Within the Real Estate world, by now we know that the Tax Cuts and Jobs Act enacted a new opportunity to incentivize real estate investment and development in low-income communities across the country through Qualified Opportunity Zones (“QO Zones”). These designated low-income housing income tracts in the United States (and Puerto Rico) allow investors who previously recognized a taxable gain to defer it by investing the gain proceeds into a Qualified Opportunity Fund (“QO Fund”).
Local officials have cleared the way for a mixed-use, $150 million plan to redevelop the former Mercedes-Benz USA headquarters site in Montvale.
On May 1, 2019, the City of Newark Municipal Council adopted Ordinance 18-1970 by a 7-0 vote amending several sections of the City’s Zoning Ordinance. This new ordinance permits medical marijuana alternative treatment centers, medical marijuana cultivation facilities, medical marijuana manufacturing facilities, and medical marijuana safety compliance facilities (collectively, the “Medical Marijuana Uses”) as conditional uses in specified zoning districts within the City.
Having started my commercial real estate career in Newark, New Jersey in the late 1980s, I’ve had a front row seat to the evolution of The Brick City, and specifically the strides taken by the community toward enhancing the soul of the downtown area. What was once a city centered largely around Newark Penn station, the region has experienced new growth, particularly northward and westward toward the Broad Street corridor. Additionally, while improvements over the past two decades were slow, but steady, the past five years have seen a more intense ramp up in activity.
A seller of pharmaceutical-grade hemp products is set to open a store just north of Bergen County, its first brick-and-mortar location, under a 1,200-square-foot lease arranged by NAI James E. Hanson.
Alfred Sanzari Enterprises has opened a new leasing office in Teaneck as part of its marketing effort for more than 650,000 square feet of office space at the Glenpointe complex.
The sweeping tax reform brought on by The Tax Cuts and Jobs Act is now in effect, but many Real Estate owners and investors remain in the dark on how these changes will impact their businesses. With that, Sax’s Real Estate advisors will hold an educational webinar on March 19 to run through the major changes facing the Real Estate industry overall now that tax reform has been implemented, and proposed guidance has been released.
As corporate occupiers transform their work environments to maximize efficiency and attract and retain talent, traditional office space has evolved. This demand is the catalyst for architects and designers to re-evaluate the function of the office, resulting in significant changes in work space.
A maker of medical diagnostic tests has acquired a 17,000-square-foot flex building in the Somerset section of Franklin, following a transaction brokered by Zimmel Associates.