16A — June 8 - 21, 2018 — Creative Financing — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
C reative F inancing
Client reinvests proceeds from a NYmultifamily sale into a NNN restaurant property in FL Drogaris of Redwood Realty helps client complete 1031 exchange
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constructed Dunkin’ Donuts property in Florida with a 12- year absolute triple net lease, paying $1,565,217 and a 5.75% cap rate for a very desirable asset in a high-barrier retail market. The asset is located in a prime retail corridor in Largo, which is the fourth largest city in the Tampa Bay metro. “This property really checked all the boxes for what our client want- ed. They had a very specific goal to reinvest in the Tampa MSA, and they also wanted to reinvest their capital in a lowmaintenance investment,” said Redwood Realty director
Constantina Drogaris, Esq. Drogaris led the transaction team on behalf of the buyer. The Dunkin’ Donuts also has an excellent position in the market with a location that is directly across the street from the Target-anchored Largo Mall, as well as a second shop- ping center anchored by Publix and Home Depot. “Constantina did an ex- cellent job in executing this complex transaction. She not only worked to track down the out-of-state investment op- portunity, but she made sure the timing lined up perfectly so that the investor’s capital could seamlessly move from New York to Florida,” said Thomas McConnell, CCIM , managing partner at Redwood Realty. AFIRE names Gunnar Branson chief executive Washington, DC — The Association of Foreign Investors in Real Estate (AFIRE) , the international organization for cross-border real estate investment, has named Gunnar Branson as its new chief executive, pend- ing the September retirement of James Fetgatter . Fetgatter has been AFIRE’s chief execu- tive for the last 27 years. Branson joins AFIRE fol- lowing seven years as CEO at NAREIM. His real estate background includes leader- ship roles with GE Capital Real Estate and Heller Financial. He also consulted with companies including Jones Lang LaSalle, Wells Fargo, Wrightwood Capi- tal, CIBC, and Fidelity. Bran- son is a frequent speaker, for universities and professional groups, on television, and with TEDx, on the changing land- scape of commercial real estate. “We are very pleased to wel- come Gunnar Branson. His leadership skills and intel- lectual curiosity regarding the economic and technological forces that shape the real estate industry will ably lead the As- sociation into the future. We look forward to the continued growth and success of AFIRE,” said Edward Casal , chairman, AFIRE. “Under Jim Fetgatter’ s ten- ure, AFIRE has grown from a small group of Dutch pension funds to a membership of 200 global institutions from 21 countries,” continued Casal.
a s b r o u c k Heights, NJ — Redwood Realty
A d v i s o r s a s s i s t ed a c l i e n t i n successfully compl et ing a c omp l e x 1 0 3 1 e x - change. The New York- based client r e i nv e s t ed p r o c e e d s
Constantina Drogaris
from a New York multifam- ily property sale into a NNN restaurant property in Florida. The investor acquired a newly
Dunkin Donuts Stock photo
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