Commercial replacement property is a lease-and-capital-structure decision.
Review rent roll, tenant credit, lease expirations, options, recoveries, concessions, tenant improvements, leasing commissions, capital expenditures, debt maturity, market rents and competitive supply. For mixed-use or specialized assets, understand which revenue streams come from real property versus operating businesses or personal property.
Exchange timelines should be layered onto normal acquisition diligence—not used to shortcut it.
Primary / reference sources