The Northbrook Board of Trustees approved Tuesday an agreement to buy land near the village’s downtown area at a cost of $8.3 million.
The village has entered an agreement with Grainger, Inc. to acquire 10.3 acres of land located at 1657 Shermer Road. The company previously announced it will move its operations on the property to its corporate headquarters in Lake Forest, said Village President Sandra Frum. A 186,000 square foot office and warehouse building is located on the property, according to a board report.
In a 5-0 vote, the board approved the agreement to purchase the property for $8.3 million and an agreement to lease the property back to the company on a short-term basis until Sept. 30, according to the report. The closing is 45 days from Jan. 24, Frum said.
The village has “sufficient cash reserves to pay a fair market value for the property in the event that it proceeded to with condemnation,” according to the report.
“We’re very sad to see (Grainger, Inc.) leave, however their departure provides the village with the unique opportunity to control a piece of land that’s strategically positioned to our downtown,” Frum said. “Securing this parcel allows us to plan for public works projects and public and private partnerships to enhance and improve the heart of our community.”
The village does not have specific plans for the parcel, Frum said, but purchasing the property now gives officials time to decide on its use.
Trustees Kathryn Ciesla and James Karagianis were absent, but Frum read a statement from Karagianis, which said the land purchase “puts all the right tools in the hands of the village” to develop the downtown area.
“The purchase of this property allows the Village of Northbrook to redevelop a portion of its central district in a beneficial way,” Karagianis said in the statement.
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