Hartford-based Signicast LLC has established operations in Milwaukee's Menomonee Valley, and plans to grow its presence in the area.
Signicast is leasing 15,619 square feet at 1230 W. Bruce St., according to a news release from Milwaukee-based real estate brokerage firm Founders 3.
But that location will only be temporary. Brett Deter, an industrial broker with Founders 3, said his firm will help Signicast move into a larger building somewhere in the Menomonee Valley soon. The move would ideally take place this year, he said.
Deter and Brian Flood of Founders 3 brokered the Signicast lease on behalf of the landlord, an affiliate of Milwaukee-based LCM Funds Real Estate LLC.
Signicast makes precision investment cast components, of which it is the largest commercial manufacturer in the world. It also has a location in Brown Deer.
The company signed its lease for the Bruce Street building in early July and has already begun occupying the space, according to Founders 3.
Representatives of Signicast did not immediately respond to phone calls seeking comment. But, the company "has extensive plans to grow their workforce and presence in the area," the Founders 3 press release states.
Deter said the larger, newer building that Signicast will move into gives the company room to grow. He did not provide further details.
The Bruce Street building, meanwhile, could be fully occupied in due time. Deter said there are three industrial tenants lined up to take over portions of the building. One of the tenants would move into the Signicast space once the company moves out.
The three other leases may be executed by the end of this year, Deter said. He did not name the prospective users.
LCM Funds bought the 44,364-square-foot building in December 2019 for about $843,000, according to city records.
The firm spent the next year completely gutting the building. It installed new lighting and paint on the inside, as well as a new roof.
It was formerly home to Badger Building Supply Inc. The company's owner, James Capen, also owned the building through investors group Bruce Street Properties LLC, until the building's sale to LCM Funds.
Beloit-based ABC Supply Co. Inc. acquired Badger Building Supply in late 2019.
The building at one point was to be a Fowling Warehouse location. Fowling is a hybrid of football and bowling. The proposal received local approvals but never opened due to the COVID-19 pandemic, Deter said.