Publicly traded Heartland Partners LP has agreed to sell the property in phases to Crab Apple Beach LLC. George Heidgerken, Crab Apple's managing member, says his company will buy the property for the first development phase from Heartland and obtain an option to purchase the remaining property in phases over the next three years.
Jacobson, President and CEO of Heartland, says the closing for the first phase, in the amount of $5,600,000, is expected prior to year-end 2001. The Fife City Council passed the Preliminary Plat for the project at a meeting on September 25.
More detail on Crab Apple Beach and its operations was not immediately available Monday afternoon. Heartland Partners is a Chicago-based real estate partnership with properties in 14 states, primarily in the upper Midwest and northern United States.
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