By Neil Johnson njohnson@gazettextra.com December 14, 2021
JANESVILLE
Janesville-based soup maker IPM Foods is gearing up for expansion, and it will do so in an industrial space on the east side that is coming under new ownership.
Local commercial real estate firm Coldwell Banker Commercial McGuire Mears & Associates announced that owner Badger Properties has sold the 150,000-square-foot industrial building IPM Foods has leased and operated in at 4260 Capital Circle since it was built in 2016.
Adam Shultz, a broker for Coldwell Banker who worked on the deal, said Badger sold the building and 13-acre property to Sara Investments. Coldwell Banker lists the sale price at $12.1 million.
Shultz said IPM, which makes packaged soup brands on contract, recently extended its lease at the facility and recently requested a 20,000-square-foot expansion to cold storage and freezer space at the facility amid an overall increase in production at the soup plant.
IPM intends to stay in the building. Shultz said the sale went through at the end of November, and the expansion will happen immediately.
“The (building’s) former owner teed up the expansion, and Sara will continue to move forward with it,” Shultz said.
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