Crawford Hoying has purchased the Scioto Corporate Center in Dublin through a real estate investment affiliate.

The brokerage and development firm’s Crawford Hoying Investments III LLC paid $1.42 million for the 57,242-square-foot property on 7.3 acres at 5500 Frantz Road. It financed the entire acquisition cost through private investment firm Jacks Investments LLC of Jupiter, Fla., according to public records.

Crawford Hoying Principal Brent Crawford told me the center was 78 percent vacant.

“We have no specific plans at the moment for the property,” Crawford told me in an email. “It is a prime corner in Dublin and we felt it was a good value for both the property and acreage in that location.”

The Blackstone Group’s Equity Office Properties division  in late 2011 bought the property built the mid-1980s from Duke Realty Corp. as part of a $1 billion, multi-market portfolio deal. Equity Office assigned the property a value of $1.72 million, a 60 percent discount to the $4.27 million the Indianapolis-based REIT paid in late 1996.

Agents Don Brokaw and Jamie Moore of Crawford Hoying’s commercial real estate brokerage will market the Scioto Corporate Center