CHIPLEY, FL, Nov. 16, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of CVS/Pharmacy (top left photo), a 13,225-square foot single-tenant net-leased property located in Chipley, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $3,800,000.
Leon Brockmeier (middle right photo) and Patrick O'Halloran retail investment specialists in Marcus & Millichap’s Tampa and Atlanta offices had the exclusive listing to market the property on behalf of the seller, a developer from Florida. The buyer is a private investor based out of Omaha, Nebraska who was secured and represented by Al Palacios, a senior associate in the firm’s Miami office. This newly constructed property was built in 2010 and opened in February of 2011. It is located at the intersection of Main Street and South Boulevard. This CVS drugstore was relocated from a shopping center inline space to a freestanding store with a double drive-through.
“We received great interest in the asset which brought multiple offers very quickly”, says Brockmeier. “The seller ended up choosing the buyer due to a 1031 exchange and all cash purchase with a very quick close.
“The property was listed at $3.8 million and sold for $3.8 million. We are currently seeing a strong demand for drugstore assets which is creating a bidding atmosphere around these types of assets,” adds Brockmeier.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
(813) 387-4700
The hardest part of following through with a 1031 exchange is finding a replacement property within the 45 days given by the IRS after relinquishing the original property. However, there are some guidelines that can increase a person’s options. First, a taxpayer may choose up to three replacement properties, of any value, from which he/she must acquire at least one of those before the 180-day deadline. Another option, called the 95% rule, allows taxpayers to choose any number of replacement properties as long as the Fair Market Value of the properties received by the end of the exchange period is 95% or more of the total FMV of all potential properties identified. Finally, the 200% rule permits taxpayers to choose any number of replacement properties as long as the total FMV of the replacement properties doesn’t surpass 200% of the fair market value of the exchanged property/properties.
ReplyDelete