The S corp then develops and subdivides
the land, obtains government entitlements, and constructs improvements and condominiums.
North Brunswick TOD Associates will subdivide
the remaining space, which includes class-A warehouse space and offers up to 33-foot ceiling heights, into parcels as small as 15,000 square feet.
On the lower level, glazed screens subdivide
the working area by alternating between translucent and opaque glass panels along the space's longitudinal and transverse axis, while from behind the centralized reception desk, a secret staircase carves its way through to the boardroom above.
We can subdivide
the property into distribution, warehouse and light industrial spaces ranging from 30,000 square feet to 900,000 square feet," said Chuck Fern Of Lee & Klatskin.
Assume a taxpayer had entered into an arrangement with a real estate broker under which the broker was to find property suitable for subdividing and resale, the taxpayer advanced the money to purchase the property, and the broker did all the work necessary to subdivide
and sell the property to home builders.
Utilizing the local expertise of NAI Batten & Moore of Charleston, SC, the team proposed a plan to subdivide
the property, selling the raw land separately and then the adjoining distribution center as a sale-leaseback.
Given the restricted space, it was decided not to subdivide
the shell into separate rooms but retain it as a single entity maintaining its height and full extent.