Pantera,
I'm not really up to date on tax code right now but there used to be a provision that allowed for gain deferral on a like kind asset exchange. I believe income producing real property could be converted into another type of income producing real property without triggering the gain. The catch is that it had to be a trade as opposed to a sell and buy. Ask your tax guy about a like kind exchange or check this out.
http://www.irs.gov/publications/p544/index.html