Joint Venture of New Mill Capital Holdings, Crossland Construction, and Infinity Asset Solutions aims to reposition the plants, formerly owned by a large global manufacturer, for new users.
A Joint Venture of New Mill Capital Holdings of New York (www.NewMillCapital.com), Crossland Construction of Columbus, KS (www.crosslandconstruction), and Infinity Asset Solutions of Concord, ON (www.infinityassets.com) has purchased a seven property portfolio from a large global manufacturing company. The 2,000,000 square-foot portfolio includes headquarter facilities in Paragould, AR and Lamar, MO, which are being leased back on a long-term basis, as well as properties in Butler, MO, Nevada, MO, Cassville, MO, Corning, AR, and Piggott, AR. The joint venture plans to remarket the vacant facilities to companies that can utilize the abundant infrastructure and central Midwest locations to expand or augment their existing operations.
The transaction closed Friday, December 18, for an undisclosed price. The joint venture has begun working with the local municipalities in order to identify logical users and put together a package of competitive incentives to help maximize employment at the sites.
“We are excited about the opportunity that is presented to us with the acquisition of these properties,” said Tom Murray, Managing Director at New Mill Capital. “We will be working closely with Crossland, Infinity, and all local stakeholders in order to try and bring quality jobs back to these properties. These buildings are very flexible and would fit a variety of uses, and all are proximate to transportation networks and a strong labor force. We have a solid team and expect to have a successful outcome.”
Ivan Crossland Jr., owner of Crossland Construction, shares Mr. Murray’s optimism for the project:
“These are well-built plants and we have the right people in place to execute on our plan,” said Mr. Crossland. “As we begin marketing these properties, I am confident that prospective tenants will see the value and functionality of these plants.”
Kris Bjorson and Charlie Kenning of JLL represented Marmon. The buyer was not represented by a broker.
ABOUT NEW MILL CAPITAL
New Mill Capital’s forte is providing “comprehensive asset solutions for the industrial marketplace”. Primary 2/8/2016 Seven Property, Two Million SF Portfolio in Missouri and Arkansas Sold to Investor Group http://www.reuters.com/article/ar-new-mill-capital-hold-idUSnBw046382a+100+BSW20160104 2/2 services include turnkey acquisitions of closed industrial plants, value-added equipment liquidation and monetization, webcast and online auctions, and traditional sales transactions. NMC has acquired over 10,000,000 square feet of plants since 2011 and has conducted auctions and/or liquidations for industries ranging from food processing and packaging to steel, semiconductor, cosmetics and textiles.
*Original article can be found at Business Wire