Completed Like Kind 1031 Exchange Transaction
We are happy to announce the successful sale and purchase of property by Summerhill’s client, Zealand Ventures, LLC, in 3Q21and the subsequent lease up of a pending vacancy in 1Q22. Summerhill’s client was able to complete a like kind 1031 Exchange for this transaction.
With Summerhill as it’s listing broker, Zealand Ventures, LLC successfully sold it’s 6,000 square foot industrial property located at 8824 Zealand Avenue, Brooklyn Park, MN 55445, and then, with Summerhill as it’s buyer broker, Zealand Ventures, LLC purchased a 19,816 square foot multi-tenant industrial property at 12975 16th Avenue North, Plymouth, MN 55441.
For its client’s new property in Plymouth, Summerhill was brought on to provide property management and leasing services at the time of closing. The prior owner of the Plymouth building Summerhill’s client purchased occupied the 5,045 square foot endcap office, and their lease was up at the end of 2021. Summerhill was able to complete a lease transaction for a February 1, 2022 occupancy with Jerry Driessen of CB Richard Ellis representing the new tenant. The new Tenant was able to utilize many of the improvements in place and convert a portion of the office to tech space. The property is now 100% occupied.
Andy Richards and Peter Kordonowy of Summerhill Commercial represented Zealand Ventures, LLC in the sale and acquisition as Seller’s Representative and Buyer’s Representative. The property at 8824 Zealand Avenue sold for $780,000, or $130 per square foot, and the property at 12975 16th Avenue North was purchased for $2,025,000, or $102 per square foot. Alex Huffman with EXP Realty was the Buyer’s Representative for the Brooklyn Park property, and Chris Garcia with Lee and Associates was the Seller’s Representative for the Plymouth property.
We are very happy for our client, Zealand Ventures, LLC, and with the outcome of this project!