Commercial Real Estate and Greenwood and Retailers and Retail Development and Johnson County and Regional News and Retail and Real Estate & Retail

Cabela's puts Greenwood property up for sale

October 7, 2009

Cabela’s is selling the land on which it had planned to build a store in Greenwood.

The Sidney, Neb.-based outdoor-recreation retailer has retained Hilco Real Estate LLC of suburban Chicago to sell the 96-acre site at County Line Road and Interstate 65, Hilco said Tuesday. No asking price was disclosed.

Cabela’s announced in July that it would no longer pursue plans to build a 125,000-square-foot store at the site that would have anchored a development including at least two hotels, a water park and upscale restaurants.

Cabela’s cited economic reasons, including a challenging retail environment, for its decision to scrap the project.

In marketing the site, Hilco cited a retention pond, installation of sewer lines and the availability of electricity as improvements already made to the property. In addition, Graham Road to the east of the property is being expanded to five lanes, and will grow to seven lanes at County Line Road.

“In many ways, this is a turn-key solution for developers who want to piggyback on the development that has already taken place in this sub market,” Josh Joseph, a senior vice president of Hilco, said in a written release.

The city of Greenwood had planned to issue $18 million in economic development bonds, with Cabela's guaranteeing repayment to get the project off the ground.
 

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