A joint venture of New Mill Capital Holdings and Tiger Capital Group, both based in New York, has acquired a former dough-products manufacturing plant in New Albany from General Mills. The transaction, which included a large portion of the production equipment that was used in the plant, closed on Nov. 14 for an undisclosed price.
The new owners intend to auction the remaining equipment in early 2017, and remarket the real estate for other food or non-food manufacturing uses.
“We are proud to be the new owners of the former General Mills plant,” said Gregory Schain, Principal of New Mill Capital Holdings. “This plant is one of the highest quality food production and distribution facilities currently available in the Midwest. Between the high capacity waste water treatment, cooler space, rail access, storage silos, and many other amenities, this is turnkey space suitable for a variety of process and packaging operations.”
Located at 707 Pillsbury Lane in New Albany, the plant sits on approximately 34.5 acres. The building, which has numerous loading docks and access points, can be adapted for a single occupant or multiple tenants.
“This acquisition adds to our rapidly growing joint venture, in which we purchase high quality industrial plants on a turnkey basis for the purpose of remarketing the assets,” said Jeff Tanenbaum, President of Tiger’s Commercial & Industrial division. “We look forward to a successful auction sale and to working with the city of New Albany and state of Indiana to put jobs and economic life back into the building.”
Jeff Counsell of Global Food Properties represented General Mills on the sale and will stay on board with the new owners.
New Mill Capital’s forte is providing “comprehensive asset solutions for the industrial marketplace.” Primary services include turnkey acquisitions of shuttered industrial plants, value-added equipment auctions & liquidation services as well as traditional sales transactions. NMC has acquired over 10,000,000 square feet of manufacturing facilities throughout the U.S. since 2011 and conducts auctions and/or liquidations for a variety of industries including food processing, packaging, cosmetic, metalworking, heavy construction, laboratory and textiles.
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 offices in New York, Los Angeles, Boston, Chicago, Sydney and San Francisco.