Radius Commercial Real Estate & Investments Principal and Co-Founder Steve Golis was recently honored with the Jack Kelly Award at the annual meeting of the Santa Barbara Association of Realtors, for performing the year’s most challenging 1031 exchange. Golis earned the recognition for his exceptional management of an exchange involving a retail property located at 1711 S. Broadway in Santa Maria which closed in September.
A 1031 exchange is a common strategy employed to defer capital gains tax by selling one property and then acquiring another “like” property within a very specific timeframe. Such transactions are treated as an exchange, and they can be very involved and complicated.
Golis and teammates Brian Johnson and Jon Standring previously represented joint sellers of a 63 unit apartment complex in Isla Vista which closed in June for $14.3 million. Each owner held a 50% stake in the property, and the agents were asked to secure separate replacement properties and perform independent exchanges.