SOLD
Gotion Acquires Former Kmart Warehouse In Manteno For $137.4M
333 South Spruce Street
Industrial
1,600,000 SF
1,600,000 SF
Sold 84 days ago
Summary
Sale
ILLINOIS
Industrial
1,600,000 sqft
A former Kmart warehouse located at 333 South Spruce Street in Manteno, Illinois has been sold in a transaction facilitated by Transformco Properties. The buyer, Gotion, a Chinese battery maker, acquired the property for a total of $137.4 million.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $137,400,000
The 1,600,000 square foot warehouse will be transformed into a $2 billion manufacturing facility for electric vehicle batteries. This investment aligns with Illinois' aspirations to become a major contributor in the electric vehicle manufacturing industry. Gotion's purchase was supported by state incentives worth $536 million, further solidifying their commitment to this endeavor. The manufacturing facility is expected to create approximately 2,600 job opportunities.
The brokers involved in this transaction were Keith Stauber and Sam Durkin from JLL, representing the buyer, Li Zhen from Gotion, and the seller, Scott Carr from Transformco Properties.
Players
All
3
Agents
2
Agencies
1
Details
SOLD
IMAGE: Sam Durkin, Keith Stauber & Scott Carr
DATE: 02/15/2024
ADDRESS: 333 South Spruce Street
MARKET: Manteno
ASSET TYPE: Industrial
BUYER: Li Zhen - Gotion
SELLER: Scott Carr - Transformco Properties (@Transformcohq)
BROKERS: Keith Stauber & Sam Durkin - JLL (@JLL)
SALE PRICE: $137,400,000
SF: 1,600,000 ~ PPSF: $86
NOTE: Gotion, a Chinese battery maker, bought a former Kmart warehouse in Manteno, Illinois, for $137.4 million, planning to build a $2 billion manufacturing facility for electric vehicle batteries, which is expected to create 2,600 jobs. The purchase, facilitated by Transformco Properties, aligns with Illinois' efforts to become a major player in electric vehicle manufacturing, supported by state incentives worth $536 million.View on map
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Address333 South Spruce Street
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