fbpx
Building Successful Relationships

Monthly Archives: March 2016


Wolf Commercial Real Estate Makes Talk Radio Debut

Wolf Commercial Real Estate Makes Talk Radio Debut

The Wolf Commercial Real Estate (WCRE) team were featured guests today on WBCB 1490 AM, appearing on the weekly “Opening Doors to Real Estate and Finance” program hosted by Vince Sirianni.  The program was created in 2011 and provides its listeners with timely and current real estate and finance information through engaging discussion and a variety of guest speakers.

An archive of the hour long program can be found here: bit.ly/1PKORZZ

The program is also rebroadcast on Sunday mornings from 8-9am on 610 AM.

ABOUT WBCB 1490 AM:

Founded in 1957, WBCB serves Bucks, Burlington and Mercer Counties and the Greater Philadelphia region with news, talk, sports and music.

ABOUT WCRE:

Wolf Commercial Real Estate (WCRE) is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com, www.phillyretailspace.com, www.kingofprussiaoffices.com, www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, and www.southjerseyretailspace.com.

Share

Commercial Property Owners Enjoy Highest Property NOI Growth Since 2007

new Jason stats graphic - June 2015Commercial property owners experienced a banner year in 2015 as net operating income (NOI) growth posted by the commercial properties backing CMBS loans jumped an average of 3.8%  for the year, according to a news report from the CoStar Group.

The NOI growth is based on an early analysis by Wells Fargo Securities of more than 6,000 loans in conduit CMBS transactions through February 2016, CoStar said.

The Wells Fargo analysis indicated the increase for 2015 was significant in comparison with 2.66% in 2014 and 2.64% in 2013, according to the news report.  Although the results are preliminary, Wells Fargo cautioned, the rate would be the greatest change since the financial crisis in 2007, exceeding 2012’s increase of 3.4% in the annual NOI average, CoStar reported.

Commercial property owners that profited most were hotel, self-storage and multifamily properties backing CMBS loans, according to CoStar.  The Wells Fargo analysis showed those three profit centers drove average NOI increases of 8.6%, 8.5% and 7%, respectively, the report said.

The CoStar Group also examined 2015 NOIs reported for multifamily loans securitized by Freddie Mac and Fannie Mae in a separate analysis from the Wells Fargo analysis, finding that the multifamily sector also was performing well for the year.

CoStar said that Fannie Mae DUS loans backing more than 98,000 apartment units reported NOIs up 5.22% in 2015 over the previous year.  NOI averaged about $6,870/unit for the year, as compared to $6,529/unit in 2014.  NOI declines were reported on 27% of the units in 2015.

On the Freddie Mac side, CoStar reported loans backing more than 70,000 apartment units reported NOIs up 4.72% over the previous year.  NOI averaged about $11,822/unit for the year as compared to $11,288/unit in 2014. NOI declines were reported on only 11% of the units in 2015.

In conduit CMBS deals, the CoStar analysis found office properties posted a “modest-but-improved” NOI average growth rate of 2.8% for 2015.  That result was almost three times the less-than-1% average annual NOI growth rate office properties experienced in 2014, CoStar reported.

Wells Fargo reported that industrial properties were up 3.7% up from 2.5% in 2014, another “modest-but-improved” growth rate, according to CoStar.

Despite being among the commercial property owners that profited most in 2015, hotel properties experienced slowing NOI growth following 2014’s NOI growth spike, CoStar said.  Hotel properties saw an average of 8.6% in annual NOI growth in 2015, a drop from 2014’s 10.9% growth rate, CoStar said quoting the Wells Fargo analysis.

Retail was the only other major property category to experience a slowdown in average NOI growth, posting an average increase of 1.7% in 2015, compared with 1.9% for 2014, the report said.

CoStar also reported that Wells Fargo found properties backing loans made during the last peak year vintages of 2006 and 2007 are posting NOI growth of 5.1% and 3.1% on average for the year 2015.

Wells Fargo said the 2015 results were “a welcome sign” that could help to refinance loans reaching maturity, according to the CoStar report.

For more information about Philly office space, Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading  Philadelphia commercial real estate broker that specializes in Philly office space and Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in  Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space or Philly retail space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space or Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Share

5 Reasons to Sealcoat Your Parking Lot

This article explores the top 5 Reasons to Sealcoat Your Parking Lot. First impressions are everything. New asphalt surfaces that are seal coated within their first year will experience less degradation from UV damage, water and traffic. This article was provided to Wolf Commercial Real Estate by Dave Sulkin, VP of sales for American Asphalt Company.

Download this Article as a PDF

5 Reasons to Sealcoat Your Parking Lot


(1) Appearance

What impression is your parking lot making? 52% of consumers have avoided a business altogether because it looked dirty from the outside. 95% say that appearance is an important factor in selecting a place to shop.

reasons-to-sealcoat-your-parking-lot


(2) Prevent Oxidation

By blocking the sun and ultraviolet rays from damaging the surface causing cracks and deterioration.

prevent-oxidation

(3) Weatherproofing
The number one destroying force to asphalt pavement is WATER.

weatherproof-asphalt

(4) Protecting Against Spills
Protect against gasoline oil spills from automobiles that damage and soften the surface.
protect-from-spills

(5) Preserve Your Investment
Properly applied, sealcoat can save an owner huge costs over the life of a hot mix asphalt pavement.

preserve-investment

 

dave-sulkinDave Sulkin VP of Sales and Marketing
American Asphalt Company, Inc.
100 Main Street
West Collingswood Heights, NJ 08059

Phone: (856) 456-2899
Fax: (856) 456-4398

Share

Philadelphia’s Land Bank Could Ease Path to Development

Philadelphia’s Land Bank Could Ease Path to Development

image1
Purchasing public properties for redevelopment in Philadelphia can often be a cumbersome task.   Parcels may be owned by several different City agencies, and negotiating a purchase can be complex – especially when attempting to assemble several smaller parcels for a larger development.

The Philadelphia Land Bank was established in 2013 as a more efficient way to return vacant, abandoned and tax-delinquent properties to productive use. It aims to simplify the process of transferring properties from public agencies to private owners. In addition to the convenience of one stop shopping, parcels held by the land bank will be free of municipal liens, so developers can purchase properties without the need to negotiate tax liens.

The Land Bank has taken more than two years to get up to speed, with its own board of directors and staff overseeing the process. A 2014 strategic plan lays out policies for how the Land Bank will get properties into the right hands, as well guidance on how land should be used. The first properties were transferred to the Land Bank in late 2015.

There are currently more than 1,700 properties searchable on the Land Bank’s website. Any individual, developer, or organization with no outstanding tax or property-related liens can seek to purchase a parcel. Purchasers must reuse the property in compliance with City code requirements and ordinances, have the financial ability to purchase the property, and have the capacity to complete the work associated with the reuse plan. Requirements vary depending on the property, but affordable housing is generally a highly favored use.

Purchasers of one or two parcels can submit an “Expression of Interest” for development on the Land Bank’s website, with the proposed use evaluated by staff. It is expected that first wave of sales will involve single vacant properties for residential redevelopment, or vacant parcels for use as side yards or community gardens.

The Land Bank could be particularly useful when assembling several parcels for a larger development. The strategic plan identified more than 100 “assemblage opportunities” throughout the City, defined as clusters of more than 10 vacant properties. In addition to acquiring publicly-owned parcels, the Land Bank also has the authority to acquire private tax-delinquent properties when needed.

While the Land Bank presents a new and easier way to do business, it will not completely transform land development in the entire City or eliminate the need for stakeholder consensus on uses. The District Councilperson is integral to the process, as with most development, and City Council must pass a resolution approving any sale. To date, properties have been transferred within only four of the ten council districts. Also, properties may still be disposed of by individual City agencies or through a request for proposal process.

Philadelphia is the largest city yet to create a land bank, and advocates have set goals to have the majority of public property transferred by 2018. While the initiative is still in its infancy, the Land Bank has the potential to accelerate the development of unproductive real estate in those areas of the City most in need.

If you are developing a project in the region, the professionals at Wolf Commercial Real Estate can provide advice on acquisition, use, and sources of funding.

For more information on the Land Bank:

Web: www.philadelphialandbank.org

Twitter: @PhilaLandBank @wcre1

For more information about Philly or New Jersey office space, Philly or South Jersey retail space or other Philadelphia and Southern New Jersey commercial properties, please call 215-799-6900 or 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philly office space and Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia and South Jersey commercial real estate broker that specializes in Philadelphia and Southern New Jersey commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly and New Jersey office space or Philly and South Jersey retail space with the Philadelphia and Southern New Jersey commercial properties that best meets their needs.

As experts in Philadelphia and New Jersey commercial real estate listings and services, the team at our Philadelphia and South Jersey commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.

If you are looking for Philly or New Jersey office space or Philly or South Jersey retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia and Southern New Jersey commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

For More Information Contact:

transfer-taxes
Anthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084
anthony.mannino@wolfcre.com

 

Share

Commercial HVAC Tips for Spring

commercial-hvac-tipsThis article explores some commercial HVAC tips for Spring. Special thanks to Ed Hutchinson, President Hutchinson Mechanical Services for writing this on behalf of Wolf Commercial Real Estate.

Article Download: Spring HVAC Tips (PDF)

With the winter behind us, there’s no doubt you’re ready for the warmer weather. But is your commercial HVAC system ready to handle the dog days of summer? Don’t procrastinate and wait until something breaks down – it will only cost you comfort and dollars in the long-run. Hutchinson Mechanical Services, a leading mechanical services contractor serving the Tri-State Region’s commercial customers, offers tips to help add life to your commercial HVAC systems, keep you feeling comfortable, and improve your bottom line.

• Get an AC inspection and tune up. Now’s the time… don’t procrastinate and wait until it’s 80 degrees outside! Our certificated technicians will test your system to determine if any repairs are needed. Preventive maintenance will keep your system running smooth and efficiently, and extend its service life, too.

• Swap out your air filters. Rule of thumb is to change filters before every season at a minimum, and as needed.

• Install programmable controls. Employees won’t have to worry or remember to adjust thermostats when they leave. Consider a 21st century control system, too for extra efficiency. With the click of a mouse, Honeywell Web Certified Hutchinson technicians can access heating and cooling controls over the web, enabling them to quickly access, monitor and repair any heating or cooling remotely.

• Get your ductwork inspected and cleaned. Leaks or cracks can reduce energy efficiency in your cooling systems and result in higher utility bills. A duct system that’s properly sealed can save you money and make you more comfortable in your business. • Spring clean up around your commercial HVAC units. During the winter, leaves and debris can build up around units. Make sure to clear this away during your spring cleaning to give your unit at least two feet of clearance all the way around. This will help your unit function properly and safely.

Hutchinson Mechanical Services is a leading energy/mechanical service contractor performing energy
services, mechanical construction and retrofit installation work in the Greater Philadelphia Tri-State
Region.

To learn more about Hutchinson and its energy service offerings, visit hutchbiz.com or call 888-777-4501 to schedule an energy assessment. Hutchinson’s technicians are factory trained, NATE certified and are on-call 24/7 365 days a year.

hutchison

 

Share

Is LED Lighting Right for Your Building?

Vanguard Building Solutions, a national energy efficiency and specialty mechanical solutions company offers these tips to determine if LED lighting is right for you.

LED LIGHTING – IS IT RIGHT FOR YOUR BUILDING? (PDF)

What is available in LED lighting and can it be affordable for building owners and tenants?led-lighting

• 2×2 and 2×4 lay-in LED fixtures are now cost competitive from major manufacturers
• 6” cans have LED retrofit kits that are reasonable and can save up to 80% on your energy consumption
• LED replacements for compact fluorescent plug ins are available and can save almost 60%
• Incandescent screw in lamps to LED have been around and the cost has come down considerably
• LED stairwell fixtures allow for 50-70% savings
• Outdoor/parking lot fixtures – the right LED fixture can save 70% on energy, provide even distribution of light and have a life expectancy of 22-25 years!

Benefits of LED Lighting:

• Indoor fixtures have an expected useful life of 50,000 – 75,000 hours
• Outdoor fixtures have an expected useful life of 100,000 hours
• Even distribution of light
• Will be perceived as brighter based on the quality of light
• Security – facial recognition is much greater with LED light than any other light source
• Many options to match look of existing fixture
• Maintenance free
• At the end of its useful life the fixture still operates but at a lower light level – doesn’t fail and turn off

Drawbacks of LED Lighting

• Still more expensive than fluorescent
• Many 2nd and 3rd tier companies selling low-quality LED products to compete on price
• After 15 or 20 years you will need to replace the driver in the fixture or the fixture itself

Should I consider LED lighting technology for my building?

Only you can answer that question but it makes sense to get educated on the technology, costs and benefits for your situation. LED pricing has come down and many facilities are seeing 2-4 year paybacks from new LED lighting.

What should I know before doing an LED retrofit?

• Who is the manufacturer?
• What is their warranty? (some large manufacturers are offering 10 year warranty’s)
• Find a lighting company that has the capability to do photometrics (layout areas of your building with a software package and be able to show you light levels before and after installation)

Vanguard Building Solutions, LLC is a turn-key provider of energy efficiency upgrades. There are no hidden costs for our clients. We do all the up-front work to determine the opportunity and provide you with a price to perform the work. There are no change orders and we handle all of the rebate applications for your benefit.

To schedule a lighting/energy assessment or for more information:

mike-shermanMike Sherman, President
Vanguard Building Solutions, LLC
856.816.5006

  • Energy & Infrastructure Solutions
  • Energy Supply
  • Expense Reduction Consulting

www.vbs-energy.com

Share

Fourth Quarter Sees Growth in Bank-Held Commercial Real Estate Lending

new Jason stats graphic - June 2015Commercial real estate lenders comprised of U.S. banks and savings and loans increased their investment in both nationwide and Philadelphia commercial real estate by 3.1 percent in the fourth quarter of 2015, according to a news report from the CoStar Group.

The report, provided by the Philadelphia commercial real estate brokerage firm of Wolf Commercial Real Estate – a leading Philadelphia commercial real estate broker in the areas of Philly office space, Philly retail space and other Philadelphia commercial properties — showed the increase followed a jump of 2.7 percent in the third quarter.

When looking at national and Philadelphia commercial real estate listings, the total amount of CRE loans was $1.85 trillion in October, November and December 2015. This tops the $1.62 trillion that was recorded at the apex of CRE markets at the end of the second quarter in June 2007.

Among the fastest-growing categories were multifamily loans, up 4.6 percent from the end of the third quarter to a year-end total of $344 billion and non-residential commercial real estate lending loans, up 3.6 percent to a December 31 figure of $733 billion. Another top performer was the category of construction and development loans that swelled 3.3 percent to $275 billion.

More positive news could be seen in the asset quality category of CRE loans being held on bank and S&L books as delinquent balances fell for the 22nd-straight quarter. In real dollars, that equated to a drop of 5.5 percent and a sum of bad loans of $19.8 billion. This compares to a June 2007 delinquent loan amount of $27.6 billion.

The news also was on the bright side for the industry-wide volume of foreclosed properties being carried on financial ledgers. This fourth quarter total was down 12.2 percent from the third quarter to $8.3 billion. The June 2007 figure, for comparison, was $2.5 billion.

Smiles also could be seen on the faces of those dealing with repossessed properties in the CRE lending field. Despite the industry in general experiencing a small loss in the third quarter, the overall total for the year showed a gain of $215.7 million.

Of the nearly 6,300 FDIC-backed banks and S&Ls reporting financial results at the end of the third quarter of 2015, nearly 60 percent (58.9 percent) reported higher earnings than the comparable quarter in 2014. While still positive, the figure is slightly down when stacked up against the figures from the 2013-2014 comparison.

For more information about Philly office space, Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker with expertise in Philly office space and Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space or Philly retail space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space or Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Share

Solar Resurgence in New Jersey

This article explores the solar resurgence in New Jersey based on SREC prices and increased financing opportunities. Special thanks to Keith Peltzman, President of Independence Solar for writing this article for Wolf Commercial Real Estate.

SOLAR RESURGENCE IN NJ: SRECS & FINANCING

solar-resurgence-in-new-jerseyThe economic return for solar energy in NJ has experienced cycles of highs and lows. Currently, the NJ state incentive for solar (the SREC), is at a 4-year high – approaching almost $300. At this SREC value, the annual return on investment (ROI) for solar is 15 – 25%. In addition, sophisticated new financing structures allow for solar with no upfront cost that can generate $2 per square foot in incremental operating income. With high SREC values and financing, solar is experiencing a resurgence in NJ. If you own property or are a tenant, this would be the ideal time to review the numbers for solar energy at your property. There are now almost 50,000 solar installations in NJ and many of your neighbors are already reaping these financial benefits.

Top reasons for solar resurgence in New Jersey:

A) SREC Pricing
Due to an undersupply of solar projects in NJ in 2015, the SREC price has increased above $200 and has even recently approached $300. In addition, long-term SREC pricing can be secured via forward contracts for 3-10 years. This strategy removes long-term SREC pricing volatility from a solar investment and supports financing. This chart illustrates recent trends in NJ SREC pricing:

nj-srec-prices

B) Financing Structures
There are now multiple financing structures that allow for solar with no upfront investment. With financing in place, solar generates net positive operating income from day one. In many cases, solar would create $2 per square foot in incremental operating income after debt repayment. Some of these financing structures are outlined below. The most appropriate structure will be a function of your:

1) tax position and 2) balance sheet and credit. I would recommend consulting with an experienced commercial solar company and your tax advisor to determine which approach would make the most sense.

1. Line of Credit
• Leverage existing banking relationship
• 3-5% interest rate
• Minimal fees

2. Project-Specific Loan
• Create new solar-specific LLC
• No recourse back to company
• Tax benefits accrue
• Cash flows of solar project support debt payments
• 5-8% interest rate

3. Operating / Tax Lease
• If unable to monetize tax credits
• Lender absorbs tax benefits
• Borrow 100%, but repay only 60 – 70%

4. 3rd-Party Ownership (“PPA”)
•Investor owns solar on your property
•In return, receive rent or discounted price for electricity
•10-20 year contract to purchase solar electricity (“PPA”)

For more information on the solar resurgence in New Jersey, please contact:

keith-peltzmanKeith Peltzman President & Founder
1008 Astoria Boulevard
Suite E
Cherry Hill, NJ 08003
856.393.1250

 

independence-solarAbout Independence Solar
Keith Peltzman is president and founder of Independence Solar with offices in Cherry Hill, NJ and Boston, MA. Independence Solar is a turnkey installer of commercial solar energy. Since 2007, the team has developed and built over $200 million of solar projects, including the largest rooftop solar array (9 MW) in North America at the Gloucester Marine Terminal in NJ. Independence Solar forges long-term partnerships to maximize returns on our customers’ solar energy investments. Keith Peltzman President & Founder 1008 Astoria Boulevard Suite E Cherry Hill, NJ 08003 856.393.1250

Share

Wolf Commercial Honored with 2015 CoStar Power Broker Award

Local Firm Selected by Commercial Real Estate’s Largest Research Organization as One of the Top Leasing and Sales Firms in the Market

Wolf Commercial Real Estate has been selected by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, to receive a CoStar Power Broker TM Award. This annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2015 within their respective markets.

With the largest independently researched database of commercial real estate property information available online, CoStar can easily identify the top firms and brokers in each market throughout the U.S. and Toronto, Canada. All awards are based on transaction data maintained in CoStar’s commercial real estate database.

WCRE qualified as one of the top commercial brokerage firms in the Philadelphia region based on total leasing transactions closed during the year. In order to be selected for this honor, WCRE’s overall transaction volumes were evaluated by CoStar against other commercial real estate brokerage firms active in the region, and subsequently ranked among the top firms in the market.

“We are thrilled to have earned this recognition from CoStar for a third consecutive year. I am grateful to our entire team and to all our clients and associates. Congratulations to all the winners,” said Jason Wolf, founding principal of WCRE, who was separately honored as a Top Office Leasing Broker.

“With such an active year in commercial real estate, CoStar is proud to honor the individual brokers and firms who perform at the industry’s highest level,” said CoStar Group founder and CEO Andrew C. Florance. “These industry leaders deserve to be recognized for their expertise, hard work and superior deal-making abilities. We extend our congratulations to this year’s winners on their exceptional sales and leasing success.”

2015-power-broker

The complete list of 2015 CoStar Power Broker Awards winners can be found at CoStarPowerBrokers.com.

Download this Press Release (PDF)

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 9 million registered members. Apartments.com is a premier online apartment resource for renters that matches apartment seekers with great apartment homes and provides property managers and owners a proven platform for marketing their properties. CoStar operates websites that have over 19 million unique monthly visitors in aggregate during January 2015. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S., in Europe and in Toronto, Canada with a staff of over 2,400 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.

About Wolf Commercial Real Estate

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Visit our blog pages at www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com, www.phillyretailspace.com, www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, and www.southjerseyretailspace.com.

Share

New Accounting Standards to Impact Commercial Property Leases

new Jason stats graphic - June 2015The method by which commercial property leases are negotiated may be about to change as a result of new financial reporting standards that will compel companies to capitalize their commercial real estate leases, according to a news report from the CoStar Group.

The long-awaited changes, which were recently released by the Financial Accounting Standards Board (FASB) in its Accounting Standards Update, will affect companies and organizations that lease commercial real estate and the commercial real estate brokers and other real estate professionals who represent them, the report said.  The new accounting standard also apply to businesses and other groups that lease large equipment and assets, including planes and industrial equipment, CoStar noted.

The U.S.-based FASB released the standards in the wake of the January release by the International Accounting Standards Board (IASB) of its new standards, according to the report.  The IASB and the FASB have been working on the project together for more than a decade in an effort to unite U.S. and international accounting standards as the result of concerns from investors, analysts and financial regulators that existing standards fail “to clearly and transparently reflect lease obligations,” CoStar reported.

For commercial property leases, the new standards eliminate the guesswork that occurs when determining a company’s lease obligations by requiring transparency on lease assets and liabilities, effectively bringing off-balance sheet lease financing out into the open, CoStar said.

“When the new FASB and IASB leases standards take effect, they’ll provide investors across the globe with more transparent, comparable information about lease obligations held by companies and other organizations,” FASB Chair Russell G. Golden told CoStar in a statement.

While companies may start following the new standards at any time, they will become mandatory for public companies for fiscal years and interim periods beginning after Dec. 15, 2018, and for all other entities for fiscal years beginning after Dec. 15, 2019, and for interim periods within fiscal years beginning after Dec. 15, 2020, according to the news report.

Despite the seemingly long waiting time, companies will need to start preparing for the changes immediately because financial statements will need to be restated under the new standards for several years before the deadline dates, CoStar said.  Corporate 2019 annual reports will require businesses to restate financial statement profits and losses for 2017 and 2018 with the new accounting standards.  That means leases now in effect and those entered into in the future will probably impact financial reporting once the new FASB rules go into effect, according to the report.

Most companies have been aware that the guidelines were going to change, CoStar said, but have done little to prepare as they witnessed multiple false starts and stops throughout the lengthy process.

“It may be on the edge of their radar screen, but today, it moves front and center as companies understand it’s real and going to happen,” one commercial real estate consultant told CoStar.

Under the new standards, companies will be faced with rigorous audits requiring audit trails “to support what it was, what it is, and what it will be going forward,” according to the report.

For more information about Philly office space, Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm with expertise in Philly office space and Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space or Philly retail space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space or Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Share

Construction Progress Monitoring Services

This article by Steve Sclarow explores the Construction Progress Monitoring (CPM) services being used in the construction of 1919 Market, a new high-rise residential building in Philadelphia.

Construction Progress Monitoring at 1919 Market (PDF)

construction-progress-monitoringPartner Engineering and Science is proud to be providing Construction Progress Monitoring (CPM) services for Philadelphia’s premier new residential tower, 1919 Market, a joint venture between LCOR and Brandywine Realty Trust (NYSE: BDN). Located in the heart of Center City, 1919 Market is a 28-story, 321 luxury apartment unit 455,000 square foot mixed-use development, with an integrated 215 car parking structure.

Innovation and facility functionality in the urban core is driving design decisions in Philadelphia’s residential marketplace. The amenities and features incorporated into 1919 Market reflect these needs including “a state of the art fitness center, clubroom, demonstration kitchen, golf simulator, dramatic outdoor roof entertainment center including a fire pit and infinity pool, tech bar and work pod area, wine tasting room with available wine storage, pet wash, bike storage and more.”

1919 Market’s innovation strategy provides a premier level of sustainability and green building design and the project is in the process of obtaining LEED Gold Certification. Features incorporated into the design will reduce the buildings overall environmental impact while enhancing the overall living experience of residents and tenants alike. LEED design elements include low-flow plumbing fixtures, faucets and showers, energy star rated appliances, energy efficient lighting systems, and operable windows in apartment units. Another distinct design consideration is the green roof located atop the parking structure. The green roof will reduce the developments overall carbon footprint by improving stormwater management, reducing the urban heat island effect and improving air quality. Strategically located above the parking structure, the green roof provides a distinctive vista for the residents of 1919 Market and neighboring tenants at 1900 JFK Boulevard.

The corner of 20th and Market Streets is at the epicenter of the Market West Corridor. 1919 Market solidifies the connection of this corridor to Center City’s urban core through the seamless integration of the five story parking structure and mixed-use residential tower. This will be accomplished by incorporating the tower’s curtain wall and storefront glazing system into the parking structure’s façade. Parking will accommodate residents and be available for daily and monthly public parking.

According to LCOR President, Thomas O’Brien, “This is an exciting time in Philadelphia, especially with the reinvigoration of Market West, and we are proud to be a part of its vertical growth. With 1919 Market, we take extreme pride in helping to reduce the city’s carbon footprint by creating a building that embodies and promotes green living. The overall goal is to build a space that can enhance the quality of life for our residents and our local community.”

Units are now available for lease with move-in starting in March 2016. For more information about 1919
Market, please visit www.1919marketapts.com 

Partner Engineering and Science, Inc. provides due diligence services for all stages of the real estate transaction. For more information about Partner, please visit www.partneresi.com

steve-sclarow
Steve Sclarow, AIA

Project Manager, Construction Services
PARTNER ENGINEERING AND SCIENCE, INC.
100 Deerfield Lane – Suite 200
Malvern, PA 19355
T: 267-433-2213 | F: 610-537-5078 | C: 267-403-1215

Share

Funding Project Infrastructure

Funding Project Infrastructure

Application Period Open for Commonwealth Financing Authority Multimodal Grants.

images8E9L1NV4

In 2013, Pennsylvania passed Act 89, legislation that created new funding for investment in transportation projects statewide. One notable element of the bill was the creation of a Multimodal Fund for non-highway capital needs. By the fifth year of the fund, nearly $144 million in will be awarded annually to public and private entities for transportation-related projects statewide. Beginning on March 1st, applications are being accepted for the latest round of funding.

Broadly defined, the multimodal grants are available for planning and capital projects related to ports and waterways, freight and passenger rail, aviation, transit, and bicycle and pedestrian use. Eligible applicants are municipalities, councils of government, private businesses and nonprofits, economic development organizations, public transportation agencies, or railroad and port operators.

Many multimodal grants are used for capital improvements that are purely public in nature, such as the Delaware River Waterfront Corporation’s project to improve Spring Garden Street in the area of I-95. However, multimodal funding can be used to supplement construction of private developments under the banner of streetscape and pedestrian improvements. Examples of recent projects in Philadelphia include:

  • AIMCO and the City of Philadelphia are collaborating on the redevelopment of Park Towne Place, an 18-story residential and retail complex. A multimodal grant will fund street and sidewalk repairs, the installation of ADA sidewalks and drive entries, lighting and signage, and the upgrading of shuttle stops along the adjacent Benjamin Franklin Parkway.
  • Children’s’ Hospital of Philadelphia (CHOP) will use a grant to help fund the construction of a pedestrian bridge and stairway to link its main campus to the Schuylkill Banks/River Trail. The project will provide a safer crossing over an active rail line.
  • The Pennsylvania Real Estate Investment Trust (PREIT) received a grant to renovate the entrances and exits along 9th and 10th streets at the Gallery Mall. The funds will make the area safer and more accessible with improved lighting, streetscapes and signage.

Grants can range anywhere from $500,000 to $3 million. Matching funds are required and project expenditures must take place within certain timeframe to qualify for reimbursement.

There are actually two separately-administered multimodal programs, each with its own set of deadlines. One is jointly administered by the Commonwealth Financing Authority (CFA) and Department of Community and Economic Development (DCED). The application period for CFA/DCED multimodal grants runs from March 1, 2016 to July 3, 2016. Projects will be awarded at the November 2016 CFA board meeting.

The other multimodal fund is administered by the Pennsylvania Department of Transportation (PennDOT); the next application period is expected to open later in 2016. Qualifying applicants may apply to both the CFA/DCED and PennDOT programs for the same project.

Public incentives can be a useful tool for making a project economically viable, but should not be viewed as a primary source of funding. Applicants should also be aware that additional advocacy may be needed as part of a successful application.

If you are developing a project which may qualify for funding, the professionals at Wolf Commercial Real Estate can provide advice on a variety of successful strategies for pursing public and private sources of funding.

For more information:

http://www.newpa.com/programs/multimodal-transportation-fund/

http://www.penndot.gov/ProjectAndPrograms/MultimodalProgram/Pages/default.aspx#.VtSnm_krLIV

For more information about Philly or New Jersey office space, Philly or South Jersey retail space or other Philadelphia and Southern New Jersey commercial properties, please call 215-799-6900 or 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philly office space and Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia and South Jersey commercial real estate broker that specializes in Philadelphia and Southern New Jersey commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly and New Jersey office space or Philly and South Jersey retail space with the Philadelphia and Southern New Jersey commercial properties that best meets their needs.  As experts in Philadelphia and New Jersey commercial real estate listings and services, the team at our Philadelphia and South Jersey commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly or New Jersey office space or Philly or South Jersey retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia and Southern New Jersey commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

For More Information Contact:

transfer-taxes
Anthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084
anthony.mannino@wolfcre.com

 

Share

Share

Share