Hilmot Corp., a manufacturer and installer of conveyor systems, plans to move its operations from Waukesha to Milwaukee.
The company, currently located at W227 N764 Westmound Dr. in Waukesha, has 113 full-time employees and 15 part-time employees and plans to add about 30 jobs during the next two years.
H K Ventures LLC this week received approval for a loan from the Milwaukee Economic Development Corp. to help finance the purchase and renovation of a 99,050-square-foot building at 11925 W. Carmen Ave. in Milwaukee that will be occupied by Hilmot.
“Hilmot is moving (to the Milwaukee building) to allow for continued growth in its business,” a MEDC report says.
Representatives for the company could not be reached for comment.
H K Ventures is seeking a $1.2 million MEDC loan to help finance the $2.8 million building purchase cost and the cost of $200,000 in planned building improvements.
The building, constructed in 1969, sits on a 5.5-acre site. The property has an assessed value of $3.2 million, according to city records.
An affiliate of Dallas-based Westmount Realty Capital LLC purchased the building in February as part of a portfolio of 10 industrial buildings in the Milwaukee area that it bought from Oak Brook, Ill.-based CenterPoint Properties Trust. Westmount bought the Carmen Avenue building for $1.4 million, according to state records.
Hilmot will occupy 80,000 square feet of space in the building. Another business currently occupies 19,000 square feet of space in the building and will remain there after the sale to H K Ventures, according to the MEDC report.
