Atlanta, Georgia – We have information on the 1031 Exchange and property types for 1031 Exchange replacement properties. The Section 1031 of the U.S. Internal Revenue Code allows commercial real estate investors to defer capital gains taxes on the exchange of like-kind properties. The 1031 exchange, or tax-deferred, exchanges have excellent advantages for commercial real estate investors.
As we discuss various property types in our article below, remember these can be used for a 1031 Exchange replacement property. Retail Shopping Centers, (STNL) Single Tenant triple net lease properties, apartment building complexes, and mixed-use properties. A 1031 exchange is one of the few techniques that is currently available to postpone taxes due on the sale of qualifying commercial properties.
Our information this morning is on a massive commercial real estate development that had stalled. This distinctive retail net leased property and mixed-use development is in Buckhead, the affluent suburb in the Atlanta area. The commercial real estate developer, OliverMcMillan has acquired The Streets of Buckhead. OliverMcMillan has plans to restart construction on this stalled mixed-use commercial real estate project. This retail net leased property development consists of six-blocks, on eight-acres zoned for development of a luxury mixed-use project. This Commercial Real Estate transaction is scheduled to close soon. Once a commercial real estate investor has transferred title, and the closing occurs, it is too late to take advantage of a Section 1031 exchange. So we can not stress enough to plan ahead for a 1031 Exchange to be successful and defer those capital gains taxes.
The commercial real estate development firm, OliverMcMillan, is from San Diego, California. The Commercial Real Estate Developer OliverMcMillan was brought in December to finish this project that will cost approximately $1.5 billion. This project “The Streets of Buckhead” was anticipated to be the Atlanta’s answer to “Rodeo Drive”. The economic problems had brought a halt to this highly anticipated luxury retail commercial real estate development.
This commercial real estate development firm, OliverMcMillan, is well known for mixed-used developments. Apparently, financial backers on this project suggested OliverMcMillan to take over for the well-known Atlanta developer Ben Carter. Atlanta developer Ben Carter had a fantastic plan for “The Streets of Buckhead” and he started this retail, mixed-used development in 2006.
The financial backers whom helped fund this project from the start, believe the San Diego firm OliverMcMillan will bring in a fresh influx of investment property financing. Atlanta developer Ben Carter and his team had put in hard work but the economy and financial crisis were too difficult to overcome. The Atlanta developer Ben Carter should be commended as his team made a valiant effort.
The Streets of Buckhead is in upscale Buckhead, which is already an area with outstanding triple net lease properties, and retail shopping centers. This retail development is being constructed in place of Atlanta’s former Buckhead Village. The Streets of Buckhead is not OliverMcMillan’s first attempt of developing commercial property. OliverMcMillan has developed many mixed-use commercial real estate projects across the country. OliverMcMillan has been developing commercial real estate for about 20-years.
The CEO of OliverMcMillan, Dene Oliver, believes that “The Streets of Buckhead” is a prime example of transforming urban properties into extremely attractive retail and mixed-use property developments. OliverMcMillan plans for this project to be a special pedestrian-oriented mixed-used development which will coincide with the historic jewel community of Buckhead.
OliverMcMillan is approaching The Streets of Buckhead project as an opportunity to really shine. OliverMcMillan has been reported as promising to make this a Class A development in Buckhead, with high-end retail net leased space, and excellent restaurants and cafés. The Streets of Buckhead design plan will be tweaked to welcome people who want to live in of of two residential apartment / Condominium towers. To finish out the mixed-use property development, OliverMcMillan will boutique offices that can be net leased. This luxury shopping district in Buckhead (Atlanta) will be designed to be the envy of the South. Palm Beach’s Worth Avenue may want to take note of the plans from the OliverMcMillan commercial real estate development firm.
OliverMcMillan has a reputation for success and creating award-winning commercial real estate developments. The OliverMcMillan firm purchased a 489-unit, 48-story project, in the later part of 2009. That project is situated in Honolulu, and is called Pacifica. When OliverMcMillan firm took over that project it was approximately 43% complete. OliverMcMillan restarted construction on that $300 million mixed-use property and then renewed a sales program in February of 2010. That Honolulu condominium project is currently about 84% sold, already topped out, and moving on to be completed in the Fall of 2011. The OliverMcMillan firm is currently working on more troubled commercial real estate developments in California. Those troubled commercial developments are located in San Francisco and San Diego.
We can assist you with your search for 1031 Exchange Commercial Properties.
O’Reilly Commercial Realty LLC
Phone: (352) 237-2222