‘Fair deal’ means nearly $1m gain

March 18th, 2008 at 11:57am Alex Gary

In February, Melissa Westphal reported that Heartland Community Church was buying back its old location at 601 N. Perryville Road because its new home, the old Colonial Village Mall, couldn’t accomodate its rapidly growing membership.

Heartland sold the Perryville Road building to the area’s largest car dealer, Anderson Automotive Group of Rockford, last year for $4.1 million. Anderson officials said the building was not for an auto dealership, but more of an investment property.

When contacted, Mark Bankord, the church’s directional leader, would not disclose the purchase price but called it a “fair deal.”

Few deals stay secret forever, though, and according to the Winnebago County Recorder’s Office, which recorded the sale Feb. 28, Heartland paid $5 million to get the property back. For Anderson Automotive it was a very fair deal. A $900,000 profit in less than a year is good in any business.

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