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Intersection represents both buyer and seller in $2.3 million sale

Salt Lake City — Intersection senior director, Kyle Clark, represented both buyer and seller in $2,305,661 sale of Salt Lake City property. Currently operating as a Dollar Tree, the property is located at 477 North 300 West in Salt Lake City, UT. The property was sold to a regional franchisee of Ace Hardware, owned by Jason Hurst, which will occupy the property following the expiration of the current lease.

San Diego-based investor Fischbeck Family Trust was previously represented by Kyle Clark when they acquired the Salt Lake City property a few years ago in a 1031-exchange transaction. The interest to sell was first sparked early this year when Dollar Tree attempted to exploit the Covid pandemic and passed on their renewal option, then asked for a rent reduction in order to stay.

Clark advised Fischbeck Family Trust to do some preliminary listing work to see if the market would respond to the property; it was during this process that multiple inquiries and qualified prospects surfaced. One of those prospects was the regional franchisee for Ace Hardware. With a quick turnaround, the buyer purchased the property for almost double the initial price paid. 

The sale allowed the client to parlay the gain into a newly built Dollar General in Arkansas, where they can increase investment cash flow while retaining enough gain to roll over into two other personal properties.