Representing Quest Products, Cushman & Wakefield has completed the acquisition of 8201 104th Street, a 44,398-square-foot flex building in Pleasant Prairie’s LakeView Corporate Park. The firm’s Chicago-based team of Whit Heitman, Sam Badger and Brad Weiner represented Quest. Ryan Bain, Keith Puritz, Brett Kroner and Zach Graham of CBRE represented the seller, a local private investor.
For Quest, the $3.6 million initial investment, with an additional $1.5 million investment anticipated within the next three years, marks a change of venue. The company, a packaged consumer goods producer specializing in retail, e-commerce and drop-ship distribution, is currently based in Gurnee, Ill. in metropolitan Chicago, with additional distribution operations in Independence, Iowa. Both facilities will be consolidated into the new, larger location.
“This transaction marks the culmination of a two-year study and site search to find the best business environment for Quest Products,” said Weiner. “This particular site meets the company’s current requirements and provides the opportunity for future expansion as well. That, combined with local incentives, provided the best solution, and we are pleased to have completed this transaction on behalf of Quest.”
Incentives for the relocation included $1.3 million in low-interest financing provided by the Kenosha Area Business Alliance (KABA) to assist Quest in the purchase of the building and its equipment. Regional and state partners the Milwaukee7 and the Wisconsin EDC were also involved in the process. Quest, which partners with major chain and e-commerce retailers including Walmart, Amazon and Target, will initially bring 28 jobs to Pleasant Prairie, and expects to create another 28 jobs within the next three years.
Situated on4.66 acres, Quest Products’ new headquarters is located minutes from I-94, just north of the Illinois/Wisconsin border. Constructed in 1994, it features a 22,267-square-foot, two-story office component, and 24-foot clear ceiling heights in the 22,131-square-foot warehouse component. The 4.66-acre site has parking for 107 cars, and has the potential for future expansion.
LakeView Corporate Park is a 2,400-acre master-planned mixed-use development consisting of industrial, office and retail properties. Cushman & Wakefield’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2013, globally, this group completed nearly 8,900 industrial real estate transactions totaling 348 million square feet, with an aggregate value of $13.3 billion.
