Evening Republican, Volume 20, Number 181, Rensselaer, Jasper County, 29 July 1916 — NEW HIGH RECORD FOR LOCAL REAL ESTATE [ARTICLE]

NEW HIGH RECORD FOR LOCAL REAL ESTATE

State Bank Building Property Sells For $13.50 Per Square Foot — Old McCoy Building. / A new. high rnaa-k has been readied for Rensselaer real estate, the State Bank building property being sold this week for $28,000, or at cho rate of $13.50 per square foot, the ground being 31%x66 feet. The Skate Bank building was bought after the failure of the banking fir n of A. McCoy - Co., by parties interested 1 in the State Bank for $20,00J, after qpdrited bidding Iby them and other parties interested in starting a now bank. The ownership finally passed into the hands of H. R. Kurrie and Delos Thompson, and was leased of them by the State Bank, in winch they are interested. _ Hie deal came about when •he owners of the State Bank building planned to put another story on-the building and make cither improvements, which would have meant c. higher rent for the banking room. This wias not satisfactory to some of the stockholders, land they expressed their willingness for the owners to find other tenants. Then J. H. Chapman, who is also interested in the State Bank, bought of John Moore, the owner of the Trust & Savings Bank building, the building occupied by that bank, for $7,500, and he in turn transferred the property to the State Bank for SB,OOO. XX G. Spitler, president of the Trust & Savings Bank, acting in behalf of ■that bank, then purchlased the State Bank property for $28,000. The State Bank holds a 5-year lease to the property they occupy, while the Trust & Savings Bank’s lease of their present quarters runs until October, 1917. It is thought, however, that arrangements can be made so that the banks will be able to change locations at the expiration of the Trust & Savings Bank’s lease.