TAMPA, FL—In sale that represents the second half of a1031 exchange, a Tuffy Auto Center and Dairy Queen in Pasco County’s Wesley Chapel, FL have traded hands. The retail properties sold for a combined $2.35 million, or $449 per square foot.
Franklin Street’s Rafeal Wright and Jonathan Graber represented the seller, J&J Wesley Chapel, an Illinois limited liability company. Franklin Street also found 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 tells GlobeSt.com. “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.”
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. The property is near major retailers Best Buy, Dick’s Sporting Good, Cobb Theaters, Winn-Dixie, and Publix Supermarkets.
Major restaurants, including Outback Steakhouse, McDonalds, Applebee’s, Cracker Barrel, Dunkin Donuts and Wendy’s, are also nearby. This area of Pasco County is also near such attractions as the Grove, Wiregrass Mall, and Simon’s Future Outlet Mall.
According to Graber, the seller achieved their full asking price, even with the quick closing. “The sale was a win-win for both parties,” he tells GlobeSt.com. “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.” Download PDF
