Last updated on May 15th, 2019 at 05:03 pm
It is just a two minute drive and less than a mile away, but the building that Oak Creek-based Metalspun Products Co. plans to move to will allow for an expansion that just didn’t make sense with Drexel Town Square being developed across the street from its current location.
The family-owned manufacturer specializes in metal spinning and hydroforming, operating out of facilities at 410 W. Drexel Ave. The company was looking to expand at its current location, but with the development of the mixed-use Drexel Town Square project knew that its property was likely being considered for other uses.
“With everything going on across the street, it just didn’t make sense (to expand there),” said Rita Bates, the sister of company president Steve Paluszynski. The Paluszynski Family Trust owns the company’s Drexel Avenue property, which has an assessed value of $542,900, according to Milwaukee County records.
Instead of expanding there, the company and its 16 employees will move just south to 310 W. Forest Hill Ave. Bates said the company considered building a new facility, but the 29,000-square-foot Forest Hill building fit its needs. It will give Metalspun an additional 10,000 square feet. While much of that will go to office space, there is also room to easily add in the future.
“It was actually everything we were looking for,” Bates said.
The building and three acres of land were purchased for just over $1.8 million, according to state records. It had an assessed value of just under $1.3 million in 2014, according to Milwaukee County records. The building was previously occupied by swimming pool product supplier Gladon Company Inc., which has moved to Missouri.
Kevin Barry and David Buckley of The Barry Company represented the sellers, HMJ Holdings, LLC, and Thomas Haight Real Estate Holding, LLC in brokering the property sale. Roger Siegel of JLL represented Metalspun.
While it will take some time to move all the equipment, Bates said the hope is to be out of the Drexel Avenue facility by the middle of summer.