575 E. Alluvial Ave. office image via Intersection
Written by Gabriel Dillard
A nearly 17,000 square foot office building in northeast Fresno has been sold for $5.37 million.
The seller was JMS Property Enterprises LLC and the buyer was the Palm Group, L.P. San Diego-based commercial real estate firm Intersection facilitated the sale, representing the buyer, according to a new release from the firm.
Located at 575 E. Alluvial Ave. near First Street, the 16,798 square-foot office building underwent renovation in 2016 to create an open plan office concept that has earned multiple design awards.
The office is currently the Fresno home of Realty Concepts.
RC Commercial represented the seller.
The transaction is the subject of a 1031 Exchange, which allows the buyer to defer capital gain taxes by reinvesting sales proceeds into a new property, according to the news release.
“The seller leased the property back at the close of escrow for ten years to continue operating Realty Concepts…,” according to the release.