A German Family Office represented by International Capital purchased a newly built property leased to Starbucks in Roanoke, Virginia.
The property is located at a heavily travelled intersection, close to Roanoke’s convention center and along the interstate access road. The 10-year NNN lease includes multiple 5-year options.
A 3-story Holiday Inn Express hotel is going to be built adjacent to the property. Construction start is planned for 2019.
The purchase was as part of a tax-deferred 1031 Exchange. The client replaced a property that was sold via IC earlier in 2018.
The acquisition was made in cash without financing.
Martina Crevecoeur, CCIM, International Capital’s Senior Vice President of Acquisitions/Dispositions represented the Family Office in the 1031 exchange transaction.