W.R. Grace wins approval of $13.1 million sale of 67 acres in Maryland

By Jim Witters

Wilmington, Del., May 7 - W.R. Grace & Co. received 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 May 6 with the U.S. Bankruptcy Court for the District of Delaware.

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

Greenfield hopes to obtain the necessary approvals to rezone the property and build residential, retail and office buildings, according to 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.

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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