Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Sector
    • CRE
    • Education
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Events
  • Real Estate Awards
  • Subscribe
  • Publications
IllinoisIndustrial

Brit Properties facilitates 1031 exchange in Chicago

December 1, 2020
Share on Facebook Share on Twitter Share on LinkedIn Share via email

Rosemont, Illinois-based industrial property syndicator, Brit Properties recently completed a 1031 exchange at 4242 W. Bryn Mawr on Chicago’s far northwest side. The buyers, a Chicago-based family, agreed to take a 50 percent interest in the property for $1.5 million, based on a $3 million property valuation.

The 43,170-square-foot building was fully leased at the time of the transaction. Zoned for industrial use, the property sits on 2.8 acres and features two dock-high loading bays and one drive-in loading dock.

Since 1989, Joel Friedland, partner at Brit Properties, has syndicated 90 industrial property partnerships including 300 investors and their families. Back in 2002, one of those investors was Jack Heiman, the founder of a Chicago-based toy manufacturing company. Heiman needed a 1031 exchange to redeploy proceeds from the sale of an income producing property. Friedland arranged his first 1031 exchange by selling Heiman a 50 percent tenant in common (TIC) at 718 Industrial Drive in Elmhurst, for $800,000, based on a $1.6 million property valuation.

Friedland feels good about accommodating TIC buyers’ income tax deferral requirements. It helps some of his investors defer income taxes but also allows some of Brit Properties’ long-term investors to take some “investment-chips” off the table at a fair price for both sides. Friedland is currently working on two new TIC deals that should be completed before the end of the year.

“The TIC buyers are looking to close this year, before a potential tax law change that the new administration is considering,” Friedland said. “Unfortunately, the Biden team might try to reduce or eliminate the benefits of a 1031 exchange starting next year.”

Tags
1031 exchangeBrit PropertiesChicago
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
MissouriCRE

St. Louis’ Western Specialty Contractors adds regional business development manager

June 20, 2025
N DakotaNet Lease

Blue West Capital brokers sale of Planet Fitness in North Dakota

June 20, 2025
MissouriCRE

St. Louis’ Lawrence Group adds associate principal

June 20, 2025
MissouriOffice

IMPACT Strategies relocates to Clayton office

June 20, 2025

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Education
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Events
  • Office Locations
  • Advertise
  • Terms and Conditions
  • Contact
© 2025 REjournals.com