Jack In The Box

Challenge

Our team was engaged to represent a buyer seeking a single-tenant retail property to complete a 1031 exchange. The target was a Jack in the Box ground-level restaurant at 4305 Kitsap Way in Bremerton, Washington — a 2,243 SF building constructed in 2003 and 100% occupied at the time of sale. The asking price was $1,080,000, and the buyer needed to identify and close on a suitable replacement property within the constraints of a tax-deferred exchange.

Action

Erik and Mike worked with the buyer to evaluate the property against their exchange criteria, confirm occupancy and lease status, and negotiate terms on their behalf. Our team also coordinated with the seller's side throughout the transaction to keep the process moving and ensure both parties reached a workable agreement. Because our team represented both buyer and seller in this transaction, we were positioned to facilitate direct communication and reduce friction between the parties during due diligence and negotiations.

Result

• Sale price of $946,400, or $422 per SF
• Property was 100% occupied at close
• Successfully facilitated the buyer's 1031 exchange
• Our team represented both buyer and seller, streamlining the transaction process