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Tuesday, November 16, 2010

Retail Shopping Centers for 1031 Exchange Option

Fort Myers, Florida - Our Net Lease Properties comes from the west coast of Florida for the day. The Colonial Square Town Center and the Shops at Village Walk were purchased for close to $38.4 million. These Retail Shopping Centers are situated adjacent to each other in Fort Myers, Florida. The Retail Shopping Centers total approximately 350,000 square feet for both properties.

The buyer of these net lease properties is Inland Diversified Real Estate Trust, Inc. The first net lease property is the Shops at Village Walk. This Net Lease Investment is approximately 93.8% leased to ten tenants. The major anchor tenant of the net lease property is Publix, one of our favorites. This Net Lease Investment receives from Publix, an annual base rent of approximately $788,000 under a lease that expires in October 2029. Reports are that under the terms of the net lease, Publix has seven five-year options to renew through October 2064.

These two net lease properties together are called "Benderson Retail Portfolio." The current cap rates at time of purchase for Colonial Square Town Center and Shops at Village Walk were approximately 7.69% and 8.08%.

Colonial Square Town Center has the anchor Tenant, Kohl's store. All current vacancies in the centers are covered by earnout closings. The Retail Shopping centers are newly developed. The net lease investment, Colonial Square Town Center was built in 2008 and Shops at Village Walk was built in 2009.

The Net Lease Property, Colonial Square Town Center, is 97.4% leased to fourteen tenants. The weighted-average remaining commercial real estate lease term for the tenants occupying the property is approximately nine years. Aside from Anchor Tenant Kohl's, the Investment Property has some other great Tenants. The Tenants include,The Sports Authority, which pays an annual base rent of approximately $754,000 under a lease that expires in January 2024. Under the terms of the lease, The Sports Authority has three five-year options to renew through January 2039. The other Tenant is Hobby Lobby, who will pay an annual base rent of approximately $386,000 under a lease that expires in January 2026. The Hobby Lobby store is not yet open for business.

The sellers of the net lease properties are Colonial Square Associates, L.L.C. and Shops at Village Walk, L.L.C. The Net Lease Property buyer, Inland paid approximately $27.6 million for Colonial Square Town Center and approximately $10.8 million for Shops at Village Walk. Inland will not be required to pay the earnouts on these spaces unless the spaces are leased, or the tenants are paying full rent, as the case may be, pursuant to the parameters set forth in the purchase agreement within thirty-six months of closing.

The net lease investments' occupancy rate for Colonial Square Town Center was 83.3%. The occupancy rate for Shops at Village Walk was 71.2%. There are four competitive Retail Shopping Centers located within approximately two miles of these net lease properties.

A 1031 tax deferred exchange (1031 Exchange) is an excellent tool available to owners of commercial real estate investments. Retail Shopping Centers and Triple Net Lease Properties are an ideal debt replacement Vehicle for Investors using a 1031 tax deferred exchange.

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