"The seller became more market-aware of conditions," Jim Lob, senior vice president in Dallas for Grubb & Ellis Co., tells GlobeSt.com. The 1901 W. Irving Blvd. property was listed at $750,000 and trimmed by about 20% to make the close with Molina Management Co., which intends to use the building for its operation.
Lob, who brokered the sale along with Michelle Stanley of Grubb & Ellis, says the nine-month marketing period cornered several offers, but the Bloomington, IL-based State Farm held tight to its price for quite awhile. State Farm acquired the 22-year-old building on 2.6 acres in 1994. Dallas Central Appraisal District has the asset assessed at $684,080.
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