Pending municipal approval, what Dornoch has in mind for the site is a 56,000-sf professional/medical office building with a projected price tag of $11.2 million. The firm, which picks up properties through everything from bankruptcies and special situation workouts to traditional brokerage methods, would like to develop the building as medical condominiums.

"The property became obsolete," says Frank Macios, managing director and co-founder of Dornoch. "By changing it use, we will allow it to once again be a valuable asset for the city and an integral part of the neighborhood's revitalization."

The site is currently zoned for light industrial use. However, "as professional office and medical space, this property will be in high demand because of its close proximity to the city's downtown, as well as such area hospitals as St. Peter's Medical Center and the Robert Wood Johnson University Hospital," says Glen Fishman, also a managing director and co-founder of Dornoch.