to find Millichap's Philadelphia Office field, NJ purchased Livingston decent yields in primary mar- who secured the buyer and Court for $2.4 million and kets, investors have begun to represented the seller, Israel Julian Court for $1.1 million. look more closely at second- Ekstein of Monroe, NY. ■ Quaker Park HAVERTOWN, PA — The Buccini/Pollin Group an- nounced the following trans- actions: Dr. John Lee, M.D. has leased the 2nd floor of The Wellness Center. In addition, Dr. Julia Cohen has renewed her lease while Delaware County Profession- al Services will expand and extend their lease. All trans- actions were represented in- house by The Buccini/Pollin Group. Located less than 0.5 mile from Exit 4 of I-476, The Wellness Center allows for superior access to major high- ways. The complex consists of two buildings containing over 67,000 s/f of medical of- or www.goBEP.com fice space. Gordon & Weinberg has leased over 5,700 s/f of of- Greater Reading and Berks County, PA has a new, fice space at Quaker Park data-rich, comprehensive website. Click on to learn about all the locational advantages we have to offer. in Conshohocken. Studley You'll find: represented the tenant and • More than 1,200 data points Binswanger represented the • 25 IEDC tables owner in the lease transaction valued at over $1 million. • GIS mapping capabilities Quaker Park is located at Greater Reading puts 100 million people within next-morning delivery. Which is only one reason 1001 East Hector St. offering a prominent site selector calls Greater Reading access to major highways (I- "an East Coast hidden jewel." 76, I-476, the PA Tpke., and Check us out. You may have discovered the ideal Rtes. 202, 422 and 23). location for your next project. The Buccini/Pollin Group is pleased to welcome a new ten- ant to One Chelsea Parkway. in Boothwyn. US Bioservices, a division of Amerisource within ton • Bergen, has leased 8,900 s/f. eople ry. Bos illion p e 100 m orning deliv next-m CB Richard Ellis represented ronto d• tfor • To Har both the Tenant and the own- ffalo ork • Bu w wY • Neark er in the transaction, valued • Ne Ad made possible in part by the Berks County Commissioners, private industry and foundations. at over $1 million. Commissioners: Judith L. Schwank, Chair; Thomas W. Gajewski, Sr.; and Mark C. Scott. ilad elph ia One Chelsea Parkway pro- ding ✶ • Ph vides access to major road- vela nd Rea • Cle • Pit tsbu rgh mile s • Ba ltim ore ways, located directly off of 100 on •W ash ingt Rte. 322 and within 1.5 miles 200 mile s of the I-95 and the Rte. 322 YOUR PARTNER IN BUSINESS GROWTH. nd interchange. Additionally, the mile s hmo rfolk 300 • Ric • No The Greater Reading and Berks County Region | 610.376.4237 | www.goBEP.com building is situated just 10 minutes from the Philadel- phia International Airport. ■ NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 15E BROKERAGE DIRECTORY By Kenneth Uranowitz, Gebroe-Hammer Associates Success is a team effort: Providing services that exceed demands of our clients deserved reputation for pro- M el Gebroe and Morris strategic corporate growth on the investment real estate the ability to buy well below Hammer were vision- every level. industry. viding productive investment replacement costs. aries. They weren't We believe that the key to Our brokers actively rep- opportunities for private Our industry is strong, the prognostica- this success lies within our resent buyers and sellers investors, REITS, private eq- brokerage side of the business tors in the sales team, and it is for that in the Tri-State region, and uity funds and other institu- is active, and the future for scientific reason that every member of therefore we are uniquely tional clients. With demand Gebroe-Hammer Associates sense of the that team is carefully men- positioned to identify mar- outpacing supply, interest is brighter than it's ever been. word, nor tored, professionally primed, ket distinctions. Because rates remaining at historic Our goal is to continue to both were they and scrupulously supervised of the consistently strong lows and a glut of mortgage provide brokerage services political pun- by our battle-tested sales and residential markets in New capital looking to finance, that exceed the most demand- dits. Rather, management team members. Jersey, Pennsylvania and despite the recent turmoil ing wishes of our clients and this dynamic One of the first things we the surrounding states, Ge- in the subprime residential to be the benchmark of this duo demon- Kenneth Uranowitz learned in this business is broe-Hammer 's impact on market, we see no slow-down very specialized industry. strated an inordinate amount that there is no I in the word, the multi-family markets of multi-family investment Kenneth Uranowitz is of business acumen and an "team." That's precisely why has been an influential fac- sales. As upward pressure managing director at Ge- understanding of multi-fam- the goal of very member of our tor in the burgeoning success on pricing persists, and con- broe-Hammer Associates ily and commercial real estate staff is to maintain our position of this important niche. We tinued cap rate compression headquartered in Livings- that was well ahead of its as the dominant specialist in have, in fact, earned a well- prevails, investors still have ton, NJ. ■ time more than thirty years ago when they joined forces and formed Gebroe-Ham- mer Associates. A brokerage company that specializes in selling and listing various properties for investment purposes, Gebroe-Hammer Associates has emerged as the dominant investment real estate brokerage organization in the northeast and has given new meaning to the word, specialization With Morris Hammer's un- timely passing a few years ago, G-H managing director, Robert Ploshnick, and I now represent the new generation of leadership and management YOUR VISION at Gebroe-Hammer reporting OUR SOLUTION directly to Mel Gebroe. We cut our teeth in this complex busi- ness and learned from two of the most brilliant individuals in our industry. Starting in en- try-level positions more than ONE GOAL three decades ago, we perse- vered – and prospered - with the company through economic boom times as well as flat line recession years, euphemisti- cally referred to as "periods of economic correction." Project Management And although we earned our stripes, we also learned that success in the brokerage busi- ness is not a one or two person Development Services effort. Over the years, we be- came part of a strong team of highly skilled professionals, committed to success both for Owner/Tenant Representation our company and our clients. Today our team boasts some of the most talented and suc- cessful individuals in the real Construction Management estate industry. Led by our managing directors, executive vice presidents Joel Schwartz 1120 Headquarters Plaza and David Oropeza, and Se- West Tower, 4th Floor nior vice president Joseph Brecher, the Gebroe-Hammer Morristown, NJ 07960 Management team has met 973.898.6360 the most demanding tests of www.walshcompany.com all: compiling annual record- smashing sales along with 16E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY At Fairview Business Center in Lewisberry, PA, occupancy reaches 100% Liberty Property Trust breaks ground on 1.5 million s/f warehouse/distribution buildings L EHIGH VALLEY, PA – president and regional director, Liberty Business Center is Liberty Property Trust, Liberty Property Trust. "We situated just off I-78 and Rte. one of the largest com- are confident that the market 100S at Industrial Boulevard mercial landlords in the Lehigh will absorb the space fairly in Breinigsville and is within Valley and the real estate in- quickly." a 250-mile radius of more than vestment trust that owns and Upon completion, the build- 50 million people. manages more than 25 million ings will consist of 920,000 s/f Fairview Business Center s/f of office and industrial space and 564,000 s/f. These buildings Reaches 100% Occupancy Southeastern PA and NJ, an- are located in Liberty Busi- Liberty has recently leased nounced that it will be breaking ness Center (formerly known its remaining 387,500 s/f at ground on two warehouse/dis- as Boulders Business Center) 600 Industrial Drive in the tribution buildings in the third and are strategically positioned Fairview Business Center, quarter of 2007 totaling nearly within a designated Foreign bringing the 800,000 s/f facility 1.5 million s/f in Lehigh Valley. Trade Zone (FTZ). Each facility located in Lewisberry, to full "We anticipate a fairly dra- will offer ample car and truck occupancy. matic increase in demand for parking, 180-foot truck courts, In March, the company an- new warehouse and distribu- 32 to 36 ft ceiling heights, and nounced that Broder Brothers tion product within the next ample dock and drive-in doors to had signed a lease for 412,500 year," said Bob Kiel, senior vice Liberty Business Center meet various tenant criteria. s/f in the newly constructed building which officially opened in May. Earlier this month, Nex- us Distribution Corporation We'll help signed a lease for 92,143 s/f of warehouse/distribution space located at 7339 Industrial you find Blvd. in Allentown. The com- pany currently leases space from Liberty in another ware- house facility located on Indus- the best site. trial Boulevard, bringing its total lease commitment with Liberty in the Lehigh Valley to 589,143 s/f. ■ Source Realty Group's Swope brokers industrial sale in West Chester, PA Your WEST CHESTER, PA — Charles Swope of Source Re- site alty Group, Inc., a Chester Cty. based commercial real estate brokerage firm, represented here Vanrep Properties, LLC in the purchase of 1139 Phoenixville Pike. The seller was represented by Jackson Cross Partners. "Mid size, free standing flex and industrial buildings are a premium commodity in this market" Swope said. ■ Call a FirstEnergy Economic Development Executive For sites in our northern NJ WCB sells 14 acre for information on locations in New Jersey. service territory, contact Larry Morris parcel in Clark, NJ at (908) 213-7906 CLARK, NJ — Vice presi- We'll partner with state and local economic development dents Mark Calabro and George agencies, communities, educational institutions and other And for locations in our Simson of Weichert Commercial key organizations to make your location search as central NJ territory, call Janis Lewandowski Brokerage, Inc. (WCB) have informative and efficient as possible. at (732) 212-4148 completed the sales transaction of 14 acres of land. The 14 acre parcel was an unused portion of the Hazel Wood Cemetery, and was sold to the County of Union for $6.25 million. The 14 acre parcel will be- come part of approximately 78 acres of park land. ■ E Inside Cover — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 17E 18E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY By Thomas Posavec, Landmark Commercial Realty Greater Harrisburg second quarter 2007 market thoughts T he Greater Harrisburg been even more impressive highs, few new office buildings Union has recently executed a Susquehanna Bank have ex- Office Market continues numbers in the Greater Har- are scheduled to break ground long term lease for 30,100 s/f ecuted leases totaling over its upward trend fueled risburg Office Market. Figures over the next two quarters. in itsnew corporate headquar- 38,000 sq. ft. at One Sterling by steady ab- that could have had occupancy This should continue to firm ters building located at 449 Place, 100 Sterling Parkway, sorption and rates approaching 93% to 95%. rental rates and place those Eisenhower Blvd., Harrisburg. Mechanicsburg. The first class a resurgence These properties should see an building owners with existing A national education company office center project is being in demand increase in leasing activity as product in a more favorable will occupy the space later this developed by Hoffer Proper- from tenants there has been a pronounced position over the next several year. ties. in the Mid rise in existing tenant expan- quarters. • Mavikar Environmental • Over 38,000 s/f of office State. Ab- sion and increased demand Market News Consultants, Enertech, Dis- space has been leased at 4507 sorption to- from new firms not yet es- • Verizon has renewed its trict Justice Wenner and LW N. Front St., Harrisburg with taled 39,300 tablished in the Harrisburg 31,500 sq. ft. lease at 4642 Jon- Consultants, Inc. have recently Morgan Stanley, URS and s/f in the sec- Thomas Posavec Market. This is a significant estown Rd., with Kusic Capital signed deals totaling over Builders Benefits, Inc. have ond quarter of 2007 pushing indicator which may have sub- LLC. The long term renewal 20,000 s/f at 5975 Stevenson all executed leases in this spec- occupancy rates and rental stantial positive implications was executed this summer and Ave., Harrisburg. The project tacular three story project de- rates higher in the process. going forward. will ensure Verizon's presence is being developed by Anderson veloped by Hoffer Properties. Only a handful of specific With interest rates ap- in the Marketplace for the next and Gulotta. • Belco Community Credit office properties continue to proaching eight percent (8%), several years. • P e r f e c t O r d e r, O C E , Union will be settling shortly undermine what could have construction costs at record • Belco Community Credit BAE Systems, Serco Inc and on their former headquarter site located at the 400 block of North Second Street, Harris- burg. The site was approved for a 93,000 s/f office development and will make an excellent development opportunity go- OVER A CENTURY OF DOMINANCE ing forward. Investment Real Estate Brokerage Market Overview Downtown Business District Absorption totaled a nega- tive 11,800 s/f in the second quarter of 2007 a reasonable figure as a lack of supply continues to dominate the marketplace. Class A occupancy rates remained unchanged at 98% as absorption totaled negative 2,000 s/f class B+ occupancy rates slipped one percentage point to 93% as absorption totaled negative16,500 s/f The class B segment saw oc- cupancy rates rise one percent- age point to 92% as absorption SOLD $26,900,000 SOLD $14,800,000 SOLD $11,500,000 totaled 6,700 s/f. A shortage of available office Olde Forge West Valley Ridge & Mill Run The Village at Red Clay product in the downtown busi- 123 Units 228 Units 192 Units ness district may be starting Morris Township, New Jersey Trexlertown, Pennsylvania & Wilmington, Delaware to have an effect on downtown Emmaus, Pennsylvania demand. In recent weeks users have considered the suburban markets after tours of the downtown business district have left them with under- whelming options. Buildings available for sale are very scarce and premiere Downtown office product re- main non-existent. The Mid- town project will expand the office market outward to areas once thought off limits to office SOLD $10,200,000 SOLD $8,400,000 SOLD $7,900,000 and commercial expansion. Stonehenge Court Water Wheel Beech Spring While not the first choice for 151 Units 84 Units 53 Units many office users its an option Bethlehem, Pennsylvania Montgomery, New York Summit, New Jersey under consideration for many in the Mid-State. Market Overview East Shore Business District Absorption totaled a positive www.kislakrealty.com The Kislak Company, Inc. 732 750 3000 9,600 s/f in the second quarter of 2007 as demand from office users continues to surge. continued on page 22E NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 19E -Space 83 Hanover Road Florham Park, New Jersey Productive work environment plus a superb location in the heart of a vibrant business area that boasts blue chip corporate neighbors, an extensive labor pool, hotel and conference centers and excellent shopping. Renovated in 1997 and 2005, this 55,000 sq ft building is an ideal alternative to Florham Park's Park Avenue buildings. A park-like setting, two-story atrium lobby, exceptional visibility and corporate identity complement a quality Morris County location near Routes 10, 24, 510 (Columbia Turnpike), I-287 and I-280. 83 Hanover Road 70 South Orange Avenue Livingston, NJ An exceptional location and a productive work environment combine to enhance this already excellent 80,000 square foot office building. Located on South Orange Avenue in Livingston, equi-distant between Newark and Morristown, 70 South Orange Avenue is convenient to both the Essex County and Morris County Courthouses. Newark Int'l and Morristown Airports are a short drive from the site as are exceptional shopping opportunities, fine dining and excellent conference venues. The site is around the corner from Eisenhower Parkway, it is directly across from Newark Academy and in close proximity to St. Barnabas Medical Center. Limited space available. 70 South Orange and II Eisenhower Plaza IAvenue Regent Park Office Complex Livingston, New Jersey The Regent Park complex is comprised of 160,000 sq ft of prime office space divided among its seven buildings with amenities that include the on-site Regent Park Café for lunch, snacks or office catering; outdoor picnic tables set amid lushly landscaped park-like grounds; 24-hour private entries for each tenant; tenant-controlled HVAC, and ample on- campus parking. Strategically situated between Newark and Morristown, the site offers direct access to the Route 10 Livingston Circle, Interstate 280, 287, 78, Route 24 and the Regent Park Office Complex Garden State Parkway. The campus is near hotel, convention and dining facilities, and is in close proximity to the Livingston and Short Hills Mall. EASTMAN 651 West Mount Pleasant Ave., Livingston, NJ 07039 For more information, call Eric J. Maurer, Director of Leasing MANAGEMENT 973-992-7727 ext 311 Owner Managed e-mail: email@example.com 20E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY Despite concerns of slow job growth, demand steady across product types Cushman & Wakefield's New Jersey commercial real estate market strong at mid year E AST RUTHERFORD, NJ — While the slow pace of job creation con- tinues to con- NJ operations. "Several large transactions were executed during the second quarter." Parsippany was home to the a result, increased tenant movement likely will begin to trickle to other areas, includ- ing Newark where activity Other firms signing new deals in excess of 40,000 s/f included Hanover Insurance (Franklin Twp.) and Online Resources Nagel Inc. took 443,803 s/f at the recently completed 324 Half Acre Road, while Crate & Barrel expanded its presence cern the NJ two largest deals, including a is expected to escalate in the Corporation (Plainsboro). at that property by 275,000 commercial 250,000 s/f commitment from coming months. "Looking ahead, slow and s/f. real estate Wyndham Worldwide Cor- Within the Central NJ office steady growth is predicted In Northern NJ, firms leas- community, poration for a new corporate market, market fundamentals in the office sector for the ing in excess of 200,000 s/f performance headquarters on Sylvan Way. continue to stabilize, with a remainder of 2007," Medina included Jefco (Clifton), For- at mid-year Deloitte & Touche expanded slowly declining overall va- said. "Despite increasing rental tunoff (Bayonne), Veeco (North 2007 reflects from 90,000 s/f at 2 Hilton cancy rate, currently 18.1%. rates and declining available Bergen) and Phoenix Ware- strength Court and leased 160,000 s/f "Several tenant commitments product, landlords will remain house (Jersey City). across prod- Gil Medina within the recently completed in the I-287 corridor, which has aggressive to attract credit- An abundance of new devel- uct types and regions, accord- 100 Kimball Drive. In Mont- been beset with excess space worthy tenants." opment continues to saturate ing to Cushman & Wakefield, vale, Barr Pharmaceuticals, from telecommunications firms Industrial Recap the Central NJ region. Some Inc. in East Rutherford. The Inc. announced the relocation for several years, reflects im- At the end of June, year-to- 85.0% of the 7.1 million s/f of Northern NJ office market is of its executive offices and 250 provement in that submarket. date industrial leasing activ- product currently under con- seeing its lowest overall va- employees from Woodcliff Lake And, despite the addition of ity totaled 11.9 million s/f, off struction is located within cancy rate in five years, while to the 144,000 s/f former Toys 415,000 s/f of sublease space 10.0% from totals recorded Middlesex Cty. and Exit 7A. the central counties continue R Us building at 225 Summit from sanofi-aventis within the last year. Reversing a two-year Among them, a 983,320 s/f to stabilize. On the industrial Ave. Somerset Corporate Center in trend, available space declined warehouse/distribution facility front, a thriving Port Region Financial services firms, Bridgewater, premium space in Central NJ while becoming is under development on Cost- and centrally located modern drawn by lower costs and more availabilities within the I-78 more plentiful in Northern co Way in Monroe Twp., while product is keeping demand for plentiful space alternatives, Corridor are tightening. Fur- NJ. construction progresses for the warehouse/distribution prod- continue to cross the Hud- ther south, MetroPark and "While leasing totals are Northeast Business Park at uct steady. son River from Manhattan to Princeton remain premier cor- relatively low, continued strong Exit 7A. Further north, the iP- Office Overview NJ's Hudson Waterfront. At porate destinations within the interest among potential users ort12 International Trade and After a slight rise to begin Newport Center, BNP Paribas state's central counties." shows that the NJ industrial Logistics Center in Carteret 2007, Northern NJ's overall signed on for 110,174 s/f for its While Central NJ leasing marketplace has sustained represents another significant office vacancy rates plummeted North American support func- activity was off 16.0% from its reputation as a premier project now underway. 1.6 percentage points during tions headquarters, Deutsche the pace set in 2006, several business location," Medina "Looking ahead, more than the second quarter to 15.6%. Bank took 81,000 s/f at Har- noteworthy transactions oc- said. "The dynamic Middlesex 4.0 million s/f of speculative Shrinking overall vacancy borside II, and Merrill Lynch curred during the second quar- County market was again at development, all vacant, in rates are beginning to place and Lehman Brothers both ter. Telecommunications firm the epicenter of activity involv- Central NJ is expected to be upward pressure on rental expanded their presence at 101 Qualcomm leased 95,579 s/f at ing warehouse/distribution completed by the end of 2007, rates, which currently stand Hudson St. Vacancies also be- the long-vacant 500 Somerset product." potentially increasing overall at $27.03 psf. gan to decline at 10 Exchange Corporate Boulevard in Bridge- Highlighting activity, LG vacancy rates if not absorbed," "Brisk tenant movement has Place, with Opera Solutions water, while global IT service Electronics USA, Inc. leased Medina said. "Despite this, we resulted in 3.2 million square taking space. provider SAVVIS, Inc. commit- 751,005 s/f at 380 Deans expect that new development feet of year-to-date leasing ac- "Prime space opportunities ted to 94,000 s/f at Corporate Rhode Hall Rd. in Cranbury will remain centered in Cen- tivity in Northern NJ, slightly along the Hudson Waterfront Place in Piscataway. for its primary northeast dis- tral NJ. Additionally, savvy eclipsing the pace set last year," will continue to be absorbed In Cranbury, CNA Insurance tribution center. Within the developers will find value in said Gualberto "Gil" Medina, by financial firms migrat- Companies leased 70,000 s/f for Rockefeller Foreign Trade repositioning older industrial executive managing director ing from a tight Manhattan a regional office at the nearly Zone in Cranbury, Swiss-based facilities into alternative uses of Cushman & Wakefield's market," Medina said. "As completed 1249 South River Rd. logistics company Kuehne & in the northern region." ■ Mack-Cali Realty Corporation begins renovation program at Kemble Plaza II, A 475,100 s/f class A office property in Morris Township, NJ M ORRIS TWP., NJ • Upgraded executive parking multiple corporate users in — Mack-Cali Real- garage an excellent, centralized Mor- ty Corporation has Renovations are scheduled ris County location. These begun an extensive "Our strategy when acquiring this premier property renovation from AT&T was to be able to accommodate multiple program corporate users in an excellent, centralized Morris Cty. at Kemble location. These renovations will allow us to accomplish Plaza II, a that objective, and provide a superior class A business 475,100 s/f campus for Morris County tenants." — Mitchell Hersh class A office property. for completion late summer. renovations will allow us to Located at Mitchell Hersh The property also offers two accomplish that objective, 412 Mount Kemble Ave. (Rte. full-height atriums, a fitness and provide a superior class 202), the former AT&T facility center, dual power feed from A business campus for Morris will be renovated for greater two different substations, and County tenants." multi-tenant use, with reno- back-up power to a portion of New tenants at the property vations including: the building. include Louis Berger Group, • New main entrances provid- Mitchell Hersh, president Inc., which has leased 108,332 ing enhanced entry points to and chief executive officer of s/f for 20 years for its New the building Mack-Cali, said, "Our strategy Jersey headquarters, and • New 105-seat cafeteria when acquiring this premier Fairfax Information Technol- • New food kiosks property from AT&T was ogy Systems, which has leased • Common area renovations 412 Mount Kemble Ave. to be able to accommodate 27,339 s/f for five years. ■ NJPAjournal.com NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 — 21E DOMINANCE. Dominance: ". . . most influential, having a commanding position" (Webster's). New Jersey's dominant brokerage firm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients. GEBROE HAMMER A S S O C I A T E S l l l l l l l l l INVESTMENT REAL ESTATE 2 West Northfield Road, Livingston, NJ 07039 Tel. (973) 994-4500 Fax (973) 994-9752 Visit us on the web at www.gebroehammer.com Email: email@example.com 22E — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKERAGE DIRECTORY By Pete Davisson, Jackson Cross Partners Commercial Real Estate And The World Around C ont. from page 9E attributed to the delivery of two is still heavily tilted in favor is the new retail in secondary sector is stabilizing. In the allowing vacancy rates new buildings, as tenants pur- of sellers. Building material and tertiary markets where Philadelphia CBD condo sales to drop in most indus- sue their 'flight to quality'. With costs are held down by slower there is population growth. activity is up, but the other trial and of- the flight to quality, class A inflation, but they are expected MULTI-FAMILY market segments can have a fice markets. buildings are the beneficiaries. to begin rising again soon. The The slowing housing markets slow-down effect if the 'empty Overall, This creates higher vacancies step up in energy costs has al- have had a negative effect on nester' buyers cannot sell their the OFFICE in class B & C, a fact we are ready made its mark. After all multi-family housing. Some fee simple, free standing sub- sales mar- familiar with in Wilmington. is said and done the industrial markets are overbuilt. Phila- urban home. The cooling off of ket has been Suburban vacancies are down Index is several points higher delphia is considered one of an over-heated housing market booming; it is a little since there has been than office. Nationally, the two those. The condo conversion and the fallout from poorly un- the sector of no new construction. Spec main markets are Los Angeles craze seems to be waning, as derwritten sub-prime residen- choice for in- construction started in 2006 in and Chicago. L.A.'s new supply market inventories normalize. tial mortgages has combined vestors, 60% Pete Davisson many markets but is 'in check' is matched by demand and they Multi-family investment sales to hobble the U.S. economy of all commercial purchases in 2007. Across the markets, have a low 5% vacancy in 2007. had been 1/3 of the multi-family to some degree. One of the have been in office and that ac- BTS (build-to-suit) and sub- In Chicago, on the other hand, transactions in 2005, but it was problem areas was the distress tivity could make 2007 another stantially pre-leased product demand is not keeping up with down to 10% in 2006. Investors caused by the sub-prime resi- record year. Office vacancies are most prevalent. Vacancy the new supply and their 2007 are looking for some income dential mortgages and their are projected to reach 13.3% by rates in many markets are fall- vacancy level is 12.5%. Overall, appreciation. Vacancy rates in fall-out, even though it is said EOY 2007. The INDUSTRIAL ing but rise overall nationally. vacancy in primary markets multi-family will remain in the there has really not been an segment is holding its own with Almost 75% of office markets will be up to 10% by EOY 2007. 5-6% range for 2007. In 2005 inordinate amount of mortgage distribution/warehouse fueling said rents were up. The CBD Industrial building sales are up and 2006 that rate had been defaults here. A federal survey that segment. Industrial vacan- gains in sales volume in Phila- 9% over last year at this time. a full point lower. Across the of loan officers reflects that cies could reach 9.3% by EOY. delphia were the 2nd largest in Ground values in our market country the apartment sector there is no evidence of credit Absorption for both product the country at 116% over the have grown to $250-300,000.00 has been performing extremely tightening, except in that area types is expected to be down last 12 months, second only per acre for the small amount well. Vacancy rates continue to of sub-prime mortgages. for 2007. RETAIL is a bit slug- to Atlanta with a 195% gain. of available, zoned and well decline, resulting in increased HOSPITALITY gish as same store sales are Nationally, $71 Billion of office located parcels. rents. Rent growth is likely to The hospitality industry in down year to year. The result properties were traded in the RETAIL be in the 2.5-3% range for 2007. the Delaware Valley region has is a dampening of demand, and first quarter of 2007. Gener- This is the only segment With rents up, as much as 5%, been very strong. Nationally, in vacancies could reach 8.6%. ally, office owners posted gains which is experiencing signifi- renters are beginning to get 2006 there was some $35 bil- In the MULTI-FAMILY mar- with rising rents and tighten- cant increases in vacancy rates squeezed. lion in hotel trades, and they ket we are seeing condo units ing vacancies, and the office and declining rental rates. In RESIDENTIAL continue, as was evidenced by converted to rentals and for- construction cycle is beginning New Castle Cty. vacancy is The S&P Home Index has the recent sale of the Hilton tunately, demand for rentals to return to normal. 10%, while Sussex Cty. is at 6%. fallen 17 consecutive months chain. At EOY 2006 the aver- is strong. The new supply is INDUSTRIAL Sluggish housing sales nega- and has experienced its steep- age selling price per unit was essentially matching leasing The industrial sector has tively impact retail demand. est 1 year decline. Existing $118,863.00. The cap rate range activity. Apartment vacancy dipped; down from the first There is some decelerating home sales were down over was 6.2-12%, with the average rates should approximate 5.8% quarter of 2007.A slower na- in retail sales and Consumer 35% in 2006. Interestingly at 8.8%. by EOY and net absorption will tional economy with sharp Confidence seems to be off. enough, however, existing Commercial lending is up. De- be down. The northeast quad- contractions in housing has Both are bad for retail activity. home sale prices did not drop linquencies are down. Pricing rant of the U.S. is trending up, led to a decline in leasing and While there is some growth in as much as had been feared. It continues to go up. Cap rates reversing the 2006 trend. a slowing in rent increases. retail rental rates it is very is expected that existing home continue to come down. For a Let's take a closer look at The Wilmington-New Castle slow. It has been projected to be sales will increase, but at a different perspective, in the the individual market seg- Cty. industrial market, while only 1-1.5% by EOY 2007, with slower rate in 2007. Housing Stock Market, the S&P 500 was ments and their regional, local not very active, has kept its vacancy rates remaining in the starts dropped as the inventory up 13.9% in 12 months. In the pictures. equilibrium. The new product 8% range for several quarters. of unsold homes rose. May, new same period commercial real OFFICE introduced to our market has Strangely enough, with all home sales were down slightly, estate stocks were up 29.9%. Leasing is not considered generally benefited from good these negative considerations, only 1.6%, but it was the 4th Pete Davisson, SIOR, 'strong' but positive and trend- pre-leasing. Only site prices investment volume is up some decline in 5 months. Pending CCIM is a founding princi- ing up. Locally, our CBD vacan- and investment value posted 22% as retail portfolios change sales are leveling off and it pal of Jackson Cross Part- cies are up a few points mostly gains. Development site pricing hands. The other real positive is believed that the housing ners, LLC. ■ Greater Harrisburg second quarter 2007 market thoughts continued from page 18E 14,000 s/f pushing occupan- have been much more favor- as absorption totaled 16,250 continue going forward as very Class A occupancy rates cy rates up two percentage able had it not been for a few s/f. The class B segment rose few first class opportunities ex- rose one percentage point to points to 84%. specific vacancies. If demand two percentage points to 95% ist for users in the West shore 93% as ab- Little speculative construc- continues at its current pace, as absorption totaled 19,650 business district. Although sorption to- tion over the past year has the markets should continue s/f. The class C segment re- a couple of new projects are taled 1,400 helped firm the East shore to respond favorably. mained unchanged at 91% as scheduled for construction next s/f class B+ business district in recent Market Overview absorption totaled 3,300 s/f. year, they should be able to be occupancy months. Fewer premiere op- West Shore Business District Expansion across the board absorbed comfortably in a mar- rates rose tions exist for tenants and Absorption totaled posi- has helped the West Shore ketplace which has remained one percent- the even fewer opportunities tive 41,500 s/f in the second Business District continue its steady for several years. The age point to for sale will force many to quarter of 2007 as impressive strong pace. Buildings that outlook for the remainder of 91% as ab- scrap acquisition plans going demand in the marketplace once had several suites avail- the year should be much of the sorption to- Thomas Posavec forward in light of a leasehold pushes occupancy and rental able may be left with one or same, favorable demand fueling taled 1,700 s/f. The class B interest. rates even higher. two. Demand has increased the market. segment saw occupancy rates Furthermore, demand from Class A occupancy rates sharply as options for sale re- Tom Posavec is VP and slip two percentage points to downtown users has increased remained unchanged at 89% main nonexistent. senior partner of the office 91% as absorption totaled sharply as available options as absorption totaled 2,300 The former Phico Building services group, of Land- negative 7,500 s/f. Absorption continue to remain scarce. s/f. The class B+ segment has received much attention in mark Commercial Realty in in the class C segment totaled Second quarter figures would remained unchanged at 94% recent weeks and that should Lemoyne, PA. ■ E Back Cover — NJPA Real Estate Journal — Brokerage Directory — July 27 - August 9, 2007 NJPAjournal.com BROKER OPEN HOUSE Date: Thursday, August 2, 2007 Time: 3:00—5:00 p.m. Location: Premium Business Center 171 Tuckerton Road Route 61 Distribution Center 184 Tuckerton Road ss Reading, PA B ypa 22 2 Rt. Rt. 6 1/ P ottsv ill e Pik e d R oa n to k er Premium Business Center uc T Rt. 61 Distribution Center TWO GREAT PROPERTIES—ONE GREAT LOCATION! OPEN HOUSE—TOUR—PRIZES PRIZES Visit with representatives from Berks County who can help with: 4 HOME PLATE TICKETS Equipment financing / PIDA loans TO Workforce development PHILLIES Facility planning / custom fit-outs GAME AT CITIZENS BANK HOSTED BY: PARK Endurance Real Estate Group, LLC DIAMOND CLUB Brasler Realty & Financial Services, Inc. SEATING! Berks Economic Partnership NAI Keystone Commercial & Industrial,
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Under redwoods.
Taken in Armstrong Woods State Park
Hygrocybe punicea, growing in a pasture. East Vättern Scarp Landscape Biosphere Reserve, Jönköping, Sweden.
Hygrocybe punicea, sometimes called Crimson- or Scarlet Waxy Cap, is a colourful member of the genus Hygrocybe, the waxcaps, found across Northern Europe. Originally described as Hygrophorus puniceus, it is the largest member of the genus.


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IMG Football Program Photos
10/16/14 IMG Academy Football defeats Trinity Christian Academy 28-7.
Student-athletes take part in helping bring the NFL Network program Gamechangers to life!
8/23/2104 IMG Academy Football defeats Godby HS 32-13
IMG Academy Football Facilities.
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9/20/13 - IMG Academy Football defeated Trinity Catholic 47-23.
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On April 17, 2013, IMG Academy broke ground on a world-class, multi-sport complex. A state-of-the-art stadium, opening in August 2013, marks the first phase of expansion.
Campus life at IMG Academy!


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OPP: Ex Has His Stuff
by Slacker And Steve
posted Jun 10 2013 4:30PM
Yi! Today's OPP is from Brianna; she's engaged and getting ready to move into an apartment with her fiancé…but his ex is causing a major setback…
I'm looking for some advice. My fiancé and I are getting ready to move into our first apartment together, and his ex refuses to give him his stuff back. He has a lot of expensive things, such as a bedset, coffee table, dining room table, chairs, tv, etc. in her storage unit. He has been consistent on trying to get in contact with her to get it back, yet she is being immature and a little ridiculous about it. She hasn't responded to any of his phone calls, messages or texts. I do not want to step in because I don't feel as if it's my place. We need this furniture for our place and don't know any other way of going about it. Help!
Steve originally just though that Brianna's fiancé was trying to avoid his ex up until he read that he has been actually trying to get his things back, now he is team Brianna. What can you do when a bitter ex hold on to your stuff… she's holding on to thousands of dollars of items. Slacker and Steve just don't know what to do.
I have a feeling that the ex either sold it, just because I cannot imagine someone holding on to someone's stuff and not giving it back. Maybe going to her house and actually being there to make sure that he gets the things back.
Intern Lauren
(Photo courtesy from freedigitalphotos.net)
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