18A — July 13 - 26, 2018 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Joe Waters reps. landlord in the transaction Waters Retail Group leases 2,800 s/f in VA convenience ctr.
The 72,200 s/f grocery store sells for $11.4 million B&E announces sale of NNN Publix property in Perry, GA
Valley Rd. and E. Jubal Early Dr. in Winchester. The 53,725 s/f shopping center is an- chored by Best Buy and Valley Health Systems Urgent Care Center, and shadow anchored by Walgreen's Drug Store. Other tenants in the center include Foot Care Center P.L.C., Primary Care Physi- cians, Edward D. Jones & Co., and Elegant Nail Spa. Waters Retail Group' Joe Waters represented the landlord in the transaction. Waters Retail Group man- ages and leases 25 neigh- borhood shopping centers throughout Pennsylvania, Delaware, and Virginia.
WINCHESTER, VA — Wa- ters Retail Group , South- east Pennsylvania's premier
complete list. QO Funds and the Certification Process: A QO Fund is designed to be an investment vehicle that is set up as either a partnership or corporation by investing at least 90% of its assets in an eligible QO Zone Property. A QO Zone Property is either one of the following: QO Zone Business Property, QO Zone Stock, or QO Zone Partnership Interest. QO Zone Business Property is tangible property used in a trade of business of the QO Fund and meets the following requirements: The property must be acquired by the fund by purchase and from an un- related party to the fund; The original use of the acquired property must start with the QO Fund; or, the QO Fund substantially improves the used property. Substantial improvement re- quirement is met if 30 months after the date of acquisition the additional improvements to the property exceed the cost of acquiring the property. A domestic corporation or a partnership will be treated as either QO Zone Stock or QO Zone Partnership Interest if such entity was acquired by a QO Fund after December 31, 2017, and solely for cash. Furthermore, the QO corpora- tion or partnership in which a QO Fund invests must have an underlying active business located in a QO Zone, and the business itself does not operate in certain types of entertain- ment or recreational activities (i.e. golf course, country club, ERRY, GA — B+E , offering the first end-to- end trading platform for buyers and sellers to conduct triple net lease (NNN) transac- tions online announced the sale of a Georgia Publix property for $11.4 Million. Located at 275 Perry Park- way in Perry, the 72,200 s/f location has a remaining 11 year lease with Publix Super Markets, Inc. The property was sold by a private Florida-based developer to Flag Wharf, Inc., a Boston-based commercial real estate company. The sale dem- onstrates the new brokerage firm’s national reach. P
d e v e l o p - ment, man- a g e m e n t , leasing, and b r o k e r a g e f i r m , h a s leased 2,800 s/f of retail space in the Apple Blos-
som Convenience Center to United Dental Arts. United Dental Arts will open in Sep- tember. The Apple Blossom Conve- nience Center is located at the intersection of S. Pleasant
75 Perry Parkway in Perry, GA
Lancrosses thefinish line inmarathon “Habitat For Humanity” build
continued from page 9A Qualified Opportunity Funds encourage long- term investments in economically distressed . . .
massage parlor, hot tub facility, suntan facility, racetrack, gam- bling casino, or any store the principal business of which is the sale of alcoholic beverages for consumption off premises). The certification process to become a QO Fund is a self- certification process in which the corporate or partnership entity will self-certify by at- taching a form to their timely led federal income tax return for the tax year. No approval or action by the IRS is required. If at any year the QO Fund holds less than 90% of the QO Zone Property, it would be sub- ject to a penalty for each month it fails to meet the requirement. How the Deal is Structured: 1. A QO Fund is formed and self-certified. 2. An investor with a recently realized gain elects to invest this gain into the QO Fund, taking stock or partnership interest in return. By so doing, the investor gets to defer the gain. Please note that the in- vestor is required to invest only the amount of the gain to be deferred, not the total amount realized. 3. The QO Fund uses the in- vestment to acquire a QO Zone Property. This investment rep- resents the QO Fund’s interest in the underlying business in the low-income community. 4. If the investor sells or ex- changes his QO Fund interest before December 31, 2026, the investor will recognize the deferred gain. However, if the investor holds the investment for at least 5 years, the inves- tor will receive a 10% step up in basis in connection with the original gain.
5. On year seven, the investor receives an additional 5% step up in basis in connection with the original gain, so 15% of the gain is reduced. 6. By December 31, 2026, if the investor has not sold the inter- est associated with the original gain, they must then recognize the gain. Please note that if the investment was held by at least seven years, the investor would only pick up 85% associated with the original deferred gain. 7. If the investor holds their interest in the QO Fund for at least 10 years, the investor would not owe any tax related to any QOZ property which has been appreciated during such time. Investing within a Qualified Opportunity Fund can be truly beneficial to developers who will see significant tax incentives, and property owners who can sell these properties and defer their taxable gains. This new development opportunity will draw additional investments to low-income communities and generate economic growth for their respective residents. The advisors at Sax will be sure to release updates and further information on Quali- fied Opportunity Funds as they emerge. For any questions or additional information needed at this time, please feel free to reach out to a Sax Advisor. Jeffrey P. Roude, CPA is a partner at Sax LLP and a member of the firm’s Real Estate Practice. Michael Benguigui, CPA is a senior manager at Sax LLP and a member of the firm’s Tax and Real Estate Practices.
LAN Associates in Newburgh, NY
your employees and your cli- ents. Don’t let dated IT hold you back; step into the future of cloud-based management accounting solutions. Michael Mullin is presi- dent of Integrated Busi- ness Systems. The Habitat Builder’s Blitz is a weeklong construction build that took place June 4-8, with the support of a variety of volunteer professionals. This is the second year LAN has participated in the Builder’s Blitz. In 2016, the LAN team assisted with providing plans and sending a volunteer team to a neighboring three-story mixed-use building in New- burgh. on site for the day really helps fuel their creativity and pas- sion, while also giving back to the local community. We are proud to be a part of this year’s Blitz and we wish the families nothing but happy and loving memories in their new home.” LAN provided mechanical design consultation services to Habitat for Humanity of Greater Newburgh that will become a prototype for all future mechanical system designs and equipment selec- tions specified for the organi- zation.
NEWBURGH, NY — Re- placing suits and ties for work boots and hardhats, volunteers from LAN Associates spent a day in Newburgh, where they rolled up their sleeves and got their hands dirty to take part in the annual Habitat for Hu- manity of Greater Newburgh 2018 Home Builder’s Blitz to construct two residences in just five days! The team of LAN volunteers, consisting of architects, engi- neers, and design professionals from the Goshen and Midland Park offices, helped construct the two attached homes at 21 and 23 Johnson St. “This is an event that serves a greater good and its impact makes a difference for so many people,” said JimDiana, AIA , project manager at LAN As- sociates. “It is a challenging task to complete construction in only five days, but a fun one to be a part of. Getting our architects and engineers out from behind the desk and
continued from page 8A Why property management, construction and development firms need cloud . . .
tasks, consider upgrading to a cloud accounting system. Through accessibility, reli- ability and scalability, new systems designed for your industry and business can have a positive impact on you,
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