"Because of the mergers and consolidations in the banking industry, this facility became excess property," says Al Klairmont, president of Imperial Realty, which owned the property for about two years.
The building had been vacant "for a number of years," Klairmont added. The property's overall tax assessment had been reduced 65%, with the building accounting for only about 20% of the total value.
Millennium Properties, Inc. used a minimum-bid, sealed-bid-auction to sell the property. Daniel J. Hyman of Millennium Properties was sole broker in the transaction.
Arlington Market Shopping Center also has a Walgreen's Drug and Ace Hardware stores among its tenants.
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