8A — July 12 - 25, 2019 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

LD BRIDGE, NJ — R.J. Brunelli & Co., LLC announced Schlossman of Castle RE Services handles 9600 s/f lease R.J. Brunelli &Co. ink leases for Dollar Tree in NJ & NYC O

NAI Hanson negotiates lease for MOB space in Hackensack, NJ

have developed your Design Basis Threat (DBT). Use this “new” DBT to determine what security system you need to use in order to protect your- self. Some threats require the application of electronic secu- rity systems and others don’t. Incorporating non-electronic mechanisms, especially when designing inhabited space or in the built environment are usu- ally more effective. Security for the most part should be hidden, it’s there but the untrained eye doesn’t see it. People use the space because it makes them feel warm and fuzzy. You know the feeling – like when you get a puppy. Remember, two things: First, security cannot be a burden to those using the premises. If it is, people will figure out how to circumvent it and it will become ineffective, and second, when you think you’re done, start over. Doug Haines is owner/ CEO of Haines Security Solutions, LLC in Ventura, CA.  Located a block away from Hackensack University Medi- cal Center, 83 Summit Avenue is a 3,000 s/f, two-story medical office building currently leased to Specialized Therapy Associ- ates, North Jersey Surgical, and Cardiac Care Associates. Ide- ally located nearby the area’s largest hospital as well as Rte. 17 and I- 80.

can affect the threat. Well, the truth is you can’t. You can affect its likelihood of occurrence or how bad it can become but that really has to do with vulnerability. So, the question to ask yourself is how vulnerable am I? Each hazard has its own tactic(s). Some require tools and others don’t THEPROCESS –MAKEALIST First, determine how criti- cal is what you are trying to protect to your overall service/ product/location. That will tell you if you need to protect it or not. Think of it this way, you wouldn’t build a $1,000 shed to put your $15 bike inside of. Then make a list of possible hazards – both natural and man-made. For example, I live in California so fire is on my list twice. Then make a list of possible tools that would be needed for the “bad guy” to perpetrate his/her crime or for the hazard to occur. And, then for each tool, see if you are sus- ceptible to its use. Now you’ve completed the risk formula and HACKENSACK, NJ — NAI James E. Hanson has negoti- ated a 1,325 s/f lease for Dr. Linda Silva-Karcz at 83 Sum- mit Ave. in Hackensack. NAI James E. Hanson’s Dominic Fittizzi represented the land- lord, Brian Walsh , and the tenant, Dr. Linda Silva-Karcz, in the NAI James E. Hanson transaction. WEEHAWKEN, NJ — Cervelli Real Estate & Property Managements announced the sale of 2406- 2408 Palisade Avenue. The 9 unit apartment house in Weehawken sits on the cliffs and offers views of Manhat- tan skyline. The seller, an operator of this lone property decided to sell and take ad- vantage of the hot Hudson county market. Weehawken in particular is of interest to investors given its access to Manhattan via various sources as well pas its highly rated school systems. The buyer, was completing a 1031 and quickly realized the value hidden in this building given its low rents and undeveloped garden level residential space. Headquartered in North Bergen, New Jersey, Cervelli Real Estate & Property Man- agement was founded in 1983

the square footage occupied by each tenant. It is also prorated by the days of actual use or occupancy during the business year, defined as 360 days. What is the Actual Value Ini- tiative? As noted above, The Phila- delphia OPA is charged with providing fair and accurate property assessments. The Actual Value Initiative (“AVI”) was implemented in Tax Year 2014 for the assess- ment of all real property, land and buildings in Philadelphia at their current market value. Market value reflects the ap- proximate amount a property would sell for in today’s real estate market. The purpose of AVI has been to make sure that all values are assessed fairly and in compliance with state laws, statutes and indus- try standards. It ensures that properties of equal value get the same assessments. For commercial properties, the OPA considers the income approach, market approach, and in some situations, cost approach, and utilizes the ap- proach that is most appropri- ate based upon property type and use. It also considers the income and costs of operating the property to determine its value, or considers the cost of construction and land. How You Can Minimize the Tax. You may want to consider an appeal of the real estate tax assessment if the owner believes the assessed value In the Hamilton transac- tion, co-brokered by Metro Commercial , Dollar Tree signed for a 9,764 s/f inline space at Hamilton Plaza, a 151,000 s/f center located on White Horse Pike and Kuser Rd. The chain will occupy a portion of a former Kmart store at the site, whose other tenants include Planet Fit- ness and a soon-to-open Star- tional Wholesale Liquidators space in the Planet Fitness- anchored center. Ripco Real Estate served as a co-broker on the deal. Elsewhere in the state, leases were signed that are projected to bring Dollar Tree to locations in Deptford (southern New Jersey) in Sep- tember 2019, and Hamilton (central region) and Denville (northern region) in October 2019.

is too high. Appeals are filed with the OPA noted above. You can search and compare property values through the City’s online property search application. https://www.phila.gov/de- partments/office-of-property- assessment/ Secondly, only the actual space rented by a tenant is subject to tax. To compute the tax attributable to each tenant, take the number of s/f of floor space contained in any building or other struc- ture exclusive of the number of s/f in service, utility and common areas. All such space other than service, utility and common areas is included in "square feet available for use or occupancy,” even though some or all of such space may be excludable from the numer- ator of the tax apportionment fraction (see Section 505 of the U&O regulations) because it is vacant or because its use may be specifically excluded from taxation. Building owners should work with the building engineers to determine the “s/f available for use or occupancy” to insure that tenants are not being overcharged. Please contact Stuart Katz or your Friedman LLP adviser to assist with a review of your current or projected U&O li- abilities and the accounting involved in allocating the tax among the tenants. Stuart Katz is senior tax manager inFriedmanLLP’s Philadelphia office.  bucks. The Denville lease, co-brokered by Bill Schloss- man of Castle Real Estate Services , will bring Dollar Tree to a 9,600 s/f inline space at 559 East Main St., adjacent to the New Jersey Transit Station. The chain will absorb a portion of a space previously occupied by a Foodtown supermarket. Fi- nally, in Deptford, a lease was signed for a 10,000 s/f loca- tion in an outparcel building shared by Auto Zone. Home Depot anchors the property, which is located at 1360 Hurffville Rd. The Deptford lease was co-brokered by Keith Seymour of Equity Retail Brokers . All of the Dollar Tree leases were brokered by Danielle Brunelli , president and prin- cipal of the Old Bridge-based firm. 

the recent completion of a series of leases that wi l l int ro - duce nation- al and local r e t a i l e r s and service providers to

continued from page 2A The Secret to Being Safe . . .

Danielle Brunelli

that uses the property for its own business. Who’s Excluded? Certain types of property us- age are excluded from the tax, including: • Use of the dwelling or prin- cipal place of residence of user or occupier • Any use of the property sub- ject to the Pennsylvania Hotel Occupancy Tax • Service, Utility and Com- mon areas • Use or Occupancy for a nonbusiness purpose • Vacant commercial proper- ties, or portions of commercial properties that are not cur- rently in business use • Persons engaged in activi- ties related to the Port of Phila- delphia are also exempt • Eligible taxpayers located in a Keystone Opportunity Zone will receive a credit against their use and occupancy tax • Any person exempt from real estate tax is also exempt from the U&O tax. For ex- ample, property leased to the government, schools, hospitals and religious organizations are exempt. To be excused from col- lecting tax from a nonprofit, a landlord must obtain a copy of the nonprofit’s Federal Exemp- tion Notice. The landlord must submit this document with the first tax return filed after receiving it. For each occupant, the tax is computed separately. In a multi-story commercial office building, the tax is based on sites in New Jersey and NYC. In its role as Dollar Tree’s real estate representative statewide, R.J. Brunelli bro- kered four additional leases for sites in New Jersey. In the central region, Dollar Tree is expected to open in July 2019 in a 15,000 s/f inline unit at Linden Square Shopping Center located on West Saint Georges Ave. in Linden. The chain occupies the former Na-

continued from page 5A Philadelphia Use and Occupancy Tax . . .

Cervelli Real Estate & Property Managements announces apt. sale

and is recognized as one of the state’s most experienced specialists in commercial investment real estate and property management. Its primary aim is to provide professional brokerage ser- vices to private investors and financial institutions involved in income producing multi-family properties and shopping centers, and Cer- velli offers comprehensive, research-driven transaction solutions.  2406-2408 Palisade Avenue

Made with FlippingBook - professional solution for displaying marketing and sales documents online