"Our expertise lies in identifying and rejuvenating distressed properties, creating a viable asset where there was formerly an obsolete property,” says Terry Frassetto, Saddleback president.

The combination of the firms will offer a keen understanding of the national commercial real estate landscape with a precise, street-level focus that establishes a competitive advantage for investors during all phases of an asset's lifecycle.

The building is scheduled to be completed before the end of the year and will be the largest industrial facility ever constructed on speculation in Northeastern Pennsylvania.

iStar says it has already invested $300 million and has acquired 35 acres of land in Asbury Park in what has become its chief executive officer Jay Sugarman's 10-year, multibillion-dollar redevelopment plan for the Asbury Park boardwalk area.

The markets in which the portfolio assets are located – Atlanta, Orlando, Charleston, Raleigh and Charlotte – are all high population growth markets.

Atlanta's low cost of living vs. the Northeast and the Midwest and a business-friendly government and regulatory environment are driving economic growth, says Transwestern's Bruce Ford.

"It's not a cookie cutter," PREIT's Joseph F. Coradino says. "The answer tends to be market driven."

Capitol Senior Housing has other holdings in New Jersey, including the newly opened Atria Norwood, Arbor Terrace Morris Plains, and The Chelsea at the Solana Marlboro, and is opening new communities in Mount Laurel and Shrewsbury.