Los Angeles, California – Our NNN Commercial Real Estate news for the day is on a 1033 Exchange with a California retail shopping center. This 1033 Exchange with a net leased NNN Commercial Property development was in Riverside, California. One of the nation’s largest commercial investment property sales team, which specializes in retail, helped procure the sale of the Magnolia Village Plaza shopping center. This NNN Commercial Real Estate Development is a Retail Shopping Center which sold for $6.75 million. This California NNN Retail Shopping Center is approximately 38,079 square-feet of space for retail nnn leases in Riverside. The NNN Commercial Property development is situated at 10901 Magnolia Avenue, in Riverside, with the California zip code of 92505.
This is a very attractive area of California to purchase NNN Commercial Real Estate, Triple Net Leased Properties and Absolute NNN Investment Properties. Riverside is a city in Riverside County, and is the largest city in the Riverside – San Bernardino – Ontario metropolitan statistical area (MSA) of Southern California. This NNN Commercial Real Estate development which sold included a newly renovated, freestanding Taco Bell. This Taco Bell was completed with a a drive-thru, and two retail pads and in-line retail shops which are anchored by Kaiser Permanente.
The NNN Commercial Real Estate seller was B U Management which is a private investor from the Southern California area. This NNN Commercial Real Estate development has many benefits for a value added property. This NNN Commercial Property is positioned near the busy 91 Freeway. This triple net leased property has an excellent location, just east of the busy intersection of Magnolia and La Sierra, across from the Riverside Regional Kaiser Permanente Hospital.
This commercial investment property sales Team did a great job of working with several Commercial Mortgage Lenders and financing institutions to provide attractive financing quotes for the NNN investment property. The Retail sales Team worked on this financing prior to putting the NNN Investment Property on the Commercial Real Estate market. This retail sales strategy did help to show the NNN Commercial Investment Property value and in the end, the strategy enhanced the final sale price. NNN Commercial Real Estate Investors can create value through the presentation of the long term Upside and the stability of the NNN Property.
This California NNN Commercial Property had construction completed in 1988 and it was renovated as recently as 2007. The California Retail NNN Property, Magnolia Village Plaza was approximately 88% net leased at the close of escrow. Earlier we mentioned net leased property tenants above of Taco Bell and Kaiser Permanente as some quality Tenants. There are plenty of other Net Leased Property Tenants at this NNN Commercial Property consisting of Joe’s Bar & Grill, as well as Metro PCS, Liberty Tax Service and more. The current Retail Traffic for this NNN Commercial Real Estate Investment development benefits from approximately 129,597 residents within a three-mile radius of this NNN property. These local California residents have an average annual household income in excess of $76,000.
The NNN Property Buyer, the Faris Lee Newell Owenby Trust, had recently sold a NNN commercial property to the City of Garden Grove. That Commercial Property would eventually be condemned, That commercial property transaction allowed the Buyer to acquire this NNN Commercial Property as part of a 1033 exchange.
The NNN Commercial Property buyer consulted with their accountant and found the process to take advantage of the tax basis transfer of a 1033 exchange. This 1033 exchange can occur when a commercial property is sold to a municipality for condemnation. This situation also provided an even lower commercial real estate tax bill than a typical 1031 Exchange. This commercial real estate transaction also gave the new owner more options for attracting new tenants to the Retail Shopping Center by passing along to them, lower attractive net lease rates. Overall the NNN Commercial Property investors maximized the property Value through a detailed search of CTL Financing, and Tax Planning with the 1033 Exchange.
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