Accruit Named Finalist in Illinois Real Estate Journals' CRE Awards

Accruit has been named a finalist in the Professional Service Company category. 

REjournals has announced the finalists for their 2024 Commercial Real Estate Awards. The REJournals CRE Awards celebrate the achievements, successes and highlights from all sectors of the commercial real estate industry. 

Accruit, a national Internal Revenue Code Section 1031 states that "no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held for productive use in a trade or business or for investment." 1031 Exchange Qualified Intermediary and Exchange Accommodate Titleholder, boasts a considerable foothold in the greater Chicago, Illinois market with an office and two staff attorneys located in Chicago, Illinois.

In 2023, Accruit supported over $15+ Billion in real estate transactions through our patented Internal Revenue Code Section 1031 states that "no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held for productive use in a trade or business or for investment." 1031 Exchange software, Exchange Manager Pro℠. Accruit alone as a Qualified Intermediary and Exchange Accommodation Titleholder facilitated $4.12 Billion in real estate transactions.

Specific to Illinois, Accruit facilitated over $218 million in Those certain items of real and/or personal property described in the relinquished property contract and qualifying as “relinquished property” within the meaning of Treasury Regulations Section 1.1031(k)-1(a); The "Old Asset”, property or properties given up or conveyed by a taxpayer as part of a 1031 exchange. Relinquished Property transactions and over $122 million in Replacement Property transactions, totaling a combined $340+ million of RE closings in Illinois in 2023.

In addition, Accruit presented two real estate continuing education courses for Illinois brokers and agents, as well as two continuing legal education courses to through collaborations with Advocus, formerly ATGF, and Illinois Real Estate Lawyers Association (IRELA). Accruit has participated as panelist speaker for four consecutive years, including 2023, at the RE Journals National Net Lease Summit in Chicago, IL.

Accruit is active in providing Internal Revenue Code Section 1031 states that "no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held for productive use in a trade or business or for investment." 1031 Exchange education and resources to many Illinois associations including NICAR, IRELA, and Advocus.

Lastly, in 2023, Accruit's specialized services, as an Also referred to as an "EAT", is typically a special purpose, limited-liability company that is used to own the legal title to property that is being parked as part of a reverse exchange. An exchange accommodation titleholder may not be a disqualified person. Exchange Accommodation Titleholder , was part of the largest sale of a multi-tenant suburban office building in the past 18 months in Illinois, the Oakbrook Terrace transaction. Accruit acquired Oakbrook Terrace as part of a A Reverse Exchange is typically conducted under the safe harbor established in Rev Proc 2000-37. These are "parking arrangements" where either: (i) a property is purchased and "parked" as a potential replacement property for the benefit of a specific taxpayer by an exchange accommodation title holder until such time as the taxpayer arranges for the transfer of the relinquished property to the ultimate transferee in a simultaneous or deferred exchange; or (ii) a taxpayer transfers the relinquished property to be "parked" by an exchange accommodation title holder in exchange for immediately receiving the replacement property, and the exchange accommodation title holder later transfers the relinquished property to the ultimate transferee Reverse Exchange .

Accruit is honored to be a finalist and looks forward to the awards ceremony June 5th, 2024. 

More information about the Illinois CRE Awards and full list of finalists.