The transaction represents the sixth that Ron Osborne has completed with this buyer.
Osborne is now representing the buyer of two of the properties in its 1031 exchange and has identified several properties of interest for purchase.
“The market is a shifting from a Seller’s market to a market-in-equilibrium and depending on future interest rate increases, it could shift to a Buyer’s market,” commented Osborne. “Demand is high for all asset classes and certain property types that are harder to locate and in demand and are trading quickly at top values like the 1771 S State Road 7 property.”
The transaction marks the fifth in which Osborne has represented the investor in the last 12 months.
The operator has occupied the property for 38 years and has 8+ years remaining on the lease with an annual 2% rent increase.
Osborne has represented The Strachman Family as trust advisor over the last 20+ years and, in the last 5 years, helped in repositioning its portfolio of management-intense multi-tenant retail properties. The family is repositioning its portfolio for the future.
The 1972-built boutique office building is situated on .37 acres of land.
The property was listed at $4,950,000 and within days, multiple full price offers were received – some over list price. The property closed within 0.5% of list price and a sub 5% capitalization rate.
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