16A — July 23 - August 19, 2021 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
HILADELPHIA, PA — SkyREM, LLC an- nounced the acquisi- The 11,000 s/f property is located at 314 South 5th St. in Society Hill neighborhood SkyREM acquires CVS Pharmacy in Society Hill, Philadelphia, PA P
with Kay Properties. If you are interested in learning more on how to use a DST to mitigate risk and defer taxes in your 1031 exchange, contact Kay Properties by registering at www.kpi1031.com. Steve Haskell is vice pres- ident at Kay Properties and Investments. MAREJ This material does not con- stitute an offer to sell nor a so- licitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk sec- tion prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. There are material risks associ- ated with investing in real estate securities including illiquidity, vacancies, general market con- ditions and competition, lack of operating history, interest rate risks, general risks of own- ing/operating commercial and multifamily properties, financ - ing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential re - turns and potential appreciation are not guaranteed. Securities offered through Growth Capital Services, mem- ber FINRA, SIPC, Office of Su - pervisory Jurisdiction located at 582 Market Street, Suite 300, San Francisco, CA 94104. we look forward to continu- ing our long-term investment in Philadelphia.” said Alex Dembitzer , founder of Sky- REM. The property was fully renovated in 2018 and is lo- cated in a neighborhood that today boasts the highest av- erage household income and second highest real estate values in all of Philadelphia, the sixth largest city in the United States. CVS Health Corporation is the largest pharmacy health provider in the United States with more than 9,700 locations across all 50 states, the District of Columbia, Puerto Rico and Brazil. MAREJ
out. The due diligence period on the replacement property extended past the 45-day pe- riod. If inspections exposed an issue that compromised the deal, the exchanger would be vulnerable to over hundreds of thousands of dollars in taxes. However, since the Kay Prop- erties representative advised the client to use a DST as a backup ID, the exchangers risk of a failed exchange was significantly mitigated. Finally, Kay Properties as- sisted the investor to ensure there was no leftover equity by using the DST to invest the leftover boot. After the ex- changer and the seller agreed on a price, he realized there was approximately $50,300 of exchange funds left over. Kay Properties found a DST to invest that exact amount to finish up the exchange. When one has the knowl- edge and the assistance of a skilled DST 1031 specialist, an investor can mitigate risk and protect themselves from a failed exchange in a variety of ways. Through the assistance and guidance of Kay Proper- ties, the exchanger in this case split funds into both DSTs and his own property, replaced his debt with a non-recourse loan, protected his exchange with a backup ID, and took care of the leftover boot. These high level DST skills often are not available to investors who choose to work with unaware financial planners with little- to-no understanding of real es- tate, 1031 exchange strategies and DST investments. Fortu- nately, the client was working three blocks from America’s most historic Square Mile – home to Independence Hall, the Liberty Bell and the Na- tional Constitution Center, among other U.S. landmarks. “We are pleased to complete this acquisition of the Society Hill CVS Pharmacy – this property is located directly across the street from our ACME Markets ground lease, furthering our strategy to acquire long term essential retail assets in irreplaceable locations with potential for future development. Along with significant leasing activ - ity at our historic 1,000,000 s/f Quartermaster Campus,
tion of a long- term, single- tenant net leased CVS Pharmacy . The 11,000 s/f property, l o c a t ed a t 314 Sou t h 5 th St . i n
Alex Dembitzer
the prestigious Society Hill neighborhood of Philadelphia is adjacent to the ACME Mar- kets grocery store which Sky acquired the ground lease in January 2020. This rare and irreplaceable location is just
314 South 5th Street
JLL New Jersey adds four professionals to the investment sales advisory team
continued from page 2A The Case Study of a 1031 . . .
WOODBRIDGE, NJ — LeGrand Coffee House will open its first brick-and-mor - tar location in downtown Woodbridge, becoming the inaugural retail tenant at Prism Capital Partners’ Avenue & Green. Entrepre- neur and Woodbridge native Eric LeGrand leased 1,800 s/f at the mixed-use, transit- oriented development cur- rently under construction at the corner of Rahway Avenue and Green Street – next to the Woodbridge train station. Ripco Real Estate’s Cur- tis Nassau and Deborah Stone brokered the transac- tion as retail leasing agents for Avenue & Green’s 12,000 s/f retail component. The • worked at Cushman from 2017 on as a lease adminis- trator and then transaction analyst • Graduate of FordhamUniver - sity, May 2017 •Four years of experience Josh Stein • Leviathan Capital – Associate Analyst • Graduated fromUniversity of Michigan May 2019 • Two years of experience NEW JERSEY – JLL New Jersey announced that they have hired four new experi- enced professionals to join the Morristown, New Jersey invest- ment sales advisory team. The new professionals joining JLL include: Jason Lundy
Jason Lundy
Josh Stein
Alexander Alfier
Austin Pierc
• Lehigh University – gradu - ated in 2020 “As we continue to grow our capital markets team we’re ex- cited to bring on four talented analysts that exemplify the work ethic and drive our team prides itself on. We look for- ward to their contributions to the team and our clients”, said senior managing directors Jose Cruz. MAREJ
Alexander Alfier • Meehan Valuation – Associ - ate Appraiser • Graduated from The College of William and Mary, January 2019 • Just over two years of experi - ence Austin Pierc • Katerra East Construction Project Engineer • Ariel Property Advisors Intern
Prism’s Avenue & Green announces 1st retail lease
Avenue & Green
property also features 232 apartments, with the entire project expected to be ready for occupancy this summer. “We are excited to welcome Eric and LeGrand Coffee House to Avenue & Green,” said PrismCapital Partners’ Robert Fourniadis , senior vice president, residential. “This property is designed
to meet ongoing demand for transit-oriented multifam- ily, and to provide residents with upscale amenities and in-building conveniences. LeGrand Coffee House will be a perfect fit, offering great refreshments and an invit- ing gathering place for the entire Woodbridge commu- nity.” MAREJ
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