Elk Grove Village buys former truck repair building for $1.15 million
Elk Grove Village is paying $1.15 million for a shuttered truck lube and wash business in the heart of its sprawling business park, with an eye toward redevelopment.
Village officials were coy about those future plans, including whether they will tear down the 4,000-square-foot Power Lube truck maintenance facility at 1461 Busse Road before marketing the 0.66-acre site to developers.
The 20-year-old industrial building — which has three drive-through repair bays, a drive-through wash bay, and two-story office space — was listed for sale for $1.4 million, according to marketing materials. But village officials were able to negotiate a lower price with seller Stella Han of Oakbrook Terrace.
The cash deal is being funded through the village’s Busse-Elmhurst tax increment financing district fund. It’s similar to other property transactions, where the municipality acts as a middleman between property owners and developers in order to steer the direction of development.
“You know us, we buy property when we get an opportunity,” Mayor Craig Johnson said. “We’re looking to drive the bus, not ride the bus.”
Just down the block, the village purchased a former Holiday Inn hotel and attached bar/restaurant for $11.3 million in April. The site on the southwest corner of Busse and Landmeier roads is now fenced in, with some $558,000 worth of asbestos abatement to be done before demolition.
The closed truck repair facility is between a gas station and a long-vacant half-acre site along highly-trafficked Busse Road. The latter site at 1421 Busse Road is controlled by Gullo International Development Corp.
In a 2023 agreement, Power Lube granted Gullo a nonexclusive, perpetual easement for vehicular and pedestrian ingress to and egress from the vacant site, according to Cook County property records.
Village officials inked a purchase and sale agreement for the Power Lube property last week. The closing is scheduled 30 days after a 30-day inspection period.
cplacek@dailyherald.com