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GlobeSt.com UPDATE: $7M Buying Imperial Refinery

SUGAR LAND, TX-A joint venture between WC Perry Land Development LP and Cherokee Investments Partners come to terms with Imperial Sugar Co. to buy a closed 160-acre refinery. The deal includes a $5-million environmental insurance policy.

By Jennifer D. Duell | Updated on April 21, 2005

SUGAR LAND, TX-Imperial Sugar Co. and a joint venture buyer have signed a definitive agreement to trade a 160-acre closed refinery for $7 million. The agreement requires the buyer to secure a $5-million environmental insurance policy.

As previously reported by GlobeSt.com, Cherokee Sugar Land LP, a joint venture between Houston-based WC Perry Land Development LP and Cherokee Investments Partners LLC of Raleigh, NC, and Imperial Sugar started to negotiate the terms of the takedown in February. Industry experts previously estimated raw land in the area sells for roughly $10 per sf. However, the value of the refinery site is impacted by the fact that it requires remediation. According to this morning’s press release, the agreement requires the buyer to secure the environmental insurance policy to protect both parties’ interests.

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