MIAMI—Every investor likes to see a spike in cash flow. And that's just what happened in a 1031 exchange that saw a single-tenant office building in Pinecrest, FL change hands.
Deme Mekras, Elliot Shainberg, and David Reinke of Franklin Street Real Estate Services represented the buyer, Miami Har, a private investor who recently relocated from Chicago to Miami. The seller, ATS Intermex, is a local private investor who owned the property for a little less than a decade.
Mekras tells GlobeSt.com that after working his way into the top buyer position in a competitive situation, navigating the terms of the loan structure quickly became the most challenging aspect of the deal. The second half of a 1031 exchange sold for $7.4 million, or $291 per square foot.
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