State Farm building sold to local developer

Real estate developer Tim Dowd has purchased the vacant State Farm Insurance Co. building on Rt. 51 and is looking for a “high end, high quality” tenant. The building has been vacant since February when State Farm consolidated some of its operations and relocated its remaining 40 employees.

Dowd, who is co-owner of the adjacent Hickory Point Plaza, calls the 9,700-square-foot building the “front door to Hickory Point Plaza.”

“It’s an interesting property because it’s an office complex property built on a retail site,” Dowd said of his recent purchase. He said the site is easily accessible because of its corner location and would be perfect for an insurance office or service type user, such as computer sales and service. He expects to fill the building in six months to a year.

Dowd indicated that proposed plans to extend Commerce Place Drive immediately behind the State Farm building will add to the location’s overall appeal.

He said he plans to be selective when choosing his new tenant just as he has been with other clients’ properties, such as the vacant building at the corner of Rt. 51 and West Weaver Road, the site of a former auto dealership.

“We’ve had several offers on that property, just not the ones we want. It has to be the right person,” he said.