Due to escalating construction costs, the buyer came back with a price reduction at the end of DD to $16 million. We ultimately settled at $17 million. The buyer, ScanlanKemparBard (SKB) of Portland Oregon, and their New York-based partner, Cerberus Capital Management, intend to demolish most of the main facility and retain the large, high-bay warehouses. Redevelopment plans indicate the property will be transformed into two large industrial buildings, each offering a significant yard. There is additional land to add a small second phase.
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