BROOKLYN, NY — Redwood Realty Advisors has assisted its client in successfully completing a 1031 Exchange following the sale of a multifamily property in Brooklyn. The client reinvested proceeds in a multi-tenant retail center which includes a ground lease on a Dunkin’ Donuts in St. Petersburg, Florida. The investor acquired the property for $3.625 million and a 6.4% capitalization rate.
“The property boasts a prime downtown St. Petersburg location in the 4th St. North Corridor, which has the highest retail traffic count in the city,” said Redwood Realty director Constantina Drogaris, Esq. Drogaris led the transaction team on behalf of the buyer. The Dunkin’ Donuts was built in 2012 and earned a Gold Level LEED certification – one of a few select Dunkin’ Donuts in the U.S. to be awarded this recognition. Other tenants at the center include a Little Greek Restaurant, Flippers Pizzeria and Salon Lofts.