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GRAPEVINE, TX-A California family trust has turned around the proceeds from a 1031 Exchange to buy a fully leased, 20,575-sf office building in Grapevine. The holding was on the market for just a few months at an asking price of slightly less than $3 million.

The seller, Vine Monticello Partners Ltd. of Grapevine, is a merchant builder who was looking for a taker now that the 1111 S. Main St. property is 100% leased. The tenants are Realty Capital Corp. and a locally based executives suites operator.

Cheri White, senior vice president of Coldwell Banker Commercial DFW in Southlake, tells GlobeSt.com that the seller is holding onto the balance of the land do construct a second office building “when the market is right.” The two-story building was constructed in 1999.

The buyer, the Robinson Family Trust, used proceeds from a California sale to make the buy. White represented the seller of South Main Vineyard Phase I. J.C. Burciaga of JCB Unlimited of Flower Mound brokered the sale on the buyer’s behalf.

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