Milwaukee Electric Tool buys former Kohl's building
$4.7 million deal gives Milwaukee 52,000 more square feet for ongoing expansion.
Menomonee Falls-based Kohl’s Corp. has sold the Woodland Prime office building where it had initially planned to expand its headquarters to an affiliate of Brookfield-based Milwaukee Electric Tool Corp.
According to state records, Kohl’s sold the building at W127N7564 Flint Drive, in the village’s Woodland Prime office park, to Schwer, Pflicht & Werkzeug Properties LLC. The buyer listed its address as 13135 W. Lisbon Road, Brookfield, where Milwaukee Tool is headquartered. The Journal Sentinel also noted the entity’s name translates from German as heavy, duty and tool.
The 5.2-acre lot that contains the building was acquired for $4.7 million, state records show.
“As we continue to grow our presence here in southeastern Wisconsin, we are looking into additional space to consolidate our operations,” Ty Stavinski, chief financial officer for Milwaukee Tool, said in a statement.
A Milwaukee Tool spokesperson said in an email that the company is currently determining what operations exactly will be moved into the building. The roughly 52,000-square-foot building is currently vacant.
Kohl’s had previously planned to move into the office park as part of expansion plans for its headquarters. The company eventually opted instead to acquire and renovate existing buildings near its existing headquarters on Ridgewood Drive, just north of Silver Spring Drive.
Meanwhile, Milwaukee Tool is facing space issues, even as it is expanding its Brookfield headquarters. The company announced in early 2018 it planned to move forward with a second major headquarters expansion through construction of a 114,500-square-foot office building across the street from its main campus.
Steve Richman, president of Milwaukee Tool, hinted at the possibility of the company needing to further expand its campus during remarks at the Milwaukee 7 Economic Development Conference earlier this year.
Milwaukee Tool also late last year began leasing roughly 54,000 square feet of space at 3595 N. 127th St. in Brookfield. A spokesperson said at the time that the space would be used for various business needs, such as storage.
Source: biztimes.com
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