costa vida (2)Chelsea Novelli of MEI Real Estate Services is pleased to announce the successful closing of escrow on a 1031 tax deferred exchange property in Cedar City, Utah. This strategically located single-tenant absolute net restaurant property was purchased $120,000 below asking price, at terms identical to the buyer’s requirements. Chelsea represented the Buyer who intended to perform a reverse 1031 exchange with four residential properties comprising the down-leg sale. Upon successful close of all down leg transactions, the buyer was able to fund and acquire the up-leg acquisition. The single-tenant property was delivered 100% occupied upon closing on a long term lease with 9+ years remaining. The tenant, Costa Vida Fresh Mexican Grill, had been established in the existing area for 10+ years before moving into their 2016 development at 1415 S. Providence Center Drive in Cedar City, Utah.