1031 Players Like the Carolinas
Institutional investors and REITs have discovered the Carolinas, but so has the much larger army of 1031 exchange buyers, says Quantum Real Estate Advisors prez Chad Firsel (right, showing everyone how to play connect the dots). Id say 1031 buyers are looking anywhere for the right mix of credit, yield and term, he tells us. The Carolinas seem to be good hunting grounds.
Recently Chicago-based Quantum brokered a deal involving a 1031 sale in Cary, NC, with SVP Daniel Waszak repping both the buyer, an individual from Alabama who brought all cash to the table(hopefully in a black briefcase so it felt like a movie), and the seller, a SC-based developer. The 5,000 SF store, a new construction property leased for 12 years to the auto supply store, traded for $1.5M.