The building, at one time known as the Peabody, had been on the market since April.
The new buyers would like to remain anonymous, according to Remax agent Barbara Oczachowski.
The seller, the family of long time owner Phil Howe, was happy that the building was turned over to local ownership, she said.
“She (the family member and designated seller) preferred to have the local buyer,” Oczachowski said.
In July, well known developer Peter Valente pulled out of a plan to purchase the building for the same price because there was “too much uncertainty.” (see WON.com July 6, 2016)
The building had been vacated more than a decade and deemed unsafe.
But Valente told WON.com it was lack of parking which skewered the deal.
There were environmental issues with abutting lands which could have been used for parking.
Considerable renovation will have to be done by the new owners.
The realtor said the four story, 63,000 sq. ft. building, constructed in 1911, was drawing almost daily interest from potential buyers around the world.
“There were people form Texas, Australia,” Oczachowski said.
“My telephone was ringing every day.”
She said this kind of historical building became a magnet for would be investors.
“It’s such a sturdy building it’s worthwhile to spend the money and renovate it.
“Because we don’t build buildings like this anymore it’s just too costly.”
Oczachowski said the sale will result in a refurbished building, likely with leased commercial space, that will be a renewed landmark.
It appears that using the building for residential purposes will not take place.
“This is going to be all good for Windsor and for Walkerville especially,” Oczackowski said.