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  Saturday September 20th, 2014    

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Fastenal buys JC Penney property (11/20/2013)
By Chris Rogers
The Winona JC Penney property has a new owner: Fastenal Company. In a sale finalized Tuesday, Fastenal purchased the building from the clothing retailer for $2.45 million, slightly over the property's assessed value of $2.32 million. The local JC Penney branch will lease the space and continue to operate its store, according to Winona County Recorder Bob Bambenek. Recording documents indicate that a portion of the property is intended to be used for warehousing in addition to the existing retail use. Fastenal Company representatives could not be reached for comment before the Winona Post went to press.

Winona County and Pennwinn Associates recently settled a legal battle over the tax evaluation for the JC Penney property. The assessed value of the property dropped from $4 million to $2.3 million after the retailer and the county negotiated a new evaluation. "We weren't aware of the total condition of that building until we did a significant inspection on that property," Winona County Assessor Steve Hacken said. The building was in significantly worse condition than his office had realized, he explained. 

 

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