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| Rafael Wright |
TAMPA, FL (June 10, 2014) —Franklin Street announces the
sale of a Tuffy Auto Center and Dairy Queen for $2,350,000 at $449 per
square foot. This sale represents the second half of a 1031 exchange.
Rafeal Wright,
CCIM and Jonathan Graber, CCIM represented the Seller, J&J Wesley
Chapel LLC, an Illinois limited liability company. Franklin Street also
procured the buyer, a Kentucky Corporation with an office in Bowling Green, Ky.
“There was a great
amount of interest created in a very small window of time – going under
contract in only two weeks,” Wright said. “Many investors are chasing the
safest deals with solid underlying real estate. Many of the buyers we are
seeing are exchanging into more passive-style investments with little-to-no
owner responsibility.”
Graber mentioned the
seller achieved their full asking price, even with the quick closing.
“The sale was a
win-win for both parties,” Graber said. “As part of the last deal in a 1031
exchange, the buyer found a great opportunity in an income tax-free state that
included attractive rental increases every five years including options.”
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| Jonathan Graber |
Built in 2001 and
2002, the retail center is located along State Road 54, half a mile west of
Interstate 75 at 27329 Wesley Chapel Boulevard in Wesley Chapel, Fla.
The property is near
major retailers Best Buy, Dick’s Sporting Good, Cobb Theaters, Winn-Dixie, and
Publix Supermarkets.
Major fast-food concepts are in proximity as well
including Outback Steakhouse, McDonalds, Applebee’s, Cracker Barrel, Dunkin
Donuts and Wendy’s. This area of Pasco County is also near such attractions as
the Grove, Wiregrass Mall and Simon’s Future Outlet Mall.
For a complete copy of the company’s news release, please
contact:
Kelsy Pazur
813-839-7300, ext. 337
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