4C — March 15 - 28, 2019 — Pennsylvania — M id A tlantic

Real Estate Journal


P ennsylvania Manhasset Bay Associates sells 14.63 acres inMorrisville Roddyhandles saleof a55,200 s/f DICK’S Sporting Goods

FREA reps. OAA in the lease of 2045 Westgate Dr., Bethlehem

BETHLEHEM, PA — Cindy McDonnell Feinberg, CCIM of Feinberg Real Estate Ad-

continued from page 2C nearly identical year-to-year, making this assumption could prove costly. And lastly, and perhaps most importantly, keep accurate records. While this may seem obvious, as the pace of life quickens, it can seem daunt- ing to keep note of everything, no matter how small the up- date. Keep in touch with your partners to confirm address changes and/or partner deaths/ transfers. More andmore states are requiring nonresident with- holding for partners and if a partner moves to another state, you may have a requirement to withhold. Partner deaths or transfers could trigger the need for an IRC Sec. 754 election and therefore an IRC Sec. 743 step up or step down calculation and related depreciation. Some real estate partner- ships can run for a very long time, but if these records are not kept up-to-date, it is very difficult to determine how profit and loss should be allocated each year. Should parties need to move on, it could be even more difficult to know what to do when you dissolve the entity years down the road. The best option? Work with someone who knows these complex is- sues inside and out. If you have any questions about setting up, managing, or dissolving a partnership, be sure to contact your tax advisor. Beverly Jenkins, EA, MST is a principal in Ellin & Tucker’s tax department.  Setting Up a successful real . . . “Cindy is incredibly detail- oriented and took the time to learn about the growing needs of our practice and patients,” said Dan Seiders, CEO. “This made all of the difference when selecting properties to show us and is how we ended up with such a convenient location for our patients at 2045 Westgate Dr. Thanks to her extensive knowledge, she helped us to envision how the office space could work best for our practice, and assisted with a number of design aspects.”  rheumatology practice. They also wanted close proxim- ity to Rtes. 22 and 378,” said Feinberg. “We searched the eastern side of the Lehigh Valley market and found a great first-floor medical of- fice suite that met all OAA’s requirements. The location is adjacent to the Lehigh Valley Health Network’s Muhlenberg Campus which added another level of convenience.”

visors, LLC (FREA) rep- resented the tenant, OAA Orthopaedic Spe c i a l i s t s on its 5,225 s/f medical of- fice lease lo- cated at 2045 Westgate Dr.,


ORK, PA — Roddy Inc. brokered the sale of the 55,200 s/f build-

ing, situated on 9.35 acres l o c a t e d a t 1 3 1 3 Ke n - neth Rd., to SP Middle- t own Land Holdings LP. F r a n k Roddy , presi-

Cindy McDonnell Feinberg

Bethlehem. The property is owned by Lutheran Manor Enterprises which was repre- sented by David A. Klein Real Estate . “OAA wanted to be in the area around Schoenersville Rd. for the convenience of patients of the podiatry and

Frank Roddy

dent of Roddy Inc., who handled the sale advised that the facil- ity was sold to SP Middletown Land Holdings LP on behalf of Republic-York Partnership for $6.25 million.

1313 Kenneth Rd.

In a second transaction, Rod- dy brokered the sale of the 14.63 acre land parcel located at the corner of Progress Dr. & Steel Rd. South, New Ford

Mill Rd. Industrial Park, Mor- risville. The 14.63 acres were sold by Manhasset Bay Associates for $2.195 million. 

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