Real Estate Notes
December 1, 2003
Blue light special
Remember the purchase of the former Kmart distribution center in Forest Park? Well, one could now say that Solution Property Group LLC got a real blue light special on the deal.
Solution paid $4.1 million for the 220,000-square-foot distribution facility at 5290 Old Dixie Highway, or about $18 per square foot, according to Databank. That's a far cry from the $10 million price tag bankrupt Kmart Corp. (NYSE: KM) paid to develop the facility, including $17 million of conveyor belt system equipment already installed.
The price also includes a 90-year ground lease on 19.78 acres of land.
Officials with Solution Property previously told the Chronicle the company plans to spend an undisclosed amount emptying the building and re-leasing it to a new tenant.