Companies go on joint venture, buy 7 area properties
Cassville location included in 3-company purchase
Three companies have joined together to buy a seven-property, 2,000,000-square-foot portfolio from a global manufacturing company.
New Mill Capital holdings of New York, Crossland Construction of Columbus, Kan., and Infinity Asset Solutions of Concord, Ontario, Can., purchased the properties, which include the former Alvey and Thorco plant on Sale Barn Road. The sale closed on Dec. 18, 2015, for an undisclosed price.
Other properties included in the purchase are headquarter facilities in Lamar and Paragould, Ark., as well as other properties in Butler, Nevada, Corning, Ark., and Piggott, Ark.
The three companies plan to remarket the vacant facilities to companies that can utilize the abundant infrastructure and central midwest locations to expand or augment existing operations. They have been working with local municipalities to identify new users and put together packages of incentives to maximize employment at the sites.
"We are excited about the opportunity that has been presented to us with the aquisition of these properties," said Tom Murray, managing director at New Mill Capital. "We will be working closely with Crossland, Infinity and all the local stakeholders in order to try and bring quality jobs back to these properties. These buildings are very flexible and would fit a variety of uses, and all are proximate to transportation networks and a strong labor force. We have a solid team and expect to have a successful outcome."
Ivan Crossland Jr., owner of Crossland Construction, said he's excited for what the future holds.
"These are well-built plants and we have the right people in place to execute our plan," he said. "As we begin marketing these properties, I am confident that prospective tenants will see the value and functionality of these plants."
The Cassville property is 40,000 square feet and was built in 1980 for Alvey, a conveyor manufacturer based in St. Louis. Alvey operated there for three years before sale of the company prompted a move out of state.
Thorco, a worldwide manufacturer, moved into the plant in 1994, making shelving for Walmart. It closed its operations in 2000, and Justin Boot has since used the space for storage.