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February 2018

Gordon & Rees Business Transactions Group Closes a Section 1031 Exchange Deal

Gordon Rees Scully Mansukhani Chicago and Milwaukee partner Jonathan Boulahanis, with the assistance of Chicago associate Tyler Duff, and Boston of counsel Tom Moylan, successfully closed a 1031 simultaneous exchange for a national firm client in Milwaukee, Wisconsin on December 21, 2017.  Approximately two years before closing, the client was approached by a developer that was interested in acquiring their property to build a new residential development.  The developer offered another parcel of land, and offered to build the firm client a brand new facility to headquarter its Wisconsin operations for its transportation company. 

Gordon & Rees lawyers helped from the onset for over two years on the project, including negotiating and documenting the initial exchange agreement, working through construction issues and assisting the client during the construction process, working through zoning and permitting issues as they arose, working through title issues, drafting easement agreements, drafting all closing documents, and attending the live closing in Milwaukee. Tom Moylan lent his expertise in Section 1031 Exchange issues to assist advising the client about the tax implications of the land swap.  The client’s former property was appraised at approximately $1.8 million, and the acquisition cost plus construction expenses of the new site exceeded $8 million, resulting in a fantastic deal for the client.

Gordon & Rees’s Business Transactions Practice Group provides full service counsel to public and privately held U.S. and foreign clients, ranging from start-up entrepreneurs to Fortune 100 corporations. Our team includes more than 60 Business Transaction attorneys strategically located in cities across the United States. Our services cover the wide range of challenges and opportunities clients encounter throughout the business life cycle, from formation to mergers and acquisitions, daily operations to protecting intellectual property, raising capital to securities law compliance, and corporate governance to international ventures and tax management.

Jonathan M. Boulahanis
Thomas J. Moylan