Two Bend office buildings sold

Company buys buildings in downtown and NorthWest Crossing

Two Bend office buildings sold in July for a combined $4.55 million, Compass Commercial Real Estate announced Tuesday.

Third Division Properties LLC, a Bend firm, paid $2.9 million for the AmeriTitle building, 15 NW Oregon Ave. Third Division purchased the 12,770-square-foot building from SSL #1 LLC, also of Bend.

Third Division also acquired the former headquarters of American Licorice in NorthWest Crossing. The 8,572-square-foot office building at 2796 NW Clearwater Drive sold for $1.65 million, according to Compass, which represented the buyer.

Third Division Properties closed on the two properties as part of a 1031 tax-deferred exchange, Compass stated in a news release. A 1031 exchange allows an investor “to postpone paying tax on the gain if (they) reinvest the proceeds in similar property as part of a qualifying like-kind exchange,” according to the Internal Revenue Service website, IRS.gov.