Single-Tenant NNN Asset Sold & 1031 Exchange (From Maine to Lubbock)
An owner of a Jiffy Lube in Portland, ME, came in contact with Alex Eberhardt with Coldwell Banker Commercial, Capital Advisors due to also owning a Dairy Queen in Denver City, TX (near Lubbock, TX).
The Owner wanted to sell their single-tenant retail property, Jiffy Lube, and move their equity into a multi-family property in another state. The owner hired Alex Eberhardt to market their Jiffy Lube for sale. The operator of the Jiffy Lube, per the lease, had a “right of first refusal” within the lease.
Alex began marketing the property. He approached the tenant/operator first, since the operator themselves had Jiffy Lube locations all across the United States. The tenant chose to wait and see how the marketing progressed.
Despite lack of early success, Alex continued to market the property while also communicating closely with the Seller. After the property being on the market for several months, an outside buyer came forward and negotiated agreeable terms with the Seller. The terms, however, were also agreeable for the operator to exercise its first right of refusal. The property came to a successful conclusion.
- The Seller successfully sold the property at acceptable terms.
- The contract process was seamless.
- The Seller was able to move their assets into an apartment property via 1031 exchange.
“Alex was fantastic to work with. He continued to communicate, well throughout the whole process from marketing our property to closing. We really enjoyed working with him.”- EM
For More Information, contact:
Alex Eberhardt, CCIM