1031 Exchange Buyer : 3 NNN Properties
Transactions: A buyer that had recently sold property was looking to acquire triple-net (NNN) properties through their 1031 Exchange. Silber was able to structure two deals on three properties for a total of $6,400,000.
The first deal, a property in Glen Cove with a Panera Bread, was strucutred contingent on phantom temporary certificate of occupancy (TCO) rent, savings from a tax pilot program, and was purchased with a $500,000 note being held by the seller. The deal closed at $2,850000.
The second deal involved two properties owned by a single seller since 1981; a 7 Eleven in Baldwin and a Dunkin Donuts in Franklyn Square. Owner only had 18 months remaining on both leases and was now residing in Florida. Silber was able to negotiate new 10 year leases for both properties and a price of $3,550,000 at 5% cap.