By Daniel Dullum | Florence Reminder & Blade-Tribune
Gem Cox, local real estate investor, announced Tuesday that he found a tenant for the long-vacant Gentry’s Florence Market building at 380 N. Main St.
Conquest Arms, which once occupied a smaller space on Main, will leave its current location on Butte Avenue and is scheduled to occupy the Gentry’s building by Sept. 1. Cox said the firearms store is leasing the building with an option to buy.
Cox made an initial capital investment of $75,000 to purchase the property and $35,000 to clean and maintain the buildings as part of the purchase agreement.
“The previous ownership group paid $900,000 for all of the properties and eventually let it go back to the bank,” Cox said, noting that the two properties have an assessed value of $800,000, a reconstruction value of just over $1 million, and a market value of $350,000.
“I’m committed to the successful completion of this project,” Cox said.
