A Letter of Credit (“LOC”) is simply an agreement from a bank guaranteeing that Party A’s payment to Party B will be received on time and for the correct amount. LOC’s are used primarily in sizeable international trade transactions, i.e., a supplier in one country and a customer in another. » Read More
NJ BIZ reports that: Owners and property managers are back to making upgrades to technology and other improvements and maintenance to properties as the real estate market begins to improve. “While the real estate industry came to a standstill, technology continued to advance with products and solutions that offer enhanced efficiency and functionality,” said Mike Mullin, President of Integrated Business Systems, a Totowa-based property management and accounting systems provider . » Read More
Mondaq reports: Recent industry reports saying that the commercial real estate is making the turn for the better are wrong. In a nutshell, the article says these reports rely on a small sample of transactions and ignore other data. It says a “bifurcated” market, where mostly Class A properties with long term leases are being snapped up by foreign investors, along with a number of other harsh realities is the true story of the commercial real estate market. » Read More
NJ BIZ reports: New Jersey has new record for highest per square foot sales price for commercial real estate. This week, Hartz Mountain Industries sold two 12-story buildings in the Colgate Center, 70 and 90 Hudson St., in Jersey City, totaling 827,318 square feet, to CB Richard Ellis Investments for $310 million, or $375 per square foot. » Read More
NJ BIZ reports: According to Colliers International’s first-quarter “Flash Report,” both landlords and investors are cautiously optimistic about the northern and central New Jersey commercial real estate market.
NJ Biz reports: Secaucus-based real estate developer Hartz Mountain Industries has filed another lawsuit against the New Jersey Economic Development Authority, appealing the agency’s approval of $102 million in Urban Transit Hub tax credits to Panasonic. The credits would allow Panasonic to relocate from current space in Hartz-owned building for a new building in Newark. » Read More
In good times and in not so good times, a well drafted and negotiated commercial lease will contain various exit strategies available to the landlord and tenant. These strategies will come in handy in situations where a tenant’s business is booming causing it to grow out of its current space (good times) or where the space is too big or expensive for the tenant to continue because business has dropped off considerably (not so good times). » Read More
When entering into a commercial lease, one of the more important terms negotiated between the parties pertains to the manner in which the landlord will recoup its operating expenses. After all, commercial landlords are in business to make money. Without addressing its operating expenses, a landlord’s return on investment would be whittled away to nothing. » Read More