Category: Commercial News

Kelley Commercial Partners rebrands and looks forward

Kelley Commercial Partners

We recently sat down the Daily Record to talk about Kelley Commercial Partners’ recent rebranding efforts and how excited we are about the future of the firm. CEO and executive broker of KCP, Hank Kelley, emphasized that while our name has changed, the company will continue to operate much in the same way it has for the better part of three decades. Most of the firm’s current partners have been in place for several years, and in order to underscore the value of their knowledge, experience, and hard work, Kelley wanted to include the word “partners” in our new name.

And before the ink could dry on our new business cards, an unexpected global pandemic hit and we knew our clients and tenants needed our support more than ever. Property managers and brokers worked closely with tenants to help them understand the process and red tape involved in obtaining state and federal assistance, while our facilities team helped to ensure the health and safety of the occupants in more than 7.4 million square feet of property managed by our firm. Kelley Commercial Partners has also been involved in negotiations that will bring Costco and Amazon to Little Rock.

All in all, it’s been a challenging year for everyone, but Kelley Commercial Partners still sees a bright future for Arkansas and we will continue to serve our community for decades to come.

 

1031 Exchanges help defer certain tax liabilities

Brokerage, property management, development management, consulting

For all of your commercial real estate questions, ask a professional at Kelley Commercial Partners

A 1031 exchange, also known as a tax-deferred exchange, gets its name from the Internal Revenue Code 1031. Essentially, this rule in the tax code allows investors to defer certain tax liabilities they would otherwise incur after making a profit from a real estate investment. This can be an incredibly effective tool for investors who find themselves in a situation in which they would like to sell a real estate holding, but do not want to incur the tax burdens such a transaction would create.

In order to take advantage of the 1031 exchange rule, you must replace the property you are selling (the relinquished property) by purchasing another property (the replacement property) with one of equal or greater value and similar in kind and use. For example, if you are relinquishing a rental property for $100,000, you must replace it with another rental property with one valued at $100,000 or more. (You may also have the option to buy several rental properties, so long as the sum total of their value is $100,000 or more). So, unfortunately, you cannot relinquish a rental property and replace it with a vacation home because those two properties would not be alike in kind and use.

In addition to these restrictions, there is a set time frame in which all of these transactions must occur. Once the relinquished property has closed, investors have 45 days to identify the replacement property and 180 days to close that transaction.

Finding buyers for the properties you wish to relinquish, while at the same time attempting to identify equitable exchange properties can be challenging, especially considering the time restrictions. Proper attention must be paid to the details of how 1031 exchanges work and how using them might affect your long-term plans. This is why it is so important to find an experienced CRE professional you can trust to help you with the due diligence commercial real estate transactions require.

If you have any questions regarding a tax-deferred exchange or any other commercial real estate issue, Kelley Commercial Partners brokers and associates are here to provide the answers and support you need to make successful decisions.

Workspace and the workplace

Workspace design

Coppola-Cheney recently posted an article explaining how different types of workspace layouts can be designed to better suit different types of work.

While planning your office space, it is helpful to consider both the type of work that will be performed, as well as how a team may need to utilize the space to get the job done. For example, some tasks require the privacy and quiet of an office while others require spaces that are more open and allow for a more collaborative work environment. And because we all need a little space to recharge throughout the day, you might want to consider making space for a break room, lounge area, coffee bar, or even a pool table. At Kelley Commercial Partners, we’ve worked with hundreds of different kinds of businesses and understand the importance of good planning and designing of workspaces. Our brokers and property managers can help you find the right workspace that works for you. For more information about different kinds of workspaces available in Arkansas, call one of our agents today.

Costco is coming to west Little Rock

Costco coming to west Little Rock

Costco coming to west Little Rock

 

The Arkansas Democrat-Gazette reported today that the wholesale retail giant Costco’s plans for development of 31.81 acres at Chenal Parkway and Kirk Road in Little Rock were approved by city planning commissioners. This will be the first Costco store in the state of Arkansas. Plans include a more than 150,000 square foot warehouse with a tire shop, optical shop, and depending on licensing, a liquor store. The development also will have a free-standing gas station and outparcels. We at Kelley Commercial Partners are excited about this news and look forward to welcoming them to the market.

Flake & Kelley Commercial Transitions to Kelley Commercial Partners

Kelley Commercial Partners
Hank Kelley, CEO Kelley Commercial Partners

Hank Kelley, CEO Kelley Commercial Partners

Hank Kelley, CEO, is pleased to announce that Flake & Kelley Commercial is now Kelley Commercial Partners. An amicable stock purchase transaction was finalized on May 6th, and an agreement entered to purchase John Flake’s stock in Flake & Kelley Commercial.

Day-to-day operations will continue to be led by Hank Kelley, with Daryl Peeples, Maggie Hogan, and Nicholas Kelley in executive management roles. The Little Rock partner team also includes Cheryl White, Bill Pendergist, Brooke Miller, Eric Varner, Cynthia Lu, and Kevin Pledger. Jay Pearcy serves as principal broker in Northwest Arkansas.

Kelley Commercial Partners will continue to provide brokerage, property management, development management, and consulting services. Kelley Commercial Partners is a Chainlinks member helping to connect retail and hospitality clients through this productive network of commercial real estate companies across the United States.

“Aside from a new name, Kelley Commercial Partners remains Arkansas’s premier commercial real estate firm with the same commitment to first-class client service,” said Kelley.

The firm maintains an award-winning team of more than 80 trusted, skilled professionals and support staff. The team is experienced in meeting the real estate needs of our clients and customers and are laser-focused on delivering superior commercial real estate services.

“We are excited about the future of the company. While we are proud of what we have accomplished over the past three decades, looking forward, we know the best is yet to come,” said Kelley.

Kelley Commercial Partners remains headquartered in Little Rock with a Northwest Arkansas Office to serve the entire state.