McMinnville will soon attempt to sell the old Pacesetters Building off the expanded Magness Drive.
The city purchased the estimated 17,200 square foot building in 2021 while purchasing the building’s right-of-way for the T-DOT State Industrial Access Project. That connects Magness Drive and Bobby Ray Memorial Parkway. City Administrator Nolan Ming said surplusing the property makes the most sense, as the location is now prime retail.
“The city does not necessarily have a need for that property for our operations,” Ming said. “So we would like to get it sold to oh, I don’t know, a retailer, for example, that could activate that corner that could bring something to our community that would be beneficial.”
Ming said the city had a few ideas to use the building, including using it as a new police station, but nothing ever materialized. Ming said the city is hoping to sign with a commercial real estate broker to market the property to business owners across the nation.
“Bring it to their attention as a prime property to expand their business,” Ming said. “So the wheels of government move slow sometimes, and this is just one example of that, but I think we are ready at this point to proceed, having considered all other options.”
Ming said the property has not been listed on the market, but the city has received interest from private buyers and retailers, but those interests never led to serious discussions or considerations. The city purchased the building for an estimated $375,000, and Ming said a recent study revealed that the building is now worth an estimated $1.5 million.
“We knew that when the intersection is redeveloped, it would possibly drive more interest, and therefore be worth much more money,” Ming said. “So in a way, we are surprised pleasantly, but again, it is something that we did have in mind going into it.”
Ming said he hopes to have a contract signed with a broker by the end of January.