Company president Bill Schuck told GlobeSt.com he is paying asubstantial amount for the prime land, but can't close on the dealuntil the owner completes a 1031 Exchange early next year. Theparcel represents the last large undeveloped land in Superior alongUS 36, he says.
The land currently is zoned for about 600,000 sf of officespace, which would have an estimated completed value in today'sdollars of about $120 million, says Schuck. It also could be usedfor retail, mixed-use or a town center for Superior. Schuck says hemeet with town officials as well as neighboring land owners todetermine the best use for the property.
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