Brokerage Marcus & Millichap today announced it has arranged the sale of a mixed-use asset and the subsequent purchase of three properties as part of a 1031 exchange.
The total value of the transactions was $8.3 million.
Following Y.P. Realty Inc.’s disposition of an apartment asset in North Bergen, N.J., Y.P. purchased a Citgo Gas Station in Richmond, Ga.; a Hardee’s Restaurant in Opp, Ala.; and a Marsh Foods grocery store in Kokomo, Ind.
The North Bergen property comprises 37 multifamily units, while the sizes of the remaining properties was not disclosed.
Y.P. Realty Inc. purchased two of the net-leased properties (Citgo and Hardee’s) in an all-cash transaction, and assumed a mortgage with favorable terms on the grocery store.
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