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Tag Archives: Jason Wolf


Best Practices for Proper Asphalt Parking Lot Maintenance

Best Practices for Proper Asphalt Parking Lot MaintenanceLet’s look at the best practices for proper asphalt parking lot maintenance. The four most precious assets associated with a commercial building; the roof, the HVAC system, the elevator (if there is one), and the parking lot. The parking lot is the first impression of your company to your employees; as well as, your client base. A decision as to do business with a company or not…often comes right in the parking lot. The expected useful life of a parking lot (that was properly constructed) should be 15-20 years providing proper maintenance has been applied.

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Proper Asphalt Parking Lot Maintenance Includes:

• Seal coating every two years
• Crack sealing as soon as they appear, and before they widen/worsen.
• New striping for safe navigation by pedestrians and motorists.
• Proper signage
• Pothole repairs as soon as they appear.
• Inlet repair at the first sign of failure
• Water should never be standing in a parking lot- find/remediate the root cause. Pavement failure is often the result of standing water and the subsequent freeze-thaw cycles. Small untreated cracks eventually turn into potholes which cause the pavement to fail. Once this or alligatoring occurs, there is no course of action other than costly reconstruction.

Best Practices for Proper Asphalt Parking Lot Maintenance fall into 3 Categories

1. Must do: Consisting of concerns revolving around property and personal liabilities. Some potential hazards include raised sidewalk, broken curb, potholes, large cracks, alligatored areas, and failing inlets.

2. Should do: Consisting of preventative maintenance measures that will provide life cycle cost savings by “getting ahead” of tomorrows problems today. These include crack sealing, seal coating and small repairs.

3. Could do: When the budget permits, reconstructing the area earlier is better than later. Costly base repairs can often be avoided if milling and paving are performed early.

david sulkin

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Preventing the Most Common Cause of Property Loss

the Most Common Cause of Property LossWhether you count your career in months, years or decades…it doesn’t take much time to see this pattern: the overwhelming majority of the property losses you face are liquid based events. Your “Location, Location, Location” will be interrupted by “Water, Water, Water” because it is the most common cause of property loss. The risk is present year round, whether it’s a flood that’s weather driven, or it rains inside your space due to a plumbing break or roof leak. Due to its threat level to life safety, fire receives our attention to protocols by way of building design, code compliance, annual inspections, drills, materials selection and more. However, the rate of incidence of fire is extremely low compared with the frequency, and high cost of property damage and business interruption caused by water. With this in mind, it’s a great return on your investment of time, to initiate or review your team’s plan for response.

Download Printable Article (Preventing the Most Common Cause of Property Loss) >>>

Preventing the Most Common Cause of Property Loss

HOW READY IS YOUR STAFF TO CONTAIN A WATER LOSS? (the most common cause of property loss)

6 Quick Questions before the next emergency

• Is my staff aware of the Safety hazards of a water event, and how to safely navigate them?
• Is a diverse cross-section of my staff knowledgeable and trained in how to shut off the water?
• Are key 24/7 contacts for subs such as plumbers, electricians, alarm and remediation contractors at your fingertips and in hard copy? Is the information published and posted in a logical, accessible manner?
• Do I have an app with a closed group, or group text pre-loaded for my crisis team and I to communicate during an emergency?
• Is my staff trained in how to divert water in a multi-floor water release, and how to conduct an assessment of the extent of damages?
• Do we have basic tools on hand such as shop vacs for extraction, plastic sheeting to cover and protect contents, and clear bags to remove (but not dispose of) water impacted items?

SAFETY FIRST

• Make certain the area is safe for entry, free of electrical hazards. A licensed electrician is required to manage the following:
• Water impacted basements housing electrical and HVAC
• Equipment and appliances not rated for submersion
• Any wiring, outlets, and panels that have come in contact with water
• Coordinate with a licensed mechanical contractor to inspect and verify HVAC equipment if affected by water damage.
• Contact Alarm & Elevator contractors as needed.
• Determine Category of Water Source (Clean or Contaminated).
• If Flood or Sewage water, PPE and environmental testing are recommended.

ADDRESS THE SOURCE

Address the source and stop water from flowing into the building. Multiple people in various departments should be trained in how to shut off the water. Photomapping and signage to demonstrate the location and instructions for shut off valves is key.

INSPECTION & INITIAL CLEANUP

• A Thorough Assessment is the Foundation of a Successful Recovery. Missed areas and issues create costly secondary damage down the road.
• Direct and/or capture water in a manner that is efficient and prevents further infiltration and damage. For example, when water pouring from floor to floor, direct water into one stream through one deliberate opening in the ceiling tiles, instead of many points.
• Walk the building to determine extent of damage. Use the “360 degrees” approach. Work from the source room/area, up & down, side-to-side, follow gravity as water seeks its lowest point.
• Inspection Tools Include: High powered flashlight, Hygrometer (Temp & Humidity Monitor), Moisture Meter, Thermal Imaging camera, painter’s tape for waterlines & mark out and floor plans.
• Document via photos & video.
• Move sensitive equipment, cover & protect contents.
• Extract standing water, set drying equipment.
• Manipulate contents in a manner to promote proper drying. For example, move lateral cabinets away from walls, roll back carpet and carpet pad.
• Remove saturated contents, do NOT dispose, document, allow insurance adjuster to determine if salvageable. Save potential faulty parts and subcontractor logs in the event subrogration (legal means of seeking other another party’s resources for financial recovery) measures apply.

COMMUNICATION

• Review your Organizations Chain of Command & Procedures for Internal Reporting.
• Make sure your “phone/text tree” and alert systems are ready to activate your response, and to provide notifications to management, staff and occupants.
Tip: A few basic notification templates developed in advance will go a long way towards saving time and stress during a crisis.

For more information about the most common cause of property loss, Contact:

Christine Messina

 

Christine Messina, Vice President
AllRisk Property Damage Experts
TeamAllRisk.com
877.247.5252 24 Hrs
609.634.9960 cell
christine@allriskinc.com
Connect with us!
https://www.linkedin.com/in/christine-messina-b836073

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Avoid Lawsuits with Good Tenant Relationships

Avoid Lawsuits with Good Tenant RelationshipsThe best way to avoid lawsuits from tenants is by creating and maintaining good tenant relationships. Investing the time and money required to maintain and cultivate a positive working relationship with your tenants can be the difference between amicably settling differences and a costly lawsuit. Working on the relationship also creates value by maximizing tenant cooperation with timely rent payments, property upkeep and longer lease terms.

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AVOID LAWSUITS BY SCREENING POTENTIAL TENANTS

Conducting a background check on prospective tenants is a wise way to ensure a mutually successful experience for you and the applicant, and it is an effective risk management tool. Background checks do present some costs, but the risk of not performing the screening on tenants could have more serious financial consequences, resulting in lost income, property damage and litigation costs. Elements of a thorough background check include the following:

• Criminal history
• Credit check
• Previous landlord verification
• Identity verification
• Employment verification

AVOID LAWSUITS BY TAKING CARE OF YOUR PROPERTY

Taking measures to properly maintain the premises sends a powerful message to tenants. It proves that you take your role as building manager seriously and encourages them to take pride in the condition of their rented space. Better, it could bolster relationships and lessen the probability that they will take legal action in the event of an incident or dispute.

Take these measures to be prepared for maintenance issues:

• Establish a procedure for dealing with maintenance requests that guarantees prompt service to tenant requests
and maintenance issues

• Create, clearly communicate and promptly enforce policies regarding shared spaces.

AVOID LAWSUITS BY TAKING SECURITY MEASURES

States and municipalities have differing legislation regarding the duties of building owners and managers. Although you may not be expected to guarantee the safety of tenants, visitors and guests, you must exercise reasonable care to protect them from foreseeable events. What’s more, security measures make tenants feel safe, strengthening your relationship with them and lowering the likelihood of a lawsuit. They can also potentially lower your insurance premiums.

AVOID LAWSUITS BY FOCUSING ON CUSTOMER SERVICE

Taking extra steps to make tenants feel welcome helps to create a cooperative relationship that is unlikely to end in legal litigation. Small gestures such as the following can dramatically improve the relationship you have with tenants:

• Prompt, polite responses to requests
• Support during moves
• Clearly outlined policies and swift enforcement for all tenants

AVOID LAWSUITS BY TRANSFERRING RISK

Even with positive landlord-tenant relationships, there are potential exposures that must be addressed with well designed property and liability insurance policies. For more information, contact the insurance professionals at Hardenbergh Insurance Group today.

Brian Blaston, Partner
Hardenbergh Insurance Group
phone: 856.489.9100 x 139
fax: 856.673.5955
email: brianb@hig.net
www.hig.net

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WCRE APPOINTED EXCLUSIVE AGENT TO MARKET 3 FORMER BB&T BANK LOCATIONS IN THE GREATER PHILADELPHIA AREA

WCRE | CORFAC International is pleased to announce that it has been appointed by Branch Banking and Trust Company (NYSE: BBT) as the exclusive sales agent to market 3 separate BB&T bank locations in the Greater Philadelphia Area.

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The 3 locations include two locations in Pottstown, PA and one location in Bensalem, Pennsylvania.

1830 E High Street in Pottstown is a 5,742 square foot building with 3 drive-thru lanes and great visibility along the highly traveled East High Street.

The 1111 Ridge Road location in Pottstown is 2,997 square feet with 3 drive-thru lanes and ample parking spaces.

The property at 2460 Bristol Road in Bensalem is a 3,889 square foot location equipped with 3 drive-thru lanes and just off the Pennsylvania.

All 3 of the opportunities represent great options for an investor or potential owner user/occupant. The locations present highly visible sites for retail or professional uses, as they are surrounded by various other retail attractions and professional offices.

We are very excited about the opportunity to continue building our relationship with BB&T. We are looking forward to replicating our past success of unloading BB&T assets with these three great properties” said Mitch Russell, associate of WCRE.

We are proud of our partnership with BB&T and look forward to continuing our successful relationship with a top-tier financial institution in the region,” said Jason Wolf, managing principal of WCRE.

A marketing brochure is available upon request and additional information can be found at the links below:

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success.

Learn more about WCRE at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at ww.southjerseyofficespace.comwww.southjerseyindustrialspace.comwww.southjerseymedicalspace.com, www.southjerseyretailspace.comwww.phillyofficespace.comwww.phillyindustrialspace.comwww.phillymedicalspace.com, and www.phillyretailspace.com.

About BB&T

Branch Banking and Trust (B&BT) is a bank holding company currently based out of Winston Salem, North Carolina. BB&T has displayed aggressive growth across the country through acquisitions and mergers culminating in the recent merger with SunTrust. With the completion of this merger, the bank will be renaming itself and relocating its headquarters to Charlotte, NC. With over 2,000 branches across 15 states, BB&T offers commercial and consumer banking along with asset management, mortgage and insurance services to its clients. Additional information can be found at https://www.bbt.com/about-us/default.page.

 

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A Tenant for Your Commercial Rooftops-Commercial Rooftop Solar Installations

Commercial Rooftop Solar InstallationsCan rooftop solar installations increase the profitability of your commercial buildings? Lets explore your options. Experts say the US is past the point where solar is ‘alternative energy.’ In 2018 alone, a new solar project was installed in the US every 100 seconds. Although regulations and incentives vary state-by-state, commercial real estate owners in all 50 states are taking advantage of the benefits of adding rooftop solar installations to the buildings in their portfolio.

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Up to now, the owner of the real estate also owned the solar system and was responsible for all maintenance. Starting in 2019, this isn’t necessarily the case for commercial real estate owners and investors in New Jersey. Now, commercial real estate owners in NJ can take advantage of Community Solar due to the newly unveiled/ launched NJ Community Solar Pilot program. Real estate owners in other states, such as Rhode Island, New York, and Maryland, have found great success with similar programs.

About the Program:

The Community Solar Energy Pilot Program enables utility customers to participate in a solar energy project that is remotely located from their property and is currently under development. Subscribers from the community pay for subscriptions. Funds from the subscriptions go to a Community Solar Project Owner or a Subscription Organization. The solar energy from that project goes into the electricity grid. The power from the grid is then delivered to the subscribers, who receive credit on their electric bills for their involvement.

Commercial real estate owners in NJ can take advantage of this program by working with an experienced Community Solar Project Owner. The Community Solar Project Owner pays the commercial real estate owner for use of their rooftop and is responsible for all aspects of the Community Solar Energy Pilot Program. The Community Solar Project Owner applies for the program, builds and maintains the solar system, and pays the taxes. Commercial real estate owners simply collect the checks!

Top 5 Perks for Commercial Real Estate Owners:
• Portfolio’s net operating income is immediately increased
• Additional positive cash flow line item is added to the corporate balance sheet
• All costs for the solar projects’ viability and development process are paid for by the Community Solar Project Owner
Ongoing ownerships costs are absorbed by the Community Solar Project Owner
• Additional property tax on the solar equipment is paid by the Community Solar Project Owner

For more information, NJ C/I Real Estate Owners can contact:

Jacob Yaeger
Managing Principal
Green Skyline Solar
267-994-8723
JYaeger@GreenSkyline.Solar

Green Skyline Solar is a vertically integrated partner in the deal-flow process in utility scale, Community Solar, and large net-metered solar projects. Green Skyline Solar’s investor consortium has leased/ purchased and developed 75% of the first Rhode Island Community Solar program equaling $50M in investment capital and 20% of the first Maryland Community Solar program equaling $30Min investment capital. Green Skyline Solar’s team has developed over 500mW nationwide.

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Is Real Property Subject to NJ Sales & Use Tax?

Is Real Property Subject to NJ Sales & Use Tax

Is Real Property Subject to NJ Sales & Use Tax

Is the new construction, renovation, repair, and maintenance of Real Property subject to NJ Sales & Use Tax? While we can generalize, there is no easy answer to this question as there are many variables that need to be considered to make a proper determination. Additionally, your contractor often isn’t much help as they simply just charge tax or solicit an exemption certificate from you to protect themselves with little thought as to the actual taxability of the services to be provided. That being said, let’s see if we can simplify things.

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MATERIALS & SUPPLIES – NJ Sales & Use Tax

In NJ a contractor is deemed to be an individual or business entity engaged in the business of improving, altering, or repairing real property. By law, contractors are the consumers of materials & supplies they purchase in the course of performing their services and as such are required to pay NJ Sales or Use tax on these purchases unless the work is for an exempt organization, a qualified business in an Urban Enterprise Zone, and a qualified housing sponsor, or they hold a valid direct payment permit. Therefore, you should never pay NJ Sales or Use Tax on separately stated charges for materials & supplies billed by your contractor regardless of the type of work being performed. Your contractor is solely responsible for the payment of the tax on materials & supplies and it must be presumed that the tax is included in the separately stated charge.

CAPITAL IMPROVEMENT – NJ Sales & Use Tax

A NJ Contractor is performing a capital improvement when their installation of tangible personal property increases the capital value or useful life of the real property and the item(s) installed are permanently attached to the real property. The labor charge for a capital improvement is exempt from tax and should be supported by the issuance of an ST-8 Capital Improvement Certificate to your contractor. An analysis of the specific work to be performed needs to be done to see if the above criteria are met. To meet the criteria of an increase in capital value, a NJ auditor will often look to verify whether or not the project lead to an increased assessed value for local property tax purposes.

Further, in verifying the useful life of a project, a NJ auditor will review the accounting treatment of the project. If the project in question is not treated consistent with real property that has an increase in useful life for Internal Revenue Service purposes, it will likely not be considered to meet said criteria. Lastly, if the item(s) being installed are not permanently attached, the project will not be deemed a capital improvement exempt from tax. The permanently attached criteria is met when the item(s) are attached in such a way that its removal would result in substantial damage to the real property.

“TAXABLE” CAPITAL IMPROVEMENTS – NJ Sales & Use Tax

Despite what we note above regarding a capital improvement project, NJ law identifies three “taxable” capital improvements that regardless of the facts and circumstances are always taxable. They are landscaping services, the installation of hard-wired security, burglar, or fire alarm systems, and the installation of carpeting and other flooring. This is so even when these services are provided under a multi-trade construction contract for a new building or renovation. However, the incidence of the tax will vary. If you hire a contractor for a multi-trade construction contract and they directly perform a “taxable” capital improvement, you should be charged NJ Sales Tax and/or remit NJ Use Tax on these items. However, if your contractor hires a sub-contractor to perform a “taxable” capital improvement the incidence of tax is between your contractor and the sub-contractor.

REPAIRS & MAINTENANCE – NJ Sales & Use Tax

Labor charges for the maintaining, servicing, and repair of real property by a contractor are taxable. A repair is work that maintains the existing value of the real property or restores the property to working condition. They do not add value or prolong its life.

CONCLUSION

Generally, the new construction and renovation of real property is exempt from NJ Sales & Use Tax (other than “taxable” capital improvements) while the repairs & maintenance of real property are taxable. That being said, as noted above, great care should be exercised in determining a capital improvement versus repair & maintenance to ensure proper tax treatment.

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Federal Opportunity Zones in Southern New Jersey

Federal Opportunity Zones in Southern New Jersey

On October 19, the U.S. Treasury Department issued proposed regulations for the federal Opportunity Zone tax incentive program created under the 2017 Tax Cuts and Job Act.

These regulations were highly anticipated by the real estate development and fund creation communities, which have been eagerly awaiting clarity from Treasury since the creation of the Opportunity Zone program earlier this year.

The program could become the most impactful federal incentive for equity capital investment in low-income and distressed communities ever. It offers significant capital gains tax benefits for taxpayers who invest in projects and businesses in low-income areas, allowing investors to delay, reduce and potentially eliminate capital gains taxes on appreciated assets or business located in and on Qualified Opportunity Zone investments.

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Qualified Opportunity Zones are census tracts located in all 50 states in a low-income community. A detailed interactive map by state identifying the applicable opportunity zones is available at https://eig.org/opportunityzones.

As Forbes magazine indicated, there is likely $6 trillion of capital gains in the U.S. that represent potential available investment capital that could use this program to drive investment into applicable Qualified Opportunity Zone businesses or real estate. The program is not limited to any specific product type nor does it mandate any job creation requirements as part of the investment in a Qualified Opportunity Zone. Thus, the program is applicable to any type of investor with capital gains from the sale of personal property or real property and to developers/owners of all property types including multi-family rental, retail, hotels, industrial, commercial, office, industries, self-storage, assisted-living, affordable housing, etc.

GENERAL OVERVIEW:

Under the Opportunity Zone program, individuals and other entities can delay paying federal income tax on capital gains until as late as December 31, 2026 – provided those gains are invested in Qualified Opportunity Funds investing 90 percent of their assets in businesses or tangible property located in a Qualified Opportunity Zone. In addition, the gains on investments in Qualified Opportunity Funds can be federal income tax-free if the investment is held for at least 10 years. These tax benefits could reduce the cost of capital for these projects, making them more viable, especially when paired with other development incentives like the New Markets Tax Credit or Low-Income Housing Tax Credit.

Specifically, appreciation on investments within Qualified Opportunity Funds that are held for at least 10 years are excluded from gross income. Thus, the longer one has an investment within a Qualified Opportunity Fund within an Opportunity Zone, the more one can reduce its capital gain – either by 10 percent or 15 percent, and if one stays in the zone for 10 years or more and the property or qualified business appreciated in value, the appreciation is not subject to capital gains tax at the federal level. The regulations as proposed give the investor/owner until December 31, 2047 to sell the business or property in order to take advantage of the no capital gains to be paid on the sale of appreciated assets rules.

Additionally, owners of low tax basis properties can sell their properties and defer the capital gains to the extent the gains are invested in a Qualified Opportunity Zone, which will likely attract investor capital that is looking to defer capital gains, thereby making the Qualified Opportunity Zones potentially more valuable than non-Qualified Opportunity Zone properties.

DEADLINES:

While the benefits of the program can be advantageous, investors and developers seeking to capitalize on the Opportunity Zone program need to move quickly in order to take full advantage of the tax benefit as demand increases and the time period diminishes.

In other words, as the program only lasts until 2026, the seven-year ability to reduce capital gains by 15 percent will disappear if investments are not made by 2019 and the five-year ability to reduce capital gains by 10 percent will disappear if not made by 2021. Therefore, if one is interested in maximizing the value of the program and its value to investors, investors and developers need to move quickly to commence development and acquisitions in order to maximize the time periods available to invest their capital gains inside the program windows provided within the program.

Additionally, in order to defer short- and long-term capital gains realized on the sale of property, the capital gain portion of the sale or disposition has to be reinvested within 180 days in a Qualified Opportunity Fund.

Also important to note that gains are required to be recognized on the earlier of a disposal of the Qualified Opportunity Fund investment or by December 31, 2026, and are reduced over time.

The basis of the Qualified Opportunity Zone investment increases by 10 percent of the deferred gain if the investment is held for five years from the date of reinvestment and by 15 percent of the deferred gain if the investment is held for seven years from the date of reinvestment. In other words, the gain on which capital gains is paid is reduced to 85 percent of the original gain.

While the recently announced regulations provided clarity on specific time period for self-certification as an Qualified Opportunity Zone fund, for what constitutes a Qualified Opportunity Zone business and for what structures now qualify as Qualified Opportunity Zone Funds (i.e., limited partnerships, C-corporations, limited liability companies, REITs, RICs, etc.), investors need to be aware that certain rules regarding related parties and original use property still need to be clarified by Treasury in additional regulations.

OPPORTUNITY ZONES IN SOUTHERN NEW JERSEY:

In Southern New Jersey, the program will drive investment from all types of developers and investors seeking to place their capital gains into funds and seeking to place applicable businesses into Qualified Zones in order to potentially defer and reduce applicable capital gains. Developers will seek to purchase land in order to build with their own capital and/or equity from Opportunity Zone investment vehicles in order to utilize cheaper sources of capital and drive development returns.

Atypical real estate investors who are looking to defer and reduce capital gains may not be looking for typical real estate like returns due to the fact that they will be able to defer and reduce their capital gains via the Opportunity Zone program which will likely create a healthy dynamic for capital flows. Sectors such as multifamily, warehouse, self-storage, grocery anchor retail, and assisted living will see substantial interest from investors and developers.

In Camden County, areas such as Cinnaminson, Pennsauken, Deptford, Camden, Pine Hill, Glassboro and Lindenwold will likely be hot spots for focused/targeted Opportunity Zone investment. In Atlantic County, parts of Atlantic City, Pleasantville, the Atlantic City International Airport, Somers Point and in Cumberland County a large swath of Vineland has been designated as an Opportunity Zone and will likely see interest for focused/targeted Opportunity Zone investment.

As Confucius once said, it is good to live in interesting times. Not a day goes by without an article or post online regarding Opportunity Zones and the ability to utilize them for development and capital gains deferral.

Now is the time to optimize your capital gains deferrals and reductions if you have them vis-à-vis the sale of personal property or real property. Interested investors are already focusing on deploying capital in New Jersey and elsewhere in substantially improving various asset classes and in creating funds to deploy in investing in various asset classes.

Brad Molotsky is a real estate attorney and partner in Duane Morris’ New Jersey and Philadelphia offices. He advises clients on commercial leasing (including a specialty in cannabis leasing), acquisitions, opportunity zone fund creation and fund deployment, financing, public private partnerships and real estate joint ventures. He can be reached at BAMolotsky@duanemorris.com.

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How to Prepare Your Parking Lot for Winter

How to Prepare Your Parking Lot for Winter

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Did you prepare your parking lot for winter? Most property owners neglect this because many property managers and commercial property owners are unaware of how the winter weather, salt and plowing can cause damage to their parking lot. The harsh freeze-thaw cycles cause asphalt to expand and contract, allowing water to seep into the foundation. This creates permanent damage, in the form of cracks and potholes. While the intention for salt and plowing is to help clear parking lots of snow and ice, these techniques also contribute to further damage. Salt is an effective method for melting snow and ice to prevent slips and falls, but it also erodes the asphalt and inner walls of storm drains. Inexperienced drivers can position the plow too low, scraping away any prior sealcoat and loosening debris from existing potholes. Plows can also chip or crack curb.

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Ways Prepare Your Parking Lot for Winter

You might be asking yourself, “If these elements can help melt snow and de-ice the lot while causing permanent damage, how do I prevent this from happening or prepare for the winter season?” Any existing potholes
should cleaned of debris and filled. If hot asphalt is not available, consider using a high performance cold asphalt product like EZ Street. This product is perfect for the winter and even works in water. It is so easy to use, your maintenance team can apply the EZ Street in the potholes themselves in the coldest of temperatures (the more traffic the better compaction).

Spring Planning is the Best way to Prepare Your Parking Lot for Winter

Planning for spring maintenance is the best way to prepare for winter. By completing an assessment of your parking lot (looking for potential liabilities, safety hazards and aesthetics), you can budget accordingly for necessary improvements. If there is visible damage it is time to call a paving and maintenance contractor to repair, sealcoat and crack seal your parking lot. Crack sealing prevents moisture and water from penetrating under the asphalt surface creating potholes. Sealcoat helps prevent oxidation and degradation from the sun and traffic.

If you missed the boat last spring with parking lot maintenance and you notice that there is now damage from salt, plowing and harsh winter weather, rescue your parking lot by addressing the storm drain and curb damage. Then set yourself up with a spring maintenance plan to prepare for the following winter season.

For more information on ways to prepare your parking lot for winter, contact:

 

david sulkin

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WCRE APPOINTED EXCLUSIVE AGENT BY NFI TO MARKET 32,858 SQUARE FEET WITHIN THE VOORHEES CORPORATE CENTER

NFI Voohees NJWCRE | CORFAC International is pleased to announce that it has been appointed by NFI Industries as the exclusive leasing and sales agent to market 1005 Laurel Oak Road, Voorhees, New Jersey.

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This 32,858 square foot property is part of a two-unit 78,205 SF single story building situated within The Voorhees Corporate Center.

The neighboring occupant in the other half of the building is Kellman Brown Academy, which is one of several well-known entities within the corporate center along with Jefferson Health, AAA, CHOP, Kingsway Learning Center, YALE School, UPenn and SunGard.

The office/flex space available for sale or lease and is ideal for a variety of uses including education, back-office operations center, healthcare or for general flex/office use.

The Voorhees Corporate Center is located within close proximity to I-295 and the PATCO High-Speed Line, and provides for immediate access to Eagle Plaza, Voorhees Shopping Center and is within close proximity to many other high-end retailers.

Jason Wolf, managing principal of WCRE commented: 

“We are excited about the opportunity to partner with NFI and market a first-class property on behalf of a top tier owner and operator in the region.”

WCRE’s vice president and principal Chris Henderson and Jason Wolf will be working closely together with NFI in order to facilitate the sale or leasing of this well-located property.

A marketing brochure is available upon request.

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success.

Learn more about WCRE at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

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Are Letters of Intent a Good Idea?

letters of intentCommercial real estate players use letters of intent (LOIs) or term sheets all the time. Buyers and tenants present offers this way, often to see if a deal can be reached before incurring the costs of negotiating an agreement of sale or a lease (the Definitive Agreement). The key question is whether these agreements are binding or not. The legal principles are fairly easy to state: If the parties intend not to be bound to each other prior to the execution of a Definitive Agreement, the courts will give effect to that intent and the parties will not be bound until the agreement has been fully executed and delivered. This is true even if all issues in the negotiations have been resolved. Conversely, if the parties intend to be bound prior to the execution of a Definitive Agreement, the court will give effect to that intent, and the parties will be bound even though they contemplate replacing their earlier understanding with a later written agreement. Courts have consistently stated that the most important factor in determining whether or which provisions in an LOI are binding is the language used by the parties in the letters of intent themselves.

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Typically, parties draft letters of intent to be partially binding. The letters of intent will contain provisions not intended to be binding and provisions expressly intended to be binding on the parties. The non-binding provisions consist primarily of the “deal points”, such as a description of the key components of a proposed transaction and any important conditions. For an agreement of sale, these include the purchase price, deposit, due diligence period, deal contingencies (e.g. financing, licensing and land use approvals), time for closing and broker payment obligations. For a lease agreement, these include the rental rate, security deposit, tenant allowance, responsibility for repairs and replacements, use and exclusivity terms, brokers and any unique arrangements. The binding provisions focus on the negotiation time period, including access to information, confidentiality, a “no-shop” or exclusivity provision in which the seller or landlord agrees not to sell or lease the subject property to another for a specified period of time, broker representations and protection and non-disclosure (to third parties) obligations. There should be a termination provision and natural end date for the life of the LOI.

The main purpose of typical letters of intent is for the parties to formulate deal points without committing to the actual transaction. Letters of intent provide counsel a blueprint for preparation of the Definitive Agreement, saving time and money. Letters of intent can keep the deal momentum moving forward while negotiating the details of a Definitive Agreement, especially when they contain milestones for delivering a draft and executing a final version. Moreover, an LOI may be necessary for a lender or investor to move to the next step of its process.
However, there are also potential risks in using LOIs. If inartfully drafted, or if the parties act as though they have reached a deal, the LOI may be deemed a binding contract, obligating the parties prematurely.

Further, many courts have found that execution of a letters of intent  creates an obligation for the parties to negotiate, in good faith, a reasonable agreement, which may be an unintended consequence of signing. Another
possible disadvantage of using an LOI is that a party may share the letter with a competing bidder to shop the deal to see if they can get a better offer. Even worse, deal momentum may die while negotiating a trivial LOI provision for a simple transaction that could have gone straight to the Definitive Agreement.

Indeed it is often the case that conceptual agreement on the basic deal points will allow a buyer to prepare
an agreement of sale, without the need to incur the time and expense of negotiating letters of intent. But, for
the complex commercial transaction, an LOI can provide a necessary level of comfort prior to expending significant resources on investigations, inspections, analysis and negotiation of a Definitive Agreement.

If you use letters of intent, be clear and specifically describe the binding provisions, carefully distinguishing them
from the non-binding provisions. If there are no special conditions or complicating factors, go straight to the Definitive Agreement instead of preparing an LOI to avoid unintended consequences, such as a forming a contract or creating an obligation to negotiate in good faith.

The contents of this article are for informational purposes only and none of these materials is offered,
nor should be construed, as legal advice or a legal opinion based on any specific facts or circumstances.

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WCRE ADDS TRIO OF NEW HIRES TO PHILADELPHIA/NEW JERSEY TEAM AND RELOCATES TO LOGAN SQUARE

New Assignments and High Volume of Transactions Lead Commercial Real Estate Firm to Expand Further

Wolf Commercial Real Estate (WCRE) is pleased to announce the expansion and relocation of its Center City Philadelphia office, which includes the addition of three new team members serving southeastern Pennsylvania and Southern New Jersey. WCRE quickly outgrew its original Philadelphia office at 1601 Market Street, and has moved to 3 Logan Square, at 1717 Arch Street.

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The new team members are Kevin Coleman, who joins as chief sales officer and executive vice president, and new sales associates Tyler Martin and Mike Scanzano. They join a team that includes several well-known business leaders with deep roots in the city. Among them are Brian Propp, director of strategic relationships, Tony Banks, vice president, Anthony Mannino, senior consultant, and sales associates Mitchell Russell and Joseph Nassib. Each brings a unique skill set, along with energy, passion, and the signature WCRE commitment to the community. Managing principal Jason Wolf and vice president and principal Chris Henderson, also assist the Philadelphia team.

“We’ve been serving numerous clients in and around Center City for the past few years, and we have fully committed to expanding our presence here,” said Henderson. “This move will create more opportunities for our Philly team to network and collaborate with clients and partners, and to deepen our commitment to community initiatives.”

More About WCRE’s New Hires:

Kevin Coleman is a 15-year industry veteran. His role will include sales management and leadership, and business development throughout the region, with a heavy focus on central New Jersey. Coleman will also play an active part in the recruitment of all new team members.

Previously, Coleman served as a vice president of advisory services with Transwestern. During this time, he had the opportunity to work on behalf of office and industrial tenants, investors, and developers. From 2010-2016, Coleman served as director with Colliers International, working out of the Princeton, New Jersey office. He represented national, regional, and local companies with office, industrial, and healthcare requirements. Among many accomplishments, he was instrumental in helping to grow the Princeton office with the addition of a team of brokers.  On joining WCRE, Coleman said,

“Jason has worked very hard to build a strong brand in the region, and I am excited for the opportunity to leverage my diverse background to help the team grow to the next level of performance.”

Tyler Martin is one of the firm’s two new sales associates. Martin is a former new business development representative in the fleet management industry who will be a valuable partner to clients seeking expertise in development and understanding the potential of a space. He will work closely with WCRE’s sales professionals to generate new business relationships and create opportunities for clients in Philadelphia and the suburbs.

Before graduating a year early from Lynn University in Boca Raton, Florida, Martin was a member of the NCAA lacrosse team. He has continued his education by pursuing his MBA with a concentration in Finance at Saint Joseph’s University. His anticipated graduation is in May 2019.

In addition to his professional activities, Martin is an attackman for the Hungarian National Lacrosse Team. He competed with the team in the 2018 World Lacrosse Championships in Israel.

 

Mike Scanzano also joins WCRE as a sales associate. He will focus on the Southern New Jersey market. Scanzano will specialize in sales and leasing, tenant and landlord representation, investment sales, and multi-family dwellings.

Scanzano is an entrepreneur and former professional athlete. He played six years of professional baseball, ending his career in 2010 with the Camden Riversharks. After baseball, he took a sales position with the Southern Illinois Miners, an independent minor league team. Since 2015 Scanzano is also the co-owner of Scanzano Sports in Cherry Hill, a baseball training center. He is responsible for marketing and business development, building relationships in the community, and overall management.

Mike is excited about the opportunity to join the team at WCRE and looks forward to utilizing his sales experience and professional relationships to expand the firm’s client base.

Since its founding in 2012, WCRE has grown into a market leader in Southern New Jersey and southeastern Pennsylvania. The team has set a new standard in serving the needs of owners, tenants, and investors. The firm currently has more than 175 properties comprising 4.2 million square feet of office, retail, medical, industrial, flex, and investment property in the region under exclusive watch. Jason Wolf said,

“I’m excited to have such talented new team members servicing our clients in the Philadelphia and South Jersey regions. Our people have always been our biggest asset and our biggest advantage in the marketplace.”

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success.

Learn more about WCRE on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

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How to Increase Productivity

How to Increase ProductivityLet’s look at how to increase productivity at work. So many tasks, so little time. Do you ever complete your  workday feeling like you couldn’t achieve everything you wanted to? It begins with preparation. I get it. Being 100% efficient at work can be difficult and sometimes overwhelming. Setting proper timelines will allow you to increase your own profitability and ease workday stress.

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Take a stab at these tips to increase your productivity at work:

How to Increase Productivity #1. PUT A VALUE ON YOUR TIME

I often ask our sales reps, what is your time worth? If you are able to give yourself an hourly rate, it will help you use your time more efficiently. Giving yourself value allows you evaluate whether what you are doing is actually making you money or costing you money. It will also help you notice when customers or colleagues may be taking advantage of your time. Create a total value of yourself, including your salary, free time, benefits, your TOTAL value. (Hint; this should be more than you earn), then back that number into an hourly rate. While working throughout the day ask yourself if you are earning that rate.

How to Increase Productivity #2. TAKE BREAKS

We may think working longer hours implies we’re accomplishing more, yet we never function well when we’re worn out. Studies indicate taking standard breaks helps focus and lifts your inclination. Take a five-minute stroll around the workplace or go through a 15-minute mid-day espresso or stretch.

How to Increase Productivity #3. SET SMALL TASKS

Some of the time, looking at our objectives can be overpowering. Seeing a bunch of enormous undertakings on our schedule can be distressing… however if you split it up into littler tasks, you’ll feel more in charge and will be considerably more helpful. Instead when you complete a project, write down the words COMPLETE or cross off your task within your check list. That feeling of completion will allow you to further feel that euphoria of completing your projects.

This will keep you on track in your everyday and influence the greater tasks to appear to be less overwhelming.

How to Increase Productivity #4. DO WHAT MATTERS MOST IN YOUR DAY

We at times push aside enormous tasks since we’re not sure we are able to achieve them. When we get these tasks, we’re excessively worn out and may push these tasks day after day after day. You need to understand yourself and how you operate best. Understanding when and how you function best is critical to completing those enormous ventures on time. There’s no set timetable that works for everybody… If you’re a morning person, handle the enormous assignments first thing in your day.

How to Increase Productivity #5. TIME YOURSELF

Optimize your time as much as possible at work by timing yourself on all tasks. Similar tasks should take similar time to complete, be mindful of whether you are quicker or slower for each task. This doesn’t mean you’ll have the capacity to finish each assignment within the same time. However, by setting a standard and holding yourself accountable, you are one step closer to achieving them.

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