Fresh off an acquisition, a local property manager will become his own landlord.
Duke Dodson, owner of Dodson Property Management, purchased a three-floor downtown office building at 409 E. Main St. last week for about $1 million.Dodson Property Management, which will relocate to the top floor of the 23,000-square-foot building and rent out the remainder in divided parcels aimed at small business, a leasing trend Dodson said he’s seen in other buildings.
“We had big suites that were sitting there empty and couldn’t get anyone to lease them,” Dodson said. After the spaces were broken into smaller chunks “they flew off the shelves,” he said.
The acquisition of the property closed Aug. 16, and Dodson now owns the building along with Urban Core Development owners Andy Beach and Jeff Bunch, and Doug and Polly White of Whitestone Partners.
Dodson, which manages a stable of more than 1,100 properties, has a $750,000 renovation planned for the building. Amenities will include a cafe and an exercise room, as well as shared conference rooms and rentable storage space.
Dodson, which manages a stable of more than 1,100 properties, has a $750,000 renovation planned for the building. Amenities will include a cafe and an exercise room, as well as shared conference rooms and rentable storage space.