SAN ANTONIO-A 1031 exchange buyer from Washington D.C. has dropped $10.9 million on an 80,000-square-foot Class A office building at 3900 Rogers Rd. in the Westover Hills area. Built in 2005, the two-story building is 100 percent leased to Coventry Health Care Inc., a diversified national managed healthcare company based in Bethesda, Md.

Craig Tomlinson of Stan Johnson Company represented both the buyer and the seller, Oak Brook, Ill.-based Inland Western Retail Real Estate Trust Inc. The transaction was an off-market deal, Tomlinson tells GlobeSt.

Tomlinson was familiar with the buyer, having sold a single-tenant office building to him before. The investor had recently sold apartment asset and needed to reinvest the proceeds from the disposition. “I worked their need for several months and went through the classic 1031 routine of identifying properties and culling them out,” Tomlinson says. “The Coventry asset was a perfect fit: perfect size, excellent credit and great real estate in the seventh largest MSA in the country.”

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