San Diego Investor Sells Asset in Salt Lake City
The property located at 477 North 300 West in Salt Lake City UT, and which currently operates as a Dollar Tree, was sold to the regional franchisee of Ace Hardware. The buyer will occupy the property following the expiration of the current lease with Dollar Tree.
Kyle Clark represented the seller and San Diego-based investor previously and was the original broker to assist the Fischbeck Family trust in acquiring the property a few years ago in a 1031-exchange transaction. The interest to sell first sparked early this year when the single-tenant Dollar Tree, passed on their renewal option and asked for a rent reduction in order to remain on the lease. Kyle advised his client to do some preliminary listing work to see how the market would respond to the property; it is during this process multiple inquiries and qualified prospects had surfaced. One of the prospects that Kyle connected with was the regional franchisee for Ace Hardware, the offer was submitted quickly and Kyle represented both the buyer and seller. The property sold for almost double the price initially paid only a few years prior.
This sale was able to allow the client to parlay the gain into a newly built Dollar General in Arkansas where they are able to increase investment cash-flow while retaining enough gain to roll over into personal properties.
To learn more about this transaction or to inquire about brokerage representation, please contact Senior Director Kyle Clark at firstname.lastname@example.org
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