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Economic Development Incentives

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By Laura Crimmins

Economic development incentives have created a buzz for the state of New Jersey. Trying to increase the amount of money that comes and stays in the state, it has created UEZ, Grow NJ, New Market Tax Credits, Pilot and “smart growth” programs. Take Smart growth for example, it serves the community, the economy and the environment equally. It attempts to concentrate development into already existing communities when possible. Directing economic activity into places where infrastructure already exists, minimizes the public subsidy necessary to support these activities and reducing the cost to businesses to build facilities, transport goods, connect with suppliers, customers and access employees. There are different programs depending on the type of project. A residential project can receive tax credits up to 20% of total project costs with 10% bonus possible if the project reserves at least 10% of the units for affordable housing.

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A Positive Drive for Commercial Real Estate

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By Chris Flammer

There is a lot of optimism in the air surrounding commercial real estate. I recently attended a state market event put on by the New Jersey CRE. This confirmed what I have been hearing from many of my clients, that the market is strong in most segments. Supply is low in retail. One thing driving the activity is space being taken by typically nontraditional retail users, such as urgent care and children’s play zones. The retail investor market is also hot right now. The average investor is being pushed out in many cases by 1031 money, and the cap rates are being pushed down to sub-five percent in some cases.

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Take Advantage of High Demand / Short Supply

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By Michael F. Schipper

A quick glance at one of the many financial periodicals or web based financial media outlets from one day to the next and one might be left guessing as to the state of our economy. Will the Federal Reserve raise rates in June, or September, or ever? Is the economy strong enough to absorb an increase in interest rates?

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Looking Up

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Alessandro (Alex) Conte, CCIM Senior Director Read more (PDF)

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Continental Airlines

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The lease by Continental Airlines of 30,000 sq. ft. on 7.5 acres in Newark, NJ, to be used for its vehicles as a storage and maintenance facility. Represented by Kenneth …

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Northeast Group Real Estate Corp.

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The sale of Northeast Group Real Estate Corp.’s 25,000 sq. ft. building in Boonton, NJ, to B-Ball Realty Corp. to be used as a retail strip center with A&P Supermarket …

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B-Ball Realty Corp.

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The purchase by B-Ball Realty Corp. of 3 separate parcels in Boonton, NJ, to be used in conjunction with a retail strip center with A&P Supermarket as a major tenant. …

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B-Ball Realty Corp.

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The sale of acreage, comprising 3 parcels, in Woodbridge, NJ, to B-Ball Realty Corp. to be used for retail development. Represented by Kenneth F. Crimmins, CCIM, SIOR.