As of last Friday, CCRE acquired a new Warehouse for Lease listing here in Houston at 3711 Clinton – just northeast of downtown Houston. Our listing on Loopnet is shown here:
There are 3 warehouse spaces and a separate office space. All warehouse spaces are crane capable. Building 6 is a solidly built, well maintained historic building originally constructed in 1908. The space is ready to occupy, and includes significant office space. There is additional office space in another part of the complex for lease as well as necessary. Shown below is a 3D Panorama of this historic building shown closer to the oversized grade-level door at the west end:
Here is another view toward the east end and closer to the dock and grade-level access doors:
The building has been used and maintained with pride and is still solid, clean and usable. It is currently vacant and ready to use. Here is an outside view of this building:
Closeby, the inside of building 7 is shown in the following 3D panorama:
and an outside view with building 7 at the center between buildings 8 and 6 in this photo:
Building 8 is shown in the following photo:
We have a client looking for office or flex property of 15k SF to 50k SF in the Westchase area off Beltway 8 and Richmond/Westheimer in Houston, Texas
Passive loss deductions in real estate…Allow them! As a 20 year veteran of the commercial real estate industry, I really appreciated my CPA’s letter which he sent to the President…from which he of course received no response. His letter outlines one change which could cause a massive influx of capital into the real estate market, a stabilization of residential real estate values and an actual increase in federal income tax revenue. Copied below is his letter in full.
January 19, 2011
President Barack Obama
The White House
1600 Pennsylvania Avenue
Washington, DC 20500
Dear Mr. President,
I have never been motivated to spend time contacting my elected representatives, but we are in some perilous times. I am responding to your recent Wall Street Journal letter on reforming government rules and regulations. I have been a CPA for almost 30 years. In short, I strongly believe that small and medium sized businesses need help. As part of any economic plan, I believe that our economy would be helped by eliminating the passive loss rules, IRC Section 469. The following are my reasons:
We need to create jobs, build new industries (some of which will allow us energy independence) and support the real estate sector which will help with the mortgage crisis. I think some answers are in our poor tax policy that has been with us since 1986. In 1986, Congress enacted the passive loss rules, which in effect deferred deducting losses that were real to a time that a taxpayer had passive income or he/she disposed of the investment. This policy has retarded the ability of many entrepreneurs to raise money because investors have a tax disadvantage. Most new businesses incur losses in building the enterprise. Some fail altogether. An investor in these businesses has to wait until the business terminates to deduct his/her real loss. This tax fact has placed small businesses at a disadvantage when recruiting investors.
The passive loss rule defers real losses. There is no tax savings for the government other than the deferral of the tax benefit to the taxpayer. Elimination of the passive loss rules will be the best thing for our economy. New businesses will be able to raise capital without going to the stock market. Investors will choose the best businesses to invest money in. Investors will receive an immediate tax deduction for their real losses. The real estate market will be strengthened because investors will get a current deduction for their loss and investors will buy rental homes which will help keep current homeowner home prices higher.
There will be immediate benefits to the economy because these new businesses will create spending and jobs. Many of the unemployed would start new businesses if they could attract capital. The long term effects will be even more important. Some of these new businesses will grow into big businesses with new technologies. They will then go to the stock market to raise more capital. I call this a bottom up philosophy of investment because we will encourage small business creation.
Eliminating the passive loss rules will hurt no one. Banks don’t want to loan money to new businesses because of the risk. Most new businesses are too small for any public equity market. The government has to allow these losses sometime in the future, so it doesn’t cost the taxpayer a dime. We have other laws on the books (the at-risk rules) to stop abusive tax shelters.
The passive loss rules were enacted because the IRS believed that an investor cannot lose money on real estate. History has proved that the IRS was wrong. Also, the abusive tax shelters were not about investing money. Frequently no money was invested.
In summary, I believe the elimination of the passive loss rules is a substantial step in putting our economy back in order. Thank you for your consideration.
Sincerely,
Ed Kaminski
Certified Public Accountant
Ed Kaminski handles 100′s of real estate partnerships and has been a critical part of our business. Ed can be reached at
10375 Richmond, Suite 1150, Houston, TX 77042/ 713-783-7120 (phone) ; 713-783-7119 (fax)
If you need assistance with commercial Real estate, contact Eric Hughes at Centermark Commercial Real Estate, 713.461.4750 or erichughes@centermarkrealestate.com.
Centermark Commercial Real Estate is proud to announce its exclusive affiliation with WarehouseFinder.net as its sole Houston commercial broker. Warehousefinder.net is a website dedicated to connecting buyers and tenants nationally with experienced real estate brokers specializing in Industrial sales and leasing. Clients looking for warehouse for lease or purchase in any US city can visit Warehousefinder.net and recieve prompt service from a local experienced broker.
Eric Hughes has been an invaluable asset to our company in the procurement and disposition of various properties purchased and sold by McCorvey Sheet Metal. His knowledge of the market and services required for the development of property has helped us be successful in our real estate transaction.
Eric Hughes has represented us with our industrial brokerage transactions for almost 10 years on over 850000 SF of industrial property sales and leases. He is extremely loyal to his customers, quick with accurate results and dedicated to adding value. We highly recommend Eric Hughes for any industrial real estate brokerage needs.
I have worked with Eric Since 2000 on multiple property findings and investment deals – so far all have been successful and profitable.
75,000 SF on 4.2 acres
Tiltwall construction with Dock and Grade level loading. Freestanding distribution/manufacturing building with good access to I-45S near Hobby airport.
For Sale $2,550,000 or lease $.34 psf Gross.
Eric Hughes with Centermark Commercial Real Estate represented The buyer, TNB Properties, on the purchase of 100,000 SF of industrial office/warehouse in Galena Park, Texas.
Eric Hughes with Centermark Commercial Real Estate represented the Buyer on 140,000 SF of industrial warehouse on 22 acres of land located at 4800 Fidelity in Houston, Texas.