A publicly-traded real estate investment trust bought the Sherwin Williams powder plant property on Rockford’s Technology Drive for $5.8 million.
It’s the third largest local land deal in terms of purchase price in 2010.
Monmouth Real Estate Investment Corp. is based in New Jersey and is publicly traded on the New York Stock Exchange under the symbol MREIC. The company invests in industrial properties with long-term leases and, according to its web site, its tenants include Anheuser-Busch, Caterpillar, Coca Cola, FedEx and Sherwin-Williams.
The 4472 Technology Drive property is 2.66 acres and has a nearly 70,000-square-foot Sherwin-Williams powder plant and warehouse on site.
The seller was a limited liability corporation set up by Rockford’s Cord Construction.
“We’ve owned the Sherwin-Williams property for a number of years,” said Craig Erdmeier, a partner in the Rockford construction company. Cord built a $1.7 million expansion to the plant in 2008 that allowed it to increase powder production. “They had a need for a property and we could fill that need. It was a good deal all around.”
Sherwin-Williams is the largest paint producer in the United States.
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Just to clarify something. Sherwin Williams is number 1 in the USA and Akzo is number 2. In the world, Akzo is number 1 while Sherwin Williams I believe is around sixth or seventh. PPG is larger in the world with some Japanese Companies larger than Sherwin Williams.
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