The building is anchored by a Starbucks coffee shop and Jackson Jewelers, a tenant of the building since 1944 and also its new owner. Phil and Ralph Jackson--their father opened the jewelry store there in 1944--had to pay $557,000 in order to out bid another buyer bent on getting his hands on it. Phil tells GlobeSt.com the building realistically should have sold in the $350,000 to $400,000 range, but that it's better to own the building at that price than to not be in control after nearly 60 years in the facility.

"We've paid for numerous improvements to this building over the years--we put on the granite front, remodeled three times, redid all the HVAC--and to relocate could cost $300,000 and we'd never find a better location, so we had to look at the big picture" says Phil, who hopes to find a tenant for the vacant second floor of the building. "This way, if the store isn't passed onto the next generation, at least we'll have something marketable."

As for the price--better than $60 per sf even if you include the basement, which is several feet below grade and probably best left for storage--it is twice what the 30,467-sf Franklin Building sold for just a couple blocks away on the corner of State and High Streets, directly across from the Marion County Courthouse, another prime location.