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1031 Purchase

SANTAMARIA ENTERPRISES EXECUTES 1031 EXCHANGE

SANTAMARIA ENTERPRISES EXECUTES 1031 EXCHANGE

Congratulations to Santamaria Enterprises & Paramount’s West Team for the purchase and closing of The Cliff Town Offices!
THE BUILDING
2805 Cliff Road or The Cliff Town Offices is a ½ acre, 8,420 SF multi-tenant office building.  It is class B space consisting of 3 floors and built in 2004.
THE DEAL
Paramount Real Estate broker, Jeffrey Swanson helped his client, Santamaria Enterprises,  purchase this fully leased investment property as part of a 1031 exchange for the price of $1,100,000.00.  The property closed on July 20, 2020 and Jeff will stay on to help with any leasing needs the asset will have in the future. Currently we have two newly renovated, 1,200 square foot suites available for lease.
For more details about the spaces available: Cliff Town Offices For Lease
CLIENT HISTORY
Santamaria Enterprises recently sold a building in Minneapolis that included a night club owned by the landlord.  The profits from this sale were rolled into this 1031 exchange, and were used to purchase the 2805 Cliff Road building.  Paramount also represented them in leasing space in Richfield, MN.  They use this space to operate their Latino radio station, La Raza.  Tune in and enjoy the show on 95.7 FM!