1031 Tax Deferred Exchange Completed
Our client had sold his portion of his family’s farm in Iowa. Rather than keep the proceeds from the sale and pay capital gains taxes, he wanted to pursue a 1031 tax deferred exchange in order to defer his tax liability.
The client wanted to find an investment property that would have little to zero landlord responsibilities and long-term pass-through income generated. However, properties like this are difficult to find on the market.
Coldwell Banker Commercial, Capital Advisors immediately began searching for properties all across the country for the client identify. However, the client also wanted to find a property as close to home, Lubbock, Tx, as he could. CBC began pulling together a list of viable properties for the client throughout the state of Texas for the client’s review.
During this process, CBC was aware of an upcoming Wendy’s store that would soon open and be brought to the marketplace prior to its completion. CBC quickly reached out to the company that would be marketing the property for additional information. Ultimately, the client was able to purchase the property, meeting all the desired investment needs and completing his 1031 exchange.
- The client was able to purchase his replacement property completing his 1031 exchange
- The property was a brand-new Wendy’s store operated by the largest franchisee in the country.
- A long-term NNN lease was successfully signed.
“I consider myself very fortunate to have had Rick Canup [and Alex] involved in my journey through this entire 1031 exchange experience. Rick [and Alex] treats his clients with the utmost respect. He is thoroughly professional, yet treats you with compassion as you deal with the inevitable frustrations that accompany the process. I highly recommend Rick [and Alex] to anyone who needs outstanding assistance with the sale or purchase of CRE.” – BM
For More Information, contact:
Alex Eberhardt, CCIM –
Investment and Leasing
(806) 784-3258 direct