In the early 1980’s, while still working as the head of the Real Estate Trust Department for U. S. Bank, Harry Rubin purchased 801 South Holgate for the Loomis Trust. The property, in a prior life had been a major commissary for a pizza chain and was then being leased by FSI as a produce warehouse. FSI was a division of the famous local Asian grocery, Uwajimaya. The original sale was for $1,100,000.
At the termination of the lease, a client of ours leased the building in 2002 and subsequently purchased the building on 2004. The purchase price was $2,600,000. We had many interesting calls to lease the property.
In 2007, the owner sold his business and in 2011, as part of an assemblage for a car dealership the property was sold for $3,700,000. We successfully did a tax deferred exchange for the client into a bank leased property.
