Walgreens wanted to ground lease a parcel of land in Laurel, which was not large enough to accommodate its development. We facilitated the purchase of an adjacent half-acre by the developer, which improved the substantially-vacant office building. We also worked with the landlord’s attorney and accountants to structure the transaction.
This complex sale ultimately resulted in a ground lease to Walgreens and no taxable event upon the transfer of the office building property to the adjacent landowner.