by Karen E. Culp
The building at 3300 S. Golden is once again in a solid state after an extended bank-ruptcy took the businesses that occupied it through various states of operation.
The former Solid State Circuits building is now being co-listed by Heyle Realtors and Counseling LLC and the Bill Beall Co., said Kirk Heyle.
The 14-year-old structure was built for the purpose of housing Solid State Circuits, Bill Beall said. The building's most likely application will be as a manufacturing plant for microchips or printed circuit boards, he added.
One company that is already in the printed circuit board business in Springfield has considered purchasing the property.
Bob Schutz, president of Litton Industries Advanced Circuitry and Inter-Pak Electronics, said the company looked at the 70,000-square-foot building as it considered expanding its business. The company ultimately decided to complete its expansion on a site adjacent to its existing location.
"Our initial plan was to make a bid on that building, but there were a couple of issues pending," Schutz said.
One such issue was the asking price of the building, which is $2.4 million, a bit too high, Schutz said. The other issue was that the building was too near multi-family dwellings.
"We don't have any problems per se with that, but it's not always the best situation for an industrial use to butt up against a residential zoning," Schutz said.
The building was designed to be ideal for a company like Litton, but in the end there were too many concerns, Schutz said.
Beall said the building had not previously been listed for sale, despite the fact that Solid State Circuits moved to Elk Grove Village, Ill., in March 1996.
The building has 33 acres attached to it. It has been listed for sale jointly by Heyle and Beall for about a week.
BDP Investment Group Inc., the former owner of Solid State Circuits, filed for bankruptcy protection from creditors in 1992.
BDP bought the company in 1990. As part of its purchase, the principals of BDP were guarantors on a part of the $2.2 million promissory note for the building and real estate on South Golden, secured by a deed of trust.
The building is now owned by MRAC, which was a wholly-owned subsidiary
of AT&T Paradyne and is now a subsidiary of Lucent Technologies, the result of the restructuring of the AT&T corporation, said Stuart King, who represented MRAC in the BDP bankruptcy proceedings.
MRAC filed a separate suit against the individual guarantors Bhagvan Patel, Dal Vaghasiya and Pravin Dedania.
A settlement of that suit was includ-
ed in the bankruptcy proceedings of
BDP, transferring the property back to MRAC.
Part of the settlement included the cleanup of the property.
"MRAC is selling the property now as a business decision, not as a result of a court order," King said.
MRAC is not operating any business in the Springfield area now, but it does have real estate holdings in the area, King added.
The building had not previously been listed for sale, despite the fact that Solid State Circuits moved to Elk Grove Village, Ill., in March 1996.
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