We closed the sale of a True Value hardware store for our client, a real estate development company.
An investor purchased the property, leased to a True Value franchisee, using 1031 exchange funds and a loan from a local bank to finance the purchase of the property.
During this transaction, we negotiated the purchase and sale agreement, solved due diligence questions raised by the investor and negotiated documents required by the bank with the tenant, including a tenant estoppel and subordination, non-disturbance and attornment agreement.
Previously, as development counsel, we advised and negotiated documents in the acquisition of the property, the build-to-suit lease, and the renovation of the building.
Our client sold the project at a significant profit.