YARDLEY, Pa., May 20, 2021 (GLOBE NEWSWIRE) -- AFA Real Estate Partners (“AFA”), in conjunction with the corresponding advisory services provided by its affiliated registered investment adviser, Apex Financial Advisors, Inc. (“Apex”), sold their BJ's Wholesale Warehouse located in Maple Shade, New Jersey on April 30, 2021. AFA purchased the building in August of 2016 for $15,600,000 and sold it for $21,639,125.
The sale of the Maple Shade location enabled a 1031 exchange opportunity for AFA's investors to purchase Montecito Towers in Las Vegas, Nevada, on May 7, 2021, for $48,600,000. The 177,341 square foot, six-story property in the northwest suburbs of Las Vegas is a trophy Class A office building boasting fine finishes, high ceilings, and a 7-to-1000 parking ratio. The property's anchor tenant is Asurion, one of the leading cell phone insurers in the United States. The financing secured was a $33,300,000 CMBS loan at an attractive 10-year fixed rate of 3.64%. AFA utilizes cost-segregation studies to optimize tax efficiency for our investors.
"In a world of little to no yield, we are striving to find excellent quality diversification opportunities for our investors," Robert Connell, Managing Member of AFA, says. "We view real estate as a cornerstone part of our clients' portfolios because they have the ability to provide excellent cash flows and tax benefits in today's times. The unprecedented low-interest-rate environment allows us to finance our properties at rates which enhance our investor's returns."
These transactions are the first in a series of large commercial real estate (“CRE”) transactions planned this year by the Yardley-based firms. AFA's CRE portfolio consists of six properties located throughout Pennsylvania, New Jersey, and Las Vegas. AFA's total CRE portfolio surpasses one million square feet.
About Us: Apex is a premier multi-family office specializing in comprehensive financial advisory services, including investments, commercial real estate, and tax advice. Together with AFA, we focus on long-term, direct real estate investments employing a rigorous fundamental process for evaluating potential investments and conducting considerable hands-on due diligence prior to committing investor capital. Our focus is on identifying assets with unlocked value and downside protection, leading to favorable risk-reward profiles. For more information, visit us at Apex Financial Advisors or AFA Real Estate Partners.
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