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Hurst Offices Trade in 1031 Exchange

Colliers International’s Multifamily Services Team, led by Mark Allen, CCIM, teamed up with Colliers’ Cody Payne for the acquisition of Norwood Plaza at 1550 Norwood Dr. in Hurst. The property consists of two single-story Class B, garden-style office buildings. The asset was swapped in a 1031 exchange with the Bonita Garden Apartments.

“We have seen an increase in cross-asset buyers coming from other asset classes like multifamily, retail and self-storage who have turned to us looking to diversify into the office and industrial investment world,” said Payne, SVP with Colliers International. “Our team is well versed in understanding the complexities of owning an office or industrial building.”

At the time of sale, Norwood Plaza was 100% leased with 27 tenants. It has undergone numerous interior and exterior renovations over the past two years.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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