HSA COMMERCIAL SECURES FIRST TENANT FOR PARK 94 AT MT. PLEASANT

Maysteel takes 40,744 SF for assembly operation in new Southeast Wisconsin development

October 27, 2009

Chicago-based HSA Commercial Real Estate has closed its firstlease transaction at the firmʼs Park 94 at Mt. Pleasant business park in Mt. Pleasant, Wis., announced Craig Phillips, executive vice president of development at HSA Commercial Real Estate.

Wisconsin-based Maysteel LLC has leased 40,744 square feet of space in Building 2 at 1400 International Drive in Park 94. HSA Commercialʼs newly opened 90-acre park is located along Interstate 94 in Racine County, Wis. Maysteel takes occupancy in January 2010.

Based in Menomonee Falls, Wis., Maysteel LLC is a precision manufacturer of custom metal enclosures and assemblies. The company was founded in 1936 and today has more than 430,000 square feet of production space in manufacturing plants in Allenton and Menomonee Falls, Wis., Creedmoor, N.C., and, shortly, Park 94 at Mt. Pleasant. Since 1965, Maysteel has been privately owned by the Milwaukee-based Everett Smith Group Ltd., which has subsidiary operations in the United States, Mexico, Germany, Hungary and Peopleʼs Republic of China.

Maysteel will use its Park 94 facility as a Midwest regional production center for the companyʼs growing product assembly and integration division. The division serves such equipment manufacturers as Diebold Inc. (NYSE:DBD), an Ohio-based manufacturer of integrated self-service delivery and security systems and services; and WMS Gaming (NYSE:WMS), a Waukegan, Ill.-based maker of lottery terminals and slot machines.

“We looked at a number of locations, but Park 94 at Mt. Pleasant was the best fit for our business goals and supply chain strategy,” said Tom Wright, vice president, supply chain, Maysteel LLC. “We needed a high-quality facility that could accommodate ʻcleanʼ production work involving sensitive electro-magnetic materials—while also providing easy access to customers and suppliers to the south and east. At the same time, we also need to be within a reasonable distance from our headquarters in Menomonee Falls.”

Wright noted that the Racine County Economic Development Corp. and its workforce-training program
were important in the decision-making process. “Mt. Pleasant and Racine County offer an affordable labor
force with the skills and training programs appropriate for our production work,” added Wright.

“Maysteel is the caliber of tenant that we expected to attract to Park 94 at Mt. Pleasant,” said Craig Phillips, executive vice president of development at HSA Commercial Real Estate. “We look forward to supporting the growth of Maysteelʼs assembly and integration business.”

Maysteel was represented by Sam Dickman of The Dickman Company. David Bercu, David Liebman and Brendan Green of Colliers Bennett & Kahnweiler are leasing representatives for Park 94 at Mt. Pleasant. Building 2 at Park 94 at Mt. Pleasant is a newly completed, 125,000-square-foot divisible facility with 30ʼ clear-height ceilings, 21 docks, two drive-in doors, and 155-car parking. Building 1 at the park is a LEED Certified, 323,610-square-foot divisible warehouse, expandable to 664,610 square feet. The latter warehouse has 32ʼ clear-height ceilings, 40 docks, four drive-in doors, and a 151-car, 80-trailer expandable parking area.

Located 15 miles north of the Illinois-Wisconsin border at the Exit 33 intersection of State Highway 20 and International Drive, Park 94 at Mt. Pleasant is in a tax-increment development (TID) district that is part of 950-acre development zone. The zone will accommodate corporate, professional office, hotel, research, light-industrial buildings, retail shops and restaurants in the heart of fast-growing Mt. Pleasant. With access to two Interstate 94 interchanges and State Highway 20, as well as rail connections, Park 94 offers excellent visibility in the rapidly emerging Chicago-Milwaukee corridor and provides access to labor markets north and south. Corporate residents include New Holland, Putzmeister, S.C. Johnson & Son
Inc., and a variety of business hotels, restaurants and other amenities.

HSA Commercial Real Estate is a diversified national real estate firm active in the office, industrial, retail and medical office sectors. HSA Commercial develops and markets commercial and industrial properties across the US, along with providing commercial real estate leasing, management, marketing and financing services.

HSA Commercial has acquired and developed more than 40 million square feet of commercial real estate across the US, with a total value in excess of $2 billion. The firm has represented owners and tenants in more than 10,000 transactions in 43 states, currently manages a property portfolio of more than 15 million square feet, and owns more than 17 million square feet of commercial property in 14 states. Founded in 1981, the firm is based in Chicago.