General Mills sells IN plant to investor group
The plant sits on approximately 34.5 acres and features numerous loading docks and access points.
General Mills, Minneapolis, sold its New Albany, Ind., dough products manufacturing plant to a joint venture of New Mill Capital Holdings and Tiger Capital Group, both based in New York. 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 re-market 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," says 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 wastewater treatment, cooler space, rail access, storage silos and many other amenities, this is turnkey space suitable for a variety of process and packaging operations."
The plant sits on approximately 34.5 acres and features numerous loading docks and access points. It can also 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 re-marketing the assets," says Jeff Tanenbaum, president of Tiger's commercial and 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."