- Sep 27, 2021
The Village Board is expected to approve a contract with commercial real estate broker Cushman & Wakefield to find a buyer for 1657 Shermer Road, the former site of Grainger, Inc. The contract is on the consent agenda for the Board’s public meeting on Tuesday, September 28.
The 10.3-acre property was purchased by the Village in 2018 for $8.3 million. With convenient proximity to downtown Northbrook, the investment allowed the Village to consider a number of options for the site, including a relocated train station, new police station, or stormwater management facilities. As those possibilities were rejected over time, recent comments in Board meetings have focused on some type of residential development.
In addition to the time required to review options, the pandemic also contributed to a delay in determining the property’s future. In 2020 and early 2021 the site was used for a variety of emergency purposes, including face mask distributions, vaccine clinics, and school furniture storage to help Districts 28 and 225 meet social distancing requirements. The property also served as overflow commuter parking during Northbrook Days.
On June 22 the Board discussed the property’s status, noting that unsolicited offers had been received. A majority of the Board supported hiring a broker to market the property, and an RFP was issued to solicit interested brokers. Under the contract included in the Agenda Packet, Cushman & Wakefield will receive a commission of 2.75 percent, although that will be reduced if one of four identified preexisting offerors is selected to purchase the property.