Real Estate Journal — Shopping Centers — March 30 - April 12, 2018 — 11A
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M id A tlantic
S hopping C enters
ittle Ferry, NJ — NAI James E. Han- son completed the sale Sale will enable CVS to construct a 15,655 s/f store NAI Hanson’s Sauerborn negotiates 41,000s/f whse. sale L
Lee & Associates of NJ reps. landlord in bank lease
of a vacant 4 1 , 0 0 0 s / f wa r e h o u s e at 200 Lib- er ty St . in Little Ferry. The sale will enable CVS Pharmacy to construct a
301 South Livingston Avenue
L ivingston , NJ — Santander Bank has signed a long term extension of its lease at Crossroads at Livingston, 301 South Livingston Ave. The nearly 5,000 s/f bank branch offers a full range of financial products and banking services. Located in the heart of Liv- ingston, Crossroads at Livings-
ton offers all of the amenities of an in-town location with the easy access to local highways. Santander Bank was rep- resented by Cushman & Wakefield and the landlord was represented by Peter Rasmusson, CCIM and Rick Gelmetti of Lee & Associates. n
Gary Sauerborn
15,655 s/f store at the location. NAI Hanson’s Gary Sauer- born represented the seller, Liberty Street Realty in the transaction. The redevelopment site at 200 Liberty St. offered CVS the ideal combination of accessibil- ity, visibility, and population density that CVS looks for in redevelopment opportunities. “When marketing a property like this, it is important for the broker to think outside of the box in terms of future uses,” said Sauerborn. “Although the zoning and construction at this site made continued industrial tenancy seem like the most opportunistic usage, we rec- ognized that the location and accessibility made for a perfect opportunity for a retail opera- tor. This recognition enabled us to properly market the site and negotiate a deal a prime purchase price in line with fair market value for an asset of this type.” n carryforward year. This provi- sion will affect many business who have experienced gains in prior years and losses cur- rently. These taxpayers will no long be able to apply some of the losses to previous tax years. Personal real estate. There are two major provisions that are not necessarily specific real estate business but will affect significantly individuals who own a home. The first is the home mortgage interest deduction which is now limited to interest on $750,000. The second is that state tax deduc- tions will be limited to $10,000. While the increased standard deduction has been increased, many individuals paying more than $10,000 in real estate property taxes will no longer get a deduction for payment of such amounts. Tim Malloy is an attorney in Barley Snyder’s Tax Practice Group. n continued from page 2A How the Tax Cuts and Jobs Act . . .
CVS Pharmacy rendering
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