WISCONSIN (From news reports) -- A roughly 350,300-square-foot warehouse and distribution facility in Mount Pleasant, Wisc. has been acquired by ND Paper, an Illinois-based paper and paper products maker, according to county records.
The building, located at 7601 Durand Ave., was purchased for $15.5 million, according to transaction records recorded with the Racine County Register of Deeds. The buyer was Badger Solutions LLC, an affiliate of ND Paper.
It sold for more than double its assessed value of $7 million, according to county records.
Marketing materials for the building mention that it's just 2.5 miles from Foxconn Technology Group's manufacturing campus Mount Pleasant. The building sits on a 23-acre property and includes 24,700 square feet of office space.
ND Paper is a wholly owned subsidiary of Hong Kong-based Nine Dragons Paper (Holdings) Ltd., the largest containerboard producer in Asia. ND Paper manufacturers various types of pulp, paper and paper-based packaging materials.
According to a news release, Newmark Knight Frank senior managing directors Michael Prost, Sergio Chapa and Corey Chase represented the seller in the deal, Rosemont, Illinois-based Venture One Real Estate. The firm also represented Venture One when it originally purchased the building in January 2018.
Chase confirmed the building is currently vacant and that the buyer will be using it, but declined further comment.
Officials with ND Paper did not immediately respond to requests for comment.
Venture One made major renovations to the building after acquiring it last year. Renovation work included a new roof, tearing out the second floor mezzanine and adding new offices, installing a new parking lot, updating the front facade, repairing the docks and replacing new lighting.
"We are thrilled to have represented Venture One in the sale of this prominent warehouse in Racine County," Prost said in the release. "Venture One did an excellent job modernizing the facility and coupled with the great location and flexibility of the asset made for a very attractive opportunity for the buyer."
According to its website, ND Paper was created in the summer of 2018 through the acquisition of two paper mills, one in the village of Biron and the other in Rumford, Maine.
Parent company Nine Dragons was founded in 1995. The company and its subsidiaries employ more than 15,000 people worldwide and has an annual production capacity of over 14 million metric tons.