The trust has sold a similar sized medical office building in Moon Valley on the other end of the exchange. Brian Smuckler of Marcus and Millichap represented the buyer. He tells GlobeSt.com that the original plan was to swap out the medical office building for a multifamily property, but they were unable to find a quality apartment complex in that area that met his client's exchange parameters.

Smuckler says he put the word out to the rest of the Marcus & Millichap team and Jamie Medress and Steve Gonzalez brought the Missouri Avenue property to him. Gonzalez says the building was on the market for just two weeks before a deal was struck with the trust, which one-upped one other bidder.

Smuckler stresses the buyer was "very location sensitive." The buyer was familiar with the area, having previously owned an apartment complex in the immediate vicinity. He says the current overvalued apartment market blocked finding an appropriate location. The Missouri Avenue office building offered location and a boutique atmosphere with great cash flow and cap rate. Additionally, down payment requirements and debt replacement were also key in sealing the deal, says Smuckler.