The buyer, privately held NNC Properties, paid $1.7 million for the parcel at 1004 W. 10th St. It is one of several surplus properties that the seller, paint and coating manufacturer Valspar Corp., had acquired when the company bought industrial coating manufacturer Lilly Industries Inc. The property housed "an old, antiquated manufacturing site that was no longer needed," says Keith Wilson, a Colliers Seeley International broker who worked on the deal.
NNC Properties plans to construct several small manufacturing and distribution buildings on the site, according to Wilson. Each facility will encompass 20,000-sf or less.
Wilson, along with Colliers Seeley broker Mike McCrary, represented both the buyer and Minnesota-based Valspar Corp. in the transaction.
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