The land was acquired from Amberhill Properties LLC for $5.7 million, or about $9 per sf. The negotiated sale price is well below the $14 per sf Amberhill reportedly was originally seeking for the property. The pricing was partially based on the fact that the retailer Target, which now anchors the west end of Fairview Village, paid around $12 per sf for its property.
Sperry Van Ness broker Tom Hanacek, who represented Lexmar in the transaction, tells GlobeSt.com the company envisions a commercial mixed-use development on the site. Lexmar's Mark Donati did not return phone calls seeking comment. John Rosenthal of Realty Marketing/NW represented Amberhill.
Rosenthal reportedly had the property prepared for auction--the minimum bid was going to be $5.1 million--when Lexmar came in with a $5.7-million offer and a large non-refundable deposit to remove it from the block.
The City of Fairview's economic development director Eric Underwood tells GlobeSt.com that the city would like the site to have more intense commercial use with a significant anchor tenant, such as a movie theater or a gourmet grocery store, and other service retail. The Lexmar property is one of three remaining undeveloped parcels within the city's Village overlay says Underwood. The other two are a 10-acre property immediately south of the Lexmar property and another eight acres further south, across Market Drive.
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