Dantin Bruce Development has sold the first building in its Offices at City Farm development on Jefferson Highway, making a deal with Forty-Four Holdings LLC for $1.03 million. Cypress Title will move into the building by the end of the year.
The sale price for the 5,675-square-foot building comes out to about $182.20 per square foot, not including many of the building’s custom upgrade costs that were absorbed by the purchaser.
“We really think we sold the building too cheap, but the purchaser was our first deal and they committed to us quickly,” says Brian Dantin. “That is the reason for the sale price at only $182.20 (per square foot).”
Cypress Title, a commercial and residential title company, is currently located at 17170 Perkins Road, near the Highland Road intersection.
“We are really excited to relocate to this side of town,” says Jason Dupree, who co-owns the business with Johnny McKay and Bryan Denison.
Ritter Maher Architects designed the building and Kenneth Brown Design was responsible for the interior finish package. Tigue Bonneval with Audubon Real Estate Associates brokered the deal.
“The architectural design is unique for our area. It has a ‘business barn’ type feeling,” Bonneval says. “All the modern cutting edge colors and finishes yet it also incorporates old reclaimed planks on the walls.”
This is the first sale to take place within the Offices at City Farm since NAI/Latter & Blum announced in September that it also plans to relocate its offices to the development.
“We really don’t intend to sell any more buildings within the development at this time,” says Dantin. “Demand has been so strong that we are really only entertaining build-to-suit deals right now.”
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.