A Silicon Valley-based real estate broker and construction company owner has purchased the commercial property at 9540 Ogden Ave. in Brookfield, now home to the Sherwin Williams paint store, according to records found on the Cook County Recorder of Deeds website.
The sale price for the roughly 27,000-square-foot parcel was $1,469,000. The new owners are Robert W. Berkeland and Janine M. Berkeland, who live in San Jose, California.
They bought the property from MEV Brookfield Inc., whose president, Kevin Vernick, developed the property. Vernick’s firm, Vernick and Associates, entered into a redevelopment agreement with the village of Brookfield in July 2014 to redevelop vacant land obtained a decade earlier by the village through Cook County’s no-cash bid process.
Brookfield subsequently demolished the building and cleaned up the site, which had been home to a car dealership and, later, a tire and auto service business.
According to the terms of the redevelopment agreement, Brookfield conveyed the property to Vernick and Associates for $10, and the village agreed to waive building permit fees. No other incentives were used to close the deal.
In exchange for the land, Vernick’s company agreed to build a 3,500-square-foot Sherwin Williams store and that promised that no portion of the property would be occupied by a non-sales tax producing business.
A final term of the agreement created an easement on the southwest corner of the property for the village to install a welcome sign.
Vernick took out an $837,000 construction loan to develop the site, according to property records.
Property records also show that MEV Brookfield Inc. entered into a 10-year lease, with a renewal options for three and five years, with Sherwin Williams. The store opened in November 2015.
Reached by phone, Robert Berkeland told the Landmark that he bought the property as an investment, which comes with guaranteed rent income for the next eight-and-a-half years. Terms of the lease other than its length are not disclosed in property records that can be found on the recorder of deeds’ website.
Berkeland has taken out an $800,000 mortgage on the property. The property transaction and mortgage were executed on May 19.