Property Buyer Completes 1031 Exchange

 

Nashville, TN – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, closed the $7,100,000 sale of newly-built Chipotle and Dunkin’ Donuts sites located at 5041 Carothers Parkway, Franklin, TN, and 5043 Carothers Parkway, Franklin, TN, respectively. Senior Associate Hutt Cooke and Vice President Clay Smith represented the seller in the transaction.

 

The seller, a local commercial real estate development company, was looking to dispose of the properties once complete. The fast casual restaurants are two freestanding buildings located on the same lot near a large multifamily complex and several more retail facilities in the affluent submarket of Franklin.

 

“Our experience and relationship with the seller helped achieve a great outcome for both parties involved in this deal, even in a shifting market,” Cooke said. “Selling a new development that hasn’t opened yet can be challenging, but we know the market well, created an extensive marketing campaign, and sourced the right investor to close this deal.”

 

The buyer, a CA-based investor, completed a 1031 Exchange with the acquisition.

 

“We were able to negotiate an extremely aggressive price and the timeline for the seller and source an all-cash buyer for the higher price point deal,” Cooke said.

 

For more information or to contact Hutt Cooke and Clay Smith, please visit www.matthews.com.

 

 

 

 

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 15 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.