Beverly, MA – Herrick Lutts Realty Partners recently completed the sales of a property in the town of Rowley, Rowley Crossing, located at 300 Newbury Turnpike (Route 1).
The building, situated on a 2.1 acre lot, is fully updated and includes approximately 25,000sf of rental space, and parking for 56 cars. The selling price for the property was $3,575,000.
The mixed use property has a mix of tenants including: el Tapatio-Family Mexican restaurant, Cape Ann Cannabis, Phillips Roast Beef & Pizza, Yankee Pine Corp., Seacoast Cabinet, Salon Avie, and a number of professional offices.
The sale was handled by Rich Vincent, Nick Zolotas and Paul Herrick from Herrick Lutts Realty Partners. The purchaser was represented by Chris Latham of Latham Law Offices LLC and financing was through Peoples Bank.
A 1031 Exchange is also known as a “tax deferred exchange.” It enables a property seller to shift funds from the sold property to a new investment and defers the obligation to pay capital gains taxes. A 1031 Exchange is seen as very beneficial for property owners who want to build net worth and either consolidate or diversify their holdings. Deferring payment of taxes enables the property owner to improve cash flow, solve management problems, increase leverage and expand their opportunity for greater wealth appreciation.