August 26, 2020
Stan Johnson Company (SJC) completed the sale of a single-tenant early childhood education facility leased to Xplor Preschool. The 15,314-square-foot property is located at 4601 Huffines Blvd. in Fort Worth.
The seller, a Texas-based investment group, was represented by SJC’s Milo Spector. The buyers were individual investors based out of New York and China. The asset traded for $4.1 million.
“This transaction was significant for several reasons,” said Spector. “First and foremost, we completed this transaction during the COVID-19 pandemic; however, the school was both open and paying rent in full. Additionally, we were able to complete a somewhat complex 1031 exchange for the investors.”
Specifically, he continued, “Despite the buyers being in China during the transaction negotiation period and closing, we were able to coordinate this up-leg of their exchange, allowing them to avoid capital gains from the sale of six residential properties that closed individually at different times.”
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