Harbert Retail Represents Buyer in 1031 Exchange

Harbert Retail announced it has arranged the $2.552 million sale of the Newberry Clemson Eye Care Center, a two-tenant medical building, located at 2735 Winnsboro Road, Newberry, South Carolina, home to Eye Health America and Eye Care Associates.

Harbert’s Vice President/Broker, Casey Howard, represented the buyer, Merem Capital, in another successful 1031 exchange. Merem Capital is based in Birmingham, Alabama, and managed by Matthew Lemak. They own, operate, develop, and manage over 200,000 square feet of commercial properties throughout the southeast through several of its wholly owned subsidiaries.

Casey Howard of Harbert stated, “With long-term leases to two national successful medical companies, this property attracted our buyer looking for stable cash flow. Having long-term leases in place with credit medical tenants in a strong market is always a win. Cap rates have remained steady throughout 2020 and 2021 for these long-term stabilized returns that healthcare practices offer investors with strong credit and the essential nature of medical tenants. We also had a fantastic team help with this acquisition that included Rhett Owens and the legal team with Hall Booth Smith, as well as Synovus Bank on financing.”