"CAPG essentially bought the building for the cost of the land," says Grubb & Ellis senior associate Larry Goldwasser. In addition to the building that Clorox used to make Brillo pads, the deal includes 15,500 sf of land, according to property records.
The renovation is the first at the building in 44 years. The brick and steel property, which is served by a rail line, was built in 1954.
The acquisition was swung with a $1.72-million mortgage from American Chartered Bank, according to property records.
CAPG originally was looking for a new facility in the city, but was unsuccessful.
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