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PLANO, TX-A Grubb & Ellis Co. senior vice president with a 1031 Exchange buyer has convinced the owner of a Blockbuster Video location to sell. The bait was an offer of about $1.2 million for a 10-year-old asset in West Plano.

Tom Clarke, with Grubb & Ellis’ Dallas office, tells GlobeSt.com that he knew the owner would sell “if they’d get their price.” Buyer and seller are private investment partnerships from Dallas, both letting Clarke single-handedly steer the deal for 1921 W. 15th St.

The buyer, Sigma Builders Ltd., acquired the holding from 7110 McPherson LP, developer of the 7,500-sf building that rose on a 57,000-sf parcel as a build-to-suit for Dallas-based Blockbuster Inc. The buyer, who owns a nearby retail center, has gotten Blockbuster with five years left to go on the lease, but with options to extend for another 15 years, Clarke says.

Sigma was satisfying a 1031 Exchange of the sale of vacant commercial land in Mesquite. The property, which was rezoned, was sold for multifamily development.

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