Regal Beloit property under contract

The vice president of R.B. Murray Co. confirmed this week the former Regal Beloit plant is under contract to a potential new owner.

Ross Murray declined to disclose the name of the buyer but said the party is interested in developing a retail center at the 325,355-square-foot building, 2401 E. Sunshine St.

“We are now in the due-diligence phase, but I can’t say anymore than that. It’s a big deal,” Murray said.

Murray Co. listed the facility for sale last year at $11 million for Beloit, Wis.-based owner Regal Beloit Corp. (NYSE: RBC).

Regal Beloit announced in July 2013 it would lay off some 330 workers in an 18-month transition to close the plant as it transferred Springfield components to other Regal facilities in the United States and Mexico, according to SBJ archives.

In August, listing agent Dave Murray said the plant would be operational through the end of 2014 and become available at the end of the first quarter this year.

Web Editor Geoff Pickle contributed to this article.[[In-content Ad]]