Buying Partner Out Of S-corp Using Real Estate

I am 50-50 partner in an S-corp. My partner wants out. He has 5 properties that have been reported in the S-corp for several years. The properties and the mortgages are actually in his personal name not the S-corp name. Can I trade his properties back out of the S-corp for his shares of the company ? This would solve 2 problems, letting him out of the S-corp while maintaing the reporting of these properties on his personal return. Any ideas, Keith