REIT buys Waukesha Foundry building for $11.2 million

An affiliate of STORE Capital, a Scottsdale, Ariz.-based real estate investment trust, purchased the 230,000-square-foot Waukesha Foundry building at 1300 Lincoln Ave. in Waukesha for $11.2 million, according to state records.

The property was sold by an affiliate of Beloit-based United Stars Holdings Inc.

United Stars acquired Waukesha Foundry in September 2014, according to Waukesha Foundry chief executive officer Ken Kurek. It was previously owned by Facilitator Capital Funds of Milwaukee.

“It was a very good acquisition for us,” Kurek said. “They were a very good fit as a new owner.”

But United Stars decided it did not want to own Waukesha Foundry’s real estate.

“They saw a benefit in doing a sale leaseback (for the property) with us,” Kurek said.

Otherwise business continues as usual at Waukesha Foundry, he said.

“There’s been no change in the business,” Kurek said. “We’re doing very well overall as a company.”

Kurek said the building is about 230,000 square feet, and state records show it sits on 13 acres. Waukesha Foundry employs 140.

Representatives for STORE Capital and United Stars declined to comment on the deal.

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