Former Security Bank Building for Sale

November 17, 2008 7:07:26 PM PST
One of the oldest and most recognizable downtown Fresno landmarks is up for sale. The old Security Bank building has been under renovation for the past several years but now its owner says she can no longer see the project to fruition ... And is offering the building at what she calls a bargain price.Saundra King said, "This is our smallest loft..."

Saundra King hopes to be giving these tours often in the next weeks and months to prospective buyers.

Kings says her ailing health is forcing her to sell the old Security Bank building after investing years and millions of dollars into the historic landmark.

King said, "It's wonderful that I have been a part of the redevelopment of downtown and I've felt like somewhat of a pioneer and I look forward for others to carry on and even go beyond what our dreams and expectations were."

Her dream was to convert 1060 Fulton, as its now called into a unique mixed-use building. With modern-urban lofts on the top floors and office and business space on the bottom.

Currently about 65% of the offices are occupied, and a new beauty salon just opened on the second floor. But selling the lofts, with their shiny granite counter tops and state-of-the-art appliances, has been more challenging.

King said, "Every time we have to change contractors we have to start over and resubmit plans. Our fire alarm company sold 4 times in the last 10 months-- thats really brought our project to a standstill."

But King says several of the lofts are now only weeks from completion. The bigger incentive to buyers, though, may be the building's price $6.5 million dollars.

Commercial Real Estate Broker Victoria Gonzales says in todays economy lenders are being extra cautious but at a mere $45-dollars a square foot, the building with all its improvements, is a great deal.

Gonzales said, "Financing is tight right now and there is not a lot of money being lent out very easily but there is always people that can get their hands on money for projects like this."

Saundra King says the new owner will honor all current leasing contracts. She already has three bids on the building ... But suspects it may be on the market for several months.

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