Deal of the Week

Towne buying building for Actuant HQ

Towne Investments announced that it has purchased the 175,000-square-foot building at 12545 W. Westbrook Crossing, Menomonee Falls, from Bemis Manufacturing. Towne will remodel and add a 137,000-square-foot expansion to the building, which will be occupied by Actuant Corp. The company will move its corporate headquarters from Butler to the facility, and a new office building that will be built across the street.

Towne Investments is the trade name under which Milwaukee-based Zilber Ltd. develops, owns and manages commercial real estate. Zilber executives said they closed on the purchase of the building on Friday and concurrently entered into a long-term lease agreement with Actuant.

The new facility will allow Actuant to consolidate its operations in the Milwaukee area, and add jobs.

“We are extremely pleased to be part of a transaction that involves the expansion of jobs in southeastern Wisconsin,” said Zilber president Jim Borris.

“We are very impressed with Actuant’s management team, including chief executive officer Bob Arzbaecher,” said Zilber executive vice president John Kersey. “They did an outstanding job in facilitating this transaction. We look forward to providing them with an exceptional building to conduct their business.”

Milwaukee-based C.G. Schmidt will be the general contractor for the expansion project, which was designed by Zimmerman Architectural Studios. The project will be completed by the summer of 2010.

Actuant was represented by Kurt Van Dyke and Pete Slezak of Colliers Barry in brokering the lease with Towne Investments.

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