Avison Young’s Net Lease Group has completed a 1031 exchange following the sale of a data center development site.

The transaction allows the seller to defer capital gains taxes and reinvest a portion of the proceeds into a diversified portfolio of 11 income-producing net lease properties across the United States. The transaction replaced a single land holding with a multi-property portfolio designed to generate long-term cash flow.

Securing and executing the 1031 exchange was a team led by Jonathan W. Hipp and Richard Murphy. “By using a 1031 exchange, this client was able to defer those taxes and convert a single land sale into a diversified portfolio that generates steady income over the long term,” said Hipp.

The land, comprising 84 acres in Loudoun County, Virginia, was sold to a data center developer for $100 million. Following the sale, Avison Young executed a $75 million 1031 exchange on behalf of the seller, acquiring 11 income-producing net lease assets across six states.

The remaining $25 million was reinvested into non-income-producing land. The 11 replacement assets include properties located in Florida, Georgia, North Carolina, South Carolina, Texas and Virginia.

Don’t miss Carter Andrus, Chief Operating Officer of Prologis, as the keynote interview at Connect Industrial Midwest— taking place Tuesday afternoon, March 10, 2026, at Joe’s Live in Rosemont, IL.