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City of Greenville Mayor Dexter McLendon is hoping to cash in on a recent purchase.

Earlier this month, the city council authorized McLendon to enter into a Purchase and Sale Agreement with Buchanan Woodlands, LLC. a parcel of industrial/commercial property adjacent to Sherling Lake Park & Campground just off AL-263.

“The property had been for sale for a long time for a whole lot more than what we are paying for it,” McLendon said.

The purchase price for the 10 acres of land and large building located on the property was $75,000. McLendon plans to spruce up the property and renovate the building for multi-use purposes.

“It’s 10 acres of land with a nice building on it that we think that we can make into a cabin or something,” he said. “We’ve got something else working out in that area, so we think it’s a good investment.”

As for the price tag on the investment, McLendon believes he got a steal of a deal.

“It’s been on the market for sale for a long time around $300,000 when I first talked to them,” McLendon explained. “So they said, ‘Make an offer,’ and I made and offer of $75,000 and they made a counter at $90,000 and I made a counter back of $75,000.”

The property is on the left side of AL-263, approximately 100 yards past the entrance to Sherling Lake Park, which is located at 4397 Braggs Rd.

Funds from the city’s Capital Improvement Restricted Fund were used to purchase the property.