MIAMI—Rancho Luna just sold as part of a creative 1031exchange land transaction that's worth dissecting. TheMiami parcel fetched for $1.625 million.
Franklin Street's Deme Mekrasand Elliot Shainberg represented both the buyerand the seller in the transaction. First American ExchangeCompany, a qualified intermediary for BaloghFamily Partnership and Housing TrustGroup, acquired the asset. The buyer plans to maintain theland as an income-producing commercial property with an interest inmultifamily development. Rabelo RealEstate Enterprises#1 owned the property for decades.
“This transaction was a highly structured 1031exchange between the buyer and the seller,” says Mekras.“This transaction shows that buyers are willing to get creative andtake unique risks in order to make deals work in core areas.”
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