Inherited Commercial Property - NNN or hold and Lease ?
My family currently owns a vacant commercial property ( 2,400 sqft) in Massachusetts we can divide into 2 spaces for lease. We ran it as a bicycle shop for 45 years. The location is literally the center of a long-standing plaza (Shaw's grocery, Marshalls clothing, restaurants etc.) owned by a major commercial real estate developer/investor. I want to keep the property and lease, but one family member wants to NNN 1031 Exchange with a national commercial RE company, assuming a $500K loan, and find a new property . . . "triple guaranteed" with "national franchise". In the end, our current location has been our guarantee . . paid off . . no debt load, no agent %, no out-of-state ownership or extra costs . . . just find tenants. I can't justify selling for a relatively short-term guarantee while assuming major debt. Am I wrong ?