Wells Fargo Bank has been the sole occupant of the 4,700-sfbuilding since it was constructed in 1983. The tenant's lease term,which does have options for renewal, is set to expire next year.However, Ingold Family Limited Partnership chose to sell thefacility due to "unresolved future plans for the tenant," saysKraig Kristofferson, a CB Richard Ellis broker who worked on thetransaction. The building, which stands on a 22,000-sf lot locatedat 212 S. Main St., was on the market for three months before buyerDEI LLC decided to purchase it. The LLC has acquired the buildingas a "purely speculative investment," Kristofferson tellsGlobeSt.com.

Kristofferson, along with Bill Haines of Business Real EstateBrokerage, acted on behalf of the Ingold Family LimitedPartnership. Clifford Crowe and Larry Strickland of Lee &Associates spoke on behalf of DEI LLC.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.