Sperry Van Ness – Miller Commercial Real Estate is Open for Business in Sussex County
FOR IMMEDIATE RELEASE
Contact: William A. Lucks – Managing Broker
Sperry Van Ness – Miller Commercial Real Estate
302.227.0768
William.lucks@svn.com
Sperry Van Ness – Miller Commercial Real Estate is Open for Business in Sussex County
REHOBOTH BEACH, DE, MARCH 3, 2009: Sperry Van Ness – Miller Commercial Real Estate will be open for business in Sussex County as of March 9th, 2009 at 55 Cascade Lane off of Route 1 in Rehoboth Beach, Delaware. Several local and successful commercial agents including William Lucks and Dean Donovan formerly with Commercial Sales Group, Brittany Danahy formerly with Ocean Atlantic Commercial, and Dave Kenton and Casey Kenton formerly with Coldwell Banker Commercial have merged together to join Sperry Van Ness – Miller Commercial. This entity was developed in order to create, in the local marketplace, the most advanced approach to the marketing of commercial real estate with national and international connections and resources. The mission of Sperry Van Ness – Miller Commercial Real Estate is to ultimately, provide the most professional approach to commercial real estate on the Delmarva Peninsula.
William A. Lucks, formerly of Commercial Sales Group, will be the Managing Broker for Sperry Van Ness Miller Commercial in Rehoboth Beach. Lucks will bring almost 30 years real estate experience to Sperry Van Ness – Miller Commercial Real Estate along with GRI (Graduate Realtor Institute) and ABR (Accredited Buyer’s Representative) designations.
Dean Donovan, former manager and co-owner of Commercial Sales Group will also be joining the new commercial real estate team in Rehoboth. Donovan has years of experience in both residential and commercial realty from Commercial Sales Group, RE / MAX Realty Group, and Peninsula Realty. He is actively involved with SCAOR (Sussex County Association of Realtors) by teaching MLS courses; he is on the marketing committee, and a participant on the convention committee.
Brittany Danahy, formerly with Ocean Atlantic Commercial, will also be joining the Sperry Van Ness – Miller Commercial Realty Team. Danahy’s mission at Ocean Atlantic Commercial was to develop a stronger commercial sales division and presence for the company. Danahy partnered with Ocean Atlantic Companies on the sale and leasing of their retail and professional office spaces while also working on developing outside commercial business.
Finally, the Kenton Team formerly of Coldwell Banker in Rehoboth Beach will be Senior Advisors for Sperry Van Ness – Miller Commercial Real Estate. Dave and Casey Kenton have specialized in commercial real estate and specialty sales throughout their careers and have both received several awards and recognitions for their outstanding industry accomplishments within the local community.
The Rehoboth office will bring additional listings totaling over $50 million to the Sperry Van Ness – Miller team. Their total Delaware listing volume is $122 million. Sperry Van Ness – Miller accounts for $251 million in listed assets in Maryland and Delaware combined.
Founded in 1987, Sperry Van Ness is one of the largest commercial real estate investment brokerage firms in the United States with over 900 Commercial Real Estate Advisors in 150 U.S markets as well as international offices in Costa Rica/Panama. Sperry Van Ness settled transactions equal to $6.7 billion in 2008.
Sperry Van Ness – Miller Commercial Real Estate, based in Salisbury, MD provides advisory, brokerage, consultation, and leasing services to clients in Maryland and Delaware and asset management, property management in Maryland, Delaware, and Virginia. Sperry Van Ness-Miller is currently ranked #3 nationally for Sperry Van Ness and has the largest market share of any one SVN office. Brent and Amy Miller, managing directors of Sperry Van Ness – Miller Commercial Real Estate, are “excited about the new opportunity to expand into Sussex County and welcomes everyone to our team.” “The combination of experience and knowledge of the area along with the national and international connections and resources from Sperry Van Ness will create an advanced approach to commercial real estate in the local Sussex County area,” they said. To provide the highest value to its clients, Sperry Van Ness – Miller Commercial Real Estate promotes a philosophy of professionalism, backed by quality and ethical responsibility in all dealings. Guided by this principal Sperry Van Ness – Miller Commercial Real Estate advised clients on over $56 million in commercial real estate transactions in 2008. They currently manage over 2.2 million square feet of commercial property. For more information, please visit www.SVNmiller.com. For further information on the new Delaware office, please contact William Lucks at 302.227.0768 or stop by the office located at 55 Cascade Lane off of Route 1 in Rehoboth, DE. You may also visit the Delaware office website at www.SVNdelmarva.com.
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The Delaware Association of REALTORS® recently installed the 2011 Officers and Board of Directors
The Delaware Association of REALTORS® recently installed the 2011 Officers and Board of Directors at ceremonies held at the Lewes Yacht Club in Lewes, DE.
Representative Pete Schwartzkopf administered the oath of office to Bill Lucks who was installed as the 2011 President of the Delaware Association of REALTORS®. Mr. Lucks is a Broker with Sperry Van Ness Commercial in Lewes, DE and holds the MCRE, ABR and GRI designations. He was President of the Sussex County Association of REALTORS® in 2008 and the Sussex County and Delaware Association REALTOR® of The Year in 2009. He chaired the DAR Public Policy Committee for 4 years, working with REALTORS® and legislators across Delaware to insure that private property rights are protected. He has served as DAR Treasurer, Vice President and President elect.
On the National Level, Bill is member of the National Association of REALTORS® and served on the Risk Management Committee in 2008, which is working very hard to deal with “short sales” among other concerns. He is currently on the MLS Committee and in 2011 he will also be on the Commercial Legislation and Regulatory Subcommittee and the REALTOR® Political Involvement Committee.
Bill is currently the Managing Broker/Senior Advisor with Sperry Van Ness Commercial in Lewes. He is also the Broker of Record at Ocean Atlantic Sotheby’s residential in Bethany Beach.
In addition to the installation of Bill Lucks, the following REALTORS® were installed as Officers for 2011. They are:
Todd Stonesifer, Harrington ERA Realty, Dover – President Elect
Gail Renulfi, Prudential Fox & Roach, Hockessin – Vice President
Geri Parisi, Patterson Schwartz Assoc., Greenville – Treasurer
The following were installed as Directors of the Delaware Association:
Dick Brogan, Kevin Hensley, Sharon Stauffer, Gina McCollum-Crowder, Eric Howlett, Sandy Greene, Danielle Benson, Joseph Poole, Brenda Crosniak, Karen Hamilton, Judy Dean, Greg Ellis, Kimberly Davis, Bert Green, Jason Giles, Carol Burns, Trina Joyner & Bruce Plummer.
The Delaware Association of REALTORS® represents over 3,400 REALTORS®
throughout our State and each member adheres to a strict Code of Ethics. To learn more, please visit out website at www.delawarerealtor.com
Kenton and Danahy Earn CCIM designation
Casey H. Kenton and Brittany Danahy recently earned the CCIM (Certified Commercial Investment Member) designation in Orlando, FL in October 2010.
A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. Recognized for its preeminence within the industry, the CCIM curriculum represents the core knowledge expected of commercial investment practitioners, regardless of the diversity of specializations within the industry. The CCIM curriculum consists of four core courses that incorporate the essential CCIM skill sets: financial analysis, market analysis, user decision analysis, and investment analysis for commercial investment real estate. Following the course work, candidates must submit a portfolio of closed transactions and/or consultations showing a depth of experience in the commercial investment field. After fulfilling these requirements, candidates must successfully complete a comprehensive examination to earn the CCIM designation. Only 6 percent of the estimated 150,000 commercial real estate practitioners nationwide hold the CCIM designation and less than 20 designees in the State of Delaware.
Kenton and Danahy specialize in brokerage, advisory, consultation and property management services and are based in Lewes, DE. Both can be reached at (302) 227-0768.
Bill Lucks of Sperry Van Ness-Miller Commercial Real Estate has received his MCRE Designation
It was announced by Sperry Van Ness Miller Commercial, that Bill Lucks, “Mr. Commercial” has received his MCRE designation as a Master of Commercial Real Estate. Bill completed his work at the Darden School at the University of Virginia in Charlottesville. The MCRE admits Bill to a small group of commercial real estate practitioners in the US that indicates attainment of a broad knowledge of core discipline and ethical practices of commercial real estate. The program gives a timely and practical understanding of the increasingly fluid and sophisticated commercial real estate market.
Bill Lucks is the Managing Broker and Senior Advisor of the Sperry Van Ness Miller Commercial office located in Lewes, Delaware. In addition to his responsibilities Bill is also the President Elect of the Delaware Association of REALTORS, and is Chair of Public Policy for DAR. He also serves as the Chair of the MLS committee for SCAOR.
Bill said, “the commercial real estate market is very fluid at this point in time and with ever changing approaches to a complex market this designation gives the acknowledgment that I understand what is going on and how best to obtain results in this market.” Mr. Commercial can be reached at 302 227 0768 or at bill.lucks@svn.com.
Bill Lucks of Sperry Van Ness-Miller Commercial Real Estate is Awarded Realtor® of the Year
For Immediate Release
June 9, 2009 Sperry Van Ness- Miller Commercial Real Estate
Interviews:
Sperry Van Ness-Miller Commercial Real Estate: 302.227.0768
Questions: Bill Lucks 302.227.0768
Justin Healy and Bill Lucks
Bill Lucks of Sperry Van Ness-Miller Commercial Real Estate is Awarded Realtor® of the Year
Rehoboth Beach, Delaware, June 9, 2009: Sperry Van Ness-Miller Commercial Real Estate of Rehoboth Beach would like to congratulate Managing Broker, Bill Lucks for receiving the honor of “Realtor® of the Year”. One of ten local agents nominated for the award, Lucks was presented with the honor on Tuesday, June 9th at a luncheon at Sussex County Association of Realtors®.
With almost thirty years in the Real Estate Industry, Lucks brings to the table a depth of knowledge and experience rare in today’s industry. His team work approach and positive, “give it your all” attitude has resulted in nothing less than success throughout his career. Aside from working hard, Lucks also prides himself for his philosophy to “Give Back.” Lucks has been recognized for years of commitment and accomplishments both within and outside of the real estate community. Lucks is the Past President of SCAOR, he also serves as First Vice President and Chair of Public Policy for DAR, and serves on several national committee’s for NAR. His business accomplishments, affiliations, and positions on various industry boards are too numerous to list, however, his hard work and dedication have resulted in many improvements locally, statewide, and even nationally.
Aside from Lucks’ real estate career, he was also honored for his civic activity and community involvement. Hospice, St. Peter’s Church, Coastal Clean-up, Realtors Who Care, The Wellness Community, and the Alliance for a New Humanity are just a few of the community groups that Lucks freely gives his time to.
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To learn more about Bill Lucks of Sperry Van Ness-Miller Commercial Real Estate and his accomplishments, please visit www.svndelmarva.com or call 302.227.0768.
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SEVEN TAX SAVINGS STRATEGIES FOR THE COMMERCIAL DEVELOPER
By Rich Shavell
In tough economic times it is important to maintain positive cash flow. One of the best ways to do this is by paying less money in taxes to the IRS. Below are seven strategies that can help the commercial property developer save tax dollars right now.
1. Accelerate your Depreciation Deductions
Commercial real property must be depreciated over 39 years. To accelerate these tax deductions, consider the benefits of a Cost Segregation Study (CSS). With a qualified CSS you can reclassify items such as tangible personal property to shorten their depreciation period for taxation purposes. Certain costs such as portions of the electrical system, and exterior improvements such as sidewalks and landscaping, can be depreciated over 5, 7 and/or 15 years. Moreover, for 2008 there is bonus depreciation that may be applicable to new construction resulting in immediate tax savings up to 50 percent of the cost of some of the segregated items.
2. Delay Paying Tax When Selling Real Property
If you own a building that has appreciated in value, then selling it may subject you to a substantial tax liability. If you plan on buying a new building after selling the “old” one, then you’ll want to consider a like-kind exchange (also known as a 1031 exchange) to defer the gain from the sale of the “old” building into the taxable basis of the new building.
Stringent rules must be followed to qualify for a like-kind exchange. Some of these rules include ensuring that the cash from the first sale must not make it into the hands of the seller of the new property. Also, a qualified intermediary must hold the money and apply it to the subsequent purchase, which must be completed within 180 days.
3. Save Money By Keeping Your Real Property Out of a Corporation (Or S Corporation)
Placing your real property in a Corporation can cause certain negative tax consequences. To maximize your tax position and provide flexibility, real property is typically placed in an entity that is taxed as a partnership such as a limited partnership, limited liability partnership or a limited liability company (LLC). The sale or transfer of appreciated real estate held in a C Corporation may face double-taxation. The corporation pays tax on the gain and then after the net proceeds (i.e. after tax) is distributed, the shareholder pays tax again on the net amount received. Moreover, the sale of real estate (and other capital assets) in a C Corporation is not afforded favorable capital gains rates, which are currently at 15 percent. While double taxation would not be the case for an S Corporation, this entity choice may limit flexibility if related party transfers are later contemplated. S Corporations also do not permit flexible income and loss sharing arrangements. The general rule is: keep real property out of corporations.
4. Avoid the Passive Activity Loss Trap By Electing to be a Real Estate Professional
Rental activities are generally subject to passive activity loss rules permitting you to only apply passive losses against passive income. If you qualify as a “Real Estate Professional” you can deduct rental losses in excess of rental income with no limitation. To qualify as a real estate professional you must spend a minimum of 750 hours per year engaged in qualified real estate activities and these activities must be more than 50 percent of the personal services you perform in all trades or businesses. Qualified real estate activities include any activities in which you, “develop, redevelop, construct, reconstruct, acquire, convert, rent, operate, manage, lease, or sell real estate.”
5. Pay Less Estate Tax by Forming a Family Limited Partnership
A valuable tool for effective estate planning is the family limited partnership (FLP). Typically, the FLP permits the older generation-donor to move assets or gifts to the younger generation-beneficiary under certain circumstances at
discounted values. This reduces the impact to gift and estate tax exemptions. The donor would contribute assets into the FLP that he would have normally gifted to the beneficiary. For the contribution the donor receives general and limited partnership interests in the FLP. The donor then gifts some or all of the limited partnership interests to the beneficiary. The FLP provides the donor with the opportunity to significantly discount the value of the gifted partnership interest. Typically a lack of marketability discount and a minority interest discount may be applied if the transaction is effectively structured. To mitigate IRS challenges of the discount taken, an appraisal by a valuation professional should be included with each year’s gift tax return.
6. Avoid Paying Tax on Cancellation of Debt
In our current economy, foreclosures have been an issue, and the party that is relieved of the debt (in exchange for
the property) may be subject to pay tax on this Cancellation of Debt (COD) income. A lender may submit a Form 1099 to the IRS for the difference in value they received compared to the debt written off. But a taxpayer facing COD income may be able to exclude this income if he or she is technically insolvent under the regulations. Generally, the taxpayer
is insolvent if immediately before the debt is discharged his or her liabilities exceed the fair market value of his or her assets. And while the taxpayer may not face tax on these amounts, certain tax adjustments must be applied when using the insolvency exception. These include reductions of carry-forward of credits and losses and the reduction in the basis of depreciable assets.
7. Pay Less Tax By Achieving Capital Gain Status
The difference between ordinary income tax rates (up to 35 percent) and capital rates (15 percent) is substantial. This difference provides incentive to taxpayers to seek capital gains treatments on sale of real property. Generally, hold the capital asset for a year and a day and the more favorable rates apply. But be alert: if the property has been depreciated, a recapture tax rate of 25 percent applies to the amount depreciated. With potentially three rates applying before you sell that property, make sure you know your after-tax cash result. In any market — but especially in our current economic market — it is imperative that you find ways to increase cash flow. As with any tax planning opportunity you need to carefully consider all potential situations with the assistance of a qualified tax advisor. Such a tax advisor can help you apply some of the above tax strategies to put more money in your pocket now and in the future.
Rich Shavell, CPA, CCIFP, is president of Shavell & Company, P.A.
Sperry Van Ness – Miller Commercial Real Estate is Open for Business in Sussex County
FOR IMMEDIATE RELEASE
Contact: William A. Lucks – Managing Broker
Sperry Van Ness – Miller Commercial Real Estate
302.227.0768
William.lucks@svn.com
Sperry Van Ness – Miller Commercial Real Estate is Open for Business in Sussex County
REHOBOTH BEACH, DE, MARCH 3, 2009: Sperry Van Ness – Miller Commercial Real Estate will be open for business in Sussex County as of March 9th, 2009 at 55 Cascade Lane off of Route 1 in Rehoboth Beach, Delaware. Several local and successful commercial agents including William Lucks and Dean Donovan formerly with Commercial Sales Group, Brittany Danahy formerly with Ocean Atlantic Commercial, and Dave Kenton and Casey Kenton formerly with Coldwell Banker Commercial have merged together to join Sperry Van Ness – Miller Commercial. This entity was developed in order to create, in the local marketplace, the most advanced approach to the marketing of commercial real estate with national and international connections and resources. The mission of Sperry Van Ness – Miller Commercial Real Estate is to ultimately, provide the most professional approach to commercial real estate on the Delmarva Peninsula.
William A. Lucks, formerly of Commercial Sales Group, will be the Managing Broker for Sperry Van Ness Miller Commercial in Rehoboth Beach. Lucks will bring almost 30 years real estate experience to Sperry Van Ness – Miller Commercial Real Estate along with GRI (Graduate Realtor Institute) and ABR (Accredited Buyer’s Representative) designations.
Dean Donovan, former manager and co-owner of Commercial Sales Group will also be joining the new commercial real estate team in Rehoboth. Donovan has years of experience in both residential and commercial realty from Commercial Sales Group, RE / MAX Realty Group, and Peninsula Realty. He is actively involved with SCAOR (Sussex County Association of Realtors) by teaching MLS courses; he is on the marketing committee, and a participant on the convention committee.
Brittany Danahy, formerly with Ocean Atlantic Commercial, will also be joining the Sperry Van Ness – Miller Commercial Realty Team. Danahy’s mission at Ocean Atlantic Commercial was to develop a stronger commercial sales division and presence for the company. Danahy partnered with Ocean Atlantic Companies on the sale and leasing of their retail and professional office spaces while also working on developing outside commercial business.
Finally, the Kenton Team formerly of Coldwell Banker in Rehoboth Beach will be Senior Advisors for Sperry Van Ness – Miller Commercial Real Estate. Dave and Casey Kenton have specialized in commercial real estate and specialty sales throughout their careers and have both received several awards and recognitions for their outstanding industry accomplishments within the local community.
The Rehoboth office will bring additional listings totaling over $50 million to the Sperry Van Ness – Miller team. Their total Delaware listing volume is $122 million. Sperry Van Ness – Miller accounts for $251 million in listed assets in Maryland and Delaware combined.
Founded in 1987, Sperry Van Ness is one of the largest commercial real estate investment brokerage firms in the United States with over 900 Commercial Real Estate Advisors in 150 U.S markets as well as international offices in Costa Rica/Panama. Sperry Van Ness settled transactions equal to $6.7 billion in 2008.
Sperry Van Ness – Miller Commercial Real Estate, based in Salisbury, MD provides advisory, brokerage, consultation, and leasing services to clients in Maryland and Delaware and asset management, property management in Maryland, Delaware, and Virginia. Sperry Van Ness-Miller is currently ranked #3 nationally for Sperry Van Ness and has the largest market share of any one SVN office. Brent and Amy Miller, managing directors of Sperry Van Ness – Miller Commercial Real Estate, are “excited about the new opportunity to expand into Sussex County and welcomes everyone to our team.” “The combination of experience and knowledge of the area along with the national and international connections and resources from Sperry Van Ness will create an advanced approach to commercial real estate in the local Sussex County area,” they said. To provide the highest value to its clients, Sperry Van Ness – Miller Commercial Real Estate promotes a philosophy of professionalism, backed by quality and ethical responsibility in all dealings. Guided by this principal Sperry Van Ness – Miller Commercial Real Estate advised clients on over $56 million in commercial real estate transactions in 2008. They currently manage over 2.2 million square feet of commercial property. For more information, please visit www.SVNmiller.com. For further information on the new Delaware office, please contact William Lucks at 302.227.0768 or stop by the office located at 55 Cascade Lane off of Route 1 in Rehoboth, DE. You may also visit the Delaware office website at www.SVNdelmarva.com.
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Gap to close 100 U.S. stores; focus on marketing and opening international stores
Gap Inc. announced plans to close 100 stores in 2009. Most of them will be Gap stores, representing a 2 percent reduction of the retailer’s overall square footage, executives said on the chain’s fourth-quarter earnings call. The firm will try to combine GapKids and GapBaby stores with traditional Gap stores and will attempt to downsize several Old Navy stores. But the company also plans to open about 25 international Gap stores and 25 outlet stores. Many of the new outlet stores will be in Canada and Japan, while new Gap and Banana Republic stores will open in the U.K., Ireland, France and Japan. Gap will also continue to franchise stores in emerging markets.
Net sales for the quarter were $4.08 billion, down 13 percent versus last year. Total company comp store sales were down 14 percent in the quarter. But CEO Glenn Murphy pointed out the company has about $2 billion in cash on hand. Murphy added that Gap’s biggest challenge in the coming year will be drawing more traffic into its stores. “Traffic or lack thereof has been the Achilles’ heel of the company for a number of years,” he said. “You’re going to see us really get a very deep focus on how we use our stores and through product and through marketing.” Murphy said the company will redirect its marketing dollars away from promoting specific products on billboards and in magazine ads and more toward other “brand building” initiatives he said are more likely to spur permanent traffic upticks.
U.S. chain store sales fell 0.1 percent in February, ICSC index says
U.S. chain store sales for February 2009 were down 0.1 percent on a year-over-year same-store basis, according to ICSC’s index.
“Although Wal-Mart may have been the poster child of February’s relatively better-than-expected industry sales performance, there was a slightly broader industry improvement for the month,” said Michael P. Niemira, ICSC chief economist and director of research. “Moreover, the last four months show an increasingly less negative performance for the industry — which is an encouraging sign and one that ultimately will form a foundation for stronger sales performance later in the year,” he added. For March, ICSC Research expects comparable store sales to be down 1percent to flat on a year-over-year basis.
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Sperry Van Ness was founded on the principle that brokers cannot honestly claim to put a client’s interest first, unless they put their money where their mouth is. Since brokers represent most investors, we know that the only way to ensure top value for our clients is to enlist the entire brokerage community.”
~Mark Van Ness and Rand Sperry
Sperry Van Ness has been building a proven performance model, developing targeted marketing and technology tools, and establishing our culture to exhibit our core values in order to deliver better results for our clients.
The system with which we equip our Advisors allows them to share opportunities and best practices with one another. It empowers them to reach the entire brokerage community–in the United States and around the world–by employing a more proactive approach to marketing.
Our company is built on our values of responsibility, fairness, collaboration and agility. We stick to our word. We treat our clients, co-workers and even our competitors fairly. We recognize that good teamwork requires trust and open communication. And we adapt to the needs of our customers and solve problems efficiently.
By maintaining a clear focus while growing, Sperry Van Ness has built a well-connected company with a single-minded purpose: pursuing every opportunity to deliver the best result for our clients.
Sperry Van Ness. Built for Better Results.