An understated section of the January 2018 Tax Cuts and Jobs Act can either mean the greatest land rush since unassigned Oklahoma lands were open to settlement in 1889 or the next great Tenant-In-Common fiasco, which deflated spectacularly during the Great Recession. Take your pick!
Editor’s note: This story has been updated with information about the proportion of Puerto Rico’s territory that is covered by the opportunity zone program.
When Daniel Zelonker, a South Florida broker who specializes in the sale of industrial buildings, looks for properties to recommend to clients, he confronts a challenge familiar to commercial real estate practitioners. While his clients often have a long time horizon for their investments, they want a solid return down the road in exchange for their patience—but the bite of taxes can stand in the way of achieving that goal.
“They have income they don’t need today, and they want to see their funds grow,” says Zelonker, the owner of Z Miami Commercial Real Estate LLC. “I have to give them something [attractive] to do with their money.”
A longstanding Temple, located at 9408 SW 87 Avenue in Miami, Florida, has just been sold for $5,350,000.