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Welcome to our blog! Our blog will give us the opportunity to share news, updates and success stories we have going on here at Goodman Real Estate. Thank you for visiting!

Multi-Tenant Outparcel Buildings Gaining 1031 Momentum

When professionals in the real estate industry hear the term “1031,” they typically think of single tenant, triple-net leased properties.  Drugstores.  Restaurants.  Banks.  This certainly is a past and present trend, but compressing cap rates in these sectors have caused many private exchange buyers to look elsewhere for higher returns.  The retail model with perhaps the highest uptick in recent demand has been the newly-constructed two to three tenant buildings, especially outparcels to larger shopping centers.  Tenant categories many times include at least one, if not two, restaurants, and may include cellular phone stores, mattress, dental, and a host of other small format retailers.  While cap rates for these properties can dip into the 5% cap rate range, by and large they have been trading between 6% and 6.75% depending on tenancy and market. 

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EAT MOR CHIKIN! Chick-fil-A opens in Fort Wright, Kentucky

Fort Wright, Kentucky can now enjoy all there is to offer at Chick-fil-A! It is my pleasure to announce Richard Edelman, Senior Vice President & Principal of Goodman Real Estate Services Group LLC, closed the deal after a three-and-a- half year process. Beginning in 2013, Mr. Edelman contracted to purchase the piece of property for Chick-fil-A, but ran into a predicament of needing additional land.  Reaching out to the adjacent property owner, Mike Brandy, Richard attempted to purchase the property. Not willing to sell outright, they negotiated a deal where Mr. Brandy would buy the parcel Chick-fil-A was negotiating to buy and then Chick-fila would lease the combined parcels from Mr. Brandy. To make matters even more complicated, to meet parking codes the development required the acquisition of right-of-way owned by the Commonwealth of Kentucky. Mr. Brandy, Chick-fil-A and Mr. Edelman worked well together to make this requirement attainable. When you have an ideal location, you strive to make it happen. All of the obstacles were worth it in the end! 

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