Last updated on July 22nd, 2019 at 03:22 pm
The 354,000-square-foot manufacturing and distribution facility in Kenosha where Kenall Manufacturing Co. is headquartered has been sold for $29.3 million.
According to state records, the 20.4-acre property where the Kenall headquarters is located, at 10200 55th St., was sold to Kenosha 55th Owner LLC. Chicago-based real estate investment and management firm Clear Height Properties confirmed the property’s new ownership is a joint venture between Clear Height and Israel-based real estate investment firm Buligo Capital Partners.
The new owners purchased the property from the James subtrust under the Hawkins Family Irrevocable Trust. Jim Hawkins is the former owner of Kenall.
The company was acquired late last year by Legrand North and Central America, the U.S.-based subsidiary of the French firm Legrand. At the time of the announcement, the company said Hawkins will remain available to Legrand in an advisory role.
Formerly of Gurnee, Illinois, Kenall announced in 2013 it would move to a new facility it would build in Kenosha and would bring 600 jobs with them. Kenall’s headquarters was constructed in 2014 and includes 50,000 square feet of office space, according to a press release.
Gary Rose, Clear Height managing director of asset management and acquisitions, said the facility’s new owners were attracted to it because of the strength and stability of Kenall and the commitment the company has made to the area.
The ownership group also noted this acquisition may be the first in a series of acquisitions for the new joint venture.
“We believe there is an opportunity, at this point in the market cycle, to find value within the core plus industrial segment of the market,” Dominic Sergi, president and co-owner of Clear Height, said in the release. “Through our (joint venture) with Buligo, we are looking to acquire more assets of this caliber over the next 24 months.
The seller was represented by Jeff Devine and Steve Disse, both principals with Colliers International in Chicago.
Founded in Chicago in 1963, Kenall manufactures lighting solutions for transportation, health care, high abuse, food processing, cleanroom and correctional lighting markets.
Clear Height was founded in 2010 and has completed more than $200 million in property acquisitions throughout the Chicago metropolitan area. Buligo was founded in 2012 and has acquired holdings totaling more than $1.5 billion in value.