10C — August 9 - 22, 2019 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marej.com
P ennsylvania
Ross of NAI CIR complete lease of 0.52 acre parcel
And 69,991 Sf/1.01 Ac of sales Bennett Williams Comm'l. brokers 17,639 s/f of leases
LEMOYNE, PA — The 0.52 acre parcel at SE Corner Valley Rd. and Poplar St. in East Pennsboro Twp. has been leased to JP & Son Construc- tion, LLC from Amy S. Mac- adam. James Ross of NAI
in April, spell out exactly how businesses can meet the 50% income threshold, and the requirements are now more flexible. Under new guidance, any one of the below criteria will clear the test: At least 50% of the hours worked by employees and in- dependent contractors occur within the QOZ. At least 50% of the total amount the company pays for services performed goes toward services performed in the QOZ. The company’s tangible prop- erty and management or opera- tional functions performed in the QOZ are necessary to gen- erate 50% of its gross income. And if a business doesn’t meet any of these “safe har- bors,” it can still meet the 50% requirement if it can argue that at least half of its gross income is derived from its “active con- duct” within the QOZ. The goal is that these rules will spur investors to invest their capital gains in qualifying startups located with QOZs. As a word of caution, it’s im- portant for investors to evalu- ate each project carefully. QOZs are intentionally designed not to function like a get-rich-quick scheme; and while they can help turn a good venture into a great one, they will never turn a bad venture into a good one. Rock Commercial Real Estate focuses on brokerage advisory, management solu- tions, research & mapping, and strategic consulting. value on its balance sheet and gains and/or losses, both real- ized and unrealized, on their income statement. Further, an investment company would disclose financial highlights in the financial statements. For real estate professionals who are planning to establish a real estate fund, it is crucial that they consult with their accountants and attorneys during the preliminary and initial planning stages to ensure that their governing documents are consistent with their strategy and their investors’ expectations. Michael Shuster is a se- nior manager in the Real Estate Services Group at EisnerAmper LLP. CIR , handled the transaction. DSB Enterprises, LLC pur- chased a 9,468 s/f office build- ing located in Lower Allen Township. The Bill Glad- stone Group of NAI CIR represented the seller.
ORK, PA — Bennett Williams Commercial has arranged the sale/ lease of the following transac- tions: 6,660 s/f retail space at Dau- phin Plaza, 3830 Union De- posit Rd., Susquehanna Twp. PJW Harrisburg, LLC dba P.J. Whelihan’s leased the space from Dauphin Plaza Owner, LLC. Abe Khan, Brad Rohrbaugh a nd Chad Stine of Bennett Williams Com- mercial represented the land- lord in the transaction. 6,664 s/f retail space at 2701 E. Market St., Springettsbury Twp. Mavis Tire Supply, LLC leased the space from 2700 East York, LLC. AdamHager- man of Bennett Williams Com- mercial represented the tenant and Rohrbaugh, Stine and Joe Spagnola of Bennett Williams Commercial represented the landlord in the transaction. 3,200 s/f retail building at 3315 Concord Rd., Springetts- bury Township, York County, PA. GPS Hospitality Partners II, LLC dba Burger King leased the space from Quattro York, LLC. Hagerman, Rohrbaugh, and Stine represented the ten- ant in the transaction. 1,115 s/f retail space at The Heights Plaza, 180 Leader Y NORRISTOWN, PA — FirstService Residential has been contracted to provide property management ser- vices to the Greens at Westo- ver, a 299-unit condominium community in Norristown. “We couldn’t be more excited about beginning our partner- ship with the Greens at Westo- ver,” said Michael Mendillo , president, FirstService Resi- dential. “Our team’s vast ex- perience and commitment to delivering service excellence LONGPOND,PA — Penn’s Northeast (PNE) , a regional economic development agency recently announced a record breaking year at their annual meeting. Held at Pocono Raceway, members, partners, site selec- tors and brokers attended to share in the success of the past year. At the annual meeting, at- tendees were part of a presenta- tion that highlighted the amount of unique leads, prospect visits
Heights Rd., York Twp. Leaf and Arrow Tattoo, LLC leased the space from Heights Re- alty, LLC. Karen Neiderer , Rohrbaugh and Stine of Ben- nett Williams Commercial rep- resented both the tenant and the landlord in the transaction. 2,600 s/f retail building at 120 Montemorenci Ave., Ridg- way Borough. Majid Syeed purchased the property from National Retail Properties . Khan, Rohrbaugh and Stine represented both the buyer and the seller in the transaction. 1,962 s/f retail building at 1154 River Rd., East Donegal Twp. Giuseppe and Anna Coni- gliaro purchased the property from BB&T. Hagerman repre- sented the buyer and Justin Willits , Rohrbaugh, and Stine of Bennett Williams Commer- cial represented the seller in the transaction. 1.01 AC land at 2701 E. Market St., Springettsbury Twp. 2700 East York, LLC purchased the property from S&T Bank. Rohrbaugh, Stine, and Spagnola represented the buyer and Rohrbaugh and Stine represented the seller in the transaction. 5,600 s/f retail building at 460-472 Shrewsbury Commons Ave., Shrewsbury Twp. Pacifica in all we do will ensure a suc- cessful partnership for years to come.” The Greens at Westover is located in proximity to King of Prussia and Valley Forge National Historic Park. The Greens at Westover offers its residents scenic views of the 18th hole of the Westover Golf Course. Residents enjoy the community’s clubhouse featuring a lounge, library, multi-purpose room and cater- ing kitchen. In addition, the and new jobs that were created in NEPA. In addition, PNE ex- panded their regional approach by adding two new county part- ners – Pike and Columbia. Also announced were new members and investors that have joined PNE in the past year bringing the total to its highest number since inception. PNE serves as the single point of contact to assist bro- kers, site selectors and com- panies with all of their loca- tion needs. PNE provides real
Companies, LLC purchased the property from Shrews- bury Properties Group, LLC. Rohrbaugh, Stine, and Dave Nicholson of Bennett Wil- liams Commercial represented the buyer and Brad Rohrbaugh and Chad Stine of Bennett Wil- liams Commercial represented the seller in the transaction. 5,384 s/f office building at 37-39 N. Queen St., York City. Inch’s Equities, LLC purchased the property from Core Hold- ings Company, LLC. Neiderer and Brian Parrish of Ben- nett Williams Commercial represented the seller in the transaction. 21,945 s/f industrial build- ing at 619 Maple Ave., Lands- dale Borough. Trefz Property Group, LLC purchased the property from JKE Real Es- tate, LLC. Bill Hess of Ben- nett Williams Commercial represented the buyer in the transaction. 32,500 s/f industrial building at 2550 Blvd. of the Generals, West Norristown Twp. 2550 Norristown Realty Venture, LLC purchased the property from DGP Investment, LLC. Theo Notaras of Bennett Wil- liams Commercial represented both the buyer and the seller in the transaction. community features a fitness center, indoor pool and walk- ing and biking trails. “We’re thrilled to partner with the Greens at Westover community,” said Jack Bo- selli, president, Pennsylvania, FirstService Residential. “Our team’s depth of resources, extensive communication technology solutions and un- paralleled level of financial services are just a few of the reasons the board selected FirstService Residential.” estate options, workforce and employee recruitment, financial incentives, and additional as- sistance as needed. The organization’s goal is to attract quality employers to NEPA and enhance the re- gion’s economy through new investments, job creation and increasing the amount of po- tential business opportunities for regional businesses through targeted business recruitment and unique lead generation activities.
continued from page 2C Uncloaking the Mystery of QOZ . . . revisions appearing as late as April of this year. Q: What’s eligible and what’s not?
A: Most QOZ investments have involved real estate. Giv- en that real estate is immobile, investments in it have most clearly met the program’s re- quirements and, therefore, were the simplest and safest investments to pursue. Besides purchasing a property within a delineated QOZ tract, prior provisions of the Tax Cuts and Jobs Act of 2017 stated that at least 70% of a leased physi- cal property must be situated within a QOZ. Additionally, preexisting firms are not eligible for the newly instated QOZ benefits. The law is designed to draw fresh activity to the areas by requiring that no less than 90% of a business’s lease term be in effect after the commencement of the Act in December 2017. Furthermore, at least 50% of a QOZ business’s income must be generated within the given Opportunity tract. This latter point has proven rather dubious: certainly, traditional brick-and-mortar businesses, such as a neighborhood diner or grocery store, would qualify for the program. But what about online retailers or startups, which are physically based in a QOZ, yet ship products and generate significant income outside of a QOZ? The new provisions, released This determination, which may change over the life of the company, drastically affects the presentation of a company’s financial statements. A real es- tate entity that does not qual- ify as an investment company would likely report the real estate (land and building) on its balance sheet at depreciated cost, along with receivables and payables from operations. The income statement would reflect the operations of the property including, but not limited to, rental income, operating ex- penses and depreciation. Com- paratively, a real estate entity that qualifies as an investment company would report the in- vestment in real estate at fair
FirstService Residential welcomes The Greens at Westover to its Pennsylvaniamanagement portfolio
Real estate investment vehicles: . . . continued from page 4C
Penn’s Northeast announces record breaking year
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