Grand Karem Shrine Building Under Contract

Magnolia Vacation Rentals LLC entered into a contract with McLennan County to acquire the Grand Karem Shrine building in downtown Waco, TX.  The 90-year-old building at 701 Washington Ave. was on the market less than a month, and closing is anticipated within the next few months. County commissioners approved a $1.1 million deal with the potential buyer.

The 53,000-square-foot building currently houses the county health services department and child support court. The contract includes a year-long lease-back agreement that will give the county time to find replacement office space. Less than one-third of the building is currently in use.

Jim Peevey with Reid Peevey Real Estate Co. is handling the sales process. He told the Waco Tribune that the property attracted three competitive bids.

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