Greenville-Spartanburg-Anderson, SC (1888PressRelease)
October 24, 2007 - SeedAmerica president Joseph Johnson today announced transfer of a property owned by EnerSys through the 561 Exchange.
The newly-transferred 300,000 square foot property is located in Sumter, SC. The building, owned by EnerSys for 12 years, ceased manufacturing at the site in 2000 and used the property for warehousing until the time of transfer.
EnerSys is the world’s largest manufacturer, marketer and distributor of industrial batteries. Transfer of this property will contribute to community development and revitalization efforts, key to maintaining strong economic stability in the community.
The 561 Exchange is an IRS sanctioned program found in IRS Publication 561. This publication defines the rules and methods of valuing a property in exchange for tax deductions or tax credits, which is equivalent to cash for owners with a tax liability.
ConAgra Foods, FMC Technologies, Essex Electric, the Pritzker family (owner of the Hyatt Hotels) McQuay International, Chapelthorpe, GEM, and Kaydon Corporation are just some of the companies who have completed property transfers using the 561 Exchange through SeedAmerica.
About SeedAmerica
SeedAmerica is a national real estate endowment fund, focused on acquiring and managing commercial real estate assets. SeedAmerica is a nonprofit, 501(c)3, Publication 561 compliant organization that provides businesses with a fast, safe and profitable solution to hard to move property. SeedAmerica has more than two million square feet of commercial real estate space that has helped revitalize communities, and assist entrepreneurs move into affordable real estate. For more information on SeedAmerica, visit our website at www.seedamerica.com.
