MIAMI—With the 2013 increase in the capital gains tax rate looming, the owner of the Shoppes of Rolling Hills felt they needed to expedite the sale of its University Drive shopping center. The challenge: getting the deal closed within three weeks.
Located at 2851 S. University Drive in Davie FL, the Shoppes of Rolling Hills is strategically located directly across from Nova Southeastern University. The Shoppes of Rolling Hills, Inc. inked a deal with SRH Partners, LLC. But the agreement was just the beginning of the race to close by Dec. 31, 2012.
Bilzin Sumberg attorney Adam Lustig, representing buyer Beth Azor of SRH Partners. Azor contacted Lustig the first week of December and charged him with bringing the deal together before the end-of-the-year deadline.
“With only three weeks before the end of the year to close the deal as a result of the seller’s desire to close before the expected increase in the capital gains rate, we had to work quickly and efficiently,” Adam Lustig, a partner at Bilzin Sumberg, tells GlobeSt.com.
“In order to expedite the sale, the Shoppes of Rolling Hills Inc. provided $2.6 million purchase money note and mortgage, since conventional financing could not be obtained in such a short amount of time. We successfully closed on December 31, with a purchase price of $4.6 million, which saved the seller a substantial amount in taxes.”
Specifically, the seller saved 8.8% in taxes. And the buyer picked up its third acquisition on S. University Drive. SRH also owns the Shoppes of Arrowhead and 2101 S. University Drive.