Scripa of Keller Williams represents buyer and seller in $1.1 million 1031 exchange

Three adjoining parcels, including 255 West Seneca St., were sold to a New York investor as part of a 1031 exchange. The relinquished property was located in Brooklyn. The total price of the three parcels was $1.1 million. Joe Scripa, Keller Williams Agency, represented both, the buyer and seller. The qualified intermediary representing the buyer was Legal 1031, LLC, represented by Matthew Scheriff, CPA. Legal representation for the buyer was provided by James Messenger, Jr. Esq. of Syracuse. Environmental services were performed by Napierala Consulting. The seller was a local area real estate investor. The buyer was looking for income producing property, good upside potential and development opportunities. 255 West Seneca St. represented that situation, as the existing retail building is 50% occupied by Dunkin' Donuts and Subway, and there is an additional 4,000 s/f available for other retail users. Additionally, the new owner plans to develop the adjacent 2.5-acre parcel as a campus center of retail activity providing goods and services to students, faculty and the community. Scripa offered this property to the buyer as it met the criteria of the buyer. "This site was particularly attractive," Scripa said. "Because it is adjacent to SUNY Oswego, a few blocks from Oswego High School, and is right on Rte. 104. It has income, immediate lease-up potential, and development opportunity. The 1031 clock was ticking, so we had to evaluate the site using market analysis and market feasibility studies and get results very quickly." The buyer plans to incorporate the three parcels to create a retail center to service the needs of the students in the area as well the local community. Preliminary plans include eat in and take out restaurants, services such as a copy center and mail center and shop space for a phone store, electronic store, game store and card and gift shop. Already there has been interest from national fast food chains, casual dining restaurants, a drug store, a phone store and a hair and nail salon. At this time there is no scheduled date for ground breaking.