Milwaukee-based Athea Laboratories Inc. recently purchased a 245,000-square-foot industrial facility at 1800 W. Cornell St. in Milwaukee from Norcross, Ga.-based Rock-Tenn Company for $4.4 million, or about $17.96 per square foot.
Athea, a contract blending and packaging company, plans to consolidate its operations from two buildings, with about 150,000 total square feet, on Milwaukee’s northwest side into the Cornell Street building.
“All Athea employees are excited to combine operations and continue to grow as a team for the future,” said Steve Hipp, president of the company.
RockTenn plans to move its operations out of the building to another state.
Cassidy Turley Barry brokered both sides of the deal. David Barry and Kurt Van Dyke represented RockTenn and James Young represented Athea.
“We were able to sell a large manufacturing plant, something that would typically lag on the market, in less than four months after putting it on the market,” Barry said. “The asking price was above-market, but the building worked very well for (Athea) and its offer worked very well for (Rock-Tenn).”