Hendricks company adds property in Janesville amidst flurry of headlines
Hendricks Commercial Properties, one of several companies owned by Beloit College trustee and billionaire Diane Hendricks, recently completed a $26.5 million purchase of five Janesville industrial and commercial properties. The acquisition comes amidst a busy couple of weeks for the company, whose projects have made headlines throughout the Midwest.
In a package deal that closed on Aug. 15, the Beloit-based commercial real estate firm acquired roughly 490,000 square feet of buildings in Janesville. Most of the property is warehousing and light manufacturing space that is already leased to industrial tenants. Hendricks Commercial Properties bought all of the properties from the Janesville-based Helgesen Development Corporation.
The highlight of the sale is a 250,000-square-foot structure on 22 acres at 101 Venture Drive. The 44-dock light manufacturing and distributing facility is currently home to operations for Cummins Diesel and National Freight Industries. The building sold for $14.7 million, according to state Department of Revenue property transfer records.
Hendricks Commercial Properties also received several other significant pieces in the purchase. Among them is a 15.7-acre property with an 110,000-square-foot light manufacturing and warehouse facility at 505 S. Wuthering Hills Drive, which came at $4.9 million. The facility is mostly vacant but has imminent prospects for a major tenant, according to Hendricks Commercial Properties president and CEO Rob Gerbitz.
Another of the acquisitions is a 12-acre property with an 80,000-square-foot industrial facility and 3,200-square-foot office building at 1855 S. Jackson Street for $3.75 million. The industrial facility’s primary tenant is electrical supplier Border States Electric.
Helgesen Development Corporation also sold off an 8.5-acre property with a 45,000-square-foot industrial facility at 525 E. Conde Street for $2.85 million. The building is home to logistics operations for PepsiCo.
The last part of the deal is about 5,000 square feet of downtown Janesville– commercial storefront property at 22-26 S. Jackson Street– for $250,000. The space is in the building that connects Forward Janesville’s downtown offices. It will likely be marketed as office or restaurant space, according to Gerbitz.
Hendricks Commercial Properties already possesses a variety of industrial properties and land holdings in Janesville, and this purchase only adds to the company’s significant presence in the city. The firm has amassed facilities fit for use in light manufacturing, warehousing and distribution, all industries that they believe will continue to blossom in Janesville and Beloit, Gerbitz said.
Aside from the major purchase in Janesville, several of Hendricks Commercial Properties’ projects have made headlines in recent weeks. The Hotel Goodwin, Beloit’s newest downtown hotel, opened on Monday, Sept. 17 at 500 Public Avenue. The 34-room venue adds to a downtown already dominated by Hendricks properties, including the Ironworks Hotel and the businesses within the Ironworks Campus. The Hotel Goodwin brings with it a new restaurant, the Velvet Buffalo Café, which opens Tuesday, Sept. 25. Two other Hendricks-run eateries, “Truk’t”– which will specialize in tequila and tacos– and Blue Collar Coffee Co., will soon follow across the street from the Hotel Goodwin. Elsewhere in Beloit, Hendricks Commercial Properties is in the process of renovating the former Kerry Ingredients plant (200 W. Grand Avenue) into a 70-unit apartment complex.
The Wisconsin-based real estate firm also made noise in another part of the Midwest this week. Hendricks Commercial Properties landed its first office tenant for its $300 million “Bottleworks” development in Indianapolis. High Alpha Studio LLC, a venture studio company, announced on Thursday, Sept. 20 that it would be moving its office from the 14th floor of Circle Tower in Indianapolis to the Bottleworks facility in the summer of 2020.
Hendricks Commercial Properties has high hopes for the development– dubbed the “Bottleworks District”– which is projected to be a 12-acre, mixed-use facility spanning 1.2 million square feet. The plan became a reality last year after the company bought the property– once a Coca-Cola bottling plant–for $12 million from Indianapolis Public Schools. The Indianapolis Historic Preservation Commission then approved designs for the development in July 2017.
The Bottleworks District, located at the intersection of College and Massachusetts avenues in Indianapolis, plans to include 180,000 square feet of office space and 175,000 square feet of retail space, as well as apartments, condos and a 30,000-square-foot food hall. High Alpha Studio will serve as the “anchor tenant,” though Hendricks Commercial Properties has also attracted a 150-room West Elm hotel and a Living Room Theater art-house thus far.
Sources: Beloit Daily News, Indianapolis Business Journal, Janesville Gazette