1031 Exchange Award - 2004

1031 Exchange Transaction Award

Greg Hrabcak, Group One Realty
Doug McCloud, Aspen Realty Corp.

This transaction actually began back at Mohican State Lodge during the CBR Leadership retreat in January of 2004. Doug mentioned to Greg that he had a client looking to complete a 1031 exchange.

Greg had just listed two net leased Bally's Fitness center's in Cleveland through Inland Real Estate Growth Fund out of Oak Brook, IL and mentioned them to Doug. One was located in the suburb of Westlake and the other in Broadview Heights.

Doug's client visited the properties and made an offer to purchase both. Some time later, the client decided to purchase just the Westlake property.

The contract was written and began in February of 2004. After completing both a structural engineering and EPA report, among other things, the transaction closed on June 30, 2004 with a sale price of $3.73 million.