A Texas-based investor has acquired the Hayes Performance Systems industrial building in Mequon for $10.5 million, according to state records.
The buyer is an affiliate of Austin, Texas-based AIC Ventures, which purchased the building from HB Performance Systems Inc., the records indicate.
Philip Malliet, chief executive of Hayes, confirmed the company would remain in the building, which totals about 168,000 square feet. He said Hayes signed a long-term lease with the new owners.
"The market is definitely stronger right now for real estate in Wisconsin, and we decided to take advantage," he said.
The property, which includes the building and 14.7 total acres of land, is assessed at $4.59 million, according to Ozaukee County records.
Hayes is a global manufacturer of brakes, suspension systems, wheels and components.
Its building isn't the only Mequon industrial property that AIC Ventures has purchased recently.
Through another affiliate, AIC Ventures also purchased another nearby industrial building along the same street. The facility, located at 6333 W. Donges Bay Road, was acquired earlier this month for $5 million, according to state records. It is home to Johnson Level & Tool Manufacturing Co., and has an assessed value of $2.95 million.
According to the firm's website, AIC Ventures specializes in sale-leaseback transactions, focusing on middle-market companies. It has invested over $1.8 billion in capital, and has completed more than 250 acquisitions.
The deal is at least the third transaction AIC Ventures affiliates have done in Wisconsin this year. In July, the company sold the headquarters of plastics manufacturer Dickten Masch in Nashotah for $8.9 million.
In August, an AIC affiliate acquired the headquarters building of Milwaukee-based Trombetta Inc., for $5 million.
Hayes is also one of a number of companies looking to take advantage of the strong industrial real estate market and execute sale-leaseback deals. For instance, Harken Inc. sold its Pewaukee headquarters in Pewaukee for $15 million.