1031 Exchange from Multi-Family to Multi-Tenant Retail

Client Profile:

California-based investor who had sold a Los Angeles apartment building and sought less management intensive ownership.

Strategy:

Assemble a high-quality, low-risk, geographically diverse portfolio of triple net properties with laddered lease expiration dates.

Outcome:

  • Century Partners sourced three (3) trophy-quality properties including (a) ATI + Blaze Pizza in Fishers, IN, (b) Cafe Rio & T-Mobile in Castle Rock, CO, and (c) Potbelly, ATI, & Noodles Co in St. Charle’s, IL. The properties were all sourced on an off-market basis through Century Partners’ national relationships.

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LONGTIME FREDDY’S OPERATOR TESTS THE MARKET

Outcome:

  • Century Partners marketed both of the assets and they were quickly sold to private 1031 exchange investors. Four properties were sold at record-low cap rates, with an average cap rate of 4.59%, and a total consideration of $13.7 million.

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PORTFOLIO DIVERSIFICATION & EXCHANGE FOR WENDY’S OPERATOR

Outcome:

  • Disposed of a total of 17 Wendy’s properties.
  • Seven (7) properties transacted above $2.5M ($3.42M was highest on record for client).
  • The average cap rate across all transactions was 5.15%.
  • Seller used proceeds to exchange into primarily single-tenant net lease properties.

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  • Sale-Leaseback
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