I may be over-selling this post a bit, but not by much. There’s no doubt for most small businesses and start-ups that the first, and perhaps only, real estate transaction the firm will enter into is a commercial lease. Whether it is for a retail store, manufacturing or studio space, or a restaurant, there are a few
Ohio Historic Tax Credit Program Renewed in Budget Bill
Ohio’s legislature recently approved, and Governor Kasich signed, a fiscal year 2012-2013 budget that includes a renewal of the Ohio Historic Preservation Tax Credit Program(the “Program”) for coming years in perpetuity. The new budget provides for annual credits to eligible projects worth up to $60 million, which matches prior years’ funding allowances. Several modifications to…
Green Leasing Unveiled – Part II
In Part I of our series on the particulars of Green Leasing, we discussed Lease Term and Operating Expenses. Now we turn to a robust area for implementing sustainable processes between Landlords and Tenants:
Interior Alterations and Repairs
A typical commercial lease will have two separate sections, one on maintenance and repairs, and one on…
Gunfire Leaving Your Property? You Might be a Nuisance
Ohio’s Twelfth District Court of Appeals issued an interesting opinion earlier this year that wove together issues of statutory interpretation, expert testimony, property rights and nuisance. The end result? If you have bullets flying off your property, you might be strictly liable for nuisance.
Before the court in Batelle Memorial Inst. v. Big Darby Creek was…
Green Leasing Unveiled – Part 1
As the movement to increase energy efficiency and create sustainable operations has swept across the real estate industry, more and more commercial tenants and property owners are expressing interest in “green leasing.”
What, exactly, is a “green lease?”
To be sure there is no form green lease; rather the term describes the evolution from a traditional, split incentive triple-net commercial lease to a lease that aligns incentives so that landlord and tenant are collectively pursuing goals of energy efficiency and sustainable practices. Typically, a green lease will include measuring criteria or rules that implement all or portions of ratings systems such as Energy Star® and the U.S. Green Building Council’s LEED™ program.
This post is the first in a series examining in detail some of the changes one may see when using a green lease. Today’s topics: Lease term and operating expenses.
Are We There Yet?
The ubiquitous refrain at any gathering of commercial real estate professionals in the past 24 months can be summed up in a few short questions: Are you busy? Who is lending? No, seriously, who is lending? And — of course — when will this end?
As 2011 kicks into gear the refrain is the same but our…
Chinese Drywall Developments
To follow up on a series of prior posts, the Internal Revenue Service will now allow taxpayers with defective drywall to deduct the cost of repairs and replacement of damaged appliances in the year in which the loss occurred. In Revenue Procedure 2010-36, the IRS has, however, imposed certain restrictions which include that the…
“Strategic Default” Becoming a Popular Exit Strategy
“strategic default” “Federal Housing Administration” “F.H.A. Reform Act”…
Continue Reading “Strategic Default” Becoming a Popular Exit Strategy
Cuyahoga County Land Bank Update
In what has become an ongoing series here on the UB REAL Blog, we wanted to issue another update on the now year old Cuyahoga County Land Reutilization Corporation, better known as the land bank. Over the past six months, the Cuyahoga County Land Bank has obtained more properties and received millions in funding from the federal government.
A South Euclid lot donated to the Cuyahoga County Land Bank is soon to become one of the program’s community gardens. As of January 13, 2010, the property is the first of its kind to complete both the acquisition and disposition processes. The 50×108 lot, located at 3915 Warrendale Road, was given a market value of $22,800.
Supreme Court Rules Beach Additions Not Compensable Takings
Truckloads of sand will begin cascading across hurricane-battered beaches along the Destin and Walton County shorelines, thanks to a recent 8-0 decision by the Supreme Court. Coastal homeowners originally sued Florida arguing that the Beach Erosion Control Program (BECP) would cause the value of their homes to decline, turning their “oceanfront” property into “ocean view&rdquo…