President of Midland Elected Chairman at Sanibel Captiva Community Bank

President of Midland Elected Chairman at Sanibel Captiva Community Bank

Dave Owens, CPA, President and CEO of Midland Trust Company has assumed Chairmanship of the Board for Sanibel Captiva Community Bank.

Owens started his career in 1997 as a CPA on Sanibel Island and in 2003 opened Midland IRA’s Fort Myers headquarters. Since then, the self-directed IRA and 1031 exchange company has grown to over 50 employees with more than 14,000 clients nationwide and offices in Fort Myers, Florida and Chicago, Illinois.

Dave’s background in finance and as a certified public accountant for the last 32 years, makes him a valuable addition to the Sanibel Captiva Community Bank Board. Dave holds his BS in accounting from Purdue University. He has also earned the prestigious Certified Exchange Specialist designation through the Federation of Exchange Accommodators.

Owens has served on the bank’s Board since the bank opened in 2003. “We look forward to Dave’s service as our new bank chairman. Dave is an original shareholder and understands the mission of the bank” says Craig Albert, Sanibel Captiva Community Bank President and CEO.

Founded in 2003, Sanibel Captiva Community Bank has two locations on Sanibel and five additional locations in Fort Myers. The bank is nationally ranked in the top 20 as a best-performing community bank by S&P Global Market Intelligence out of more than 4,500 banks with assets under $1 billion.

Can I Do a 1031 Exchange With Various Types of Commercial Properties?

Can I Do a 1031 Exchange With Various Types of Commercial Properties

Absolutely. As long as the property you sell and the property you purchase are considered ‘investment or business-use property,’ a 1031 exchange could defer and maybe even eliminate federal taxes, state taxes, and capital gain taxes.

What types of commercial properties are eligible for a 1031 exchange?

Some examples of commercial properties eligible for a 1031 exchange include (but are not limited to):

  • Industrial properties
  • Warehouse properties
  • Multi-family properties including high-rise or apartment complexes
  • NNN properties
  • Delaware Statutory Trusts (DSTs)
  • Office properties
  • Retail properties
  • Land used for speculation/Development
  • Hotels/Motels
  • Storage Facilities
  • Medical office/Retail
  • Special purpose (churches, government buildings, etc.)

May I use my commercial properties even if I do a 1031 exchange?

You may use the property you purchase in an exchange for your business. For example, if you exchange a retail strip center for an office building, you may use the office property for your business. Many 1031 exchanges are used to expand company headquarters or to increase the amount of warehouse space needed to run a business.

How do I know if it would be beneficial for me to do a 1031 exchange of my commercial properties? What is in it for me?

Benefits of doing a 1031 exchange include:

  • More purchasing power – more money to invest since you are deferring the taxes
  • More selling power – no need to increase the price to sell the property in order to cover the taxes
  • Acquire a property that produces more income – exchange raw land for a retail center
  • Consolidate smaller properties into one larger or greater income-producing property – exchange of individual office condo(s) for a high-rise multi-family property
  • Relocate investment properties closer to home – exchange commercial properties in New York for properties in Florida
  • Enables investor to acquire a less management intensive property – exchange a rental home for raw land
  • Allows the investor to expand a business into a larger space – exchange a single-story office property into a multi-floor office building

Does the new tax law allow me to still do a 1031 exchange with my commercial properties?

Yes. The Tax Cut and Jobs Act that was signed into law on December 22, 2017, and took effect on January 1, 2018, still allows the exchange of real estate assets and has been renamed to “Exchange of real property held for productive use or investment.”

Are there different types of 1031 exchanges?

There are a few different types of 1031 exchanges. Midland is able to accommodate all types of exchanges.


There are many advantages to completing a 1031 exchange for commercial properties ranging from deferring capital gains taxes to expanding your business. All types of commercial property are still eligible for a 1031 exchange even under the Tax Cut and Jobs Act that came into effect on January 1, 2018.

We ask that you please check with your tax advisor or CPA to calculate your potential capital gains taxes.