While may of our clients hold net-leased properties as a long-term investment, some of our clients acquire properties for resale, in many instances to buyers that are completing tax-deferred exchanges in which the acquired properties constitute replacement property under Section 1031 of the Internal Revenue Code (IRC). Some of our firm’s recent sale-leaseback transactions include a ninety (90) property, multi-state transaction with a. national grocery chain; a six (6) property sale and master-leaseback to a regional convenience store in the southwest and a sale-leaseback of eight (8) service station properties in the northwest.
Through years of participation in the acquisition, financing and disposition of single-tenant properties, our attorneys have developed an expertise in the requirements for completing an IRC Section 1031 tax-deferred exchange. Our firm has handled a wide variety of 1031 exchanges involving acquisitions financed through single-lender mortgage loans, syndicated mortgage loans, securitized mortgage loans, bond-type financing, credit tenant financing and conduit financing, as well as mezzanine loans.
We have significant experience in ground lease transactions which are typically used as an alternative structure to an outright sale or acquisition. We counsel owners and developers on the various lease provisions which are critical to obtaining maximum value from a ground lease position. We are able to quickly and efficiently analyze any shortcomings of an existing ground lease and provide alternative solutions. In the course of representing clients in large-scale sale-leaseback transactions, we have often come across ground lease positions which are then subleased to credit tenants under net leases. We have the knowledge and expertise to offer practical and time-saving solutions to create leasehold interests or to modify existing ground lease positions so that our clients can avail themselves of the maximum benefits of a ground lease transaction.
Our lawyers have handled hundreds of net and ground lease transactions for a variety of properties, including, warehouse, retail, office, hotel and space. We are able to help our clients successfully lease productive operations, from pad sites to multi-location chain stores, whether standing alone or being integrated into large developments or shopping centers. We have the broad experience and flexible thinking necessary to address the complicated issues related to ground leasing transactions and to craft workable solutions that meet our clients’ goals.
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