Simultaneous 1031 Exchange Transactions
Challenge
A well-established successful business owner had outgrown the building we sold him 10 years earlier and needed to find a much larger building to support his company’s growth and regional reach.
To ensure smooth continual operations, he had very specific building acquisition needs and timing requirements, while wanting to minimize any additional capital investment.
Action
The owner engaged with Rick Canup to market his existing building and to locate and successfully negotiate all the required terms for his replacement property. After extensive and aggressive marketing of his existing property, we received an offer for his building and the buyer needed relatively quick possession.
We were able to find “our client’s perfect property” but pricing, terms, and timing to coordinate required specific negotiations. The transactions involved three different businesses, and three different owners, all with specific timing and coordination needs.
Result
- The specific needs and timing requirements of all three businesses involved were successfully negotiated and all stakeholders achieved their desired results.
- We were able to complete a rare simultaneous 1031 closing with properties and the client secured a building that perfectly met his needs without any additional cash investment.
Testimonial
“(The 1031 Exchange) saved us a lot of money, a lot of tax liability, and it was actually able to get us into a bigger, nicer building than we would’ve been able to otherwise. I couldn’t imagine working with someone else that doesn’t have the experience and the team that they’ve built. They also treat you like a member of their family by making sure that the decisions you make are thought through and that it’s the right decision that needs to me made.” – C. W. Lubbock, TX
For More Information, contact:
Rick Canup, CCIM –
Investment Sales and 1031
Exchange Specialist
rcanup@cbcworldwide.com
(806) 793-0888