The properties were sold in order to accommodate a 1031 tax-free exchange. The transactions required that the buyer find and close on the properties within a prescribed time frame, and neither building was formally on the market for sale before the deals were negotiated.
The first property is the three-story Skyline Plaza at 414 Eagle Rock Ave. Totaling some 63,000 sf and located near an I-280 interchange, the asset is currently 100% leased. And the second facility is the three-story, 38,000-sf Woodland Plaza at 155 Prospect Ave., also fully leased.
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