The City of Oakdale named Touchdown Realty as the commercial Realtor that would list for sale or lease the Hershey Building at 120 S. Sierra Ave., Oakdale. City Manager Bryan Whitemyer announced the selection at the Monday, Sept. 15 council meeting.
Whitemyer said dozens of interested agents attended a city-sponsored open house on July 26 and the city received five quality proposals from experienced real estate firms.
On Aug. 28, a selection committee made up of Oakdale City Councilmen Don Petersen and Mike Brennan, Public Services Director Thom Clark, and community members Ron Keeler and Rick Smith interviewed all five firms.
“The committee was very impressed with the high caliber of the firms and the proposals they submitted,” said Whitemyer. “After much deliberation the committee unanimously recommended that Touchdown Properties be selected as the listing agent for the Hershey Building.”
In May of this year the council announced it would be using the office of Craig Lewis and Mike Ash of Prudential Commercial Real Estate in Modesto which caused Oakdale real estate agents to voice their ire toward city officials at a monthly Realtors meeting on June 12.
In return, the city reversed its decision and reintroduced the item to solicit proposals at the next city council meeting.
Owner of Touchdown Realty, Rick Jones, informed the city that the fair market value of the property with 5,400 square feet was between $525,000 and $560,000 and could be leased for 40 to 80 cents per square foot.
Back in May, Whitemyer informed the city council that he thought the building could be leased at 85 cents a square foot or a sale price of $599,400 after $20,000 to $30,000 in repairs.
In 2008 the city purchased the building for $650,000 and spent $333,000 on improvements that included a remodel that converted the then 18-year-old building for city office use including telephone systems and necessary furnishings.
It has sat vacant for two years.
Any lease or sale proposal would require approval from the Oakdale City Council before the deal could be executed.