Palatine probing market for partner on old Menards property
After years of searching for a buyer, the market could finally be right for Palatine to sell the old Menards store at 1775 N. Rand Road that the village purchased in 2009.
Village Manager Reid Ottesen said they've had meetings with three or four brokers and developers interested in the property in the past three or four months.
“They're trying to learn more from us about what we're looking for and we're trying to learn from them what the current market would bear as far as different users,” Ottesen said. “So, I think within the next 60 days we'll be putting out a request for proposal for either development or brokerage services for the property.”
Ottesen said the area near the old Menards store is making a comeback, which should help the village find a development partner. He noted that construction is underway on the Panera Bread restaurant on the northeast corner of the intersection of Rand and Dundee roads, where Idols Sports Bar and Grill once stood before being closed by the village in 2010. And the village recently approved the construction of the village's third Burger King restaurant nearby at 1630 N. Rand Road.
“It's showing to the market that there is national interest on that corridor to help spur further interest,” Ottesen said.
The village bought the property for $8 million in 2009 after Menards opened a new store in Long Grove and closed the Palatine location. Since then, the property has been used by Wolff's Flea Market to run flea markets there every weekend.
The village council voted unanimously to approve Wolff's request to continue their lease for another year. They have been using the old Menards store since November 2009.
Deputy Village Manager Mike Jacobs said during Monday night's village council meeting that in that time, Wolff's has been a good tenant.
Jacobs said if something comes to fruition, the village would give Wolff's 100 days notice to leave the property, something that has long been understood between them and the village.
Under the terms of the lease, Wolff's will pay $10,000 per month in rent.