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Hurst Offices Trade in 1031 Exchange


Two Office Buildings Swapped in an Exchange with Apartment Complex in Dallas

Colliers International's Multifamily Team led by Mark Allen CCIM teamed up with Colliers’ Cody Payne for the acquisition of Norwood Plaza, located at 1550 Norwood Drive in Hurst, Texas. The property consists of two single-story Class B, garden style office buildings. The asset was swapped in a 1031 Exchange with the Bonita Garden Apartments.


“Our multifamily clients can dispose of their assets with assured confidence as we are able to provide numerous 1031 Exchange options,” said Mark Allen CCIM, senior vice president with Colliers International.

“We have seen an increase in cross-asset buyers coming from other asset classes like multi-family, retail and self-storage who have turned to us looking to diversify into the office and industrial investment world. Our team is well versed in understanding the complexities of owning an office or industrial building,” said Cody Payne, senior vice president with Colliers International.

Norwood Plaza is a multi-tenant office park located in Hurst, TX. The building was 100% leased with 27 tenants and underwent numerous interior and exterior renovations over the past two years. The property offers a well-established tenant base with a strong historical occupancy in a great submarket of DFW. Located just North of Airport Freeway (183) and prominently situated in the Mid-Cities between Dallas and Fort Worth, Norwood Plaza has high visibility and immediate access to major highways (820 / 183 & 121) allowing convenient transportation through all of the DFW Metroplex.


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Cody Payne

Senior Vice President

Fort Worth

Cody Payne is Senior Vice President at Colliers International in Fort Worth, Texas and specializes in selling Office and Industrial investment properties in the Dallas/Fort Worth market. Over the past 12 years, Cody has closed more than 500 commercial real estate transactions. Combined with Colliers International Platform and Cody’s extensive knowledge and expertise of leasing, management, market conditions and business, The Payne Office & Industrial Team provides their clients and investors the opportunity to maximize value while creating a competitive advantage that yields the best results.

Prior to joining Colliers International, Cody worked at Marcus & Millichap and Sperry Van Ness/Dunn Commercial for over 10 years, where he specialized in Office and Industrial investment sales, management and leasing. While there, Cody had a very successful and prominent leasing team of highly experienced and transactional agents. Through Cody’s leadership and direction, the team grew the company’s portfolio to actively leasing over 40 buildings. Cody has extensive experience in the Office and Industrial leasing sector having worked with many major companies from Local/Regional to Fortune 500 companies and GSA leases.

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