Tuesday, October 9, 2007


Gay St. building sold at auction
$1.5 million deal could help drive street's revival
Tuesday, October 9, 2007 3:35 AM
By Mike Pramik

An abandoned office building could become a cornerstone of a renovated Gay Street if its buyer follows through with planned improvements.
Out-of-state investors offered the winning bid of nearly $1.5 million for the four-story building at 1 E. Gay St., the former headquarters of Modern Finance and also a Dollar Federal Savings Bank office. The circa-1900 building was empty for two years after being abandoned by two bankrupt companies, Modern Finance and WorldCom.
Bob White, principal broker with Prudential Cres Commercial Real Estate, said the bidders are "a father and two sons out of Atlanta." He declined to identify them pending the closing of the deal.
"They're going to put a lot of money in it, without question," White said. "There are many possibilities for this building, one being office and retail for the first floor, office on the second, and the third and fourth could be converted to residential.

Want More? http://www.columbusdispatch.com/live/content/business/stories/2007/10/09/Building_sale.ART_ART_10-09-07_C12_8B84OUD.html?sid=101

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