Transwestern Secures Economic Incentives, Brokers Acquisition Of 550,000 SF Facility For Hoist LiftruckSeptember 23, 2015
Transwestern today announces it has procured public incentives and brokered the acquisition of the East Chicago Enterprise Center in East Chicago, Indiana. Hoist Liftruck Manufacturing Inc. plans to relocate and expand its corporate headquarters and production to the new facility in January 2016. Transwestern Principal Jeffrey Locascio, SIOR, and Executive Managing Director Brad Migdal represented Hoist Liftruck in all aspects of the transaction.
In addition to creating up to 500 new jobs, the Bedford Park, Illinois-based manufacturer of high-capacity liftrucks will make a significant capital investment in the 110-year-old building located at 4407 Railroad Ave. Once used to manufacture parts for military tanks, the East Chicago Enterprise Center will be transformed into a state-of-the-art, vertically integrated manufacturing facility.
“After an extensive site selection process, we determined the East Chicago Enterprise Center was the best fit for Hoist Liftruck’s growing operations, not only because it was designed for this type of heavy manufacturing, but also because of its proximity to major highways and rail lines,” said Locascio. “Even after factoring in the planned upgrades, Hoist Liftruck was able to acquire the property well below its replacement cost, presenting the company with an opportunity to expand its footprint while tapping into East Chicago’s skilled labor force.”
Migdal, one of the industry’s leading business incentives specialists, secured key financial incentives from the city of East Chicago, Regional Development Authority and Indiana Economic Development Corporation (IEDC). The company will occupy approximately half of the 550,000-square-foot property. The remaining space is fully leased to other businesses.
“East Chicago has struggled with high unemployment in recent years, but an investment in job training has begun to turn the situation around,” said Migdal. “State and local officials are listening to businesses and working to create strong partnerships so that companies like Hoist Liftruck can be successful in Indiana. As a result, they are beginning to reap the long-term economic benefits created by this type of transaction. The state’s ability to understand the business drivers for a manufacturer made Indiana a great option for Hoist.”
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