In April of 2021, I had the pleasure of working with Dave Case of GVD Commercial Properties, on the successful acquisition of a NNN leased Arby’s asset in Portland, IN.
The property was an attractive investment for several reasons. Arby’s sits on an oversized corner lot in the heart of Portland, IN. In addition to its strategic position within the market, Arby’s has a drive-thru component, which I believe is paramount to the success of any QSR, particularly in today’s climate.
In my initial conversations with Dave, he explained that his goal was to sell the existing Arby’s asset and do a 1031 exchange into another net leased property in his home state of California. I ran into this situation frequently and felt well equipped to help Dave achieve his goals. This transaction was all about timing because of Dave’s impending 1031 exchange.
We made sure to coordinate Dave’s down-leg closing with his up-leg closing. Dave had a hard deadline on his up-leg acquisition, meaning if he could not sell the Arby’s (his down-leg) within 30 days, the 1031 exchange would not qualify.
Time was of the essence, so I expedited all third-party reports and directed the entire due diligence process to ensure we could close on time for Dave’s exchange. Our goal was to make Dave and his team’s lives as easy as possible, so they could continue to run their small business efficiently.
The transaction was ultimately strategic and successful for both parties involved. We continue to hold this asset in our portfolio, and we look forward to doing more work with Dave in the future.