Last updated on May 15th, 2019 at 04:53 pm
Menomonee Falls-based EnSync Inc. is moving its headquarters about one mile south from its current location to a leased facility at N88 W13901 Main Street, Suite 200.
EnSync, which makes distributed energy resources systems and internet of energy control platforms, sold its previous headquarters building at N93 W14475 Whittaker Way earlier this month. The 72,000-square-foot building sold for $2.34 million to MSJC LLC, which is registered to Steven Krueger, owner of Menomonee Falls-based Universal Metrics Inc. The building was assessed at $2.49 million in 2017.
Krueger said Universal Metrics would be consolidating its Menomonee Falls and Richfield operations at the facility to allow for continued growth.
Brad Hansen, EnSync president and chief executive officer, said the building sale would improve the company’s balance sheet. EnSync generated $1.7 million in net proceeds from the sale, according to a securities filing.
“The sale of our previous building and moving to the new facility will significantly improve the efficiency of the company operations, optimized for the vision and strategy we put in place for the company three years ago,” Hansen said in a statement. “Our new leased facility will have much better space utilization, with expansion capacity for the future.”
EnSync is leasing the 42,600-square-foot facility space from an affiliate of Waukesha-based Siepmann Realty Corp. The company agreed to a seven-year lease in December with annual payments starting at $166,000 and a one-time option to extend the lease for five years.
Hansen said EnSync wasn’t able to fully utilize the Whittaker Way building because much of it was intended to be used as a warehouse.
“Our business strategy around the move has been two-fold,” Hansen said. “First, the Menomonee Falls location has been about project design, engineering and testing new product prototypes for about three years, so the new building is a better fit for the team, while still allowing room for growth. Second, the sale of the previous building, and lease of the current building, better reflects our asset-light business operation strategy.”
In addition to Menomonee Falls, EnSync has offices in Madison; Petaluma, California; Honolulu, Hawaii and AnHui, China. Wisconsin operations focus on design, software and prototyping.