Tartan Properties Completes 1031 Exchange in Abilene, Texas
May 2019 – Tartan Properties is happy to announce that it recently completed a successful 1031 Exchange. The client acquired an Urgent Care/ER Clinic in Abilene, Texas. The triple-net leased property sold for $6,450,000 at a 7.25 cap rate with a ten-year lease in place. Additionally, this investment property was the first transaction Tartan has brokered west of the Shenandoah Mountains. The transaction was complete after the help of with Greg Brownd, CCIM of KW Commercial in Lubbock, Texas.
Tartan’s client was looking to place the equity that had been realized with the sale of a 3-building, 67,000 sf industrial/ R&D complex located just outside of the Capital Beltway in Lorton, Virginia after a 20-year hold. When the long-time tenant decided to relocate and consolidate its operations in another of its leased facilities, the owner decided to sell the fully depreciated asset which needed significant improvements and upgrades.
Tartan Properties Commercial is a leader in Northern Virginia commercial real estate sales and leasing since 1973. Call our office today for more information on the 1031 Exchange process and opportunities to acquire triple-net investments that pay you rent every month.
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