A Minnesota investment and development firm has purchased an industrial building in Mount Pleasant for $6.25 million.
Located at 1901 Chicory Road, the 131,606-square-foot building has long been occupied by Milwaukee-based Wrought Washer, which sold the 55-year-old building to a limited liability company affiliated with Likewise Partners Industrial Fund I, LLC – a subsidiary of development firm Likewise Partners.
Speaking about the purchase on Friday, Steven Buss, founder of Likewise Partners, said Wrought Partners will remain in the building as part of a long-term lease agreement with the new owner. But he added that Likewise Partners is also contemplating developing a few acres of unused land on the property.
“We are still exploring what to do there. It would support a small building or some other smaller use,” Buss said.
Wrought Washer describes itself as the world’s largest manufacturer of standard and special washers.
Located in suburban Minneapolis, Likewise Partners is currently developing a 188,846-square-foot spec industrial building on a 11.7-aces parcel off 4 Mile Road in Caledonia, in WisPark’s DeBack Farms Business Park. Still under construction, that building was recently purchased by Massachusetts-based Claremont Companies for just slightly less than $1.46 million, and is already in lease negotiations.