Most Unique C/I Transaction
Greg Weber and Chris Miller, Grubb & Ellis/Adena Realty
The 2004 most unique C/I transaction involved a property in the Reflections at Tuller office complex. The 13,650 square foot building, located at 2727 Tuller Parkway, was put on the market in March, 2004.
Although Greg & Chris got a lot of activity, they weren't getting much interest from prospects that wanted to purchase the entire building. However, they did find two buyers willing to accept the idea of splitting the building by floors and creating a condominium scenario which would allow them separate parcels and accomplish the sale of the entire building.
The first buyer bought the 1st floor for investment purposes, while the other buyer bought the second floor as an owner-occupant. To help them hedge their risk, the owner did a master lease for a period of 5 months - which was to be prorated as the space was occupied within that time period. The last detail of this unique transaction was one of the buyers was doing a 1031 Tax Deferred Exchange.
Ultimately, the property closed in escrow. Then condominium documents were filed dividing the property into two separate parcels. This resulted in two separate closing statements and title insurance policies. This concept was developed after the initial contract was drafted, as it was originally going to be a partnership buying one parcel rather than creating two separate entities.
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