1031 Tax Deferred Exchange Completed
Challenge
Coldwell Banker Commercial, Capital Advisors received a referral from another CBC office in California. The client was in contract to sell his manufacturing property in California and wanted to move into retirement by purchasing a long-term NNN property via 1031 tax deferred exchange. He wanted to find either a large single-tenant property or a retail property with a large anchor tenant anywhere in the USA.
Action
Coldwell Banker Commercial, Capital Advisors immediately began looking across the country to find suitable options for the client to review and analyze. After immense searching, CBC was able to find the available Westmoreland Plaza located in Jensen Beach, FL. Westmoreland Plaza is anchored by Lay-Z-Boy which had recently negotiated an extended 10-year lease.
CBC assisted the client by not only analyzing the investment purchase and long-term cashflow of the property, but also assisted the client in referring other specialized vendors such as a local real estate attorney, property management firm, and insurance company. The client was able to successfully purchase the property.
Result
- Client successfully completed his 1031 tax deferred exchange.
- The Client nearly completely utilized all of the 1031 exchange funds so very little boot was paid.
- A new long-term lease was just previously exercised by anchor tenant, Lay-Z-Boy.
Testimonial
“It is a pleasure to write this letter of recommendation for Rick Canup and his team (Alex) at Coldwell Banker Commercial, Capital Advisors… Rick’s knowledge and expertise in 1031 exchanges along with his team’s efforts and constant communication have made this one of the easiest (1031 exchanges) by far. – BL
For More Information, contact:
Alex Eberhardt, CCIM –
Investment and Leasing
Specialist
alexe@cbcworldwide.com
(806) 784-3258 direct