The Blalock companies, along with a silent partner, topped the county’s bid for the Magnetic Ideas Building when it was auctioned off last week on the courthouse steps. The Blalock group outdid the county’s top bid of $2 million by a thousand dollar raise.
The county had tried to purchase the building for $1.8 million starting late last year, but could not close on the property due to liens by the IRS.
The county was pursuing the building for additional office space. They were also in negotiations with the airport authority over some of the land on the property.
The growth of the airport is dependent on flattening a hill located on the Magnetic Ideas property.
“It was good buy for all of us,” said Doug Blalock.
Blalock indicated that the company had no specific plans as of yet for the building and land. “We’ve had lots of speculation, even internally, but this came up quick and we haven’t made any decisions yet,” said Blalock. He also noted that the Blalock companies bought a similar building near Robert Henderson Road several years ago that now houses the majority of their operation center.
The county was put in a difficult position when the sale collapsed and the property was moved to an auction status. Needing prior approval from the county commission, the county’s top price of $2 million was a matter of public record, reported by the Herald after the February commission meeting. At that meeting, County Mayor Larry Waters informed the commission of the transactions over the property, and the commission passed a motion authorizing the Mayor to spend up to $2 million on the building.
Blalock indicated that his group knew of the motion from public record. “I guess we might have spent $999 too much,” he said about the $1,000 raise that topped the county and secured the purchase.
The property had been appraised for $2.8 million, prior to the auction.

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