To meet its growing demand from customers, Signicast LLC had to set up shop immediately in the city of Milwaukee.
Its operations in the Menomonee Valley, which began just last month, will eventually lead to 90 new local employees for the Hartford-based maker of precision investment cast components.
"Because of our rapid growth and trying to meet customer demand, we needed another facility where we can quickly grow to meet (that) demand," said Ted Kraus, general manager of Signicast's facilities in Milwaukee, Brown Deer and Texas.
Signicast is temporarily leasing 15,619 square feet at a renovated warehouse at 1230 W. Bruce St. in the Menomonee Valley. That lease was announced on Friday.
But the company plans to move into a newer, larger facility this fall. Starting Oct. 1, it will be leasing about 6,500 square feet in the Canal Street Commerce Center at 1235 W. Canal St., also in the Menomonee Valley Although the lease is for a smaller space than what it has now in at the Bruce Street building, Kraus said it gives Signicast the opportunity to grow its footprint in the future.
The Canal Street building is owned by an affiliate of Milwaukee-based LCM Funds Real Estate LLC, as is the building on Bruce Street.
Signicast is using its new Menomonee Valley location for finishing operations, said Kraus. There, workers inspect the castings and perform touch-ups if needed.
About 30 people are working in the facility. The plan is to grow that headcount to 90 across three shifts, Kraus said.
Signicast has around 1,000 employees in North America, Kraus said. The company has customers in the commercial and industrial markets, and is expanding into the aerospace, medical and defense markets.
"I don't know if it's pent up (from) COVID, but the customer base in general is booming in all of our markets," he said.
Founders 3 brokers Brett Deter and Brian Flood represented the landlord in the Signicast least. The firm is also helping Signicast with the lease of the other facility.
Signicast selected the Menomonee Valley in part because of its overall redevelopment in recent decades. Work to restore the once-blighted swath of land began around 1998. Since those efforts began, 300 acres have been redeveloped and more than 50 companies have moved in. BizTimes magazine recently detailed the Menomonee Valley's redevelopment journey.
"The Menomonee Valley is being restored and growing, and we want to partner with the Valley and expand our footprint across southeastern Wisconsin," Kraus said. "With its location, it was the best fit. If we were going to grow and expand in southeastern Wisconsin, the Menomonee Valley was who we wanted to partner with."
The Bruce Street building has undergone extensive renovations, including new lighting and a new roof.
Deter said last week that the building could quickly fill up. Three new industrial tenants are lined up to take over portions of the building. One of the tenants would move into the Signicast space once the company moves out.