CFC Acquires Former Red Cross Properties Next to Grant Street Inn

Former Red Cross property is sold to CFC Properties on July 16, 2015.
Former Red Cross property, located at 411 East 7th Street, is sold to CFC Properties. The property will be used for future commercial uses.

 

The Red Cross sold several office buildings, an apartment complex and a parking lot to CFC Properties last month, for a combined total of $1.5 million.

Four different plots of land, and the structures that occupy them, were obtained in a July 16 transfer following the news that the Red Cross would be consolidating its two existing locations in Bloomington 355 one on W. Third and the other on E. Seventh into one location at 1600 W. Third Street.

“We informed them, in years prior, that if they sold the property, wed have an interest in it primarily for parking,” said James E. Murphy, president of CFC, LLC.

The Red Cross property at 411 E. 7th Street will now be re-purposed as office space that will be available for rent. Even though the property at 409 E. 7th Street is residential housing with leases filled through 2016, and the plots at 410 and 412 E. 8th Street are parking lots, the recent change in
ownership won’t have a big impact on the makeup of the 400 block of 7th and 8th Streets.

The primary motivation for acquiring the land stems from the Grant Street Inn, a CFC property at 310 N Grant Street. The bed and breakfast, which is adjacent to the recently purchased plots, has 40 rooms and generates the need for a large parking space in the downtown sector.

“The near future will be the same,” said Murphy. “However, now that we own this adjacent property, and we have a very good product with the Grant Street Inn … we are considering if there is a need, or an option, to expand more guest rooms. For now, we want to maximize the benefit of that property for how it is currently constructed.”

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