Sterling CRE Advisors represented the buyer in the purchase of 1930 West Broadway. Once a used car lot, 1930 West Broadway will house a gastroenterology specialist. The existing buildings will be demolished and replaced with a modern medical office building.
Wait times to see a gastroenterology specialist in Missoula can be up to six months. The new facility is intended to reduce wait time for patients.
The property is located in an Opportunity Zone. The 2017 Tax Act created a new economic development tool known as “Opportunity Zones.” 26 USC § 1400Z-(2). Opportunity Zones are census tracts that were selected by the Governor of each state in early 2018. The zones are fixed, and each state has at least 25 such census tracts. This mapping tool by Novogradac shows the location of all designated Opportunity Zones.
Under the 2017 Tax Act existing, new, or expanding businesses located in an Opportunity Zone can potentially enjoy the following two tax benefits:
(a) Deferral of gain on new investments in such business (and some free basis), and
(b) Avoidance of gain after holding such assets for ten (10) years.
Read more on Opportunity Zones here.
Listings for medical office building for sale or lease in Missoula available here.