ICSC Hosts Four Members of Congress at RECon

ICSC Hosts Four Members of Congress at RECon – to Learn More about the Retail Real Estate Industry

ICSC – (International Council of Shopping Centers) mission is “to advance the shopping center industry and to promote its role in the commercial distribution of consumer goods and services.” ICSCLogo_Member_1

ICSC’s annual RECon event in Las Vegas, welcomed four members of Congress, who attended to learn more about the retail real estate industry and share their insight on the tax reform debate currently underway on Capitol Hill. House Majority Leader Eric Cantor (R-VA), Congressmen Richard Neal (D-MA), Jim Renacci (R-OH) and Steve Womack (R-AR) each took a tour of the show floor and met with ICSC members to hear about issues impacting their businesses. All were impressed with the size of the show and level of business activity taking place.

On May 18, Reps. Neal, Renacci and Womack participated in a panel discussion on tax reform. They explained that while ideas are still being discussed within each party, now is a critical time for ICSC members to talk to members of Congress about provisions that are central to the retail real estate industry, such as capital gains treatment, the ability to deduct the interest on commercial debt or the like-kind exchange rules. During the Q&A session, ICSC members expressed their concern about having a repeat of the 1986 Tax Reform Act that devastated the retail real estate industry. The congressmen encouraged ICSC members to meet with both their legislators and staff to share examples of how different components of the tax code are used in actual projects and how the elimination of certain incentives would have impacted those projects. Such efforts will make those tax provisions more tangible to legislative offices.

Roz Peterson is a retail real estate professional who is an active member of the International Council of Shopping Centers (ICSC), and a licensed commercial real estate sales person with CERRON Commercial Properties. Roz has been in the commercial real estate business since 1990 and worked as an agent since 2006. She specializes in the south metro Twin Cities market across all product types, conducting Landlord Representation, Tenant Representation, Sales, Lease and Broker Price Opinions. Roz is a member of MSCA, ICSC, CCIM Minnesota-Dakotas Chapter, MNCAR, MNAR, NAR, Apple Valley, Burnsville, Dakota County Regional and Lakeville Area Chambers of Commerce, and is a CCIM (Certified Commercial Investment Member).

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Back to School - RE Market Report 2013The kids are off to school. It’s time to close up the cabin and focus on getting something done before year end. Fall is always a busy time in the Minnesota commercial real estate market, as we are seeing here at CERRON Commercial Properties.

Third quarter we had a noticeable change in office condominium sales. Businesses shifted to longer term leases and larger spaces. We actually had buyer wars—something we haven’t seen much of since 2007. Land sales even saw an uptick. The national retailers are back. Dealmakers were abuzz at the International Council of Shopping Centers (ICSC) convention this spring. This is all good news to a heavily beat up industry over the past six years.

We have been waiting for the inventory of distressed product to be absorbed and while there are a few deals left out there, they are dwindling. The market is heading in the other direction so if you are considering a move, now is the time.

We can help you with a market analysis. An initial one is no charge. In fact we only get paid if we produce a buyer or a tenant. Most owners pay our fee, so many times there is no charge for buyer/tenant representation services.

We now have all commercial properties for sale and lease on our website, and may be searched for free. Check it out at www.cerron.com or call me direct at 612-708-5281 email rozp@cerron.com.