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Winter Weather and Its Impact On Your Business

Winter weather is unpredictable and can have a large impact on your business. While maintaining business operations is always at the forefront of your mind, it is important to consider employee safety as well. You should have policies and procedures in place before bad weather hits so that your company and employees are as prepared as possible.

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Driving in Winter Weather on Company Time

winter weatherA major concern regarding winter weather is employees who drive a company car or vehicle as part of their workday. All vehicles should be given a safety check by a mechanic before the bad weather hits, and they should also be equipped with emergency materials such as a snow scraper, blanket, first aid kit and
flashlight.

In addition, employees should be instructed to dress properly for the weather, including a hat, scarf and gloves, or have extra clothing on hand in case of a breakdown or accident. In order to protect your company against liability, any employees who may drive in bad weather on company time should be trained in safe, cautious driving techniques and what to do in case of an accident. Also consider employees who drive as part of their commute—it may be wise to educate them in cautious winter driving techniques to ensure their safety while driving to and from work.

Employee Pay During Winter Weather

Pay issues arise when weather forces your business to close for any length of time or prevents employees from making it to work even if your business remains open. For non-exempt (typically hourly) employees, you are only required to pay them for the hours they actually work. Thus, if your business opens late, closes early or closes for an entire day, you are not required to pay them for any time missed.

If an exempt (typically salaried) employee works any part of the day, you must pay them for a full day. Similarly, if the business is closed for a day or more but less than a full week, you need to pay exempt employees their normal salary if they worked any part of that week. You do not need to pay employees if business is closed for a full week. This applies whether your company uses a five-day or seven-day workweek. You may, however, require that they use available paid time off or vacation time, if available. If your business remains open but an exempt employee cannot come in due to weather conditions, this is a personal reason, and you do not need to pay them. One option to ease the loss of a business day or any missed productivity is to ask exempt employees to work from home if you are already paying them for the day. You may also consider offering a telecommuting option during inclement weather even if your business remains open so employees can avoid the dangers of driving in the extreme cold or snow.

Be Prepared for Winter Weather

Employees should be informed of your company policies related to inclement weather—safety, attendance and pay-related. You should have an established communication method to inform your employees of a business closing or delay. When bad weather is coming, address all your policies again, remind employees of communication channels to address attendance and plan for the worst potential outcome to ensure your company is prepared for the weather.

Brian Blaston
Commercial Lines – Manager
Hardenbergh Insurance Group
phone: 856.489.9100 x 139
fax: 856.673.5955
www.hig.net

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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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Tips to Improve Comfort and Ergonomics at Work

Let’s look at tips to improve comfort and ergonomics at work. Sitting at a computer for the majority of your workday can negatively affect your health if your workstation isn’t properly adjusted. Follow these suggestions to make your workstation work for you.

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Ergonomics at Work – ADJUSTING YOUR CHAIR

• Adjust the seat height so your feet are flat on the floor and your knees equal to—or slightly lower than—your hips.
• Adjust your armrests so that your shoulders are down and relaxed. If your armrests are in the way, remove them.
• Sit in the chair with your hips positioned as far back as possible. Use a foot rest if your feet don’t touch the floor.

Ergonomics at Work – MONITOR PLACEMENT

Placing your monitor in an appropriate position helps prevent excessive fatigue, eye strain, and neck or back pain.

• Center and position the top of the monitor approximately 2 to 3 inches above seated eye level.\

• Sit at least an arm’s length away from the screen, making adjustments to suit your vision.

• You can reduce glare by positioning your screen away from windows, adjusting blinds or using a filter.

• Position source documents directly in front of you, between the monitor and the keyboard, using a copy stand.

Ergonomics at Work – KEYBOARD AND MOUSE CONSIDERATIONS

If your keyboard and mouse are not adjusted properly, it can lead to discomfort in your wrists, arms and shoulders.

• Place the keyboard directly in front of you at a distance that allows your elbows to stay close to your body and your forearms approximately parallel with the floor.

• Use the keyboard feet to adjust the tilt of your keyboard. If you sit in a forward or upright position, try tilting your keyboard away from you at a negative angle. If you are reclined, a slight positive tilt will help maintain a straight wrist position.

• A wrist rest can help you to maintain neutral postures and pad hard surfaces, but resting on it while typing is not recommended.

Ergonomics at Work – TAKE A BREAK

Regardless of how well your workstation is set up, sitting still and working in the same posture for prolonged periods is not healthy. Try to change your working position frequently throughout the day.

• Take a break or change tasks for at least 5 to 10 minutes after each hour of work. Try to get away from
your desk during lunch breaks.

• Avoid eye fatigue by resting and refocusing your eyes periodically.

• Make small adjustments to your chair or backrest.

For more information, contact:

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

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Philadelphia’s Proposed One Percent Tax on New Construction

One Percent Tax on New ConstructionIs Philadelphia’s proposed one percent tax on new construction a good compromise or a fools bargain? The Philadelphia City Council announced new legislation on April 11, 2018, that includes a new one percent tax on new construction that would raise revenue for the Housing Trust Fund, the city’s dedicated source for developing new affordable housing, preserving existing housing and preventing homelessness.

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WHAT IS THE TAX/IMPACT FEE?

Proposed Bill No. 180351 would impose a new Construction Impact Tax/Impact Fee on all projects that are eligible for the city’s 10-year tax abatement. The funds raised from the tax are intended to help the Housing Trust Fund provide funding for more affordable and workforce housing development, which would be available to both nonprofit and for profit developers.

HOW MUCH IS THE TAX?

The tax/impact fee is 1 percent of the stated cost of construction, including repairs, construction, additions and alterations of the building and is paid when the applying for a building permit. (Note that there is some discussion to change the time when payment would be due from the building permit application to the time a zoning permit is filed.) While a one percent tax on new construction may not sound like a lot, consider the tax on a $1 billion new technology center, a $300 million new multifamily high rise or a new $800 million stadium. In each instance, the tax for these projects would be $10 million, $3
million and $8 million, respectively.

ARE CERTAIN TYPES OF BUILDING EXEMPT?

As currently drafted, all buildings that are “for human occupancy” and that are eligible for the 10-year tax abatement would be subject to the tax/impact fee. These buildings would include not only residential structures, but commercial and industrial structures as well. Rather than single out one particular kind of developer (i.e., multifamily developers), the proposed tax would apply to any project that qualifies for a 10-year tax abatement in Philadelphia.

COALITION BUILDING

There appears to have been more compromise than usual between the trades, the Building Industry Association, City Council members, members of the development community and other civic-minded individuals as the merits and concerns over the 10-year tax abatement were debated, as was the Mixed Income Housing Bill, both being offered as potential solutions for addressing Philadelphia’s affordable and workforce housing needs.

NOVEL APPROACH

Drexel University’s Lindy Institute for Urban Innovation Senior Research Fellow Kevin Gillen told the Philadelphia Business Journal, “The impact fee being considered here is a truly unique hybrid. It is tied to the abatement rather than to inclusionary zoning. And it is the type of program that is traditionally used by low-cost, low-tax Sun Belt suburbs that have experienced decades of rapid population growth, but the bill’s sponsors want to apply it to a relatively high-cost, high-tax Northeastern city that until recently has experienced decades of depopulation.”

Impact on the Mixed-Income Housing Bill

If the new bill is passed, the Mixed-Income Housing Bill will become completely optional and will be amended to include numerous beneficial bonuses such as extra height (7 feet) and density (25 to 50 percent bonus) in RM-1, CMZ-1/2/2.5, amongst other potentially attractive zoning bonuses. These bonuses will continue to have a mixed-income housing requirement or payments in lieu of an additional 1 to 2 percent of construction costs depending on the amount of the
bonus.

EFFECTIVE DATE

As proposed, the effective date would be July 1, 2018, although some are already pushing for a later effective date of January 1, 2019. Duane Morris attorneys will continue to monitor and report on any development in this issue.

FOR MORE INFORMATION

If you have any questions about this Alert, please contact Brad A. Molotsky, any of the attorneys in the Real Estate Practice Group, attorneys in the Project Development/Infrastructure/P3 Practice Group or the attorney in the firm with whom you are regularly in contact.

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm’s full disclaimer.

FOR MORE INFORMATION CONTACT:


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WCRE Proudly Joins CORFAC International

CORFAC InternationalWCRE is pleased to announce it has joined CORFAC International, a network of independently-owned, entrepreneurial commercial real estate firms with 78 collaborative offices worldwide.  Under the new arrangement, the five-year-old local firm will rebrand as WCRE/CORFAC International.

Though it bears a new name, the firm remains a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties. It provides a complete range of real estate services to commercial landlords, tenants, investors, developers, banks, commercial loan servicers and companies.

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Download CORFAC International Printable Press Release in PDF>>>>

“Our alliance with CORFAC International provides a global network of resources and knowledge that will greatly benefit our clients,” said Jason Wolf, Managing Principal of WCRE. “We’ll be able to add those resources to our tradition of individualized service and cutting-edge marketing techniques.”

Wolf founded WCRE in early 2012 after 17 years of steady growth and success at a top national commercial real estate firm. Driven by a visionary team with a wide variety of expertise, WCRE quickly took its place among the market leaders.

“We’re happy to add WCRE to the CORFAC family,” said Ray Lyons, CORFAC International president and broker with Thomas L. Johnson Realty/CORFAC International in Toronto. “Their insights and expertise in the Philadelphia region will bring even stronger service to all of our clients.”

Founded in 1989, CORFAC International’s member firms provide a full range of brokerage services across the globe. “It is an honor to have Wolf Commercial Real Estate join the CORFAC family as our newest member firm,” said Jonathan Salk, Executive Director of CORFAC International.

“WCRE is well recognized and respected as the top independent commercial real estate company in the Philadelphia and South Jersey region. Their strong full-service team with years of experience locally, regionally and nationally will be a fantastic addition to our CORFAC network,” Salk added.

“CORFAC is an excellent fit for our regional and national practices in office, retail, healthcare, and industrial properties,” said Anthony Mannino, vice president for corporate strategies at WCRE.

Learn more about Wolf Commercial Real Estate at www.wolfcre.com and CORFAC International at www.corfac.com.

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.

About CORFAC International

Established in 1989, CORFAC International (CORFAC) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 48 firms in the U.S., four in Canada and 26 in international markets, including Colombia, France, Germany, Ireland, Israel, Italy, Mexico, Romania, Russia, South Africa, South Korea, Switzerland and the United Kingdom. CORFAC firms completed more than 11,000 lease and sales transactions totaling 550 million square feet of space valued in excess of $8.5 billion in 2015. Learn more at www.corfac.com or on Twitter at @CORFACIntl.

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Kaiserman Company Appoints WCRE as Exclusive Agent

KAISERMAN COMPANY APPOINTS WCRE AS EXCLUSIVE AGENT FOR 237,000 SQUARE FOOT SOUTHERN NEW JERSEY RETAIL & OFFICE PORTFOLIO

Wolf Commercial Real Estate (WCRE) is pleased to announce that it has been appointed exclusive agent by Kaiserman Company, Inc. for their Southern New Jersey office and retail holdings comprising approximately 237,000 square feet. The leasing team of Jason Wolf and Leor Hemo will be overseeing the project for Kaiserman.

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Kaiserman has been acquiring, developing, and managing real estate for more than 90 years. The privately-owned company believes in holding properties for the long term. It is headquartered in Center City, Philadelphia, and currently owns and manages more than 2.5 million square feet of premier office, commercial, and residential properties in the Delaware Valley.

“The Kaiserman Company has a nearly century-long legacy of excellence in property ownership and management in this region, and WCRE is excited to have the opportunity to represent their Southern New Jersey holdings,” said Jason Wolf, founding principal of WCRE.

Property Highlights

Kevon Office Center, Pennsauken, New Jersey

kaisermanThis well located 100,000 square-foot, four-story office building, located at 2500 McClellan Boulevard in Pennsauken NJ, has suites available from 1,596-7,632 rentable square feet.

“This property is in an excellent location, five minutes from Philadelphia via the Ben Franklin Bridge, and just a short walk away from Cooper River Park,” said Leor Hemo, executive vice president, WCRE. “It is situated near a wide array of shopping centers, restaurants, convenience stores, and service establishments, providing for an ideal office environment.” The property sits immediately off Route 70, providing convenient access to Routes 38, 70 & I-295.

Kevon Office Center is an Energy Star-certified building that offers a beautiful grand entrance, a three-story sunlit glass atrium lobby area, employee picnic area, and a beautifully landscaped exterior. This well-managed building also provides on-site maintenance personnel, an on-site café and newly renovated common areas.

The asking lease price is $17.50/sf Full Service. A marketing brochure is available upon request.

Barclay Farm Shopping Center, Cherry Hill, New Jersey

kaiserman2The Barclay Farm Shopping Center is an 83,000 square foot retail property conveniently located on the well-traveled Route 70 in affluent Cherry Hill, New Jersey, close to Kings Highway, I-295 and the New Jersey Turnpike.

A limited number of retail units are currently available in this attractive complex. Current tenants include a wide range of national and locally owned retail, service, and food establishments, including Manhattan Bagel, The UPS Store, M&T Bank, The Cherry Grill, Asian Food Markets, and Jacobs Music Company.

This highly visible retail location also offers pad sites available fronting along Route 70, a large parking lot, wide sidewalks, highly visible signage, and is within close proximity to many high-traffic retailers. Additionally, the façade and lighting are scheduled to be updated in 2017.

The asking lease price is $16.00/sf NNN. A marketing brochure is available upon request.

Barclay Pavilion, Cherry Hill, New Jersey

kaiserman3The Barclay Pavilion is a 54,000 square foot mid-rise office building offering office units of various sizes for lease. This well-located property is ideal for professionals and health care providers. The office space available for lease is wrapped around a tranquil center courtyard. The Pavilion is conveniently located adjacent to the restaurants and shops of the Barclay Farm Shopping Center. The Pavilion, supported by ample parking, is conveniently located on well-traveled Route 70 in affluent Cherry Hill, New Jersey close to Kings Highway, I-295 and the New Jersey Turnpike. A 10,000-plus square foot pad site is also available for build-to-suit leasing.

The asking lease price is $14.50/sf full service. A marketing brochure is available upon request.

About Kaiserman Company

Kaiserman Company is a full-service commercial real estate company that owns and operates a wide range of property types. Kaiserman Company strives to own, operate and manage the most carbon-responsible properties possible, yielding the greatest value for owners, tenants, and investors, while maintaining safe, comfortable, and innovative places to live and work. Kaiserman aims to provide best-in-class service, attract a skilled and ambitious workforce, and serve as a model for green operations, positive tenant relations, and efficient management. Learn more about Kaiserman Company at www.kaiserman.com

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 online 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.cherryhillretailspace.com, www.cherryhillofficespace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

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Four Ideas for Creating Strategic Workplace Design

The goal of strategic workplace design is to create physical work environments that yield maximum results. Have you ever looked around your workspace and thought about whether it supports the organizational outcomes that you want to achieve?

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strategic workplace designBefore considering how to maximize your workspace, it is important to keep in mind that in your space, every area should have a purpose. Just take a quick look at your employees as they work. What spaces get used most often? What areas are used the least? How can this space be better used? By strategically planning how each square foot of space will be used, not only will you create an environment that maximizes square footage while minimizing costs, but is in line with your organization’s goals. The way you create your space must fit the needs of your employees so that they have what they need to work best. By doing that your employees will continue to grow your business through productivity, creativity and innovative thinking. Further, your company will see a number of added benefits.

MAXIMIZING THE WORKSPACE PER SQUARE FOOTAGE through strategic workplace design

Designing your workspace to be flexible and adaptable leaves room for your business to change and grow as needed. As employee seating trends continue towards hoteling, benching and hot desking, the amount of square footage needed per employee continues to drop. This allows for other uses for the space that
your company needs like quiet areas, collaborative spaces or meeting rooms. Further, adaptable space maximizes spatial efficiency, which in keeps costs down and protects your bottom line.

ATTRACTING TOP TALENT through strategic workplace design

Strategis workplace design is a powerful resource in the recruitment and retention of top talent in your industry. Because the new workforce wants to feel connected and engaged in the work that they do, it is important to design a workspace that will appeal to the features that they want in a company. Throughout your space, your brand and culture should be well represented so that they will feel the meaning of the work that they are doing. Another important factor in the recruitment and retention of top talent is creating flexibility in their space.

OFFERING EMPLOYEE CHOICE through strategic workplace design

Employees want a variety of areas to think, create, collaborate and be productive. Allow them choice by including open and enclosed spaces, comfortable lounge areas, and quiet rooms where they can choose what works best for them. Experts agree that when companies give employees choice, they had increased growth rates and one-third the turnover rates of organizations with traditional floor plans.

SETTING THE STAGE FOR HEALTH AND WELLNESS WITH EVERYONE IN MIND.

workspace designWhile technology has streamlined business processes, it has also made us more sedentary. By designing workspace that incorporates necessary movement into the course of the day, it will create a work environment that supports the health and wellness of your employees. A healthy work environment will spark creativity, energy and motivation, thereby increasing productivity and efficiency for your business.

There isn’t a one-size fits all solution when it comes to strategic workplace design. But with the right team of design professionals helping you through the process, you can create a floor plan that best supports the needs of your business. Not only will your workplace produce outcomes like collaboration, innovation and productivity, but its strategic workplace design will be a primary factor in reaching your corporate goals.

Bellia President, Anthony Bellia understands and values the importance of helping clients succeed by providing a seamless experience when furnishing commercial interiors. Bellia Workspace Solutions is a family owned and run business with over 40 years of experience and service to the community. Their clients’ visions and goals are the motivation for probing into the culture, style and nature within workspaces. It is his mission to help companies within the Tri-state area be more magnetic to remain strong and continue to grow by attracting top talent, building spaces that provide flexibility in the future, and creating branded environments that support the company message.

anthony bellia

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Balashine Properties Appoints WCRE Exclusive Leasing Agent For 930 Harvest Drive in Blue Bell, PA

FOR IMMEDIATE RELEASE

Contact: Andrew Becker

Phone: 856.449.5220

Email: andrew.becker@wolfcre.com 

 

 

 

930 Harvest Drive Press Release PDF

Balashine Properties Appoints WCRE Exclusive Leasing Agent For 

930 Harvest Drive in Blue Bell, PA

 

January 3, 2017 – Marlton, NJ – WCRE is pleased to announce that it has been appointed exclusive leasing agent by Balashine Properties for its office location at 930 Harvest Drive in Blue Bell, Pennsylvania.

930 Harvest Drive, located in the Union Meeting Corporate Center, is a 118,004 square foot, four-story, elevator served office building located in the Plymouth Meeting/Blue Bell submarket. The property is minutes from the Pennsylvania Turnpike, with ample parking and SEPTA service to Plymouth Meeting and the Norristown Transportation Center.

Balashine Properties renovated this building in 2015 and maintains its headquarters there. The ownership is committed to best-in-class customer service and is seeking to make aggressive deals. Among many desirable attributes, the building features highly efficient suite layouts, a full-service café, a tenant only conference center, and an on-site day porter and building engineer. Several available suites range in size from 2,000 to 24,742 square feet. Having ownership and management on-site will be a great feature for tenants looking for their new business home.

“We’re excited to be working with WCRE’s leasing team. I am impressed with WCRE’s marketing platform and confident they will help us maximize occupancy at this highly desirable property,” said Garett Shiner of Balashine.

WCRE’s leasing team of Andrew Maristch and Anthony Mannino added, “WCRE is proud to add Balashine Properties to its growing list of clients in Pennsylvania. We look forward to applying our WCRE 360 marketing approach to bring in new tenants and establish another successful relationship in the Philadelphia region.”

A marketing brochure and tenant information package 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 online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.bluebellofficespace.com, www.bluebellmedicalspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com, www.phillyretailspace.com, ww.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, and www.southjerseyretailspace.com.

 

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New Jersey Outlook for Commercial Solar in 2017

nj-commercial-solarAs we look towards 2017 in New Jersey, we are confident that commercial solar will continue to generate strong returns for landlords. In New Jersey, over 5,000 commercial properties have already adopted solar energy. Many more commercial property owners have considered solar energy. In addition, solar can help to differentiate a property and retain or attract tenants.

Reasons to be Optimistic about NJ Commercial Solar

1. Costs are Down
2. 30% ITC was Extended
3. Depreciation (Bonus MACRS) was Extended
4. SREC is Stable
5. Safety is Improved

1) COSTS
Solar panel costs have declined 30% – in just the last 12 months. As the global solar manufacturing industry grows, manufacturing improvements and scale efficiencies continue to drive down the cost of a solar panel. If you received a quote for a commercial solar installation more than 6 months ago, it might be time to refresh that quote.

2) 30% ITC
The ITC or Investment Tax Credit is a 30% tax credit on the cost of a commercial solar project. So, if a solar project costs $1 million, then you are entitled to a tax credit of $300,000. This credit is not a deduction, but is a full credit against tax liability due to the IRS. The 30% ITC was extended by Congress in December 2015 and now extends through December 31, 2019.

3) DEPRECIATION (BONUS MACRS)
In addition to the 30% ITC, the IRS allows an accelerated depreciation schedule for solar – almost 70% of the project cost can be deducted in the first two years. Solar projects completed in 2017 still qualify for this 50% bonus. This benefit was extended by Congress in 2015 and greatly enhances the tax advantages from a solar installation.

4) SREC
The SREC is another source of income from a commercial solar project. The value of the NJ SRECs (Solar Renewable Energy Certificates) continues to support strong returns on investment (ROI). There are many strategies to secure stable SREC pricing for the long-term. Your solar developer/installer should establish the optimal SREC strategy for your project before starting construction.

5) SAFETY
New technologies allow for much safer commercial solar installations. Solar panels can now be monitored and shut down individually. This allows solar companies to de-energize the panels when personnel operate on the roof. In addition, monitoring each individual panel maximizes output and increases income generated. This safety configuration will become more common in 2017 and should be considered on every commercial installation. Again, if your commercial solar proposal is over 6 months old, it might be time to request a refreshed quote from an experienced solar installer that now includes these solar panel optimizers.

Download Printable Article>>>

ABOUT US
Keith Peltzman is president and founder of Independence Solar with offices in Cherry Hill, NJ and Boston, MA. Independence Solar is a turnkey installer of commercial solar energy. Since 2007, the team
has developed and built over $200 million of solar projects, including the largest rooftop solar array (9 MW) in North America at the Gloucester Marine Terminal in NJ. Independence Solar forges long-term partnerships to maximize returns on our customers’ commercial solar energy investments.

 

Keith Peltzman
President & Founder
1008 Astoria Boulevard
Suite E
Cherry Hill, NJ 08003
856.393.1250

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WCRE Third Quarter Report: Southern New Jersey Office Leasing Rebounds

WCRE Third Quarter Report: Southern New Jersey Office Leasing Rebounds, Still Lags Behind 2015 Levels

Office Leasing Posts Strongest Quarter of the Year, Investments, Sales, and Philadelphia Remain Areas Of Strength

wcre_3qtr2016_reportMarlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the Southern New Jersey office market has bounced back nicely from the slow-down in commercial leasing activity that began late last year. Office leasing totals for the third quarter were the strongest they have been all year, though they are still off from the same time last year. The investment and sales market continued its hot streak, and the city of Camden is seeing progress from the Grow New Jersey program.

“The Brexit vote was something of a shock to the system during the second quarter, but this region showed its resilience and the strength of its fundamentals,” said Jason Wolf, founder and managing principal of WCRE. “The upcoming election means more uncertainty in the near term, but the overall tone is one of cautious optimism.”

There were approximately 365,224 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents an incredible improvement of 44 percent compared with the second quarter of the year. The quarter saw a slight decrease in prospecting, with about 225,000 SF of lease deals in the pipeline and expected to close in the near term. Still, the trend of positive absorption continued, making up approximately 195,000 square feet of total activity.

Overall market vacancy dropped as well, with Camden County leading the way.

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Other office market highlights from the report:

Overall vacancy in the market is now approximately 10.65%.

Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.00/sf NNN or $20.00-$24.00/sf gross for the deals completed during the quarter. This is essentially unchanged from the previous several quarters.

All of the major private owners and REITS showed moderate leasing and prospect activity for the quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.
On the sales and investment side, about 416,050 square feet of properties worth a total of more than $52 million were traded.

WCRE has expanded into southeastern Pennsylvania, and the firm’s quarterly reports now include a section on transactions, rates, and news from Philadelphia and the suburbs. Highlights from the second quarter in Pennsylvania include:

Philadelphia and the surrounding suburbs continue on an upward trajectory in terms of construction for multi-family and repositioning of older Class B/C assets to core Class A properties. Despite these trends, we are witnessing some hesitation from the banking community regarding the viability of these extraordinarily high pricing levels. With thousands of units either under construction or slated for development in the Philadelphia region, the question regarding rental rates and vacancy levels is coming to the forefront of many deals.

Aramark signed a lease at 2400 Market Street in Philadelphia for a new headquarters. The 280,000+/- square foot space will be state-of-the-art with unparalleled views of the Schuylkill River. This international entity looked elsewhere in the region for space but chose to remain in Center City, which bodes well for the future of the market.

Five Below chose the Lits Building for its new Center City headquarters. The company also plans on leasing 180,000 square feet of office space and 15,000 square feet of retail space at 701 Market Street.

Strong demand continues in the industrial market, as evidenced by increasing prices and rental rates. Though much of the institutional activity appears to be in central Pennsylvania and the Lehigh Valley, pricing for non-institutional assets, especially in Philadelphia and the surrounding counties, is stronger than ever.

WCRE also reported on the Southern New Jersey retail market, noting mixed results there. Highlights from the retail section of the report include:

Overall retail sales and spending dropped again, although restaurants, grocery stores, and clothing stores did post modest gains for the third quarter. Interestingly, consumer confidence grew at the same time, hitting a post-recession high.

Retail vacancy in Camden County stood at 11 percent, with average rents in the range of $12.20/sf NNN. This is a slight increase in both vacancy rates and average rents.

Retail vacancy in Burlington County stood at 10.2 percent, with average rents in the range of $13.15/sf NNN. This is a notable drop in vacancy, while rents stayed essentially unchanged.

Retail vacancy in Gloucester County stood at 6.9 percent, with average rents in the range of $12.01/sf NNN. This represented an uptick in vacancy with rents unchanged.

The full report 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 online 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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No Response, No Appeal: Assessor’s New Jersey Rental Income and Expense Information Requests

If you own income-producing commercial property in New Jersey, you may have recently received a
rental income and expense request by certified mail from the tax assessor for rental income and expense information.

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NJ Rental Income and Expense RequestsOwners must respond to Chapter 91 requests within 45 days of the date of the rental income and expense letter or lose their rights to appeal their tax assessment for the applicable year to either the County Tax Board or New Jersey Tax Court, subject only to a “reasonableness hearing.” Ocean Pines Ltd. v. Point Pleasant Bor., 112 N.J. 1 (1988). (In a reasonableness hearing, the inquiry will focus solely on whether the valuation could reasonably have been arrived at in light of the data available to the assessor at the time of the valuation.) New Jersey courts have strictly applied the harsh remedy of dismissing an appeal when a Chapter 91 request was not returned. You must complete the entire form accurately. If a form is incomplete or misleading, the tax appeal may still be dismissed for an inadequate response. In order to preserve your rights to appeal, you should respond by certified mail, so you can prove you responded.

Even if your property is not income-producing, you should respond to the rental income and expense request in writing within the 45 day window and let the tax assessor know the reasons for the non-response. Properties leased to related entities, affiliates or wholly owned subsidiaries may be considered income-producing, even if the underlying leases are not arm’s length and do not reflect market rents. SKG Realty Corp. v. Wall Tp., 8 NJ Tax 209 (1985). Transactions among related companies are not privileged, and the assessor may decide whether to consider the information furnished. Id. Similarly, properties subject to leases whereby the owner receives compensation from a franchisee tenant based on a percentage of gross profit are considered income-producing, even though such compensation may not be classified as “rent.” Southland Corp. v. Dover Tp., 21 NJ Tax 573 (2004). Nursing homes and hotels are considered income-producing properties, even though they do not collect rent. Rolling Hills of Hunterdon LP v. Clinton Tp., 15 NJ Tax 364 (1995). In these cases, the complaints were dismissed for failure to respond in a timely manner.

Tenants who pay real estate taxes directly to the tax authority or indirectly through expense passthroughs in net leases should be careful that they do not lose their appeal rights because their landlord does not respond to Chapter 91 requests. Similarly, a contract purchaser should confirm, during the due diligence process, that its seller responded to a Chapter 91 request, so that the purchaser does not inadvertently lose its appeal rights. Purchasers should also consider including a seller covenant in the purchase agreement that it will timely respond to any Chapter 91 request.

Dismissal of an appeal can be especially punitive where the taxpayer is the subject of a municipal-wide
revaluation and the assessment has increased significantly. In that case, you may receive a much higher
tax bill without recourse to challenge it.

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.

rental income and expense requests

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WCRE 2016 Celebrity Charity Hockey Game Exceeds Expectations

Former Philadelphia Flyers, business leaders help commercial real estate firm raise tens of thousands for local causes through charity hockey game

charity hockey game

Blending a pro-sports fantasy camp with a corporate gala fundraiser was a unique way to take its community commitment to the next level, but the Wolf Commercial Real Estate (WCRE) team is always comfortable in uncharted territory. Its Celebrity Charity Hockey Event was a runaway success. The game, conceived by Philadelphia Flyer legend and WCRE director of strategic relationships Brian Propp, brought several fan favorites back to the ice for a game alongside thirty area business leaders this weekend. The result was an incredible gross of $45,000 raised for a variety of local charities.
Joining Propp in the cause and on the ice were former Flyers Doug Crossman, Ray Allison, Kjell Samuelsson, Andre Faust, Ed Hospadar, and Todd Fedoruk. Recent Philadelphia Sports Hall of Fame inductee Lou Nolan, public address announcer of the Philadelphia Flyers, served as emcee.

All proceeds from the charity hockey event will be shared among the CARES Institute at Rowan University, the Jewish Federation of Southern New Jersey, the Alzheimer’s Association Delaware Valley Chapter, the American Cancer Society, YMCA of Burlington and Camden Counties, and Samaritan Healthcare and Hospice. Each of these organizations benefits from WCRE’s long-standing practice of donating a portion of its proceeds from every transaction to an area charity. Learn more about this program at http://wolfcre.com/community-commitment/.

“Since the day we opened our doors our team has kept a tight focus on improving the health, well-being, and opportunities of the people of Southern New Jersey and Philadelphia,” said Jason M. Wolf, founding principal of WCRE. “With more than sixty sponsors and hundreds of people coming to support the game, it has been thrilling to see that so many of our friends, associates, and peers share our commitment to this community.”

See a video recap of the game featuring comments from the participants, sponsors, and beneficiaries here.

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About Wolf Commercial Real Estate

Wolf Commercial Real Estate (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 online 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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