According to law firm Rackemann, Sawyer & Brewster, director Francesco De Vito has been named the firm’s new managing director, effective July 1. De Vito succeeds Michael O’Connell, who has served as the firm’s managing director for 27 years. Boston, MA
Cushman & Wakefield has hired three industry professionals to join its local office. These additions enhance the growth strategy the firm has forged since late last year.
Last year proved to be a funding trifecta for the Massachusetts’ life science industry. Following a banner year for both venture capital and IPOs, funding from the National Institutes of Health (NIH) hit a 20-year high in the Bay State with nearly $3 billion awarded during the 2018 fiscal year. Cambridge, MA
Dennis Kelleher and John Pentore of Horvath & Tremblay have completed the sales of 29 Portsmouth St. for $3.618 million as well as 131-137 Second St. for $2.55 million. The separate dispositions offer the buyers the opportunity to own highly desirable apartment buildings in one of the strongest real estate markets in the region.
Benjamin Gatti of Greater Boston Commercial Properties, Inc. brokered the sale of 91Kuniholm Dr. and 551 Concord St. The buildings totaled 52,500 s/f on one 4.3-acre lot and was purchased for $1.815 million. Gatti represented the seller, RLM Realty. The building was 58% leased at the time of sale.Malden, MA
Burgess Properties Inc., has brokered a 18,681 s/f lease to commercial drone startup, KIWI Technologies, at 730 Eastern Ave. The property features two large drive-in doors, loading, and 18’ ceilings and will be used to develop and test KIWI’s new large-format drone technology. Shelton, CT
Chris O’Hara, senior vice president of Coldwell Banker Commercial NRT Inc., represented G&L Huntington Point, LLC in a lease at 1077-1079 Bridgeport Ave. to Building Blocks Early Learning Center (BBELC).
Do you have a second home or vacation home that you are thinking of selling? Did you know that you may be able to defer 100% of your capital gains tax from the sale of the property? IRC §1031 allows you to sell qualified use property, property you hold for investment or for productive use in trade or business, and to defer tax on the gain if you use the proceeds to purchase one or more like kind properties.
Surprisingly, some savvy real estate investors in New England may not be aware of the requirement that both the relinquished property being sold and the replacement property being purchased in a 1031 exchange must be “held for investment or productive use in a trade or business.”
Identification Requirements for Like-Kind Replacement Properties: One critical requirement of a Section 1031 Tax-Deferred Exchange is a proper identification of replacement property. In this article we will address the requirements, limitations and pitfalls of the identification process. The prospective like-kind replacement properties that you identify as part of your 1031 Exchange