Location:
11200 88th Avenue
Pleasant Prairie, WI
Buyer:
Panattoni Development
Company, LLC
Seller:
Cherry Corporation
Date of Sale:
10/01/07
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TRANSACTION SUMMARY:
Cherry Corporation relocated their manufacturing operation away from this location. Their desire was to sell the facility and leaseback approximately 20,000 square feet of the two-story office portion for ten years to house their administrative and design staff. The remainder of the space was vacant consisting primarily of first floor manufacturing space. Also included in the vacant space was second floor lab and storage space, which was not well received by the investment community. Converse Capital was able to generate eleven (11) offers and create the necessary competition among bidders to facilitate an attractive sale/leaseback scenario for Cherry.
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