Michael Rauch, Senior Managing Partner with CRE Florida Partners and Rauch | Robertson & Co., recently negotiated the sale of an industrial property located at 741 NE 42ndStreet in Oakland Park.
The property, which sold for $1,440,000, or $96 per square foot, is a free-standing industrial building with a 1-acre adjacent outside storage yard. The building features 22’ clear ceiling height and several grade level overhead doors.
“This acquisition represents the ‘up-leg’ purchase of an IRC1031 tax free exchange,” explained Rauch. “We are very pleased to have successfully represented this buyer in both the ‘down-leg’ sale and ‘up-leg’ purchase phases of this tax free exchange.”
Rauch represented the buyer in the transaction.