The Palace Clothing Co. building at 1150 Grand Blvd. is in good shape and was one of the last remaining historic buildings on the market in Downtown.

Therefore, it didn’t sell as cheaply as some other recent office-to-apartment-or-hotel conversion targets have, said Gib Kerr, a Cushman & Wakefield broker. Kerr said he wasn’t at liberty to disclose the purchase price. But according to Jackson County property sale records, the nine-story, nearly 80,000-square-foot Palace Clothing Building was purchased earlier this month for $3.875 million — or nearly $50 a foot.

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