A source familiar with the deal tells GlobeSt.com that local developer Steve Shemel purchased the property and plans a future residential development. The source did not have any further details on that development, nor did they know reasons for selling.
The property contains 8,980 sf, and approximately 40,164 buildable sf. With a C5-2.5 zoning designation, the site is a "prime spot for future development" upon the lease expiration, according to a statement from Massey Knakal Realty Services, the sole broker in the transaction.
The property sold for $322.43 per buildable sf. Massey Knakal broker Clint Olsen exclusively represented the seller with chairman Robert Knakal.
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