Tuesday, January 05, 2016

Crossland Construction among group buying Thorco property

A news release issued today by a consortium including Crossland Construction of Columbus, Kansas, indicates the group has purchased seven properties belonging to the company that owns Thorco, including the property in Lamar.

While neither Thorco nor its parent company, Marmon Holdings, Inc., is mentioned in the news release, an article on Arkansas Online confirms both are involved in the property sale.

The news release is printed below:

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.

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