Premier Printing/BB Buckle, LLC
Bedford Heights/Warrensville Heights, Ohio
Seller Representation/Buyer Representation
Bob Garber, SIOR of CRESCO Real Estate, was the listing agent to dispose of a 10,300 square foot owner occupied facility in Bedford Heights, along with locating a 23,000 square foot replacement property to accommodate a 1031 Tax Free Exchange.
Approach
- Properly price and market the company’s current 10,300 square foot headquarters and locate a larger facility to accommodate their growth and new equipment.
- Establish a timeframe that allows the least amount of disruption to the business practice, but allows for the timely delivery of a new state-of-the-art facility.
- Coordinate the transaction to remain inside the federal tax free exchange guidelines and eliminate any capital gain issues.
- Allow for holdover lease period between disposition of existing building, along with acquisition and construction completion of the new building.
Result
- After an extensive marketing campaign and a few starts and stops, a Buyer was located who met the economic terms and conditions of the Seller.
- Accomplished a standard 1031 Tax Free Exchange, without the need for a Reverse 1031 and the risks associated with that type of transaction.
- Acquired the new asset in Warrensville Heights at a reduced price due to market conditions and assisted Buyer in locating a contractor to meet the move-in timeframes.
- Negotiated a 75 day holdover in the Bedford Heights building to allow for the necessary improvements to be completed prior to occupancy.