Private Investor Acquires the Manufacturing Property in Janesville, WI
Coldwell Banker Commercial McGuire Mears & Associates is pleased to have represented ownership in the sale of the 305,000 square foot industrial manufacturing building in Janesville, Wisconsin. Hufcor Inc, founded in 1900, designs and manufactures operable partitions worldwide. The Hufcor business was sold to a private equity firm in 2017, but then-current owner, the Borden Family Trust, retained the real estate.
The property is located at 2101 Kennedy Rd and is comprised of 305,000 square feet of industrial space and 65,000 square feet of office mezzanine space. Constructed in the 1960s, the property has 24’ clearance in the warehouse, 6 exterior docks, and 3 drive-in doors. The Hufcor building is within the Kennedy Rd Industrial Park.
The buyer of the property is Badger Property Investments LLC, which acquired the industrial asset as part of a like-kind 1031 tax-deferred exchange. The property sold for $7.9 million and at a 9.8% cap rate.
“The sale of the Hufcor facility is a tremendous win for this southcentral Wisconsin community,” said Bill Mears, CCIM, SIOR, of Coldwell Banker Commercial McGuire Mears & Associates, who was the brokerage professional representing both the seller and the buyer. “We were able to not only achieve the business objective of the Borden Family Trust, but with a local, high-quality investor acquiring the property, it reinforces the value of this market.”