St. Louis, MO, June 19, 2014 --(PR.com
)-- In March of 2014, Hilliker Corporation agents Meade Summers and Frank Yocum represented R&G, LLC in the sale of the landmark Globe Drug building for $3.1 million to U-Haul Corporation. Following the IRS 1031 exchange guidelines, the Hilliker agents then assisted R&G in purchasing a trade property at 12969 Manchester Rd. in Des Peres, Mo. and deferring the capital gains tax from the Globe sale. The 49,000-square-foot replacement property, which closed June 9 for $6.2 million, was the home of John S. Stark Printing Company from the early 1970s until 2005.
In 2006, Bick properties renovated the Stark building so that it is now LEED (Leadership in Energy & Environmental Design), which is a green building certification program that recognizes best-in-class building strategies and practices. There are different levels of certification, and the Manchester property is gold rated. The building is now on a long-term lease to Scrubs and Beyond, LLC and serves as its national corporate headquarters.
“Our clients needed to park the proceeds of the Globe sale for a number of years, and we were pleased to locate this quality exchange property here in our local market,” said Hilliker president Meade Summers. Westwood Net Lease Advisors’ agent Jason Simon assisted with the tax-deferred exchange process. Bick Properties was represented by Johnson Group.
Hilliker Corporation, which targets regional and national entrepreneurs, is St. Louis’ largest locally owned independent commercial real estate company located at 1401 S. Brentwood Blvd. The firm’s agents, who each average over 15 years of experience, have completed more than 10,000 sales and leases for industrial, office, retail and institutional clients since its inception in 1985. For more information, contact Hal Ball at (314) 781-0001.