Mikami also is buying the $17 million GE Capital Building from the Sorensen family in Salt Lake City and a $5 million Walgreens drug store property also in that city. Both deals are scheduled to close in 30 days.
Mikami sold its Oregon farmland to generate cash for the three transactions. By using Section 1031 of the Internal Revenue Code, the buyer avoids a stiff tax load until it sells or transfers the newly acquired properties at a later date.
Investment Realty Advisers Inc. of Boca Raton, FL and Bellevue, WA brokered the three transactions.
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