"The seller became more market-aware of conditions," Jim Lob,senior vice president in Dallas for Grubb & Ellis Co., tellsGlobeSt.com. The 1901 W. Irving Blvd. property was listed at$750,000 and trimmed by about 20% to make the close with MolinaManagement Co., which intends to use the building for itsoperation.
Lob, who brokered the sale along with Michelle Stanley of Grubb& Ellis, says the nine-month marketing period cornered severaloffers, but the Bloomington, IL-based State Farm held tight to itsprice for quite awhile. State Farm acquired the 22-year-oldbuilding on 2.6 acres in 1994. Dallas Central Appraisal Districthas the asset assessed at $684,080.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
