News

Coldwell Banker Commercial NRT Sells 3 Single Tenant Net Leased Properties for $18.8M

FOR IMMEDIATE RELEASE

Coldwell Banker Commercial NRT sales associates MJ Ridenour and Robert Wainland recently sold 3 single tenant net leased properties totaling $18,796,873.

Ocean Cadillac Inc., a private company, has purchased three separate single tenant net leased properties as part of its 1031exchange for a location they sold in Miami. The properties consist of an emergency medical center, a CVS Pharmacy and a Family Dollar Store. M J Ridenour and Robert Wainland, senior advisors with Coldwell Banker Commercial NRT in Boca Raton, worked with the Buyer on the transaction.

In this extremely competitive market, finding nearly $19M in property within the time constraints of 1031 lRS rules is challenging. Ridenour and Wainland consulted the buyer in evaluating dozens of properties in numerous sub-markets. Ultimately, the buyer was able to defer the taxes on close to 100 percent of the income received from the closing of the Miami property.

Congrats!