Equinox extends lease agreement; BMW of Albany buys property

ALBANY — Requests to exercise land options by Equinox Chemicals and BMW of Albany were approved by the Albany-Dougherty Payroll Development Authority during a brief meeting Wednesday morning.

Albany-Dougherty Economic Development Commission President Justin Strickland told board members that Equinox had agreed to extend its lease at the Pecan Grove Industrial Park for another five years, while attorney Huff Croxton with the Perry and Walters firm told the board BMW of Albany is ready to purchase the three acres of property at 801 E. Oglethorpe Blvd. the dealership has held an option on for the past 10 years.

“The new lease agreement we reached with Equinox includes changes that are mutually beneficial for both parties,” Strickland said of the lease extension for the 1000 Pecan Drive property. “The president of the company (Martin Toomajian) has already signed off on the agreement. They’re just waiting on our vote to move forward.”

The board voted unanimously to approve the lease renewal with the changes in the agreement.

Croxton told the PDA board that BMW had agreed to pay $150,000 for the 3 acres of land on which its dealership sits after holding an option on that property for a decade. A down payment of $30,000 has already been made by the company and will be deducted from the sale price.