Search
 

1031 Buyer Invests $10.9M in Office Building

SAN ANTONIO-A 1031 exchange buyer from Washington D.C. has dropped $10.9 million on an 80,000-square-foot Class A office building at 3900 Rogers Rd. in the Westover Hills area.

By Jennifer Duell Popovec | Updated on April 05, 2010

SAN ANTONIO-A 1031 exchange buyer from Washington D.C. has dropped $10.9 million on an 80,000-square-foot Class A office building at 3900 Rogers Rd. in the Westover Hills area. Built in 2005, the two-story building is 100 percent leased to Coventry Health Care Inc., a diversified national managed healthcare company based in Bethesda, Md.

Craig Tomlinson of Stan Johnson Company represented both the buyer and the seller, Oak Brook, Ill.-based Inland Western Retail Real Estate Trust Inc. The transaction was an off-market deal, Tomlinson tells GlobeSt.

Tomlinson was familiar with the buyer, having sold a single-tenant office building to him before. The investor had recently sold apartment asset and needed to reinvest the proceeds from the disposition. “I worked their need for several months and went through the classic 1031 routine of identifying properties and culling them out,” Tomlinson says. “The Coventry asset was a perfect fit: perfect size, excellent credit and great real estate in the seventh largest MSA in the country.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.