Dougall McCorkle represented a private investor in the acquisition of a 71,000 square foot office building in Gainesville Florida, which sold for $8.36 million.
The building is a single purpose building that has a long term lease with New Media Group, the parent company of the Gainesville Sun newspaper. The property traded at just under a 7 cap valuation. The transaction was 1031 transaction, which is a provision in the IRS tax codes that allows a buyer to defer taxable gains when that investor sells a property and reinvests it in another property. There are very rigid time constraints involved with the sale and purchase of the property to be exchanged and the property to be acquired. As such there are specific tactics and strategies to successfully make these deals happen.