www.marej.com M id A tlAntic Real Estate Journal — Retail De
14A — August 20 - September 16, 2021 — Retail Development Reimagined — M id A tlantic Real Estate Journal www.marej.com
R etail D evelopment R eimagined 10,000 s/f facility sits on three acres along Route 309 Colliers’ Weitzman inks sale of Quakertown Mitsubishi Q R etail D eve R eimagineD 7 0, 0 of transact ons & new agency assig ments among 2020 Lev n Mgmt. ushers in 2021 with look back on progress
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U A K E R T O W N , BUCKS COUN - TY , PA — Ri ch ORTH P L A I - FIELD, NJ — Amid the chal lenges of 2020, commercial eal estate s rvices firm LevinManage- ment Corporation (LMC) achieved tangible progress – a promising sign for the industry moving into a new ye r. Over the past 12months the North Pl infield based organization secured nearly 700,000 s/f of ew leases and renewals, added new leasing and management assig ments, solidified its staff with n w hires/promotions, and garnered several industry recognitions. Weitzman , a senior vice presi- dent with Colliers , recently represented the Peruzzi Auto Group in handling the sale of Mitsubishi of Quakertown at 840 S. West End Blvd. in Quakertown. The modern auto dealership facility of 10,000 s/f sits on three acres along Rte. 309 in Quakertown. The purchaser was Dun- hill Auto Group of New Jersey. MAREJ Highlights of LMC’s retail leasing activity included an anchor lease with off-price retailer Burlington Stores at Mill Creek at Harmon Meadow (Secaucus), a 24,000 s/f lease with Aqui Market at Twin City Shopping Center (Bayonne) and a 20,000 s/f lease with Planet Fitness at Mayfair Shopping Cen- ter (Commack, NY). LMC’s transactional activity also brought a host of renewals as well as new retailers and service providers to the region, punctuated by nearly one dozen leases with restaurant tenants – several of which have already launched opera- tions. Other openings involved Biden has proposed raising the capital gains tax rate to 39.6% for people making more than $1 million a year. My hope — one that is shared by many others — is that the capital gains tax rate is not increased. I believe a favorable capital gains tax rate encour- ages just that — capital invest- ment. But let’s say the rate goes up: How would that affect real estate investments? Generally speaking, it would potentially reduce returns, but it would also reduce returns on all man- ner of investments, including on the sale of stocks, bonds and other assets. So any hit to your investment real estate portfolio continued from page 2A N
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Burlington Stores at Mill Creek at Harmon Meadow
high-profile anchors like Lidl (North Brunswick) and Burl- ington Stores (Raritan). Non-retail leasing highlights within LMC’s diversified port - folio included a 135,000 s/f renewal by Hall’s Warehouse Corp. at Rutgers Industrial Center (Piscataway). “Despite the economic un- certainty and business-related disruptions facing our indus- try since March, there has been progress – with certain key dynamics coming into sharpened focus,” said LMC’s Matthew Harding , chief ex- ecutive officer. “For example, positive landlord/tenant rela- tions have always been impor- tant. During 2020, as tenants worked to navigate an incred- ibly difficult environment, we approached everything on a very granular basis, review- ing the distinctive needs and nature of each business. Like - wise, we have done the same with our landlord clients and their individual properties to wouldn’t be pretty but could be proportionate. In that environment, the rea- sons for a diversified* portfolio of stocks, bonds and alternative investments that include real estate would be the same as they ar now: to try to reduce risk by holding a mix of ssets, including hard assets, that are not all correlated with the stock market. Investment real estate, as a reminder, doesn’t rise and fall, as a class, with th stock market. And t ere is the potential to generate income (positive cash flow) i a dition to potential ppreciation. There also are ot er tax advantages of real estate i vestment, includ- ing depreciation deductions t
help them best respond to ten- ant requests and operational needs. “This customized approach has always been central for our team; however, this year has intensified the practice to a new level that we will sustain moving forward,” Harding added. “This is an ad- vantage we can provide over some of our larger, nationally focused peers.” LMC also continued to ex - pand its leasing and manage- ment portfolio, which today totals 110 properties total- ing nearly 15.5 million s/f. The firm was appointed leas - ing and managing agent for Springfield Avenue Market - place, a 112,000 s/f supermar- ket-anchored property at 204- 234 Springfield Ave. in New - ark. In Bergen County, LMC was named managing agent for Marketplace at Edgewater, a 73,000 s/f shopping center located at 725 River Rd. in Edgewater. MAREJ help shelter income. Should You Sell Invest- ment Real Estate Now? In the short term, some prop- erty investors may be wond r- ing: “Should I sell now to et ahead of any change in the capital gains tax rate?” The simple nswer is maybe. There is no one-size-fits-all answer for everyone. It depends on your individual situation and the rop rty you’re holding. If its value has held up well during the pandemic and you eed to sell, it may make se se. If the value has declined but is poised f r a rebound and you don’t need the proceeds now, it may make sense to wait. Of course, continued on page 18A
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