ST. ALBANS TOWN — After almost two years on the market, the Energizer building has a tentative buyer.
Listing agent Yves Bradley of Pomerleau Real Estate in Burlington confirmed for the Messenger Tuesday that Patrick Malone of Malone Properties had signed the purchase and sales agreement.
There is no word yet as to a potential use for the expansive building located on Route 7 just north of the St. Albans City and Town boundary line.
The news of the sale alone was first announced by Franklin County Industrial Development Corp. executive director Tim Smith during a St. Albans Town Selectboard meeting on Monday.
Smith added, however, that the sale has not been finalized due to Brownfield – potential pollution cleanup requirement — issues that are yet to be addressed.
“[The purchaser] wants to make sure that any future mitigations of those Brownfields [and] any monitoring moving forward is covered by Energizer,” said Smith. “He just wants to make sure that he’s prepared for that testing and those costs moving forward.”
Smith, while not naming the purchaser told the selectboard Monday that he has past experience in similar property sales. “The gentleman is well versed in this,” he said.
Malone Properties is a real estate investment, management and development company with headquarters in Montpelier. The company has an investment portfolio of more than 800,000 square feet in commercial and industrial space, according to its website, and has a number of projects across the state.
The firm is currently offering for lease the former Ethan Allen furniture plant in Randolph and former cheese plant in Hinesburg.
Malone could not be reached for comment by press time Wednesday. He most recently received press attention for developing the new Trader Joe’s on Dorset Street in South Burlington in 2014.
The sale of the Energizer building will not be finalized until the several month due-diligence window has passed.
After it closed in September 2013, the Energizer plant went up for sale with an asking price of $6.9 million. The building is 200,000 square feet and sits on 65 acres.
The building originally began operations as a flashlight manufacturing plant in 1947 under Union Carbide. In the 1990s, the company came under new ownership with Energizer Holdings, Inc.. In November 2012, Energizer announced as part of its global reconstruction plan that the St. Albans plant would be closing the next fall. This resulted in a loss of 165 jobs locally with many of those people finding new employment during the expansion of Mylan Technologies located in the city.