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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                                                                        lchristman@njpajournal.com
                                                           New Jersey Office
                                                            (201) 582-1000
                                                     mfasano@marcusmillichap.com




                                                                                                                                                         Section Editor
                                                                                                                                                         Karen Vachon
    Offices Nationwide                                                                                             www.MarcusMillichap.com              kjoy@njpajournal.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
                              david.stifelman@cushwake.com
                                       Katie Kennedy
                                       201.508.5229
                               katie.kennedy@cushwake.com
                                      David DeMatteis
                                       201.460.3383
                              david.dematteis@cushwake.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
CPI@2.1 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: sgross@sheldongrossrealty.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: ericm@eastmancompanies.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: info@gebroehammer.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
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