My guess is that given it is in such a great location the owner is intending to demolish it and develop something new.  

This way if tenant falls out you can re-position and get another tenant in with finishing the build.I have had businesses before want me to do (be the bank) thing or just sell the land to them and want me to build the building for them for a developer fee.

Experienced in RE auctions, fix/flips, wholesaling, property management, project management & development on both residential and commercial properties. 

I would suggest leveraging resources like BP and Google in developing your investment criteria, goals, objectives and constraints. 

I've done a lot of development and real estate in Redding, and surrounding areas over the years, and I KNOW that area in and out, and see some great opportunities for buy/hold. 

A VP of business development for Chase came by our business unannounced, wanted to speak to the owner or manager.

I would recommend while you're searching for a good broker you develop a set of preferred criteria you're seeking.

I do know of some folks that are developing communities of fourplexes in fast growing suburbs. 

Its going through a lot of development, and flip prices are definitely starting to go up, the problem is most of the properties were built as 2bd properties, so you would have to add a 3rd bd in the basement and a lot of the properties are not dug out and underpinned in the basement. 

I live with my wife and 2.5 children (there's one in development!)