Thursday, June 7, 2012
Herring Properties Breaks Ground on 250,000-SF Industrial Bldg
Herring Properties broke ground on the single-story, 250,000-square-foot industrial building located in the Bristol Commerce Park at 2501 Green Ln. in Bristol, PA.
Airgas Safety, Inc. will occupy the entire facility once construction is completed. Projected completion date for the building is January 2013. Airgas purchased the 18.81-acre parcel of land from Herring Properties as a build-to-suit for $5.5 million in February 2012.
http://www.omegare.com/
Airgas Safety, Inc. will occupy the entire facility once construction is completed. Projected completion date for the building is January 2013. Airgas purchased the 18.81-acre parcel of land from Herring Properties as a build-to-suit for $5.5 million in February 2012.
http://www.omegare.com/
1031 Exchanges - All States are Not Created Equal
"A 1031 exchange gets its name from section 1031 of the Internal Revenue Code. This tax-deferral strategy is part of the FEDERAL tax code. Whether or not you can defer the state gain varies by state.
Several states have no state income tax so there is no need to report the exchange on a state return. Other states follow the federal tax code so you can defer the state gain through your 1031 exchange. A few still have quirks that you must buy a replacement property in the same state the relinquished property was located. And then there is Pennsylvania. The Commonwealth of Pennsylvania does not recognize 1031 exchanges so while you will defer the federal gain, you will have to pay the Pennsylvania income tax. For PA residents who sold property (anywhere) or non-residents that sold property in PA, the 2010 tax rate for individuals is 3.07%. Note you must typically file a state return where the relinquished and replacement properties are located as well as your resident state.
In recent years, many states have implemented a mandatory non-resident withholding tax that must be paid when property is transferred to a buyer. Those closing agents handling the conveyance to the buyer are required to withhold a certain percentage of the gross sales price in order to get a deed recorded. If you are doing a 1031 exchange, it maybe possible to obtain an exemption from the state but in most cases, you must apply for the exemption prior to the closing of your relinquished property. Some of the states that have a non-resident withholding tax and allow you to file for the exemption include:
California
Colorado
Georgia
Hawaii
Maine
Maryland
Mississippi
New York
North Carolina
Oregon
Rhode Island
South Carolina
Vermont
West Virginia
New Jersey also has a mandatory withholding tax for non-resident sellers. However, there is no need to request an exemption. With the simplest of all withholding requirements, sellers can simply complete the Nonresident Seller’s Tax Declaration right at your closing. The closing agent will instruct you to check the box on number 7 and circle 1031.
If you received the exemption, you must file a state tax return to report your exchange.
Note that some states refuse the exemption if the seller has not been filing a state return to report the income and expenses associated with the relinquished property."
Full story: http://tinyurl.com/cdc9cc8
http://www.omegare.com/
Several states have no state income tax so there is no need to report the exchange on a state return. Other states follow the federal tax code so you can defer the state gain through your 1031 exchange. A few still have quirks that you must buy a replacement property in the same state the relinquished property was located. And then there is Pennsylvania. The Commonwealth of Pennsylvania does not recognize 1031 exchanges so while you will defer the federal gain, you will have to pay the Pennsylvania income tax. For PA residents who sold property (anywhere) or non-residents that sold property in PA, the 2010 tax rate for individuals is 3.07%. Note you must typically file a state return where the relinquished and replacement properties are located as well as your resident state.
In recent years, many states have implemented a mandatory non-resident withholding tax that must be paid when property is transferred to a buyer. Those closing agents handling the conveyance to the buyer are required to withhold a certain percentage of the gross sales price in order to get a deed recorded. If you are doing a 1031 exchange, it maybe possible to obtain an exemption from the state but in most cases, you must apply for the exemption prior to the closing of your relinquished property. Some of the states that have a non-resident withholding tax and allow you to file for the exemption include:
California
Colorado
Georgia
Hawaii
Maine
Maryland
Mississippi
New York
North Carolina
Oregon
Rhode Island
South Carolina
Vermont
West Virginia
New Jersey also has a mandatory withholding tax for non-resident sellers. However, there is no need to request an exemption. With the simplest of all withholding requirements, sellers can simply complete the Nonresident Seller’s Tax Declaration right at your closing. The closing agent will instruct you to check the box on number 7 and circle 1031.
If you received the exemption, you must file a state tax return to report your exchange.
Note that some states refuse the exemption if the seller has not been filing a state return to report the income and expenses associated with the relinquished property."
Full story: http://tinyurl.com/cdc9cc8
http://www.omegare.com/
New Acme Market in Bryn Mawr
The June 1 opening of the West Lancaster Avenue store capped a project remarkable not only for its rarity but also for how it reflects Acme's hemmed-in ambitions for growth despite unforgiving finances flowing from its corporate parent in Minnesota, where it is just one of several supermarket chains being managed nationwide.
Supervalu Inc., in fact, announced Wednesday that it would cut 2,000 to 2,500 positions at its 247 Albertsons supermarkets in California and Nevada starting a few weeks from now. Leading that effort is Dan Sanders, who took the helm of Albertsons earlier this year after having joined Acme as its president in 2010. (He was replaced locally by Keith Wyche.)
During his tenure at Acme, Sanders presided over hundreds of workforce reductions while steering a hoped-for turnaround of a chain where sales have declined but reinvestment capital has been at a premium.
The Bryn Mawr store, which replaced a smaller Acme on the same parcel, is considered a "flagship" by Supervalu: It looks the way many Acmes would if the company could pour tons of cash into its stores, many of which long predate flashier competitors that have moved into the region in recent years.
It has a prepared-foods wing that is, though on a smaller scale, similar to what shoppers have found alluring at Whole Foods, Wegmans, Giant, and other supermarkets, with a pizza stand, hot foods, even a counter serving up the famous sandwiches of South Philadelphia cheesesteak-and-pork outpost Tony Luke's.
The 37,000-square-foot market contains a more extensive produce section, has wider overall organic-food offerings, and a broad selection of gluten-free products — including a gluten-free deli counter, distinguishing it from the 64 other Acmes in the eight-county region.
The sales floor is twice the size of the Acme it replaced, said store director Nick Carides. But every inch was precious.
From adding a full kitchen to its prepared-foods wing to creating a more open, airy floor plan, the company maximized the space available. In a densely developed area such as the Main Line, land is scarce, and any new store must balance desire against available space.
Among the 137 workers is one of the chain's most skilled butchers, Carides said: a meat manager recruited from one of Acme's New Jersey stores to carve 4-inch, 5-inch, and other specially cut prime meats at a full-service butcher block.
How did Acme officials determine he was at the top of his game at butterflying and stuffing, say, pork roasts?
"We look at their performance," Carides said. "We look at their craftsmanship."
Company officials made decisions like these after analyzing customer demographic data around Bryn Mawr, as well as broader industry trends. That helped inspire Acme's produce overlords at divisional headquarters in Malvern to try something new at Bryn Mawr: "store door" delivery of organic produce.
Every morning, a fresh shipment of organic produce arrives at the store directly from a supplier in Philadelphia. That's key in a community such as Bryn Mawr, where the appetite for organics is decidedly strong.
"They foresaw that this was going to be a huge organic market," Maratea said.
Reviews of the new store were mixed.
"It's been great," said Carissa McIlwain, 33, a Bryn Mawr stay-at-home mom who had picked up salmon steak, lamb shoulder, corn, and other fresh foods Wednesday for a small dinner party. "It looks good. We'll see."
Another customer, however, Bryn Mawr psychologist Sally Holtz, was frustrated as she breezed through for party supplies.
"It doesn't have a lot of the things that the Narberth Acme has," she said, including a certain brand of cottage cheese that she prefers. She said she would reserve judgment until going through the entire store at least once.
Acme spokesman Steve Sylven said that a store redesign was under way in Newtown Square, and that another in Hockessin, Del., was scheduled to begin next month. But no additional new stores have been announced.
http://www.omegare.com/
Supervalu Inc., in fact, announced Wednesday that it would cut 2,000 to 2,500 positions at its 247 Albertsons supermarkets in California and Nevada starting a few weeks from now. Leading that effort is Dan Sanders, who took the helm of Albertsons earlier this year after having joined Acme as its president in 2010. (He was replaced locally by Keith Wyche.)
During his tenure at Acme, Sanders presided over hundreds of workforce reductions while steering a hoped-for turnaround of a chain where sales have declined but reinvestment capital has been at a premium.
The Bryn Mawr store, which replaced a smaller Acme on the same parcel, is considered a "flagship" by Supervalu: It looks the way many Acmes would if the company could pour tons of cash into its stores, many of which long predate flashier competitors that have moved into the region in recent years.
It has a prepared-foods wing that is, though on a smaller scale, similar to what shoppers have found alluring at Whole Foods, Wegmans, Giant, and other supermarkets, with a pizza stand, hot foods, even a counter serving up the famous sandwiches of South Philadelphia cheesesteak-and-pork outpost Tony Luke's.
The 37,000-square-foot market contains a more extensive produce section, has wider overall organic-food offerings, and a broad selection of gluten-free products — including a gluten-free deli counter, distinguishing it from the 64 other Acmes in the eight-county region.
The sales floor is twice the size of the Acme it replaced, said store director Nick Carides. But every inch was precious.
From adding a full kitchen to its prepared-foods wing to creating a more open, airy floor plan, the company maximized the space available. In a densely developed area such as the Main Line, land is scarce, and any new store must balance desire against available space.
Among the 137 workers is one of the chain's most skilled butchers, Carides said: a meat manager recruited from one of Acme's New Jersey stores to carve 4-inch, 5-inch, and other specially cut prime meats at a full-service butcher block.
How did Acme officials determine he was at the top of his game at butterflying and stuffing, say, pork roasts?
"We look at their performance," Carides said. "We look at their craftsmanship."
Company officials made decisions like these after analyzing customer demographic data around Bryn Mawr, as well as broader industry trends. That helped inspire Acme's produce overlords at divisional headquarters in Malvern to try something new at Bryn Mawr: "store door" delivery of organic produce.
Every morning, a fresh shipment of organic produce arrives at the store directly from a supplier in Philadelphia. That's key in a community such as Bryn Mawr, where the appetite for organics is decidedly strong.
"They foresaw that this was going to be a huge organic market," Maratea said.
Reviews of the new store were mixed.
"It's been great," said Carissa McIlwain, 33, a Bryn Mawr stay-at-home mom who had picked up salmon steak, lamb shoulder, corn, and other fresh foods Wednesday for a small dinner party. "It looks good. We'll see."
Another customer, however, Bryn Mawr psychologist Sally Holtz, was frustrated as she breezed through for party supplies.
"It doesn't have a lot of the things that the Narberth Acme has," she said, including a certain brand of cottage cheese that she prefers. She said she would reserve judgment until going through the entire store at least once.
Acme spokesman Steve Sylven said that a store redesign was under way in Newtown Square, and that another in Hockessin, Del., was scheduled to begin next month. But no additional new stores have been announced.
http://www.omegare.com/
Sunday, June 3, 2012
TRG to hire 400, adds to office space
by Natalie Kostelni
Title Resource Group is hiring 400 people and taking more office space as it gears up for what it sees as a bullish future for the housing and refinancing market.
The company, a subsidiary of Realogy Corp., recently renewed a 1ease on 100,000 square feet at 3001 Leadenhall Road in a 10-year deal with Liberty Property Trust and signed another lease on 20,000 square feet at 1015 Briggs Road. It will move in to those offices in July.
It is negotiating to lease another 20,000 square feet not far from its Leadenhall Road headquarters but declined to divulge more details until the transaction is finalized.
The space underscores the confidence TRG has for its business going forward. The company is adding 300 new hires in Mount Laurel, about 70 new workers in Southern California and between 50 and 60 new employees in Houston.
“We are very optimistic from our standpoint,” said Don Casey, president and CEO of the company, which has a national footprint. Even though TRG is based here, it handles transactions from across the country.
Full story: http://tinyurl.com/7vv5s8w
http://www.omegare.com/
Title Resource Group is hiring 400 people and taking more office space as it gears up for what it sees as a bullish future for the housing and refinancing market.
The company, a subsidiary of Realogy Corp., recently renewed a 1ease on 100,000 square feet at 3001 Leadenhall Road in a 10-year deal with Liberty Property Trust and signed another lease on 20,000 square feet at 1015 Briggs Road. It will move in to those offices in July.
It is negotiating to lease another 20,000 square feet not far from its Leadenhall Road headquarters but declined to divulge more details until the transaction is finalized.
The space underscores the confidence TRG has for its business going forward. The company is adding 300 new hires in Mount Laurel, about 70 new workers in Southern California and between 50 and 60 new employees in Houston.
“We are very optimistic from our standpoint,” said Don Casey, president and CEO of the company, which has a national footprint. Even though TRG is based here, it handles transactions from across the country.
Full story: http://tinyurl.com/7vv5s8w
http://www.omegare.com/
Allegheny Real Estate Associates buys a 5,500 SF childcare center
Allegheny Real Estate Associates buys a 5,500 SF one-story childcare center at 406 Sumneytown Pike, North Wales, PA. Previously the Property had operated as Short Stuff Daycare Center, and later as the Montgomery County Head Start Program.The School is opposite the Merck Pharmaceutical Campus at Sumneytown Pike & Dickerson Rd. in Upper Gwynedd Twp., Montgomery County, PA. The seller was Blue Bell Investments, LP. Sale price was $485,000. Allegheny plans some renovations and will lease the Property to another childcare operator.
http://www.omegare.com/
http://www.omegare.com/
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