Stephens Building Company/Manpower
1031 Tax Deferred Exchange
To reach an acceptable sale price on a 40-year owner occupied building and to replace the $100,000 rent NNN that Stephens Building (father) received from the daughter (Stacy Hammer, Manpower), and to find an efficient replacement property to own and occupy.
Negotiated a sale to ProMedica at $440,000 and a $17,500 moving expense then structured a contingent purchase of 6024 Renaissance at $435,000.
My client actually netted possible cash after both closings and is happy to relocate to a newer facility with three other tenants paying rent, no parking cost and no local payroll tax.
“Pete, thanks for arranging this perfectly and handling so much of the detail.”
- Stacy Hammer, President, Manpower & Stephens Building Company