Scottsdale, Arizona-based real estate investment trust STORE Capital Corp. has acquired the Gateway Plastics Inc. facility and neighboring land in Mequon for $32.5 million, according to state records.
An affiliate of STORE Capital purchased the facility at 5650 W. County Line Road from Vogel Real Estate LLC, which is registered to Gateway Plastics president William Vogel.
STORE acquired a total of 35 acres, including the 25-acre site where the building is located and an adjacent roughly 10-acre site. The facility is roughly 342,000 square feet and includes an office area of about 15,400 square feet, according to state Department of Revenue records.
Altogether, the land and buildings have an assessed value of $16.64 million, according to state and county records.
Gateway Plastics was founded in 1970 and specializes in plastic injection molding for major corporations across the U.S., according to its website. The company recently expanded its Mequon facility by about 70,000 square feet.
STORE Capital (which stands for single tenant operational real estate) is an internally managed net-lease REIT that invests in the service, retail and manufacturing sectors across the U.S. As of September, its portfolio consisted of investments in 2,417 property locations.
Neither Gateway Plastics nor STORE immediately returned phone calls seeking comment.
The acquisition closely follows the sale of the Hayes Performance Systems industrial building, also in Mequon, for $10.5 million to a Texas-based investor. Hayes sold the building and signed a long-term lease with the new owners.
In fact, the sale of the Gateway Plastics building is only the most recent example of manufacturers selling their properties in the midst of a strong industrial real estate market. For instance, Harken Inc. sold its Pewaukee headquarters in Pewaukee for $15 million.
