Despite the issues, “from an operating cost standpoint, solar provides a very real competitive business advantage for companies that utilize it,” said Adam Putter, president of Solar Roof Development of Fort Lee, N.J., a co-sponsor of the event. “New Jersey recognizes that solar provides a better business climate, and while the federal Section 1603 program is expiring, the state still has impressive incentives in place.

“There has been tremendous growth in solar in New Jersey,” Putter noted, “to the extent that the state has passed California and is now number one in solar installations.” Noting as well that, by law, New Jersey is required to generate specific levels of solar energy in the coming years, “that requirement is generating additional demand.”

And while the Section 1603 Grant Program is expiring, “an installation does not have to be in place by the end of the year,” Putter said. “One can ‘safe harbor’ the grant, so there is still time.” Other benefits include an Investment Tax Credit of up to 30 percent of a project’s cost and a modified depreciation schedule.

In terms of SRECs, Richard Weihe, managing partner of Karbone, termed recent market activity as “characterized by declining spot and forward SREC prices as a response to increasing monthly installation rates, much of that in response to the 1603 deadline and incentivized development. We’re in an oversupply situation.”

“There is not a likely catalyst for significant price upswing over the next year or more, unless there is a legislative change from Trenton,” Weihe said. “The math indicates that we’re well supplied.”

Financing solar projects is a key factor, of course, and to date, 1603 Grant Program funding has been accepted by many lenders as a down payment. Timothy Babjak, vice president of TD Bank, also a program co-sponsor, provided insight into what his institution and others take into account prior to lending for a solar installation. Typically, he noted, projects should be owner-occupied or have financially strong commercial property ownership. Typical terms are five to 10 years, “with the customer owning the system at loan or lease end.”

Key documents supporting a loan application should include a master lease, a 1603 Grant application (at least through year’s end), an interconnection agreement, local permits, a state clean energy inspection waiver, panel warranties, among others. “Insurance will make the bank a little more comfortable,” he said.

According to Anthony DiGiacinto, senior tax manager for Eisner Amper, another program co-sponsor, passive activity rules, under which investment in a solar partnership may result in passive loss for an investor, “have been a stumbling block for people who want to invest in solar.” Still, alternative energy and energy tax incentives are an important part of the solar equation.

Among other tax benefits, “the federal energy income tax credit amounts to 30 percent of the cost of equipment using solar energy to produce electricity or to heat or cool water, and equipment that uses solar energy to illuminate the interior of a structure,” DiGiacinto noted. “It also covers qualified small wind energy property and qualified fuel cell property.”

Among other trends, “third-party ownership has been a driving model for solar industry,” said Catherine Bostock, a member of the Environmental Law Department of Cole, Schotz, Meisel, Foreman & Leonard, also a co-sponsor of the event. Benefits, according to Bostock, include predictable energy costs for the portion of electricity produced by the solar system, and no up-front capital costs and low economic risk for users. One drawback: “The complexity and transaction costs,” she said.

There is also the specter of regulatory change. “Developers bear the risk of change affecting the return from the system but may want to pass this risk along to the host,” Bostock said. “Hosts need to avoid or cap regulatory risk.”

The concluding keynote address was presented by New Jersey State Assemblyman Upendra Chivukula, a champion of much of the solar-related legislation that has emanated from the Statehouse in Trenton. He conceded that, “these are very interesting times,” noting specifically demand for product and output, and SREC pricing. “There is serious concern in the industry about what actions to take regarding pricing,” he said, noting pending legislation mentioned earlier by Richard Weihe, that “could have a tremendous impact.

“We need to look at how we can stabilize SREC pricing without passing the cost on to RATEPAYERS, something we’re working on right now,” Chivukula said. “We also need to protect municipalities and counties that have invested in SRECS.”

And in terms of energy in general, “we have to figure out how to become self-sufficient in energy,” he said, noting that New Jersey is a net importer of power. “We have to become creative in terms of energy efficiency and conservation. In the process, New Jersey has become the hottest market for solar,” he concluded.

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About Solar Roof Development

(L-R) Assemblyman Upendra Chivukula; Timothy Babjak, vice president of TD Bank; Anthony DiGiacinto, senior tax manager for Eisner Amper; Richard Weihe, managing partner of Karbone; Adam Putter, president of Solar Roof Development; and Catherine Bostock, a member of the Environmental Law Department of Cole, Schotz, Meisel, Foreman & Leonard.

Hollander joined Cushman & Wakefield in 2005 and specializes in representing corporate users and major landlords in their real estate dealings. He is a member of one of the firm’s top producing New Jersey teams; his group has completed in excess of $1.2 billion in assignments locally, regionally and nationally. His recent highlights include leases for STV Group Inc. (116,000 square feet), Verint Systems, Inc. (25,000 square feet) Laborers International (16,500 square feet), The Christopher & Dana Reeve Foundation (13,500 square feet) and Jobel Management Corp. (11,000 square feet) among others.

Prior to joining Cushman & Wakefield, Hollander practiced law at a Manhattan-based law firm, specializing in litigation. His responsibilities included contract negotiations, motion practice, drafting pleadings and memoranda, and participating in trials and depositions. Hollander credits part of his success during his first five years in commercial real estate to this background.

”Harlan takes a consultative approach to real estate services by leveraging his legal training and education, local market knowledge, and industry relationships,” Medina noted. ”His training as an attorney provides his clients a clear competitive advantage in that he offers first-hand knowledge of relevant lease documents. He is a terrific asset for his team and for the Cushman &Wakefield organization”

Hollander was named among Real Estate Weekly’s Rising Stars in 2007. He earned a Bachelor’s degree in Business Consulting at the University of Michigan, Ann Arbor, and continued his education at New York Law School, where he obtained his JD degree. Hollander is a licensed New Jersey Salesperson and an admitted Attorney in the State of New York.
NEWS RELEASE

Cushman & Wakefield of New Jersey, Inc.

One Meadowlands Plaza

East Rutherford, New Jersey 07073

Media Contact: Evelyn Weiss Francisco: evelyn@caryl.com, (201) 796-7788

Defined as stores with at least $2 million in annual sales and approximately 1,500 products, supermarkets offer a full line of grocery, health-related, canned or non-food items plus perishable products. New Jersey, which has the highest population density and second highest median income of any state in the United States, has 8.5 supermarkets per 100,000 residents compared with the national average of 11.6 per 100,000. New York also trails behind.

Supermarkets play a key role in the pursuit of high-quality, yet affordable, nutrition, as well as shopping convenience. Most modern supermarkets provide “one-stop” shopping alternatives where constituents can find food and health and beauty products. As a result, consumers have renewed their loyalty to neighborhood supermarkets, which offer competitive pricing, a full range of product choices, organic and fresh foods, as well as pharmaceutical products.

These local centers of commerce provide communities with much-needed convenience services and goods in close proximity to diverse residential neighborhoods, which range from urban high-rise apartment complexes to suburban one- and two-family homes. Instead of traveling lengthy distances to purchase food items, first aid supplies or household cleaners, savvy shoppers value the competitive pricing as well as reduced travel time and decreased gasoline expenses associated with a local supermarket.

As a significant and sustainable segment of any retail business sector, supermarkets offer longevity and are a major source of employment. While jobs have plummeted in certain sectors, such as manufacturing, millions of people are employed by more than 35,000 supermarkets nationwide. In New Jersey, over 67,000 men, women and young adults earn a combined total of more than $1.5 billion in wages annually. Typically, benefits for supermarket employees include health coverage, pension options and career advancement opportunities. In addition to earning their wages locally, employees also tend to spend their money locally.

Not only do supermarkets offer job creation, growth and retention, they also inject much-needed tax ratables into the economy and serve as the catalyst for revitalization. Geographic sections of northern and central New Jersey and southern New York State are prime areas for supermarket growth right now because of an influx of residents. In Somerset County, N.J., the addition of more than 4,000 new homes and a population boom of 8,000+ residents led to the development and opening of a new 70,000-square-foot supermarket through the efforts of Crossroads Companies, the developer. The finishing touches are now being added to an additional 43,000 square feet of retail space on an adjacent site with a free-standing 4,000-square-foot bank branch opened this past May.

There is a clear need and high demand in certain areas for prominent supermarkets and reputable owners/operators who have a demonstrated track-record for success and corporate citizenship. One such area where a new supermarket is rising is Stony Point, N.Y., where Crossroads is developing a 92,000-square-foot neighborhood shopping center. Crossroads notes that a recent study indicated the area’s 48,800 residents were traveling beyond this northern part of Rockland County for not only their groceries, but automobiles, home furnishings, restaurant dining and appliances.

As of this fall, Stony Point will discover the newfound convenience associated with having a 70,000-square-foot ShopRite, with additional service and lifestyle-oriented tenants occupying 22,000 square feet of retail space, literally just around the corner. This particular project also has attracted interest among highly desirable local, regional and national retailers due to its location within a designated Empire Zone, a New York State-sponsored economic development and stimulus program.

Revitalization of inner cities, as well as suburban shopping centers impacted by the difficult economic environment, and in particular the bankruptcy of many category killers, such as electronic, apparel, and bookstores would also benefit from the redevelopment of existing, vacant shopping centers. Many communities desire healthy food choices including organic meats, vegetables, produce and similar related products that often can only be provided in stores with a larger supermarket footprint. The lack of tracts of land large enough to accommodate a modern food store, as well as environmentally “clean” land available for development has lead retailers and builders to explore underutilized sites such as brownfields, odd-shaped and smaller lots with deck or below-grade parking. The fact that developers and food anchor tenants are willing to consider non-conforming sites reflects an imbalance between supply and demand, as a result of aforementioned factors. The end result is that costs associated with building new supermarkets are often more expensive, and time consuming, pushing out an already lengthy entitlement process that can exceed 24 to 36 months.

The ultimate solution is more intelligent planning and coordination between private developers and municipalities to put underutilized tracts of land back on the assessment roles. Local and state governments can also assist by speeding up the approval process. While legislators and citizens have every right to demand that developers be sensitive to environmental and land planning concerns, municipalities and state legislators attract private development and supermarket chains by eliminating unnecessary red-tape and bureaucratic in-fighting. If we continue on the same path, local economies and their constituents will suffer as businesses seek more friendly business environments. Higher pricing for food, clothing and shelter is inevitable, if the cost of land and regulatory environment prevent supply from keeping up with demand.

Stephen L. Hittman is president and founder of Crossroads Companies LLC, a leading regional developer of neighborhood and supermarket-anchored shopping centers, based in Mahwah, N.J. The company’s development expertise extends from project conception to completion. Services include shopping center development, project consulting, management and leasing services. Crossroads’ portfolio is valued at approximately $150 million.

Crossroads Companies, LLC
20 Ridge Road, Suite 210
Mahwah, New Jersey 07430
Media Contact: Evelyn Weiss Francisco/ 201-796-7788 / evelyn@caryl.com

Date: Sept. 8, 2010

MORRISTOWN, N.J., June 11, 2010 – Anyone visiting downtown Morristown these days would have a hard time missing the redevelopment progress on and around the town’s famous green. As Morristown positions itself to accommodate an influx of people who are buying and renting luxury housing units at these residentially focused mixed-use projects, the town‚Äôs retail landscape is changing notably.

As leasing agent for more than 100,000 square feet of Morristown retail space, much of it being built to support this new residential inventory, Cushman & Wakefield, Inc.’s Rick Rizzuto is highly in tune with this upscale shift, including what concepts are being targeted, which tenants are leasing and where, and what the future will likely bring for the town. He elaborates in the following interview.

Describe the redevelopment picture in Morristown.
Some powerful developers are investing a lot of money in Morristown, with the aim to increase the town’s wealthy population. Rosewood, alone, has some $500 million in mixed-use projects underway, including 40 Park on the Green and The Metropolitan at 40 Park, The Highlands at Morristown Station, and The Residences at Vail Mansion. These properties are being built to the highest quality, which reflects the direction of the town as a whole. And this vision is being justified. We are seeing multi-million-dollar condo units sell on a regular basis. If things continue in the current direction, the near-term shift in the town’s mix of residents and the retailers in place to support them will be pretty vast.

This level of activity seems to go against the grain considering the current economic climate.

The current building owners and developers active in Morristown all have incredible staying power. They have continued to plan and put approvals in place through the recession. As a result, Morristown is positioned at the forefront of the recovery. In the case of Rosewood, that joint venture brand has continued to build and now has a significant number of residents in place. The 40 Park penthouses are more than 60 percent sold. The rental units at The Metropolitan and Highlands are 30 percent and 95 percent leased, respectively. Vail Mansion is 95 percent sold. We are progressing nicely on the retail as well. Other high-profile building owners, including REEF and Olnick-Fisher, are poised to take advantage of the momentum as well at places like Headquarters Plaza and 1776 On The Green. It is a very exciting time for Morristown.

Can you provide an overview of the Morristown retail projects you represent?
The Shoppes on the Green Рthe amenities component of 40 Park – includes nearly 24,000 square feet of street retail. To date, we have signed leases with AT&T and two restaurant concepts, including a gourmet burger concept and an upscale steakhouse, committing almost half of that square footage to them. For the remaining square footage we have interest and are in talks with a technology-focused electronics retailer, various health clubs, and are pretty far down the path with a well-known national coffee company aggressively looking to become a part of the 40 Park project. In addition, we are looking to bring in boutique retail – clothing companies, book stores and the like – as well as other restaurant concepts and a high-end grocer next door at The Metropolitan to round out the tenant mix. Ultimately, these tenants will play an active role in returning the Morristown green to its roots as a destination for shopping, dining and community. 

The Highlands at Morristown Station – one of New Jersey’s first designated Transit Village developments – adds another 8,000 square feet of Class A retail space to the town. We have just been approved for a liquor license there. The Morristown Train Station offers Midtown Direct Service and accommodates thousands of riders per day, making the Highlands an opportune spot for a dining establishment.

Vail Mansion has 12,000 square feet of very luxurious space. We are in talks with a few NYC-based operators as well as a large well-established bank, since this iconic property would serve best as a flagship headquarters.

1776 on the Green has an, 8,000-square-foot upscale restaurant space available,  fronting  the Morristown Green.

Headquarters Plaza has two strategic retail locations (2,277 square feet and 6,000 square feet) that would be perfect for business-friendly retailers, urgent care doctors and/or restaurants.

28 Park Place (a former Godiva store) is suitable for an open late food tenant to service the bar crowd after hours. Situated perfectly between some of the town‚’s best bars, there would probably be no better or more profitable use for that space.¬†

What does Morristown offer for retailers in terms of location benefits?
Morristown’s greatest advantages are its accessibility and its desirability to a diverse resident base. It truly is the hub of Morris County, easily accessible from major thoroughfares like interstates 287, 80 and 78, and routes 24 and 10. Manhattan is less than an hour away by train, and Newark Liberty International Airport is a short, 15-minute drive.

Morristown appeals to upwardly mobile professionals, families and empty nesters. For commuters, it offers twice the space at half the price of New York City, and is far more economical than Hoboken or Jersey City. At the same time, Morristown’s strong history as the surrogate downtown for surrounding, affluent communities like Mendham, Bernardsville and Morris Plains make it a great choice for those looking to downsize from larger homes to in-town living.

The Morristown green serves as the center for pedestrian traffic to the train, cultural attractions, dining and retail, business offices, and the county courts. Additionally, it is equidistant from the Livingston Mall and the Short Hills Mall, which makes it a good destination to complete a triangle for brands seeking multiple locations within a reasonable radius.
The bottom line is that Morristown’s infrastructure is evolving to meet increasing residential demand on and around the green. The new housing projects and support retail are creating a positive momentum, punctuated with truly attractive opportunities for retailers. Now is the time to get in on the ground floor.

In what ways is the township supporting this transformation?
Morristown as a whole is a very business-friendly community. The local government has committed its support to Rosewood, and other owners and developers for new residential development and efforts to improve the downtown experience. To this end, Morristown also has gotten behind Cushman & Wakefield as the company that is working to establish an appropriate and exciting retail mix for this rebirth. This is incredibly helpful in our efforts to draw in high-caliber retailers. 
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Rick Rizzuto is a retail specialist based at Cushman & Wakefield’s Morristown office.
 

June 17, 2010 – While the industrial market is not a crystal ball, it typically is the first commercial real estate sector to rebound from a recession. And, according to Cushman & Wakefield, Inc.’s Jim Dieter, SIOR, executive vice president, Industrial Brokerage, U.S., national trends heading into the second half of 2010 provide reason for cautious optimism about what the future holds across product sectors and the economy in general.

“The industrial market is showing positive signs, both ‚ paper‚ and in market fundamentals,” Dieter said. ‚”While overall vacancy continued to climb during the first months of 2010 resting at just under 11 percent at the end of the first quarter, 60 percent of the markets tracked by Cushman & Wakefield reported an increase in year-over-year leasing activity. Nationally, leasing activity increased 10 percent, to 60.5 million square feet, over the same period last year.”
Dieter added that, in early 2010, construction completions reached their lowest point since Cushman & Wakefield started tracking. A lack of new product coming online and the expected continuation of steady leasing through the coming months should boost absorption numbers.
Positive trends in manufacturing and inventories suggest that the industrial recovery will continue to gain momentum, according to Dieter. The Institute of Supply Management Manufacturing Index, which serves as the benchmark on how the country tracks manufacturing performance, is coming into 10 straight months of improvement, he said. “We also are seeing that the universal ‚stocking‚ or inventory reduction that has taken place among major companies through the down cycle is beginning to end.”

Growing inventories usually translate to new and increased demand for distribution space. They bolster manufacturing and also benefit railroads and overseas shipping, which move the new inventory product across continents and states, Dieter explained.


Ultimately, a restocking trend can benefit many aspects of the industrial landscape,he said. “Corporate earnings have and will continue to improve in the immediate future. As such, it is fair to assume a gradual increase in inventories is expected, though generally the inventory-to-sales ratio may decline in the mid-term.” />

Dieter added that other positive signs for the industrial market include reported growth in retail, auto and housing sales – all of which connect deeply with inventories and demand for distribution space.

“Looking at the industrial landscape and all the components that go into it, I believe there is reason to remain cautious but also regain a positive outlook about the economy for the balance of 2010 and going into 2011,” he said.

MARKETS AND TRENDS TO WATCH
Dieter noted that some of the more active markets during the first months of 2010 included Atlanta, Inland Empire and the PA I-81/I-78 industrial corridor.
“When global trade recovers, East Coast ports will be best positioned for increased TEU ‚or twenty-foot equivalent units activity,” he noted. Additionally, the widening of The Panama Canal will benefit both the eastern seaboard port markets, as well as inland hubs such as Columbus, Ohio.
“The southeast region of the U.S. is seeing increased manufacturing jobs due to fuel price uncertainty, a general pull back from China and possibly Mexico’s lack of stability,” he added. “Near sourcing will continue to be the trend in the decision-making process for plant locations.”
Today’s core markets share some general characteristics, according to Dieter. They include the presence of intermodal hubs, stable supply and demand factors, liquidity, diversification, and market depth. Also, they generally feature superior infrastructure with international airports and container ports both seaport and inland. For the smaller regional distribution markets, being closer to the consumer and minimizing transportation costs bode well, especially as oil prices increase.
Globalization and how the global economy is interconnected present key difference today, as compared to prior recessions. “Rail and intermodal markets will have bright futures when global trade reaches full stride,” Dieter said. ‚ÄúThe rise of rail to distribute product to and through inland ports will be evident over the coming years. Additionally, the intermodal ‚ break even point will decrease from about 800 or 900 miles to about 600.

NEW BRUNSWICK, N.J., June 18, 2010 “Our regulations and decisions need to be based on sound science while also vigorously enforcing our environmental laws.” That was the message delivered by New Jersey Department of Environmental Protection (DEP) commissioner Bob Martin to attendees of NAIOP New Jersey’s Environmental Issues Update.

Terming the new attitude at DEP a “culture change,” Martin explained that while guarding the environment, his agency also plays a key role in economic development. The thrust of the change at DEP includes the message delivered clearly to staffers that, “the applications on your desk right now are jobs, and they can’t be allowed to just sit there,” he said. “We are pushing every day to focus on growing business in the state while simultaneously protecting the environment. And in Chris Christie, we have a governor who ‘gets it’.”

The commissioner explained that his office has been looking at all possible aspects to develop a “transformation agenda, because nobody is happy with DEP – not the business community, the mayors, or the environmentalists.” Among the early items on that agenda is to institute an inclusive stakeholder process “and get back to common sense.”

Covering a broad range of issues, Martin noted that recent measures have included the addition of a new assistant commissioner for economic growth, institution of one-stop permitting, resurrection of the Office of Dispute Resolution, and new emphasis on customer service. He cited clean water, green energy (including wind) as other key issues, and called the Licensed Site Remediation Professionals (LSRP) program “an absolute priority. That program cannot and will not fail.

“We are also focusing on how to work with the legislature,” he concluded. “We have to be out front in working to get things done.”

Heading an expert panel on site remediation, moderator Don Richardson of Environmental Waste Management Associates noted the importance of the ongoing decision-making process for the LSRP program’s final rules. Stephen Santola of Woodmont Properties concurred that LSRP, “cannot be allowed to fail. This has really been a bipartisan program with buy-in from industry and DEP.” He questioned whether the lending community understands the program, and urged that the LSRP concept be expanded into land use.

Attorney Andrew Robins of Giordano Halleran & Ciesla conceded that there have been some misconceptions and a lack of knowledge about LSRP, and perhaps some basis for caution. “I am finding that I have to be a ‘drum major’ for the program,” he said. Robins also applauded improved relations with DEP under the new administration.

“There has been a sea change for environmental issues, industry, and the entire state,” said Lawra Dodge of Excel Environmental Resources. “It has been a long time coming. The regulatory climate for land use has been broken for a long time.”

As part of a panel of Land Use experts, Diana Fainberg of Diana E. Fainberg Inc., lauded a recent administrative order preventing DEP from withdrawing sewer service for reasons of deadlines and other strictures‚Äîreversing a bill vetoed by former Gov. Jon Corzine. Tony DiLodovico voiced his support for the extension of DEP’s storm water rules by the Christie administration, mentioning that the previous administration was set to let them expire. And while noting that there haven’t yet been many initiatives relating to fresh water wetlands regulations, Todd Terhune of Wolff & Samson pointed to activity in the form of new mitigation requirements relating to general permits and to stiffened enforcement penalties.

Moderating the Land Use panel, George Jacobs of Jacobs Enterprises noted that he had once lost a project because of a four-and-a-half year wait tied to regulatory delays but concluded, “I hope the new philosophy at DEP translates over time. I am optimistic.”

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About NAIOP New Jersey

EAST RUTHERFORD, N.J., April. 27, 2010 – Cushman & Wakefield, Inc.’s Metropolitan Area Capital Markets Group today announced the geographic expansion of its multi-family investment sales practice to include the Philadelphia Metro market, including Southern New Jersey and Delaware. Based in East Rutherford, N.J., the team specializes exclusively in real estate sales, joint ventures and financing across product types; and has a deeply rooted clientele of active investors in the New York tri-state regional market.

Until now, the Metropolitan Area Capital Markets Group has focused on client assignments in Northern New Jersey; the State of New York outside of New York City; and Fairfield County, Conn. Since 2004, the team has completed approximately $2 billion worth of multi-family sales in this market area. Among them, it recently orchestrated the $71 million trade of Fox Run Apartments in Plainsboro, N.J., which represented the Garden State’s largest multi-family rental property sale of 2009.

“The Philadelphia, South Jersey and Delaware market is a natural extension for us,” noted Andrew Merin, vice chairman and head of the Metropolitan Area Capital Markets Group, who has spearheaded his team’s emergence as a dominant player in the multi-family arena with team members David Bernhaut, Gary Gabriel and Brian Whitmer.

“Cushman & Wakefield’s Philadelphia team already has an established presence on the ground, with a well-qualified team of professionals in this dynamic market,” he continued. “We will augment its efforts, capabilities and reach by bringing in our skills set and access to a rich buyer base from the New York area.”

According to Whitmer, this expanded regional approach will enable the team to enhance service for its clients. “We now cover a major geographic span for multifamily from upstate New York to western Pennsylvania,” he said. “Many of the private and institutional investors with whom we have relationships are active throughout the Northeast and Mid-Atlantic regions as buyers and sellers. We look forward to assisting them with their multi-family investments in Pennsylvania.”

John Derham, branch manager for Cushman & Wakefield’s Philadelphia office, further echoed these benefits. “Andy, Brian and the rest of the Metropolitan Area Capital Markets Group have led our company as a prominent force in the New York/New Jersey region for many years” he said. “We welcome them as an extension of our local team and look forward to working with them to benefit our clients and the growth of the Cushman & Wakefield organization within the multifamily arena here.”

“Karen Iman, senior director of our Philadelphia-based capital markets team, will work closely with the group from New Jersey as the local anchor to launch and execute multifamily investment sales” added Paul Torosian, who heads Cushman & Wakefield’s Philadelphia capital markets practice.

The Metropolitan Area Capital Markets Group has completed more than $13.7 billion worth of office, industrial, retail, multifamily and land transactions since 2000. Over the past four years, this included an average of more than $1.5 billion annually. In 2009, despite a sluggish investment sales environment, the team closed 20 deals with a cumulative value of $751 million ‚ nearly 43 percent of its market area’s total activity. Real Estate Alert reported the Metropolitan Area Capital Markets Group as having the highest reported market share ‚ 73.4 percent in the largest, non-CBD market it tracked last year, and cited the team as responsible for two of the nation’s top 20 office sales.