1031 Exchange with Kentucky Mall

Lexington, Kentucky – The 1031 Exchange information today is from the Bluegrass Country of Kentucky. There is a common misconception with the 1031 Exchange. Some commercial real estate speculators were found to comment that the 1031 Exchange is a “tax free” commercial real estate transaction. Not true, the 1031 Exchange is a Tax Deferred 1031 Exchange. Once the 1031 Exchange replacement property is sold, the investor must pay capital gains taxes. Of course it is possible for the commercial property investor to complete another 1031 Exchange on the replacement property and thus defer the capital gains tax again. If this happens over and over, eventually the person or persons receiving the property from a death in the family, etc., would eventually pay capital gains tax.

A commercial real estate development known as the Lexington Mall recently sold and was in a 1031 Exchange. The Seller used the 1031 Exchange to defer capital gains tax. There were comments that the Rich avoid paying taxes. Again, this is not a tax free transaction as the 1031 exchange defers the taxes due. Also the 1031 Exchange is not only for the Rich. There are plenty of single family homes and small commercial properties involved in 1031 exchange deals. The 1031 Exchange is one of the greatest Wealth Builders that we have in America today.

Apparently the Lexington Mall was sold for $8.1 million for the 1031 Exchange. The Seller, Saul Centers, had a beautiful profit of $3.59 million to put towards their 1031 Exchange replacement property. The 1031 Exchange sellers, Saul Centers was reported to apply the $3.59 million profit and an additional $7.4 million in cash to buy a 1031 Exchange property. The 1031 Exchange replacement property is approximately 20,112 square feet and a retail net leased property in Montgomery County, Maryland.

The Southland Christian Church was the buyer of the Lexington Mall. There is no report if they were in a 1031 Exchange from a separate property sale. As with some Malls, once a big Anchor departs, many smaller Tenants follow suit. Well, at this 1031 Exchange Property, Dillard’s department store moved out in 2005 and the Mall Occupancy rate blew up after that. Applebee’s and Perkin’s restaurants are the lone survivors at the 1031 Exchange property in Kentucky.

There were a number of offers on the 1031 Exchange property and it finally settled with the $8.1 million sale price. The commercial property has benefits such as its size, proximity to downtown business district, and it is situated on a major set of highways. The new Owners, Southland Christian Church has been reported to want to cap off the property and use the commercial property for a satellite church.

Call us for 1031 Exchange Properties in Florida.

CONTACT US:
O’Reilly Commercial Realty LLC
Patrick O’Reilly
Phone: (352) 237-2222
Email: OreillyCommercialRE@gmail.com

 

7-Eleven 1031 Exchange Property • Aaron Rents 1031 Exchange Property • Academy of Sports 1031 Exchange Property • Advance Auto 1031 Exchange Property • Alcoa 1031 Exchange Property • American Standard 1031 Exchange Property • Applebee’s (Ground Lease) 1031 Exchange Property • Arby’s 1031 Exchange Property • AutoZone 1031 Exchange Property • AutoZone (Ground Lease) 1031 Exchange Property • Bank of America 1031 Exchange Property • Bank of America (Ground Lease) 1031 Exchange Property • BB&T 1031 Exchange Property • Benihana Restaurant 1031 Exchange Property • Best Buy 1031 Exchange Property • BJ’s Wholesale 1031 Exchange Property • Breuners 1031 Exchange Property • Bridgestone-Firestone 1031 Exchange Property • Burger King 1031 Exchange Property • Carl’s Jr. 1031 Exchange Property • Carmax 1031 Exchange Property • Chase Bank (Ground Lease) 1031 Exchange Property • Chili’s (Ground Lease) 1031 Exchange Property • Chipotle Mexican Grill 1031 Exchange Property • Circle-K 1031 Exchange Property • Coco’s Restaurant 1031 Exchange Property • Comcast 1031 Exchange Property • Comp USA 1031 Exchange Property • Cost Plus 1031 Exchange Property • Cracker Barrel (Ground Lease) 1031 Exchange Property • CVS 1031 Exchange Property • Dave & Busters 1031 Exchange Property • Davita 1031 Exchange Property • Del Taco 1031 Exchange Property • Denny’s 1031 Exchange Property • Dollar General 1031 Exchange Property • Dollar Tree 1031 Exchange Property • Duckwall-ALCO Store 1031 Exchange Property • Family Dollar 1031 Exchange Property • FedEx Freight 1031 Exchange Property • FedEx Ground 1031 Exchange Property • Food 4 Less 1031 Exchange Property • Georgia Pacific 1031 Exchange Property • Gold’s Gym 1031 Exchange Property • Goodyear 1031 Exchange Property • Hardee’s 1031 Exchange Property • Harris Bank 1031 Exchange Property • Hy-Vee Stores 1031 Exchange Property • IHOP 1031 Exchange Property • Jack In The Box 1031 Exchange Property • JC Penney (ground lease) 1031 Exchange Property • Jewel-Osco Store 1031 Exchange Property • Jo-Ann Fabrics 1031 Exchange Property • KFC 1031 Exchange Property • Kirkland’s 1031 Exchange Property • Kmart 1031 Exchange Property • Kohl’s 1031 Exchange Property • La-Z-Boy Distribution Center 1031 Exchange Property • Levitz 1031 Exchange Property • Longs Drug 1031 Exchange Property • Lowe’s 1031 Exchange Property • Macaroni Grill 1031 Exchange Property • McDonalds (Ground Lease) 1031 Exchange Property • Michaels 1031 Exchange Property • Mimi’s Café 1031 Exchange Property • NAPA Auto Parts 1031 Exchange Property • National Tire & Battery 1031 Exchange Property • O’Reilly Auto Parts 1031 Exchange Property • Office Depot 1031 Exchange Property • Panda Express (Ground Lease) 1031 Exchange Property • Panera Bread 1031 Exchange Property • Papa John’s 1031 Exchange Property • Payless Shoe Source 1031 Exchange Property • Pergo 1031 Exchange Property • PetSmart 1031 Exchange Property • Pier 1 Imports 1031 Exchange Property • Pizza Hut 1031 Exchange Property • Publix 1031 Exchange Property • Raley’s 1031 Exchange Property • Reuters 1031 Exchange Property • Rite Aid 1031 Exchange Property • Ruby Tuesday 1031 Exchange Property • Safeway 1031 Exchange Property • Sam’s Club 1031 Exchange Property • Sav-On 1031 Exchange Property • Scott’s Miracle Gro Company 1031 Exchange Property • Sherwin Williams 1031 Exchange Property • Smart & Final 1031 Exchange Property • Sportsman Warehouse 1031 Exchange Property • Staples Store 1031 Exchange Property • Starbucks Coffee 1031 Exchange Property • Steak ‘N Shake 1031 Exchange Property • Taco Bell 1031 Exchange Property • Talbots 1031 Exchange Property • Tire Kingdom 1031 Exchange Property • Toys R US 1031 Exchange Property • Tractor Supply Company 1031 Exchange Property • Trader Joe’s 1031 Exchange Property • Valley Animal Medical Center 1031 Exchange Property • Verizon Wireless 1031 Exchange Property • Verizon’s 1031 Exchange Property • Wachovia Bank 1031 Exchange Property • Walgreens 1031 Exchange Property • Walmart 1031 Exchange Property • Wendy’s 1031 Exchange Property • Whole Foods 1031 Exchange Property • Winn-Dixie 1031 Exchange Property

Comments are closed.