Drogaris of Redwood Realty helps client complete 1031 exchange
HASBROUCK HEIGHTS, NJ — Redwood Realty Advisors assisted a client in successfully completing a complex 1031 exchange. The New York-based client reinvested proceeds from a New York multifamily property sale into a NNN restaurant property in Florida.
The investor acquired a newly constructed Dunkin’ Donuts property in Florida with a 12-year absolute triple net lease, paying $1,565,217 and a 5.75% cap rate for a very desirable asset in a high-barrier retail market. The asset is located in a prime retail corridor in Largo, which is the fourth largest city in the Tampa Bay metro. “This property really checked all the boxes for what our client wanted. They had a very specific goal to reinvest in the Tampa MSA, and they also wanted to reinvest their capital in a low maintenance investment,” said Redwood Realty director Constantina Drogaris, Esq. Drogaris led the transaction team on behalf of the buyer.