ELKHART, IN-Price should not be an issue for a prospect looking for a massive amount of laboratory and industrial space in northern Indiana. Rather than tear down a 1-million-sf facility here, Bayer Diagnostics, a division of the health care company, has hired Grubb & Ellis/Cressy & Everett to sell the asset for $1.

The market value of the property is estimated at $12 million, according to Bayer Diagnostics.

The seller’s motivation involves the “Develop Northern Indiana” effort designed to attract new employers to the region. Meanwhile, the company is consolidating space at its campus here, and also has embarked on a $33-million upgrade of its manufacturing facility in nearby Mishawaka.

The company hopes to land a new user for its facility by the middle of 2003.

“Generations of Elkhart families have worked at Bayer and its predecessor company, Miles Laboratories, so we understand and appreciate the skills and work ethic found here,” Bayer Diagnostics senior vice president and general manager Joe Martin says in a statement. “We hope to find a new owner for the facility that can take advantage of this unique opportunity.

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