ST. LOUIS, MO: (STLRealEstate.News) Two investors recently eyed the site of a former Printpack plant and are discussing plans to redevelop the location into something more usable and profitable. The former Printpack plant in Hazelwood was officially acquired by a joint venture of two New York-based investment firms this week for an undisclosed amount. The two firms, the Tiger Capital Group and the New Mill Capital Holdings, stated they officially bought the plant at 310 James S. McDonnell Blvd. The two buyers are collaborating and exploring options for redeveloping the 30-acre site into a new manufacturing or distribution location.
Printpack, an Atlanta-based manufacturer of flexible and specialty rigid packaging, was forced to close their Hazelwood facility earlier this year, laying off 115 workers in the process. Printpack was the official owner of the building, which was appraised in 2015 to be worth $7.5 million, according to St. Louis County real estate records. It is a 260,000-square-foot plan that was built in 1961 and professional expanded later in 1975.
The two developers felt that the abandoned building, already designed for manufacturing and distribution, presents a prime redevelopment opportunity. Their teams plan to work closely with the City of Hazelwood to help identify prospects for the prime site.
The opportunity has come at a time when the St. Louis industrial market is experiencing record highs in absorption an construction, in addition to record lows in vacancy thanks to its strategic central U.S. location and the abundance of transportation hubs and networks.
Tom Murray, Principal at New Mill Capital, said in a state that an attractive municipal incentive package is available for employers at the specific site. The two developers plan to auction of machinery and equipment left onsite in the first quarter of 2017. In the mean time, they are busy seeking prospective tenants and feeling out the overall interest in the prime manufacturing location.
Contributing Editor: Alexandra R. Fasulo