EVANSVILLE, IN-The locally based Kunkel Group Inc. has purchased most of the 1.5-million-square-foot former Whirlpool refrigerator plant here at 5401 US Hwy 41N. The manufacturer laid off many of its employees by June 2010 and moved most of the work down to Mexico.
Kunkel bought 1.2 million square feet of the plant, and plans to lease it to a number of tenants, including about 100,000 square feet from Whirlpool for five years. The manufacturer kept 300,000 square feet and will continue to operate a small operation at the plant. The sale price wasn’t released, but the property is reportedly valued at about $10 million. During World War II, the plant was the site of the Republic Aviation Corp., which built P-47 Thunderbolt fighter planes for the Allies.
There are deals now under negotiation for three tenants, says Chuck Harper with Kunkel. “We should have one of those deals finalized and announced by the end of this week, and occupied in the next 60 days,” Harper tells GlobeSt.com. “The other two deals should be finalized in the next 30 days.”
Though Harper would not elaborate on the companies involved, he says the building has been meticulously maintained. “It’s true that large manufacturing tenants are hard to come by, but we feel confident that we can chip away and get it leased up. Jack Sturman with Jones Lang LaSalle represented Kunkel in the purchase.
The company has completed local projects of more than 600,000 square feet, including Berry Plastics manufacturing company, mid-rise condominium developments and public buildings.
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