Central Grocers $1.85 million sale of Hammond property approved

By Caroline Salls

Pittsburgh, Oct. 12 – Central Grocers, Inc. received court approval of debtor Raceway Central, LLC’s $1.85 million sale of property in Hammond, Ind., to Steve Navarro, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Illinois.

In addition to the purchase price, Navarro has agreed to assume all cure costs related to assumed contracts.

Under the purchase agreement, the sale will be completed in two parts to allow the Central Grocers debtors to resolve a property tax issue with one of the two parcels being sold.

As a result, one parcel will be sold at closing for $1.45 million and the other will be transferred after the tax issue is resolved for a price of $400,000.

According to the motion, after an extensive pre-bankruptcy and post-bankruptcy marketing process, the proposed buyer is the only party who submitted a viable proposal to purchase the property.

Central Grocers, a Joliet, Ill.-based retail food cooperative, filed for bankruptcy on May 4. The Chapter 11 case number is 17-13886.

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