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Tag: Commercial Real Estate

Revel continues to be a lesson in the art of the mixed-up deal

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on Jan 19, 2015.

We will continue our discussion about artist James Dupree’s fight with the Philadelphia Redevelopment Authority in our next post. First, though, we want to go back a little further to the struggle of Atlantic City’s Revel casino to find a new buyer.

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How does the purchase agreement prevent real estate litigation?

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on Dec 20, 2014.

Anyone who has bought or sold a house will probably remember that they and the other party drew up a purchase agreement at some point in the proceedings. In commercial real estate, purchase agreements are also commonly used as a “road map” to direct the parties to closing. A well-made purchase agreement can avoid future problems by making each parties obligations clear, so that there is no confusion or misunderstanding.

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Canadians buying U.S. commercial real estate at record rate

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on Nov 24, 2014.

The purchase of a Manhattan skyscraper by an American-Canadian partnership may be the capstone for a record year of Canadian investment in U.S. commercial properties. Reuters reports that Canadian investors purchased more than $8 billion worth of commercial real estate south of its border in the first three quarters of 2014, putting the country on target to beat last year’s record of $11.86 billion in purchases.

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Revel back on the block when Brookfield pulls out

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on Nov 21, 2014.

Developer Glenn Straub may have much to be thankful for this holiday season: His company is next in line to purchase Atlantic City’s Revel casino. Revel AC Inc. sought bankruptcy protection in June. The casino closed on Sept. 2, and less than a month later, a bankruptcy auction ended with Brookfield US Holdings LLC winning the property. Straub objected to the sale, complaining that Revel’s representatives were not open and honest in their negotiations with prospective buyers.

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Commercial real estate market should have a good 2015

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on Nov 14, 2014.

Thanksgiving is right around the corner, followed closely by 2015. While it is not quite time for critics’ and pundits’ top 10 lists to come out, commercial real estate brokers are already gathering to discuss how Philadelphia’s market is doing and what the city should expect next year.

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South Jersey’s market not quite as bleak as it had been

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on Aug 15, 2014.

South Jersey is doing better, and it may even be doing well. Terrific, however, is a ways off, according to a local commercial real estate broker. We are talking about office space, and research from the broker’s firm shows that Burlington, Camden and Gloucester counties seem to be putting more distance between current conditions and the region’s miserable condition during the recession.

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Hopes dashed for a hot time in Philly as nuisance suit settles p2

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on Jun 6, 2014.

Huy Fong Foods Inc. has enjoyed tremendous success since its founder, David Tran, first started producing chili sauces in 1980. The company’s hottest — in every sense of the word — product is by far the Sriracha sauce. Some serious fans we know will leave a restaurant if they do not see “rooster sauce” on the tables.

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A tale of commercial development and PILOTs gone awry p4

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on May 22, 2014.

We are wrapping up our discussion of a case involving payments in lieu of taxes. The original agreement was between a developer whose property straddled the border between two towns and one of those towns. The developer agreed to the PILOTs in return for having access to the town’s public sewer system.

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A tale of commercial development and PILOTs gone awry p3

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on May 20, 2014.

We are still discussing the decision in a federal court case about payments in lieu of taxes. The dispute is in Massachusetts, so the situation is a little different from what we would see here in Philadelphia or across the river in New Jersey. The facts are interesting, though, and there is, perhaps, a lesson for us all as well.

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A tale of commercial development and PILOTs gone awry p2

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Commercial Real Estate on May 17, 2014.

In 1987, a developer decided to build on a parcel that straddled the border between two towns in Massachusetts. One town had a public sewer system, and the other did not. In a commercial development, access to a sewer system can be critical, so the developer and the city with the sewer system — the city of Marlborough — negotiated an agreement that would give the developer the services he needed.

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