Greg J. Hrabcak, Scott D. Hrabcak, Group One Realty, Inc.
Jim Wooten, Century 21 Joe Walker & Assocs.
The uniqueness of the C/I Most Unique Transaction award is that it is being awarded to three individuals,
Greg and
Scott Hrabcak of Group One Realty and
Jim Wootton of Standard Corporation REALTORS
®, who all worked on the same transaction.
The transaction involved a non-profit group who was interested in buying the former Bliss College building listed by Jim Wootton and occupied by a church. The church, in turn, was going to do an exchange into a Triple Net Leased Ballys facility, which had not been listed in the last three years.
The church was unwilling to sell its property until it found a suitable location forits congregation. Jim remembered that 3 years earlier Greg had the Ballys facility listed. So Jim contacted Greg to see if Ballys might still be interested in selling.
To make a long story short, their team effort resulted in salvaging a 1031 Exchange transaction that was about to fall apart when the buyer for the building occupied by the non-profit pulled out of the deal at the 11th hour.
To save the deal, Jim suggested that Greg and Scott buy the property occupied by the non-profit, negotiate for the non-profit to stay in the property for 6 months and lease it from Greg and Scott until the property could be resold. The church could then stay in their property until the non-profit’s lease with Greg and Scott was completed, and then move into the Ballys facility with a lease that was due to expire in April 2002.
Upon securing financing, the closings took place simultaneously on January 31, 2002. By the way, Greg and Scott were able to sale the property they had purchased at a small profit seven months later. The non-profit relocated to the church property and the church was able to reconstruct the Ballys facility.
Calendar