Two-Part, $11 Million Deal Creates New Home for Towing Company
Using a 1031 exchange transaction to save on taxes, Miami's Downtown Towing is expanding its operations and moving to larger quarters.
January 27, 2015 at 05:59 AM
3 minute read
Dealmakers:Richard Golden, Justin Brook and Adam Golden
The Deal: The attorneys helped arrange the sale of several properties in Miami's Wynwood neighborhood as a towing company sold its property and bought a new headquarters using a tax-saving 1031 exchange.
Details: Downtown Towing Co. sold its main office at 2418 N. Miami Ave. to a New York investor who's planning to bring retail developments to the area. The transaction, which was split into two deals, saw the company transfer 6.1 acres in lots facing North Miami Avenue from Northwest 24th to 26th streets for $11 million.
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