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The seven-year-old Davenport office building occupied by BITCO Insurance Companies has been sold to Sentinel Net Lease, a national real estate investment firm that will lease to the Quad Cities company. In a news release Monday, Sept. 18, the Baltimore, Maryland-based Sentinel announced it has acquired the 42,676-square-foot, Class A office building in a $13.3 million deal. The building, located at 3700 Market Circle, is 100% leased and occupied by BITCO. Other details of the transaction were not released. “This acquisition was a unique opportunity where we were able to acquire a newly constructed property tenanted by an institutional tenant with a long-term lease and assume existing debt with favorable terms at a price per square foot below replacement costs,” Sentinel Chief Investment Officer Dennis Cisterna said in the release. “The property’s location in the Quad Cities aligns with our focus on acquiring superior properties with quality tenants and long-term cash flow in desirable suburban markets.” BITCO, a wholly-owned subsidiary of Old Republic International Corp., relocated in 2016 to the new Davenport building from its longtime headquarters in downtown Rock Island. Old Republic is one of the nation’s 50 largest shareholder-owned insurance businesses and a Fortune 500 company. Old Republic stock is traded on the New York Stock Exchange, according to the release. As previously reported by the QCBJ, BITCO’s former Rock Island headquarters office building was eventually acquired and demolished. That made way for a new federal building, including a federal court facility still under construction by the Davenport-based Russell. In 2014, Russell was hired to design and develop the new national headquarters where BITCO now operates.