Franklin Street announces the sale of a Tuffy Auto Center and Dairy Queen for $2,350,000 at $449 per square foot. This sale represents the second half of a 1031 exchange.
Rafeal Wright, CCIM and Jonathan Graber, CCIM represented the Seller, J&J Wesley Chapel LLC, an Illinois limited liability company. Franklin Street also procured the buyer, a Kentucky Corporation with an office in Bowling Green, Ky.
“There was a great amount of interest created in a very small window of time – going under contract in only two weeks,” Wright said. “Many investors are chasing the safest deals with solid underlying real estate. Many of the buyers we are seeing are exchanging into more passive-style investments with little-to-no owner responsibility.”
Graber mentioned the seller achieved their full asking price, even with the quick closing.
“The sale was a win-win for both parties,” Graber said. “As part of the last deal in a 1031 exchange, the buyer found a great opportunity in an income tax-free state that included attractive rental increases every five years including options.”
Built in 2001 and 2002, the retail center is located along State Road 54, half a mile west of Interstate 75 at 27329 Wesley Chapel Boulevard in Wesley Chapel, Fla. The property is near major retailers Best Buy, Dick’s Sporting Good, Cobb Theaters, Winn-Dixie, and Publix Supermarkets. Major fast-food concepts are in proximity as well including Outback Steakhouse, McDonalds, Applebee’s, Cracker Barrel, Dunkin Donuts and Wendy’s. This area of Pasco County is also near such attractions as the Grove, Wiregrass Mall and Simon’s Future Outlet Mall.
About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.