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Authority optimistic on industrial tract
A short-lived Glynn County industrial operation is under foreclosure, but it may be a good thing for the Brunswick and Glynn County Development Authority.

The authority leased property for $150,000 in the North Glynn Commerce Park on Sidney Lanier Drive in 2007 to Innovative Foam Products, a company that treated foam with a flame retardant chemical.

While the authority was paid up front for the entire amount of the lease, according to Sparks, the property has been tied up in legal foreclosure proceedings since the company went out of business in 2011.

Once the foreclosure is complete, Sparks hopes to find a new tenant.

"We are optimistic that the foreclosure will result in the current note holder, Rialto Capital, being better positioned to negotiate with some of the users that have expressed interest in the building," Sparks said.

The legal snares have kept what Sparks said is a valuable building off the market. He is hopeful finishing the foreclosure will make the property more attractive to potential buyers.

The property, which has a 50,000 square-foot facility built in 2007, should prove to be a hot commodity in the current industrial real estate market, Sparks said.

"The sooner the building gets returned to productive use the better," Sparks said. "There is a lot of interest in existing buildings in this market. We don't think it will be on the market for very long."

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