Widespread Commercial represented an investor with a 1031 exchange deadline coming up. The client wanted to invest in a retail-oriented property. Our team identified an opportunity in a heavy traffic corridor. We knew from experience that there was a high demand in this area for fast food users and financial institutions with a drive-through component. We found two parcels for sale, a bank and an automotive space.

Neither property on its own was large enough to accommodate one of the high demand uses. We helped our client negotiate a deal to purchase both properties independently. After we closed, we were able to combine them and create a single, 1.2 acre site ready for fast food, drive through, or another high demand use.

We secured a 10 year ground lease with a national credit tenant. The national credit tenant was granted a right of first refusal in their deal. They ended up purchasing the property within the year. Our client paid $1.4 million to purchase and assemble the properties. They sold it for $3 million a year and a half later.