FORT LAUERDALE, FL—A three-tenant strip center in Coral Springs, FL has traded hands. A 1031 exchange grabbed the net leased asset for $3.5 million.
Doug Aronson, a director in Calkain's South Florida office, handled both sides of the transaction and completed the 1031 exchange. He says the deal required “extensive research” to satisfy the client's needs.
"Our client only wanted multi-tenant strip centers in one particular region of South Florida,” says Aronson. "The center had to have a presence with national or strong regional tenants, new or newer leases and of course be purchased at a reasonable cap rate."
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