The Walter J. Yakich Family Trust has sold a 98,000-square-foot building and 6.71 acres on Seville Flexpack Corp.’s Oak Creek manufacturing campus to the company for $2.85 million.
Seville Flexpack was sold last week by the trust to German firm Südpack for an undisclosed price.
The company has two adjoining facilities totaling 156,000 square feet on a 22-acre site in the Southbranch Industrial Park, said Joe Froehlich, managing director at investment bank TKO Miller, which advised Seville in the business sale. The building and property at 9905 S. Ridgeview Drive were sold in this transaction, shortly before the business sale, because it was the last property on the site the business did not own.
Seville had been for sale since February through a legal settlement agreement with the children and beneficiaries of Walter Yakich, who founded the company in 1978 and died in June 2014. The assets of his trust have been in probate since, but now are being monetized and distributed to his beneficiaries by the court.