Reasor Properties, Inc. announced the purchase of the UDAC, Inc. building located at 500 E. 10th Street in Duluth.
During the 1950s, this site was the home of Boston Shoes, and later became the National Tea Food Store. In later years, it was enlarged by adding the front building, contributing 10,000 square feet to the footprint. UDAC purchased the building in the 1970s.
Reasor Properties took possession of the commercial building on Nov.15 and will repurpose it for office/retail/warehouse or other similar uses. The 28,000 square foot commercial building is adjacent to Sixth Avenue East and would serve effectively for a large company or a combination of smaller businesses.
“There are 3.3 acres of prime real estate with ample amounts of parking for whatever business(s) occupies this building,” said Lance Reasor, president of Reasor Properties.
Brenda Witte, vice president and CFO of Reasor Properties added, “This is a convenient, central location and easy access to and from Sixth Avenue East with daily traffic counts at 23,400. We’re excited for this new challenge and getting the space occupied.”
Reasor has a long history of real estate acquisitions, purchases and development, both commercial and residential. The building currently known as the UDAC building will undergo some transformation and will be renamed to RUBICON 500. Work will begin on the building on or about Nov. 26 and Reasor is currently taking inquiries and speaking with prospects for the property.
In June, it was announced that Joseph and Nancy Bullyan had gifted UDAC with $3 million to purchase the former Duluth Business University (DBU) building at 4724 Mike Colalillo Drive in Duluth.