No money changed hands, which allows both sides to defer taxes,broker John Ellis of Keller Williams Metro Properties LLC tellsGlobeSt.com. But the value of the deal is $11.2 million, Ellissays.
"I do a big deal like this, of over $10 million, about once ayear," Ellis says. "But for me, these type of deals are prettycommon. I do them for $3 million or $4 million all the time."
Typically, one side is in debt and can't sell the properties forenough money to cover it, so they swap the properties with hopes ofbetter luck with the new set of assets.
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