Although it got much less than its $8-million asking price, Denver-based North Star Community Partners acquired the Benjamin Moore plant, one of six it bought across the US, for $1 million in 2002, according to property records.
"When I originally saw the site plan and recognized the great retail potential, I knew this was a development site Steve Panko would be very interested in," says Grubb & Ellis senior vice president Ted Parris, who represented V-Land Corp. in negotiations with Grubb & Ellis colleagues Larry Goldwasser and Brian Carroll, who represented NCPAC.
Goldwasser, a vice president and industrial specialist, says the deal got an assist from village officials. "They really helped us overcome the various zoning issues that stood in the way of this development," he says.
Also, Benjamin Moore has agreed to pay costs of an environmental cleanupof the site.
The Food 4 Less will be built later this spring, along with a TCF Bank branch, Hollywood Video store and a Starbucks drive-through.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
