HAZELWOOD, Mo., Nov. 2, 2016 /PRNewswire/ -- A joint venture of Tiger Capital Group (www.tigergroup.com) and New Mill Capital Holdings (www.newmillcapital.com) has acquired the former Printpack printing plant in Hazelwood. The New York-based firms are currently exploring options for redeveloping the 30-acre site for new manufacturing or distribution uses, with incentives available to those bringing business to the city.
The 260,000-square-foot plant, which was previously used for light manufacturing and distribution, was built in 1961 and expanded in 1975. The site is rail-served and strategically located near the Lambert-St. Louis International Airport, minutes from I-70, I-270 and I-170.
"This first-class manufacturing and distribution location presents a prime redevelopment opportunity. Our team looks forward to working closely with the City of Hazelwood to help identify prospects for this prime site," said Jeff Tanenbaum, President of Tiger's Commercial and Industrial division. "This opportunity comes at a time when the St. Louis industrial market is experiencing record highs in absorption and construction, as well as record lows in vacancy thanks to its strategic central U.S. location and abundance of transportation networks."
Demand is being driven by a variety of sources such as large, established employers like General Motors and Boeing, and smaller, growing companies in the e-commerce space, he added.
New Mill Capital Principal Tom Murray added: "The plant could work excellently for a variety of manufacturers, especially those in need of a rail-served site. The site is large and flexible enough to accommodate a variety of different industries, and the local workforce is very strong. In addition, an attractive municipal incentive package is available for employers at this site."
The new owners plan to auction the remaining machinery and equipment on-site early in the first quarter of 2017, but will be working with prospective tenants in the interim to bring activity back to the property as soon as possible.
Denton Shamburger of Lincoln Property Company represented Printpack. The buyer was not represented by a broker.
About Tiger Group
Tiger Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger maintains domestic offices in New York, Los Angeles, Boston, Chicago, and San Francisco, and international offices in Sydney, Perth, and Brisbane, Australia. To learn more about Tiger, please visit www.TigerGroup.com
About New Mill Capital
New Mill Capital provides comprehensive asset solutions for the industrial marketplace. Primary 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. To learn more about New Mill, please visit www.newmillcapital.com
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SOURCE Tiger Capital Group and New Mill Capital Holdings