W.R. Grace seeks approval for $13.1 million sale of 67 Maryland acres

By Jim Witters

Wilmington, Del., April 16 - W.R. Grace & Co. is seeking approval for the $13.1 million sale of 66.8 acres of undeveloped land adjacent to the company's corporate headquarters in Columbia, Md., according to documents filed April 15 with the U.S. Bankruptcy Court for the District of Delaware.

Greenfield Partners, LLC, through its subsidiary, GAP VI Properties, LLC, is the prospective buyer.

Greenfield hopes to obtain the necessary approvals to rezone it and build residential, retail and office buildings, the filing states.

"The property is unimproved, except for a single structure used to warehouse files and a number of groundwater monitoring and treatment wells relating to long-term remediation taking place on the Grace campus," according to the court documents.

Grace selected Greenfield from among several bidders, because Greenfield demonstrated the "best opportunity to successfully rezone the property and obtain all of the necessary government approvals," the motion states.

A hearing on the motion is scheduled for 9 a.m. ET on May 20.

W.R. Grace, a Columbia, Md.-based specialty chemicals company, filed for bankruptcy on April 2, 2001. Its Chapter 11 case number is 01-01139.

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