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BizNews | Nov 4 2021 | Brian Rogal
New Amazon Warehouses Garner Headlines, But Older Manufacturing Plants Are Also In High Demand
The industrial boom isn’t just about sleek new Amazon warehouses. Even older manufacturing properties are finding second lives that soften the blow whenever firms decide to pick up stakes and move on.
That has been the experience so far in Montgomery, Illinois. Caterpillar’s 2017 decision to sell and mostly close its 1950s-era manufacturing complex there could have left behind economic devastation. But the village of 20,000 and its largest plant are already on the path to recovery.
A turnaround began last year when it was acquired by the White Plains, New York-based Reich Brothers for $68.5M. The family office specializes in buying and leasing up second-generation industrial spaces and, according to Colliers, it just secured 2.9M SF of leases for the former Caterpillar complex at 325 South Route 31.
Get the whole story here…
PRNewswire | Nov 03, 2021 | Reich Brothers Holdings, LLC
Reich Brothers Announces purchase of 1,900,000 SF Industrial Campus on 53 acres in Middle River, MD for $52,500,000
The former Martin Aviation facility will be repurposed for modernized flex distribution and manufacturing with additional developable acreage slated for both spec industrial and big box retail development.
The planned project is estimated to exceed $30,000,000 in additional investment and renamed Reich Brothers Aviation Station
Get the Details…
For Immediate Release
Cushman & Wakefield Advises Sale of State-of-the-Art Distribution E-Commerce Facility in Salem, Oregon for $28.25 Million
SALEM, Ore., October 5, 2021 – Cushman & Wakefield has represented Reich Brothers in the disposition sale of a 129,850-square-foot freestanding distribution building on nearly 20 acres with a 10+ acre excess parking facility in Salem, Oregon. The property is 100% leased to a global Fortune 100 e-commerce company. Built in 2009 and completely renovated in 2019, the single-tenant facility sold to SPC Acquisition Company, LLC for $28.25 million
Get the full story here
Ben Miller | Chicago Business Journal | Aug 27 2021
Glove maker signs lease for former Caterpillar manufacturing plant
A Kentucky maker of nitrile gloves has signed a nearly 1-million-square-foot lease at a former Caterpillar manufacturing plant in Montgomery, Illinois, about 40 miles southwest of Chicago in unincorporated Kendall County.
U.S. Medical Glove Co. said in a statement that it signed a 15-year lease at former factory site that will create “the largest nitrile machine fabricating and nitrile glove production glove facility under one roof in the world.”
Read about it here…
Brian Bandell | S Fl Business Journal | May 24, 2021
A New York-based company acquired a cold storage warehouse near North Miami for $14.25 million.
MG88 North Miami Cold Storage LLC, managed by Michael Mandich of Mandich Group, sold the 141,201-square-foot cold storage warehouse at 501 N.E. 183rd St. to 501 NE 183 LLC, managed by Jonathan Reich, co-CEO of White Plains, New York-based Reich Brothers. Bank Leumi USA provided a $10.79 million mortgage to the buyer.
The price equated to $101 per square foot.
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It last traded for $9.63 million in 2017, so it gained in value. There’s been strong demand for cold storage in South Florida over the past year as population growth has led to more food consumption. There have also been more e-commerce deliveries of frozen products.
Artica Ice Cream is among the tenants in this building.
The warehouse was built on the 5.6-acre site just west of Interstate 95 in 1953.
Reich Brothers invests in industrial properties across the country. Already listed on its website, the North Miami property is described as 100% occupied with 27 dock high doors.
Mandich’s father is late Miami Dolphins legend and radio personality Jim “Mad Dog” Mandich.
New York and LOS ANGELES | PR NewsWire | March 10, 2021
Reich Brothers announces purchase of 620,000 SF Distribution Center in Glendale, AZ
…and long term lease to Dynarex for 250,000 SF.
The former Conair distribution facility is now fully occupied and modernized for high volume bulk distribution.
Reich Brothers is pleased to announce the long term lease to Dynarex, a medical supplies company out of Orangeburg, NY, for 250,000 SF of their 620,000 SF warehouse located on approximately 30 acres in Glendale, AZ. The balance of the space is leased to Thyssenkrupp’s 3PL division. Both interior and exterior improvements were made to the site, including the new addition of a 3.5 acre trailer lot adjacent to the building.
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Dave Berman | Florida Today | Dec 10, 2020
Port Canaveral commissioners approve sale of Logistics Center in Titusville for $17.5 million
Port Canaveral commissioners have approved the sale of the port’s Logistics Center in Titusville for $17.5 million. Canaveral Port Authority commissioners this week unanimously approved the sale of the port’s Logistics Center in Titusville for $17.5 million.
The purchaser, Reich Brothers LLC, is a large industrial investment holding company that owns and manages more than 10 million square feet of manufacturing and distribution facilities across the United States.
Read About It Here…
Tristan Navera, Columbus Business First, August 12
Turnaround specialist finishes latest Columbus revival project
A specialist in turning around languishing properties has completed its latest project in Central Ohio.
White Plains, New York-based Reich Bros. has completed a $3 million renovation of the former Quad Graphics site at 4051 Fondorf Dr. The developer bought the 7.1-acre site and the 142,000 square foot building for $3 million last April.
“It was a straightforward process overall,” said Michael Reich, director of acquisitions at Reich Brothers. “We were able to bring a lot of life back to that building and return it to a job center in a new capacity.”
More Here…
The building has since been subdivided for four tenants in undisclosed footprints, including Ram Tool Construction Supply Co., Hayward Distributing Co. and Rooms for Less, Reich said.
The building, next to the western I-70/I-270 junction, was built in 1970. Most recently, Quad used it as a production site until the Sussex, Wisconsin-based company closed the plant in 2017.
Reich Brothers is a specialist in acquiring brownfield properties and turning them around for new uses. Its most prominent local deal has been the acquisition and cleanup of the 70-acre Columbus Castings foundry on Columbus’ south side. The company bought the land in 2016 for $2.6 million and then invested $6.9 million into remediation work with help from JobsOhio incentives.
Joseph Kimener and Jeff Lyons of CBRE managed leasing for the property.
Reich said the company continues to look around Columbus for industrial sites to renovate. It’s most interested in brownfield redevelopment projects, especially within areas that have a strong demand for industrial space.
“We love the Columbus market and what it has to offer, it’s got the labor supply and ample interstate access,” Reich said. “We continue to look for more opportunities in the market and expect to add more in the next 12 to 24 months.”
Wed March 25, 2020 10:00 AM|PR Newswire
Reich Brothers Announces long term lease to Amazon of its Salem, Oregon Facility
NEW YORK and LOS ANGELES and CHICAGO, March 25, 2020 /PRNewswire/ — Reich Brothers is pleased to announce that it has entered into a long term lease with Amazon for its 129,850 square foot facility in Salem, OR. The Class-A facility was originally constructed by Panasonic in 2009 and is located on a 19+ acre site at 5475 Gaffin Road SE. The building features clear ceiling heights to 38 feet, heavy power, and dock high doors. The site has immediate access to I-5 and great visibility from OR-22. The property is just 45 minutes south of the Portland area, and strategically located in close proximity to other major cities in Oregon.
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LINDA GIRARDI, CHICAGO TRIBUNE, AURORA BEACON-NEWS MAR 09, 2020
Caterpillar facility near Montgomery has been sold
Kendall County leaders are optimistic about the future of the Caterpillar plant near Montgomery, after getting information the facility has been sold.
Kendall County Board Chairman Scott Gryder was informed Monday that Caterpillar has sold the 350-acre manufacturing campus in an unincorporated area of Kendall County to Reich Brothers, a national industrial real estate firm that specializes in the acquisition, repurposing and management of manufacturing and distribution facilities, according to its website.
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MarketWatch, Nov 20, 2019
Reich Brothers announces the closing of a sale leaseback transaction in Buffalo, NY totaling $10,325,000.
NEW YORK and LOS ANGELES and CHICAGO, Nov. 20, 2019 /PRNewswire/ — Reich Brothers is pleased to announce the acquisition of a 205,000 square foot distribution center in Buffalo, NY via a sale leaseback transactions.
Reich Brothers acquired 500 Bailey Avenue Buffalo, NY from Robinson Home Products for $10,325,000 and subsequently leased the facility back to Robinson Home Products. The property is in the inner city Buffalo submarket directly off interstate 190 and Route 62. The building totals 205,000 square feet on seven acres and features 50′ clear height, 12 dock-high doors, 100 parking spaces, and an ESFR sprinkler system. The property is just nine miles west of Buffalo Niagara International Airport, twenty miles south of the Canadian border, and within a few miles of Amazon’s 500,000 square foot recently constructed fulfillment center…
Read about it here
Ocala Star Banner Nov 18, 2019 | Carlos E. Medina
Ocala distribution center sells for $70 million
Ocala’s Kmart Distribution Center sold for $70 million recently to a New York-based industrial real estate firm attracted to the area’s growing reputation as a logistics and distribution hub.
The sale included the real estate only. The distribution operations for Kmart and Sears will continue unchanged. Sears owns Kmart.
The nearly 2-million-square-foot building at 655 SW 52nd Ave. is Florida’s largest single-building industrial facility, according to Avison Young, the real estate company that helped negotiate the deal.…
Read the whole story at Ocala.com
American Journal of Transportation, Nov 18 2019
Avison Young negotiates $70 million sale of Transformco Distribution Center
Ocala, Fla. — Avison Young’s Florida Capital Markets Group closed the $70 million sale of 1,937,892-square-foot Transformco Distribution Center, Florida’s largest single-building industrial asset, at 655 SW 52nd Ave. in Ocala. With a sale-leaseback agreement, Transformco continues to occupy the property to operate its main distribution center for the entire Southeast U.S. region supporting Sears, Kmart, and Hometown stores. The transaction brings the Capital Markets Group’s investment sales closed in the past 60 days alone to more than $300 million.
Avison Young Principal and Miami Managing Director Michael T. Fay; Principals Jay A. Ziv, CCIM, SIOR, ALC; John K. Crotty, CCIM; and David Duckworth; Vice President Brian C. de la Fé; Associate Berkley Bloodworth; and Associate Emily Brais negotiated the sale on behalf of Transform Holdco. The buyer was Reich Brothers, a national industrial real estate firm specializing in manufacturing and distribution facilities across the U.S.…
Read about it at AJOT
CoStar, OCTOBER 30, 2019
Billionaire Lampert’s New Sears Sells Florida Distribution Center
Building Is Largest of Its Kind in the Sunshine State
Billionaire Eddie Lampert’s company that bought Sears and Kmart out of Chapter 11 bankruptcy protection this year sold the largest distribution center in Florida, a property the retailer had owned for two decades, for $70 million in cash.
Property records show that White Plains, New York-based Reich Brothers bought the 20-year-old, 1.9-million-square-foot building from Transform Holdco, the company Lampert formed through his hedge fund ESL Investments to buy the Sears and Kmart assets for $5.2 billion in February.
The large distribution building came with Transform’s purchase of Sears and Kmart assets, recording a value of $58.4 million at the time, according to property records. Transform and Innovel Solutions, formerly Sears Logistics, leased the building back from Reich.
Read the full story here.
The CAP Times | June 12, 2019
Wisconsin officials say Oscar Mayer site is poised to be economic engine for the north side
The Oscar Mayer site on Madison’s north side is poised to become of hive of commercial activity, according to city and state officials with 700,000 square feet of office space and light industrial ready for tenants.
That’s almost half of the 1.8 million total square feet of building space on the sprawling 72-acre property, which was vacated by Oscar Mayer in 2017 after nearly a century.
“We are very much just at the beginning of this story of Oscar Mayer’s second chapter for this site,” said Madison Mayor Satya Rhodes-Conway. “I’m very excited for the future.”
Read more about it here.
CoStar May 31, 2019 | MAKARY ZAKI
New York Firm Plans to Renovate SPX Facility in Tulsa, Pitch to New Manufacturing Tenants
Reich Brothers Buys 228,000-SF Industrial Facility for $5 Million
National Industrial real estate firm Reich Brothers purchased a heavy manufacturing facility in Tulsa, Oklahoma, that it plans to renovate for new manufacturing tenants.
The White Plains, New York-based firm acquired the property from SPX Corp., which hosted its main manufacturing and warehousing location at the 228,000-square-foot complex. The SPX plant is currently separated into a 160,000-square-foot warehouse, a 40,000-square-foot fabrication building, and a 28,000-square-foot stand-alone office building.
Reich Brothers is planning to renovate the facility to attract new manufacturing tenants, the company said in its statement announcing the sale…
See the full story
CoStar May 13, 2019 | Nicoletta Winning
New York Investor Buys Nashville Industrial Facilities for $8.4 Million
Cardinal Industrial Sells Wright Industries
White Plains, New York-based Reich Brothers purchased four industrial facilities totaling 182,200 square feet in Nashville from Cardinal Industrial. Wright Industries sold for $8.37 million, or about $46 per square foot.
The property at 707 Spence Lane comprises a total of five loading docks, 10 drive-in bays and a 38-foot clear ceiling height. Built in 1960, the facilities span 9.6 acres less than five miles from Nashville International Airport.
The buyer plans to renovate the buildings and convert them to allow for multiple tenants…
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WMTV Madison WI May 07, 2019
A look inside the former Oscar Mayer plant
MADISON, Wis. (WMTV) — It’s been a staple of the Madison area for decades, and now changes are underway at the former Oscar Mayer building.
NBC15 News has been following the progress of what’s now called OM Station since the Oscar Mayer plant closed its doors in 2017. In October 2017, Reich Brothers and Rabin Worldwide purchased the 72 acre site. Since then crews have been working to revamp the building.
Last week, NBC15 spoke with the CEO of The Bodgery, OM Station’s newest tenant. Now, NBC15 is taking a look inside the building.
“It’s hard to understand,” says Nate Ellis, Senior Vice President of Rabin who is overseeing the project. “You drive by, and new wires in the ground, you don’t see it.”
Read about it and see the video
Milwaukee Journal Sentinel Feb 22, 2019
South Milwaukee’s former long-time Bucyrus/Caterpillar buildings begin redevelopment for new uses
SOUTH MILWAUKEE — Since 1893, some of the world’s biggest construction and mining equipment, including massive steam-operated shovels that dug the Panama Canal, have been built in South Milwaukee.
Now, a large chunk of those former manufacturing operations are being redeveloped —bringing new industrial companies and other businesses to a site that has been underused for years…
Read about it at forbes.com or download the PDF
Milwaukee Business Journal Jan 13, 2019
Renovations begin to open South Milwaukee Bucyrus campus to new businesses
That property on Milwaukee Avenue most recently housed mining office and manufacturing operations for Caterpillar Inc., which acquired Bucyrus-Erie in 2011. Caterpillar has moved out of the campus, ending its history as a one-company mining equipment campus that stretches back to the 1800s.
Reich Brothers LLC bought the campus in August, and now will transform it into a more traditional, urban business park with offices and manufacturing space for multiple companies, said Michael Reich, director of acquisitions and business development for the New York firm. City officials are working with Reich to design new public infrastructure to weave the campus into the surrounding city street grid and open it to the general public.
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Milwaukee Business Journal October 26, 2018
CARW crowns its 2018 real estate deals of the year
The Commercial Association of Real Estate Wisconsin Judge’s Choice award went to the $13.27 million sale of the former Caterpillar/Bucyrus-Erie campus in South Milwaukee to New York investors Reich Brothers LLC. The large campus has eight buildings with a combined 750,300 square feet…
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Milwaukee Business News August 1, 2018
Southern half of South Milwaukee Caterpillar site sold for $13.5 million
Reich Brothers completes planned acquisition
A large portion of the Caterpillar Inc. campus in South Milwaukee was sold Tuesday to Reich Brothers Holdings LLC for $13.5 million.
The White Plains, New York-based firm told BizTimes in June that it planned to acquire the 32.5-acre southern portion of the industrial campus from Great Neck, New York-based One Liberty Properties Inc. The eight-building campus at 1022 and 1100 Milwaukee Ave. totals 750,300 square feet.
“Reich brothers specializes in the purchase of intact manufacturing facilities and specifically industrial campuses, so this checked all the boxes in terms of our investment criteria,” said Michael Reich, co-director of business development and acquisitions at Reich Brothers. “We typically buy distressed properties in former campuses and our goal typically, especially in this situation, is to revitalize the campus and bring new life to the downtown South Milwaukee area”…
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Milwaukee Business Journal, Wednesday August 1, 2018
Former Bucyrus campus in South Milwaukee sold, revitalization planned
New York investors Reich Brothers LLC on Tuesday acquired the large office and manufacturing campus that Caterpillar Inc. leases in South Milwaukee for $13.27 million, with plans to refill it after the company moves out.
The large campus has eight buildings with a combined 750,300 square feet in the center of South Milwaukee, said Tom Shepherd, partner in Colliers International | Wisconsin, who listed the property for sale. One Liberty Partners Inc. of New York state sold the property…
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Milwaukee Business News August 01, 2018
Reich Brothers plans to buy southern half of Caterpillar campus in South Milwaukee
New York-based firm also bought former Oscar Mayer plant in Madison
A New York-based company specializing in acquiring closed factories and redeveloping them has a large portion of the Caterpillar campus in South Milwaukee under contract to purchase.
Reich Brothers Holdings, LLC plans to buy the 32.5-acre site, the southern portion of the Caterpillar campus in South Milwaukee, from Great Neck, New York-based One Liberty Properties Inc. for an undisclosed price within the next few weeks, said Michael Reich, vice president and director of acquisitions and business development…
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Bensenville, Illinois (PRWEB) JULY 31, 2018
Aaron Equipment Company Announces Bidding Close Date for Biofuels Plant Liquidation Sale
On May 7, 2018, Aaron Equipment Company, on behalf of Tenaska Commodities, LLC, opened bidding on the assets of a Clinton, Iowa biodiesel plant. The auction has been taking place in conjunction with Reich Brothers, LLC, which specializes in complex asset dispositions and liquidity enhancements for companies undergoing structural changes. The sale marks Aaron Equipment Company’s second biofuels liquation this year and bidding is now in the homestretch. Interested buyers have until 5:00 p.m. Pacific Standard Time this upcoming Friday, August 3, 2018, to get in their bids. An asset purchase and sales agreement can be downloaded from Aaron Equipment’s website…
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Milwaukee Business Journal Wednesday June 19, 2018
Caterpillar’s soon-to-be-vacant South Milwaukee complex being sold to New York company
The large complex Caterpillar Inc. will soon vacate in South Milwaukee is under contract for sale to Reich Brothers LLC, a New York company with about 5 million square feet in holdings that include property in Wisconsin.
Company co-CEO Jonathan Reich confirmed the contract to buy the property, which has about 29 acres of office and manufacturing buildings between Rawson and Milwaukee avenues. He said the sale is scheduled to close in the last half of July, and declined to comment on future plans for the property…
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Wisconsin State Journal June 8, 2018
Former Oscar Mayer offices come back to life
The former Oscar Mayer complex has its first occupants — at least, for now.
About 80 employees of TASC — Total Administrative Services Corp. — began working Monday in a small portion of the nine-story office building at 910 Mayer Ave. that housed Oscar Mayer’s headquarters for nearly 60 years.
TASC is renting 13,000 square feet of office space for one year, with options to renew, TASC spokesman Bruce Stein said…
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Columbus, Ohio WSYX/WTTE April 28, 2018
Realty company gets jump start on marketing former Columbus Castings site
The current owners of the former Columbus Castings property in south Columbus aren’t wasting time marketing the 77-acre parcel along Parsons Avenue.
For lease signs from commercial realty company CBRE began popping up in the past few days at the former steel foundry site.
Jon Reich, of Reich Brothers, who bought the property when Columbus Castings closed, said Monday even though demolition and EPA testing could take a year to complete, he’s optimistic.
Southside Area Commission member Curtis Davis agrees.
“Now’s the time to start having those conversations on land acquisition and buildings and design,” Davis said while visiting the abandoned site Monday.
SEE THE VIDEO
Portland Business Journal Mar 27, 2018
Reich Brothers Announces Purchase of State-of-the-Art Panasonic Manufacturing Facility in Salem, OR
This former Panasonic Class-A Manufacturing/Warehouse facility will be repurposed to generate jobs and stimulate the Salem, OR economy
NEW YORK and LOS ANGELES and CHICAGO, March 27, 2018 /PRNewswire/ — Reich Brothers is pleased to announce the acquisition of a state-of-the-art 129,850 square foot , production and warehouse facility located on 19.66-acres in Salem, OR. The facility was constructed in 2009 by Sanyo Solar, a subsidiary of Panasonic Corporation, for roughly $80,000,000 and was designed to manufacture silicon ingots for solar power cells…
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Salem Statesman Journal March 15, 2018
Former Panasonic solar plant in Salem sells to New York firm for $7.7 million
In a deal that closed this week, Japanese electronics company Panasonic Corp. sold the property at 5475 Gaffin Road SE to White Plains, New York-based Reich Brothers Holdings.
The sale price was $7.7 million, Marion County records show.
Curt Arthur, managing director of SVN Commercial Advisors, said Salem’s industrial vacancy rate is below 2 percent, illustrating a clear need for more manufacturing space at a time when demand is far surpassing the supply of available buildings…
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Equipment Finance Advisor February 05, 2018
Reich Brothers Closes Capital Lease for Dry Van Trailers
Reich Brothers Business Solutions, LLC (“RBBS”) closed a $1.28MM capital lease facility backed by dry van trailers for a Texas-based regional trucking company operating out of terminals in Dallas, TX, Oklahoma City, OK, and Denver, CO. RBBS has extensive experience with tractor trailer fleets and was brought into the transaction by a company advisor due its responsiveness and ability to meet the lessee’s structural considerations. Due to the success in funding the initial equipment schedule, RBBS is currently working with the company to structure a $2.7MM capital lease for another group of trailers in the company’s fleet…
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WMTV Madison WI November 6, 2017
Exclusive interview with new owners of Oscar Mayer property
Reich Brothers and Rabin Worldwide purchased the 72 acre site on October 18. They’re in town this week for meetings with government and community stakeholders.
“This project has been a year in the making,” says Shira Weissman, COO and general counsel of Rabin Worldwide, “There’s been a lot of work on the front end. We have big power, big water, big sewer, but making sure those are going to be accessible for all of the buildings on site is the work we’ve been doing.”
“There really is so much to do. We have 60,000 square feet of industrial space over there. That space we can in effect lease out tomorrow,” explains Marc Esrig, Senior Vice President of real estate development with Reich Brothers, “We have this beautiful warehouse space, about 143,000 square feet that we effectively have to re-engineer part of it”…
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Monitor Daily October 26, 2017
Reich Brothers Closes $2.6MM Lease for Textile Manufacturing Equipment
Reich Brothers Business Solutions partnered with another lender to close a $2.6 million capital lease facility backed by the textile manufacturing equipment of a North Carolina-based manufacturer of dobby and jacquard fabrics for upholstery, bedding, wall covering and drapery applications…
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Wisconsin State Journal October 11, 2017
Reich Brothers says it will buy shuttered Oscar Mayer property
Reich Brothers Holdings, a company that buys shuttered factories and sells their assets, says it has agreed to purchase the former Oscar Mayer headquarters and hopes to bring manufacturing back to the East Side site.
The transaction is expected to close at the end of October, said co-CEO Adam Reich.
“We firmly believe anything we do with the property should be in concert with local and state officials, with the infrastructure, the economy and with the job base,” Reich told the Wisconsin State Journal. “We are looking to do something that’s going to attract jobs.”
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WISC TV Madison October 11, 2017
Reich Brothers Holdings agrees to buy Oscar Mayer plant
MADISON, Wis. – Reich Brothers Holdings, a company that buys and repurposes old manufacturing plants, has agreed to buy the Oscar Mayer plant on Madison’s northeast side.
Madison Mayor Paul Soglin said he expects the new ownership will bring 600 to 3,000 jobs to the area…
VIEW THE VIDEO
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contact@reichbrothers.com
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