A California real estate investment firm has paid $16.4 million for a 150,000-square-foot industrial building on the city’s far northwest side.
A limited liability company affiliated with San Diego-based on Realty Income Corporation purchased the building late last week from Indiana industrial developer, Scannell Properties who constructed the building at 12255 W. Carmen Ave. in 2019 as a spec industrial property.
Mayfield Heights, Ohio-based Materion Corp. announced in September that it planned to move some of its operations to the new building.
The industrial chemical manufacturer said it intended to use the building for offices, storage and synthesizing inorganic materials going into the electronics market, according to plans filed with the city at that time. The company also said it planned to bring 30-90 employees to the new site; a considerable number of which would be new hires.
Materion’s other location in the city of Milwaukee – Materion Advanced Materials – is located in a 71,129-square-foot building at 407 N. 13th St.