AFA Real Estate Partners, Yardley, Parlays a Workaday New Jersey BJ’s into a Glitzy Las Vegas Office Building

Yardley’s AFA Real Estate Partners purchases Montecito Tower, Las Vegas
Image via Moonwater Capital.
Montecito Tower, Las Vegas.
BJ's Maple Shade, NJ
A the sale of a Maple Share BJ’s Wholesale Warehouse helped finance a Las Vegas CRE deal by AFA Real Estate Partners in Yardley.
Image via JJBers at Creative Commons

AFA Real Estate Partners (AFA) — through its investment advisor, Apex Financial Advisors, Inc. — sold a local retail location to purchase a prime piece of commercial real estate (CRE) out west.

The sale of the Maple Shade BJ’s Wholesale Warehouse enabled a 1031 exchange opportunity for AFA investors to purchase the Montecito Tower in Las Vegas.

AFA bought the BJ’s for $15,600,000 in 2016 and sold it this year for $21,639,000. The Montecito Tower transaction cost AFA $48,600,000.

The 177,341 square foot, six-story property in the northwest suburbs of Las Vegas is a trophy Class A office building boasting fine finishes, high ceilings, and a 7-to-1,000 parking ratio. The property’s anchor tenant is Asurion, a leading, U.S. cell phone insurer.

“In a world of little to no yield, we are striving to find excellent quality diversification opportunities for our investors,” Robert Connell, Managing Member of AFA, said.

He explained, “We view real estate as a cornerstone part of our clients’ portfolios because they have the ability to provide excellent cash flows and tax benefits in today’s times. The unprecedented low-interest-rate environment allows us to finance our properties at rates which enhance our investor’s returns.”

The transactions are the first in a series of large CRE deals that AFA Real Estate Partners plans this year.

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