Boulder Group Completes Sale Of Single Tenant GSA Property

The Boulder Group has just completed the sale of a single tenant GSA property (Social Security Administration).

The property in question is a 9684 ft.² building, at 353 West Alto Road in Kokomo, Indiana, which was developed in 2008 for the Social Security Administration. The building is currently leased to the GSA and has seven years remaining on the primary lease term.

 

The seller was a private partnership, and was represented by Randy Blankstein and Jimmy Goodman of The Boulder Group. The building was bought by a 1031 exchange investor from New York who in spite of the short lease had no trouble obtaining finance.

Randy Blankstein said "Net leased investors remain focused on investment-grade rating tenants such as the GSA."

Jimmy Goodman, partner of The Boulder Group commented "1031 exchanges are occurring more frequently due to the increased amount of investment sales transactions for all property sectors."

1031 exchanges are transactions which involve the sale of one property, with the capital gains tax being deferred because of the purchase of a similar type of property in exchange. The rules for 1031 exchanges are quite complicated, but it's well worth making sure they are adhered to as if the IRS determines a 1031 exchange to be invalid the sale proceeds are subject to capital gains tax. When used properly it is of great advantage for real estate investors.

The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a complete range of brokerage, financing and advisory services nationwide and has a diversified client base which includes REITs, institutional investment funds, high net worth individuals and developers. The firm was founded in 1997 and has been instrumental in the acquisition and disposition of more than $1.2 billion of net lease real estate transactions. Its headquarters are in suburban Chicago.