(Spencer)– The former K-Mart building in south Spencer is under new ownership.
G-F Land Partnership of Spirit Lake, consisting of partners Ron Morroco and Brad Price of Spirit Lake, purchased the building for 1.1 million dollars. They plan to clean up the building and site and then lease it.
The building is in an area of Spencer that’s seeing a huge growth in commercial development. Menards will be opening a large store in the same area in the next year or so.
John Hjelm, a broker with Acre Company overseeing the disposition of 12 former K-Mart stores in nine states, says the Spencer building was close to being included in an auction with the other sites.
