The PA/NJ/DE CCIM Chapter hit the beaches of Delaware last week for some oceanside fun, sun, learning and networking. Presented were an outline and tour of the main economic drivers in the area: Meds (medical office), beds (residential, multifamily and hospitality), Suds (Tourism) and Buds (Medical Marijuana). The program included tour of new developments on Delaware’s famous “Jolly Trolley”.
Participants visited a medical center under construction in Milford where the conversation also included the expansion plans of Southern Delaware’s healthcare leader, Bayhealth since these developments will spur additional growth in the medical, office and retail sectors in addition to their positive impact on land valuations.
Another stop on the tour was Sussex County’s only Medical Marijuana outlet. Discussed were the intricacies of the of approving, financing and building new growing and dispensary facilities. Lastly, for recreation, PA/NJ/DE CCIM Chapter members and their guests got to experience a literal flavor from the 8 breweries in the areas followed by lunch at the Big Chill Surf Cantina in the Indian River. This new beachfront facility is a great showpiece of the public/private partnership between an operator providing food, drink, sundries and facilities to beachgoers on on oceanfront land owned by The Delaware State Park Commission.
The final stop on the tour was a sneak peek at the partially constructed Hyatt Place hotel with residences in Dewey Beach. The tour and day were concluded at the Dogfishead Brewery in Milton where participants were invited to sampled local produce at their farmer’s market.
A great pre-weekend day at the beach courtesy of the PA/NJ/DE CCIM Chapter!
The PA/NJ/DE CCIM Chapter hosted a unique indoor and outdoor networking event at Duke’s Riverside Bar and Grille in Wormleysburg, Central Pennsylvania. Shaun Donovan, Melissa Stone and Paul Van Winkle from the Capitol Region Economic Development Corporation (CREDC) presented information to over 30 CCIMs and their guests about the geography of the region and the different economic drivers and transportation options that service the counties in its purview all while in the shadow of the Pennsylvania State Capitol Building overlooking the beautiful Susquehanna River. The event was made possible by the generous support of Rock Commercial Real Estate and BL Companies.
Another first for the PA/NJ/DE CCIM Chapter: an early look at the groundbreaking, 49-story, 730-foot-tall luxury mixed-use skyscraper called the FMC Tower at Cira Centre South by Brandywine Realty Trust.
A select group of 50 commercial real estate professionals, Certified Commercial Investment Members (CCIMs) and their guests were treated to a walkthrough of the cutting-edge facility that combines iconic architecture with the latest in advanced engineering and LEED-based sustainable design. The preview was led by Steve Rush, Brandywine Realty Trust’s Vice President of Leasing.
The event was held on Level 28, the shared amenity floor, which deluxe amenities include a skyline terrace with fire pits; hydrotherapy spa; state-of-the-art fitness facility; 72-foot lap pool; media lounge and theatre; yoga studio; golf simulator, and much more.
“Transit-oriented development is the future,” explained Steve Rush, who also oversees all of Brandywine’s leasing efforts in Philadelphia’s Central Business District. He continued to explain to the attendees that Brandywine’s vision for the future includes 14 acres of development, named Schuylkill Yards, adjacent to 30th Street Station – one of the top three busiest train stations in the country. This future development by Brandywine Realty Trust and partner, Drexel University, includes 6.9 million square feet of office space, retail space, lab/technology space and a dedicated green space.
“Our CCIM Chapter is pleased to offer compelling events like these related to Commercial Real Estate in the PA/NJ/DE area. We also wanted to specially thank Brandywine Realty Trust for their graciousness to serve as our hosts and for their willingness to give us this sneak-preview” says Jeff Hoffman, CCIM, CRX, PA/NJ/DE CCIM Chapter President.
Chapter Announces W. Duncan Patterson, Jr., CCIM and Darbin Skeans, CCIM Endowed Scholarship for CCIM Candidates
The PA/NJ/DE CCIM Chapter is proud to announce another Endowed Scholarship designed to assist Candidates of the CCIM Designation earn their status as a CCIM. Through the generosity and diligent efforts of Darbin Skeans, CCIM and W. Duncan Patterson, CCIM, our chapter is pleased to announce the The Duncan Patterson and Darbin Skeans Scholarship Fund.
“As a chapter, we are incredibly lucky to have two past Presidents of the National CCIM Institute involved in our chapter (Darbin Skeans, 2001 and W. Duncan Patterson, 2000). Additionally, their commitment to making top-notch commercial real estate education available to all is a testament to their belief in the power of the CCIM Designation” says Jeff Hoffman, CCIM, PA/NJ/DE CCIM Chapter President.
The PA/NJ/DE CCIM Chapter serves its members, CCIM Candidates and Designees with the understanding that, with the guidance and giving of our membership, we all continue to grow stronger together.
The CCIM Designation is Commercial Real Estate’s Global Standard for Professional Achievement. A CCIM is a recognized expert in the commercial and investment real estate industry and is proficient not only in theory, but also in practice. CCIM is part of a global commercial real estate network with members across North America and in more than 30 countries. This professional organization closes thousands of transactions annually, representing a projected $400 billion in value.
For additional information about The Duncan Patterson and Darbin Skeans Scholarship, please visit panjdeccim.com/scholarships or contact Kristin Tornetta, PA/NJ/DE CCIM Chapter Executive Director at: firstname.lastname@example.org or (610) 560-1266.
Congratulations on obtaining the prestigious CCIM Designation!
The pinning honor was performed in Chicago at CCIM’s National Meeting by Duncan Patterson, CCIM, co-founder of Patterson Woods Commercial Properties and past PA/NJ/DE CCIM Chapter President.
Mr. Moore was among 150+ commercial real estate professionals who passed the CCIM Comprehensive Examination, the final component in the designation process. The CCIM designation is awarded upon successful completion of a graduate-level education curriculum and presentation of a portfolio of qualifying experience. The curriculum addresses financial analysis, market analysis, user decision analysis, and investment analysis, the cornerstones of commercial investment real estate. CCIMs are recognized experts in commercial real estate brokerage, leasing, asset management, valuation, and investment analysis.
“We are incredibly proud of anyone receiving their CCIM designation. It takes a lot of hard work and experience to achieve the CCIM designation which is recognized throughout the world as the most prestigious designation achievable in commercial real estate,” says Jeff Hoffman, CCIM 2017 President of the PA/NJ/DE CCIM Chapter.
The mission of the PA/NJ/DE CCIM Chapter is to provide its designees and candidates with the highest quality of marketing and networking opportunities, services and education to broaden, enhance and enrich their business.
Wear your pin with pride – you earned it!
David L. Church, CCIM, a Managing Director in the Philadelphia office of US Realty Capital, originated a $3,630,000 acquisition and redevelopment loan for the purchase and improvement of a vacant retail building in Eatontown, Monomouth County, New Jersey. The Borrower intends to lease the building to multiple tenants and perform upgrades in the conformance with particular tenant needs.
Tom Skeans, CCIM and Chris Baj, CCIM, CPA of SVN | Imperial Realty represented the seller, Colony Capital, in the disposition of 702 Union Boulevard and Gilmore Street (formerly the Pig Pen) near Coca Cola Park in Allentown. After the Pig Pen closed, the property (31,197sf) was on the market for over 7 years until it was taken back by the lender this past summer.
SVN | Imperial Realty secured, managed, listed and sold the property in under 6 months. New owners plan to reopen the once-popular entertainment facility.
The team of Robert Jacoby and Riley Halloran, CCIM of US Realty Capital have successfully structured and closed $3.2M in non-recourse construction financing for a self-storage facility located in Upper Darby, PA. The development includes the renovation of an existing 94,600sf vacant industrial building and the construction of two new single story buildings totaling 21,550sf.
The Baj team consisting of Chris Baj, CCIM, CPA and Mia Baj of SVN | Imperial Realty have closed an office lease with a lease value of $1,707,860. Since this class B+ office building located in Lemoyne PA (just outside of Harrisburg) is for sale, the lease with the anchor tenant was key. Prior to the extension / modification of this lease, it expired in less than one year. Instead, the lease was extended by 7 years with an adjust-to-market rent increase providing significant improvements to this tenant’s space and the building overall. As a result, the office building’s value was significantly increased. This was especially relevant since the office building is for sale. The value of the building was increased by a minimum of $600,000 or more than 35%!
The PA/NJ/DE CCIM Chapter held a standing-room only luncheon in Lancaster, PA on February 10, 2017 featuring two industry experts in the field of 1031 Tax Exchanges and Tax Strategies: Margo McDonnell, President of 1031 Corp and Bruce Johnson, Partner at Capstan Tax Strategies. The two discussed the procedures and efficiencies and changes to the 1031 exchange and accelerated depreciation landscape. Recently, the future of 1031 exchanges has been uncertain, and this was an excellent opportunity for Commercial Real Estate Practitioners, Accountants, Owners and Managers to understand the benefits and potential impacts that may come. Most in attendance were unaware that the Commonwealth of Pennsylvania is one of the few states that do not specifically allow for 1031-type exchanges within their tax code, and there is a possibility for that to change as well.
Please stay connected to the PA/NJ/DE CCIM Chapter for additional updates and programs related to this, and so many other issues.
In this sold-out and informative event, CCIMs and their guests received up-to-date and eye-opening information on the state of the industry as it seems to be changing in real-time.
Along with CREW Philadelphia, the PA/NJ/ DE CCIM Chapter hosted 100+ members and guests at the prestigious Pyramid Club atop 1735 Market Street: one of Philadelphia’s trophy office buildings for the annual Economic forecast. Dr. Peter Linneman discussed current economic forces and where our economy is compared with historical performance. Among other topics, Dr. Linneman covered the recent election and what may lay in store during the Trump presidency.
The PA/NJ/DE CCIM Chapter is proud to announce that past chapter president Craig Fernsler, CCIM has been appointed to serve on the 2017 National Association of Realtors (NAR) Public Policy Coordinating Committee.
The committee appointment is for a 2 year term beginning December of 2016. Craig has been tireless in his public policy activity regarding 1031 tax treatments and will be a great asset to NAR on their policy pursuits.
PA/NJ/DE CCIM President, Jeffrey Hoffman, CCIM participated in the the 2016 Philadelphia Commercial Real Estate Forecast Summit presented by the Mid Atlantic Real Estate Journal on its Retail Panel on September 16. Retail was one of four panels presented at that event which was attended by more than 150 commercial real estate professionals at the City Avenue Hilton in Philadelphia.
|Special Thanks to our Annual Corporate Chapter Sponsors|
Brandywine Realty Trust
Certified Abstract Company
Stark & Stark Attorneys at Law
Univest Bank and Trust Co.
Sponsorship Opportunities are Available!