$4 million 1031 exchange completed for Springs retail property

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T0627 colierhe San Diego office of Colliers International announced the purchase of a 6,166-square-foot retail property at 1520 Briargate Blvd. for $4 million as part of a 1031 tax deferred exchange. This Chapel Hills Mall outparcel property is currently occupied by US Bank, which has a remaining 10-year lease.

Rick Puttkammer of Colliers International represented the buyer, Bahia Cypress Properties, LLC. Sam Zaitz of Legend Retail represented the seller, W&G Company, a Utah LLC.

“We found this property as an upleg to the buyer’s exchange.  The buyer agreed to release a non-refundable deposit upon signing of purchase contract,” said Puttkammer, senior vice president of Colliers International. “There is tremendous demand for net leased properties like this one where the seller received multiple offers above asking price after they had already committed to the buyer.”

About Colliers International

Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries.