Hank Kelley, CEO, Executive Broker, and Partner at Kelley Commercial Partners
Whitney Burgess, Vice President of Client Services and Strategy at Team SI
Today the University of Arkansas Little Rock School of Business announced it will honor Kelley Commercial Partners’ CEO, Hank Kelley, as Distinguished Alumnus of the Year for his the mark he has made in business and for his service to the community and UA Little Rock. Whitney Burgess, vice president of client services and strategy at Team SI, will receive the Dean’s Award for Excellence. Awards will be presented at the Distinguished Alumni Luncheon to be held Oct. 16.
Kelley received his MBA from the UA Little Rock School of Business in 1984, the same year he joined the firm which is now Kelley Commercial Partners. He has stayed connected at UA Little Rock over the years by serving on the Business Advisory Council and as adjunct instructor at the School of Business. Last year, Kelley and his wife, Stephanie, made a generous donation to A.P. Vibhakar Endowed Scholarship.
“I’m honored to be recognized by the university and appreciate the efforts of the faculty and administration to engage and stay connected to the business community,” said Kelley.
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.
Our vice president of government relations, Jim Dailey, made a recent trip to the City of Morrilton and visited with Mayor Allen Lipsmeyer. This charming, historic city in the heart of the Arkansas River Valley is located in Conway County, just 50 miles northwest of Little Rock and about 20 minutes from Petit Jean State Park.
Mayor Lipsmeyer has been in office since 2015 and has dedicated himself to improving housing, employment, and business opportunities in Morrilton. Some of the city’s major employers include Green Bay Packaging, South Conway County School District, Walmart, and the University of Arkansas Community College Morrilton.
The residential real estate market in Morrilton is booming. One of the newest subdivisions has already sold every home built so far and further development is still in the works. Lipsmeyer is proud of this small town and the sense of community it offers its residents and visitors alike. The historic downtown includes the Rialto Community Arts Center, a venue for stage performances, concerts, and other events. Their first Thursday Farmer’s Market will reopen this Thursday from 4 to 7 p.m. as a drive-thru market on the 100 block of Commerce.
On your next trip west on interstate 40, take a break and spend some time in Morrilton. Small city. No limits.
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 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.