The property at the Southwest corner of 1st Ave. South and Bennett was a burned out restaurant, known as the Branding Iron. Our client in the trucking business bought the building for cash and the Seller did a 1031 Exchange. The client owned and was contemplating the construction of a new building on the Northeast corner of 1st South and Bennett and another client of the office built and developed an office/retail distribution on his former site.
The client completely rehabbed the burned out building into offices and with the additional land on the site he built a warehouse with heated floors to service his truck fleet. He subsequently bought the NE corner of 2nd and Brandon.
The client successfully operated his business on the site for about 7 years and needed to expand. SCRE assisted the client in the acquisition of a site in South Park. This site was leased, half to his trucking company, and the balance, to Access Transportation, subsidized by King County and housing their emergency communications network. The client used the proceeds of his initial property on 1st Avenue South to fund the sale by a 1031 Exchange.
