1 | denholtz associates

1 | denholtz associates
2 | denholtz associates
Mission
For over 60 years Denholtz Associates
has built a reputation for integrity, innovation,
and commitment. Our goal is to provide our
employees and tenants with a superior work
environment to flourish and grow and to
maximize value for our partners and investors.
3 | denholtz associates
Overview
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Privately held, vertically
integrated real estate
development/operating/
investment company
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Multistate office/flex/
industrial/multifamily
portfolio consisting of
5 million square feet
Value-add platform targeting
underperforming assets in
prime locations
Headquartered in Matawan,
NJ with offices in Chicago,
Tampa and West Palm Beach
Focus on risk reduction
through multitenancy,
intensive management,
and industry/geographic
diversification
Denholtz Associates
Timeline
1950
1950-1960s
1960
1960-1970s
1970
Pioneer of modular industrial buildings
serving users of small distribution or
service space.
1980
1980-90s
1990
1998
Jack Denholtz starts company. Construction
of single family homes, townhouses, low
and moderate income, government assisted
housing in NJ.
Expansion projects including urban
renewal, commercial and industrial
development.
Steven Denholtz assumes leadership
and expands NJ portfolio.
Acquisition of 127 acre Lily Tulip factory site in
Holmdel, NJ for $200 million redevelopment project.
First Brownfields Redevelopment project in NJ.
2000
2000
Renovation of 300,000 sf Class A
office building in Jersey City, NJ.
Winner of TOBY Renovated Office
Building of the Year.
2010
2.7 2001
$$ 2006
Partnership with Almanac Realty,
an investment vehicle for $125
million in expansion capital.
2020
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2011
Construction of new 42,500
sf corporate headquarters.
Acquisition of 2.7
million sf portfolio from
a publicly traded REIT.
Capital Sources
Our varied and extensive
real estate investments have
enabled us to affiliate with
some of the nation’s premier
capital providers, including:
• GE Capital Corp.
• Genworth Life & Annuity
Insurance Co.
• HSBC
• Fannie Mae
• M&T Bank
• Morgan Stanley
• Provident Bank
• Wells Fargo
• Almanac Realty
• Goldman Sachs Equity Partners
• Paradium
• Lincoln Insurance
• First Bank
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Our Team
Steven J. Denholtz
chief executive officer
Steven Denholtz, Chief Executive Officer, has been with the
Company since 1983. He is responsible for the strategic
direction of the Company as well as its capital structure,
supervision of all development opportunities, and spearheading
of business development. Under his stewardship the Company
has grown to more than 60 employees and doubled the square
footage it owns and manages. Mr. Denholtz has served as a
Board Member for the New Jersey Economic Development
Authority, Treasurer and Board of Trustees Member of the New
Jersey Chapter of the National Association of Industrial and
Office Properties (NAIOP), Board Member of Meridian Health
Affiliated Foundations, and is a member of the New Jersey Bar
Association. He has a B.A. and M.A. from Northwestern University
and a J.D. from the University of Pennsylvania Law School.
Our extensive combined experience
has created deep bonds, innate
trust, and powerful results for our
tenants and capital partners.
—Steven Denholtz
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Our Team
Stephen Cassidy
President
Stephen Cassidy, President, joined the Company in 2002. He
oversees the operations and finance functions of the Company’s
multistate portfolio from its headquarters in New Jersey. Mr. Cassidy,
a licensed Certified Public Accountant, is a member of the New
Jersey Society of CPAs, the American Institute of Certified Public
Accountants, and the National Association of Industrial and
Office Properties (NAIOP). He holds a B.S. and an M.S. from
Rutgers University and is an Advisory Board Member of the
Rutgers Business School Center for Real Estate.
Kristine B. Hurlbut
senior vice president of leasing
Kristine Hurlbut, Senior Vice President of Leasing, has been
with the Company since 1990. She is responsible for the leasing
and marketing of the Company’s national portfolio, overseeing
the activities of third party brokers, and the implementation
of all company-wide leasing procedures, including all leasing
reporting. Ms. Hurlbut is an active member of the National
Association of Industrial and Office Properties (NAIOP) as well
as a Board Member of Industrial Commercial Real Estate Women
(ICREW). She has been featured in articles in Real Estate New
Jersey, Commercial Property News, and NJ Biz. Ms. Hurlbut has
a B.S. from Kean University and an A.P.C. in Real Estate from
New York University.
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Our Team
JP Josephson
Director of Florida Acquisitions
JP Josephson is responsible for the sourcing, underwriting,
and execution of prospective acquisitions for Denholtz Associates
in Florida. He brings over 17 years of real estate experience
in a wide variety of capacities. He has been directly involved in
almost $1.5 billion of principal investment acquisitions, totaling
over 7 million square feet of real estate while he was a partner
at JBK Capital and SVP at Montecito Property Company.
Additionally, he has extensive experience on the debt side,
having successfully negotiated the modification of over $300
million of defaulted debt for clients, managed loan pools totaling
over $2.5 billion while at LNR, and has been involved in over
$5 billion of CMBS securitizations while at UBS. Mr. Josephson
holds a B.S. from Washington and Lee University.
Janet Kouvaras
Director of finance
Janet Kouvaras, Director of Finance, joined the Company in
2001. She is responsible for the day-to-day management of all
aspects of financial matters for the Company. Ms. Kouvaras, a
licensed Certified Public Accountant, is a member of the American
Institute of Certified Public Accountants and earned a B.S. in
Accounting from Pace University.
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Our Structure
Steven
Denholtz
chief executive
officer
Stephen
Cassidy
Property Management
president
Accounting
Regional Property Managers,
Property Managers, On Site
Management/Administration,
Building Engineers and Porters,
Management Support
Director of Finance, Controller,
Accounting Supervisor,
Senior Property Accountant,
Accounts Receivable,
Accounts Payable,
Property Accountants,
Property Accounting Support
Acquisitions/Financing
Leasing
Acquisitions Analyst,
Project Analyst
Senior VP of Leasing,
Director of Leasing,
Leasing Administrator,
Tenant Relations Coordinator,
Leasing Support
Construction
Legal
Administration
Project Manager,
Construction/IT
Paralegal,
Legal Support
Human Resources,
Public Relations,
Office Manager, Reception
Data
Relevant
Experience
New Jersey
Office
Pennsylvania
Flex/Industrial
Illinois
Our Properties
by State
150 Morristown Road
Bernardsville
Business Center at EdisonEdison
270 Sylvan AvenueEnglewood Cliffs
Fairfield Business CenterFairfield
100 Commons WayHolmdel
Metropark South
Matawan
Metropark South II
Matawan
Oak Tree Business CenterS. Plainfield
New Jersey
Florida
Bridgewater Industrial Park
Bridgewater
Clark Commercial CenterClark
1 Kimberly RoadE. Brunswick
10 Alvin CourtE. Brunswick
Edgeboro Corp. CenterE. Brunswick
Fairfield Business CenterFairfield
Essex Fairfield CampusFairfield
140 Ethel Road West
Piscataway
Brunswick Business Park
Piscataway
Northampton Business ParkToms River
Residential
Rahway Plaza ApartmentsRahway
Union Plaza ApartmentsUnion City
Florida
New Jersey
University Corporate
Fairfield Business
Pinellas
The Times
270 Sylvan
150 Morristown
Union Plaza
Clark Commercial Center
Oak Tree
Bridgewater Industrial
Florida
Office
Pinellas Business CenterSt. Petersburg
The Times BuildingTampa
Flex/Industrial
Flamingo Commerce CenterRiviera Beach
University Corp. Center
Winter Park
Flamingo
Commerce Center
Brunswick Business
140 Ethel
Essex Fairfield
Rahway Plaza
Business Center
Edgeboro Corporate
1 Kimberly
10 Alvin
Metropark South
Metropark South II
Northampton Business
100
Commons
Data
a unified
approach
TYPES
STATES
Office Flex./Ind. Residential
NJ
SF by Asset Type
FL
PA
IL
SF by Region
13%
11%
3%
54%
33%
19%
No. of Tenants by
Asset Type
67%
No. of Tenants by Region
24%
9%
48%
1%
8%
28%
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Space
Planning
Property
Management
82%
1%
82%
8%
28%
Company Services
Profitability Through
Operational Excellence
Property Management
Space
Planning
Property
Management
Asset
Management
Capital
Markets
Legal
Acquisitions
Hands-on management responsive
to tenant needs, including on line
Service Request Helpline.
Asset Management
State-of-the-art financial and
property management systems
maximize operational effectiveness
and responsiveness.
Legal
In-house preparation and
negotiation of lease documentation
allows for efficient deal making and
follow-through.
Leasing
Leasing
In-house team focused on net
effective rents and maximizing
occupancy through market
knowledge and efficient costing
for tenant fit up.
Acquisitions
Full service multistate owner/
developer targeting underperforming
assets in prime locations.
Capital Markets
Sophisticated execution of debt and
equity structures.
Space Planning
In-house CAD allows for quick
customization and pricing of tenant
floor plans.
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Investment Profiles
Corporate
Headquarters
Challenges
• Acquisition structured around Kara
Homes’ bankruptcy
•P
artially completed construction
necessitated extensive re-engineering
•R
edesign required to prepare
METROPARK SOUTH II,
MATAWAN, NJ
Results
Opportunity
• Financing provided by local
relationship bank
• Bankruptcy of Kara Homes halted
construction of new headquarters building
in early stages of construction
• Ideal site for relocation and expansion of
Denholtz Associates headquarters
•C
orporate offices relocated
•B
uilding 100% leased before completion
Core Plus
Challenges
•Negotiating deed-in-lieu from existing owner
•Obtaining acquisition loan from existing
lender - NYSE mortgage REIT
•50% vacant at acquisition
150 MORRISTOWN ROAD,
BERNARDSVILLE, NJ
results
• 90% occupied
Opportunity
• Acquire 56,000 sf multitenant office
building from lender in foreclosure
•Prestigious submarket
•Modern, well designed building
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•L
ong-term fixed rate financing
•S
tabilized cash flow allowing for partner
distributions
Multiuse
Development
•R
equired extensive demolition and
site work
• Complex political and entitlement
process
Results
LILY TULIP REDEVELOPMENT,
HOLMDEL, NJ
• Fully constructed multi-use development
• 158 senior housing units
• 44,000-square-foot office building
Opportunity
• 235,000 square feet of retail
• $8.2 million acquisition of defunct Lily Tulip
industrial site in Holmdel, NJ
• Public/private partnership
• 127 acres
• Existing 1,000,000 sf shuttered
manufacturing facility
Challenges
• 64 areas of environmental concern
• Antiquated zoning
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• First developer to apply for Brownfields
approval in New Jersey
• $200 million created real estate value
Environmental
Remediation/
Development
HAMILTON AVE
REDEVELOPMENT SITE,
SOUTH PLAINFIELD, NJ
Opportunity
• 29 acres in South Plainfield
• Formerly contaminated
super fund industrial
site remediated by EPA
over 8 years
•D
enholtz awarded redevelopment
rights by the Borough of South
Plainfield
Challenges
Results
• Denholtz has obtained site plan
approval for development of Phase I
construction of 4 buildings
• EPA has lien of $150 million on land
- retail lease with WaWa
• Inadequate zoning
- lease with STS
• Requires tri-party agreement
with current landowner, EPA,
and redeveloper
- retail building
- flex building
• Preliminary plans for Phase II of
development include a combination
of flex/industrial/retail buildings
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Urban
Core Office
30 MONTGOMERY STREET,
JERSEY CITY, NJ
Opportunity
• Acquire 300,000 sf office building
with structured parking on Jersey City’s
Gold Coast
Challenges
• Existing ownership, UNA, facing financial
difficulties
•B
uilding in extreme disrepair
• All mechanical systems failing
•5
0% occupied
Results
•P
urchase price of $19 million plus capital
improvement projects of $8 million for all in
cost of $27 million
•S
ale at $52 million in four years
• TOBY award winner for Renovated Office
Building of the Year
•O
ccupancy at 97%
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www.denholtzassociates.com
14 Cliffwood Avenue, Suite 200, Matawan, NJ 07747 • Tel: 732-388-3000