Press Releases

King of Prussia, PA (November 2011) – Jackson Cross Partners, LLC today announced the sale of two prime multi-family buildings. Lofts at Liberty, located at 1600 Chestnut Street in center city Philadelphia, contains 54 units plus street level retail. The second property, located at 3717-3719 Chestnut Street in the heart of the University City district, has 29 units in 24,498 square feet, with some off-street rear parking.

“The sale of these two properties is an illustration of the current strong demand for multi-family properties,” said Ann Bailey of Jackson Cross Partners. “Multi-family properties are currently popular commodities because they offer stable investments with growth potential for their buyers. With rental rates rising and the current unstable condition of the single family housing market, the multi-family market is strong. Many private capital investors have become disillusioned with the “bungee cord” stock market and are turning to real estate as a more sensible investment strategy. Investing in multi-family product is a secure and sensible form of capitalizing on current market conditions,” concluded Bailey.

The center city building was owned by Beneficial Partners, LP and sold to Pearl Properties. The property, located in CBD at 1600 Chestnut Street is directly across from Liberty Place. The building was built in 1954 and underwent major renovations in 2002. Situated in a prime center-city location it offers excellent long-term leasing opportunities. At the time of sale, the property was 100% leased.

The University City building was owned by 3719 Chestnut Corporation and sold to the Cathedral Church of the Savior. The property is fully occupied and is a desirable long-term investment for the buyer because of its location adjacent to the University of Pennsylvania and Drexel University and the strong collegiate occupancy that offers.

Ann Bailey, CCIM of Jackson Cross Partners represented Beneficial Partners, LPO and 3719 Chestnut Corporation in the transactions.

Jackson Cross Partners is a Commercial Real Estate company, focusing on a consultative approach to client service. The Jackson Cross team brings extensive experience in Corporate Real Estate, Brokerage, Development and Finance to the property life cycle. Jackson Cross provides market coverage throughout the Delaware Valley as well as access to markets throughout the world through its affiliation with ONCOR International.

40,000 SF NORTH WALES, PA FACILITY

(May 2011) – Jackson Cross Partners, LLC in cooperation with Colliers International today announced that Volpe Enterprises Inc. has purchased the 40,000 SF facility at 217 Church Rd Upper Gwynedd Township North Wales, Montgomery County, PA. The Church Rd site was the former home to Deluxe Corporation who had been a fixture in Montgomery County for over twenty years until closing their operation in 2009.

Gary and Richard Volpe founded Volpe Roofing, Inc. now known as Volpe Enterprises, in 1970, working out of their parent’s home in Plymouth Township, Montgomery County PA.. At that time, the company’s only business came from referrals and it handled only roofing work. In 1974, Gary bought his brother’s interest in the company. The following year, the company was incorporated and took out its first yellow page advertisement. When the company started doing siding work in 1977, business expanded rapidly and soon became too large for in home operations and bought its first warehouse.
In 1975, Gary formed Volpe Roofing, Incorporated. After graduating from Pierce Junior College with a Bachelor’s degree in Business, Gary and his wife Janet continued to grow Volpe Roofing, Inc to included siding, windows, gutters and doors. In 1993, Gary & Janet formed Volpe Enterprises, Inc. to encompass all facets of home renovation. Today, they are the General Manager & President of Volpe Enterprises, Inc. They are members on the panel for Professional Roofer’s Advisory Council, members of the Better Business Bureau and Pella Certified Contractors, and maintain a Select Shingle Roofer, 5-Star Contractor and Master Elite status with CertainTeed and GAF.

In the summer of 1996, Michael Volpe began working in the roofing division for Volpe Enterprises. Michael the oldest of three sons was promoted to the Senior Estimator position and is responsible for pricing and creating detailed proposals. In the summer of 1998, Stephen Volpe began working in the siding division of Volpe Enterprises; Stephen received his new title of Marketing/Systems Coordinator and is responsible for overseeing the sales division, marketing and IT department. In the summer of 2002, David Volpe started working in the siding division of Volpe Enterprises and since was promoted to Production Manager and is responsible for quality control and productivity of all renovation projects.

Continued demand for Volpe’s services forced them to move not once, but three more times for additional space between 1977 and present. The acquisition and expansion of the 40,000 SF Church Rd facility, in addition to their Worcester location on Germantown Pike will allow Volpe Enterprises to expand their presence into the Bucks, Lehigh and Southeastern area of PA. The new North Wales showroom with state of the art displays is planned said Gary Volpe- “Our new location in Upper Gwynedd will be completely refurbished in a way as to display some of the products we install when you view the building from the street. However, the best will be inside with walk through kitchen and bathroom displays and products you can see and touch. Our trained personnel will help design your dream project for your home. You can count on Volpe Enterprises to assist you with the smallest repair job or larger projects like an addition to your home. I encourage you to become part of the Volpe family of satisfied customers. Continued growth is expected as we build on our motto: Quality, Honesty, and Integrity”.

Nick Adams and Louis J. Battagliese, Jr., SIOR of Jackson Cross Partners, LLC represented the Seller, William and Joe Wildman. Michael Golarz and Barry Greenberg of Colliers International represented the Buyer Volpe Enterprises Inc.
The $1,825,000 Transaction was financed by Univest Bank of Souderton, PA.

King of Prussia, PA (May,2011) — Jackson Cross Partners announced today that they have been named exclusive agent for three office buildings in Harleysville, PA. The three buildings have a total of 58,282 square feet of available space. Two buildings are available for sublet; one building is available for sale.

“We are proud to have been named to market these three office buildings,” said John Morrissey of Jackson Cross Partners. “Each of the buildings offers unique characteristics and all are surrounded by numerous amenities desired by office tenants”.

The first office building, located at 480 School Lane, is a Class A, two-story office building. There is 26,527 rentable square feet available for long-term sublet.

The second building available for sublet is located at 483 Main Street. This building offers 26,305 rentable square feet of office space on two floors, with an additional 12,998 square feet of basement level storage space.

“Both 480 Main Street and 483 School House Lane provide great exposure at an excellent value for tenants,” said Keith O’Brien. “480 is that rare architectural gem that provides a tenant with immediate market presence, while 483 provides a traditional office feel with tremendous efficiency. Furniture is available and in excellent condition in both buildings.”

The third building, located at 474 Main Street, is for sale. This building provides 5,450 rentable square feet of office space on two floors.

“Built in approximately 1920, 474 Main Street is a tremendous purchase or lease opportunity for investors or tenants searching for unique space,” said Kyle O’Brien.

For more information please contact Keith O’Brien; 610.265.7700 ext 129

King of Prussia, PA (March 2011) – Jackson Cross Partners, LLC today announced the signing of two long-term leases totaling 40,044 square feet with an aggregate value in excess of $4 million. The larger of the two leases was for 31,168 square feet in Blue Bell, PA and the second lease was for 8,876 square feet of office space in Wilmington, DE.

J & B Software signed a 31,168 square foot lease at 510 East Township Line Road in Blue Bell, PA in an 87,000 square foot building owned by Bressler & Reiner. “This lease was a lease restructure with J & B Software downsizing from 44,000 to 31,168 square feet,” said Keith O’Brien of Jackson Cross Partners. “This transaction is representative of the marketplace at large, where deals favorable to tenants are in abundance for strong credit tenants such as J & B Software.”

Keith O’Brien and Kyle O’ Brien of Jackson Cross Partners represented J & B Software. Newmark Knight Frank Smith Mack represented the building owner.

In the second transaction Keith O’Brien and Cindy Fleming represented Proctor Heyman LLC. This lease was for office space at 300 Delaware Avenue in Wilmington, Delaware’s central business district. Brandywine Realty Trust is the building owner.

“Proctor Heyman, a law firm, is growing and needed to relocate in order to better serve their expanding list of clients,” noted Keith O’Brien. J&B Software provides market leading systems for processing and managing automated electronic payments and other transactions to over 160 organizations worldwide.

J&B Software provides solutions to regional and money center banks, insurance companies, mutual funds, credit card processors, student loan processors, brokerage, telecom, utilities, government, transportation, media/communications, non-profit and commercial organizations. J&B processes more than 2 billion payments annually.

The law firm of Proctor Heyman LLC practices principally in corporate and commercial litigation before the Delaware Court of Chancery. The firm acts as both lead counsel and Delaware counsel in matters before Delaware state and federal courts, and works with some of the nations leading law firms. The firm handles a full array of corporate and commercial litigation matters, including corporate governance, mergers and acquisitions, stockholder class and derivative actions, fiduciary duties, stockholder appraisal actions, and litigation involving limited liability companies and limited partnerships. The firm also acts as Delaware counsel in intellectual property disputes in the United States District Court for the District of Delaware.

For more information please contact Keith O’Brien 610.265.7700 ext 129

JACKSON CROSS ANNOUNCES NCC AUTOMATED SYSTEMS ACQUISITION

King of Prussia, PA (January 2011) – Jackson Cross Partners, LLC today announced that NCC Automated Systems has purchased a facility at 255 Schoolhouse Road, Franconia Township in Montgomery County, PA. The 28,844 SF building was constructed in 1999 and is situated on 10 acres of land.

NCC Automated Systems is a full service automation system supplier offering complete automation, packaging and turnkey material handling solutions in a wide variety of industries including food, optical, personal care and general manufacturing. “Since the company’s inception in 1986, when we were building custom conveyor equipment, the company has grown into supplying Completely Integrated Automation and Packaging Lines. We now offer very high level planning, engineering and project management services as well as start up and commissioning teams to supply an entire production line. This provides product manufacturers with complete systems fully integrated by a single supplier. Our credo is ‘Dependability of Promise ‘, this philosophy defines every decision that we make at NCC”, stated Kevin Mauger.

We have doubled our sales in the past few years and see the opportunity do it again in the next few. In this economy, it is great to have a team of dedicated employees who are so committed that it allows us to experience a time of growth while others are struggling.

Jackson Cross Partners, LLC represented NCC Automated Systems in their search for a new facility. Nick Adams worked closely with NCC to help pinpoint a facility that would allow the company to expand their operation in an area that was centrally located for their employees and customers alike. “The Schoolhouse Road facility will allow NCC to grow and continue the success that has made the company a dynamic force in their industry” said Nick Adams.

Joe Schwartz of Schwartz & Co. Realtors represented the Seller, Robert Weber, in this transaction.

For more information please contact Nick Adams:(610) 265-7700 ext 130.

Wilmington, DE (December 15, 2010) – “During 2010 there have been more positives than negatives for the Wilmington office market,” said Pete Davisson of Jackson Cross Partners at the company’s annual Forecast Meeting. “The two numbers that people hang their hats on when analyzing the office real estate market are leasing activity and absorption. Both of these numbers were positive in 2010, with leasing activity up 19% across all markets, and absorption, the net increase or decrease in occupied space, positive at 57,382 square feet.”

“However, while most numbers were positive compared to 2009, it must be remembered that 2009 was the worst year since we started keeping records in 1979. Another number that people talk about is vacancy and it declined during 2010, an additional positive sign. But, combined vacancy rates still remain close to historic highs with a combined vacancy rate of 21.2% for Class A and B office space in the Central Business District (CBD) and the suburbs. The combined total of vacant space is 3.1 million square feet, still a substantial number in a market of our size,” noted Davisson.

Jackson Cross Partners reported that new leases totaling 154,781 square feet were signed during 2010 in the CBD. This represents a 72% increase from 2009. However, this number is far below the ten year average of 295,000 square feet.

In Wilmington’s suburbs, 447,000 square feet of new leases were signed. This represents an increase of 67% above 2009, but that total is 14% below the 10 year average.

“We tracked 122 new lease transactions in the market in 2010,” Davisson said. “As was the case last year, there were only four leases larger than 20,000 square feet, and all of them were in the suburbs. Morgan Stanley Smith Barney moved from the CBD and signed a 25,000 square foot lease at Delaware Corporate Center on Concord Pike. The State of Delaware signed a 22,400 square foot lease at University Office Plaza. Coventry Healthcare signed a 43,000 square foot lease at Iron Hill Corporate Center, and in the largest lease, CIGNA signed for 90,000 square feet in Bellevue Park Corporate Center.”

Cindy Fleming, JCP Leasing Specialist, reported that in the past building owners have been concerned about the financial health of tenants. Today prospective tenants are also concerned about the financial health of building owners. “Tenant prospects want to know that the owner will have the financial ability to make needed tenant improvements and will be able to continue to properly operate and manage the building,” said Fleming. Accordingly the larger institutional owners and REITS are now in a better position to protect the needs of the tenants and are in a stronger bargaining position than smaller owners.

To that end rental rates for the Class A buildings have remained virtually the same year to year, while Class B rates in both markets are down approximately 1 dollar per square foot.

For 2011 Davisson forecasts that leasing activity will remain at modest levels, but on the growth plane, and that while vacancy may continue to decline it will stay close to 20% across the market. Class A space should improve in the suburban market. Sublet space will remain level, as will rental rates. Tenants will continue to take advantage of deals in Class A office space and will move up to higher quality or better located space. Absorption will be positive, but still at modest levels.

Positives for the Delaware economy are the re-birth of The Queen, an entertainment complex in the City of Wilmington, The University of Delaware Science and Technology Campus at the former Chrysler Plant, Fiskar Automotive at the former General Motors Plant and the re-opening of the Valero Refinery in April 2011.

“So, while we have moved beyond the “Perfect Storm” of 2008 and 2009 and the ‘Troubled Waters’ that we experienced in 2010, we expect 2011 to remain turbulent and do not expect clear sailing in the office market until mid-2012,” concluded Davisson.

Jackson Cross Partners is a Commercial Real Estate company, focusing on a consultative approach to client service. The Jackson Cross team brings extensive experience in Corporate Real Estate, Brokerage, Development and Finance to the property life cycle. With offices in Philadelphia and King of Prussia, Pennsylvania; Wilmington, Delaware; and, Swedesboro, New Jersey, Jackson Cross provides market coverage throughout the Delaware Valley as well as access to markets throughout the world through its affiliation with ONCOR International.

Jackson Cross Partners is a NorthMarq Capital affiliated company. Through a joint venture with Fameco, Jackson Cross Partners provides Property Management and Retail brokerage services.

JACKSON CROSS PARTNERS REPORTS THE WILMINGTON OFFICE MARKET IS STABILIZING

Wilmington, DE – August 4, 2010 – “The Greater Wilmington office market showed signs of stabilizing during the first half of 2010,” said Pete Davisson, Partner at Jackson Cross Partners. “While leasing activity still lagged both 10 and 20 year averages, rental rates were essentially unchanged from the end of 2009 and vacancy rates were steady in the central business district and rose only slightly in Wilmington’s suburban office markets.”

“While national unemployment is still hovering around 9.5%, many of the factors that impact our overall economy are trending in a positive direction. Corporate earnings are increasing and businesses have begun hiring, albeit at a slow rate. If economic trends continue in a positive direction, we believe we will continue to see a stable office market in the Greater Wilmington area during the rest of this year, with further strengthening in 2011.”

Leasing in the central business district totaled 32,545 square feet of Class A space and 35,088 square feet of Class B space during the first half of 2010. Class A vacancy rates in the CBD now stand at 14.8%, down 9% since the end of 2009. Class B vacancy rates increased during the first half and are now 33.3%. The combined vacancy rate is 20.5%. As a result, full service average asking rental rates for Class B office space decreased by 3.5% to an average of $20.45 per square foot, as Class B building owners reacted to market conditions. Class A asking rental rates were unchanged at $26.35.

Leasing in Wilmington’s suburbs totaled 173,286 square feet during the first half of the year. This is a positive sign, as this represents 65% of 2009’s total leasing activity. Class A leasing was 119,940 square feet, Class B was 53,346. Vacancy rates in the suburbs remain high, with 23.4% of Class A space and 22.0 % of Class B space available. The average asking full service rental rate for Class A space is $23.52 per square foot with Class B space averaging $21.64.

Counterbalancing the positive leasing activity and the stable vacancy and rental rates was the increase in sublet space. An increase in sublet space is a strong indicator that businesses are running lean and have excess office space that they are willing to lease.

A positive sign is the construction of two office buildings by the Pettinaro Company in the central business district. The combination of The Star Building, a recently completed 163,800 square foot new construction on Justison Street near the River, and The Courthouse on Rodney Square, which is under construction, will result in more than 300,000 square feet of new office space. When completed in 2012, The Courthouse (165,000 sf) will be occupied by the law firm of Young Conaway Stargatt & Taylor.

Davisson observed, “Most people believe that absorption, the net increase or decrease in occupied space, is the best indicator of a market’s health. By that measure, we still have a way to go, as absorption was negative in both CBD & OCBD with 14,449 square feet and 99,637 square feet respectively.

“Last year was the worst year in the history of the Greater Wilmington office market. We rebounded from that low during the first half of this year. But until we see substantive and consistent positive signs in our economy, and a resulting increase in both consumer and business confidence we won’t see a return to strength. Since commercial real estate lags the economy by 12-18 months, we believed we will be well into 2011 before we see significant strengthening in Greater Wilmington’s office market,” concluded Davisson.

Jackson Cross Partners is a Commercial Real Estate company, focusing on a consultative approach to client service. The Jackson Cross team brings extensive experience in Corporate Real Estate, Brokerage, Development and Finance to the property life cycle. With offices in Philadelphia and King of Prussia, Pennsylvania; Wilmington, Delaware; and, Swedesboro, New Jersey, Jackson Cross provides market coverage throughout the Delaware Valley as well as access to markets throughout the world through its affiliation with ONCOR International.

Jackson Cross Partners is a NorthMarq Capital affiliated company. Through a joint venture with Fameco, Jackson Cross Partners provides Property Management and Retail brokerage services.

JACKSON CROSS ANNOUNCES LOUISVILLE LADDER LEASE

King of Prussia, PA – July 29, 2010 – Jackson Cross Partners, LLC today announced that Louisville Ladder, Inc. has leased 50,000 SF at the Dunks Ferry Road Industrial Park in Bensalem PA. The five year lease has a total aggregate value of just less than 1 million dollars.

Jackson Cross Partners, in cooperation with the Stephen C. Gault Co. of Louisville, Kentucky, represented Louisville Ladder in their search for a new distribution center.

Louisville Ladder, founded in 1946, is one of the largest climbing products manufacturers in the world. They are relocating their Philadelphia Regional distribution center to the Dunks Ferry Road Industrial Park in Bensalem.

Rafael Arauz, Louisville Ladder’s Logistics Manager said, “We are pleased to be able to continue to serve the Philadelphia market. The company has been distributing quality products in this area for more than 20 years and we are proud of our local employees and the high level of customer service they provide”.

Nick Adams and Louis J. Battagliese, Jr. focused their search on sites in the Bucks County market that allowed Louisville Ladder quick access to major roadways. “We searched the market and focused on quality space that matched with Louisville Ladder’s needs” said Nick Adams.

The landlord, Cobalt Capital Partners, and Mike Borski, Sr. of the Flynn Co. welcomed Louisville Ladder as a new tenant. Move in is scheduled for August of this year.

Jackson Cross Partners – ONCOR International is a full-service commercial real estate brokerage and property management organization that is headquartered in King of Prussia, PA. The firm has more than 35 brokers and related service professionals located in King of Prussia, center city Philadelphia, Swedesboro, NJ, and Wilmington, DE. Jackson Cross provides Financing and Property Management Services through active partnerships with NorthMarq Capital and Fameco Management respectively.Through ONCOR International, the firm provides client services to over 220 markets worldwide.

JACKSON CROSS ANNOUNCES QUAKER SAFETY BUILD TO SUIT

King of Prussia, PA – July 29, 2010 - Jackson Cross Partners, LLC today announced that Quaker Safety recently joined Gorski Engineering Inc. to break ground on a new 28,000 square foot manufacturing and service facility at Northfield Business Campus in Richland Township, Bucks County. Gorski Engineering Inc. of Collegeville is the developer of Northfield Business Campus.

“I appreciate the hard work the Gorski team put in making this project possible and I am eager to move into the new facility,” said Pete Nicholas of Quaker Safety. “We will employ more than 40 people when we occupy the new facility in November of this year.”

Quaker Safety is one of the leading manufactures of NFPA compliant garments for Structural and Proximity Fire Fighting. Since 1986 substantial research and development has enabled Quaker Safety to design and manufacture high quality turnout gear with a quick and reliable delivery schedule. Quaker Safety’s rapid delivery, customer satisfaction and technical support remain unsurpassed in the fire service industry.

Gorski Engineering Inc. of Collegeville, Northfield’s developer, provided planning, design, construction and building service solutions to Quaker Safety. Northfield Business Campus is a 118 acre development. There is a 50 acre tract fronting on East Pumping Station Road and 68 acres of open space that preserves significant woodlands and provides riparian buffers. Jerry Gorski noted, ”The development can house up to 400,000 square feet of building on the 50 acre tract, creating an opportunity for over 600 jobs”.

Nick Adams of Jackson Cross Partners represented Quaker Safety in their search for a new facility to help expand with their growing company. “The supply constrained market of quality manufacturing buildings led us to search the build-to-suit market,” said Nick Adams of Jackson Cross Partners. “Gorski Engineering was able to design a new facility tailored to meet Quaker Safety’s requirements and remain within the budget. The new 28,000 SF facility will allow for Quaker Safety’s future growth.”

Financing for both Northfield Business Campus and Quaker Safety’s new facility is provided by Univest Corporation of Souderton.

Jackson Cross Partners – ONCOR International is a full-service commercial real estate brokerage and property management organization that is headquartered in King of Prussia, PA. The firm has more than 35 brokers and related service professionals located in King of Prussia, center city Philadelphia, Swedesboro, NJ, and Wilmington, DE. Jackson Cross provides Financing and Property Management Services through active partnerships with NorthMarq Capital and Fameco Management respectively. Through ONCOR International, the firm provides client services to over 220 markets worldwide.

JACKSON CROSS MANAGEMENT SERVICES CHOSEN BY GENERAL INVESTMENT AND DEVELOPMENT COMPANIES

Boothwyn, PA - May 20, 2010 -  Jackson Cross Management Services today announced they have been chosen by GID Investment Advisers LLC (GID) to manage six buildings that total 215,668 square feet at Naaman’s Creek Center. Naaman’s Creek is a 125-acre business park located on Route 322, just three miles west of I-95 in Upper Chichester Township, Delaware County, PA.

“We are very proud to be chosen for this assignment,” said Larry Zipf, President of Jackson Cross Management Services. “While we currently manage more than eleven million square feet of commercial real estate, this assignment will allow us to showcase our property management platform for the office and flex property type. GID is an experienced and respected institutional owner, and this relationship is very important to us and our company.”

“We were looking for a property management firm that has strong local relationships, local market knowledge, the ability to deliver superior services, and a commitment to provide our tenants with world-class service,” said Rich Sullivan, Vice President of GID Investment Advisers. “With Jackson Cross Management Services we believe we have found a firm with all of those qualities.”

“We welcomed the opportunity to present our credentials to GID and are honored to have been chosen,” noted Eric Gorman of Jackson Cross Partners. “Over the years we have successfully placed clients at Naaman’s Creek Center. We currently represent GID in their leasing efforts at Naaman’s Creek and are confident that working as a leasing and management team we will be able to increase tenant satisfaction by improving the overall level of service to the tenants,” concluded Gorman.”

GID’s portfolio of business parks consists of 5.1 million square feet of office, flex and industrial space in seventeen business parks located in eight states. GID also owns 1 million square feet of suburban office property and over 12,000 apartment homes spanning 12 states. GID participates with the DuPont Pension Fund, CalPERS, the State of Oregon Pension Fund and CalSTRS in co-investment joint ventures for the acquisition of flex and office commercial properties and multi-family apartment properties. GID was founded in 1960 and is a privately held organization.  GID’s philosophy is that well-maintained properties with exemplary responsiveness and customer service through intensive management will provide a desirable location for businesses.

Jackson Cross Management Services was established in 2007, when Jackson Cross Partners joined forces with Fameco Management Services, one of the pre-eminent property management firms in the region to form the firm. The synergies created by this affiliation complement the core competencies of the two firms, further augment our delivery platform and provide even greater benefits to our clients.

Every year Jackson Cross Management Services prepares over 1,000 financial reports associated with the management of more than eleven million square feet including almost 900 tenants, the collection of $50 million in rent, and the payment of $46 million in expenses. Assets currently under management exceed a market value of $2 billion.