Prime Realty Sells Foreclosed Property From 2009 for Triple the Value

Prime Realty Sells Foreclosed Property From 2009 for Triple the Value


Prime Realty’s Eric Bumgarner and Joseph M. Turri make commercial real estate investment a success for Virginia based Rahimi brothers. Plaza 295 is a multi-tenant flex industrial park located in the Westside industrial submarket of Jacksonville, FL. In just three years, Bumgarner and his team created tremendous equity in Plaza 295 by acquiring new tenants and leasing vacant spaces within the property. Many of the commercial properties in the United States that fell into foreclosure five to ten years ago were sold to new owners and have now stabilized. “It is time to harvest the equity created after the last decline in the commercial real estate market,” said Eric Bumgarner, Vice President of Prime Realty.

Before prospecting Jacksonville and embarking on a new endeavor in commercial real estate, the Rahimi brothers invested in residential real estate in Virginia Beach, Virginia where they have a successful auto dealership. Plaza 295 is a commercial property consisting of two buildings totaling 55,000 SF that was purchased out of foreclosure in an online auction by the Rahimi’s. At that time, the property was only 15 percent occupied, and the majority of the interior had not yet been built out. “Once we got the building completely leased up and saw the value we created in the property over the last three years, we determined it was the right time to sell,” said Tony Rahimi.

“It brings me a great deal of pleasure to help make the Rahimi’s first commercial real estate investment such a success. I take a project approach to each new assignment. This project was challenging from start to finish, but solving those challenges produced some of the greatest yields to the investor. I’m looking forward to seeing what’s next for them and assisting with their next real estate project,” said Bumgarner.

Plaza 295 has exposure to traffic on I-295 and is located directly off Jacksonville's major beltway with connections to I-10 I-95. “The value of the property increased with each tenant,” said Joseph M. Turri. “The Rahimi's left some meat on the bones for the next owner. We love a win-win for buyer and seller.”

Rahimi added, “With the expertise the Prime Realty Industrial team brought to this project, coupled with the assistance of the property management team, our expectations were not only met, but they were far exceeded. There is a lot that goes into the commercial real estate business and we are happy we had Prime Realty assisting us. I wish I would have met them 10 years ago!” The Rahimi’s have placed the proceeds from the sale with a qualified intermediary and plan to exchange into a like-kind property and defer their capital gain taxes.”

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