The BuySeasons Inc
. corporate headquarters and warehouse in New Berlin has sold to an affiliate of Rubie’s Costume Co.
for $18.5 million, according to state records.
[caption id="attachment_131374" align="alignright" width="350"]
BuySeasons corporate headquarters in New Berlin[/caption]
The sale is part of Rubie’s acquisition of BuySeasons,
which closed on June 30 and was announced July 5.
The sale of the land and buildings was recorded on July 5. State records indicate BuySeasons Inc. bought the property from AGNL Costumes LLC for $31.25 million in a deal that was recorded July 3.
AGNL Costumes is an affiliate of New York-based investment firm Angelo Gordon & Co.
The nearly 35-acre property at 5915 S. Moorland Road has an assessed value of roughly $22.8 million. It includes a 470,000-square-foot warehouse used by the online costume retailer.
Other terms of the acquisition have not been disclosed.
In announcing the acquisition, Rubie’s executies said BuySeasons would allow the New York-based company to improve its fulfillment operations.
BuySeasons chief executive officer Rick Barton said the sale would allow BuySeasons to increase its product offerings and enhance worldwide sourcing.
The company has sought to diversify its offerings in recent years amid increased competition from brick-and-mortar and online retailers. Revenue has fallen from $83 million in 2014 to $73 million in 2015 and $52 million last year.
BizTimes reported on the potential sale
of BuySeasons the day before the sale closed after a former company vice president sued over the use of software she had developed before she was hired.