Founded by Denny W. Landers and Bob Schults in September 2004, Dallas-based Kodiak assists clients in completing the 1031 Exchange process. IRS regulations "allow up to 35 investors to reinvest the proceeds from the sale of their property into a new property, as tenants-in-common, without having to pay capital gains tax," Schults tells GlobeSt.com. Twenty-five individual investors participated in the Kodiak deal.

Kevin Thomason of Dallas-based Thompson & Knight LLP which negotiated the contract, says "Kodiak's deal sold out in less than three hours for a few very important reasons: The deal was well-conceived and the property was of extraordinarily high quality; Denny and Bob partnered effectively with Omni Brokerage and its reps; and Denny did what it took to educate the investing public, both on the quality of his organization and the quality of this property."

Landers, a founding partner at Dallas-based Gaedeke Landers and a co-founder of GLV Realty Advisors, says Kodiak was started "because we saw an opportunity to help investors with the sometimes difficult process of completing a 1031 exchange." He adds, "There are many deadlines and technical obstacles that must be overcome in order to invest in such a property."

Republic Title of Texas Inc. closed the transaction. Omni Brokerage acted as managing broker-dealer for the offering. Edwards Systems Technology, a division of SPX, leases the entire building on a long-term lease.