Spectrus Closes 1031 Exchange for Austin Retail Center
- Apr 18, 2008
Spectrus Real Estate has sold a 75,000-square-foot retail power center in Austin to a San Francisco-area private buyer as part of a 1031 exchange. The property, Anna Plaza, was sold through Spectrus’ Net Lease PLUS program. It is anchored by a Wal-Mart Supercenter, Lowe’s Home Improvement Center and Office Depot. Another retail center, Lakeline Mall, is across the street, along with a proposed Costco outlet. Spectrus was represented in the sale of Anna Plaza in-house, by regional vice president Peter Rosenthal and sales executive Gary Williams, both with Spectrus’ Northwest regional office in San Francisco. The private buyer was represented by Michael Keenan, an independent broker. Under Spectrus’ Net Lease PLUS program, multi-tenant properties are offered for sale through a net lease with a monthly payment of 6 percent or more. The multi-tenant properties are operated under a master lease with Spectrus affiliate DBSI Housing, which serves as credit tenant and property manager, allowing buyers to retain control of a property without management or rent responsibilities.