Immediate Need for 1031 Exchange Replacement Property
Our client is currently in escrow on the sale of a multifamily property and is actively seeking a replacement property.
Desired Replacement Property Criteria:
-Deal Size: $5.5M to $7.5M
-Investment Strategy: Core/Core Plus Preferred.
-Geography Ranking: WA, NV, CO, ID, AZ, UT, WY, OR, NM.
-Location: A+ to B- in supply constrained trade area.
-Property Type: Class A+ to B+ Multi-Tenant Office, 6-20 tenants preferred. Preferably no single tenant exposure beyond 40% but not a total deal breaker. Little to no retail element preferred.
-Vintage: Prefer 2000-Present Vintage. Older properties on a case-by-case basis.
-Lease Type: Prefer NNN (triple net) leases but will entertain full service. Staggered tenant rollover preferred with no more than 50% rollover in next three years, but not a deal breaker.
-Additional wants: Low Vacancy, good visibility, good mix of tenants not heavily weighted in any specific sector except medical tenants. Will look at up and coming markets with high barriers to entry.
-Management: Buyers to be absentee owners. If you have a deal that your firm manages you may be highly considered to continue management duties.
-We’re currently looking for one or multiple properties, will consider smaller properties together in one geography on a case-by-case basis.
-We’ll consider on and off market opportunities and will protect brokers in the transaction.
-We’re ready to start writing offers today if the deal checks the boxes.
-Our client is sophisticated when it comes to office buildings; they were an Office and Retail leasing broker for 30+ years.
Please submit ANY and ALL opportunities for review. We will review and respond to ALL deals sent with a “yes” or “no” answer. You will get a response from us either way. Thank you very much for your time and we look forward to hearing from you.
Location Specific Info
Property Types: Executive/Shared Suites,Medical/Healthcare,Multi Tenant Office,Other Office