Potomac Street Investors of Fort Worth had the property at 1220 N. Main St. under contract within weeks of it coming to market, Frank Taylor of NAI Stoneleigh Huff Brous McDowell in Fort Worth tells GlobeSt.com. He says the buyer laid the first contract on the table. "And," the seller's broker says, "we ran with it in 10 days." He adds that State Farm most often is a tenant so there was a push to sell to bring the office into conformity with the bulk of the Bloomington, IL-based operation.
Taylor was mum about the selling price, but it came to market at $795,000. The building and half-acre lot are assessed at $650,000, according to the Tarrant Appraisal District. The upside lies in the property's positioning, which is a couple blocks south of a new minor league ballpark.
Potomac is planning to gut and redo the mid-1980, four-tenant structure. Matt Mildren of Potomac Street Investors handled the other side of the negotiations.
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