Mastro's $5.1-million bid gives it control of a vacant three-story building on 3.55 acres that was built in 1987 and completely renovated in 1997. The property was appraised at $7.75 million in 1999, without tenants. The building's 2003 assessed valuation is $4.8 million.
Mastro's bid equates to $81 per sf, which is no more than 50% of replacement cost. Mastro CFO Monika Harmon tells GlobeSt.com the building sustained "minimal" damage in the 2001 Nisqually Earthquake. She adds that negotiations are currently under way with enough tenants to fill the building.
Wade Cook, the one time guru of investment seminars, ran into financial difficulties in 2001, which lead to an involuntary Chapter 11 bankruptcy petition in January 2003.
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