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Medical Building Trades for Nearly $3M

HOUSTON-A 23,190-sf medical property in west Houston has been sold to a 1031 Exchange buyer for $2.5 million. The seller's lender cancelled the prepayment penalty and recast the loan as a part of the deal.

By Jennifer Brenner Andrade | Updated on March 25, 2004

HOUSTON-The Bear Creek Professional Center in west Houston has been sold for $2.5 million to a local private investor. The buyer used 1031 Exchange money from the sale of another retail property to partly pay for the 23,190-sf medical building.

Jerry D. Goldstein of the local office of Marcus & Millichap marketed the property on behalf of the seller, Bear Creek Professional Center Ltd. of Austin. He tells GlobeSt.com that the property at 4520 Highway 6 North was on the market for about three weeks and garnered three offers before going under contract to the buyer, Inwood Corp.

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